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MY Morning Wrap | Genting Bhd Shares Surge on Strong Singapore Recovery and NYC Casino Bid
Good morning mooers! Here are things you need to know about today's market:
●Dow Jones recovers as tech stocks lead market rebound
●Bright prospects for Malaysian glove sector as analysts turn bullish
●Malaysia's steady salary growth amid talent market shifts
●Foreign investors show continued confidence in Malaysian equities
●Stocks to watch: Genting, Axiata, Capital A
-moomoo News MY
Wall Street Summary
The $Dow Jones Industrial Average (.DJI.US)$ rebounded after pulling out of a Boeing slump. Indexes opened cautious, but built towards a rebound after the S&P 500 shed 1.5% last week to break a two-month winning streak. $Dow Jones Industrial Average (.DJI.US)$ climbed 0.58%, the $S&P 500 Index (.SPX.US)$ rose 1.41%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 2.20%. Large tech stocks led the way; all "Magnificent Seven" stocks were green after slumping last week.
Breaking News
Bright Prospects for Malaysian Glove Sector as Analysts Turn Bullish
Analysts at RHB Research have upgraded the outlook for Malaysian glovemakers, citing a demand shift to Malaysia and room for capacity expansion as key drivers for growth in the first half of 2024. Favoring Hartalega and Kossan with 'Buy' ratings, the sector is expected to see demand improvement and cost efficiencies propelling profitability. HLIB Research has followed suit, upgrading Hartalega to 'Hold' based on operational improvements and a narrowing price gap with Chinese competitors. Despite a cautious approach to new capacity, the sector's order uptick and stable pricing suggest a positive turn, with quality standards giving Malaysian producers an edge over Chinese firms amid stricter US FDA scrutiny.
Malaysia's Steady Salary Growth Amid Talent Market Shifts
Companies forecast a 5.0% salary increase for employees in 2024, as reported by a WTW survey of over 600 firms. This growth, slightly below 2023’s 5.6%, comes in the context of a tight labour market with a notable turnover rate of 18.5% in 2023. With millennials and Gen Z set to dominate the workforce by 2025, employers face the challenge of offering competitive packages that cater to the younger generations' preference for flexibility and the burgeoning gig economy.
Foreign Investors Show Continued Confidence in Malaysian Equities
For the fourth straight week, foreign investors remained net buyers on Bursa Malaysia, amassing RM524.9 million in domestic equities, with consistent net inflows except for a RM23.3 million sell-off on Tuesday. The utilities, financial services, and property sectors experienced the most significant foreign inflows, while technology, consumer products and services, and telecommunication and media sectors faced outflows. Contrasting this trend, local institutions were net sellers for the third week, parting with RM141.6 million in stocks, as per the MIDF Research fund flow report.
Stocks to Watch
$GENTING (3182.MY)$: Genting Bhd stood out as one of the principal gainers in Monday's early trading session, buoyed by investor optimism. Encouragement stemmed from the value of its 52.63% stake in Genting Singapore Ltd, which has seen a robust recovery to pre-pandemic levels. Boosting confidence further, analysts pointed to the potential benefits from Genting Malaysia Bhd's Resorts World New York City Casino, which is in the running for a coveted commercial casino licence in New York City, offering a secondary avenue for growth and revenue.
$AXIATA (6888.MY)$: Axiata Group Bhd's Boost Bank, in partnership with RHB Bank Bhd, and AEON Bank, backed by AEON Credit Service (M) Bhd, have both secured the green light to commence commercial operations as digital banks. Boost Bank, emerging from a 40:60 joint venture between RHB and Boost Holdings Sdn Bhd, has been granted a physical digital bank license effective January 15 by the MOF, following Bank Negara Malaysia's confirmation of the bank's operational readiness. This development marks a significant move in Malaysia's financial landscape as more players enter the digital banking arena.
$CAPITALA (5099.MY)$: Capital A CEO Tan Sri Tony Fernandes is scheduled to meet with Thailand's Prime Minister Srettha Thavisin to address the country's airline foreign ownership limits. The meeting will explore the possibility of restructuring Capital A's interests in Thai AirAsia and Thai AirAsia X, potentially affecting foreign shareholdings. The merger has been approved by Capital A's board, with negotiations underway and definitive agreements expected soon.
$KERJAYA (7161.MY)$: Kerjaya Prospek Group Bhd has announced the acquisition of two construction contracts worth RM95.1 million in Penang, awarded by Eastern & Oriental Bhd's (E&O) indirect subsidiaries. The group's own subsidiary, Permatang Bakti Sdn Bhd, will undertake superstructure works for the second phase of the Gurney Marine Bridge, a component of the Seri Tanjung Pinang Development (STP2), valued at RM69.23 million. This project is slated to start on January 22 and is expected to be completed in 24 months.
$AFFIN (5185.MY)$: The Sarawak State Financial Secretary is engaged in discussions with the Armed Forces Fund Board (LTAT) regarding the potential purchase of additional shares in Affin Bank Bhd. As of December 29, 2023, the Sarawak state government already held a 4.8% stake in the bank. Affin Bank's shares recently hit a nine-year peak, closing at RM2.38 on Monday, which is a significant 9.17% rise from the previous Friday's RM2.18. This surge in share price has propelled Affin Bank's market capitalization to RM5.58 billion.
$STRAITS (0080.MY)$: Straits Energy Resources Bhd has landed a RM40.73 million contract through its subsidiary, Straits CommNet Solutions Sdn Bhd, to upgrade Hospital Canselor Tuanku Muhriz. The project includes hospital expansion, emergency department enhancements, electrical and ICT upgrades, and a smart building system installation. Puncabahan Sdn Bhd, the main contractor for the Public Works Department, issued the award.
$MJPERAK (8141.MY)$: Perak Transit Bhd's share value surged up to 7.83%, reaching RM1.24, after announcing a bonus issue aimed at rewarding shareholders. The proposal includes distributing up to 433.64 million new shares on a one-for-two basis. The company's performance on Bursa Malaysia was notable, as it became one of the top gainers by value on Monday. Opening at RM1.18, the stock experienced a significant jump from Friday's close of RM1.15, and despite a slight retreat, it held strong at RM1.20 by 4pm, with trading volumes reaching nearly triple its 200-day average.
$KPJ (5878.MY)$: Johor Plantations Group Bhd has officially submitted its IPO prospectus to the Securities Commission Malaysia (SC). Parent company Johor Corp, via its subsidiary Kulim (M) Bhd, plans to keep a 65% stake after the listing. Despite a challenging crude palm oil market, JCorp is proceeding with the listing of its plantation assets under Kulim, divesting roughly 30% to 40% in Johor Plantations. The prospectus details show that the IPO will offer up to 875 million shares, including up to 411 million existing shares for sale and up to 464 million new shares.
$AIZO (7219.MY)$: Abang Abdillah Izzarim, the new executive chairman of Minetech Resources Bhd and son of Sarawak's Premier, has increased his stake in the company to 16.34% after purchasing 12 million shares for RM2.04 million. He is now the largest shareholder ahead of the company's founder Choy Sen and executive director Chin Leong Choy.
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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