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KUALA LUMPUR (March 26): Kenanga Investment Bank Bhd (Kenanga IB) remains “neutral” on the technology sector’s medium-term outlook, as it expects the recovery momentum to take place gradually.
As the second quarter approaches, Rakuten Trade is bullish on the banking, construction, telecommunications (telco) and semiconductor industries for the rest of 2024, as it sees the benchmark index FBM KLCI recovering to 1,660 points by the end of the year.
The Securities Commission Malaysia (SC)’s Audit Oversight Board (AOB) has publicly reprimanded Nexia SSY PLT (AF 2009) and its audit partners, namely Michelle Yong Voon Sze and Jayapalasingam A/L Kandiah.
GEORGE TOWN: PIE Industrial Bhd’s two new plants in Seberang Jaya, Penang, which will contribute positively to its growth, will start operations this year.
RHB Retail Research said PIE Industrial Bhd is poised to extend its upside movement after breaking past the immediate resistance with strong volume, ie the RM3.30 resistance, thereby charting a long bullish candlestick.
PIE Industrial Bhd’s net profit rose 5.81% to RM29.69 million for the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM28.06 million a year earlier, mainly due to higher investment income and forex gains, coupled with lower costs.
THE technology sector could be in for an upcycle after languishing in the past 18 to 20 months on tepid demand, and analysts believe that selected electronic manufacturing services (EMS) firms are set to ride the tech wave, a projected global slowdown notwithstanding .
Kenanga Research ...
Kenanga Research holds a "neutral" position on the technology sector despite projecting a global upturn with a 13.1% increase in global semiconductor sales, as the decreasing trend of contraction suggests a cycle bottom and meaningful recovery by the second half of 2024 (2H2024).
GEORGE TOWN: The worst may be over for local electrical and electronics (E&E) companies supporting the artificial intelligence (AI), medical technology devices, automotive, cloud computing and aerospace sectors.
PIE Industrial Bhd 99.99% owned subsidiary Pan International Electronics (Thailand) Co Ltd (PIT) has entered into a subscription agreement with Pan International Industrial Corp (PIIC) for the issuance of 4.09 million new ordinary shares at 50 baht per share, raising a total of RM27.14mil.