Malaysia Morning Wrap | BNASTRA Secures RM327.74 Million Construction Contract
Good morning mooers! Here are things you need to know about today's market:
● Despite pulling back during the day, the S&P 500 and Nasdaq hit new closing highs
● Over the past 18 months, Malaysia has approved investments totaling RM489.5 billion
● Analysts revise KLCI growth forecast after mixed 3Q, cut year-end target
● Stocks to Watch: TMK,Binastra Corp,Mah Sing,T7 Global,JF Technology etc.
- Moomoo News MY
Wall Street Summary
Despite pulling back during the day, the S&P 500 and Nasdaq hit new closing highs with the Nasdaq reaching an intraday trading high of 19,486.15. Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ climbed 0.05%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.17%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.40%.
Breaking News
Over the past 18 months, Malaysia has approved investments totaling RM489.5 billion
Deputy Minister Liew Chin Tong said that Malaysia has approved RM489.5 billion in investments across key sectors over the past 18 months. Of this, RM262.9 billion was invested, with 53% from foreign sources and the rest domestically. Penang topped foreign investments at RM65.9 billion, followed by Kedah, Kuala Lumpur, Johor, and Selangor. The ministry and Mida will continue to focus on attracting quality investments to boost economic activities, business opportunities, and high-value jobs.
Analysts revise KLCI growth forecast and cut year-end target after mixed 3Q
Analysts have lowered their earnings forecasts for Malaysian equities and the year-end target for the FBM KLCI due to mixed 3Q2024 results. UOB Kay Hian reduced its forecasts by 0.8% for 2024 and 1.7% for 2025, citing downgrades in plantation, consumer, and oil and gas shipping sectors, though healthcare and technology sectors saw upgrades.
TA Securities kept its FBM KLCI target at 1,690, remaining cautiously optimistic about local equities. Clearer macroeconomic factors and Malaysia’s strengths could boost investor sentiment in 2025, despite potential underperformance against the end-2024 target.
Stocks to Watch
$TMK (5330.MY)$ a chemical distributor that will be listed on the Bursa Malaysia Main Market on the 12th of this month, has received an oversubscription of 14.28 times in its initial public offering (IPO). TMK Chemical’s main business is comprehensive chemical management services, including procurement, processing and distribution of inorganic chemicals.
$BNASTRA (7195.MY)$ has secured a RM327.74 million contract to construct two 58-storey blocks of serviced apartments for The Vividz @ Bukit Jalil project, set to start on December 9, 2024, with a 42-month completion timeline. This win brings Binastra's new contract value for FY2025 to RM3.13 billion, expanding its total order book to RM3.83 billion.
$MAHSING (8583.MY)$ is purchasing 59.12 acres of prime land in Johor Bahru's Pulai district for RM62.98 million with an estimated GDV of RM463 million. Mah Sing has agreed to buy the freehold land from Hau Enterprise Sdn Bhd and its shareholders through its subsidiary Loyal Sierra Development Sdn Bhd.
$T7GLOBAL (7228.MY)$ has proposed a bonus issue of up to 197.35 million warrants, with one warrant for every five shares held by shareholders. Details regarding the entitlement date and exercise price will be announced subsequently, according to an exchange filing on Tuesday.
$JFTECH (0146.MY)$ plans to commence sales and distribution of its products in the US market by January 2025, through a cross-licensing agreement signed with US-based Ironwood Electronics in July. This agreement allows Ironwood to promote and sell JF Tech's products in the US, Europe, and other global markets.
$VS (6963.MY)$'s net profit for the quarter ended Oct 31, 2024, fell 37.53% to RM30.6 million due to lower sales orders, unfavorable forex rates, and higher labor costs. Revenue decreased by 2.58% to RM1.11 billion. The company declared a first interim dividend of 0.4 sen per share.
$SLVEST (0215.MY)$ plans to acquire a 30% stake in SIW Manufacturing Sdn Bhd for RM36 million to expand into clean energy and sustainable technology. The acquisition will be funded through internal funds and debt financing.
$MAGNI (7087.MY)$ has declared a special dividend of 20 sen per share and a second interim dividend of 3 sen per share, totaling 23 sen, following a 18.74% rise in net profit to RM25.87 million for the quarter ended Oct 31, 2024. This compares to an interim payout of 2.2 sen in the same period last year. The increased dividends are attributed to higher profits from its garment business, despite weaker performance in other segments.
$MMAG (0034.MY)$ has advanced its recovery efforts by partnering with Malaysia Airlines Bhd. Its subsidiary, MJets Air Sdn Bhd, has accepted a letter of award to operate as the exclusive narrow-body freighter operator for MAB Kargo Sdn Bhd (MASKargo), the cargo division of Malaysia Airlines, for the entire year of 2025. Both companies are part of the Malaysia Aviation Group Bhd.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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103285046 : 327.74b or m?
believe is m :)
104088143 : Good
zharif96 : Lol 327.74 Billion
Jia Xuit :
bangbang666 zharif96 : million![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Muhammad Aris 103285046 : Hahaha right? My eyes popped out when notification coming with rm300 billion
103285046 Muhammad Aris : i was shocked when I see thr notification when I was driving. I'm like?! Binastra 300b project?!
MOHD ABDULLAH : ok
104327919 : good