MY Morning Wrap | Gamuda Reports Robust Revenue Growth in FY2024

Moomoo News MY wrote a column · Sep 27, 2024 08:20

Good morning mooers! Here are things you need to know about today's market:

● MU Leads, Chinese Stocks Follow while S&P 500 Hits Highs

● Malaysia's Producer Price Index Growth Slows to 0.3% Year-on-Year in August

● Malaysia Poised to Become Key Regional Hub for Global Services, Says Zafrul

● Stocks to Watch: Capital A, Gamuda, AEON Credit, etc.

- Moomoo News MY

MY Morning Wrap | Gamuda Reports Robust Revenue Growth in FY2024

Wall Street Summary

Rain was falling on Wall Street Thursday, but the market was climbing. S&P 500 hit a closing high. The Chinese Golden Dragon index $NASDAQ Golden Dragon China (.HXC.US)$ climbed nearly 11% for the day, the most since 2022. Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded +40 bps, an all time closing high, the $Dow Jones Industrial Average (.DJI.US)$ climbed 60 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 66.

Breaking News

Malaysia's Producer Price Index Growth Slows to 0.3% Year-on-Year in August

The growth of Malaysia's Producer Price Index (PPI), an indicator that measures price changes at the producer level, slowed to 0.3% year-on-year (y-o-y) in August, down from 1.3% in July, as reported by the Department of Statistics Malaysia (DOSM). In a statement released on Thursday, Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin reported that this marked the lowest growth rate since February, primarily attributed to the decline in primary commodity prices.

Malaysia Poised to Become Key Regional Hub for Global Services, Says Zafrul

The Ministry of Trade, Investment and Industry (Miti) is committed to enhancing Malaysia’s role as a premier manufacturing and services hub in ASEAN. Tengku Datuk Seri Zafrul Abdul Aziz, the minister, emphasized the importance of cultivating talent, strengthening trade ties, and fostering a prosperous, inclusive regional environment. He outlined that robust policies, superior infrastructure, and a sturdy economy will pave the way forward. Initiatives like the National Industry Framework for ESG (i-ESG), National Semiconductor Strategy (NSS), Green Investment Strategy (GIS), and the Circular Economy Policy Framework for Manufacturing are set to drive not only growth but sustainable and inclusive development as well.

Stocks to Watch

AirAsia Bhd, under $CAPITALA (5099.MY)$, announced its plan to introduce mandatory carbon fees across all its operations starting January 2025, as confirmed by CEO Tan Sri Tony Fernandes. The airline is currently seeking regulatory approval in countries including Thailand, Indonesia, the Philippines, and Cambodia. This fee will be incorporated into ticket prices to support governmental efforts in reducing aviation's greenhouse gas emissions.

$GAMUDA (5398.MY)$ has proposed a one-for-one bonus issue after its shares surged by 74.5% year-to-date. The company also reported an 8.2% rise in net profit for the fourth quarter ended July 31, 2024, reaching RM272.49 million. Despite not declaring a dividend for this quarter, the total fiscal year payout was 16 sen per share. Additionally, annual net earnings and revenue saw significant increases of 12% and 62.4%, respectively.

$SAPNRG (5218.MY)$ disclosed a net loss of RM5.23 million for its second quarter ended July 31, 2024, attributing the downturn to financial challenges and potential forex losses. The company noted restricted order book growth due to limited working capital and bank guarantees, affecting major contract acquisitions. Despite increased quarterly revenue, the company reported a substantial drop in net profit for the first half of FY2025 and did not declare a dividend.

$AEONCR (5139.MY)$ saw its net profit fall by 40.8% to RM71.16 million in the second quarter ended August 31, 2024, primarily due to higher impairment losses on financing receivables. Nevertheless, the company reported a 14.8% increase in quarterly revenue and declared an interim dividend of 14.25 sen per share.

$HIAPTEK (5072.MY)$ reported a tripling of its net profit to RM106.3 million for the fiscal year ended July 31, 2024, driven by stable steel prices and improved sales margins. Despite a quarterly revenue drop, the company experienced a significant profit increase, largely due to enhanced joint venture contributions.

$HCK (7105.MY)$ plans to issue 47.26 million new shares to settle a significant portion of a RM113.35 million debt owed to its executive chairman, Tan Sri Clement Hii Chii Kok @ Hii Chee Kok. This action will reduce the outstanding debt and increase Hii’s shareholding in HCK to 59.75%.

MSR Green Energy Sdn Bhd, an associate of $SEAL (4286.MY)$, has partnered with Sungrow to develop a RM645 million battery energy storage system project in Sabah. The project aims to enhance the region's energy storage capabilities with a 100 megawatts capacity.

$CENSOF (5195.MY)$ has secured a RM5.44 million contract with Pertubuhan Keselamatan Sosial (Perkeso) to maintain and upgrade the Standard Accounting System for Government Agencies (SAGA), ensuring seamless integration with Perkeso's infrastructure.

$YENHER (5300.MY)$ is investing US$4.42 million to acquire feedmill machinery from Famsun Co Ltd. This purchase supports Yenher's expansion into the feedmill sector and broadens its product range in animal nutrition.

$CITAGLB (7245.MY)$ has been awarded a RM47.56 million contract for road construction in Terengganu, covering phases 2 and 3 from Kampung Jeneris to Kuala Telemong. This project is part of the broader Jalan Raya Simpang Pulai–Gua Musang–Kuala Berang development.

$LAMBO (0018.MY)$ shares will be suspended starting October 4, following the rejection of a time extension request for submitting its regularisation plan. The company faces delisting

Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE

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