MQ Market Updates - 03 May 2024

MQ Trader

Publish date: Fri, 03 May 2024, 05:17 PM

Shares of Ajinomoto (Malaysia) Bhd surged to their highest in nearly six years after the food and seasoning company announced the ex-date for its special dividend. (TheEdge)

UUE Holdings Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia. (TheStar)

Fraser & Neave Holdings Bhd plans to set aside RM1.7 billion in capital expenditure for its integrated dairy farm called F&N AgriValley in Gemas, Negri Sembilan. (NST)

Ocean Fresh Bhd has signed an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Bhd. (TheStar)

Operators of public bus transportation, Epicon Bhd, previously known as Konsortium Transnasional Bhd, is no longer a Practice Note 17 (PN17) company after completing its regularisaton plan. (NST)

Boustead Heavy Industries Corp Bhd's (BHIC) wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has bagged an award from the Ministry of Defence (Mindef) Malaysia, representing the government, to award the Royal Malaysian Navy (RMN) Prime Minister Class Submarines contract worth RM43.60 million. (NST)

Pasukhas Group Bhd (Pasukhas) has bagged a RM56.98 million project to construct a data centre in Selangor for a leading United States-based multinational technology corporation. (NST)

Lotte Chemical Titan Holding Bhd's (LCT) net loss narrowed to RM178.03 million for the first quarter of the financial year ended March 31, 2024 (1Q FY2024) compared with a net loss of RM224.76 million in the same quarter in 2023. (NST)

CIMB Securities Sdn Bhd has maintained a hold call on Kuala Lumpur Kepong Bhd (KLK) with a target price of RM22, awaiting further developments in the investigation following recent allegations of unethical recruitment practices. (NST)

Westports Holdings Bhd's core net profit for the first quarter of 2024 (1Q24) has beaten Affin Hwang Capital's expectations. (NST)

Property company South Malaysia Industries Bhd (SMI) has appointed a former executive director, Leow Thang Fong, who was voted out by shareholders after a 30-year stint, as chief executive officer (CEO) of the company effective May 1, 2024. (NST)

Frontken Bhd expects a stronger performance in the second half of this year (2HFY2024) after its first quarter results came in within expectations, according to Philip Capital. (TheEdge)

Malaysia’s planned increase in civil servant salaries will boost earnings of RCE Capital Bhd, which mainly provides consumer financing to government employees, Maybank Investment Bank (Maybank IB) said and upgraded the stock to ‘buy’. (TheEdge)

RHB Research has downgraded TA Ann Holdings Bhd to "neutral" from "buy", with a reduced target price of RM4.00 from RM4.15, after the stock increased by over 35% in the past year, leading the research firm to believe that the valuation is now fair. (TheEdge)

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