<div class=newsTextDataWrapInner>KUALA LUMPUR (April 23): Rakuten Trade has a “buy” rating on ACE Market-bound surface decorative products company Topmix Bhd at an initial public offering (IPO) price of 31 sen, with a fair value of 40 sen based on financial year 2024 (FY2024) forecast price-earnings (PE) of 15 times, in line with industry peers.</div>

<div class=newsTextDataWrapInner>In a note on Tuesday, the research house said it expects FY2023-FY2026 earnings to grow at a strong&nbsp;compound annual growth rate (CAGR) of 25%, underpinned by cross-selling opportunities stemming from product expansion, geographic expansion across Peninsular Malaysia, and the anticipated recovery in commercial and residential property markets.</div>

<div class=newsTextDataWrapInner>“In addition, Topmix has a healthy balance sheet, with a gearing ratio of 0.67 times as of December FY2023, a status expected to be sustained post IPO,” it said.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>Read also: 
<a href="https://theedgemalaysia.com/node/708968" target="_blank">Topmix eyes northern region for expansion amid development boom</a> 
<a href="http://theedgemalaysia.com/node/708932" target="_blank">Topmix surges 32% on ACE Market debut</a> 
<a href="https://theedgemalaysia.com/node/708487" target="_blank">Topmix posts RM2.84 mil net profit in 4Q ahead of ACE Market listing</a> 
<a href="https://theedgemalaysia.com/node/707399" target="_blank">Topmix IPO shares oversubscribed nearly 60 times ahead of ACE Market listing</a> 
<a href="https://theedgemalaysia.com/node/706106" target="_blank">Topmix begins taking orders for IPO to raise up to RM31.74 mil</a> 
<a href="https://theedgemalaysia.com/node/706159" target="_blank">ACE Market-bound Topmix expects growth amid recovery in property market</a></div>

Rakuten Trade has a “buy” rating on ACE Market-bound surface decorative products company Topmix Bhd at an initial public offering (IPO) price of 31 sen, with a fair value of 40 sen based on financial year 2024 (FY2024) forecast price-earnings (PE) of 15x, in line with industry peers.

Rakuten Trade values Topmix at 40 sen, expects FY2023-FY2026 earnings to grow at CAGR of 25%

Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after the social media company said it had fixed a software bug.

Downdetector, which tracks outages by collating status reports from several sources including users, showed more than 14,000 reports of outages.

Reddit down for thousands of users, Downdetector shows

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

The International Criminal Court (ICC) issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

Here is a brief recap of some corporate announcements that made the news on Thursday.

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

Thailand is taking steps to attract more foreign investment to accelerate economic growth while preparing to adjust its policies to cope with potential changes to world trade under a Trump presidency, Prime Minister Paetongtarn Shinawatra said.

Thailand seeks foreign investment as PM plans for Trump era

Volkswagen AG faces a growing threat of widespread walkouts as executives and unionists dig in over how to restructure Europe’s biggest automaker.

Labour leaders are offering €1.5 billion (RM7.08 billion) in additional cost cuts — including foregoing some bonuses — to keep factories open, after management dangled the idea of closures.

VW lurches closer to walkouts after talks with union deadlocked

Baidu Inc recorded its biggest revenue drop in more than two years after China’s economic malaise undermined its push into generative AI.

Chinese AI pioneer Baidu posts biggest sales fall since 2022

Magnum Bhd (KL:MAGNUM) reported a slight dip in net profit in the July-Sept period as income tax and other expenses increased, but cushioned by better income generated by its gaming and investment holdings and other segments.

Magnum posts marginally lower net profit in 3Q, amid higher tax and other expenses, declares 1.5 sen dividend

UBS has seen weak European growth hit companies it lends to, CFO Todd Tuckner said on Thursday, with the bank facing a 2024 credit loss expense of some 150 million Swiss francs (US$170 million or RM757.72 million) in its personal and corporate banking business.

UBS flags 'sluggish' Europe growth as it takes US$170m credit hit

Emmanuel Macron’s ill-fated June gamble on snap elections has plunged French businesses into prolonged gloom, clouding the president’s seven-year effort to transform the country into a hub for investment.

French business’s election gloom casts long shadow over outlook

Globetronics Technology Bhd (KL:GTRONIC) has inked an agreement valued at RM145 million to provide integrated circuit (IC) product packaging, testing and backend services to Taiwan-based ChipMOS Technologies Inc.

Globetronics secures RM145 mil contract to provide assembly and test services to Taiwan’s ChipMOS

Atlan Holdings Bhd's (KL:ATLAN) Singapore-listed subsidiary Duty Free International Ltd (DFIL), which plans to challenge the compulsory acquisition of two plots of land in Kedah by the Malaysian government, announced on Thursday that it had received RM69.6 million as compensation for the land.

The sum was received from the Home Affairs Ministry, which is force-buying the plot from DFIL's wholly-owned Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd, on Monday (Nov 18).&nbsp; DFIL itself is 75.53% owned by Atlan.

Home Affairs Ministry pays Atlan RM69.6 mil for compulsory purchase of its Kedah plot

Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that about 70% to 80% of the costs of his official trips to five countries over the past two weeks were paid by private companies.

Private firms paid up to 80% of costs for recent official trips abroad, Anwar tells Dewan Rakyat

Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.

Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) continued to record losses for the second consecutive quarter, after the group reported a RM49.75 million net loss for the third quarter ended Sept 30, 2024 (3QFY2024).

MSM Malaysia continues to bleed for the second consecutive quarter

Oil company Petron Malaysia Refining &amp; Marketing Bhd (KL:PETRONM) suffered a 94.3% drop in its third-quarter net profit, on lower sales volume due to a correction in domestic fuel demand following the implementation of the retail diesel targeted subsidy in June this year.

Petron Malaysia's 3Q net profit down 94% on lower sales volume, oil prices

Heitech Padu Bhd (KL:HTPADU) recorded a net profit of RM6.58 million for the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net loss of RM1.4 million in the corresponding quarter, thanks to a one-off gain on disposal of land and building.

Heitech Padu posts 3Q profit on land, building disposal gain

AEON Co (M) Bhd (KL:AEON), a general merchandise store and supermarket chain operator, saw its net profit rise 35.4% to RM18.79 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM13.88 million a year earlier on higher revenue.

AEON Co 3Q net profit up 35% with growth across all segments

Oil and gas services provider Dayang Enterprise Holdings Bhd (KL:DAYANG) said it will continue to deliver outstanding performance after posting a record high net profit for its third quarter, which surged 76.67% year-on-year.

Dayang says will continue delivering outstanding performance after 3Q profit hits record

Here is a brief recap of some corporate announcements that made the news on Thursday.

DRB-Hicom Bhd (KL:DRBHCOM) saw a net loss of RM5.29 million in the third quarter ended Sept 30, 2024 (3QFY2024), compared with a net profit of RM70.8 million in the same quarter last year.

DRB-Hicom records net loss in 3Q amid automotive and postal sector weakness

Sunway Construction Group Bhd (KL:SUNCON) posted a 32.71% jump in its net profit for its third quarter on the accelerated progress of its data centre projects.

Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose to RM46.47 million from RM35.01 million in 3QFY2023, as revenue rose 28.48% to RM865.33 million from RM673.51 million, its Thursday bourse filing showed.

SunCon's 3Q profit jumps 32.71% on accelerated data centre progress

Hap Seng Consolidated Bhd (KL:HAPSENG) posted a three-fold jump in net profit for its third quarter from a year ago, on improved contributions from the diversified group’s plantation, property and credit financing divisions.

Hap Seng 3Q net profit more than triples, declares 10 sen dividend

Indian billionaire Gautam Adani,&nbsp;indicted in New York&nbsp;over a US$265 million (RM1.18 billion) bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.

Who is Gautam Adani, controversial Indian tycoon charged with bribery in US?

Kucingko Bhd (KL:KUCINGKO), a 2D animation production company, has decided to discontinue the services of its external auditor Messrs Russell Bedford LC PLT over a disagreement on audit fees.

Kucingko drops Russell Bedford as auditor over fee dispute

Deputy Works Minister Datuk Seri Ahmad Maslan said on Thursday that the implementation of the multi-lane free flow (MLFF) toll system is still under "heavy consideration" by the government.

Ahmad Maslan: RM3.5 bil multi-lane free flow project remains under 'heavy consideration' by govt

Datasonic Group Bhd (KL:DSONIC) on Thursday proposed to amend its company constitution to ease the passage of a directors’ written resolution.

Datasonic proposes to amend company constitution to ease passage of resolutions

Oriental Holdings Bhd (KL:ORIENT) saw the diversified group’s net profit for the third quarter fall 70.12% year on year to RM88.87 million, from RM297.42 million on the absence of one-off gains recognised in the corresponding quarter in 2023.

Oriental 3Q net profit down 70% on absence of one-off gains

After two years, property developer Maxim Global Bhd (KL:MAXIM) has decided not to pursue further action against the revocation of plantation concession licences issued by Indonesia's Ministry of Environment and Forestry in January 2022 in relation to assets owned by its 90%-owned subsidiaries — PT Trimegah Karya Utama (PT TKU) and PT Manunggal Sukses Mandiri (PT MSM) — in Papua, Indonesia.

Maxim Global gives up plantation concession permits in Indonesia

Wall Street's main stock indexes were mixed in choppy trading on Thursday as Alphabet weighed on the market, while investors also focussed on AI-heavyweight Nvidia's upbeat quarterly results and forecast.