Topmix Bhd, which launched its initial public offering (IPO) prospectus on Wednesday, expects growth in the local residential and commercial property markets to bode well for its surface decorative products. Topmix derives nearly 100% of its revenue from the domestic market. (TheEdge)
Main Market-bound oil and gas services company Keyfield International Bhd, which aims to raise RM188.1mil from its initial public offering (IPO), has set its sights on fleet expansion. Executive director and group chief executive officer Datuk Darren Kee Chit Hue said the company is eyeing for two additional vessels, having already acquired one in January. (TheStar)
Destini Bhd has proposed to consolidate every 10 existing shares held by its shareholders into one share on an entitlement date to be determined later. According to a bourse filing on Wednesday, the integrated engineering solutions provider said the consolidation would result in an adjustment to the market prices of its shares and warrants B. (TheEdge)
Zantat Holdings Bhd opened at 40 sen a share on its first day of trading on Bursa Malaysia, representing a 15 sen or 60% jump from its initial public offering (IPO) price of 25 sen a share. The high-grade calcium carbonate producer, which was listed on the ACE Market, saw 5.96 million shares changing hands at the opening bell. (TheStar)
Kelington Group Bhd’s 90.71%-owned subsidiary Ace Gases Sdn Bhd has commenced liquid carbon dioxide (LCO2) production at the group’s second LCO2 plant in Kerteh, Terengganu. The start of production at the plant, which has a capacity of 70,000 tonnes per year, brings the group’s overall production capacity of LCO2 to 120,000 tonnes a year. (TheStar)
KJTS Group Bhd's cleaning services subsidiary has secured six contracts from Jabil Sdn Bhd and Jabil Circuit Sdn Bhd for the provision of housekeeping services and floor polishing activities. In a filing with Bursa Malaysia, the group said ETC Cleaning Services Sdn Bhd had accepted the award letters for services ranging from five months to three years at properties owned by the two companies. (TheStar)
OCR Group Bhd has topped out its mixed-development The Mate located in Damansara Jaya, Petaling Jaya with a take-up rate of 80%, according to a press release on Wednesday. The Mate is a mixed-development project made up of three components, which are residential, co-living and co-working spaces. It occupies 1.01 acres of freehold land and has a gross development value of RM145 million. (TheEdge)
Scientex Bhd reported a higher bottom line of RM141.01mil in the second quarter ended Jan 31, 2024 (2Q24), up from RM106.29mil in 2Q23, while earnings per share (EPS) rose to 9.09 sen from 6.85 sen. In a filing with Bursa Malaysia, the group reported revenue of RM1.09bil, up from RM978.39mil previously on the back of improved contribution from the property segment. (TheStar)
Shares in Icon Offshore Bhd surged to a near four-year high in early morning trade on Wednesday after a major shareholder of Yinson Holdings Bhd acquired a controlling stake in the offshore support vessel provider and triggered a mandatory takeover offer. The counter had climbed 17.8% or 13 sen to an intraday high of 86 sen, before paring gains to trade at 78.5 sen, still up 5.5 sen or 7.5%, with 13.85 million shares changing hands. (TheEdge)
Meridian Bhd today announced that it will not be able to release its annual report for the financial period ended Nov 30, 2023 by Mar 29, 2024. Bursa Malaysia Securities' listing requirements stipulates that companies release their annual report within four months of the company's financial close. (NST)
Keyfield International Bhd has plans to raise about RM188.1mil from its initial public offering via the issuance of 209 million new shares at 90 sen a share. In a statement, the group said the proceeds shall mainly go towards redeeming its cumulative redeemable non-convertible preference shares (CRNCPS), as well as to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1. (TheStar)
MyNews Holdings Bhd has returned to the black with a net profit of RM1.27 million for the first quarter ended Jan 31, 2024 (1Q24) from a net loss of RM3.21 million a year ago, underpinned by robust sales growth. Quarterly revenue rose six per cent to RM195.52 million from RM184.09 million previously, the convenience store operator said in a Bursa Malaysia filing. (NST)
Shares in TCS Group Holdings Bhd rose to a four-month high in active trade after the construction and infrastructure company won a RM140.27 million work contract in Sungai Buloh, Selangor. TCS shares rose as much as 34.6% to a high of 17.5 sen during the morning session but subsequently eased to 16 sen as of 9.43am, still up 23.08% or three sen. At the current price, its market capitalisation is RM66.5 million. (TheEdge)
Kelington Group Bhd's 90.71 per cent-owned subsidiary Ace Gases Sdn Bhd has started production of liquid carbon dioxide (LCO2) at its second plant in Kerteh, Terengganu. With a production capacity of 70,000 tonnes per year, this brings the company's production capacity of LCO2 to 120,000 tonnes per year. (TheEdge)
FGV Holdings Bhd (FGV) is determined to have the Withhold Release Order (WRO) issued by the United States Customs and Border Protection (CBP) on Sept 30, 2020, modified. CBP issued the WRO against the palm oil and palm oil products of FGV and its subsidiaries and joint ventures on Sept 30, 2020, barring entry of these products to the US. (TheStar)
Progressive Impact Corporation Bhd's (Picorp) subsidiary has secured a "material" contract from Kidana Development Company, Saudi Arabia to supply underground waste compactors. Kidana is a company dedicated to developing real estate in the Holy Sites area and acts as the executive arm of the Royal Commission within its geographical scope, aiming to enhance infrastructure, public facilities, and services for Muslim pilgrims during Hajj rituals. (NST)
The Armed Forces Fund Board (LTAT) has no plans to sell its shareholdings in Boustead Plantations Bhd at this juncture, according to the Ministry of Defence (Mindef). "LTAT is now studying a plan for the future of Boustead Plantations to determine its strategic direction and boost the company's operational performance to a higher level," said Defence Minister Datuk Seri Mohamed Khaled Nordin. (TheEdge)
Scientex Bhd reported a higher bottomline of RM141.01mil in 2QFY24, up from RM106.29mil in 2QFY23, while earnings per share rose to 9.09 sen from 6.85 sen. In a filing with Bursa Malaysia, the group reported revenue of RM1.09bil, up from RM978.39mil on the back of improved contribution from the property segment. (TheStar)
Sapura Energy Bhd saw a 12.5 per cent jump in its share price after reporting a reduced net loss for the fourth quarter ended Jan 31, 2024 (4Q24). The company's net loss decreased to RM728.44 million from RM3.26 billion in the same period a year ago. (NST)
Malaysian Resources Corp Bhd (MRCB) and Kimlun Corp are among companies expected to benefit from expedited flood mitigation projects within the construction sector, RHB research said.The research firm said the federal government has allocated about RM11.8 billion under Budget 2024 for flood mitigation projects spread across 33 high priority projects. (NST)
Prolintas Infra Business Trust, the first business trust to be listed on Bursa Malaysia, made a flat debut on the Main Market at 95 sen on Monday, the same as its initial public offering (IPO) price. At the morning market bell, its opening trading volume stood at 2.4 million shares. (TheEdge)
Energy-related services provider Reservoir Link Bhd will form a joint venture (JV) company to undertake a 29.99 MWac ground mounted solar photovoltaic (PV) project in Kedah. The group via its wholly-owned unit Reservoir Link Renewable Sdn Bhd (RLR) had on March 20 inked a shareholders’ agreement with Japan-based Sumitomo Corporation (SC), MAQO Engineering Sdn Bhd (MESB) and SRM Utama Selambau Sdn Bhd (SUS) to undertake the project, according to Reservoir Link’s bourse filing. (TheEdge)
Eco World Development Group Bhd’s (EcoWorld Malaysia) earnings prospects are expected to remain solid, underpinned by its sales momentum and growing exposure to the improving Iskandar Malaysia property market in Johor. UOB Kay Hian (UOBKH) Research said the property developer may surpass its own sales target of RM3.5bil for its current financial year ending Oct 31, 2024 (FY24). (TheStar)
Shares of Velesto Energy Bhd climbed to their highest in nearly four years after the oil and gas services firm secured a two-year contract extension for the provision of three jack-up rigs to Petronas Carigali Sdn Bhd (PCSB) for RM1.26 billion, which analysts view as positive. Velesto’s share price rose as much as 5.26% to 30 sen during Monday’s morning session, its highest since May 2020. At the time of writing, the counter pared gains to 29.5 sen — still up by 3.5% — valuing the group at RM2.47 billion. (TheEdge)
Sunway Construction Bhd (SunCon) is seeing a strong return as investors expect it to win jobs of several infrastructure projects slated to be rolled out. Year-to-date, the stock is up 46.2% to close at RM2.91 last Friday, surpassing the Bursa Malaysia Construction Index’s 15.2% rise over the same period. (TheStar)
Flat steel product manufacturer Astino Bhd saw its share price leap to a two-year high after it announced that its profit grew nearly four-fold year-on-year for the second financial quarter ended Jan 31, 2024 (2QFY2024). Shares of Astino climbed as high as 64 sen during Monday’s trade, last breached two years ago on March 4, 2022. It dipped slightly to 60.5 sen at the time of writing, still up three sen or 5.22% from the previous close. (TheEdge)
Rakuten Trade said Bahvest Resources Bhd may trend higher after breaking out from a six-week downward channel pattern with a long white candle last Thursday. In a technical view note on Monday, the research house said the stock bounced off the 50-day exponential moving average (EMA) with a second consecutive white candle last Friday, coupled with its relative strength index indicator pointing upwards, indicating that bullish momentum appears to be picking up. (TheEdge)
CCK Consolidated Holdings Bhd’s newly acquired Indonesian shrimp firm has bolstered the group’s overall prawn export business. This is evident as the group prawn segment’s revenue surged by 36% to RM109.6mil in the financial year ended Dec 31, 2023 (FY23) from FY22. (TheStar)
Teladan Group Bhd's subsidiary Riverwell Resources Sdn Bhd (RRSB) has signed a memorandum of understanding (MoU) with Melaka Corporation (MCORP) to develop a 138 hectare (ha) German Technology Park at Ayer Panas, Jasin, Melaka. The Melaka-based property developer said the proposed project aims to attract German investment into the state of Melaka and strengthen Malaysia-Germany economic ties. (NST)
UOA Development Bhd has signed a memorandum of understanding (MOU) with Trendcell Sdn Bhd, the operator of Jaya Grocer, for a potential collaboration to operate a premium grocery store at the developer's upcoming development — Bamboo Hills Residences, off the DUKE Highway and near Jalan Ipoh, Kuala Lumpur. According to a press statement on Friday, the MOU was signed between UOA Development general manager (projects) Stephanie Kong and Trendcell deputy CEO Daniel Teng. (TheEdge)
Fertility care specialist Alpha IVF Group Bhd opened flat upon its debut on the ACE Market of Bursa Malaysia, with a trading turnover of 12.99 million shares. As at 11.45am, the share remained unchanged from its initial public offering (IPO) price of 32 sen a share, and was the most active counter on Bursa Malaysia with 178.04 million units changing hands. (TheStar)
Yinson Holdings Bhd remains optimistic about its business prospects given the strong demand for energy, although it is also cognisant of the various uncertainties in the markets it operates in. "The floating production storage and offloading (FPSO) market continues to see strong demand for contractors like Yinson, which have an edge in emissions reduction technologies and a solid track record of on-time delivery and safety and operational performance," said the energy infrastructure group in comments accompanying its results filing with Bursa Malaysia. (TheStar)
Astro Holdings Bhd's earnings is expected to remain lower dragged down by declining television (TV) subscription and advertising revenue despite entering a seasonally stronger second half (2H) adex period. Hong Leong Investment Bank Bhd (HLIB) said the company's total number of subscribers continued to decline three per cent year on year (YoY) post sporting seasons. (NST)
Meta Bright Group Bhd said it has begun commercial operations at its solar project under the Solar PV Zero Capex Programme for Sinergi Perdana Sdn Bhd. In a statement, the group said the 401.76kWp solar project, developed by its wholly-owned subsidiary FBO Land (Setapak) Sdn Bhd, is part of a 21-year renewable energy supply agreement that offers Sinergi Perdana a 20% discount to electrical tariff rates, equipped with Imbalance Cost Pass-Through (ICPT). (TheStar)
Sime Darby Bhd is prioritising the integration of UMW Holdings Bhd into the wider Sime Darby ecosystem, especially within the automotive and industrial sectors, to reinforce its competitive edge and expand the conglomerate’s domestic footprint to further drive long-term growth. In a statement on Friday, Sime Darby group chief executive officer Datuk Jeffri Salim Davidson said the move is also in line with the group's 5-Year Strategy Masterplan to grow its core businesses of Industrial and Motors across key regional markets, and strengthen earnings contributions from Malaysia. (TheEdge)
Eco World Development Group Bhd's (Eco World) core net income of RM70.9 million in the first quarter ended Jan 31, 2024 (Q1FY24) comes in within MIDF Research and consensus' full year expectations, making up 25 per cent and 26 per cent respectively. MIDF Research, however, downgraded its call for the stock to "Neutral" from "Buy" previously, with a revised target price of RM1.51 from RM1.33 previously, as it believed that the positives have been largely priced in. (NST)
Shares of Sunway Construction Group Bhd (SunCon) soared to new all-time highs on Friday, as investors cheered the builder’s latest job win, while analysts bet on further upside for its stock price ahead. SunCon climbed as much as 9.6% to RM2.95, sharply outperforming the construction sector and the broader market. The stock was trading at RM2.94 at 10.00am, after some 8.85 million shares changed hands. In contrast, the country’s benchmark index FBM KLCI was a tad lower. (TheEdge)
MGB Group is a subsidiary of LBS Bina Group Bhd. MGB Construction had on Thursday accepted a letter of award (LoA) from Anuar Aziz Architect on behalf of Astana Modal Sdn Bhd for the project. (NST)
Coastal Contracts Bhd is building a luxurious resort in Sabah and can expect profitability to improve once occupancy rate increases. That is one of the reasons for TA Research to adjust its earnings forecasts for 2024-2026 by negative 2.7% to 0.8%. (TheStar)
The shareholders of Bonia Corporation Bhd are eyeing substantial growth opportunities amidst an anticipated surge in Malaysia's retail sector this year. (NST)
Energy services firm T7 Global Bhd is planning to raise up to RM41.56 million via a private placement of a maximum of 90.5 million shares or 10% of its enlarged share base. (TheEdge)
Master Tec Group Bhd said that it is not aware of any rumour or report concerning the business and affairs of the company that could explain the recent trading activity. (NST)
Shares in SCGM Bhd touched a 10-month high on Thursday, as the former food packaging company’s acquisition plan drew the attention of investors. (TheEdge)
Boustead Holdings Bhd subsidiary, MHS Aviation Bhd (MHS), and Westair Helicopters has signed a seven-year leasing agreement to bolster offshore helicopter operations in Namibia, Africa. (NST)
Hong Leong Investment Bank Bhd (HLIB) views Top Glove Corp Bhd's share price decline as an opportunity for investors to accumulate on weakness, in anticipation of a turnaround expected in financial year 2025 forecast. (NST)
Hong Leong Investment Bank (HLIB) has maintained its 'buy' rating of Malaysia Airports Holdings Bhd (MAHB) at RM9.12, with a higher target price (TP) of RM10.25 (from RM9.80), and said the finalisation of new operating agreements (OAs) and the first Regulatory Period (RP1) have effectively strengthened MAHB’s position in the development and management of airports in Malaysia with earnings certainty for the next 35 years. (TheEdge)
RHB Investment Bank has maintained its 'buy' rating of Yinson Holdings Bhd at RM2.48, with a lower target price (TP) of RM3.06 (from RM3.04), and said it is neutral on Yinson’s private placement as it is needed for continuous expansion in the renewable energy and green technology space. (TheEdge)
Yinson Holdings Bhd has proposed a private placement of 120 million new shares to raise RM283.2 million to expand its renewable energy and green technology business. (TheEdge)
Optimistic over growing sales momentum, Top Glove Corp Bhd says there are signs of a rebound in the glove market and guides for a return to profitability in the second half of the year. (TheStar)
YTL Power International Bhd's earning forecast is anticipated to stay positive, and dividends could surprise to the upside, given the robust earnings of its subsidiary, PowerSeraya. (NST)
Uzma Bhd obtained a two-year contract extension from Medco Energi Thailand (Bualuang) Ltd for the provision of hydraulic worker unit (HWU) services and associated equipment service required for workover and well services activities at offshore Thailand. (TheEdge)
Farm Price Holdings has obtained approval for its upcoming initial public offering (IPO) on Bursa Malaysia’s ACE Market. (TheStar)
Maybank Investment Bank (Maybank IB) has projected a decrease in gross gaming revenue (GGR) from the mass market category for Genting Bhd's fiscal year 2024 (FY24). (NST)
Public Investment Bank (Public Invest) reiterated its 'outperform' call on Magni-Tech Industries Bhd and raised earnings by 8.0 per cent to 11 per cent for financial years 2024-2026 to reflect robust sales performance. (NST)
Bursa Malaysia Securities Bhd has granted a six-month extension, until September 2, for FGV Holdings Bhd to comply with the public shareholding spread requirement. (NST)
Airports Holding Bhd (MAHB) today said that Subang Airport will manage 8 million passengers per annum by 2030 under the Subang Airport Regeneration Plan (SARP), which will bring jet operations back to the airport. (NST)
AMMB Holdings Bhd (Ambank Group) is expected to post a higher dividend payout for the financial year 2024 (FY24) onwards due to the recovery in capital ratios. (NST)
RHB Investment Bank (RHB IB) has maintained its “buy” rating on Gamuda Bhd at RM5.14 with an unchanged target price (TP) of RM6.46 and said it expects Gamuda’s core profit for the second quarter of financial year 2024 (2QFY2024) to be RM200 million-RM220 million, possibly translating to a 3%-13% quarter-on-quarter (q-o-q) and year-on-year (y-o-y) growth. (TheEdge)
Scientex Packaging (Ayer Keroh) Bhd’s net profit for the second quarter shrank 40.06% mainly due to lower revenue, higher electricity costs and changes in product mix. (TheEdge)