KUALA LUMPUR (June 2):  Kenanga Research is projecting  CY23F FBM KLCI earnings to contract by 1.2% (from +10.5%) and has lowered its end-2023 FBMKLCI target to 1,480 points (from 1,610 points).

In a 1QCY23 Report Card note on Friday (June 2), the research house said corporate...

Kenanga Research projects  CY23F FBM KLCI earnings to contract by 1.2%

KUALA LUMPUR (June 2):  Hong Leong Investment Bank (HLIB) Research has maintained its “Sell” rating on Velesto Energy Bhd at 23 sen with an unchanged target price (TP) of 19 sen after Velesto announced that it has received a job win for the provision of jack-up drilling rigs for Vestigo Petr...

HLIB Research says Velesto's valuations have become inflated

Corporate Malaysia handed in a largely disappointing first quarter earnings report card, which reflected general weakness in the economy, dragged by slowing external demand, with little help seen from the much-anticipated reopening of China.

More companies reported earnings that were below expectations in the January to March period of this year compared with the previous quarter, while there were fewer companies that managed to surprise with better-than-expected results, said Fortress Capital Asset Management chief executive officer Thomas Yong

Malaysia's corporate profits disappoint on slowing demand, with little help from China reopening

The country is not expected to face a water crisis like the one in 1998, although Malaysia is predicted to experience the El Nino phenomenon from June to September this year.

National Water Services Commission (SPAN) regional operations division director Azrul Raimee Ramli is of this view after looking at the Malaysian Meteorological Department’s (MetMalaysia) weather report and the current global warming.

Malaysia will not experience water supply crisis during El Nino — SPAN

Iskandar Investment Bhd (IIB) has recorded US$6.8 billion worth of investments since its incorporation in 2006 until last year, Johor Menteri Besar Datuk Onn Hafiz Ghazi said.

He said, in fact IIB, which is an investment holding company to catalyse the strategic development of Iskandar Malaysia, had created 10,000 job opportunities during that period.

Iskandar Investment records US$6.8 bil worth of investments since 2006 — Onn Hafiz

Here is a brief recap of some corporate announcements that made news on Thursday (June 1): Panasonic Manufacturing Malaysia Bhd, Affin Hwang Investment Bank Bhd, Velesto Energy Bhd, Green Packet Bhd, Top Builders Capital Bhd, Star Media Group Bhd, Citaglobal Bhd, AME Elite Consortium Bhd, Sarawak Consolidated Industries Bhd, United Plantations Bhd, Meta Bright Group Bhd, Top Builders Capital Bhd, Kimlun Corp Bhd and Synergy House Bhd.

Panasonic Malaysia, Affin Hwang Investment, Velesto Energy, Green Packet, Top Builders Capital, Star Media, Citaglobal, AME Elite, SCIB, UP, Meta Bright, Top Builders, Kimlun and Synergy House

Kelington Group Bhd (KGB) said that its 97.19%-owned subsidiary Ace Gases Sdn Bhd (AGSB) has acquired 85,000 shares or a 17% stake in Ace Gases Marketing Sdn Bhd (AGMSB) from Chong Ann Tsun for RM4.41 million.

Kelington acquires 17% stake of Ace Gases Marketing for RM4.41 mil in share swap deal

Kang Kok Wei has been appointed as executive director of AME Elite Consortium Bhd with effect from Thursday (June 1), replacing his father Kang Ah Chee.

AME Elite appoints new executive directors as part of succession plan

Iskandar Investment Bhd (IIB) has recorded US$6.8 billion (RM31.4 billion) worth of investments since its incorporation in 2006 until last year, Johor Menteri Besar Datuk Onn Hafiz Ghazi said.

Iskandar Investment logged US$6.8b worth of investments since 2006, says Johor MB

Towards widening its earnings base, Meta Bright Group Bhd (formerly known as Eastland Equity Bhd) plans to expand the group’s leasing and financing business segment to include the provision of industrial machinery and equipment leasing.

Meta Bright eyes industrial equipment leasing diversification for earnings boost

Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives reversed three days of losses to end higher on Thursday, tracking gains on the Chicago Board of Trade’s (CBOT) soybean oil market.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures also saw some short recovery after the prices for benchmark month August 2023 was seen at the lowest levels since November 2020 on Wednesday.

CPO futures snap three days of losses to close firmer

EVENING 5: Five things you need to know today

Global air cargo demand, as measured by cargo tonne-kilometres, fell 6.6% in April this year compared with the same month in 2022, according to the International Air Transport Association (IATA).

However, the rate of decline was slower than the previous month's 7.6% drop, it said.

Global air cargo demand down 6.6% in April 2023

The implementation of the National Digital Network Plan (Jendela) Phase 1 (2020-2023) has surpassed its set network coverage area, mobile network speed and fibre connectivity targets.

Malaysian Communications and Multimedia Commission (MCMC) chief operating officer Datuk Mohd Ali Hanafiah Mohd Yunus said Jendela Phase 1 which concluded on Thursday, saw 7.74 million premises installed with fibre internet connections, exceeding its initial target of 7.5 million.

Malaysia

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