<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 5): Hong Leong Investment Bank Bhd has downgraded its recommendation on Dayang Enterprise Holdings Bhd to Hold (from Buy), and reduced its share target price to 63 sen from 67 sen previously, for lower offshore support vessels (OSV) valuations, in line with industry peers, pending a clear restructuring plan.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>In a note today, the research house said Dayang Enterprise’s 60.5%-owned subsidiary Perdana Petroleum Bhd had received approval from the Corporate Debt Restructuring Committee (CDRC) for an assistant to mediate with debt holders.&nbsp;<br />
&nbsp;<br />
Perdana Petroleum is required to submit its proposed debt restructuring scheme (PRS) within 60 days.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>“We believe fleet rationalisation is one of the options to raise funds, even at discounted valuations,” the note said.&nbsp;</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Thus, the proposed restructuring plan could be positive to Dayang Enterprise, with possibility of not being needed to fund Perdana Petroleum’s debt repayment substantially in the future,” it added.</p></div>

<div class=newsTextDataWrapInner><p>At 10.24am, Dayang Enterprise share price traded higher by one sen or 1.64% at 62 sen, with 367,700 shares done, bringing a market capitalisation of RM588.53 million.</p></div>


KUALA LUMPUR (July 5): Hong Leong Investment Bank Bhd has downgraded its recommendation on Dayang Enterprise Holdings Bhd to Hold (from Buy), and reduced its share target price to 63 sen from 67 sen previously, for lower offshore support vessels (OSV) valuations, in line with industry peers, pend...

HLIB Research downgrades Dayang to Hold; lowers TP to 63 sen

Indonesian President Joko Widodo and his son, incoming vice-president Gibran Rakabuming Raka, are no longer members of the country's largest party after they backed rival candidate and election winner Prabowo Subianto, a party official said on Tuesday.

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Topmix Bhd, a surface decorative company listed on Tuesday, expects its expansion in the northern region of Peninsular Malaysia to boost its earnings growth.

The northern region, particularly Penang, has seen an influx of foreign investors, leading to higher income levels and rapid development of housing and commercial projects, which all “bode well for Topmix’s expansion plans", said managing director Teo Quek Siang.

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Bursa Malaysia stayed higher at midday on Tuesday, in line with regional bourses’ upbeat performance. 

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.02 points, or 0.32% to 1,564.61 from Monday's close of 1,559.59.

Bursa stays higher at midday in line with regional peers

AirAsia Consulting is planning further engagement with the International Finance Corporation (IFC), which is mandated to advise the Sri Lanka government on the divestiture of SriLankan Airlines Ltd.

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Taiwan's quake-hit eastern county of Hualien was rattled by dozens of aftershocks late on Monday and early on Tuesday, but only minor damage was reported and no casualties and major chipmaker TSMC said it saw no impact on operations.

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Singapore has retained its top 'Maritime City' status, based on five elements — shipping centres, finance and law, technology, ports and logistics, and attractiveness and competitiveness.

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The Edge covers former Malaysian Prime Minister Datuk Seri Najib Razak's 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial live.

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<p>Ten members of the Royal Malaysian Navy (RMN) were confirmed dead in an incident where two helicopters collided and crashed at the Royal Malaysian Navy (RMN) base in Lumut, Perak on Tuesday morning.</p>


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<p>Shares of Topmix Bhd surged 32% in its trading debut on Tuesday after the surface decorative products company’s initial public offering (IPO) on the ACE Market raised RM31.7 million.</p>


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<p>Brazil's government said on Monday that four additional poultry plants have been cleared to sell halal products to Malaysia, a move it hopes will allow exports to the Asian country to double when compared to last year's levels.</p>


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<p>Investors scaled back safe-haven bets on Monday as worries over a wider Middle East conflict eased, boosting world equities and pressuring gold, oil and bond prices.</p>


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<p>Malaysia’s construction tender prices are&nbsp;expected to grow by 3% in 2024, compared to the previous year, driven by various factors such as project type, industry procurement strategy and currency fluctuations, according to a report by global professional services company Turner &amp; Townsend.</p>


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<p>Healthcare stocks still have legs to run following the recent rally and investors should continue to buy hospital operators for their further earnings growth this year, analysts said.</p>


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<p>Hong Leong Investment Bank (HLIB) has a “trading buy” rating on SDS Group Bhd and said with 33 of its F&amp;B outlets situated across Johor state, and a wholesale segment that is focusing in this region, SDS appears strategically positioned to leverage the burgeoning vibrancy in Johor, propelled further by the continuous influx of visitors from Singapore.</p>


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<p>Former Umno Supreme Council member Hizatul Isham Abdul Jalil or better known as Isham Jalil has offered to make an unreserved apology to bring an end to his contempt of court proceedings.</p>


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<p>Datin Seri Rosmah Mansor's appeal against her guilty conviction and sentence over all three counts of graft pertaining to the RM1.25 billion solar hybrid project for 369 rural schools in Sarawak will be heard in October.</p>


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<p>Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy's health.</p>


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<p>Bursa Malaysia opened higher on Tuesday, taking its cue from Wall Street’s better performance overnight, as sentiment improves after Iran said it will not escalate the conflict with Israel, said an analyst.</p>


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<p>Rakuten Trade has a “buy” rating on ACE Market-bound surface decorative products company Topmix Bhd at an initial public offering (IPO) price of 31 sen, with a fair value of 40 sen based on financial year 2024 (FY2024) forecast price-earnings (PE) of 15x, in line with industry peers.</p>


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<p>South Korea is emerging as a closely watched weak link in the US$63 trillion (RM298.95 billion) world of shadow banking.</p>


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<p>US borrowers on lower incomes are increasingly struggling to keep up with their loan payments, according to recent data and bank executives, prompting banks to become more cautious about dishing out credit cards and car loans.</p>


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<p>Chinese universities and research institutes recently obtained high-end Nvidia artificial intelligence (AI) chips through resellers, despite the US widening a ban last year on the sale of such technology to China.</p>


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<p>Eight contractors face possible Malaysia Competition Commission (MyCC) fines for alleged bid rigging in 2019, in respect of two tenders of the Public Works Department (JKR) and one tender of the Department of Drainage and Irrigation.</p>


<p>RHB Retail Research said Cloudpoint Technology Bhd is eyeing an uptrend movement after rebounding from the immediate support, testing the 64 sen immediate resistance level.</p>


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<p>Malton Bhd has unveiled the final tower (Block B) of River Park, following the successful launch of its previous Tower A and Tower C blocks with more than 70% take-up rate.</p>
