MY Morning Wrap | Anwar's Visit to Japan Attracts RM6.56Bil in Potential Investments
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks rose Monday as benchmark borrowing costs traded near their lowest since the summer
●Anwar's visit to Japan attracts RM6.56bil in potential investments
●Stocks to watch: UWC, Critical
-moomoo News MY
Wall Street Summary
U.S. stocks rose Monday as benchmark borrowing costs traded near their lowest since the summer, with the S&P 500 edging toward its all-time high and the Dow Jones Industrial Average attempting to push further into record territory.
The $Dow Jones Industrial Average(.DJI.US$ traded flat by the end of the day, at 0.0% change, though up about 0.86 points. The $S&P 500 Index(.SPX.US$ was up 0.45%, at 4,740. The $Nasdaq Composite Index(.IXIC.US$ gained 0.61%, to trade at 14,904.
Breaking News
Anwar's visit to Japan attracts RM6.56bil in potential investments
Prime Minister Datuk Seri Anwar Ibrahim's working visit to Japan in conjunction with the ASEAN-Japan Commemorative Summit has managed to attract potential investments worth RM6.56 billion. Based on the meetings with parties there, including Japanese Prime Minister Fumio Kishida, Anwar said it is clear that the Malaysia-Japan relations are now seeing a new shift in terms of investment, trade, education and technology cooperations. Along with potential investments worth RM23 billion secured during the previous Malaysian delegation's visit to Japan in June, it brings the cumulative potential investments from visits to the Land of the Rising Sun to RM29.56 billion.
Stocks to Watch
$UWC(5292.MY$: UWC Bhd's net profit dropped 85.12% to RM4.35 million in the first quarter ended Oct 31, 2023 (1QFY2024) from RM29.25 million a year earlier due to lower revenue. Earnings per share fell to 0.4 sen from 2.66 sen. Quarterly revenue declined 51% to RM45.46 million from RM92.12 million which the group blamed on the impact of macroeconomic headwinds, especially the semiconductor market cyclical downturn. On a quarter-on-quarter basis, the group's net profit came in higher compared with RM1.94 million in 4QFY2023 as revenue climbed 13.73% from RM39.97 million.
$CHB(0291.MY$: Newly listed ACE Market counter Critical Holdings Bhd ended its maiden trading day at 57 sen on Monday (Dec 18), up 62.86% from the initial public offering (IPO) price of its shares of 35 sen. The mechanical, electrical and process utilities (MEP) engineering company saw 136.7 million shares changing hands, making it the fourth most actively traded stock of the day, valuing the group at RM211.9 million. This makes Critical Holdings the 12th best performing IPO among the 31 new stocks listed on Bursa this year.
$UMCCA(2593.MY$: United Malacca Bhd's net profit in the second quarter ended October 31, 2023 (2QFY2023) fell by 12.64% to RM13.72 million from RM15.71 million in the previous year, mainly due to higher expenses and investment losses. Notably, net foreign exchange loss of RM2.83 million was recorded in the current quarter. Quarterly revenue, however, climbed by 3.13% to RM144.51 million against RM140.13 million on the back of lower revenue contribution from its Malaysian and Indonesian operations. Meanwhile, the group also declared its first interim dividend of five sen per share, to be paid on Jan 31, 2024.
$NTPM(5066.MY$: NTPM Holdings Bhd saw its net loss in the second quarter ended October 31, 2023 (2QFY2024) widen to RM4.03 million from RM3.49 million in the previous year. This is largely due to income tax expenses incurred during the current quarter under review. Quarterly revenue, however, rose by 1.9% to RM224.66 million from RM220.37 million, underpinned by increased sales in the personal care products segment. Despite posting the net loss, the group declared its first interim dividend of 0.8 sen per share to be paid on Jan 26, 2024, matching the amount per share declared in the previous financial year.
$APB(5568.MY$: APB Resources Bhd is acquiring 70 million shares in Globetronics Technology Bhd, representing a 10.41% stake in the Penang-based semiconductor manufacturer for RM140 million cash. The consideration of RM140 million or RM2 per share is a 16% premium to Globetronics' share price of RM1.73 at the time of writing.
$MJPERAK(8141.MY$: Majuperak Holdings Bhd is disposing of 2.01 acres of land in Ipoh to a wholly-owned unit of the Perak State Agriculture Development Corporation (PPPNP) for RM18.4 million as part of its business regularization plan. Majuperak, a 51.41%-owned subsidiary of the Perak State Development Corp, said its wholly-owned subsidiary, Syarikat Majuperak Bhd, is selling the property to Ladang Lekir Sdn Bhd, a wholly-owned subsidiary of Perak Agro Oil Palm Sdn Bhd, which in turn is a wholly-owned unit of PPPNP.
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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