Malaysia Morning Wrap | Tesla’s Stock Soared by 7.36% to $462.28 on Christmas Eve

$S&P 500 Index (.SPX.US)$ 6040.04(+1.10%)

$Dow Jones Industrial Average (.DJI.US)$ 43297.03(+0.91%)

$Nasdaq Composite Index (.IXIC.US)$ 20031.13(+1.35%)

Stocks closed higher on Tuesday in a quiet session that ended early due to the Christmas Eve holiday. Despite low trading volumes, all three of Wall Street's main indices managed to gain around 1%. $Tesla (TSLA.US)$ rose by 7.36% to $462.28. Markets also closed all day on Wednesday for Christmas Day.

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1602.99 (+0.43%)

Top Gainer: $YTLPOWR (6742.MY)$ RM4.19 (+1.95%)

Top Loser: $HLBANK (5819.MY)$ RM20.20 (-0.69%)

Coastal Contracts Bhd $COASTAL (5071.MY)$ is diversifying into the renewable-energy sector with a maiden solar project, as reported by RHB Research, which maintains a "buy" recommendation with a target price of RM1.67. The company, along with subsidiaries and a consortium partner, received an offer acceptance from the Energy Commission of Sabah to develop a 15MWac solar plant, with Coastal Contracts holding a 95% stake. The project, expected to commence operations by mid-2027, is estimated to generate annual earnings of RM2-3 million and an IRR of 10-12%. This strategic move is seen as a positive step towards reducing reliance on traditional income sources and aligning with the government's green energy initiatives.

Genting's $GENTING (3182.MY)$ earnings momentum is set to gain from Chinese tourist rebound and potential US and Thai casino licenses. Philip Capital Research, maintaining an "overweight" stance, anticipates a significant earnings boost, especially if Genting secures a New York casino license, which could add RM250mil to RM320mil to Ebitda in 2026. The research house values Genting's stock between RM1.06 and RM2.64 per share, considering its 20% stake in TauRx Pharmaceuticals Ltd's dementia drug development. With Genting expected to show 24% earnings growth and Genting Malaysia $GENM (4715.MY)$ 18% in 2025, the focus is on Genting's multifaceted growth and valuation, trading at 5.5 times enterprise value to Ebitda.