We expect a slower growth on NOVA’s performance as the group navigates the challenging post-Covid-19 landscape and global economic uncertainties and we believe NOVA’s target outlets of 1,200 may be tough to achieve in CY23. Nonetheless, NOVA remains committed to expand on the product portfolio and its market presence while striving for enhanced production efficiencies. Additionally, the group is working on introducing new programmes for its partners.

Hartalega Holdings Bhd’s (HARTA) 1QFY24 net loss stood at -RM52.5m vs. a net profit of RM88.3m recorded in the previous corresponding quarter, owing to the lower sales volume, normalising of average selling price (ASP) and one-off provision amounting to RM47.0m for the severance pay due to the decommissioning of Bestari Jaya plant. Revenue for the quarter decreased 48.0% YoY to RM515.7m.

Malaysia Smelting Corporation Bhd’s (MSC) 2QFY23 core net profit declined 27.9% YoY to RM28.4m, dragged down by weaker contribution from the tin mining segment that was impacted by lower average tin prices. Revenue for the quarter fell 20.0% YoY to RM327.0m.

We attended a virtual briefing with OM Holdings Ltd (OMH) and came away feeling reassured over their current operations and outlook. We gather that operations remained stable, which there was no major macroeconomic changes that impacted productions during the quarter.

To recap, Leong Hup International Bhd’s (LHI) 1Q23 core net profit rose 8.7% YoY to RM22.1m. Despite the reported earnings make up to only 10.0% of ours and consensus forecasts, we expect the recovery may take place in 2H23 given the reopening of international borders in China since January 2023 is likely to boost demand going forward. Also, the declining trend in 1H23 for the feed costs prices (soybean and maize) may provide upside potential in the earnings recovery.

Econpile Holdings Bhd's (ECONBHD) wholly-owned subsidiary, Econpile (M) Sdn Bhd has received a letter of award from Konzepte + Design Architects for and on behalf of Regal Path Sdn Bhd to undertake substructure works for 2 blocks of 47-storey serviced apartment comprising 453 units, with existing commercial development 1 block of 5-storey retail mall with 2 levels of basement parking.

Below expectation. UOAREIT’s 2Q23 core earnings came in at RM13.9m (-2.1% QoQ, -8.9% YoY), brought the 6M23 sum to RM28.1m (-8.0% YoY), which accounted for 45.6% and 42.7% of ours and consensus estimates. We downgrade from to HOLD (from BUY) recommendation on UOAREIT, with lower target price of RM1.20.

Established in 1989, MST Golf Group Berhad (MST) is principally engaged in the specialty retail and wholesale of golf equipment comprising golf clubs, golf balls and accessories and golf apparel in Malaysia and Singapore.