Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) recorded a net profit of RM 67.77 million for the financial year ended December 31, 2022 (FY22) from a net loss of RM270.41 million in 2021. MHB's revenue rose 12.24 per cent to RM1.65 billion from RM1.47 billion in FY21, contributed by higher revenue from both heavy engineering and marine segments. (NST)
XOX Bhd has entered into a memorandum of understanding (MOU) with Kuala Lumpur City FC Sdn Bhd (KLCFC) to explore business collaboration on commercial activities, including sports marketing and management. KLCFC is the owner of the Kuala Lumpur City Football Club, which represents the federal capital in Malaysian football competitions. (TheEdge)
Globaltec Formation Bhd announced that its subsidiary NuEnergy Gas Ltd has inked the heads of agreement (HOA) with PT Laras Ngarso Gede (PT Laras Energy) for the supply and sale of coal bed methane (CBM) in the Tanjung Enim Production Sharing Contract, South Sumatra, Indonesia. Dart Energy (Tanjung Enim) Pte Ltd — NuEnergy’s wholly owned subsidiary — has entered into the HOA with PT Laras Energy, a downstream natural gas and its derivative products provider, on Friday (Feb 10). (TheEdge)
Revenue Group Bhd said its co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang have filed their defence and a counterclaim against the group, stating that their suspension as its directors was invalid. The two brothers, who collectively hold a 19.497% stake in the e-payment solutions provider, were suspended last month after several complaints were received against them. Brian is the group's largest shareholder with an 11.932% stake, while Dino holds 8.105%. (TheEdge)
The growing global Muslim population is set to provide a wider consumer base to Pharmaniaga Bhd’s halal product portfolio as it moves to complete its halal vaccine manufacturing plant. It claimed to have the world’s first halal vaccine manufacturing plant, which is expected for completion by the third quarter of 2023 and commercialisation in 2024. (TheStar)
Vision-inspection equipment maker Vitrox Corp Bhd plans on bolstering its operations amid the current semiconductor downturn, as it expects a strong rebound in a few years. Its president and chief executive officer Chu Jenn Weng said Vitrox had been riding the semiconductor boom in the past few years, resulting in its rapid growth. (TheEdge)
MGB Bhd is expected to see solid earnings growth of more than 20 per cent year-on-year (YoY) in 2023 backed by better labour conditions, said RHB Research. The research house said 70 per cent of MGB's approved worker quota (250 heads) had already entered Malaysia. There are also improved progress billings on certain projects particularly KITA @ Cybersouth. (NST)
Wah Seong Corp Bhd (WSC) is expected to see a strong recovery in activities on the back of higher global capital expenditure spending and oil prices, said Affin Hwang Capital. The research house said Wah Seong had seen strong activities pick up in both its pipe coating and engineering segments driven by improvement in global oil and gas (O&G) capital spending on the back of higher oil prices. (NST)
Analysts are “mildly positive” on construction company Kerjaya Prospek Group Bhd’s latest contract which has raised its year-to-date replenishment to RM464mil. This accounts for 31% of Kenanga Research’s FY23 replenishment target of RM1.5bil for the group and has lifted its outstanding order book to an all-time high of RM4.7bil. (TheStar)
Sime Darby Plantation Bhd’s (SDP) moves to improve its labour practices are expected to cause a 3% increase in its total cost to customers, said Hong Leong Investment Bank (HLIB). In a research note on Friday, its analyst Chye Wen Fei said SDP’s management held a virtual briefing after the US Customs and Border Protection had cleared the group of forced labour use on Feb 3, during which it shared that consultant fees and reimbursement of recruitment fees to foreign workers resulted in a one-off cost of RM140 million, besides other initiatives aimed at improving labour conditions. (TheEdge)
Kobay Technology Bhd was among the top losers on Bursa Malaysia, shedding as much as 21 sen or 7.24% per share in morning trade, after it reported a lower net profit for the second quarter ended Dec 31, 2022 (2QFY2023). The stock gapped down, opening at RM2.90, 17 sen or 5.53% below its closing price of RM3.07 on Thursday (Feb 9). (TheEdge)
Malaysia Airports Holdings Bhd (MAHB) may face competition from new airport operators that are likely to be set up via a public-private partnership model, said Kenanga Research. In a note on Friday (Feb 10), analyst Raymond Choo Ping Khoon noted that under the operating agreement 2023 (OA 2023), which is still being finalised, the government has the right to restructure the airport industry through clustering, carving out, divestment of existing airports or terminals, or the restructuring of the ownership of any facilities, subject to mutual agreement with MAHB. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 09 Feb 2023
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