News by Surin Murugiah

Hong Leong Investment Bank (HLIB) has maintained its “overweight” rating on the construction sector and said first quarter of 2024 (1Q2024) domestic contract awards totalled RM6.96 billion, which is up 45% quarter on quarter (q-o-q) but down 3% year-on-year (y-o-y).

RHB Retail Research said Bina Darulaman Bhd is poised to resume its uptrend after Wednesday’s retreat from the recent breakout — maintaining above the rising 21-day simple moving average (SMA) line.

Kenanga Research has maintained its “underperform” rating on Star Media Group Bhd at 42 sen with an unchanged target price of 31 sen and said Star Media is pivoting towards real estate and offering niche weekly publications.

RHB Retail Research Crescendo Corp Bhd is poised to extend the upside movement after staging a bullish breakout.

RHB Retail Research said UEM Sunrise Bhd is set for an uptrend continuation after breaching above the RM1.18 immediate resistance on stronger trading volume.

Epicon Bhd said its total outstanding order book has currently risen to RM929 million, from RM840 million as at March 18, 2024, after it secured a letter of award (LOA) for a construction contract worth RM89.1 million.

The developer said that with a total gross development value of RM1.6 billion, Wyndham Ion Majestic Hotel’s first phase is slated for a soft opening in the second quarter of this year.

The company said its unit Crest Builder Sdn Bhd has accepted a letter of award for the construction of the Sunway Velocity 3 commercial development in Kuala Lumpur.

Bina Darulaman Bhd's (BDB) net profit for the financial year ended Dec 31, 2023 (FY2023) more than doubled to RM12.67 million or 4.17 sen per share, from RM5.59 million or 1.84 sen per share a year ago, on higher revenue due to improvements made by construction activities and the completion of initiatives from the property division.

Phillip Capital has maintained its “buy” rating on AME Elite Consortium Bhd at RM1.67 with a higher target price (TP) of RM2 (from RM1.96), saying the company’s 9MFY2024 results exceeded both house and consensus estimates.