MQ Market Updates - 23 May2024

MQ Trader

Publish date: Thu, 23 May 2024, 05:18 PM

MSM Malaysia Holdings Bhd (MSM) returned to the black with a net profit of RM41.7 million for the first quarter (Q1) ended 31 March 2024 on the back of improved margins, despite higher production cost. It posted a net loss of RM35.88 million a year earlier. (NST)

Hartalega Holdings Bhd's latest set of results is bolstering optimism the glove maker will deliver sequentially stronger earnings in the coming quarters amid an improving demand outlook. In a review, Hong Leong Investment Bank (HLIB) Research said an inventory replenishment cycle has commenced as gloves amassed during the pandemic are believed to be near depletion. (TheStar)

The shares of ACE Market-listed Nationgate Holdings Bhd will be transferred to the Main Market of Bursa Malaysia at 9am on May 24, 2024 (Friday). In a statement, Bursa Malaysia said the shares will be categorised under the industrial products and services sector. (TheStar)

Leading oil and gas (O&G) services provider Deleum Bhd is striving to achieve sustainable growth through strategic collaborations, technological innovations and operational excellence. In a filing with Bursa Malaysia, group chief executive officer Rao Abdullah said Deleum is implementing several initiatives to drive revenue growth including seeking prospective mergers and acquisitions (M&A) internationally and potential domestic collaborations with major oil and gas services companies. (TheStar)

Zantat Holdings Bhd (KL:ZANTAT) posted a net profit of RM1.9 million, on the back of RM28.8 million in revenue, for the first quarter ended March 31, 2024 (1QFY2024), derived from the production of ground calcium carbonate. In a statement on Thursday, the high-grade calcium carbonate powder producer declared a dividend of RM4.2 million or 1.5 sen per share, to be paid on June 25. (TheEdge)

Measat Global Bhd has teamed up with healthcare technology company Mudah Healthtech Sdn Bhd to offer the Sihat Xpress telehealth service to up to one million Malaysians in remote communities. This will be enabled by the CONNECTme NOW satellite broadband service. (NST)

KNM Group Bhd's share price jumped as high as 20 per cent to nine sen after four shareholders served a notice to propose four names to be appointed as directors of the company at its upcoming annual general meeting (AGM) on June 6, 2024. At midday, the company's share price closed 13.3 per cent higher at 8.5 sen a share, giving it a market capitalisation of RM343.9 million. (NST)

Shares of Sime Darby Property Bhd (KL:SIMEPROP) climbed to its highest in nearly six years as analysts scrambled to raise their forecasts after the developer reported better-than-expected results. SimeProp rose as much as 5.6% or six sen to RM1.13, its highest since August 2018. The stock was trading at RM1.11, valuing the company at over RM7.5 billion, after more than 3.2 million shares changed hands at 9.05am. (TheEdge)

Public Bank Bhd (KL:PBBANK) has lost a case against a house buyer, who sued the bank for terminating a loan facility agreement after the first disbursement. The court found that the bank failed to provide documents of purported falsified supporting documents and claims that the customer inflated his income, which had resulted in the facility and house purchase to be terminated. (TheEdge)

Bursa Malaysia Bhd is expected to record average daily trading value (ADV) of RM2.73 billion in financial year 2024 (FY24), surpassing its pre-pandemic peak of RM2.39 billion in FY18. Hong Leong Investment Bank Bhd (HLIB research) stated in a note that after two prior lull years of ADV, the exchange has staged a strong resurgence up till May 20 to RM3.02 billion. "Contrary to our initial belief that ADV would sequentially soften in the second and third quarter, given the postponement of the US Federal Reserve's (Fed) rate pivot, investors seem to have shrugged off this delay," it said in a note. (NST)

Source: New Straits Times, The Edge Markets The Star 23 May 2024