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-- 47.910 MY Morning Wrap | AmBank Grants RM158.5 Million Financing to EXSIM's Branniganz Suites
Good morning mooers! Here are things you need to know about today's market:
●US stocks decline as economic resilience forces investors to temper rate cut expectations
●Manulife IM says Malaysia's reforms and fiscal consolidation will strengthen macro foundation
●Maybank IB Research says disciplined replanting and M&A will remain key focus for plantation industry
●Stocks to watch: AmBank, SCIB
-moomoo News MY
Wall Street Summary
US stocks declined amid mounting signs of continued economic resilience that's forcing investors to temper their expectations of aggressive interest rate cuts by the Federal Reserve this year. The $S&P 500 Index (.SPX.US)$ slipped 0.6% while the $Nasdaq Composite Index (.IXIC.US)$ also declined 0.6%. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.3%.
Breaking News
Malaysia's Reforms and Fiscal Consolidation Will Strengthen Macro Foundation, Says Manulife IM
According to Manulife Investment Management (Manulife IM), the government's measures to implement reforms and execute fiscal consolidation will further strengthen Malaysia's macroeconomic foundation. The economy is expected to grow between 4% and 5% in 2024, with the economic tie-up between Malaysia and Singapore to set up a special economic zone being one of the key measures introduced by the government. The government is also attracting foreign direct investments by being business and investor-friendly. The implementation of targeted subsidies or social assistance has shown that Malaysia is resolved to strengthen its biggest fiscal position and drive economic growth at the same time.
Disciplined Replanting and M&A Will Remain Key Focus for Plantation Industry, Says Maybank IB Research
Maybank Investment Bank (Maybank IB) Research notes that disciplined replanting, mechanisation, and M&A will remain a key focus for the plantation industry. The sector will also continue to face ongoing issues such as low yield, ageing trees, declining planted area, and high unit costs. Maybank IB Research recommends "buy" calls for Genting Plantations Bhd, Sarawak Oil Palms Bhd, Ta Ann Holdings Bhd, Bumitama Agri, and First Resources Ltd. The Malaysian Palm Oil Board projects CPO's average selling price of RM3,900 to RM4,200 per tonne in 2024, which is higher than Maybank IB Research's forecast of RM3,700 per tonne.
Stocks to Watch
$AMBANK (1015.MY)$: AmBank Group has granted RM158.50 million financing facilities to Lembaran Beruntung Sdn Bhd, a member of the EXSIM group, to part finance its latest project Branniganz Suites. This is the 14th project the bank has financed for the property developer, the first being in 2008. AmBank Group CEO Jamie Ling said they are pleased to continue supporting long-standing customer EXSIM in its growth and sustainability journey. Branniganz Suites is a 50-storey development comprising 269 serviced apartment units, 490 office suites, and three retail lots. EXSIM has launched 38 developments with a gross development value (GDV) close to RM16 billion so far.
$SCIB (9237.MY)$: Sarawak Consolidated Industries Bhd (SCIB) is in talks with the Sarawak state government over a potential land acquisition, according to the company's response to an unusual market activity (UMA) query issued on Wednesday. The company received a letter of offer from the Land and Survey Department of Sarawak to acquire approximately 22 acres of land for the purpose of expanding its production capacity. The management is considering the acceptance of the proposal, and the board will release an announcement to Bursa Securities once the decision is made. Shares of SCIB had plunged 35.93% or 30 sen to 53.5 sen as at Wednesday's close, wiping out all gains of the past three months.
$YNHPROP (3158.MY)$: YNH Property Bhd, whose share price had tumbled 72% from a high of RM4.35 on Jan 4, revealed that it had proposed to purchase 5.1 acres of land in Kuala Lumpur for RM150 million cash back in 2022, calling its non-disclosure of the deal earlier an "oversight".
The property developer said this announcement serves to rectify its oversight pertaining to the proposed acquisition and is made in accordance with Chapter 10 of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd. The land acquisition, which YNH Property viewed as a long-term investment, is subject to shareholder's approval at the forthcoming extraordinary general meeting and is to be completed by June 2024. No valuation was carried out on the said land, and the company is exploring proposals to sell certain landed properties of the company and its subsidiaries in response to an unusual market activity (UMA) query from Bursa Malaysia.
$INFOM (0265.MY)$: Infomina Bhd's net profit for the second quarter ended Nov 30, 2023 (2QFY2024) jumped 77.23% to RM8.95 million from RM5.05 million in the previous year, fuelled by lower administrative expenses and higher revenue. Its quarterly revenue jumped 41.85% to RM59.65 million from RM42.05 million, mainly due to higher revenue recognised from the renewal of contracts under technology infrastructure operations. The group is well positioned to leverage on the artificial intelligence (AI) and the extensive use of application programming interface (API) waves moving forward.
$CUSCAPI (0051.MY)$: Cuscapi Bhd's executive chairman Datuk Jayakumar Panneer Selvam has sold 55 million shares or a 5.821% stake, and has ceased to be a substantial shareholder of the point-of-sale systems provider. He received RM8.52 million from the sale of the shares at 15.5 sen per share through a direct business transaction via his private vehicle Ultimate Quality Success Sdn Bhd. Post-disposal, his indirect shareholding in Cuscapi was reduced from 7.713% to 1.892%, with a direct stake of 0.315% in the company for a total stake of 2.207%.
$TECHNAX (2739.MY)$: Techna-X Bhd has acquired a 51% stake in Netsec Sdn Bhd and formed a joint venture with the company to improve the cyber security landscape in the country and beyond, according to a statement by the digital ecosystems and energy storage solution provider. The cyber security landscape in Southeast Asia presents a dynamic and rapidly evolving market, with an estimated value projected to reach US$4.49 billion (RM21.2 billion) by 2024.
$TDM (2054.MY)$: TDM Bhd, a plantation and healthcare outfit and subsidiary of the Terengganu state government, has invested RM29.1 million to build two hospitals this year. The group's executive director, Najman Kamaruddin, said that the healthcare sector contributes more than 50% to its overall profits, and the two new hospitals are expected to increase profits considerably. Najman also said that the group plans to expand its medical network on the East Coast in the next five years, to meet the increasing demand for the health services offered by TDM.
$MERCURY (8192.MY)$: Mercury Securities Bhd, whose share price plunged as much as 40% to 45 sen from 75 sen on Wednesday, before closing at 45.5 sen, was issued an unusual market activity (UMA) query. The brokerage firm's stock dive came just a couple of days after it hit an all-time high of 88.5 sen on Monday. The share price tumble led to a loss of RM384 million in market capitalisation, as its market cap fell from RM790.3 million to RM406.3 million.
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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