MQ Market Updates - 15 February 2024

MQ Trader

Publish date: Thu, 15 Feb 2024, 05:17 PM

ACE Market-bound Alpha IVF Group Bhd has inked an underwriting agreement with AmInvestment Bank Bhd, in conjunction with its upcoming initial public offering (IPO). The IPO exercise entails a total of 1.46 million ordinary shares in Alpha IVF, comprising 364.5 million new shares and 1.09 million offer-for-sale shares, the fertility care specialist said in a statement. The total number of shares represents 30 per cent of the enlarged share capital. Alpha IVF said part of the IPO proceeds will help us execute the company's growth strategy of strengthening its operations in Malaysia, while also expanding our geographical reach to Indonesia, Cambodia or Laos, and China. (NST)

Sunway Bhd's unit and Singapore-based Hoi Hup Pte Ltd, have been awarded a 2-hectare land to develop a 99-year lease term executive condominium housing development worth S$423.38 million in Tengah, Singapore by the Housing and Development Board of Singapore. Sunway's subsidiary, Sunway Developments Pte Ltd (SDPL) and Hoi Hup jointly tendered for the land. Hoi Hup is a real estate developer incorporated in Singapore with a paid-up capital of S$3 million. Hoi Hup and SDPL will incorporate a joint venture, in which Hoi Hup or its nominee company(ies) and SDPL will have equity interest in the proportion of 65:35 at a later date, to undertake the development. (NST)

Hume Cement Industries Bhd’s (HCIB) wholly owned subsidiary Hume Concrete Sdn Bhd (HCCT) is disposing of a parcel of land in Prai Industrial Estate, Penang, together with the buildings and all fixtures, fittings and other things on it for RM39.8 million cash. HCCT has entered into a conditional sale and purchase agreement with Skygate Technology (KL) Sdn Bhd, said HCIB in a filing with Bursa Malaysia today. (TheStar)

Carimin Petroleum Bhd's wholly-owned subsidiary Carimin Engineering Services Sdn Bhd has accepted an extension of a contract for the privision of integrated hook-up and commissioning services for PETRONAS Carigali Sdn Bhd. In a filing with Bursa Malaysia, Carimin said the contact with PETRONAS Carigali, which took effect on Jan 1, 2020, and expired on Dec 31, 2023, will be extended for one year from Jan 1, 2024, to Dec 31, 2024. The contract price and scope of work during the extension period shall remain unchanged, it added. (TheStar)

The entire issued share capital of UMW Holdings Bhd will be removed from the official list of Bursa Malaysia on Feb 19, 2024. In a filing with Bursa Malaysia yesterday, the company said the delisting exercise, which marks the completion of its privatisation by Sime Darby Bhd, was under paragraph 16.07(a) of the Main Market Listing Requirements. UMW shares were already suspended by Bursa Malaysia on Feb 9, 2024 following the expiry of five market days from the extended closing date of the takeover offer by Sime Darby. (TheStar)

Maybank Islamic Bhd and Telekom Malaysia Bhd (TM) have joined forces to introduce 5G-powered Islamic banking-as-a-service (BaaS) solutions by launching the inaugural “Go Niaga” mobile business banking bundle on Thursday. According to a joint statement by Maybank Islamic and TM's Unifi Business, the bundle is dedicated to helping businesses manage their finances, and offer digital payment options powered by 5G connectivity and networks, through the combination of Maybank Islamic’s financial services and TM’s Uni5G Postpaid Biz mobile packages. (TheEdge)

A day after news broke that the UK arm of The Body Shop has filed for administration, InNature Bhd — the franchisee of the ethical cosmetics retailer in Malaysia, Vietnam and Cambodia — saw its share price on Bursa Malaysia skid to its all-time low of 28.5 sen after dropping 4.5 sen or 13.6%. The counter saw 6.54 million shares change hands on Wednesday, 10.5 times its 12-month daily average of 624,249 shares. At 28.5 sen, InNature has a market capitalisation of RM198.22 million, less than half its initial public offering valuation of RM451.76 million in early 2020, based on 64 sen per share. Year to date, the counter has fallen 21.92%. (TheEdge)

Bumi Armada Bhd will have a record-high net profit of RM844 million in the fiscal year 2024 (FY24), according to Maybank Investment Bank (Maybank IB). The investment bank said among the factors that will support its growth are the recognition of its bareboat charter contract (BBC) for Sterling V floating production storage and offloading (FPSO) in April and a further decline in finance costs. (NST)

SKP Resources Bhd may face prolonged weakness in order visibility from its largest customer, CGS-CIMB said, warning that the company's earnings may fall 40.2% for the financial year ending March 31, 2024 (FY2024). Subsequently, the research house slashed its target price (TP) for the electronic manufacturing services firm’s shares by 27% to 92 sen from RM1.26. In a note on Thursday, CGS-CIMB said order visibility from SKP’s key customer, which accounted for 75% of its annual revenue, had dwindled on the back of inventory adjustments and weaker-than-expected end-consumer sentiment. (TheEdge)

RHB Retail Research said Gas Malaysia Bhd is set to climb higher as it broke above the RM3.34 immediate resistance on Wednesday, forming a “higher high” bullish pattern above the 21-day simple moving average line. In a trading stocks note on Thursday, the research house said that the bullish momentum is likely to drive the stock higher towards the RM3.46 resistance (52-week high), followed by the RM3.65 next resistance level, which is the two-year high. “However, a decline below the RM3.22 support would trigger a downward movement,” it said. (TheEdge)

RHB Retail Research said Mah Sing Group Bhd is poised for a technical breakout as it has been consolidating above the 21-day simple moving average line recently, eyeing to test the 95 sen immediate resistance. In a trading stocks note on Thursday, the research house said that if a breakout above that level happens, the momentum may propel the stock higher towards the RM1 mark, followed by the RM1.11 next resistance level. “However, a fall below the 90 sen support would potentially signal a downtrend,” it said. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 15 February 2024