MY Morning Wrap | Mah Sing Bags Pulai Land for RM103.7 Mil, Second Land Purchase in Four Months
Good morning mooers! Here are things you need to know about today's market:
●Stocks Rise on Positive March Jobs Report
●Bursa Malaysia Trades Cautiously Amid Negative Regional Performance
●Stocks to watch: Mah Sing, Chin Hin
-moomoo News MY
Wall Street Summary
Investors reacted positively to the latest jobs report, with stocks rising on Friday. The report showed that the US added 303,000 jobs in March, surpassing economists' forecasts. The 30-stock $Dow Jones Industrial Average (.DJI.US)$ climbed 0.8% to settle at 38,904.04, while the $S&P 500 Index (.SPX.US)$ gained 1.11% and the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ advanced 1.24%. The positive jobs report is seen as a sign of a strengthening economy and has bolstered investor confidence.
Breaking News
Bursa Malaysia Trades Cautiously Amid Negative Regional Performance
Bursa Malaysia traded cautiously in a narrow range as investors exercised caution amid the negative performance across the region. The FTSE Bursa Malaysia KLCI gained 2.01 points or 0.12% to 1,555.25 from the previous day's close of 1,553.24. The benchmark index opened 2.17 points lower and moved between 1,547.96 and 1,555.97 throughout the trading session. Decliners led gainers 563 to 482, with 493 counters unchanged, 782 untraded, and nine others suspended. Turnover increased to 4.04 billion units worth RM2.68 billion. The regional markets were impacted by the negative cue from Wall Street and worsening geopolitical conflict in the Middle East, which hit investor sentiment. The Financial Services Index was 56.35 points easier to 17,239.42, the Plantation Index jumped 53.60 points to 7,460.09, and the Industrial Products and Services Index rose 1.94 points to 185.06, while the Energy Index slid 13.23 points to 967.50.
Stocks to Watch
$MAHSING (8583.MY)$: Mah Sing Group Bhd has acquired a parcel of land in Pulai, Johor Bahru, for RM103.75 million in cash through its subsidiary, Venice View Development Sdn Bhd. The land will be used for a residential development project named M Tiara 2, with a gross development value of RM1.45 billion. Financing for the acquisition and development will be sourced from internally generated funds or bank borrowings. The acquisition marks the group's second land purchase within four months and is seen as a strategic response to the increasing demand in Johor's property market, driven by infrastructure projects like the Johor Bahru-Singapore Rapid Transit System and the potential revival of the KL-Singapore high-speed rail project, alongside plans for the Johor-Singapore special economic zone aimed at enhancing economic activities in the region.
$CHINHIN (5273.MY)$: Chin Hin Group Bhd has increased its stake in Chin Hin Group Property Bhd (CHGP) by 3.39% to 57.13% for RM29.26 million, buying 22.39 million shares at an average price of RM1.305 each between March 19 and April 4, 2024. The stake purchase in CHGP, which was entirely internally funded, is premised on CHGP's prominent future earnings prospects and orderbook in the construction business.
$EDGENTA (1368.MY)$: UEM Edgenta Bhd has secured contracts for hospital support services in Singapore for five years, valued up to RM963.49 million. The contracts, facilitated by its Singapore-based subsidiary UEMS Solutions Pte Ltd, will contribute positively to future earnings and net assets per share. Although the number of hospitals involved was not disclosed, the total contract value ranges from RM934.57 million to RM963.49 million, subject to the finalisation of manpower resources. The contracts will not impact the company's issued share capital or the shareholding of substantial shareholders.
$MMAG (0034.MY)$: MMAG Holdings Bhd's subsidiary, MJets Air Sdn Bhd, has been appointed to provide a regional cargo feeder network using narrowbody freighters for MAB Kargo Sdn Bhd (MASKargo) starting May 1, 2024, for a six-month period. The appointment follows MJets Air's acceptance of a letter of award from Malaysia Airlines Bhd, a subsidiary of Malaysia Aviation Group Bhd. MMAG stated that within 60 days of the letter of award, the parties will finalise an agreement regarding charters and other conditions. The contract is expected to positively impact MMAG's overall earnings and earnings per share for the fiscal year ending March 31, 2025.
$TDM (2054.MY)$: Plantation and healthcare group TDM Bhd clarified that it has no intention of listing its healthcare arm, KMI Healthcare Sdn Bhd. The company emphasised its commitment to growing its businesses as outlined in its strategic plan. TDM's recent trading activities have led to a rise in its share price to a three-year high, reaching 32.5 sen amid growing market valuation ascribed to its healthcare-related businesses, particularly after the RM5.7 billion disposal of Ramsay Sime Darby Health Care Sdn Bhd to Columbia Asia Healthcare Sdn Bhd. Despite the surge in its share price, TDM stated it is unaware of any undisclosed corporate developments that could explain the recent trading activity.
$HAILY (0237.MY)$: Haily Group Bhd has secured a contract valued at RM59.46 million for a terrace house construction project in Johor Bahru. The contract, awarded by Austin Senibong Development Sdn Bhd, involves the construction of 220 double-storey terrace houses and one main switch station. Haily is tasked with completing two show houses and the switch station by October 21, 2024, in Section 1, and delivering 218 units of double-storey terrace houses by September 21, 2025, in Section 2.
$FAST (0084.MY)$: Fast Energy Holdings Berhad, a loss-making oil bunkering services provider, has become a significant shareholder in Vsolar Group Bhd by subscribing to 140 million shares in Vsolar's rights issue at 10 sen each, totaling RM14 million. This subscription grants Fast Energy a 28.15% stake in Vsolar, which operates in renewable energy, media publishing, software solutions, and production house businesses. However, complete details of all shareholding changes resulting from the rights issue have not been disclosed. The only disclosed change involves Vsolar executive director Koo Kien Yoon, who increased his stake to 15.1% by subscribing to 75 million 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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