<div class=newsTextDataWrapInner>KUALA LUMPUR (Nov 27): CIMB IB Research has maintained its “Add” rating on Malaysia Airports Holdings Bhd (MAHB) at RM8.24 with a higher target price of RM10.56 (from RM9.52) and said MAHB’s 9M17 core net profit made up 75% of house full-year forecast, which is above expectations since the 4Q is the seasonally-strongest quarter in Malaysia.</div>

<div class=newsTextDataWrapInner>In a note today, the research house said the outperformance was driven by better-than-expected ISG performance as tourist arrivals into Turkey recovered; Malaysia’s 3Q17 profits were within expectations.</div>

<div class=newsTextDataWrapInner>“Taking this into account, we raise our FY17-19F core EPS forecasts by 12-21% and raise our SOP-based target price to RM10.56, rolling over to end-CY18F.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“We maintain Add as we anticipate multiple catalysts over the next 12 months,” it said.</div>

KUALA LUMPUR (Nov 27): CIMB IB Research has maintained its “Add” rating on Malaysia Airports Holdings Bhd (MAHB) at RM8.24 with a higher target price of RM10.56 (from RM9.52) and said MAHB’s 9M17 core net profit made up 75% of house full-year forecast, which is above expectations since the 4Q is ...

CIMB IB Research raises target price for MAHB to RM10.56 

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Sixteen Malaysians were among the 211 passengers aboard Singapore Airlines (SIA) flight SQ321 from London to Singapore that was forced to make an emergency landing at Suvarnabhumi Airport, on Tuesday afternoon.

16 Malaysians among passengers aboard London-Singapore flight SQ321

Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Pos Malaysia, Hartalega, Kossan, Hong Seng, Sunway, PetDag, Affin, Bank Islam, Hibiscus, LBS, Sime Darby Property, Lagenda Properties

Magma Group Bhd (KL:MAGMA), formerly known as Impiana Hotels Bhd, plans to undertake an issuance of redeemable convertible notes (RCNs) to raise up to RM100 million to repay borrowings and fund working capital.

Magma plans to raise RM100 mil via redeemable convertible note issuance  

Prime Minister Datuk Seri Anwar Ibrahim on Tuesday said that the government is taking it seriously to develop the progressive wage policy (PWP) to address the issue of low wages, especially among the younger generation and graduates.

Govt pledges to break stagnant wage with progressive wage policy — PM

KNM Group Bhd (KL:KNM) has received a written notice from a solicitor proposing the appointment of new directors for its upcoming annual general meeting (AGM) scheduled for June 6, 2024.

KNM receives nomination for new directors ahead of June 6 AGM

Hextar Industries Bhd (KL:HEXIND) saw its net profit tumble 78.1% year-on-year for the first quarter ended March 31, 2024 (1QFY2024), dragged by lower average selling prices (ASP) and higher raw material costs due to the weaker ringgit despite higher sales volume of fertilisers

Hextar Industries posts 78% drop in 1Q earnings on lower ASP, higher raw material costs

LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Earnings per share increased to 1.49 sen from 1.48 sen.

LBS posts flat 1Q net profit as revenue drops to lowest in nearly three years

Malaysia recorded an encouraging economic achievement in the first quarter (1Q) of 2024 at 4.2%, surpassing the expectations of many parties who projected the growth rate at 3.9%, said Prime Minister Datuk Seri Anwar Ibrahim.

Economic achievement in 1Q 2024 very encouraging — Anwar

Putrajaya's plan to implement targeted subsidies will begin with diesel and involve only consumers in Peninsular Malaysia, according to Prime Minister Datuk Seri Anwar Ibrahim.

Anwar: Targeted subsidies to start with diesel and involve only consumers in Peninsular Malaysia

The Federal Court has ruled in favour of TSR Capital Bhd (KL:TSRCAP) in its dispute with Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL) over the termination of a civil works subcontract for the electrified double-track project from Gemas to Johor Bahru.

TSR Capital gets full arbitration sum in dispute with YTL's unit over contract breach as Fed Court rules in its favour

Petronas Dagangan Bhd (KL:PETDAG), the marketing arm of Petroliam Nasional Bhd (Petronas), has appointed Azureen Azita Abdullah as its new chief operating officer (COO), effective June 1.

PetDag appoints Azureen Azita Abdullah as new COO

Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Hong Seng Consolidated Bhd’s (KL:HONGSENG) previously suspended plan to expand its glove business seems to be back on the table as the group eyes an alternate, albeit smaller, site for a synthetic rubber manufacturing plant in Kedah Rubber City.

Hong Seng revisits potential glove business expansion, but on smaller scale

Mega First Corp Bhd (KL:MFCB), which is involved in renewable energy sales, limestone quarrying and packaging, said its first quarter net profit rose 35.32% to RM95.46 million from RM70.55 million a year earlier amid a significant improvement at its resource division.

Mega First Corp's 1Q net profit up 35% amid surge in resource division's earnings

Here’s a quick look at some of the stories that made headlines today.

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Sime Darby Property Bhd (KL:SIMEPROP) reported that its first quarter net profit doubled year-on-year, as the property developer saw its quarterly revenue hit a record high on higher sales and successful project executions.

Sime Darby Property's 1Q profit doubles on higher sales

Conglomerate Sunway Bhd (KL:SUNWAY) reported a 21.6% year-on-year increase in its first-quarter net profit, driven mainly by stronger performance from the property development and healthcare segments.

Sunway's 1Q net profit up 22% amid stronger earnings from property, healthcare segments

Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH) has reported its highest quarterly net profit and revenue since its listing in 2004, attributing the impressive first-quarter performance to improved operating efficiency and increased sales.

YSP registers best quarter since listing 20 years ago, boosted by higher sales

The Malaysia Autoshow 2024 commenced on Tuesday with several global automotive industry players debuting and unveiling their latest technologies at the six-day event running from May 21 to 26&nbsp;at the Malaysia Agro Exposition Park Serdang (Maeps).

Global automakers unveil latest tech at Malaysia Autoshow 2024

Confectionary maker Apollo Food Holdings Bhd’s (KL:APOLLO) said its public shareholding spread is back in compliance with Bursa Malaysia’s listing requirements.

Apollo’s public spread back in compliance after Scoop Capital sells 4% stake

Tun Dr Mahathir Mohamad has demanded that he or his lawyers be allowed to attend the proceedings of the Royal Commission of Inquiry (RCI) on the sovereignty of Pulau Batu Puteh and two other islets.

After threatening to boycott, Mahathir now demands to attend RCI proceedings on Pulau Batu Puteh

The Selangor police have confirmed summoning Hulu Kelang state assemblyman Datuk Seri Mohamed Azmin Ali to provide a statement at the Shah Alam district police headquarters under Section 112 of the Criminal Procedure Code.

Police confirm Azmin summoned for statement in probe into PKNS info leak

IHH Healthcare Bhd (KL:IHH) said on Tuesday that Tan Sri Mohammed Azlan Hashim will retire as the group’s independent and non-executive chairman at the conclusion of its next annual general meeting (AGM) scheduled on May 28.

IHH Healthcare chairman Mohammed Azlan to retire at next AGM

Prime Minister Datuk Seri Anwar Ibrahim on Tuesday said that the government is taking it seriously to develop the progressive wage policy (PWP) to address the issue of low wages, especially among the younger generation and graduates.

Sixteen Malaysians were among the 211 passengers aboard Singapore Airlines (SIA) flight SQ321 from London to Singapore that was forced to make an emergency landing at Suvarnabhumi Airport, on Tuesday afternoon.

Chinese Foreign Minister Wang Yi called Taiwan's newly-inaugurated President Lai Ching-te "disgraceful" on Tuesday, stepping up Beijing's rhetoric just a day after he took office.

China, which claims Taiwan as its own territory, believes Lai to be a "separatist", and has rebuffed his offers of talks.

China's foreign minister calls Taiwan's new president 'disgraceful'

KNM Group Bhd (KL:KNM) has received a written notice from a solicitor proposing the appointment of new directors for its upcoming annual general meeting (AGM) scheduled for June 6, 2024.

Lagenda Properties Bhd (KL:LAGENDA) said it is buying 855 acres of freehold land in Kuala Muda, Kedah for RM148.98 million to capitalise on the demand for affordable housing.