News by M

Shares in Malaysian Resources Corp Bhd (KL:MRCB) fell on Friday, and nearly wiped out their gains this month, as the latest weaker-than-expected quarterly results prompted caution among investors and analysts.

The government said it will prioritise addressing the issue of unlicensed abandoned private housing projects, including by collaborating with stakeholders.

Malaysian Resources Corp Bhd (KL:MRCB) posted a 64.57% year-on-year (y-o-y) drop in its first quarter net profit due to lower sales and billings following the completion of two major projects.

Hong Leong Investment Bank (HLIB) Research has maintained its 'buy' rating for OSK Holdings Bhd (KL:OSK) at RM1.66, with a higher target price of RM2.21 (from RM2.16), and said OSK’s first-quarter core profit after tax and minority interest of RM122.8 million (+26.7% quarter-on-quarter; +6.4% year-on-year) was within house expectations, making up 26.4% of HLIB's full-year forecast.

IOI Properties Group Bhd’s (KL:IOIPG) net profit for its third quarter ended March 31, 2024 (3QFY2024) rose 90.9% to RM220.21 million from RM115.38 million a year earlier, mainly thanks to the completion of a land sale in Johor

Vizione Holdings Bhd (KL:VIZIONE), which is valued at RM73.72 million, has secured a RM750 million contract from a company partially owned by its directors for construction works on a mixed development in Gombak, Selangor.

MGB Bhd (KL:MGB), a subsidiary of LBS Bina Group Bhd (KL:LBS), marked the completion of the building structure of Idaman Melur in Cybersouth, Selangor, with a roof-topping ceremony on May 24. The project was completed a month ahead of schedule.

Phillip Capital has maintained its 'buy' rating for AME Elite Consortium Bhd (KL:AME) at RM1.71, with a higher target price of RM2.15 (from RM2), and said AME’s results were within both the house and consensus estimates for the financial year ended March 31, 2024 (FY2024).

Property developer Mah Sing Group Bhd (KL:MAHSING) announced it is setting up a joint venture to develop a data centre in Bangi, Selangor.

Real estate is becoming a new global currency amidst a predicted post-pandemic stagflation, said Juwai IQI chief economist Shan Saeed.