MY Morning Wrap | Dialog Posts Stronger 1Q Earnings as International Ops Improve, JVs and Associates Perform Better

The $Dow Jones Industrial Average (.DJI.US)$ jumped 552 points or 1.4%, the $S&P 500 Index (.SPX.US)$ rallied 84 points, or 1.91%, on track for its biggest one-day point and percentage gain since Jan. 6. The $Nasdaq Composite Index (.IXIC.US)$ advanced 326 points, or 2.37%. Even the the small-cap $Russell 2000 Index (.RUT.US)$ surged 92 points, or 5.44%, turning a beaten-down benchmark positive on the year.

$IHH (5225.MY)$: IHH Healthcare Bhd's indirect unit, Northern TK Ventures Pte Ltd (NTK), is seeking over ¥20 billion (approximately RM634 million) in damages from Japan's Daiichi Sankyo Company Ltd (Daiichi Sankyo) in relation to its stake acquisition in India's Fortis Healthcare. In a statement on Tuesday, the group said NTK had filed the claim against Daiichi Sankyo on Oct 16 in the Tokyo District Court in Japan.

$DIALOG (7277.MY)$: Dialog Group Bhd's net profit in the first quarter ended Sept 30, 2023 (1QFY2024) rose 5.07% to RM132.17 million, from RM125.79 million in 1QFY2023, largely due to better performance from its international operations and higher share of results from joint ventures and associates. The group's earnings per share for 1QFY2024 increased to 2.34 sen from 2.23 sen in 1QFY2023, its Tuesday bourse filing showed. Quarterly revenue was 9.66% higher at RM780.45 million, compared with RM711.70 million previously, underpinned by higher sales of specialist products and services in various countries, and increased activities at the Jubail Supply Base.

$MALAKOF (5264.MY)$: Malakoff Corp Bhd, through its wholly-owned subsidiary Malakoff Radiance Sdn Bhd, has signed a solar power purchase agreement with Gas Malaysia Bhd as part of its commitment towards ensuring access to sustainable energy for all. The agreement encompasses the development, operation and maintenance of solar photovoltaic systems at three Gas Malaysia sites. The sites include the Gas Malaysia headquarters in Shah Alam, Selangor, the southern regional office in Pasir Gudang, Pahang, and the eastern regional office in Gebeng, Kuantan.

$MATRIX (5236.MY)$: Seremban-based property developer Matrix Concepts Holdings Bhd has secured a RM512 million financing facility from AMMB Holdings Bhd (AmBank Group) to facilitate the development of 1,382.2 acres of prime housing in Malaysia Vision Valley 2.0 located in Sendayan, Negeri Sembilan.The project, which has a gross development value of RM7 billion, will be developed through an 85:15 joint venture between Matrix Concepts' indirect subsidiary MHCB Development (NS) Sdn Bhd and NS Corporation called N9 Matrix Development Sdn Bhd. It will feature a mix of residential, commercial and retail elements.

$TMCLIFE (0101.MY)$: TMC Life Sciences Bhd's net profit in the first quarter ended Sept 30, 2023 (1QFY2024) soared by 143.10% to RM15.14 million from RM6.23 million in the corresponding period a year ago (1QFY2023), in line with revenue growth attributed to the increase in capacity of Thomson Hospital Kota Damansara and the recovery of its fertility business. Quarterly revenue surged by 28.6% to RM92.44 million from RM71.87 million, underpinned by higher contribution from its fertility business.

$JFTECH (0146.MY)$: Bursa Malaysia has suspended the intraday short selling (IDSS) on JF Technology Bhd (JF Tech) for the rest of Tuesday, after the stock dropped more than 15% or five sen from its reference price. The local stock exchange said on Tuesday that IDSS will only be re-activated for JF Tech, a manufacturer of high-performance test contacting solutions for global integrated circuit makers, at 8.30am on Wednesday.

$RANHILL (5272.MY)$: Ranhill Utilities Bhd posted a 10% rise in net profit to RM10.22 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM9.32 million a year earlier, on higher earnings in all three of its business segments, namely environment, engineering services and energy. Quarterly revenue surged 40.42% year-on-year to RM609.39 million from RM433.99 million in 2QFY2022, attributed to higher recognition of water revenue contributed by its water supply subsidiary Ranhill SAJ Sdn Bhd, arising from a non-domestic tariff hike, as well as increased revenue from its engineering unit Ranhill Worley Sdn Bhd.

$LBS (5789.MY)$: Property developer LBS Bina Group Bhd is planning to raise up to RM750 million via sukuk for capital expenditure, investments, working capital and refinancing. The Islamic debt papers are to be issued under a Sukuk Wakalah Programme it has just lodged with the Securities Commission Malaysia on Tuesday. It said the programme provides the group the flexibility to issue both Sukuk Wakalah and Sustainability Sukuk Wakalah that complies with green/social/sustainability/sustainable and responsible investment sukuk guidelines, frameworks, standards or principles issued by the SC, the Asean Capital Markets Forum or the International Capital Market Association.

$KSSC (5192.MY)$: Cheong Lai Sin has emerged as the largest shareholder of K Seng Seng Corporation Bhd after receiving shares transferred from the late Koh Seng Kar, founder and chairman of the steel manufacturer. The group said Cheong, a Singaporean, now holds 41.58 million shares or a 27.69% stake in the group. In March 2019, Seng Kar passed away at the age of 75.

$RL (0219.MY)$: Reservoir Link Energy Bhd has proposed to acquire a 100% stake in SAG Renewables Sdn Bhd (SAGR) for a total purchase consideration of RM10.5 million. The group said its wholly-owned subsidiary, Reservoir Link Renewables Sdn Bhd, had entered into a share sale agreement with SAGR's parent company SAG Green Tech Sdn Bhd (SGT) for the proposed acquisition. SGT is principally engaged in the installation of non-electric solar energy collectors.