MY Morning Wrap | 99 Speed Mart Reports Strong Quarterly Growth
Good morning mooers! Here are things you need to know about today's market:
● U.S. Stock Markets Closed on Labor Day
● Revitalization Anticipated for Malaysia's Manufacturing Sector Post-August Downturn
● Proposed Budget 2025: Calls for Lower Corporate Tax and Sector-Specific Incentives
● Stocks to watch: 99SMART, KENANGA, OVH, PEKAT, etc.
- Moomoo News MY
Breaking News
Revitalization Anticipated for Malaysia's Manufacturing Sector Post-August Downturn
Despite a slight downturn in Malaysia's manufacturing activity during August, economic analysts predict a robust recovery in the sector. According to S&P Global, the entity responsible for compiling the Purchasing Managers' Index (PMI) surveys, Malaysia's seasonally adjusted manufacturing PMI held steady at 49.7 in August. A PMI value above 50 signifies growth in manufacturing activities, whereas a value below 50 suggests a contraction. Looking ahead, businesses remain optimistic, anticipating enhanced production levels in the forthcoming year.
Proposed Budget 2025: Calls for Lower Corporate Tax and Sector-Specific Incentives
The Federation of Malaysian Manufacturers (FMM) has appealed to the government to reduce corporate tax rates in the forthcoming Budget 2025. This step is crucial to preserving Malaysia's competitive edge in attracting international investments. FMM President Tan Sri Soh Thian Lai emphasized that its members are also advocating for the expansion of tax incentives. These incentives are aimed at spurring growth in vital areas such as technology, manufacturing, and green energy. This strategic focus is intended to synchronize with global movements towards innovation and economic diversification.
Stocks to Watch
$DRBHCOM (1619.BMS)$ announced it has received a tax assessment notice from the Inland Revenue Board (LHDN) demanding RM246.25 million for the 2020 assessment year. LHDN has reassessed the transaction, classifying "the disposal of a long-term investment held in a subsidiary as income," according to the company. This assessment pertains to DRB-Hicom's divestiture of a 97.37% share in Alam Flora Sdn Bhd, which was owned by its wholly-owned subsidiary, DRB-Hicom Holdings Bhd, for 24 years and concluded in December 2019. The company plans to appeal and may pursue legal action against the assessment.
$BNASTRA (7195.BMS)$, previously known as Comintel Corp Bhd, has been awarded a RM235.5 million contract by Mightyprop Sdn Bhd. The agreement involves constructing a 39-story serviced apartment in Petaling Jaya, Selangor. This contract elevates Binastra's total new contracts for the year to RM1.6 billion, with an outstanding order book worth RM2.5 billion as of September 2.
$ECONBHD (5253.BMS)$ secured a RM71.2 million contract from Platinum Victory Property Sdn Bhd for demolition, substructure, and basement work on a 55-story building on Jalan Sultan Ismail, Kuala Lumpur. The project, to be undertaken by its wholly-owned subsidiary Econpile (M) Sdn Bhd, is expected to be completed within 28 months starting September 2.
$PEKAT (0233.BMS)$'s indirectly-owned entity, Solaroo RE (Maldives) Pvt Ltd, has secured a 10-year contract valued at US$6.9 million (approximately RM30 million) to provide solar-generated electricity to Sun Investments Pvt Ltd in Maldives. The project at Sun Siyam Vilu Reef involves designing, building, and operating a solar system with a 1,727-kilowatt peak (kWp) and a 1,398-kilowatt-hour (kWh) battery storage system. The contract's value is based on the anticipated generation of about 25.45 million kWh over the period.
$FGV (5222.BMS)$ has announced the departure of its group CEO, Datuk Mohd Nazrul Izam Mansor, effective September 1, following the end of his three-year tenure. Datuk Mohd Hairul Abdul Hamid, the group's CFO since January 2019, has been appointed as the acting group CEO.
$KENANGA (6483.BMS)$ has purchased an 8% stake in Singapore-based fintech company Helicap Pte Ltd. Helicap operates a platform specializing in private credit across Southeast Asia, supported by a proprietary credit analytics engine. The acquisition is part of Kenanga's strategic digital advancement efforts.
$OVH (0220.BMS)$ experienced a notable transaction involving 97.93 million shares, or a 23.32% stake, traded at 20.4 sen per share, totaling RM19.98 million. This off-market transaction occurred at a premium of 16.57% over the closing price, suggesting a potential shift in control of the upstream oil and gas service provider.
Set to debut on the Main Market of Bursa Malaysia on September 9, $99SMART (5326.BMS)$ Retail Holdings Bhd disclosed a 66.3% increase in its net profit for the second quarter, reaching RM125.53 million, up from RM75.49 million the previous year. This growth was fueled by an 8.2% revenue increase to RM2.42 billion, driven by the addition of 59 new outlets, raising the total to 2,646 as of June 30, 2024. No dividend was declared for the quarter.
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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