Kronologi Asia Bhd's net profit fell 39.3 per cent to RM3.10 million in the second quarter (Q2) ended July 31, 2022, from RM5.11 million a year ago. The company's revenue also fell 15.27 per cent to RM63.13 million in Q2 2022 from RM74.51 million last year. For the six months ended July 31, 2022, Kronologi's net profit decreased 41.6 per cent to RM5.32 million from RM9.12 million last year, while its revenue fell 9.7 per cent to RM120.46 million compared to RM133.33 million previously. (NST)
Tenaga Nasional Bhd (TNB) is investing RM21 billion in its Grid of the Future programme from 2022 to 2024 to enhance its transmission and distribution network readiness and reliability. President and chief executive officer, Datuk Baharin Din said on a regional level, TNB is proactively identifying transmission grid locations that will improve market integration and will work closely with local authorities. (NST)
Apex Healthcare Bhd's Singapore subsidiary First SGC Pte Ltd has subscribed for a 40% stake in a joint venture company with Shanghai Pharmaceutical Import & Export Co Ltd for S$1.2mil (RM3.9mil). In a filing with Bursa Malaysia, Apex said Shanghai Pharmaceutical will own the remaining 60% of the JV company, which is yet to be incorporated. (TheStar)
S P Setia Bhd is partnering with Affin Bank Bhd to offer home financing solutions to its homebuyers of selected projects. In a statement, the developer said the “Home Step Fast/i” now allows homebuyers, especially first-time buyers and investors, to enjoy better cash flows. (TheStar)
Ornapaper Bhd said on Wednesday (Sept 21) that the carton maker had received on Wednesday, a conditional mandatory takeover offer notice from Intisari Delima Sdn Bhd (offeror) to acquire the remaining Ornapaper shares not owned by the offeror for RM1.06 each. (TheEdge)
Tengku Datuk Sri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah have resigned from the board of Citaglobal Bhd effective yesterday. The company noted that both individuals had resigned to pursue their personal interests. Before the resignation, Tengku Uzir was the executive vice chairman of Citaglobal, while Tengku Zubir was the company's executive director. (NST)
Supermax Corp Bhd had in September 2022 resumed the glove maker's share buyback following an over four-month hiatus as its share price fell below 70 sen as investors weighed Malaysian rubber glove manufactures' business outlook against a Covid-19 vaccine-driven recovery from the impact of the pandemic which began in early 2020. According to Supermax's Bursa Malaysia filings, Supermax resumed its share buyback on Sept 2, 2022 when the company purchased 3.2 million shares for RM2.39 million after paying between 73 sen and 75 sen for each security. (TheEdge)
SKP Resources Bhd has announced that its executive chairman-cum-managing director Datuk Gan Kim Huat has passed away. He was 74. The company said Gan had over 30 years of experience in plastics injection moulding and was a well-known entrepreneur in the local plastics industry. (TheStar)
Shares in Nestcon Bhd rose 5.19% on Wednesday (Sept 21) morning after it bagged a RM165.08 million contract to provide site clearance, earthwork and ancillary works for Block 1 of CBS 2 in Sungai Bakau at the Mukah-Balingan coal field in Sarawak. The company said its wholly-owned subsidiary Nestcon Infra Sdn Bhd had accepted a two-year letter of award with an option to extend for another two years, from Bara Mining & Construction Sdn Bhd, after it was appointed as a contractor for the project. (TheEdge)
The easing labour constraint and continuation of mechanisation efforts are expected to drive the growth in fresh fruit bunch (FFB) output for Kuala Lumpur Kepong Bhd (KLK) going into 2023. This was highlighted by KLK’s management at a recent virtual meeting held by Hong Leong Investment Bank (HLIB) Research. (TheStar)
Top Glove Corporation Bhd's utilisation rates will remain low in the coming months as glove buyers have yet to deplete their inventories fully. Hong Leong Investment Bank Bhd (HLIB Research) said the glove maker is also not entirely out of the woods given the persistent demand-supply imbalance. (NST)
RHB Investment Bank Research has initiated coverage of KKB Engineering Bhd at RM1.43 with a “buy” rating and target price (TP) of RM1.85 based on 17x FY23F P/E, 29% upside and circa 4% FY23F yield. In a note on Wednesday (Sept 21), the research house said the multiple is +0.5SD from KKB Engineering’s three-year mean. (TheEdge)
RHB Retail Research said Thong Guan Industries Bhd is set to continue on its uptrend, after it broke above the RM2.67 resistance level on Tuesday (Sept 20), forming a “higher high” bullish pattern. In a trading stocks note on Wednesday, the research house said if the breakout remains in place, bullish bias above that level may drive the counter upwards further, towards the recent high of RM2.86, Jan 12’s high, followed by RM3.08, or Oct 23, 2020’s high. (TheEdge)
RHB Retail Research said Opcom Holdings Bhd is poised to trend north after it rebounded strongly from the 21-day average line, while attempting to surpass the immediate resistance of 84 sen, and forming a “higher high” bullish structure. In a trading stocks note on Wednesday (Sept 21), the research house said that the bullish bias above that level may propel it further towards the 89.5 sen point (Aug 1’s high), followed by 99 sen or May 12’s high. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 21 Sep 2022
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