MY Morning Wrap | IJM Wins Two Contracts Worth RM962.3 Million for Logistics Hub and Semiconductor Manufacturing Facility
Good morning mooers! Here are things you need to know about today's market:
●US Stock Indices Retreat as Nvidia's Recent Gains Slump Ahead of Quarter-End Rebalancing
●BlackRock Invests MYR 24.7 Billion in Malaysian Companies and Government Bonds
●PM Anwar: Malaysian Government Committed to Reducing Carbon Footprint and Promoting Sustainable Practices
●Stocks to watch: IJM, Scientex and Unisem
-moomoo News MY
Wall Street Summary
The $S&P 500 Index (.SPX.US)$ slipped 0.2% to 5464.62 and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.2% to 17689.36 as US stock indices retreated ahead of the quarter-end rebalancing of investors' portfolios that could further drive volatility. Nvidia's recent gains slumped, contributing to the decline. However, the $Dow Jones Industrial Average (.DJI.US)$ managed to hold on to gains, closing little changed at 39150.33.
Breaking News
BlackRock Invests MYR 24.7 Billion in Malaysian Companies and Government Bonds
BlackRock, the world's largest international investment management company, has reportedly invested MYR 24.7 billion in various Malaysian companies and government bonds. The investments include MYR 18.7 billion in equity investments in listed companies and MYR 7.9 billion in bonds, with major banks such as Public Bank, Maybank, and CIMB among the companies invested in. BlackRock has also invested in Malaysian government bonds and Petronas and its bond issuances. The firm has been actively involved in Malaysia and has set up operations there, although its investment in the proposed privatization of Malaysia Airports Holdings Berhad has been controversial.
PM Anwar: Malaysian Government Committed to Reducing Carbon Footprint and Promoting Sustainable Practices
Malaysia's Prime Minister, Datuk Seri Anwar Ibrahim, has stated that the MADANI government is committed to reducing the country's carbon footprint and promoting sustainable practices. The government has implemented multifaceted policies aimed at reducing carbon emissions, promoting social equity, creating new growth opportunities in the green economy, and ensuring transparent governance. Substantial funds have been allocated towards renewable energy, and the nation supports eco-friendly farming practices and is developing green transportation solutions. Anwar emphasized the importance of building a more sustainable and equitable Malaysia for future generations.
Stocks to Watch
$IJM (3336.BMS)$: IJM Corp has won two contracts worth RM962.3 million through its wholly owned unit, IJM Construction. The first contract, valued at RM584.3 million and awarded by PNB-backed Strategic Sonata, involves constructing Plot A of a logistics hub in Shah Alam, with completion expected within 28 months. The second contract, worth RM378 million, pertains to Phase 1 of a semiconductor manufacturing facility for Siliconware Precision Malaysia at Bandar Cassia Technology Park in Penang.
$SCIENTX (4731.BMS)$: Scientex has reported an 18.9% increase in net profit for the third quarter ended April 30, 2024, to RM130.5 million, driven by an 11% growth in revenue to RM1.1 billion. The strong performance was attributed to healthy contributions from its packaging and property segments. The company has declared a single-tier interim dividend of six sen per share, payable on July 19. For the nine months of FY2024, net profit surged 26.6% to RM409.4 million, with revenue increasing 10% to RM3.3 billion.
$UNISEM (5005.BMS)$: The Armed Forces Fund Board, or Lembaga Tabung Angkatan Tentera (LTAT), has sold an 8.94% stake in OCK Group, a telecommunications infrastructure and services provider, through a direct business transaction. The sale, which comprised 95.4 million shares, has resulted in LTAT no longer being a substantial shareholder of OCK. This move comes after LTAT has been reducing its stake in OCK since the beginning of June. Following the transaction, LTAT's shareholding in OCK has been reduced to just 0.03% or 299,755 shares.
$GDB (0198.BMS)$: GDB Holdings has secured a contract worth RM865.66 million to build a logistics hub in Seksyen 15, Shah Alam. The contract was awarded to its wholly owned Grand Dynamic Builders by Strategic Sonata, a company which is 70%-owned by Permodalan Nasional Bhd. The project is scheduled to start in June 2024 and be completed in 30 months, by December 2026. The announcement confirms earlier reports that GDB was close to securing a substantial contract to build a warehouse in Shah Alam, Selangor.
$ANNJOO (6556.BMS)$: Ann Joo Resources, in consortium with PT Lumintu Insan Mandiri, has won a contract worth RM297.90 million from $TENAGA (5347.BMS)$. The contract is for the electrification of East Coast Rail Link feeder stations and was awarded to Ann Joo Metal, a unit of Ann Joo Resources, by Tenaga Switchgear. The project is expected to be completed by May 31, 2026.
$PJBUMI (7163.BMS)$: PJBumi has won a contract to provide physical onboarding services for Malaysia's national digital identity system, MyDigital ID. The contract was awarded to PJBumi Heavy Engineering & Services by Mimos Semiconductor and is for a period of 24 months, starting on June 21, 2024. The contract price is RM100,000 for 500 units touch-point device setup, and RM1.70 for every successful physical onboarding to MyDigital ID.
$INFOM (0265.BMS)$: Infomina has secured an order worth US$11.39 million from a bank in Thailand for IT support services. The order was received by its subsidiary, Infomina (Thailand), and includes technology application, infrastructure operations, maintenance, and support services. Work is scheduled to commence on June 1, 2024, and will last for five years and seven months until Dec 21, 2029.
$MYNEWS (5275.BMS)$: MyNews Holdings has returned to profitability in Q2 FY2024, with a net profit of RM1.73 million, compared to a net loss of RM6.28 million in the previous year's corresponding quarter. The company attributed the result to higher share of profit from its joint venture company and improved profit margin. The increase in revenue by 10.66% to RM192.77 million from RM174.2 million was driven by improved in-store sales. For the first six months of FY2024, the company registered a net profit of RM3 million versus a net loss of RM9.49 million in the corresponding period in FY2023, while revenue increased 8.37% to RM388.29 million from RM358.29 million. No dividend was declared for the quarter under review.
$M&G (5078.BMS)$:Marine & General has reported a 41.5% decline in net profit for the fourth quarter ended April 30, 2024, to RM19.46 million, from RM33.27 million a year before, due to higher vessel repairs incurred and a lower net reversal of vessel impairment. Quarterly revenue increased by 9.05% to RM83.06 million, from RM76.17 million due to higher fleet utilisation and charter rates for OSVs in line with the continued increase in oil drilling activities and the general economic recovery in the region. No dividend was proposed for the current quarter and the entire FY2024. For FY2024, net profit inched up 0.61% to RM48.38 million, from RM48.09 million while annual revenue rose 13.22% to RM347.92 million, from RM307.28 million.
$OCK (0172.BMS)$: The Armed Forces Fund Board, or Lembaga Tabung Angkatan Tentera (LTAT), has sold an 8.94% stake in OCK Group, a telecommunications infrastructure and services provider, through a direct business transaction. The stake, comprising 95.4 million shares, was sold on Wednesday, resulting in LTAT ceasing to be a substantial shareholder of OCK. LTAT has been trimming its stake in OCK since the start of June. Following the latest transaction, LTAT's shareholding in OCK will be reduced to just 0.03% or 299,755 shares.
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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