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MY Morning Wrap | Brewery Stocks Look Attractive Ahead of Budget

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Moomoo News MY wrote a column · Oct 12, 2023 08:37
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks edged higher Wednesday
●Brewery stocks look attractive ahead of budget
●High palm oil stocks to pile pressure on prices
●Stocks to watch: Tropicana
-moomoo News MY
MY Morning Wrap | Brewery Stocks Look Attractive Ahead of Budget
Wall Street Summary
U.S. stocks edged higher Wednesday, extending their winning streak to four consecutive trading sessions.
Breaking News
Brewery stocks look attractive ahead of budget
A hike in excise duty for beer in the upcoming budget is unlikely while historical trends suggest opportunities for entry into brewery stocks in the fourth quarter (4Q), says CGS-CIMB Research. Its analysis of the monthly share price performances of $CARLSBG (2836.MY)$ and $HEIM (3255.MY)$ suggested that investors seek entry points into the shares. “Heineken showed an average 13.1% return over the October to February period between 2017 and 2023, while Carlsberg has delivered an average 15.2% return between October and April,” the research house said in a report. The research house attributed the stronger performance in the latter part of the year to improved demand around the festive seasons in 4Q and 1Q.
High palm oil stocks to pile pressure on prices
On Tuesday, the Malaysia Palm Oil Board’s (MPOB) latest palm oil statistics revealed strong palm oil output at 1.83 million tonnes on the back of 2.31 million tonnes in stockpile for end-September. A continued peak production season may result in the local palm oil stocks staying high, thus putting pressure on the crude palm oil (CPO) price performance, say analysts. Brokerage houses, which are mostly “neutral” on the plantation sector, have pegged the CPO prices to trade between RM3,700 and RM4,000 per tonne for 2023 to 2024.
Stocks to Watch
$TROP (5401.MY)$ : Tropicana Corp Bhd is seeking to strike out a claim filed by RHB Trustees Bhd, Sunway REIT Management Sdn Bhd and Sunway Education Group Sdn Bhd over its breach of agreement and alleged double-dealing pertaining to the sale of shares and a stake in the St Joseph International School.
$ZHULIAN (5131.MY)$ : Zhulian Corp Bhd posted a net profit of RM6.2 million for its third quarter ended Aug 31, 2023, down 14.36% from RM7.24 million in the previous year’s corresponding quarter, as revenue came in at RM34.2 million, compared with RM32.96 million previously. The group declared a third interim dividend of three sen per share, to be paid on Dec 6, raising year-to-date (YTD) dividends for FY2023 to nine sen — same as the YTD period in FY2022.
$APB (5568.MY)$ : APB Resources Bhd has proposed to acquire a 16-storey Serba Dinamik building in Shah Alam, Selangor for RM38 million, subject to the approval from the High Court. The group said it has received a letter from the liquidator of the troubled oil and gas (O&G) company, Serba Dinamik Group Bhd in respect of the liquidator’s application for directions on the sale on the leasehold land in Section 14, Shah Alam together with the office building. Meanwhile, the group highlighted the proposed acquisition will be financed through internally generated funds.
$STRAITS (0080.MY)$ : Straits Energy Resources Bhd has bagged a contract worth RM27.7 million for the installation, testing and commissioning of aluminium XLPE underground cables and accessories for asset development for Tenaga Nasional Bhd (TNB). The marine fuel supplier said its 70% indirect subsidiary Straits CommNet Solutions Sdn Bhd (SCS) accepted a letter of award (LOA) from Tianu Sdn Bhd on Tuesday. Tianu was awarded this project by TNB and as main contractor, has joined forces with SCS via a smart partnership to deliver the project.
$TSRCAP (5042.MY)$ : TSR Capital Bhd has bagged a RM104 million contract — nearly double its market value of RM56 million — involving infrastructure works at the Kwasa Damansara township development in Sungai Buloh, Selangor. TSR Capital said its wholly-owned subsidiary TSR Bina Sdn Bhd accepted the letter of award issued by Kwasa Land Sdn Bhd on Wednesday. The scope of works under the contract mainly involves the execution and completion of site clearance and demolition, earthworks, drainage, road, sewerage, water reticulation, and mechanical and electrical infrastructure works.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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