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Malaysia Morning Wrap | Johor Plantations Optimistic as Strong CPO Prices Drive Profit Growth

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Moomoo News MY wrote a column · Nov 14, 2024 08:15
Good morning mooers! Here are things you need to know about today's market:
● S&P 500 Ends Nearly Flat After Volatile Day
● Malaysia Records an 8% Decline in New Vehicle Sales for October
● MIDA Identifies 12 Egyptian Firms Keen on Investing in Malaysia
● Stocks to Watch: Johor Plantations, United Plantations, VSTECS, etc.
- Moomoo News MY
Malaysia Morning Wrap | Johor Plantations Optimistic as Strong CPO Prices Drive Profit Growth
Wall Street Summary
After a slow start, the S&P 500 was close to flat at the end of Wednesday. The major index climbed mid-day but then fell back to nearly unchanged. Bitcoin broke through all-time highs today before it too fell back to below $90k.Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded up 2 bps, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.11%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.21%.
Breaking News
Malaysia Records an 8% Decline in New Vehicle Sales for October
In October, Malaysia experienced an 8% decrease in new vehicle sales, dropping to 69,859 units compared to 76,173 units in the same month the previous year. This data was reported by the Malaysian Automotive Association (MAA), referring to the total industry volume (TIV). The breakdown shows passenger vehicles accounted for 64,322 units, a decrease of 6% from 68,721 units in the previous October. Meanwhile, sales of commercial vehicles plummeted by 26%, totaling 5,537 units compared to 7,452 units sold last year. Despite the downturn, October's TIV saw a significant boost of 20% from September's figures, which stood at 58,032 units. This increase is attributed to year-end promotions and an extended working month.
MIDA Identifies 12 Egyptian Firms Keen on Investing in Malaysia
The Malaysian Investment Development Authority (MIDA), under the auspices of the Ministry of Investment, Trade and Industry (Miti), has pinpointed 12 prominent Egyptian manufacturing firms eager to explore investment avenues in Malaysia. The Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, noted that these companies are particularly interested in sectors such as pharmaceuticals, medical devices, aerospace, and petrochemicals. He elaborated that the interest from these leading Egyptian manufacturers was evident during a roundtable discussion, conducted in conjunction with Prime Minister Datuk Seri Anwar Ibrahim's recent state visit to Egypt, which concluded on Tuesday.
Stocks to Watch
$JPG (5323.MY)$ has expressed confidence for the remaining quarter of the year, buoyed by robust crude palm oil (CPO) prices. The company's net profit for the third quarter ending September 31, 2024 (3QFY2024) rose by 13% to RM77.1 million, primarily driven by increased sales volume and CPO prices compared to the previous year, according to an exchange filing. The company also announced a second interim dividend of 1.25 sen per share, to be distributed on December 17, 2024. Johor Plantations enjoyed an 18% increase in quarterly revenue to RM404.13 million. Over the first nine months of FY2024, the group's net profit surged by 69% to RM176.81 million, with revenue growing by 23% to reach RM1.05 billion.
$UTDPLT (2089.MY)$ reached a record high in its share price on Tuesday and declared a dividend of 60 sen per share, consisting of a 20 sen special dividend and a 40 sen interim dividend, alongside a one-for-two bonus issue. Despite this, the dividend amount for this period was lower than the previous year's 80 sen per share. The company's net profit for the third quarter ending September 30, 2024 (3QFY2024) decreased by 8.8% to RM215.03 million, down from RM235.68 million during the same period the previous year, impacted by a significant rise in operating expenses exceeding RM80 million. However, quarterly revenue saw a modest increase of 1.4%, reaching RM547.67 million in 3QFY2024 compared to RM540.16 million in 3QFY2023. For the nine-month period, United Plantations reported a 5.3% increase in net profit to RM533.84 million from RM506.79 million, with revenue rising by 6.8% to RM1.57 billion from RM1.47 billion.
$VSTECS (5162.MY)$ reported a substantial increase in revenue, reaching a record high of RM841.76 million in the third quarter ending September 30, 2024 (3QFY2024). This surge boosted its quarterly net profit by 54% to RM19.58 million, up from RM12.73 million in the previous year. The growth in earnings was fueled by a resurgence in both consumer and enterprise product sales and the introduction of new products. The company announced a first interim dividend of 2.8 sen per share, with payment scheduled for January 9. Over the first nine months of FY2024, VSTECS's net profit rose by 13.7% to RM49.13 million, while revenue increased by 8.5% to RM2.08 billion.
$SWIFT (5303.MY)$ experienced a significant drop in net profit, which decreased to RM5.77 million in the third quarter (3QFY2024), down nearly 80% from RM28.3 million a year earlier. This decline was attributed to the absence of a RM25.47 million gain from a bargain purchase recorded in the previous year and rising finance costs. The company did not declare a dividend for the quarter. However, revenue grew by 8.9% year-on-year to RM183.06 million. For the first nine months of FY2024, net profit decreased by 27% to RM35.25 million, despite a 7.5% increase in revenue to RM535.28 million.
$MHB (5186.MY)$ reported a return to profitability in the third quarter ending September 30, 2024 (3QFY2024). Quarterly revenue soared by 42% year-on-year to RM906.46 million, driven by enhanced performance in both its heavy engineering and marine divisions. The company posted a quarterly net profit of RM15.27 million, a significant turnaround from a net loss of RM105.21 million in 3QFY2023. No dividend was declared. For the first nine months of FY2024, the group achieved a net profit of RM99.61 million, compared to a net loss of RM490.37 million in the previous year, with revenue increasing to RM2.79 billion.
$ARMADA (5210.MY)$ announced that its floating production storage and offloading (FPSO) vessel, Armada TGT1, has been granted a two-year charter extension valued at US$74.4 million (RM330.93 million). The contract extension by Vietnam's Hoang Long Joint Operating Co is for operations at the Te Giac Trang field offshore Vietnam.
$DAYANG (5141.MY)$ has secured two additional contracts to provide comprehensive Malaysia-wide services to Petronas and its production sharing contractors. These contracts, covering offshore maintenance, construction, and modification (MCM), as well as hook-up and commissioning (HUC) services, pertain to Package A3 for the Sarawak asset (SKA Oil) and Package A5 for the Sabah asset (SBA Southern). The contract durations are set for five years starting September 27, 2024, with options for extensions.
$PASDEC (6912.MY)$ is poised to realize an estimated net gain of RM68.38 million from the proposed sale of its industrial land in Kuantan, Pahang, to Petroluxe Refinery (M) Sdn Bhd (PRSB) for RM73.5 million. The proceeds from this sale will be allocated for working capital requirements and debt reduction for ongoing and upcoming projects. The net book value of the property was approximately RM3.97 million as of the end of December 2023.
$SCIENTX (4731.MY)$, a leading provider of packaging solutions, has announced the establishment of a perpetual multi-currency Islamic medium-term notes program with a nominal value of RM1.5 billion. The company registered the Sukuk Wakalah Programme with the Securities Commission Malaysia this past Wednesday. The proceeds from the sukuk issuance are earmarked for financing and reimbursing capital expenditures. Additionally, the funds will be utilized to refinance both existing and future financing, investments, and working capital needs.
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. Read more
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