News by Surin Murugiah

Maybank Investment Bank Research has upgraded S P Setia Bhd (SPSB) to “Buy” at 53 sen with an unchanged target price (TP) of 70 sen and said SPSB’s 1Q23 core net profit of RM50.3 million (-7.6% y-o-y, -49.3% q-o-q) was in line with estimates.

Mid Valley City will be closed until further notice after a fire incident on Wednesday (May 17) morning.

Berjaya Land Bhd (BLand) is venturing into the rail business with the launch of Berjaya Rail Sdn Bhd (Berjaya Rail), with intent to venture into the rail business, particularly in the high-speed rail project.

The NCT group of companies has inked a memorandum of understanding (MOU) with the Social Security Organisation (Socso) to promote employment and enhance talent acquisition in Selangor.

Gains from Genting Malaysia Bhd’s (GenM) planned disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald Land) for US$1.225 billion (RM5.433 billion) represent a large windfall for the company, according to Nomura.

Genting Malaysia Bhd (GenM) expects to realise an estimated gain on disposal of US$967 million (RM4.289 billion) from the disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald land) for US$1.225 billion.

Rashdan has given up all directorships effective immediately while his last day at Gamuda will be June 30.

GDB Holdings Bhd has claimed that its subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) was wrongfully terminated from 8 Conlay project.

Damansara Holdings Bhd's wholly owned subsidiary Damansara Realty (Johor) Sdn Bhd (DRJ) has failed in its bid for leave to seek a judicial review against the Director General of Inland Revenue’s (DGIR) decision in relation to an additional assessment, with costs of RM5,000 to be paid by DRJ to the Inland Revenue Board (IRB).

Hong Leong Investment Bank (HLIB) Research has maintained its “Buy” rating on Gamuda Bhd at RM4.14 with an unchanged target price (TP) of RM4.88  and said Gamuda reported 1HFY23 core PATAMI of RM385.0 million, slightly above house and consensus expectations at 52%/55% respectively.