Malaysia Morning Wrap | Gamuda Wins RM451.4 Million Contract for Cyberjaya Data Centre Construction

Moomoo News MY wrote a column · Nov 4, 2024 08:28

Good morning mooers! Here are things you need to know about today's market:

● Wall Street's November Starts with a Climb to end Tough Week

● Prime Minister Anwar Ibrahim to Embark on Four-Day Official Visit to China

● Two Ex-Managers Detained in MACC Investigation of Paddy Fertilizer Cartel

● Stocks to Watch: Gamuda, Parkwood, YNH Property, etc.

- Moomoo News MY

Malaysia Morning Wrap | Gamuda Wins RM451.4 Million Contract for Cyberjaya Data Centre Construction

Wall Street Summary

The market climbed to start the month of November despite a shockingly light non-farm labor number- the U.S. added just 12,000 jobs in the past month, 100k lower than estimated. However, the unemployment rate did not rise, and the report mentioned the disruptions caused by hurricanes and strikes as one-time events. After 4pm ET on Friday, the $S&P 500 Index (.SPX.US)$ traded +41 bps, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.69% and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.80%. All three indexes ended October down about 0.5-1.3%.

Breaking News

Prime Minister Anwar Ibrahim to Embark on Four-Day Official Visit to China

Malaysian Prime Minister Datuk Seri Anwar Ibrahim is scheduled for an official four-day visit to China from November 4 to November 7, 2024. This visit comes at the invitation of Chinese Premier Li Qiang, primarily to participate in the "7th China International Import Expo" (7th CIIE) in Shanghai. The Malaysian Foreign Ministry announced on Sunday that Malaysia has been honored as the country of distinction at this year's 7th CIIE. Joining Prime Minister Anwar on this trip will be Minister of Foreign Affairs Datuk Seri Mohamad Hasan, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz, and Minister of Human Resources Steven Sim Chee Keong.

Two Ex-Managers Detained in MACC Investigation of Paddy Fertilizer Cartel

The Malaysian Anti-Corruption Commission (MACC) detained two former general managers from an agricultural organization on Saturday. The arrests were part of an investigation into power abuse linked to a fertilizer procurement cartel, which is estimated to involve around RM60 million. An MACC source revealed that the suspects, both men aged between 50 and 60, were taken into custody at approximately 8:30 PM. They were arrested upon arriving at the MACC headquarters in Putrajaya to provide their statements.

Stocks to Watch

$GAMUDA (5398.MY)$ has been awarded a RM451.4 million contract to construct a data centre in Cyberjaya, covering foundational, civil, structural, and architectural works. The project, designated as a "fast-track project," is slated to start in December and conclude in early 2026. This initiative, undertaken by a wholly-owned subsidiary of Gamuda, will start contributing financially in the fiscal year ending July 31, 2025.

$PARKWD (2682.MY)$, through its subsidiary Parkwood Templers Sdn Bhd, has purchased five freehold land parcels in Rawang, totaling 32.3 acres, for RM30.9 million. Parkwood plans to develop these lands into a contemporary landed residential enclave, with a launch anticipated by the third quarter of 2026.

$YNHPROP (3158.MY)$ faces skepticism from its external auditor Morison LC PLT regarding its FY2024 financial statements. The auditor highlighted concerns over certain ventures and contracts, leading to significant reclassifications of financial items and pending outcomes from regulatory reviews and independent investigations.

$REXIT (0106.MY)$ has appointed LGMS Bhd’s unit, LE Global Services Sdn Bhd, as an independent cybersecurity audit firm. This move aims to strengthen data security following legal issues faced by major shareholders, and complements Rexit's thorough internal audit, which confirmed the resilience of its data security measures.

$TECHNAX (2739.MY)$ risks trading suspension if it fails to submit its overdue annual report by November 7. The report's delay, unexplained in its recent bourse filing, must be resolved to avoid suspension starting November 8.

$RGTBHD (9954.MY)$ is set to acquire two leasehold industrial plots in Simpang Ampat, Penang, for RM16.8 million. This strategic purchase aims to boost production efficiency and reduce logistics costs, with financing through bank loans and internal funds, slightly raising its gearing ratio.

$ARMADA (5210.MY)$ has landed a £50 million contract to provide a flare gas recovery system in the UK’s North Sea, signed with EnQuest Heather Ltd. This four-year project underscores Bumi Armada's engineering and construction capabilities in the region.

$KIMLUN (5171.MY)$ has won a RM128.52 million contract to upgrade a segment of the Senai-Desaru Expressway. The project, expected to complete by mid-2027, involves enhancing a critical transport link, from Jambatan Sg Johor to Sg. Semenchu.

$PTARAS (9598.MY)$ has secured two significant piling contracts in Singapore, worth approximately RM175 million, through its subsidiary Pintary Foundations Pte Ltd. These projects are slated to start this month, with durations of four and 30 months.

$MMAG (0034.MY)$ announced its aviation subsidiary, MMAG Aviation Consortium Sdn Bhd (MAC), has received approval from the Labuan Financial Services Authority to operate a leasing business. This approval facilitates MMAG Skyfleet Ltd, a dedicated entity, to manage aircraft leasing within the group.

Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE

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