Maxis Bhd
(March 31, RM5.35)
Maintain reduce with an unchanged target price (TP) of RM5.10: We hosted Maxis Bhd’s chief financial officer Wayne Treeby and head of investor relations Paul Zaman for a conference call with investors last Friday. Overall, there were no ...

Maxis likely to see fixed broadband subscription growth

Banking sector
Maintain neutral: The banking sector’s net profit declined by 0.9% year-on-year (y-o-y) for the fourth quarter of 2019 (4Q19), primarily dampened by the 212.3% y-o-y surge in loan loss provisioning. Meanwhile, non-interest income grew a strong 14.4% y-o-y fo...

Banks expected to gain from investment in fixed income securities

Malaysian Resources Corp Bhd
(Feb 28, 57 sen)
Reiterate hold with a lower target price (TP) of 70 sen: Malaysian Resources Corp Bhd (MRCB) saw a core net loss of RM34.3 million excluding a RM58 million gain from a 30% stake sale in One IFC compared to our and consen...

MRCB net profit expected to recover in FY20

Thong Guan Industries Bhd
(Feb 27, RM4)
Downgrade to hold with a lower target price (TP) of RM4.17: Thong Guan Industries Bhd finished the financial year ended Dec 31, 2019 (FY19) on a strong note, with its core net profit exceeding our full-year estimate by 5%. Min...

Thong Guan FY19 core net profit above expectations

Malaysia Airports Holdings Bhd
(Feb 21, RM6.75)
Maintain hold with an unchanged target price of RM7.47: Last Tuesday, the Singapore government announced a S$112 million (RM335.69 million) Aviation Sector Assistance Package, co-funded by the government, Civil Aviatio...

MAHB sees downside risk from potential rate cuts

Public Bank Bhd
(Feb 20, RM18.12)
Maintain add with a lower target price (TP) of RM22.60: Following Bank Negara Malaysia’s move to cut overnight policy rate (OPR) by 25 basis points (bps) to 2.75% on Jan 22, Public Bank Bhd reduced its base rate by 25bps to 3.27% ef...

Superior performance seen as potential rerating catalyst for Public Bank

Auto sector
Maintain neutral: The Edge Malaysia weekly reported that a number of high-end car dealers are scouting for yard space to store excess vehicles due to weaker-than-expected sales performance following softening economic conditions. The article also highlighted th...

Luxury marque dealers likely to face challenges

Mynews Holdings Bhd
(Feb 10, 94.5 sen)
Maintain add with a lower target price (TP) of RM1.08: Mynews Holdings Bhd’s new food processing centre (FPC) is currently loss-making given its low utilisation at 40% to 50% and high wastages at more than 20%. While we expect ...

Mynews expected to see higher earnings, sales from all segments

Gas Malaysia Bhd
(Feb 5, RM2.80)
Maintain add with a lower target price of RM3.07: In a recent engagement session hosted by Gas Malaysia Bhd, we gathered that there will be no more differentiation between the power and non-power sectors whereby all shipper licensees...

Gas Malaysia likely to retain market share in near term

Fraser & Neave Holdings Bhd
(Feb 4, RM32.94)
Maintain hold with a lower target price (TP) of RM31.30: Fraser & Neave Holdings Bhd’s (F&N) first quarter ended Dec 31, 2019 (1QFY20) revenue rose 10% year-on-year (y-o-y), while net profit grew 4.5% y-o-y to...

F&N’s 1QFY20 results within expectations

SINGAPORE (April 19): CGS-CIMB Securities has officially rebranded as CGS International Securities (CGS International), as the integrated financial services provider launched its new identity in Singapore on Thursday (April 18).

CGS-CIMB Securities rebrands as CGS International, aims to double revenue to S$700 mil by 2030

KUALA LUMPUR (April 19): Shares of Sapura Energy Bhd have been suspended from trading, pending a material announcement, the company said on Friday.

Trading in Sapura Energy suspended pending announcement

KUALA LUMPUR (April 19): Silver Ridge Holdings Bhd said its wholly owned unit is being sued by a subcontractor over alleged outstanding contract payments.

Silver Ridge’s unit slapped with suit over alleged unpaid contract sums

A weekly round-up of tanker and dry bulk market (April 19, 2024)

Baltic Exchange shipping updates: April 19, 2024

Malaysia’s economic growth will likely pick up pace in the quarters ahead, economists say, though some are cautioning that global uncertainties raise the risk of undershooting the official target for 2024.

This follows the Department of Statistics Malaysia's advanced gross domestic product (GDP) estimate of 3.9% for the first quarter of 2024 (1Q2024).

Malaysia's economy will pick up pace but global uncertainties remain key risks — economists

DUBAI/JERUSALEM (April 19): Explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated that it had no plans for retaliation — a response that appeared gauged towards averting region-wide war.

Tehran signals no retaliation against Israel after drones attack Iran

In today’s edition of Evening 5: 0:06 Escalating Middle East unrest, hawkish US Fed shake regional markets 2:32 Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows4:02 Axiata merger with Bharti Airtel raises earnings concern — analysts5:51 Awantec shares plunge as much as 53%, intraday short selling suspended7:33 Main-Market bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

EVENING 5: Bursa ends mixed amid weak regional sentiment

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

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 19): Construction company Lim Seong Hai Capital Bhd (LSH Capital) said it has obtained approval from its shareholders to transfer the group’s listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.

Lim Seong Hai Capital gets shareholder nod for transfer of listing to ACE Market

YX Precious Metals Bhd, a 70%-owned subsidiary of Tomei Consolidated Bhd, has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.

In a bourse filing, the gold jewellery wholesaler and manufacturer said it has also satisfied the Securities Commission Malaysia (SC) and Main Market listing requirements on financial position, public shareholding spread and Bumiputera equity.

YX Precious Metals proposes to transfer listing from ACE Market to Main Market

KUALA LUMPUR (April 19): Shares of Sapura Energy Bhd have been suspended from trading, pending a material announcement, the company said on Friday.

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

Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes, whose decades of shadow war has broken out into the open and threatened to drag the region deeper into conflict.

Israel attacks Iran, Reuters reports, as drones shot down over Isfahan 

RHB Investment Bank Bhd (RHB IB) on Friday upgraded Public Bank Bhd to “buy” from “neutral”, with a higher target price (TP) of RM4.80 (from RM4.70).

RHB upgrades Public Bank to ‘buy’, raises target price to RM4.80

Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.

Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows

MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times, ahead of its listing on the Bursa Malaysia Main Market on April 30.&nbsp;

Main Market-bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

The Malaysian rubber glove industry has demonstrated resilience and adaptability amidst challenging global dynamics, with optimism for a rebound in 2024, with an anticipated surge to approximately 450 billion pieces by 2027 despite a downturn in 2023, according to the Malaysian Rubber Glove Manufacturers Association (Margma).

Margma optimistic of rebound in 2024, expects surge to 450 billion pieces by 2027

The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.

KLCI up 0.43% with focus on energy, plantation, financial stocks

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter's subsidiary Airtel Lanka is currently a loss-making company, analysts said.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern — analysts

Malaysia’s exports contracted at a slower than expected pace in March mainly due to lower foreign demand for electronics while shipments to China fell, official data Friday showed.

Malaysia’s March exports down 0.8%, imports surge 12.5%

Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.

Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.

In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.

MIDF confirms cyber security incident

Kenanga Investment Bank has initiated coverage on soon-to-be listed oil and gas services firm Keyfield International Bhd at RM1.90 — reflecting a 111% premium over its IPO price of 90 sen per share — while giving it an “outperform” rating.

Kenanga sees Main-Market bound Keyfield International cashing in on OSV boom, sets target price at RM1.90

PUTRAJAYA (April 19): Payment of fees&nbsp;for training or classes in esports, equestrian, swimming, motorsports and taekwondo is&nbsp;eligible for&nbsp;tax relief of up to RM1,000 from next year, said Youth and Sports Minister Hannah Yeoh.

Payment of fees for sports training eligible for tax relief from next year — Hannah

Automotive electronic parts manufacturer MCE Holdings Bhd has commenced the construction for its MCE Auto Hub, the company’s new manufacturing facility in Serendah, Selangor, with an initial investment of RM50 million for the first phase of the development.&nbsp;

MCE Holdings commences construction for RM50 mil manufacturing facility in Serendah 

KUALA LUMPUR (April 19): Oil-and-gas services firm Yinson Holdings Bhd said on Friday that its indirect wholly owned subsidiary Yinson Production Offshore Pte Ltd (Yinson Production) has successfully placed a US$500 million five-year senior secured bond issue.

Yinson’s unit places US$500 mil five-year senior secured bonds

Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.

According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.

Melaka State Secretary Zaidi dies of heart attack

Batik Air will suspend its operations to Istanbul, Turkiye, effective May 1, 2024, and affected passengers will be notified via email and text, said the airline operator, Malindo Airways Sdn Bhd.

Batik Air to suspend operations to Istanbul from May 1

KUALA LUMPUR (April 19): Meta Bright Group Bhd is forming a joint venture company (JVco) with a Bumiputera firm to bid for renewable energy (RE) projects with a Bumiputera equity requirement.

Meta Bright forms JVco with Bumiputera firm for RE projects

EG Industries Bhd has secured a second letter of intent (LOI) from US-based Cambridge Industries Group (CIG) to produce a new 1.6 terabit optical signal transmitter and receiver for a 5G wireless network at EG Industries’ new smart factory 4.0 in Penang.

CGS-CIMB Research

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CGS-CIMB Research

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