Firm debut for QES Group, opens at 24.5 sen


From left are QES director Hoh Chee Mun, QES chairman Adnan Zainol, M&A Securities Sdn Bhd executive director and head of operations Goh Hock Jin, QES executive director Liew Soo Keang , QES managing director Chew Ne Weng and managing director of corporate finance of M&A Securities Datuk Bill Tan.

KUALA LUMPUR: QES Group Bhd made a firm debut on the ACE Market on Thursday, opening at 24.5 sen which was a premium of 5.5 sen over its offer price of 19 sen.

At 9.05am, it was trading at 22 sen, up three sen. There were 43.33 million shares done at prices ranging from 21.5 sen to 24.5 sen.

The FBM KLCI was up 1.26 points or  0.07% to 1,839.16. Turnover was 110.14 million shares valued at RM46.03mil. There were 120 gainers, 80 losers and 170 counters unchanged.

QES’s core business is the distribution of inspection, test and measurement equipment, materials and engineering solutions. 

QES also manufactures optical inspection equipment, automated handling equipment and advanced wafer measurement system. 

Kenanga Investment Bank Research has a trading buy on QES with a fair value of 26 sen, which is seven sen above its offer price of 19 sen.

Under the listing exercise, QES raised RM28.82mil from its public issue of 151.66 million new shares at 19 sen per share.

Its public offer of 37.92 million new shares to the public under its proposed listing on the ACE Market was oversubscribed by more than 19 times.

Click here for Kenanga Research's report: https://www.thestar.com.my/business/business-news/2018/03/08/kenanga-research-has-trading-buy-fv-of-26-sen-for-qes/

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Business News

Ringgit drops against greenback ahead of monetary policy meetings
Maybank IB Research raises Eco World Devt target price
Foreign net buying slow but steady on Bursa
Quick take: PMB Tech rises 8%, hit record high
Bursa extends downtrend in early trade
Quick take: Gadang rises on new RM100mil contract
Trading ideas: Gadang, Handal, Bioalpha, Revenue Group
Summary of top read business stories Sept 13 to 18
UK seeks to break down digital trade barriers
UK set for most widespread pay rises in over a decade

Stories You'll Enjoy


Vouchers