MY Morning Wrap | AmBank to Sustain Double-Digit Growth for SME Loans This Year, Says Group CEO

The retreat by the $S&P 500 Index (.SPX.US)$'s largest segment helped send the broad index down 0.6% for the day, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ declined 1%. The $Dow Jones Industrial Average (.DJI.US)$, which is less influenced by tech stocks, slipped 0.1%, or about 18 points.

$AMBANK (1015.MY)$ : AmBank (M) Bhd's loan growth for small and medium enterprises (SMEs) is expected to maintain double-digit growth this year. AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said the bank has consistently achieved double-digit growth for the last eight years in its SME loan segmentation. "This year it may dip slightly, but I still believe it will remain the major engine of growth for AmBank.

$HONGSENG-PA (0041PA.MY)$ : Hong Seng Consolidated Bhd has scrapped a plan to sub-lease a part of a three-acre industrial land in Prai Bulk Cargo Terminal, Penang from Penang Port Sdn Bhd. The sub-lease was supposed to be for a period of 20 years for a total rental payment of RM8.53 million. Hong Seng said it has reached an agreement to terminate the sub-lease, in part following a decision to suspend the development of a proposed nitrile butadiene latex manufacturing plant in Kedah Rubber City.

$SUNWAY (5211.MY)$ : Sunway Bhd has secured a parcel of land from the Housing and Development Board of Singapore to develop an executive condominium housing development project worth RM1.2 billion (S$348.5 million) near Jurong West. Its subsidiary Sunway Developments Pte Ltd (SDPL) and Hoi Hup Realty Pte Ltd will incorporate a 35:65 joint venture to undertake the development, located in the Jurong Lake district situated between Jurong West and Choa Chu Kang. This is the fifth JV that SDPL has formed with Hoi Hup for development projects in Singapore since 2016.

$MYEG (0138.MY)$ : MyEG Services Bhd is alleged to have been illegally collecting fees for its foreign worker permit renewal services, despite suspension by the Immigration Department of Malaysia since February this year, Kota Melaka Member of Parliament Khoo Poay Tiong claimed in Dewan Rakyat on Tuesday. According to Khoo, a factory paid about RM20,000 to MyEG for an absent worker's permit but has yet to receive a refund from the e-services provider.

$BJLAND (4219.MY)$ : Berjaya Rail Sdn Bhd, the rail arm of Berjaya Land Bhd, has appointed the daughter of Sultan of Johor, Tunku Tun Aminah Sultan Ibrahim Ismail, as its chairperson. Tun Aminah holds a 30% stake in Berjaya Rail. She currently sits on the board of Berjaya Corp Bhd, Berjaya Assets Bhd, Berjaya Capital Bhd, Berjaya Hartanah Bhd, Bukit Kiara Resort Bhd and REDtone Digital Bhd.

$HEKTAR (5121.MY)$ : Hektar REIT's trustee MTrustee Bhd has entered into a conditional sale and purchase agreement (SPA) with KYS College Sdn Bhd to buy Kolej Yayasan Saad in Ayer Keroh, Melaka, for RM150 million. The buildings it is acquiring include academic blocks, a great hall, staff and student accommodation, and sports and other facilities. Hektar has also proposed a placement of up to 20% of the existing issued units to raise up to RM56.56 million, of which RM35 million will be used to pay the final balance sum, while RM19.56 million will be used as working capital.

$BAUTO (5248.MY)$ : Bermaz Auto Bhd saw its net profit jump 99.8% year-on-year to RM100.22 million in the first quarter ended July 31, 2023 (1QFY2024). This is the second consecutive quarter that the automaker’s earnings have reached above RM100 million. It posted a net profit of RM100.66 million in the preceding quarter ended April 30, 2023 (4QFY2023), and RM50.16 million a year ago. The automaker announced that quarterly revenue leapt 52% to RM1.09 billion from RM716.87 million a year ago, mainly attributable to the brisk sales, particularly the CX-30 CKD model and the continued fulfilment of the balance back orders for Mazda 3.

$CRESNDO (6718.MY)$ : Crescendo Corp Bhd (CCB) is proposing to acquire two plots of freehold vacant land totalling 3.27 acres in Johor Baru from Bewell Realty Sdn Bhd for RM72mil. In a filing with Bursa Malaysia, CCB said the first plot had been approved for the development of 1,090 units of serviced apartments with a gross development value of approximately RM726mil.

$SCIB (9237.MY)$ : Sarawak Consolidated Industries Bhd has signed an agreement with Indonesian mass rapid transit operator PT MRT Jakarta (Perseroda) Tbk to explore potential partnership to develop a transport-orientated development in Jakarta. Under a memorandum of understanding, the parties are looking at conducting studies related to land development in transit-oriented areas in Jakarta, engaging in discussions and coordination regarding development study results and land use plans, and working together to realise investments in the project.

$BETA (0263.MY)$ : Betamek Bhd has terminated its memorandum of understanding (MOU) with Singapore-based semiconductor company Krakatoa Technologies Pte Ltd to develop a battery management system-on-a-chip for electric vehicles. The electronics manufacturing services (EMS) provider said that its wholly-owned unit Betamek Electronics (M) Sdn Bhd had given Krakatoa a three-month notice of termination as stated within the MOU. Betamek entered into the MOU back in March as part of the group's overall corporate strategy to expand its business further to provide valuable experience and know-how in the automotive EMS market.