<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 24): Kenanga Investment Bank Bhd cut its AirAsia Group Bhd share target price to RM1.70 from RM2.20 after downgrading its net profit forecast for the budget airline in anticipation of higher maintenance and aircraft lease cost besides raised jet fuel price assumption.</p></div>

<div class=newsTextDataWrapInner><p>Kenanga analyst Raymond Choo Ping Khoon wrote in a note today the research house downgraded its AirAsia Group net profit forecast by 46% and 32% for financial years ending Dec 31, 2019 and 2020 respectively.</p></div>

<div class=newsTextDataWrapInner><p>"Tell-tale signs of intense competition, higher operating costs due to the sale-and-lease-back of aircraft and sustained high jet fuel price are pointing towards a tough operating environment over the medium term.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"Downgrade our call from outperform to market perform," Choo said.</p></div>

<div class=newsTextDataWrapInner><p>At Bursa Malaysia today, AirAsia Group shares were transacted unchanged at RM1.81 at 10.26am. The stock saw 642,500 shares traded.</p></div>


Kenanga Investment Bank Bhd cut its AirAsia Group Bhd share target price to RM1.70 from RM2.20 after downgrading its net profit forecast for the budget airline in anticipation of higher maintenance and aircraft lease cost besides raised jet fuel price assumption.

Kenanga analyst Raymond Choo Ping Khoon wrote in a note today the research house downgraded its AirAsia Group net profit forecast by 46% and 32% for financial years ending Dec 31, 2019 and 2020 respectively.

Kenanga downgrades AirAsia Group on tough operating environment

The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering & Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd.

EPF emerges as second largest shareholder of Sam Engineering

PADANG BESAR (April 26): Communications Minister Fahmi Fadzil said on Friday that the Terengganu government’s decision to reject the Territorial Sea Act 2012 through a motion passed in the State Legislative Assembly (DUN) on Thursday (April 25), has been seen as a cynical and hypocritical act.

Fahmi: Terengganu’s decision to reject Territorial Sea Act 2012 cynical, hypocritical

MOSCOW/LONDON (April 26): Russia's central bank held its key interest rate at 16% for the third meeting running on Friday, but raised its inflation forecast for 2024, acknowledging for the first time that it may struggle to reach its 4% target this year.

Russian central bank holds rates at 16%, raises inflation forecast

Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi's defamation lawsuit against former prime minister Tan Sri Muhyiddin Yassin is headed for a settlement after the two leaders agreed to end a personal dispute between them.

Zahid and Muhyiddin agree to settle defamation suit

Gadang Holdings Bhd has secured a RM280 million contract to design and develop the Klang Valley Data Centre Block 2 in Cyberjaya from TM Technology Services Sdn Bhd, a business entity of Telekom Malaysia Bhd.

Gadang wins RM280 mil Klang Valley data centre jobs from TM Technology

The US equity market will continue to rely on a handful of megacap stocks for direction until an uptick in real interest rates ignites recession fears, according to Bank of America Corp strategists.

US megacaps to lead stock rally until real rates bite, says BofA

Matrix Concepts has unveiled the second phase of Resort Villa in Bandar Sri Sendayan, Seremban.

NEWS: Matrix Concepts unveils phase 2 of Resort Villa

US auto safety regulators said Friday they have opened an investigation into whether Tesla's recall of more than two million vehicles announced in December to install new Autopilot safeguards is adequate.

US probes Tesla recall of two million vehicles over Autopilot, citing concerns

KUALA LUMPUR (April 26): Gamuda Land, the property arm of Gamuda Bhd, has unveiled partners for Gardens Square, the latest commercial development at the 810-acre Gamuda Gardens in Sungai Buloh.

Gamuda Land announces retail partners for upcoming commercial development in Gamuda Gardens

Wiradani Development Sdn Bhd — a property developer linked to the son of former finance minister Tun Daim Zainuddin — has filed a fresh winding-up petition against SPNB Aspirasi Sdn Bhd, a wholly-owned subsidiary of Syarikat Perumahan Negara Bhd (SPNB).

SPNB unit faces fresh winding-up petition on failure to complete payment to Wiradani after settlement

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>The Inland Revenue Board (IRB) has extended the deadline for non-business taxpayers to submit their tax return form for the year of assessment 2023 via e-Filing from April 30 to May 15.</p>


e-Filing: Tax return form submission deadline extended to May 15 for non-business taxpayers

<p>Berjaya Corp&nbsp;Bhd (BCorp) has denied that its founder Tan Sri&nbsp;Vincent Tan Chee Yioun participated in talks to revive a US$100 billion (RM477.60 billion)&nbsp;Forest City casino resort as reported recently.</p>


Berjaya Corp denies participation in talks to revive Forest City casino resort

<p>Maxis Bhd could work with another consortium partner to lower the cost of deploying the second 5G network, even after the recapitalisation of Digital Nasional Bhd (DNB), said RHB Research in a note on Friday.</p>


Maxis could lead second 5G network roll-out with new consortium partner, says RHB Research

<p>Analysts believe Capital A Bhd's proposed restructuring plan will help the group exit the Practice Note 17 (PN17) status and enhance its competitiveness, as well as provide benefits to AirAsia X Bhd's (AAX) shareholders in terms of free warrants and improved company valuation post restructuring.</p>


Analysts positive restructuring plan will uplift Capital A's PN17 status, benefit AirAsia X shareholders

<p>The corporate exercise to merge the AirAsia airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in Capital A Bhd, according to chief executive officer Tan Sri Tony Fernandes.</p>


Merger of airlines alone enough to reverse all of Capital A's negative equity, says Fernandes

<p>Doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy agreed on Friday to acquire a 58% stake in property management company Turiya Bhd for RM52.86 million from MAA Group Bhd.</p>


Mohan Swami, partner agree to buy 58% of Turiya for RM52.86m from MAA Group

<p>Shares in ViTrox Corp Bhd fell to their lowest in a month, as first-quarter results disappointed investors, while analysts turned increasingly cautious on the semiconductor company’s near-term prospects.</p>

<p>ViTrox fell as much as 6% before ending the day at RM7.40, its lowest since March 26, 2024. The stock was still down a little under 3% at the closing bell after 5.29 million shares changed hands. In contrast, the country’s benchmark index FBM KLCI was 0.4% higher.</p>


ViTrox slips to one-month low as 1Q disappoints, analysts raise caution

<p>The Securities Commission Malaysia (SC) has updated its Investor Alert List.</p>


SC adds four entities to Investor Alert List, two being potential clones

<p>Uday Kotak built his Kotak Mahindra Bank Ltd over decades to become Asia’s richest banker. After India’s regulator slapped his firm with a surprise ban, he’s facing one of his biggest tests yet — and a dip in wealth.</p>


Asia’s richest banker loses US$1.2 bil after RBI ban

<p>RHB Retail Research said YTL Corp Bhd is eyeing to extend the upside movement after it staged a bullish breakout.</p>


YTL Corp eyeing to extend upside movement, says RHB Retail Research 

<p>Mercury Securities Sdn Bhd has valued ACE Market-bound Sin-Kung Logistics Bhd at 14 sen based on a 14 times financial year 2025 (FY2025) earnings per share forecast of one sen.</p>


Mercury Securities values ACE Market-bound Sin-Kung Logistics at 14 sen

<p>Malayan Banking Bhd (Maybank) has obtained a summary judgement at the High Court here against ACE Credit (M) Sdn Bhd, ACE Corporation (M) Sdn Bhd, and the company directors Datuk Choong Chee Meng and Chang Ai Nee, for defaulting on a RM46.47 million loan given to them by the bank.</p>


Maybank obtains summary judgement against ACE Corporation, three others for RM46m loan default

<p>The country’s&nbsp;fifth-generation (5G) network&nbsp;adoption rate has reached nearly 36% as of mid-April, while the service coverage rate stood at 80.3% in February.</p>


Fahmi: 5G adoption rate almost 36%, coverage 80.3%, second network unveiling next week

<p>Prime Minister Datuk Seri Anwar Ibrahim on Friday suggested all parties mentioned in a recent report&nbsp;alleging that the government is planning to issue&nbsp;a licence for a casino in&nbsp;Forest City, Johor, to take necessary action&nbsp;against the foreign news agency.</p>


Anwar wants action taken against Forest City casino licence news report

<p>RHB Retail Research said VS Industry Bhd is poised to continue the bullish trajectory after it broke past the key resistance on high volume.</p>


VS Industry poised to continue bullish trajectory, says RHB Retail Research 

<p>Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).</p>


Nestle Malaysia to adjust prices of 22 products starting July 1

<p>The world’s 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise £250 billion (RM1.28 trillion) a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.</p>


World’s billionaires should pay minimum 2% wealth tax, say G20 ministers

<p>The battle for consumer attention in China's electric car market is being fought over touches of "tech luxury" that car buyers in other markets have never seen.</p>

<p>China’s upstart electric brands, and even its state-owned, legacy automakers, are racing to pack technology and features once considered premium into electric vehicles (EVs) as cheap as US$20,000 (RM95,525) — less than half the cost of an average new car in the US, now more than US$48,000.</p>


Battle for 'tech luxury' in China as EVs get smarter — and cheaper

<p>The Malaysian Anti-Corruption Commission (MACC) has given businessmen Mirzan Mahathir and Tan Sri Mokhzani Mahathir a 30-day extension from Friday to declare their assets to the anti-graft body.</p>
