MY Morning Wrap | Johor Plantations Set to Explore Alternative Revenue Sources from Unutilised Land
Good morning mooers! Here are things you need to know about today's market:
●S&P 500 and Nasdaq Hit Record Highs After Powell Warning
●Malaysia's Madani Budget 2025 to Focus on Economic Restructuring, Says Anwar
●CIMB Upgrades Malaysian Tech Stocks on AI-Led Recovery
●Stocks to watch: Johor Plantations, YTL Power, Ranhill
-moomoo News MY
Wall Street Summary
The S&P 500 and Nasdaq hit new record highs on Tuesday following warnings from Federal Reserve Chair Jerome Powell about the risks of maintaining high interest rates for too long. Powell is expected to continue his testimony before Congress on Wednesday. The $Nasdaq Composite Index(.IXIC.US$ closed 0.14% higher at 18429.29, while the $S&P 500 Index(.SPX.US$ gained 0.07%, both closing at fresh record highs. The $Dow Jones Industrial Average(.DJI.US$, however, fell 0.13% to close at 39291.97.
Breaking News
Malaysia's Madani Budget 2025 to Focus on Economic Restructuring, Says Anwar
Malaysia's Prime Minister Datuk Seri Anwar Ibrahim has announced that the Madani Budget 2025, to be tabled in Parliament in October 2024, will continue to focus on achieving the targets set out in the Madani Economy framework. The government's goal is to restructure the economy towards becoming a leading Southeast Asian economy, and Anwar has called for efforts to "raise the ceiling" in order to attain greater wealth. Anwar also emphasized the government's challenge of raising both the ceiling and the floor by championing social justice to ensure that the enlarged wealth is shared equitably. The Madani Budget 2025 aims to drive growth without leaving behind those at the bottom of society. Additionally, Anwar has highlighted the importance of Malaysia becoming a member of the intergovernmental organization BRICS to attract domestic and foreign traders to continue investing in the country and improve trade and export performance.
CIMB Upgrades Malaysian Tech Stocks on AI-Led Recovery
CIMB Securities Sdn. has upgraded Malaysia's technology shares to overweight from neutral, citing improving earnings visibility led by growing demand for artificial intelligence. The technology sector "has entered a new upcycle with a potential for valuation re-rating," according to CIMB analyst Mohd Shanaz Noor Azam. The sector is expected to see a stronger utilization pick-up, especially from the second half of 2024 onwards, along with accelerating supply chain diversification and supportive government policies, which will also boost earnings. CIMB prefers outsourced semiconductor assembly and test providers, with Inari Amertron Bhd. and Malaysian Pacific Industries Bhd. as favored picks for exposure to the sector. The Bursa Malaysia Technology Index is currently trading at below 30 times, offering more upside potential compared to the previous upcycle when it peaked at 57 times 12-month forward earnings.
Stocks to Watch
$JPG(5323.MY$: Johor Plantations Group Bhd (JPG) is exploring alternative revenue sources from its unutilised land, diversifying beyond traditional plantation uses, according to managing director Mohd Faris Adli Shukery. The palm oil producer owns 56,000 hectares of plantation land and plans to assess the "right scheme" before committing to solar power generation. JPG ended its first day of trading with a 7.14% gain in its Main Market debut on Tuesday after raising RM735 million from Malaysia's largest initial public offering (IPO) in over two years.
$YTLPOWR(6742.MY$: YTL Power International Bhd and its 70%-owned unit SIPP Power Sdn Bhd have maintained their collective shareholding of 53.19% or 689.37 million shares in $RANHILL(5272.MY$ after the close of their mandatory general offer (MGO). The unconditional MGO closed on Tuesday, and the offerors had stated their intention to maintain Ranhill Utilities' listing status. The MGO was triggered in May when SIPP bought a 31.42% equity interest in Ranhill Utilities for RM405.18 million or 99.5 sen per share from Tan Sri Hamdan Mohamad, raising YTL Power and SIPP's collective shareholding from 21.77% to 53.19%.
$CTOS(5301.MY$: The Court of Appeal has overturned a High Court decision that required CTOS Data Systems Sdn Bhd, a subsidiary of CTOS Digital Bhd, to pay RM200,000 damages to a businesswoman earlier this year. The three-member bench ruled that there was no defamation, no negligence, and no breach of statutory duty by the credit-rating agency, and that credit reporting agencies do not owe a duty of care in common law. The court also ruled that credit reporting agencies may formulate and publish credit scores as part of their business of credit reporting, under the provisions of the Credit Reporting Agencies Act.
$GHLSYS(0021.MY$: NTT DATA Japan Corp, which now owns 97.48% of the shares in GHL Systems Bhd, will compulsorily acquire the rest of the shares it does not own, paving the way for GHL to be delisted from Bursa Malaysia. The Japanese company is going to invoke a provision of the Capital Markets and Services Act 2007 that allows it to do so as it has obtained no less than 90% of the offer shares. The general offer will remain open for acceptances until July 23, following a two-week extension from its initial closing date of July 9. NTTD Japan acquired a 58.73% stake in GHL for RM724.08 million or RM1.08 per share in May, triggering the general offer.
$THETA(9075.MY$: Theta Edge Bhd has secured a RM673.8 million contract from the Ampang Jaya Municipal Council for the development, provision, and maintenance of Internet of Things (IoT) for its smart business initiative in Ampang Jaya. The contract has a concession period of 240 months commencing from July 15, 2024, until July 14, 2044. The offer letter was received by Theta Telecoms Sdn Bhd, a wholly-owned subsidiary of Theta Edge, on July 2.
$VLB(0273.MY$: Vestland Bhd has secured a RM195.35 million contract from Euro Saga Sdn Bhd to undertake earthworks for the Kota Bharu-Kuala Krai Expressway project in Kelantan. The contract was awarded to Vestland's wholly-owned subsidiary Vestland Resources Sdn Bhd and covers site clearance, demolition, earthworks, drainage, pavement, and road furniture works. The construction work is scheduled to begin on July 19 and is expected to be completed by July 18, 2026.
$MCLEAN(0167.MY$: MClean Technologies Bhd has announced a board restructuring following its 28.5% stake sale to Singapore-listed Accrelist Ltd. Accrelist's executive chairman and managing director Datuk Dr Terence Tea Yeok Kian has been appointed as MClean's new executive chairman, taking over from Yeo Hock Huat, who has been redesignated as a non-independent non-executive director. Pek Choon Lee has been appointed as MClean's new chief executive officer, taking over from Lim Han Kiau, who has been redesignated as a non-independent non-executive director. MClean has also appointed two new directors, Muhammad Radzi Embon and Chuah Ai Wen. Three existing directors, Dr Danny Oh Beng Teck, Dr Goh Kwee Keng, and Yeo Seow Lai, have resigned as part of the board restructuring.
$TEXCYCL(0089.MY$: Tex Cycle Technology (M) Bhd is collaborating with Econas Resource to Energy Sdn Bhd for an integrated waste management project. Tex Cycle's group CEO Gary Dass Anthony Francis said the collaboration will allow the company to use ER2E's end-of-life waste disposal facilities, including the secured landfill and incineration plant, to expand its waste management service offerings and manage diverse waste types. This move is expected to enhance Tex Cycle's ability to process and manage waste and provide a wider range of waste management services to customers.
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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GOGOY : sell land to build data centre
104423482 : Thanks you
On Paris : Thanks you
103677010 : noted
Zamm : Currently MY having around 1.2T debt and 2025 budget defenitely would increased the number. The goverment servant salary increment might compensate by diesel rationalism recently, but its seem insufficient with number of allocation for helping the needs also increased. Hopefully the inflation keep low and the foreign investment better with domestick exspenses in steady mode.