Petronas Dagangan Bhd
(Oct 8, RM23.18)
Maintain hold with an unchanged target price (TP) of RM23.95: The Malaysian government has announced it would float RON95 pump prices, while targeted subsidies would be given to Bantuan Sara Hidup (BSH) recipients in Peninsular...

Better cash flow expected for PetDag with subsidy removal

AEON Credit Service (M) Bhd
(Oct 4, RM14.66)
Maintain buy with an unchanged target price (TP) of RM17.20: We have better clarity of the company’s net credit cost outlook (post second quarter of the financial year ending 2020 [2QFY20] results) and in our view, the “n...

AEON Credit’s new initiatives may mitigate risks

Kelington Group Bhd
(Oct 2, RM1.32)
Maintain buy with an unchanged target price (TP) of RM1.68: Kelington Group Bhd’s (KGB) financial year 2019 (FY19) earnings look to be on track (first half of 2019 [1HFY19] earnings have already exceeded that for 1HFY18); we expec...

Kelington LCO2 plant expected to enhance earnings visibility

Gamuda Bhd
(Sept 30, RM3.70)
Maintain buy with a higher target price (TP) of RM4.30: Gamuda Bhd’s financial year ended July 31, 2019 (FY19) net profit of RM706 million was in line with our estimate of RM704 million but above the market consensus forecast of RM615 mi...

Good prospects seen for Gamuda’s construction, property earnings

Top Glove Corp Bhd
(Sept 27, RM4.57)
Downgrade to sell with a lower target price (TP) of RM4.10: Top Glove Corp Bhd reported another weak set of results, as its financial year 2019 (FY19) core profit after tax and minority interest of RM371 million (-14.5%) fell sho...

Nitrile segment expected to be Top Glove’s bright spot

Pecca Group Bhd
(Sept 25, RM1.10)
Upgrade to hold with an unchanged target price of RM1.10: Although Pecca Group Bhd’s share price has corrected by 13% since it announced disappointing fourth quarter ended June 30, 2019 (4QFY19) results, its revenue base looks modes...

Pecca looks keen to grow replacement equipment manufacturer segment

Genting Malaysia Bhd
(Sept 24, RM3.10)
Maintain hold with an unchanged target price (TP) of RM3.40: In light of Genting Malaysia Bhd’s poor share price performance over the past 12 months (-28% versus the FBM KLCI), we outline a scenario whereby Genting Malaysia wou...

Genting Malaysia still seen recovering from gaming tax hike impact

Ajinomoto (Malaysia) Bhd
(Sept 23, RM16.50)
Maintain buy with a lower target price (TP) of RM19.80: We remain assured of Ajinomoto (Malaysia) Bhd’s medium-term growth prospects, led by a healthy increase in exports and a steadfast domestic business. In particular, w...

Halal export-driven growth upside seen for Ajinomoto

KESM Industries Bhd
(Sept 20, RM7.23)
Maintain hold with a higher target price of RM7: KESM Industries Bhd’s financial year ended July 31, 2019 (FY19) core earnings collapsed 76% year-on-year (y-o-y) largely due to the ongoing inventory correction.

 
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KESM Industries expected to remain well-managed

Utilities sector
Maintain neutral: It was reported in the press that the government had approved Malaysia Electricity Supply Industry (Mesi) 2.0, a 10-year master plan to reform the domestic power industry. Although there is still a lack of details, Energy, Science, Techno...

Most of TNB profits expected to remain intact, regulated under current IBR

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

Awantec, Innature, Paramount, Eco World International, Mi Technovation, MAA, KNM, Pharmaniaga, Jiankun, Nova MSC, Sarawak Cable

Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

Jiankun redesignates Zahid’s son-in-law Saiful Nizam as chairman 

KUALA LUMPUR (May 10): Bursa Malaysia Bhd expects strong equities market performance in 2024, attributed to positive news on foreign direct investment (FDI), notably Microsoft’s US$2.2 billion investment in a cloud and AI hub.

Bursa sees equities market strengthening in 2024 on FDI inflows; optimistic of hitting IPO targets

Sarawak Cable Bhd says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.

Sarawak Cable says it has 'strong' backup after losing Serendib Capital as white knight

Malaysia is ready to continue strengthening relations with Singapore under incoming prime minister Lawrence Wong, said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia ready to strengthen ties with Singapore under new PM Wong, says Anwar  

US stocks rose on Friday, as investors eagerly awaited comments from Federal Reserve officials to get more clarity on the US monetary policy path, after economic data this week supported bets of interest rate cuts.

Wall Street gains ahead of Fed officials' remarks; Dow nears 40,000 mark

KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has entered into a loan agreement with Chin Hin Group Bhd (Chin Hin)(KL:CHINHIN) to provide a loan of up to RM250 million to Chin Hin.

Ajiya to loan Chin Hin RM250m for acquisition, expansion plans

Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman has filed an application seeking temporary release of his passport to enable him to travel to Singapore and Taiwan.

Syed Saddiq seeking temporary release of passport to travel to Singapore, Taiwan

KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.

Genting Singapore nearly doubles 1Q earnings thanks to China-Singapore visa-free travel

BCM Alliance Bhd’s (KL:BCMALL) largest shareholder Kiu Cu Seng has disposed of his entire shareholding of 305.12 million shares, or a 15% stake, in the company.

BCM Alliance’s largest shareholder sells off 15% stake bought via ESOS

KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.

KUALA LUMPUR (May 10): Bursa Malaysia Securities Bhd (Bursa Securities) on Friday lifted AwanBiru Technology Bhd (KL:AWANTEC), formerly Prestariang Bhd, from its status as an affected listed issuer, after three years.

Bursa lifts Awantec from affected issuer status after three years

KUALA LUMPUR (May 10): Personal care products retailer Innature Bhd (KL:INNATURE) said on Friday that it is acquiring the operator of Burger &amp; Lobster restaurants for RM21.25 million in a related-party deal as part of a diversification plan.

Innature to acquire Burger & Lobster operator for RM21.25m from major shareholders

Elon Musk touted plans to expand Tesla Inc’s Supercharger network just over a week after firing almost all of the roughly 500 people who ran the business.

Elon Musk changes tune on Tesla Superchargers after mass firing

KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has&nbsp;entered into a loan agreement with Chin Hin Group Bhd (Chin Hin)(KL:CHINHIN) to provide a loan of up to RM250 million to Chin Hin.

Automotive cover and seat manufacturer Feytech Holdings Bhd (KL:FEYTECH) said on Friday that investors have snapped up all the 42.16 million shares it made available for application by the public in its initial public offering, ahead of its Main Market debut.

Main Market-bound Feytech Holdings' IPO oversubscribed 15.6 times

At the close of Chin Hin Group Bhd's (KL:CHINHIN) mandatory takeover offer (MGO) for all the remaining stakes in Signature International Bhd (SIB) (KL:SIGN), Chin Hin received acceptances for over 245.53 million shares, or the equivalent of a 38.69% stake.

Chin Hin ups stake in Signature International to 72.18% at close of MGO

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

Mi Technovation Bhd (KL:MI) saw its net profit more than quadruple to RM26.79 million in the first quarter ended March 31, 2024 (1QFY2024), compared to RM6.4 million in the same period last year.

Mi Technovation’s 1Q net profit jumps over fourfold on higher revenue, forex gains 

Kobay Technology Bhd has received an unusual market activity (UMA) query from Bursa Malaysia after its share price hit limit-up on Friday.

Kobay gets UMA query as share price hits limit up

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

EVENING 5: Five things you need to know today

Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

MAA Group Bhd (KL:MAA) has acquired an additional 201.48 million shares, or a 4.98% stake, in troubled Practice Note 17 (PN17) company KNM Group Bhd (KL:KNM) for RM33.24 million, or an average price 16.5 sen per share.

MAA raises stake in KNM to 13.54%

Sarawak Cable Bhd says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.

KUALA LUMPUR (May 10): Bursa Malaysia Bhd expects strong equities market performance in 2024, attributed to positive news on foreign direct investment (FDI), notably Microsoft’s US$2.2 billion investment in a cloud and AI hub.

Two subsidiaries of software company Nova MSC BHD (KL:NOVAMSC) have attracted the interest of another Singapore-based family office Mark Investment Group VCC, which is considering investing about RM41 million in the companies.

Singapore-based Mark Investment Group VCC mulling RM41m investments in Nova MSC units

KUALA LUMPUR (May 10): The Securities Commission Malaysia (SC) has brought charges against two companies and one individual for offences relating to unlicensed capital market activities.

SC charges Pixelvest, Infinity Trustee and a former director with unlicensed capital market offences

KUALA LUMPUR (May 10): Pharmaniaga Bhd (KL:PHARMA), whose weak financials have just been flagged by its independent auditor for a second consecutive year, assures shareholders that it is committed to financial recovery and has made “strong and steady progress” on it.

Pharmaniaga says it is confident of financial recovery after auditors again flag going-concern issues

Malaysia is ready to continue strengthening relations with Singapore under incoming prime minister Lawrence Wong, said Prime Minister Datuk Seri Anwar Ibrahim.

US stocks rose on Friday, as investors eagerly awaited comments from Federal Reserve officials to get more clarity on the US monetary policy path, after economic data this week supported bets of interest rate cuts.

Affin Hwang Capital

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Affin Hwang Capital

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