MQ Market Updates - 13 June 2024

MQ Trader

Publish date: Thu, 13 Jun 2024, 05:51 PM

Sunway Property, the property division of Sunway Bhd (KL:SUNWAY), on Thursday announced the expansion of its lifestyle solutions under its Sunway Property+ community aftersales initiative by introducing handyman services, which will commence on June 14. (TheEdge)

SNS Network Technology Bhd is poised to ride the artificial intelligence (AI) server boom after its transfer to the Main Market of Bursa Malaysia. (TheStar)

TH Plantations Bhd has partnered with Cenergi SEA Bhd to undertake the development, construction and operations of a 1.2 megawatts (MW) biogas power plant in Kluang, Johor. (NST)

Sapura Energy Bhd said "no adjustments are needed for the recoverability and classification of assets or liabilities” after its external auditor raises the issue of it continuing as a going concern in an unqualified opinion on the state of the oil company’s finances for financial year 2024. (TheStar)

Malaysia Airports Holdings Bhd yesterday said joint offerors of the RM10.79 billion deal to privatise the company, has fulfilled one of the four pre-conditions for the deal. (NST)

Rakuten Trade said Synergy House Bhd (KL:SYNERGY) may trend higher after gapping up and reaching to a new all-time high on Wednesday. (TheEdge)

Alpha IVF Group Bhd's prospects remain bright due to the anticipated growth in medical tourism. (NST)

Practice Note 17 company Iqzan Holding Bhd's unit has been awarded RM143 million a project to construct and build a 24-storey office building. (NST)

RHB Investment Bank Bhd (RHB Research) expects MyNews Holdings Bhd's financial year 2025 (FY25) net profit to reach pre-pandemic levels of RM28 million once CU is no longer a drag on earnings. (NST)

Boustead Heavy Industries Corp Bhd's (BHIC) share price jumped 22 per cent to a six-month high of 59 sen in morning trade after it bagged a RM1.1 bilion Ministry of Defence job. (NST)

Tex Cycle Technology (M) Bhd has proposed to acquire the entire equity interest in Meridian World Sdn Bhd for RM55mil cash. (TheStar)

RHB Retail Research said L&P Global Bhd (KL:L&PBHD) is poised for a technical breakout after it bounced off the 21-day simple moving average (SMA) line, eyeing to test the 48 sen resistance level with high trading volume. (TheEdge)

RHB Retail Research said Astro Malaysia Holdings Bhd (KL:ASTRO) is poised to trend higher, after climbing to test the 39 sen immediate resistance with high volume. (TheEdge)

Maybank Investment Bank (Maybank IB) maintained its 'sell' rating for Malakoff Corp Bhd (KL:MALAKOF) at 82 sen, with an unchanged target price of 55 sen, saying the stock's year-to-date price rally is unjustified. (TheEdge)

Hong Leong Investment Bank (HLIB) has maintained its “hold” rating on Wasco Bhd (KL:WASCO) at RM1.44, with an unchanged target price of RM1.53, pegged to 12x FY2025f (financial year 2025, forecast) profits. (TheEdge)

Shares in Able Global Bhd (KL:ABLEGLOB) may still have further upside ahead, TA Securities said, even after the food and beverage company rose to its highest in nearly eight years on Wednesday. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 13 June 2024