CGS-CIMB has downgraded DRB-Hicom Bhd to "hold" from "add", and lowered its target price for the group to RM1.40 from RM1.70, as it expects a weaker earnings recovery for the financial year ending Dec 31, 2022 (FY22) due to prolonged supply chain disruption, ringgit depreciation and inflationary cost pressures amid a rising interest rate environment.

CGS-CIMB downgrades DRB-Hicom to 'hold' on weaker earnings recovery

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) on Wednesday (May 25) bought 22,900 shares in Power Root Bhd through the open market, upping its interest in the company to 28.45 million shares.

KWAP buys more shares in Power Root

CTOS Digital Bhd said on Friday (May 27) that its earnings for the second quarter ending June 30, 2022 (2QFY22) will be boosted by an immediate reversal of approximately RM4.2 million in tax provision from FY21.

CTOS to get RM4.2m boost to 2Q earnings from tax reversal

Maybank Investment Bank (IB) said on Friday (May 27) that it had downgraded Favelle Favco Bhd to "hold" from "buy" and cut its target price by 28% to RM2.15 as it sees the stock as less attractive on earnings downgrades, weaker financials and a lack of catalysts ahead.

Maybank IB downgrades Favelle Favco on less attractive earnings outlook

KUALA LUMPUR (May 26): Genting Malaysia Bhd’s net loss for the first quarter ended March 31, 2022 (1QFY22) narrowed to RM126.53 million from RM483.59 million a year ago, as revenue soared close to three folds to RM1.72 billion from RM623.35 million.

Genting Malaysia's 1QFY22 net loss narrows as travel restrictions eased

theedgemarkets.com highlighted five stocks with momentum at Bursa Malaysia's afternoon close on Thursday. Three stocks displayed positive momentum, while two showed negative momentum.

Computer Forms, Heng Huat, Priceworth, Global Oriental, Shin Yang

UEM Sunrise Bhd chief executive officer Sufian Abdullah said on Thursday that the hike in construction cost is not eroding the group's profitability for the financial year ended Dec 31, 2022.

UEM Sunrise says no profit erosion from construction cost hike this year

The Federation of Malaysian Manufacturers said on Wednesday that new high-quality investments from the United States in the manufacturing sector, including electrical and electronics and medical devices, will not only generate jobs but help develop local manufacturers to become part of their supply chains through technology transfers in production and distribution and industrial upgrading.

FMM welcomes strengthening of US-Malaysian investment ties via IPEF

Sime Darby Property Bhd said on Wednesday that the group’s profitability in the financial year ending Dec 31, 2022 (FY22) may be affected by margin erosion brought by higher building material costs and labour shortage.

“I guess we will be profitable, we will grow, but our profitability may be affected if we do not solve the issues (of higher building material costs and labour shortage),” its managing director Datuk Azmir Merican said in a virtual press briefing on Wednesday (May 25).

Sime Darby Property says profitability could be affected by higher building material costs and labour shortage

Malaysia's inflation, as measured by the consumer price index, increased 2.3% in April 2022 from a year earlier, led by higher food prices, according to the Department of Statistics Malaysia on Wednesday (May 25, 2022).

Food price rise accelerated Malaysia's April 2022 y-o-y inflation to 2.3%

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

India began voting on Friday in the world's largest election as Prime Minister Narendra Modi seeks a historic third term in office on the back of growth, welfare, his personal popularity and Hindu nationalism.

India begins voting in gigantic election, Modi seeking historic third term

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

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

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

Israel has attacked Iran, three people familiar with the matter said, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.

Israel attacks Iran, Reuters reports, as drones spotted over Isfahan 

Israel was downgraded by S&P Global Ratings, which joined Moody’s Ratings in lowering the nation’s sovereign credit score as geopolitical risks in the Middle East escalated.

S&P joins Moody’s in downgrading Israel on geopolitical risk

North Korea has released a new song praising leader Kim Jong Un for being a "friendly father" and a "great leader", in a move that appears to be part of a propaganda drive to enhance his standing in the reclusive state.

North Korea releases song praising leader Kim as 'friendly father'

Standard Chartered Plc is offering short-term deposit rates of as high as 10% as the lender seeks to attract Chinese customers.

StanChart dangles 10% deposit rate in HK to draw China cash 

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth about 14.46 billion Swedish krona (RM6.2 billion).

Geely to sell US$1.32b of Volvo Truck shares 

Israel has attacked Iran, three people familiar with the matter said, as Iranian state media reported early on Friday that its forces had destroyed drones, days after Iran launched a retaliatory drone strike on Israel.

Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS).&nbsp;

Awantec shares plunge 53%, intraday short selling suspended 

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

 Sarawak aiming to transform itself into a centre for clean hydrogen energy

Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped after reports of a sharp escalation in Middle East hostilities.

Stocks sink, oil jumps as Middle East attack reports unnerve markets

Apple said on Friday it had removed Meta Platforms' WhatsApp and Threads from its App Store in China after being ordered to do so by the Chinese government, which cited national security concerns.

Apple pulls WhatsApp, Threads from China app store after Beijing order

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

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

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.

The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.

US stops UN from recognising a Palestinian state through membership

The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.

US bank reserve balances see largest drop since 2022 tax season

Hong Leong Investment Bank (HLIB) expects Bursa Malaysia Bhd’s earnings for the first quarter to rise 34% year-on-year to RM75 million, amid the expectation of higher securities average daily value (ADV) and derivatives average daily contract (ADC).

HLIB sees Bursa Malaysia’s 1Q earnings rising 34% y-o-y 

RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.

Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

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%

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.

Chinese government-linked hackers have burrowed into US critical infrastructure and are waiting "for just the right moment to deal a devastating blow," FBI director Christopher Wray said on Thursday.

FBI says Chinese hackers preparing to attack US infrastructure

RHB Retail Research said Muhibbah Engineering (M) Bhd may be headed for an uptrend after rebounding strongly from a recent pullback and pushing past the 21-day simple moving average line.

Muhibbah Engineering may be headed for uptrend, says RHB Retail Research 

Bursa Malaysia started the morning trading in positive territory, attributed to broad-based buying in response to a regional recovery, with investors seen focusing on counters with high cash reserves.

Bursa opens higher on buying sentiment

Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.

Cocoa soars above US$11,000 a tonne as processing pace holds up

Rakuten Trade said United U-Li Corporation Bhd may trend higher after breaking out from its two-week bullish flag pattern with a long white candle on Thursday.

Tan Siew Mung

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