News by Luqman Amin

Tuju Setia Bhd, a construction group, has appointed Tee Huei Tsyr as its new chief executive officer and Seon Yen Kong as its new chief operating officer (COO).

AmInvestment Bank Research expects YTL Hospitality REIT’s recent acquisition of Syeun Hotel in Ipoh to contribute a minimum net property income (NPI) of RM3.4 million to the group — representing only 1% of YTL REIT’s FY2024F NPI — based on a property yield of 6.1%, derived from the average property yield of its Malaysian assets.

Advancecon Holdings Bhd announced that its wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) has bagged a RM27.3 million contract from Mujur Minat Sdn Bhd to carry out site clearing and earthworks construction (stage 1) for the Gamuda Gardens Park mixed development project in Rawang, Selangor.

Shares of Rohas Tecnic Bhd rose 10 sen or 33.33% to 40 sen — its highest since closing at 40 sen in February 2021 — in active trade on Wednesday morning, following its announcement that a consortium led by the construction engineering group secured a contract worth RM199.84 million under the Johor Bahru–Singapore Rapid Transit System Link (RTS Link) project.

The research house said it anticipates a recovery in OSK’s property launches in 2024, as the group resolves some regulatory issues that have delayed several projects in 2023.

Market watchers have maintained their "buy" ratings on Gamuda Bhd, as they expect the engineering and construction group to deliver strong quarters ahead for the financial year ending July 31, 2024 (FY2024), on the back of a record-high order book and unbilled sales.

RHB Investment Bank Research (RHB IB) has upgraded its rating on IJM Corp Bhd (IJM) to “buy” at RM1.18, with a higher target price of RM2.21 (previously RM1.99) based on sum-of-the-parts valuation, following the group’s better-than-expected financial performance in the first half of financial year ended Sept 30, 2023 (1HFY2024).

Analysts have shrugged off any potential impact on KLCCP Stapled Group's prospects by the opening of the The Exchange TRX mall as well as inflationary pressures.

MIDF Research has downgraded AEON Co (M) Bhd to "neutral", with a lower target price of RM1.14 (previously RM1.40), based on an unchanged price-earnings ratio of 13.9 times, pegged at a lower earnings per share of 8.2 sen forecast for the financial year ending Dec 31, 2024 (FY2024).

Phillip Capital has maintained its "buy" rating on Lagenda Properties Bhd at RM1.20, with a lower revalued net asset value-derived target price of RM1.51 (from RM1.55 previously).