Malaysia Morning Wrap | 3REN Gains 41% on ACE Market Debut

It was a roaring day on the stock market after Former President Trump became presumptive President Trump. In U.S. early morning hours, AP News called the election for Trump, who won nearly every swing state. Every major index ran past all-time highs, excluding the small-cap $Russell 2000 Index (.RUT.US)$, which flew 5% higher. The $Dow Jones Industrial Average (.DJI.US)$ climbed more than 1,000 points, the most in a single day since November 2022. $Bitcoin (BTC.CC)$ hit an intra-day high of $76,000. The $CBOE Volatility S&P 500 Index (.VIX.US)$ went the other way, falling 19.61% to 16.46.

After 4:03 p.m. ET, the Dow losed up 1,507 points (3.57%). The $S&P 500 Index (.SPX.US)$ closed up 2.53 %, and the $Nasdaq Composite Index (.IXIC.US)$ ended the day up 2.95%.

$3REN (0328.MY)$ surged 11.5 sen to close at 39.5 sen, marking a 41.07% increase from its IPO price of 28 sen on its ACE Market debut on Wednesday. The stock, which opened at 33.5 sen, traded between 33 sen and 40 sen throughout the day. By the close, 3REN Bhd was valued at RM256.8 million and emerged as the most actively traded stock on the local exchange with 181.04 million shares exchanged.

The Federal Court has rejected businesswoman Suriati Mohd Yusoff's appeal against a Court of Appeal decision that reversed a High Court ruling granting her RM200,000 in damages from CTOS Data Systems Sdn Bhd (CDS), a subsidiary of $CTOS (5301.MY)$. The Court, led by Tan Sri Abang Iskandar Abang Hashim, found the five legal questions presented did not merit a hearing. Suriati was also ordered to pay RM30,000 in costs to CDS.

$PHARMA (7081.MY)$ has updated its regularization plan by excluding warrants from its rights issue and reducing its capital by RM520 million to address its Practice Note 17 (PN17) status. The revised plan, which aims to raise up to RM353.516 million, eliminates the issuance of free warrants to avoid dilution risks. Previously, the plan included a RM180 million capital reduction and a rights issue intended to generate RM354.6 million.

$HUPSENG (5024.MY)$ announced a 32.65% year-over-year increase in net profit for the third quarter ended September 30, 2024 (3QFY2024), reaching RM17.27 million—its highest since listing in 2000. This increase, driven by enhanced production capacity and a new oven, saw quarterly revenue climb 10.87% to RM104.43 million. The company declared a second interim dividend of two sen per share alongside a special dividend of one sen per share.

$LCTITAN (5284.MY)$ experienced widened losses in 3QFY2024, totaling RM246.42 million, exacerbated by inventory write-downs and losses from Lotte Chemical USA Corp during a maintenance shutdown. Revenue slightly decreased to RM1.95 billion from RM1.96 billion due to lower sales volumes, despite higher product prices. The company did not declare a dividend for the quarter.

$DSONIC (5216.MY)$ announced plans for a bonus issue of up to 1.55 billion warrants on a one-for-two basis and detailed its ESOS allocations to key executives. The company will set the entitlement date and exercise price for the warrants later. The ESOS Committee will determine the number of options offered based on performance and contributions.

$HAILY (0237.MY)$ has been awarded a RM89.9 million contract by Mah Sing Group Bhd (KL:MAHSING) to construct terrace homes in Taman Tiara Indah, Johor Bharu. This contract raises Haily's total new project wins for 2024 to RM617.31 million, significantly surpassing the previous year's total of RM272.14 million.

AMMB Holdings Bhd's subsidiaries, $AMBANK (1015.MY)$ and AmBank Islamic Bhd, have initiated debt programmes to raise up to RM7 billion, aimed at supporting their working capital needs. The Commercial Papers Programme and Islamic Commercial Papers Programme are valued at RM4 billion and RM3 billion, respectively, and have received a P1 rating from RAM Rating Services Bhd.

$DXN (5318.MY)$ announced plans to lease a Gulfstream G550 corporate jet from its major shareholder LSJ Global Sdn Bhd, at an annual cost of up to US$6.60 million. The lease aims to support DXN’s global business expansion. LSJ Global, which owns LSJ Logistics Ltd and holds a 68.12% stake in DXN, is controlled by DXN's executive chairman Datuk Lim Siow Jin.

$JAKS (4723.MY)$ has committed to a settlement with Star Media Group Bhd (KL:STAR), agreeing to a payment of RM5 million in cash within 12 months. This agreement resolves their legal conflict concerning a land parcel in Section 13, Petaling Jaya. Furthermore, JAKS Resources is obligated to transfer the title of Tower A to Star Media within a three-year timeframe. Should JAKS Resources fail to complete the transfer by the specified deadline, it will incur a 5% annual interest on RM134.5 million payable to Star Media until the title transfer is finalized.