<div class=newsTextDataWrapInner><p>KUALA LUMPUR (March 24): Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating of Gamuda Bhd at RM4.14 with an unchanged target price (TP) of RM4.88,&nbsp;and said Gamuda reported 1HFY2023 core Patami (profit after tax and minority interests) of RM385.0 million, slightly above house and consensus expectations at 52%/55% respectively.</p></div>

<div class=newsTextDataWrapInner><p>In a note on Friday (March 24), the research house said it expects a stronger 2HFY2023 for Gamuda, driven by RM8.6 billion (unbilled) worth of Australian projects, as well as higher billings from RM5.4 billion of unbilled sales.</p></div>

<div class=newsTextDataWrapInner><p>“The award decision in Australia could come in 1QFY2024, along with DTI’s maiden profit contribution (about&nbsp;RM80 [million]-RM90 million).</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“The MRT3 award decision could come in 2HCY2023, where targets are for civil and system&nbsp;packages.</p></div>

<div class=newsTextDataWrapInner><p>“We maintain our forecast and ‘buy’ rating and TP of RM4.88. Key catalysts include&nbsp;contract wins.</p></div>

<div class=newsTextDataWrapInner><p>“Risks include project delays, execution in new markets, prolonged elevated material&nbsp;prices, labour shortages, and the health of the property market,” it said.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating of Gamuda Bhd at RM4.14 with an unchanged target price (TP) of RM4.88, and said Gamuda reported 1HFY2023 core Patami (profit after tax and minority interests) of RM385.0 million, slightly above house and consensus expectations at 52%/55% respectively.

HLIB expects stronger 2HFY2023 for Gamuda driven by Australian projects

MCE Holdings Bhd said Brahmal Vasudevan has emerged as a substantial shareholder with a 5.02% indirect stake in the automotive parts and accessories manufacturer.

Brahmal held 6.2 million shares in MCE via Creador Conscienta Ltd, who raised its stake beyond 5% following the acquisition of 100,000 shares earlier on Thursday.

Creador’s Brahmal emerges as substantial shareholder of MCE Holdings

The Federal Court on Thursday agreed to hear the merits of the appeal filed by the National Feedlot Corporation Sdn Bhd (NFCorp) and four others, including its chairman Datuk Seri Mohamad Salleh Ismail, for damages against Public Bank Bhd (KL:PBBANK).

At the same time, the apex court also granted leave to Public Bank's cross-appeal, to challenge the outcome of the Court of Appeal’s decision that had overturned the High Court’s decision to grant RM10,000 in damages to NFCorp and others, and RM500,000 in costs to be paid by the bank.

Apex court grants permission to hear merits of both NFCorp and Public Bank appeals in account information leak case

KUALA LUMPUR (May 9): The management of SRC International Sdn Bhd (SRC), specifically the company’s former chief executive officer Nik Faisal Ariff Kamil, had not complied with the directions of the board to repatriate RM3.6 billion which it had transferred to an overseas bank for a purported investment, the High Court was told here on Thursday.

SRC management had not complied with the board’s instructions to repatriate RM3.6b KWAP loan

Home improvement products retailer Mr DIY Group (M) Bhd (KL:MRDIY) said on Thursday its net profit rose 13% in the first quarter from a year earlier thanks to sales from new stores, while margins expanded as supply chain disruption and freight costs eased.

Mr DIY 1Q net profit rises 13% on sales from new stores, higher margins; pays one sen dividend

Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd’s (KL:GTRONIC) net profit jumped 73.42% year-on-year for its first quarter ended March 31, 2024 (1QFY2024), thanks to a foreign exchange (forex) gain and higher interest income.

Globetronics reports 73% jump in 1Q profit on forex gain, higher interest income 

Solarvest Holdings Bhd (KL:SLVEST) said on Thursday that it has secured a contract worth RM40.4 million to install rooftop solar photovoltaic (PV) systems.

Solarvest bags RM40.4m contract from Scientex to install rooftop solar PV systems

Semiconductor services firm Pentamaster Corporation Bhd [KL:PENTA] reported an 8.92% year-on-year (y-o-y) decline in its net profit for the first quarter of 2024 (1QFY2024) as slightly higher revenue was impacted by lower other income and share of loss of associates.

Pentamaster’s 1Q earnings fell 8.9% amid lower contributions from automated test equipment

KUALA LUMPUR (May 9): The Securities Commission Malaysia has finally managed to charge a man related to a securities fraud involving RM17.6 million in 2007, following his arrest on his return to Malaysia on Wednesday (May 8) after having evaded authorities for 15 years.

Man who evaded the law for 15 years charged with abetment in securities fraud

Malaysia Airports Holdings Bhd (KL:AIRPORT) on Thursday named former Malaysian Aviation Commission (Mavcom) executive chairman Dr Nungsari Ahmad Radhi as its director effective immediately.

Former aviation regulator chairman Nungsari joins Malaysia Airports’ board

(May 9): The owners of Bangkok-based aCommerce Group are considering selling a stake that could value the company at US$200 million to US$300 million, people familiar with the matter said.

Owners of Thai startup aCommerce said to consider selling stake

<p>The property arm of Sunway Bhd (KL:SUNWAY), Sunway Property's newly launched Sunway Velocity 3 residential project has achieved a take-up rate of 60%, with over 400 out of 695 units snapped up during its opening weekend on May 4.</p>


Sunway Velocity 3 residential development 60% taken up at launch 

<p>Shares of VSTECS Bhd (KL:VSTECS) climbed to a new all-time high on Thursday as investors scrambled for a piece of the company that has been appointed the country’s first distributor of Amazon Web Services (AWS).</p>


VSTECS shares hit new record high on Amazon Web Services partnership

<p>Gen Zers risk starting further and further behind previous generations building a life for themselves as soaring rents chew into their disposable income, leaving them deeper in a financial hole they are still digging, said <em>Fortune</em>.</p>


Gen Z sinking deeper into debt as higher education and housing costs weigh, new data shows — report

<p>Transport Minister Anthony Loke on Thursday said the ship allegedly owned by an Israeli company while using a port in this country has actually changed ownership. It now belongs to another company based in Hong Kong.</p>


Alleged Israeli ship that recently docked in Malaysia has changed hands, Loke clarifies

<p>A total allocation of RM180 billion in the construction sector for government and private sector projects will be up for grabs this year, according to Deputy Works Minister Datuk Seri Ahmad Maslan.</p>


RM180 bil available for construction sector jobs this year — Ahmad Maslan

<p>Shares of Sarawak Cable Bhd (KL:SCABLE) fell to its lowest in five months on Wednesday after the loss-making cable manufacturer's so-called resuscitation exercise has been terminated.</p>


Sarawak Cable shares fall to five-month low after losing its white knight

<p>Malaysia’s central bank on Thursday left the benchmark interest rate unchanged as widely expected, citing improving economic activity amid moderate inflation.</p>


BNM keeps overnight policy rate unchanged as widely expected

<p>MEMBERS’ ability to decide not to transfer existing Employees Provident Fund (EPF) savings into the newly created Flexible Account 3 for anytime withdrawals is seen as the saving grace to what critics deem as a short-sighted compromise that will prove to have longer-term consequences.</p>

<p>I...

Cover Story: Who pays for anytime EPF withdrawals?

<p>Shares of Kerjaya Prospek Group Bhd (KL:KERJAYA) surged to a new record high on Thursday, as investors bet on better earnings growth for its upcoming financial results for the first quarter ended March 31, 2024 (1QFY2024).</p>


Kerjaya Prospek shares at fresh record high on expectation of better 1Q

<p>UOB KayHian has initiated coverage on Lagenda Properties Bhd (KL: LAGENDA) with a “buy” rating at RM1.49 and target price (TP) of RM2.05.</p>


UOB KayHian starts coverage on Lagenda Properties, target price RM2.05

<p>KUALA LUMPUR (May 9): The Securities Commission Malaysia has finally managed to charge a man related to a securities fraud involving RM17.6 million in 2007, following his arrest on his return to Malaysia on Wednesday (May 8) after having evaded authorities for 15 years.</p>


<p>The Federal Court on Thursday agreed to hear the merits of the appeal filed by the National Feedlot Corporation Sdn Bhd (NFCorp) and four others, including its chairman Datuk Seri Mohamad Salleh Ismail, for damages against Public Bank Bhd (KL:PBBANK).</p>

<p>At the same time, the apex court also granted leave to Public Bank's cross-appeal, to challenge the outcome of the Court of Appeal’s decision that had overturned the High Court’s decision to grant RM10,000 in damages to NFCorp and others, and RM500,000 in costs to be paid by the bank.</p>


<p>LBS Bina Group Bhd (KL: LBS) has launched SkyRia, the latest addition to its D'Island Residence project in Puchong.</p>


LBS Bina launches RM457 mil SkyRia residential project in Puchong

<p>Malaysia’s largest telecom company by revenue Axiata Group Bhd (KL:AXIATA) may face earnings pressure from a potential merger of its unit PT XL Axiata with PT Smartfren Telecom in Indonesia, and investors should sell the stock, said MIDF Amanah Investment Bank.</p>


MIDF says Axiata may face earnings pressure ahead, downgrades stock to 'sell'

<p>Former finance minister Tun Daim Zainuddin has failed in his appeal to reinstate his legal challenge against the Malaysian Anti-Corruption Commission (MACC) over its investigation into his and his family’s finances, which had led to the freezing of their various accounts and the seizure of Ilham Tower.</p>


Daim and family fail to reinstate legal challenge against MACC investigations and criminal charges

<p>Mah Sing Group Bhd (KL:MAHSING), via its unit Star Residence Sdn Bhd, officially launched its latest serviced apartment development named M Zenya in Kepong, Kuala Lumpur on May 9 during the opening ceremony of its sales gallery at Sungai Mas Plaza at Jalan Ipoh.</p>


Mah Sing officially launches M Zenya serviced apartment in Kepong with 92% take-up

<p>The government must ensure that foreign direct investments (FDI) to develop data centres in Malaysia will benefit local players, according to speakers at the National Economic Forum 2024 here hosted by the National Chamber of Commerce and Industry of Malaysia.</p>


Govt urged to ensure FDI on data centres benefit local players

<p>WhatsApp’s begun working freely and consistently for some users in China despite a longstanding government ban on the messaging service, an unusual phenomenon for a country with some of the world’s strictest internet curbs.</p>


WhatsApp, banned in China, is suddenly working for some users

<p>KUANTAN (May 9): An armoured vehicle plant will be built&nbsp;in the Padang Tengku Industrial Estate (Phase II) to further boost the development of the Lipis district as a defence city, thus stimulating the economic growth of the local population, as well as job opportunities.</p>


Armoured vehicle plant to be built in Lipis — Pahang MB

<p>Solarvest Holdings Bhd (KL:SLVEST) said on Thursday that it has secured a contract worth RM40.4 million to install rooftop solar photovoltaic (PV) systems.</p>
