MY Morning Wrap | Maybank Aims to Double Assets in Vietnam to US$2bn by 2027

Moomoo News MY wrote a column · Jul 7 19:42

Good morning mooers! Here are things you need to know about today's market:

●S&P 500 and Nasdaq close at all-time highs as traders look past jobs report signals on Monday

●Attention on AG's Report debate, Bank Negara's monetary policy meeting and Johor Plantations' IPO

●Malaysia's halal exports reached RM54bn in 2023, says Zafrul

●Stocks to watch: Maybank, Southern Cable, TNB

-moomoo News MY

MY Morning Wrap | Maybank Aims to Double Assets in Vietnam to US$2bn by 2027

Wall Street Summary

The S&P 500 and Nasdaq closed at all-time highs last week as traders looked past signals of Friday's jobs report to focus on prospects for Federal Reserve rate cuts. The $Nasdaq Composite Index(.IXIC.US)$ gained 0.90% to close at 18,352.76, while the $S&P 500 Index(.SPX.US)$ rose 0.5%. The $Dow Jones Industrial Average(.DJI.US)$ was up 0.17%, or 67.87 points, ending at 39,375.87.Despite the release of a weaker-than-expected jobs report, investors remain optimistic that the Federal Reserve will continue with its accommodative monetary policy, resulting in a positive outlook for the stock market.

Breaking News

Attention on AG's Report debate, Bank Negara's monetary policy meeting and Johor Plantations' IPO

The Malaysian parliament will resume session this week and lawmakers are expected to debate the Auditor-General's (AG) Report 2/2024. The report revealed governance issues, wastage and leakages such as mismanagement of Human Resource Development Corp funds, massive losses in public companies and unmet targets for the River of Life projects. The Bank Negara Malaysia's decision at the monetary policy committee meeting on Thursday will also be closely watched as economists predict the key interest rate will remain at 3%. In addition, Johor Plantations Group Bhd is set to make its Main Market debut on Bursa Malaysia on Tuesday after raising RM735m in an initial public offering.

Malaysia's halal exports reached RM54bn in 2023, says Zafrul

The value of Malaysia's halal exports reached RM54bn in 2023, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He also stated that the halal industry has the potential to grow further as the global halal industry, including products and services, is expected to reach US$5tn by 2030. The government is committed to increasing the number of entrepreneurs producing halal products and has taken several approaches, including the Jelajah Halal Malaysia programme, which aims to help micro, small and medium industries penetrate domestic and export markets in the halal industry. More than 1,800 MSMEs have successfully participated in the programme since its inception in 2022.

Stocks to Watch

$MAYBANK(1155.MY)$: Malayan Banking Bhd (Maybank) is set to double its assets in Vietnam to US$2bn by 2027 and become the country's top foreign bank for syndicated loans, according to Michael Foong, Maybank Vietnam's CEO. The bank also aims to become the leading foreign broker in Vietnam, strengthen its role in foreign direct investment, and target new mid-tier corporate clients with revenues between US$50m and US$100m. The move is part of Maybank's efforts to capitalise on Vietnam's booming economy.

$SCGBHD(0225.MY)$ & $TENAGA(5347.MY)$: Southern Cable Group Bhd has secured a contract extension worth RM99.6m to supply underground power cables and conductors of varied sizes to Tenaga Nasional Bhd. The contract was awarded to the company's wholly-owned subsidiary, Southern Cable Sdn Bhd, and will increase the total value of the group's ongoing supply agreement with TNB to RM854.3m.

$GHLSYS(0021.MY)$: NTT DATA Japan Corp has extended the closing date of its mandatory takeover offer for GHL Systems Bhd by two weeks to July 23. The unconditional offer is for RM1.08 per share. As of Friday, NTTD Japan held 1.08 billion shares, or 94.61% of the total issued shares of GHL Systems. The privatisation bid is being handled by CIMB Investment Bank Bhd.

$EUROSP(7094.MY)$: The takeover bid by Tan Sri Robert Tan Hua Choon's children for Eurospan Holdings Bhd has ended, with the offerors holding a 73.99% stake in the furniture maker. The bid was triggered on May 24 when Datuk Seri Tan Han Chuan and his sister Datin Tan Ching Ching increased their shareholdings in Eurospan to 71.8%. The aim is to maintain Eurospan's listing status on the Main Market of Bursa Malaysia. Tan Hua Choon was Malaysia's first Casio watch distributor and was known as the "Casio king".

$SALUTE(0183.MY)$: Salutica Bhd saw its shares drop to their lowest level in nearly nine months, prompting the suspension of intraday short-selling of the company's stock. The electronics manufacturing services firm's shares fell as much as 26% to 50 sen, their lowest level since October 2020, before recovering slightly to close 16.18% lower at 57 sen, valuing the company at RM243.1m. Trading volume totalled 25.91 million shares. Intraday short-selling of Salutica shares will only be allowed to resume on Tuesday. The company's legal suit against Apple, filed in November 2020 for alleged patent infringement, was dismissed by the court.

$TEXCYCL(0089.MY)$: Tex Cycle Technology Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. The scheduled waste recycling company has stated that it meets the profit requirements, maintains a healthy financial position, and satisfies the public shareholding spread under the Securities Commission of Malaysia and Main Market listing requirements.

Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE

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