MQ Market Updates - 3 July 2024

MQ Trader

Publish date: Wed, 03 Jul 2024, 05:25 PM

Go Hub Capital Bhd, which debuted on the ACE Market this morning, jumped as much as 148 per cent to 87 sen a share from its initial public offering (IPO) price of 35 sen, in the first hour of trading. (NST)

Shares of Sunway Bhd hit an all-time high in early trade Tuesday after the company announced a land sale in Sunway City Iskandar Puteri (SCIP), Johor for over RM380mil. (TheStar)

ViTrox Corp Bhd (KL:VITROX) will grapple with the challenging industry outlook, even as profits may improve in the second quarter of 2024, Maybank Investment Bank (Maybank IB) flagged and told investors to now sell the stock. (TheEdge)

RHB Investment Bank (RHB IB) expects Kuala Lumpur Kepong Bhd (KL:KLK) to report improved earnings in the second half of financial year 2024 (2HFY2024) on strong fresh fruit bunch (FFB) output, lower costs and improving downstream earnings. (TheEdge)

Practice Note 17 company KNM Group Bhd is going back to the drawing board for its proposed disposal of FBM Hudson Italiana S.P.A after a second attempt to do so fell through. (NST)

Reservoir Link Energy Bhd said it expects to complete the listing of its 2021 acquired Founder Energy Sdn Bhd on the US NASDAQ exchange by end of the year. (NST)

Pertama Digital Bhd's subsidiary Dapat Vista (M) Sdn Bhd has secured a four-month contract from My Digital ID Sdn Bhd to provide digital identification (ID) onboarding registration services. (NST)

Hong Leong Investment Bhd (HLIB) expects limited growth ahead for Panasonic Manufacturing Malaysia Bhd (PMM) due to lower plant utilisation following the discontinuation of kitchen appliances. (NST)

CIMB Group Holdings Bhd has set climate targets for its oil, gas, and real estate portfolios, becoming the first Malaysian bank to establish 2030 decarbonisation goals for high-emission sectors. (TheStar)

G Capital Bhd has commissioned a 2,000 kWp rooftop solar power generation system at Chin Herr Industries (M) Sdn Bhd’s premises in Bukit Mertajam, Penang. (TheStar)

Malton Bhd is acquiring four parcels of Genting land from Sering Manis Sdn Bhd, a 51%-owned subsidiary of Global Oriental Bhd, in Bentong, Pahang, for RM65mil. (TheStar)

The RM1.25bil contract secured by Telekom Malaysia Bhd (TM) from the government to implement the Next Generation Emergency Services 999 (NG999) emergency handling communications system will have a minimal impact on the group’s earnings. (TheStar)

Shares in WCT Holdings Bhd (KL:WCT) jumped to their highest in nearly five years on Wednesday after Malton Bhd (KL:MALTON), a company related to WCT's largest shareholder Tan Sri Desmond Lim Siew Choon, bought a piece of land in Genting Highlands to build serviced apartments and luxury villas. (TheEdge)

Scanwolf Corp Bhd (KL:SCNWOLF) is diversifying into construction and construction-related activities. (TheEdge)

RHB Retail Research said HE Group Bhd (KL: HEGROUP) is eyeing to stretch the upside movement after staging a breakout at the resistance level. (TheEdge)

Hong Leong Investment Bank (HLIB) has advocated investors buy Velesto Energy Bhd (KL:VELESTO) on weakness, in anticipation of strong earnings in the coming quarters amid persistent jack-up (JU) rig crunch in Southeast Asia. (TheEdge)

RHB Retail Research said Sin-Kung Logistics Bhd (KL: SINKUNG) is attempting to stage a bullish breakout, testing the immediate resistance. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 3 July 2024