<div class=newsTextDataWrapInner><p>KUALA LUMPUR (May 12): Hong Leong IB Research has downgraded SapuraKencana Petroleum Bhd to “Hold” (from Buy) at RM2.78 with an unchanged target price of RM2.85 after SapuraKencana was awarded contracts worth a total of value up to US$269 million or RM969 million.</p></div>

<div class=newsTextDataWrapInner><p>In a note today, the research house said the contract would be part of and in line with its assumption on orderbook replenishment.</p></div>

<div class=newsTextDataWrapInner><p>“We have factored in RM3.2 billion contract replenishment in FY16 for FHC and OCSS division (YTD win is circa RM1 billion).</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Given share price has rebounded with limited upside, we downgrade from Buy to Hold with an unchanged target price of RM2.85 based on unchanged 14x CY16 EPS of 20.4 sen/share,” it said.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


KUALA LUMPUR (May 12): Hong Leong IB Research has downgraded SapuraKencana Petroleum Bhd to “Hold” (from Buy) at RM2.78 with an unchanged target price of RM2.85 after SapuraKencana was awarded contracts worth a total of value up to US$269 million or RM969 million.

In a note today, the r...

HLIB Research downgrades SapuraKencana to Hold, target RM2.85

Harvey Weinstein's 2020 conviction for sexual assault and rape was overturned by New York's highest court, reopening the landmark case that fuelled the #MeToo movement and highlighting the challenges of holding powerful men accountable.

Harvey Weinstein's rape conviction overturned by top New York court

Honda Motor Co will spend C$15 billion (US$11 billion or RM52.54 billion) to build out its electric vehicle (EV) supply chain in Canada, with billions of dollars of financial aid from government, as the Japanese automaker seeks to tap long-term demand in the region.

Honda to spend US$11 bil on EV strategy in Canada

Hulu Selangor Bersatu action division head has been named as Perikatan Nasional's (PN) candidate for the Kuala Kubu Baharu (KKB) state by-election on May 11.

PN names Hulu Selangor Bersatu acting division head as candidate for KKB by-election

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

AirAsia X, Capital A, ViTrox, PavREIT, Luxchem, Chin Teck, MKHOP, TAS Offshore, Inta Bina, Heineken, Pantech and Infoline Tec 

TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.

TAS Offshore’s 3Q net profit up nine-fold, shares surge to eight-year high

US economic growth for the first quarter could be revised higher and inflation will ease to more normal levels, Treasury Secretary Janet Yellen told Reuters on Thursday after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.

US growth may get revised up, inflation will ebb

EUPE Corp Bhd's net profit surged by 28.9% to RM14.54 million in the fourth quarter ended Feb 29, 2024 (4QFY2024) from RM11.28 million a year ago, underpinned by a higher contribution from the property development division.

EUPE Corp net profit surges 28.9% in 4Q, driven by strong property sales

CGS International has cut its earnings estimate for Inari Amertron Bhd as recent data flagged weakened smartphone demand, according to its research note on Thursday.

CGS International cuts Inari Amertron earnings forecast on weak smartphone demand

AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan via a bourse filing on Thursday.

AirAsia X to buy Capital A's aviation business for RM6.8b via share and debt deal 

In today’s edition of Evening 5: 00:00 EPF unveils the details of flexible Account 3 02:07 AAX to buy Capital A’s airline business for RM6.8 bil 03:47 DNB adds five new members to its board 04:58 PM denies claims about a Forest City casino 05:51 Pantech mulls listing two subsidiaries

EVENING 5: EPF unveils the details of flexible Account 3

<p>AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan via a bourse filing on Thursday.</p>


<p>Prime Minister Datuk Seri Anwar Ibrahim on Thursday denied claims that the government will issue a licence for the operation of a casino in Forest City, Johor.</p>


PM denies claims that govt issuing casino licence for Forest City

<p>The Malaysian Anti-Corruption Commission (MACC) has confirmed that former prime minister Tun Dr Mahathir Mohamad is among individuals under investigation by the commission.</p>


Azam Baki confirms Dr M among individuals under MACC probe

<p>Chin Teck Plantations Bhd’s net profit surged sevenfold for the financial quarter ended Feb 29, 2024 (2QFY2024) thanks to higher palm oil production as well as lower operating and administrative expenses.</p>


Chin Teck’s 2Q net profit up sevenfold

<p>MKH Oil Palm (East Kalimantan) Bhd (MKHOP), the plantation arm of property developer MKH Bhd, reported RM16.02 million net profit on the back of RM86.05 million revenue for the second quarter ended March 31, 2024 (2QFY2024), ahead of its listing on Bursa Malaysia’s Main Market.</p>


MKH Oil Palm posts RM16 mil net profit in 2Q, q-o-q up 44% ahead of Main Market listing

<p>KUALA LUMPUR (April 25): Former prime minister Datuk Seri Najib Razak had never instructed 1Malaysia Development Bhd’s (1MDB) management to transfer a total US$1.03 billion to Good Star Ltd, a company linked to the fugitive Low Taek Jho (Jho Low), the court heard on Thursday.</p>


Najib never instructed 1MDB management to transfer monies to Good Star — witness

<p>Shares of CapitaLand Malaysia Trust (CLMT) surged on Thursday to its highest in nearly four years while analysts remained upbeat following better-than-expected first-quarter (1Q) results.</p>


CapitaLand Malaysia Trust surges to near four-year high after strong 1Q

<p>Global semiconductor firm Nasdaq-listed TTM Technologies Inc has invested US$200 million (about RM958 million) for its first manufacturing plant in Malaysia.</p>


Nasdaq-listed TTM Technologies invests RM958 mil for manufacturing plant in Penang

<p>The Council of Palm Oil Producing Countries (CPOPC) has called on the European Union to delay the implementation of deforestation rules by at least a year for small businesses, its secretary general said on Thursday.</p>


Palm oil producers urges EU to delay deforestation rules for small businesses

<p>Pantech Group Holdings Bhd is considering to list two wholly-owned subsidiaries — Pantech Stainless &amp; Alloy Industries Sdn Bhd and Pantech Steel Industries Sdn Bhd — on the Main Market of Bursa Malaysia via a special purpose vehicle (SPV).</p>

<p>Plans for this are still at the preliminary stage and extensive preparatory work needs to be carried out, Pantech said in a bourse filing on Thursday.</p>


Pantech mulls listing two subsidiaries on Main Market via SPV

<p>Practice Note 17 (PN17) company Khee San Bhd will increase the allotment underwritten in its proposed rights issue after Ng Meng Kee ceased to be a substantial shareholder and requested to discharge his undertaking.&nbsp;</p>


Khee San revises underwriting of rights issue after substantial shareholder ceases to be, withdraws undertaking

<p>ViTrox Corp Bhd saw its net profit nearly halved for the financial quarter ended March 31, 2024 (1QFY2024), primarily due to unfavourable product mix and higher research and development (R&amp;D) expenditures to support the introduction of new products.</p>


ViTrox 1Q’s net profit nearly halved, extending declining profits to five quarters

<p>The government’s move to introduce a progressive wage policy is the right approach to boost labour productivity in Malaysia, according to a World Bank economist.</p>


Progressive wage policy right approach to boost growth in Malaysia's labour productivity — World Bank economist 

<p>Construction company Inta Bina Group Bhd has secured a contract worth RM224.8 million to develop a 38-storey business serviced apartment in Subang Jaya.</p>


Inta Bina bags RM224.8m job to build business serviced apartments in Subang Jaya

<p>The newly constituted board of Digital Nasional Bhd (DNB) will convene a meeting soon to review due diligence findings and address the remaining conditions precedent in the share subscription agreements (SSAs), said Digital Minister Gobind Singh Deo.</p>


DNB's new board to review due diligence findings, finalise share subscription agreements soon — Gobind

<p>While March’s headline inflation of 1.8% year-on-year (y-o-y) came in slightly lower than consensus expectations of 2%, economists are maintaining their projection that Malaysia's headline inflation will progressively accelerate towards the end of the year on account of the government's fuel subsidy rationalisation plan, utility tariff hikes, and its recent adjustments of the service tax.</p>


Inflation to pick up soon on fiscal consolidation measures after weaker-than-expected March print — economists

<p>Pavilion Real Estate Investment Trust (PavREIT) reported that its first quarter net property income (NPI) jumped 33.2% year-on-year, thanks largely to contribution from its newly acquired mall, Pavilion Bukit Jalil. The increase was also attributed to higher occupancy rates and higher revenue rent from its other retail malls.</p>


PavREIT’s 1Q NPI jumps 33%, pays 2.48 sen distribution per unit

<p>US economic growth slowed more than expected in the first quarter, but an acceleration in inflation suggested that the Federal Reserve would not cut interest rates before September.</p>


US economic growth slows more than expected in first quarter

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:</p>


<p>KUALA LUMPUR (April 25): The Companies Commission of Malaysia (SSM) expects more companies to utilise the new corporate rehabilitation framework introduced by the Companies (Amendment) Act 2024, which came into force on April 1.</p>
