MQ Market Updates - 28 February 2024

MQ Trader

Publish date: Wed, 28 Feb 2024, 05:11 PM

Farm Fresh Bhd, announcing record-breaking revenue in the third quarter of its financial year, said it remains positive over its future prospects and growth trajectory. During the quarter ended Dec 31, 2023, the dairy producer recorded a net profit of RM20.44mil, up from RM18.77mil in the year-ago quarter, while earnings per share rose to 1.09 sen from 1.01 sen. (TheStar)

Unitrade Industries Bhd is looking to raise RM42.19 million via a private placement of 10% of its enlarged share base to repay its bank borrowings and partly fund the construction of centralised labour quarters (CLQs) that it plans to rent out as workers' accommodation. (TheEdge)

Velesto Energy Bhd has returned to the black with a net profit of RM99.53 million for the financial year ended Dec 31, 2023 (FY2023) from a net loss of RM100.40 million for the same period in FY2022. Revenue jumped to RM1.21 billion from RM580.85 million previously, it said in a filing with Bursa Malaysia today. (NST)

Heineken Malaysia Bhd will strive to minimise any increases in the retail prices of its products this year as the ringgit weakens, as the group is wary that it could impact sales, according to managing director Roland Bala. “The last time we did a price increase was in August 2022. While a lot of things are stabilising, we also have devaluation of our currency as well. (TheEdge)

CB Industrial Product Holding Bhd's (CBIP) net profit for the financial year ended Dec 31, 2023 (FY2023) surged to RM65.05 million, from a net loss of RM6.10 million a year earlier, as its refinery and special purpose vehicle (SPV) segments returned to the black. In a bourse filing on Wednesday, CBIP said its full-year revenue dipped slightly to RM847.95 million from RM881.34 million, due to lower revenue generated by the refinery segment. (TheEdge)

Media Prima Bhd posted a net profit of RM10.71 million for its second quarter ended Dec 31, 2023 (2QFY2024) on revenue of RM223.77 million. Earnings per share for the quarter stood at 0.97 sen, the media group announced in a bourse filing on Wednesday. (TheEdge)

Bumi Armada Bhd's net profit for the financial year ended Dec 31, 2023 (FY2023) fell 45% to RM332.06 million, from RM732.41 million a year earlier, mainly due to lower contributions from the Armada Kraken floating, production, storage and offloading (FPSO) unit. In a bourse filing on Wednesday, Bumi Armada said revenue for the year dipped to RM2.13 billion, from RM2.41 billion for FY2022. (TheEdge)

NCT Alliance Bhd is expecting its flagship project, Grand Ion Majestic (GIM), to bolster its bottomline upon its completion this year, propelled by an increase in tourist arrivals to Malaysia. In the fourth quarter ended Dec 31, NCT Alliance's net profit dropped to RM11.13mil from RM13.82mil in the year-ago quarter, while revenue rose to RM81.66mil from RM66.84mil. (TheStar)

Sedania Innovator Bhd posted a net profit of RM1.35 million for the fourth quarter ended Dec 31, 2023, versus a net loss of RM356,000 a year earlier. In a bourse filing on Tuesday, Sedania said revenue for the latest quarter rose to RM14.97 million, against RM8.07 million a year earlier. (TheEdge)

Malayan Banking Bhd (Maybank) chalked up better results in the financial year ended Dec 31, 2023, amid improved regional economic activities and a significant improvement in net impairment provisions. The country's largest bank by assets reported a net profit of RM9.35bil in FY23, up from RM7.96bil in FY22, representing growth in earnings per share to 77.55 sen from 66.51 sen previously. (TheStar)

Shares in Tenaga Nasional Bhd (TNB) snapped a three-day rally on Wednesday, as analysts trimmed their earnings forecasts, and some downgraded their calls, following the national electric utility firm’s weaker-than-expected quarterly results. TNB fell nearly 4% to RM11, its lowest since Feb 14. (TheEdge)

Shares of UOA Development Bhd rose to its record high on Wednesday, as analysts maintained their ‘hold’ call for the stock after the property developer’s financial results ended Dec 31, 2023 (FY2023) fell within their expectations. The counter rose as much as 3.23% or six sen, to a high of RM1.92 during morning trade, before paring gains to RM1.89 as of 9.43am, with some 440,500 shares changing hands. In contrast, the benchmark index of FBM KLCI was 0.39% lower. (TheEdge)

Alliance Bank Malaysia Bhd has approved RM200 million in loans to small and medium enterprises (SMEs) for green projects in the financial year 2023 (FY2023) and aims to double the figure this year. Group chief strategy, marketing, and business development officer Aaron Sum said the loans involve projects that contribute positively to the environment like solar initiatives and waste materials management. (TheStar)

Leong Hup International Bhd's share price faced strong selling pressure as investors reacted to its earnings announcement for the fourth quarter of 2023. The poultry producer's trading stock dropped 6.5 sen or 9.1% to 65 sen a share at the start of Wednesday trading. At its lowest, it was trading at 60 sen a share. (TheStar)

Keck Seng (M) Bhd’s net profit more than doubled for the fourth quarter ended Dec 31, 2023 (4QFY2023) from the preceding quarter, despite lower revenue, due largely to a reversal of impairment loss recognised on an overseas hotel, lower cost of sales, and lower foreign currency translation losses. (TheEdge)

Hong Leong Bank Bhd reported a stronger bottomline in the first six months of the financial year, underpinned by continued strong loans/financing expansion, improved non-interest income and contributions from its associates. (TheStar)

Source: New Straits Times, The Edge Markets The Star 28 February 2024