News by Surin Murugiah

Shares of IOI Properties Group Bhd extended its decline to their lowest in seven weeks amid concerns of rising debt after the developer announced its chief executive has proposed the joint development of Shenton House in Singapore.

CGS International said Econpile’s order book as at March amounted to RM400 million.

Maybank Investment Bank has maintained its “buy” rating on Gamuda Bhd (KL:GAMUDA) at RM6.44 and adjusted the company's FY2024E earnings by -5%, FY2025E earnings by +2% and FY2026E earnings by +3%.

... which in turn benefits the construction sector in terms of providing job replenishment opportunities.

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.

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).

OSK Holdings Bhd’s (KL:OSK) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 10% to RM122.93 million from RM115.09 million, on the back of a 10% rise in revenue to RM367.94 million, versus RM333.20 million.

The Ministry of Investment, Trade and Industry (Miti) said it had secured a commitment by Google to invest US$2 billion (RM9.4 billion) to house the first Google data centre and Google Cloud region in Malaysia.

Kerjaya Prospek Group Bhd’s (KL:KERJAYA) net profit for the first quarter ended March 31, 2024 grew 14% year-on-year to RM33.55 million from RM29.41 million on the back of a 13% rise in revenue to RM337.14 million versus RM297.25 million.

E&O said revenue for the full year rose to RM422.83 million from RM318.07 million.