MY Morning Wrap | Bursa Malaysia Opens Higher on Tuesday

The broad $S&P 500 Index (.SPX.US)$ rose 0.4% Monday, and the $Nasdaq Composite Index (.IXIC.US)$ added 0.2%. The $Dow Jones Industrial Average (.DJI.US)$ gained 183.55, or 0.5%, its 11th consecutive day of gains.

$BETA (0263.MY)$ : Electronics manufacturing service provider Betamek Bhd has bagged a RM436.5 million contract to supply various electronic parts for Perusahaan Otomobil Kedua Sdn Bhd's (Perodua) new car model. Pursuant to the LOI from Perodua, the supply of the electronics parts is expected to commence in the fourth quarter of the financial year ending March 31, 2025. The contract, which is for a duration of six years.

$IJM (3336.MY)$: IJM Corp Bhd is taking up a 44.83% stake in Pestech International Bhd for RM124 million via a restricted issue, marking the construction group's entry into the energy transmission sector. IJM has inked an agreement with Pestech for the subscription of 800 million shares in Pestech at 15.5 sen per share, which represents a discount of 47.46% over Pestech's last traded price of 29.5 sen, and a discount of 48.98% over the five-day volume weighted average market price of 30.38 sen up to July 21.

$JAG (0024.MY)$: Jaring Metal Industries Sdn Bhd (JMI) , a wholly-owned subsidiary of JAG Bhd has signed an agreement with Infineon Technologies (Malaysia) Sdn Bhd to provide total waste management services for a period of three years valued at RM150 million. JMI will manage all types of waste or by-products generated from Infineon's production activities, including scheduled waste (such as electrical and electronic waste, process-related waste and maintenance-related waste), non-scheduled waste and critical scrap.

$BAT (4162.MY)$: British American Tobacco Malaysia Bhd (BAT) posted a lower net profit of RM47.53 million for the second quarter ended June 30, 2023 (2QFY2023), down 35.11% from the RM73.25 million it made in 2QFY2022, despite higher revenue, as the group increased its investments towards launching vapour products, which hiked up its operating expenses to RM100.8 million from RM60.58 million previously. Quarterly revenue was at RM678.12 million, up 6.38% from RM637.46 million. The tobacco group declared a second interim dividend of 16 sen per share — down from 25 sen offered in the same period last year — that amounted to RM45.7 million, payable on Aug 22, 2023.

$UTDPLT (2089.MY)$: United Plantations Bhd's net profit for the second quarter ended June 30, 2023 (2QFY2023) fell 13.87% to RM159.02 million from RM184.63 million a year ago on lower revenue. Quarterly revenue declined 32.96% to RM470.07 million from RM701.26 million due to the lower revenues for the plantation and refinery segments, arising from lower crude palm oil and palm kernel production and lower average prices.