Malaysia Morning Wrap | 99 Speed Mart Net Profit Declines by 3.5% in Q3 FY2024 Due to One-off Costs

The major indices hit the trifecta as the Dow and S&P 500 headed for their best week in a year while the Nasdaq set a record. At 4:01 p.m. ET on Friday, after the $Dow Jones Industrial Average (.DJI.US)$ crossed 44,000 for the first time, and closed up 0.60% at 43,990. This represented the Dow's best week in a year. Also undergoing its best week, the $S&P 500 Index (.SPX.US)$ crossed the 6000 milestone intraday and closed up 0.38%, at 5995. This is a record-high close. While it lagged, the $Nasdaq Composite Index (.IXIC.US)$ reached an intraday record and closed up 0.09% to 19,286.

$MAXIS (6012.MY)$ announced a significant 28% increase in net profit for the third quarter ending September 30, 2024 (3QFY2024), reaching RM366 million, up from RM207 million in the prior year. This growth was fueled by an expanded subscriber base and reduced staff costs following earlier layoffs. Revenue rose by 5.5% to RM2.58 billion. Maxis declared a third interim dividend of four sen per share, culminating in a total of 12 sen for the nine-month period ending September 30, 2024 (9MFY2024), compared to a 16 sen per share payout in FY2023. The company reiterated its annual forecast, anticipating 'low' single-digit growth in service revenue and Ebitda, with capital expenditures staying below RM1 billion.

$99SMART (5326.MY)$ reported a 3.5% decrease in net profit for the third quarter ending September 30, 2024 (3QFY2024), totaling RM107.16 million, down from RM111.06 million a year prior. This decline was attributed to increased administrative and operating expenses, including one-off special staff bonuses and initial public offering listing costs amounting to RM23.2 million. Excluding these one-time expenses, the normalized net profit rose by 13.2% to RM126 million. Revenue increased by 8.8% to RM2.55 billion, driven by the addition of 51 new stores. No dividend was declared for the quarter.

$CARLSBG (2836.MY)$ reported a 19.8% increase in net profit for the third quarter ending September 30, 2024 (3QFY2024), amounting to RM90.96 million, up from RM75.94 million in the previous year. This improvement was supported by robust performance in Malaysia, where revenue grew by 14.2% to RM413.6 million. However, revenue from Singapore declined by 6% to RM142.4 million due to an unfavorable premium and channel mix. The company declared a third interim dividend of 23 sen per share, increasing the total year-to-date dividend to 65 sen per share.

$WPRTS (5246.MY)$ saw its net profit for the third quarter ending September 30, 2024 (3QFY2024) increase by 19.5% to RM233.1 million, up from RM195 million a year earlier, bolstered by higher container volumes. Revenue for the quarter rose by 5.6% to RM572.57 million. The port operator did not declare a dividend for the quarter as it focuses on funding expansion projects.

$PIE (7095.MY)$ reported a 56.7% decrease in net profit for the third quarter ending September 30, 2024 (3QFY2024), which stood at RM8.84 million compared to RM20.39 million in the same period last year. This decline was primarily due to reduced revenue from electronic manufacturing activities, foreign exchange losses, and increased administrative and distribution expenses. Revenue fell by 18.71% to RM244.5 million. No dividend was declared for the quarter.

$DPHARMA (7148.MY)$ reported a 73.9% increase in net profit for the third quarter ending September 30, 2024 (3QFY2024), reaching RM15.59 million, up from RM8.97 million a year earlier. This growth was driven by a 23.3% increase in revenue to RM208.73 million, fueled by heightened sales in key sectors, especially public health. No dividend was declared for the quarter.

$MILUX (7935.MY)$ received an unconditional mandatory takeover offer from ABS Capital Sdn Bhd to acquire all remaining shares at 43.2 sen per share. The offer followed ABS's acquisition of a 63.88%

$HAWK (0320.MY)$ has been awarded a three-year subcontract by Petra Energy Bhd (KL:PENERGY) to maintain and repair offshore living quarters at EPOMS facilities in Sarawak. The subcontract, which operates on a call-out basis, does not have a predetermined value and includes a potential two-year extension. This contract was secured by Steel Hawk's subsidiary, Steel Hawk Engineering Sdn Bhd, through Petra Energy's Petra Resources Sdn Bhd.

$FAJAR (7047.MY)$ has withdrawn from the Residensi Cemara affordable housing project in Putrajaya, valued at RM192 million. The company did not disclose the reason for the withdrawal. Perbadanan Putrajaya has acknowledged the withdrawal of Fajarbaru’s subsidiary, Fajarbaru Land (M) Sdn Bhd, from the project.

$JFTECH (0146.MY)$ is set to purchase stakes in two Singapore-based companies, Transcend Technologies (S) Pte Ltd and Transcend Tech Asia Pacific Pte Ltd (TTAP), for a total of S$6 million (RM19.91 million), and an 80% stake in Q3 Probe Pte Ltd for US$1.36 million (RM5.96 million). These acquisitions, which include a profit guarantee, aim to broaden JF Tech’s global market presence.

$SCABLE (5170.MY)$ has announced a suspension of share trading starting November 18, pending a judicial management hearing on November 20. If the court denies the management order, trading will resume immediately; otherwise, it will remain suspended as per the court’s decision.

$REDTONE (0032.MY)$ has sold 1.12 million shares of HeiTech Padu Bhd (KL:HTPADU), reducing its ownership to 4.93%. This sale marks REDtone's exit as a substantial shareholder, as noted in a recent stock exchange filing.

$CYPARK (5184.MY)$ has reported the resignation of CFO Vinie Chong Pui Ling, effective December 31, 2024. Appointed on August 15, Chong is resigning to pursue other interests, the company stated.