<div class=newsTextDataWrapInner><p>KUALA LUMPUR (May 10): Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.</p></div>

<div class=newsTextDataWrapInner><p>In a technical tracker on Friday, the research house said that at its present valuation, Genting is undervalued as it does not sufficiently capture the potential recovery of both Genting Singapore (GENS) and Genting Malaysia Bhd (KL:GENM).</p></div>

<div class=newsTextDataWrapInner><p>“Moreover, Genting is currently trading at an 8% discount to the assessed value of its stake in GENS.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Genting is building a base at RM4.47-4.53 support region, with indicators showing uptick bias.</p></div>



<div class=newsTextDataWrapInner><p>“A successful breakout at RM4.60 will spur the share price towards RM4.79-4.86-4.95. Cut loss at RM4.36,” it said.</p></div>

<div class="mt-3 imgw-400 embed-left"><a class="mobx embedimg-icon" data-desc="" data-rel="ceolightbox" href="//myassets.theedgemalaysia.com/pics/2024/Genting-price-chart-10052024.png"><img alt="" src="//myassets.theedgemalaysia.com/pics/2024/Genting-price-chart-10052024.png" /></a></div>


Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

HLIB says Genting is undervalued, target price RM7.12

Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.

S P Setia, Dialog, Malakoff, TNB, Rohas Tecnic, Gamuda, Varia, Public Bank, RHB Bank, FGV, MBSB, Gas Malaysia, Sime Darby, Inari, MPI, Berjaya Food, Padini

Careplus Group Bhd (KL:CAREPLS) is expanding its footprint in Indonesia by acquiring a 9.09% stake in Indonesian glove maker PT Sintong Unigolden Glove (SUG) for RM3 million.

Careplus buys 9.09% stake in Indonesian glove maker for RM3m

Scheduled waste recycling company Tex Cycle Technology (M) Bhd (KL:TEXCYCL) said its subsidiary has been granted the rights to manufacture and distribute BiobiN systems in Malaysia, targeting improvements in waste conditioning in a closed environment.

Tex Cycle unit secures rights to make Australia's BiobiN systems in Malaysia

Chinese electric vehicle maker Xpeng priced the first model of its budget sub-brand MONA from US$16,813 (RM73,791) on Tuesday, wedging into the mainstream but highly competitive segment of the world's largest auto market.

China's Xpeng prices its first budget EV from US$16,813

Dialog Group Bhd (KL:DIALOG) is selling its entire stake in its Saudi Arabian joint venture (JV), Dialog Jubail Supply Base Company Ltd (DJSB), for 47.5 million Saudi riyals (about RM55 million) to its JV partner.

Dialog sells Saudi unit to JV partner for RM55m

The Panama Canal is lifting restrictions that caused a global shipping bottleneck as water levels normalise after a severe drought. The Panama Canal Authority increased the draft in the waterway to a maximum 50 feet and will allow 36 vessels a day to transit after recent rains lifted water levels at an artificial lake that forms part of the canal system, administrator Ricaurte Vasquez told reporters Monday.

Panama Canal eases limits that caused global shipping bottleneck

Cahya Mata Sarawak Bhd (KL:CMSB) said on Tuesday its second quarter net profit jumped 26.6% year on year, driven by stronger gross profit margin in its cement and oiltools divisions due to lower clinker cost and the sale of higher margin products.

Cahya Mata reports over 26% 2Q profit jump on stronger profit margin

Varia Bhd (KL:VARIA), previously known as Stella Holdings Bhd, has secured a RM410.3 million flood mitigation project in Segamat, Johor.

Varia bags RM410m flood mitigation project in Johor

Wall Street's main indexes were lower on Tuesday, weighed down by tech-related stocks, as caution prevailed ahead of a highly anticipated earnings report from Nvidia and crucial economic data expected later in the week.

Wall Street drops on caution ahead of Nvidia results, economic data

US consumer confidence rose in August, but Americans are becoming more anxious about the labour market. The Conference Board said on Tuesday its consumer confidence index increased to 103.3 this month from an upwardly revised 101.9 in July.

US consumer confidence rises in August

<p>KUALA LUMPUR (Aug 27): Property developer S P Setia Bhd (KL:SPSETIA) says it has initiated legal action against its former senior management and a former director of the group, over alleged breaches of duties linked to the purchase of lands in Kota Kinabalu, Sabah, under the group’s Aeropod project.</p>


S P Setia sues former senior management and a former director for alleged breaches of duties 

<p>KUALA LUMPUR (Aug 27): Former two-time prime minister Tun Mahathir Mohamad told the court on Tuesday that he is not embarrassed to admit that he has Indian ancestry, but that does not negate the fact that he is a Malay.</p>


Tun M not ashamed to admit he has Indian blood, says he is still Malay

<p>Nestlé (Malaysia) Bhd’s (KL:NESTLE) share price has fallen below the RM100-mark after 10 consecutive days of decline, wiping out RM2.36 billion of the company’s market capitalisation.</p>


Nestlé Malaysia falls below RM100-mark for first time in over six years

<p>99 Speed Mart Retail Holdings Bhd (KL:99SMART) has fixed its institutional and final retail price under its initial public offering (IPO) at RM1.65 per share.</p>


99 Speed Mart’s final retail price under IPO fixed at RM1.65

<p>RHB Bank Bhd (KL:RHBBANK), Malaysia’s fourth largest bank by assets, said on Tuesday that its net profit fell by 11% in the second quarter from a year earlier, dragged by provisions.</p>


RHB Bank’s 2Q net profit down 11%, declares 15 sen dividend

<p>Shares of cocoa manufacturer Guan Chong Berhad (KL:GCB) fell as much as 16.12% or 54 sen from Monday’s close of RM3.35 on Tuesday, following weaker-than-expected financial results for its second quarter ended June 30 (2QFY2024).</p>


Guan Chong falls 16% on earnings miss, short-selling suspended

<p>Steel Hawk Bhd's initial public offering (IPO) in conjunction with its transfer from the LEAP Market to the ACE Market saw its offer to the Malaysian public oversubscribed by 276.83 times.</p>


O&G unit Steel Hawk’s ACE Market IPO oversubscribed by 276.83 times

<p>Malaysia must keep the door open for further monetary policy tightening to tamp down any price pressures as the government winds down subsidies, according to the Organisation for Economic Cooperation and Development (OECD).</p>


Malaysia must be ready to hike rates to curb prices, OECD says

<p>DATUK Loh Yuen Tuck, who was suspended as CEO of developer Sentoria Group Bhd (KL:SNTORIA) at the end of May and reinstated at the end of June, has stepped down, citing constructive dismissal as the reason.</p>

<p>Sentoria, however, has not made any announcements pertaining to Loh’s departure ...

Sentoria CEO departs on constructive dismissal, adding a new twist to feud

<p>One of the last remaining bright spots for Chinese consumption is rapidly fading as the nation’s economic malaise takes a toll on demand for even the most accessible of goods.</p>


PDD’s US$55b stock crash sends warning on China economy

<p>Bermaz Auto Bhd (KL: BAUTO), which on Tuesday introduced Chinese electronic vehicle (EV) XPeng G6 to the Malaysian market, said the group will prioritise building the brand presence of the latest model over sales or profits in the near term,&nbsp;according to Bermaz group chief executive officer Datuk Francis Lee Kok Chuan.</p>


Bermaz Auto introduces XPeng G6 in Malaysia, focuses on brand presence over immediate profit

<p>FGV Holdings Bhd (KL:FGV) has returned to the black with a net profit of RM86.38 million in the second quarter ended June 30, 2024 (2QFY2024) compared with a net loss of RM12.9 million a year earlier, on higher profits in the plantation, and logistics and support divisions.</p>


FGV returns to the black in 2Q, driven by plantation, logistics and support divisions

<p>Malaysian shares rose on Tuesday to outperform other Southeast Asian markets as a slew of upbeat corporate earnings results lifted sentiment, while most currencies in the region weakened as fears of a wider Middle East conflict dampened risk appetite.</p>


Malaysian stocks outperform on earnings cheer; Asian currencies drop

<p>Malakoff Corp Bhd (KL:MALAKOF) said on Tuesday that its wholly owned subsidiary Prai Power Sdn Bhd has received a one-year extension to its power purchase agreement (PPA) from Tenaga Nasional Bhd (KL:TENAGA).</p>


Malakoff’s 350MW Prai power plant gets one-year PPA extension

<p>KUALA LUMPUR (Aug 27): OSK Holdings Bhd (KL:OSK) posted a net profit of RM128.7 million or 6.24 sen per share for its second quarter ended June 30, 2024 (2QFY2024), down nearly 2% from RM131.04 million or 6.35 sen a year ago.</p>


OSK Holdings’ 2Q earnings slip on slowdown in industries segment, declares three sen interim dividend

<p>THE mutual decision by IJM Corp Bhd (KL:IJM) and Pestech International Bhd (KL:PESTECH) to call off their plans to have IJM purchase a 44.83% stake in engineering outfit Pestech will not result in any loss to the construction giant, according to analysts. Under the deal, IJM would have spent RM12...

No loss for IJM Corp in aborted Pestech deal

<p>DATA centres are critical infrastructure in the development of an ecosystem for the digital economy and their spinoff effects are huge, says Minister of Digital Gobind Singh Deo.</p>

<p>In an interview with The Edge, he says many of the solutions needed today — whether by governments or compan...

Special Report: Data centres crucial to draw investments

<p>Malaysian Pacific Industries Bhd’s (KL:MPI) saw its fourth quarter net profit surge nearly 11-fold year-on-year (y-o-y), thanks to higher revenue from its Asia and Europe market segments, as well as a reversal from its executive share scheme provision during the quarter.</p>


MPI’s 4Q net profit up nearly 11-fold to RM83m, highest in two years

<p>Parties to government contracts are entitled to reap the benefits of what was contracted for, but must equally be prepared to bear liabilities or suffer losses that may result from their contractual obligations.</p>


Court cautions parties to govt contracts to also be prepared to suffer liabilities

<p>Residents association Persatuan Petaling Jaya Lestari has asked both Putrajaya and the Selangor state government to be transparent on whether the Petaling Jaya Dispersal Link (PJD Link) highway or any project with similar alignment is still on the cards.&nbsp;</p>
