<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug&nbsp;30): Hong Leong IB (HLIB) Research has maintained its “hold” rating on QL Resources Bhd at RM5.07 with a higher target price (TP) of RM5.46 (from RM3.73) and said QL’s 1QFY23 core profit after tax and minority interests (PATAMI) of RM82.4 million (q-o-q: + 19%; y-o-y: 95%) came in above house (36%) and consensus (31%) estimates.</p></div>

<div class=newsTextDataWrapInner><p>In a note on Tuesday (Aug 30), the research house said that save for the palm oil and clean energy (POCE) division, sales across the board picked up steadily with the full resumption of economic activities.</p></div>

<div class=newsTextDataWrapInner><p>“We take comfort on marine products manufacturing (MPM) recovery after the drag registered in 4QFY22.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Note that the MPM segment has historically dubbed as the earnings driver which contributes about 60-63% of the group's pre-tax profit,” it said.</p></div>

<div class=newsTextDataWrapInner><p>HLIB revised its FY23/24 earnings projections for QL upwards by +15%/+10% and introduced FY25 figures.</p></div>

<div class=newsTextDataWrapInner><p>“After earnings adjustment, our TP increases from RM4.73 to RM5.46 based on an unchanged 50 times P/E of FY23 EPS.</p></div>

<div class=newsTextDataWrapInner><p>“We opine QL’s current risk reward profile to be fair while its rich valuation is justified by its status as a key consumer staple,” it said.</p></div>


KUALA LUMPUR (Aug 30): Hong Leong IB (HLIB) Research has maintained its “hold” rating on QL Resources Bhd at RM5.07 with a higher target price (TP) of RM5.46 (from RM3.73) and said QL’s 1QFY23 core profit after tax and minority interests (PATAMI) of RM82.4 million (q-o-q: + 19%; y-o-y: 95%) ...

HLIB raises target price for QL Resources to RM5.46

Canadian police on Friday made arrests linked to the murder of Sikh separatist leader Hardeep Singh Nijjar in the province of British Columbia in June 2023, a source directly familiar with the matter said.

The source, who requested anonymity given the sensitivity of the case, said the Royal Canadian Mounted Police would brief media later on Friday.

Canada police make arrests linked to murder of Sikh leader Hardeep, says source

Just over six months ahead of the US election, the world is starting to consider what a return to a Trump presidency might mean. While Americans might be weighing up the difference between the two candidates domestic policies, the rest of the globe is more interested in what foreign policy decisions he might make.

What a second Trump presidency might mean for the rest of the world

The European Commission has warned three Chinese electric vehicle makers that they have not supplied sufficient information for its anti-subsidy investigation, according to two people familiar with the case.

If the Commission concludes that the provided information from sampled companies BYD, SAIC and Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them.

EU says information from three Chinese EV makers insufficient

Wall Street's main indexes advanced on Friday after a softer-than-expected jobs report revived hopes of the Federal Reserve cutting interest rates this year, while gains in Apple and Amgen also helped.

US job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years. The unemployment rate came in higher than estimated.

Wall St rallies after soft jobs data allays rate jitters

Prime Minister Datuk Seri Anwar Ibrahim has given the assurance that salary increase for civil servants starting this December, as announced two days ago, can be implemented through strict financial management.

Anwar, who is also Finance Minister, said the projected salary adjustment, estimated to cost over RM10 billion from next year onward, is feasible with disciplined financial oversight.

Civil servants salary hike achievable through prudent financial management — Anwar

Mastering Artificial Intelligence (AI) is crucial to ensure Malaysians themselves determine the cultural and moral values within this technology.

Prime Minister Datuk Seri Anwar Ibrahim said if AI is not mastered, the values and morals embedded in it will be determined by those who control the technology, particularly from Western countries.

Master AI to shape own moral values, cultural impact in technology — PM

Pakatan Harapan (PH) candidate Pang Sock Tao has unveiled a five-pronged manifesto for the Kuala Kubu Baharu (KKB) state by-election.

Themed 'Kekal Kuala Kubu', the manifesto focuses on economic aspects; facilities; environment and recreation; heritage and culture; and the people's well-being.

KKB polls: PH candidate unveils five-point manifesto

Johor Menteri Besar Datuk Onn Hafiz Ghazi hopes more Johoreans living outside Johor will return to the state and contribute ideas to ensure progress and development in the state that they were born in.

According to Onn Hafiz, the state government has initiated efforts to attract Johoreans who have progressed in their professional careers to come back and serve the state in efforts to turn Johor into developed status.

Onn Hafiz hopes Johoreans living elsewhere can come back and contribute ideas to develop the state

MJets Air Sdn Bhd has entered into an aircraft charter agreement with Teleport Everywhere Pte Ltd (Singapore).

MJets Air is the commercial air cargo operator of MMAG Aviation Consortium Sdn Bhd, under the umbrella of MMAG Holdings Bhd, while Teleport, which caters to Teleport Commerce Malaysia Sdn Bhd, is an integrated logistics solutions provider and logistics venture of Capital A Bhd.

MJets Air inks aircraft charter agreement with Teleport Everywhere

KUALA LUMPUR (May 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Boustead Heavy Industries Corp Bhd’s (BHIC) planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of F...

BHIC, Berjaya Corp, F&N, Pestech, PetGas, XOX, TT Vision, Uzma, SLP, WTK, Ranhill Utilities and Sarawak Cable

<p>KUALA LUMPUR (May 3): There will be no water supply cut for multiple areas in Selangor, as the&nbsp;Sungai Selangor Water Treatment Plant (WTP) Phase 1 (SSP1) maintenance works originally slated to be carried out from May 14 to 16 have been postponed.</p>


Air Selangor: Phase 1 of river water treatment plant’s maintenance works postponed, no supply cut

<p>Ranhill Utilities Bhd will cooperate with the Malaysian Anti-Corruption Commission (MACC) throughout an investigation involving its employees, it said on Friday.</p>

<p>“We are alarmed and take serious note of the matter. We shall cooperate fully with MACC in its investigation if required,” Ranhill said in a bourse filing.</p>


Ranhill to cooperate with MACC over bribery probe on employees

<p>The US Treasury Department's top sanctions official will travel to Singapore and Malaysia next week, a source familiar with the matter told <i>Reuters</i>, as Washington seeks to combat funding for Iran and its proxy groups as well as evasion of its sanctions on Russia.</p>


Top US Treasury official to travel to Singapore, Malaysia to discuss sanctions

<p>The country faces higher imports of gas energy for electricity use in the coming years if it continues to depend on the commodity without efforts to accelerate the transition to more sustainable energy.</p>


Rafizi warns of hike in gas imports for electricity without switch to sustainable energy

<p>Individuals who have fallen victim to fraudulent investment schemes risk losing the right to recover their money even after going through the legal avenue.</p>


Bukit Aman: Victims of investment scams won’t be able to recoup losses

<p>KUALA LUMPUR (May 3): Fresh vegetables wholesaler and distributor Farm Price Holdings Bhd, which is set for listing on the ACE Market of Bursa Malaysia on May 14, said on Friday that its initial public offering (IPO) had been oversubscribed by 91.35 times.</p>


ACE Market-bound Farm Price’s IPO oversubscribed by 91.35 times

<p>GEORGE TOWN (May 3): China Southern Airlines plans to double its weekly flights from Guangzhou, China to Penang, increasing from seven to 14, starting June 20.</p>


China Southern Airlines to double weekly flights to Penang starting June 20

<p>In a majority decision, the Federal Court has dismissed a woman's final challenge to change her religious status as a Muslim.</p>


Top court dismisses woman's attempt to change religious status

<p>Ocean Fresh Bhd has signed an agreement with KAF Investment Bank (KAF IB) to underwrite the frozen seafood company’s initial public offering (IPO) on the ACE Market.</p>


Ocean Fresh inks underwriting agreement with KAF IB for ACE Market IPO

<p>KUALA LUMPUR (May 3): Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman is seeking a judicial review against Prime Minister Datuk Seri Anwar Ibrahim and the government over RM730,300 in allocations for his constituency.</p>


Syed Saddiq seeks judicial review against PM, govt over unpaid allocations

<p>Seventy-eight property owners in Hatten Square, Melaka, have obtained a summary judgement from the High Court there against the main developer, MDSA Development Sdn Bhd, which requires the company to pay them RM2.009 million in rental arrears for a mix of commercial and residential units, and the return of RM591,143.90 as payment for refurbishments that were never done.</p>

<p>Judge Mohd Radzi Abdul Hamid allowed the plaintiffs' application for a summary judgment as he ruled that there was no arguable case.</p>


78 property owners obtain summary judgment against Hatten Square developer over unpaid rents, non-existent refurbishments

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


EVENING 5: Five things you need to know today

<p>Pestech International Bhd has lost an appeal to stop the tampering of machineries used in the Gemas-Johor electrified double track project by main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL).</p>


Pestech loses another appeal in Gemas-JB double track dispute

<p>Practice Note 17 (PN17) outfit Sarawak Cable Bhd announced that Datuk Seri Fong Joo Chung has stepped down as non-independent non-executive deputy chairman, effective immediately.</p>

<p>Fong, 75, resigned due to personal reasons, prevailing circumstances, and recent developments concerning the company, the cable manufacturer said in its filing.</p>


Fong Joo Chung steps down as Sarawak Cable deputy chairman

<p>XOX Bhd has proposed to undertake a share capital reduction to wipe out RM303 million of the virtual mobile network operator’s accumulated losses.</p>

<p>The company, which had been in the red for five straight years, had racked up losses totalling RM307.48 million by the end of 2023 despite a slew of fundraising exercises.</p>


XOX proposes RM303mil share capital reduction

<p>SHAH ALAM (May 3): The majority of family members and next of kin involved in the process of moving 90 graves in the Klang Strait Muslim Cemetery agreed with the decision to exhume and relocate the graves, said Selangor Menteri Besar Datuk Seri Amirudin Shari.</p>


Majority of families, next of kin agree to relocate graves for ECRL construction — Selangor MB

<p>A weaker jobs report would be a stagflation signal, raising the odds of a selloff in stock markets, according to Bank of America Corp strategist Michael Hartnett.</p>


Soft US jobs raise selloff risk for stocks, BofA strategist says

<p>KUALA LUMPUR (May 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:</p>

<p><strong>Boustead Heavy Industries Corp Bhd</strong>’s (BHIC) planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of F...

<p>Josh Dean, a former quality auditor at a Boeing Co supplier who raised concerns about the safety of the 737 Max jet, has died.</p>

<p>“Our thoughts are with Josh Dean’s family,” Spirit AeroSystems Holdings Inc, which makes aircraft parts for Boeing, said in a statement.</p>


Second whistleblower who raised Boeing jet safety concerns dies

<p>The Court of Appeal has upheld a High Court's decision to quash the Royal Malaysian Customs Department's bill of demand for Petroliam Nasional Bhd to pay RM14.8 million in goods and services tax (GST) that it alleged the national oil company had underpaid.</p>
