Malaysia Morning Wrap | CelcomDigi Revises Financial Outlook Downward Amid Rising Costs
Good morning mooers! Here are things you need to know about today's market:
● Mixed Market Performance as S&P 500 and Nasdaq Advance, Dow Declines
● Rafizi Highlights Talent Development as Core of Malaysia's 13th Plan for Economic Growth
● Malaysia Continues Anti-Palm Oil Campaign Efforts Despite Overseas Office Closures
● Stocks to Watch: CelcomDigi, Ajinomoto, Master Tec, etc.
- Moomoo News MY
Wall Street Summary
On Monday, the stock market showed mixed results with the S&P 500 and Nasdaq climbing, while the $Dow Jones Industrial Average (.DJI.US)$ experienced a slight decline. The $S&P 500 Index (.SPX.US)$ rose by 0.39%, and the $Nasdaq Composite Index (.IXIC.US)$ increased by 0.60%, contrasting with the Dow which fell by 0.13%. The decline in the Dow was influenced by concerns over Nvidia's upcoming earnings report, which is scheduled for Wednesday along with several other major companies.
Breaking News
Rafizi Highlights Talent Development as Core of Malaysia's 13th Plan for Economic Growth
Economy Minister Rafizi Ramli outlined the 13th Malaysia Plan (13MP), emphasizing talent development to support Malaysia's transition to a high-income economy by 2027-2028. Speaking in Kangar, he highlighted the need for a workforce skilled in high-technology to meet investor demands and support sectors beyond traditional manufacturing. The plan aims to evolve from "Made in Malaysia" to "Made by Malaysia", fostering innovation and reducing reliance on overseas employment.
Malaysia Continues Anti-Palm Oil Campaign Efforts Despite Overseas Office Closures
Deputy Plantation and Commodities Minister Datuk Chan Foong Hin confirmed that the closure of several Malaysian Palm Oil Board (MPOB) international offices will not hinder Malaysia’s efforts to combat the anti-palm oil campaigns and improve the commodity's perception globally. Despite the temporary shutdown of the MPOB office in Brussels and others in Tehran, Cairo, Washington DC, and Karachi, Malaysia will maintain its promotional activities and diplomatic engagements through the Malaysian Palm Oil Council (MPOC) and other regional offices. Chan highlighted that RM15 million has been allocated for these initiatives, focusing on consumer information campaigns and lobbying, especially in Europe. Additionally, he discussed incentives like tax exemptions to encourage local participation in agricommodity sectors, including the adoption of advanced agriculture technologies.
Stocks to Watch
$CDB (6947.MY)$ has adjusted its full-year guidance downwards after a 4.1% year-on-year decline in net profit during the third quarter of 2024 due to increased roaming costs, device subsidies, and 5G-related expenses. Despite a slight increase in revenue, the company now anticipates service revenue to be flat or slightly decreased and expects a low single-digit decrease in EBIT.
$AJI (2658.MY)$'s net profit surged by 76.66% in the second quarter of FY2025, bolstered by increased sales in both consumer and industrial segments and reduced costs for raw materials. The company's revenue also grew by 11.61%, reflecting strong market performance.
$MTEC (0295.MY)$: Despite a substantial 34.4% increase in revenue, Master Tec Group Bhd's net profit for the third quarter of FY2024 grew only by 3% due to a significant drop in operating profit margin from 14.1% to 9%.
$TMCLIFE (0101.MY)$ reported an 80.6% decrease in net profit in the first quarter of FY2025, driven by an 11.3% fall in revenue coupled with rising staff costs and other operating expenses.
$PTRANS (0186.MY)$ achieved a record high net profit in the third quarter of FY2024, increasing by 6.72% year-on-year, supported by enhanced fees from development services and increased rental income and revenue sharing from terminal tenants.
$UEMS (5148.MY)$ has received approval for a mixed-use development on a 0.49ha site in Perth, Australia, with projected tiered buildings and a potential gross development value of A$450 million.
$EATECH (5259.MY)$ has secured three valuable contract extensions worth RM63.9 million from Petronas for tugboat services and emergency standby vessel services, strengthening its orderbook.
$AWC (7579.MY)$ has been awarded a five-year RM48.57 million contract to provide facilities management and maintenance services at Menara Seri Wilayah in Putrajaya.
$JPG (5323.MY)$ has moved forward with its integrated sustainable palm oil complex in Kota Tinggi, appointing JL Projects Sdn Bhd as the project manager with a development budget of RM30.99 million.
$BJCORP (3395.MY)$ sold a 4.14% equity stake in REDtone Digital Bhd for RM29.76 million, booking a profit of RM7.68 million from the transaction.
$LAGENDA (7179.MY)$: Datuk Doh Tee Leong, a significant shareholder in Lagenda Properties and Epicon, has launched a takeover bid for Mercury Industries following the acquisition of a 59.88% stake, offering 90 sen per share for the remainder.
$MMAG (0034.MY)$: Following significant fundraising efforts, MMAG Holdings Bhd has been granted a waiver from GN3 status by Bursa Securities, despite recent financial challenges.
$PECCA (5271.MY)$ announced a special dividend of 1.5 sen per share, bringing the total payout for FY2024 to 6.5 sen per share, underscoring a strong commitment to shareholder returns.
$OMH (5298.MY)$ experienced minimal damage at its manganese alloys workshop due to an overflow incident but confirmed that it will maintain its annual production guidance for FY2024.
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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