MY Morning Wrap | Genting Malaysia's Subsidiary Makes Early Redemption of RM1.3 Billion in Medium Term Notes
Good morning mooers! Here are things you need to know about today's market:
●S&P 500 and Nasdaq Hit All-Time Highs, Dow Jones Industrial Average Up 0.5%
●Anwar Ibrahim's Reforms to Attract High-Value Sectors Has Significant Impact on Malaysia and Asia, Says Forbes
●Federal Expenditure for Terengganu Increases to RM7.23 Billion This Year, Says Anwar
●Stocks to watch: Genting Malaysia, QL Resources
-moomoo News MY
Wall Street Summary
On Wednesday, US stocks advanced for the seventh session in a row, with the $.SPX.US$ rising above 5,600 for the first time ever. The index hit a fresh all-time high and closing high, climbing 1.02% to 5,633. The Nasdaq Composite Index also hit an all-time high and closing high, rising 1.18% to 18,647. The $.DJI.US$ was up 0.5%, and the $.IXIC.US$ was rising 1.09%. Federal Reserve Chairman Jerome Powell spoke in front of the Senate on Wednesday, but he did not make any specific predictions about rate cuts.
Breaking News
Anwar Ibrahim's Reforms to Attract High-Value Sectors Has Significant Impact on Malaysia and Asia, Says Forbes
Forbes magazine has reported that Prime Minister Datuk Seri Anwar Ibrahim's efforts to attract high-value sectors such as semiconductor fabrication and digital technology, expedite foreign direct investment approvals, and improve the ease of doing business have significant implications for Malaysia and the broader Asian region. The reforms aim to create a more innovation-driven economy by reducing reliance on low-skilled labour and enhancing overall productivity. The initiatives include measures to boost labour productivity through automation and increased spending on research and development. However, challenges persist, such as potential setbacks in retargeting petrol subsidies and high living costs linked to other recent subsidy cuts. Nonetheless, Malaysia's journey could set a precedent for other nations navigating similar post-pandemic recoveries and structural transformations, according to Benjamin Laker, a leadership professor at Henley Business School, University of Reading.
Federal Expenditure for Terengganu Increases to RM7.23 Billion This Year, Says Anwar
Prime Minister Datuk Seri Anwar Ibrahim has announced that the federal government's total expenditure for the state of Terengganu this year has increased to RM7.23 billion. The amount includes the management expenses of federal agencies and development projects in the state, exceeding the RM5.99 billion allocated in 2022. Anwar dismissed claims that the allocation for Terengganu had been reduced or that the state had been neglected by the federal government. He also commended the cooperation between the federal and state government in discussing priorities and emphasized the need to eliminate hardcore poverty among the people.
Stocks to Watch
$GENM.MY$: Genting Malaysia Bhd's subsidiary, GENM Capital Bhd, has made an early redemption of RM1.3 billion in nominal value from its RM2.4 billion medium term notes (MTNs). The early redemption comprises the second tranche of the MTNs, which were issued in August 2015 for a tenure of 10 years, with a coupon rate of 4.9% per annum. The proceeds from the issuance of the MTNs were intended for the operating expenses, capital expenditure, and working capital requirements of the group.
$AEONCR.MY$: Aeon Credit Service (M) Bhd has reported a 7.1% year-on-year increase in net profit for its first financial quarter ended May 31, 2024 (1QFY2025), rising to RM106.41 million from RM99.36 million. The growth was supported by stronger loan and financing growth. Meanwhile, revenue for 1QFY2025 rose 15.4% to RM522.26 million from RM452.67 million in the previous year. However, no dividend was proposed or declared for the quarter.
$EUROSP.MY$: Eurospan Holdings Bhd, controlled by the children of businessman Tan Sri Robert Tan Hua Choon, has declared a special dividend of 20 sen per share for the financial year ending May 31, 2025 (FY2025). The special dividend will be paid on August 5, with an ex-date of July 24 and an entitlement date of July 25. This is the first dividend Eurospan has declared in 14 years, with the last dividend being 40 sen per share in FY2011.
$QL.MY$: QL Resources Bhd has announced a proposed bonus issue of up to 1.22 billion shares, with a ratio of one bonus share for every two existing shares held, to reward shareholders. The company stated that the adjusted share price after the bonus issue must not be less than 50 sen, based on the daily volume-weighted average market price for the three-month period before the application date, to comply with Bursa Malaysia's listing requirements.
$HAILY.MY$: Construction company Haily Group Bhd has announced plans to reward its shareholders with a bonus issue of one new share for every share held. This will be followed by a free warrant issue on the basis of one warrant for every two shares held, with the warrant having a tenure of three years. The entitlement date for the bonus issue will be determined at a later date, while the warrants' entitlement date will be announced after the completion of the bonus issue.
$MUIPROP.MY$: MUI Properties Bhd, which is currently facing losses and in which Malayan United Industries Bhd owns a 23.48% stake, has announced the sale of 53 acres of freehold land in Port Dickson, Negeri Sembilan, for RM80.8 million in cash. The sale and purchase agreement was made between MUI's wholly owned subsidiary Peristal Enterprise Sdn Bhd, through its 60%-owned unit West Synergy Sdn Bhd, and Antmed Malaysia Sdn Bhd for the land located at Bandar Springhill. MUI is expected to gain RM16.58 million (before tax and non-controlling interest) from the proposed disposal, which is scheduled to be completed in the fourth quarter of 2025.
$PTT.MY$: PTT Synergy Group Bhd, an integrated construction and property company, has announced that it will be selling two units of three-storey detached factories located in Sepang, Selangor to MCM Land Sdn Bhd for RM26 million. The disposal consideration represents an 8.33% premium over the current market value of the properties, which are appraised at RM24 million by independent valuer Laurelcap Sdn Bhd.
$ANNUM.MY$: Annum Bhd has announced that it has been awarded a sub-contract worth RM53.2 million by Iqzan Holding Bhd. The contract is for the supply of material, labour and machinery for the construction of an office building in Jalan Tun HS Lee, and was awarded by Iqzan's subsidiary Kacon Construction Sdn Bhd. The sub-contract is expected to last for two years.
$ECONBHD.MY$: Econpile Holdings Bhd has announced that it has secured a RM26.5 million contract for piling, earthworks and sub-structure works for a 40-storey condominium project located in Mont Kiara. The contract was awarded by SNA Consult Sdn Bhd on behalf of Modern Plus Sdn Bhd.
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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