MY Morning Wrap | Maxis Posts 10% Rise in Q1 Net Profit on Higher Service Revenue, Declares Four Sen Dividend
Good morning mooers! Here are things you need to know about today's market:
●US Markets Close Mixed After Hitting All-Time Highs, Earnings Season Continues with Nvidia Reporting
●Malaysia and Uzbekistan to focus on trade and investment cooperation
●Stocks to watch: Maxis, ITMAX, PIE Industrial
-moomoo News MY
Wall Street Summary
The market closed with a slight cooling on Friday from the week's all-time highs and short squeeze surprises. The $S&P 500 Index (.SPX.US)$ climbed 0.12% after the close, while the $Nasdaq Composite Index (.IXIC.US)$ fell 0.07%, and the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.34%. This week is another earnings week for Wall Street, with Nvidia reporting on Wednesday.
Breaking News
Malaysia and Uzbekistan to focus on trade and investment cooperation
Malaysia and Uzbekistan will focus on trade and investment cooperation following Prime Minister Datuk Seri Anwar Ibrahim's three-day official visit to the Central Asian nation. During his courtesy visit, Anwar discussed investment and trade opportunities in line with Uzbekistan's strengths, including in the mining sector with its large capacity in terms of energy such as hydrogen and ammonia. The Uzbek President also proposed to the high-level joint technical cooperation committee, chaired by the foreign ministers of both countries, to include a more comprehensive area. Uzbekistan's participation in the Global Forum of Islamic Economics and Finance in Kuala Lumpur was also discussed.
Stocks to Watch
$MAXIS (6012.MY)$: Tan Sri Mokhzani Mahathir will step down as the non-executive chairman of Maxis effective from June 30, after 15 years sitting on the board of the company. The board is assessing potential candidates to succeed Mokhzani, and in the meantime, independent director Datuk Hamidah Naziadin will be appointed as the interim chairman from July 1. Maxis also announced its net profit for Q1 2024, which rose 10% to MYR353m ($84.5m) compared to MYR320m over the same period last year, thanks to higher service revenue and cost control. Revenue rose 3% to MYR2.6bn from MYR2.5bn.
$ITMAX (5309.MY)$: ITMAX System Bhd has been granted a RM105.3m ($25.2m) variation order from Kuala Lumpur City Hall to extend the contract for its closed-circuit television and video messaging signages integrated transport information system services. This extension applies to phase one of the video surveillance and VMS ITIS contract, which will now run until 2029 instead of ending in 2026. ITMAX will receive a letter of instruction from DBKL to commence work, and liquidated ascertained damages will be imposed on the company for any delays in delivering the work within the stipulated timeframe.
$PIE (7095.MY)$: PIE Industrial Bhd's net profit for Q1 2024 dropped 31.24% to MYR9.7m ($2.3m) due to reduced demand caused by shortages of major integrated circuits. Quarterly revenue fell 28.06% to MYR239.18m from MYR332.45m recorded for Q1 2023. The group has secured a new customer that will contribute an additional MYR2.5bn in revenue, of which MYR1bn will be recognised as early as next year.
$MFLOUR (3662.MY)$: Malayan Flour Mills Bhd has reported a net profit of MYR37.9m ($9m) for Q1 2024, more than triple the amount it reported in the same period a year earlier, thanks to higher margins in its flour and grain segment from lower wheat prices. However, revenue for the quarter declined by 9.1% year-on-year to MYR751.6m from MYR826.69m due to lower sales volume.
$PPB (4065.MY)$: PPB Group Bhd has announced plans to invest MYR327m ($78m) in its film exhibition and distribution segment, which includes Golden Screen Cinemas, over the next five years. The company intends to open seven new cinemas in Malaysia over the next three to five years, with one each in Terengganu and Sarawak, two in Penang, and three in the Klang Valley region. Golden Screen Cinemas Sdn Bhd is wholly-owned by PPB.
$EPICON (4847.MY)$: Epicon Bhd has secured a RM50m ($12m) sub-construction contract for structural reinforced concrete works. The company's wholly-owned subsidiary, Transnational Builder Sdn Bhd, received a letter of award from Axventure Sdn Bhd for the contract, which involves structural reinforced concrete works for Towers 1 and 2 within a high-rise residential development located at Lot 82332 in Mukim Batu, off Jalan Segambut, Kuala Lumpur. Epicon stated that the addition of this new contract has increased the company's total outstanding order book to MYR979m from the previously reported MYR929m.
$NATGATE (0270.MY)$: NationGate Holdings Bhd has received approval from the Securities Commission Malaysia for its transfer to the Main Market of Bursa Malaysia. The electronics manufacturing services provider was first listed on the ACE Market in January 2023 and the approval was granted under an "accelerated transfer process." The group previously stated that the proposed transfer is expected to be completed in the first half of 2024.
$HOHUP (5169.MY)$: Ho Hup Construction Company Bhd has announced that its 52% owned unit, Golden Wave Sdn Bhd, has applied to be placed under judicial management. The application is part of Golden Wave's efforts to rehabilitate the company and regularise its financial condition, as well as maximise returns to creditors instead of being wound up. The company hopes that the judicial management application will provide it with the opportunity to complete its projects while seeking the involvement of an independent professional to facilitate its restructuring with the assistance of management.
$SCABLE (5170.MY)$: Sarawak Cable Bhd has announced the valid termination of the memorandum of agreement (MOA) between the company and Serendib Capital Ltd. The loss-making cable manufacturer stated that Serendib has been notified and is aware of the grounds of termination of the MOA. This comes in response to a statement by Serendib on May 13, claiming that the agreement to rescue Sarawak Cable remains in force and cannot be terminated unilaterally. Serendib stated its intention to fulfil all of its obligations under the MOA signed in December 2023 with Sarawak Cable.
$GIIB (7192.MY)$: GIIB Holdings Bhd has confirmed that its interim financial statements for the period ended March 31, 2023, issued on May 29, 2023, are consistent with the interim financial statements for the same period as approved by the board through formal processes. The company emphasized that both its audit and risk management committee and the board of directors had confirmed the legitimacy of the financial statements. It also stated that the current and former boards are unaware of any forged interim financial statements for the period. Additionally, the company confirmed that the Malaysian Anti-Corruption Agency had charged its former director, Tai Boon Wee, on May 15.
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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