News by Surin Murugiah

Berjaya Corp Bhd (BCorp), which last week denied that its founder Tan Sri Vincent Tan Chee Yioun had participated in talks to revive a US$100 billion (RM477.60 billion) Forest City casino resort as reported recently, has lodged reports for the police to commence investigation into the above matter, specifically to, amongst others, ascertain and find out the purported “unnamed source” who disseminated complete untrue and false statements.

Berjaya Corp Bhd (BCorp) has denied that its founder Tan Sri Vincent Tan Chee Yioun participated in talks to revive a US$100 billion (RM477.60 billion) Forest City casino resort as reported recently.

He said the three tenders were worth about RM473 million in the provision of services for construction works for roads, pavements, bridges and flood mitigation systems.

Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.

Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.

The Sabah-based integrated property developer said the IPO comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.

Kumpulan Kitacon Bhd has secured a letter of award (LOA) of main building works for a contract worth RM134.8 million in Ijok, Selangor.

RHB Investment Bank (RHB IB) has maintained its “overweight” rating on the property sector and said it expects the sector to continue to be driven by: i) positive news flow on potential infrastructure projects; ii) active land transactions and iii) influx of investments, especially in the data centre, green energy and manufacturing sectors.

“We expect the rising momentum to steer the stock to trend higher and test the next level of resistance of 67.5 sen (R1), followed by 74 sen (R2)."

Apex Securities Bhd has initiated coverage on Matrix Concepts Holdings Bhd with a “buy” rating at RM1.82 and target price of RM2.14, based on a discount rate of 20% to the research house's revalued net asset value (RNAV).