MQ Market Updates - 03 January 2024

MQ Trader

Publish date: Wed, 03 Jan 2024, 05:26 PM

Meta Bright Group Bhd has secured a 20-year renewable energy supply agreement for the Kemaman municipal council (MPK) in Terengganu, with the proposed set up of a 407.8 kiloWatt peak (kWp) solar photovoltaic (PV) system at Kijal Mall. On Jan 1, 2024, MPK accepted a conditional offer letter from Mega Bright to participate in the solar PV without capital expenditure programme. (NST)

Kerjaya Prospek Group Bhd has bagged a contract worth RM170.94 million from Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd, for the development of a 45-storey building on Andaman Island, Penang. The construction outfit, whose share price hit a record of RM1.55 recently said its wholly owned subsidiary Kerjaya Prospek(M) Sdn Bhd has accepted a letter of award (LOA) from Persada Mentari on Wednesday, according to its stock exchange disclosure. (TheEdge)

HSS Engineers Bhd via its associate HSS Integrated Sdn Bhd (HSSI) has accepted a letter of award from Port Klang Cruise Terminal Sdn Bhd for the provision of project management consultancy services at the terminal. In a bourse filing, the group said the contract, valued at RM4.94mil, entailed consultancy services for the extension of the wharf and development of associated facilities. (TheStar)

The trading stock in Heitech Padu Bhd surged 23.5% to RM1.10 a share at the open on news it had secured an award from the Inland Revenue Board (IRB) for a "Next Generation Network" service. In a filing with Bursa Malaysia yesterday, the company said the contract worth RM58.89mil would run for a period of three years and six months from Jan 1, 2024 to June 30, 2027. (TheStar)

Boustead Heavy Industries Corp Bhd (BHIC) has further extended the conditional period relating to its disposal of a 20.77% stake in Boustead Naval Shipyard Sdn Bhd (BNS) to the Minister of Finance (Inc) or MoF to Jan 31, 2024. According to a Bursa Malaysia filing, BHIC and the purchaser have mutually agreed to extend the third conditional period of the share sale agreement for a further period as the parties require additional time to fulfil the conditions precedent. (TheStar)

Bumi Armada Bhd is poised for sequential earnings growth in the coming quarters, amid better quarter-on-quarter contributions from the Armada Kraken floating production storage and offloading (FPSO) unit, and first oil being achieved in Oil and Natural Gas Corporation Ltd's KG-DWN-98/2 in the coming weeks. Hong Leong Investment Bank (HLIB) said these factors would lead to material contributions from Armada Sterling V upon final acceptance in the first quarter of 2024 (1Q2024), based on its estimates. (TheEdge)

Bintulu Port Holdings Bhd jumped nearly 13% to a five-year high of RM5.90 on Wednesday, placing it as the second top gainer on Bursa Malaysia. At 4.05pm, the counter was trading up 66 sen or 12.6%, with over 42,500 shares traded. At current price, its market capitalisation is RM2.71 billion. The reason for its price surge was not immediately clear. (TheEdge)

MMAG Holdings Bhd jumped 44 per cent or hit a high of 18 sen today after a major shareholder's spouse was appointed as executive director of the company. It was the most actively traded stock on Bursa Malaysia Securities Bhd in the morning session, with some 137 million shares changing hands. As at 11.27am, it was trading 24 per cent higher at 15.5 sen a share. (NST)

Straits Energy Resources Bhd will enter the marine biofuel trading and bunkering business in the first quarter of 2024 (Q1 2024). Managing director Datuk Sri Ron Ho Kam Choy said this expansion is expected to be a key contributor to the company's future earnings growth. The certification from the International Sustainability and Carbon Certification (ISCC EU) scheme granted to its wholly-owned unit, Tumpuan Megah Development Sdn Bhd, has paved the way for the company's entry into the marine biofuel trading and bunkering industry. (NST)

TA Securities expressed a positive outlook for Inari Amertron Bhd’s growth prospects due to the emergence of catalysts from the 5G-related core radio frequency segment, successful customer diversification efforts, progress with its joint venture (JV) in China, and above-industry average profitability. Notably, Inari’s core radio frequency (RF) segment accounted for 59% to 60% of the group’s revenue from FY2021 to FY2023, according to the research house in its note on Wednesday (Jan 3). (TheEdge)

CIMB Group Holdings Bhd will remain in the stockbroking industry despite selling all of its shares in the CGS-CIMB partnerships, in accordance with the call option exercised by CGS International Holdings Ltd (CGI). The remaining 25 per cent of CGS-CIMB Securities International Pte Ltd and 25.01 per cent of CGS-CIMB Holdings were sold to CGI as of December 29, 2023, as the last step in the call option that the latter had exercised to gain complete control over the regional stockbroking business, which was initially a 50:50 joint venture. (NST)

Source: New Straits Times, The Edge Markets The Star 03 January 2024