MY Morning Wrap | Eco World Sees Significant Profit Growth in Q3; Declares Dividend

Thursday, the market climbed after the FOMC announced the first rate cuts in four years Wednesday. The S&P 500 and Dow closed at records, the S&P 500 hitting a closing high for the first time since July. $Tesla (TSLA.US)$ climbed 7%: the whole of the mag seven reached higher by more than $465B in market cap in trading session according to Bloomberg data.Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded 1.70%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 1.26%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 2.51%.

$PHARMA (7081.MY)$'s newly inaugurated biopharmaceutical plant, managed by Pharmaniaga Life Sciences Bhd in Puchong, is forecasted to elevate its gross profit margins to between 30% and 35% by the end of the fiscal year 2026 (FY2026). This facility, the first locally owned biopharmaceutical plant in the country, boasts an annual production capacity of up to 30 million doses of human insulin and will also manufacture other critical biopharmaceuticals, including vaccines and biosimilars. "For (human) insulin alone, we are looking for RM100 million per annum and we are also looking over about RM300 million per annum for vaccines. This is in terms of revenue. This new facility will automatically lift up our revenue (going forward)," stated Managing Director Zulkifli Jafar.

$CHHB (5738.MY)$ has announced plans to request Lean Xing Construction Sdn Bhd, the contractor for its residential project in Kedah, to retract its legal action against Country Heights Smart Living Sdn Bhd concerning alleged unpaid payments. Should the contractor refuse to withdraw the petition, CHHB will proceed to notify Bursa Malaysia about the potential reputational damage. The dispute involves alleged unpaid amounts tied to the construction of 90 “super-linked modern contemporary houses” in Kolej Heights Utara, Jitra, Kedah, though the exact sum has not been disclosed.

$ECOWLD (8206.MY)$ reported a substantial 21.26% year-on-year increase in net profit for the third quarter, reaching RM80.44 million, up from RM66.34 million, driven by robust performance in its Malaysian projects. Revenue for the period grew by 10.35% to RM526.22 million, supported by active phases and new developments. The company’s gross profit margin improved to 31.3% from 27.2%, mainly due to cost savings in completed and nearing completion phases. A second interim dividend of two sen per share has been declared, payable on October 23.

$SSF (0287.MY)$ experienced a significant drop in net profit for the first quarter of FY2025, totaling RM1.25 million, a decrease from RM2.65 million year-over-year. The decline, influenced by softer consumer demand, also saw revenue fall by 18.5% to RM32.03 million from RM39.31 million in the comparable period last year.

$UMCCA (2593.MY)$ witnessed a dramatic increase in its net profit for the first quarter of FY2025, rising nearly fivefold to RM13.29 million from RM2.68 million in the previous year, bolstered by higher average prices of crude palm oil and palm kernel. Revenue for the quarter increased by 20.54% to RM163.88 million from RM135.95 million. No dividend was declared for the period.

$ANCOMNY (4758.MY)$ has acquired a 70% stake in Colorex Sdn Bhd for RM14 million in cash. Colorex, a top supplier of specialty chemicals to the automotive industry, also serves the furniture, appliances, and construction sectors. The acquisition includes a profit guarantee, with Colorex expected to achieve a profit after tax of no less than RM2.5 million for two consecutive years.