News by Surin Murugiah

NCT Alliance Bhd (NCT) posted a net profit of RM9.3 million in its second quarter ended June 30, 2023, on the back of a 20% increase in revenue to RM58.4 million.

The research house said the demand for affordable housing remains neglected while unsold units in other segments remain high as they exceed affordability levels.

Genting Group’s Resorts World Sentosa (RWS) is set to benefit from the return of Chinese travellers, according to industry magazine Inside Asian Gaming (IAG).

The research house has maintained its “add” rating on Malayan Cement at RM3.25 with a higher target price of RM5.55 (from RM5.08) and raised the company’s earnings per share by 4% for the financial year 2023 (FY2023), by 32% for FY2024 and by 29% for FY2025.

MIDF Research said that given the moderate growth in the construction and services sectors as well as weaker industrial product index, this will translate into more moderate growth in the second quarter of 2023 (2Q2023).

Property developer Ibraco Bhd has secured a contract worth RM529.83 million to build the Sarawak Second Trunk Road.

Bina Puri Holdings Bhd’s joint venture company has secured a sub-contract worth RM72.85 million under a Public Works Department project in Mukah.

Penang-based Ideal Property Group has inked a memorandum of understanding with lithium battery separator industry player ShenZhen Senior Technology Material Co Ltd to develop Penang Technology Park (PTP)@ Bertam.

RHB Investment Bank research has maintained its “overweight” rating on the property sector and said it remains upbeat on the sector, given positive news flow that could lift market sentiment, including the revival of major infrastructure projects, a potential review of the Malaysia My Second Home (MM2H) programme, other potential catalytic developments, as well as a stable interest rate outlook.

The company said Scientex Lestari proposes to develop the land into a mixed-development property, consisting of approximately 7,000 affordable houses.