Malaysia Morning Wrap | Top Glove Swings to Profit with Quarterly Revenue of RM885.59 Million

$S&P 500 Index (.SPX.US)$ : 5930.85(+1.09%)

$Dow Jones Industrial Average (.DJI.US)$ : 42840.26(+1.18%)

$Nasdaq Composite Index (.IXIC.US)$ : 19572.60(+1.03%)

$Berkshire Hathaway-A (BRK.A.US)$ increased holdings in $Occidental Petroleum (OXY.US)$, spending $409.2 million to acquire 8.9 million shares from 17th to 19th December.

$Trump Media & Technology (DJT.US)$'s stock fell 6% after President-elect Donald Trump transferred his stake in the company into a revocable trust. Trump transferred 115 million DJT shares worth more than $4 billion, accounting for about 53% of the total stock.

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$: 1591.41 (-0.54%)

Top Gainer: $PBBANK (1295.MY)$ : RM12.14 (+2.19%)

Top Loser: $PETDAG (5681.MY)$ : 19.02 (-4.23%)

$TOPGLOV (7113.MY)$ 's 1QFY2025 net profit rose to RM5.47 million from a RM57.71 million loss, with revenue up 79.5% to RM885.89 million. It forecasts a 60% increase in glove sales to 43 billion pieces in FY2025, aided by US tariffs on Chinese gloves.

$KENERGY (0307.MY)$'s FY2024 net profit hit a record high, jumping 44.5% to RM19.22 million from RM13.3 million in FY2023. Revenue rose 15% to RM113.1 million. 4QFY2024 net profit was stable at RM5.32 million, with revenue up 23.1% q-o-q to RM39.16m, driven by increased industrial process plant sales.

Hong Leong Investment Bank deemed the RM11 per share takeover offer for Malaysia Airports Holdings Bhd (MAHB) $AIRPORT (5014.MY)$ by Khazanah Nasional Bhd and Employees Provident Fund (EPF) as fair but below valuation. HLIB advised MAHB shareholders to accept, while MAHB's non-interested directors called it unfair and unreasonable, recommending rejection.