MQ Market Updates - 29 August 2024

MQ Trader

Publish date: Thu, 29 Aug 2024, 05:31 PM

99 Speed Mart Retail Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 3.04 times. (TheStar)

Genting Plantations Bhd’s (KL:GENP) net profit for the second quarter ended June 30, 2024 (2QFY2024) rose 19.94% to RM85.12 million, compared to RM70.97 million over the same period a year earlier, due to higher palm product prices. (TheEdge)

Malayan Flour Mills Bhd (MFM) reported a net profit of RM18.8 million for the second quarter of 2024 (2Q24), a turnaround from the RM2 million net loss in the same quarter last year. (NST)

Property developer Paramount Corporation Bhd (Paramount) would like the government to continue taking a balanced approach to support property sector growth, especially in expediting project approvals. (TheStar)

AME Elite Consortium Bhd's (KL:AME) net profit for its first quarter ended June 30, 2024 (1QFY2025) dropped 36.7% to RM14.72 million from RM23.27 million a year earlier, due to lower contributions from property development and construction services, as well as share of loss from joint ventures. (TheEdge)

Malayan Banking Bhd (KL:MAYBANK) is on track for record profits, and will make close to RM10 billion this year, even as the country’s largest bank by assets turns its attention to protect margins, analysts said. (TheEdge)

Axiata Group Bhd says the weakening of the US dollar against the ringgit and a lower interest rate are expected to significantly improve the company's balance sheet and profitability. (NST)

Shares in Supermax Corp Bhd slipped about 3% on Bursa Malaysia following a disappointing earnings announcement that saw the glove maker's net losses widen to RM175.03mil. (TheStar)

Shares of IJM Corporation Bhd (KL:IJM) dropped on Thursday to their lowest in nearly three months, following the construction giant’s weaker-than-expected quarterly results. (TheEdge)

ACE Market-bound Steel Hawk Bhd has reiterated a positive outlook as it announced a strong first-half performance in FY24. (TheStar)

Alliance Bank Malaysia Bhd reported a 17.3 per cent growth in net profit year-on-year (YoY) to RM176.7 million for the first quarter of the financial year ending March 31 2025 (1QFY2025). (NST)

NCT Alliance Bhd's results in the second quarter ended June 30, 2024 (2QFY24), underscored increasing demand for its developments, said executive chairman and group managing director Datuk Seri Yap Ngan Choy. (TheStar)

Shares of MBM Resources Bhd (KL:MBMR) extended their rally to a new all-time high on Thursday while analysts raised their targets after the automotive company’s better-than-expected results and a surprise special dividend. (TheEdge)

Shares of DRB-Hicom Bhd (KL:DRBHCOM) fell on Thursday to their lowest in more than two years, after the automotive-to-postal conglomerate reported weaker-than-expected results. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 29 August 2024