MY Morning Wrap | Mercury Securities' IPO Oversubscribed by 45 Times
Good morning mooers! Here are things you need to know about today's market:
●The S&P 500 ticked lower for last week
●Mercury Securities' IPO oversubscribed by 45 times
●MITI Hopes for EV Purchasing Incentives in Budget 2024 - Tengku Zafrul
●Malaysia's natural rubber production down by 4.5% in July
●Stocks to watch: AirAsia X
-moomoo News MY
Wall Street Summary
Both tech stocks have a major influence on the broad U.S. stock index. At the end of August, Apple and Nvidia were responsible for almost 30% of the S&P 500's 2023 total return, including dividends, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
The $S&P 500 Index (.SPX.US)$ ticked lower for last week, weighed down by losses in tech heavyweights Apple and Nvidia. The $S&P 500 Index (.SPX.US)$ fell 1.3% for the week while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ declined 1.9%. The $Dow Jones Industrial Average (.DJI.US)$, which includes Apple but not Nvidia, slipped 0.7%.
Breaking News
Mercury Securities' IPO oversubscribed by 45 times
Mercury Securities Group Bhd said its shares offered to the public under its initial public offering (IPO) has been oversubscribed by 45.45 times. A total of 12,926 applications for 2.07 billion new shares with a value of RM518.53 million were received from the Malaysian public, said the stockbroking and corporate finance advisory firm in a statement on Friday. For the public portion, 7,957 applications for 1.51 billion shares were received, which represents an oversubscription rate of 66.56 times. Meanwhile, for the Bumiputera public portion, 4,969 applications for 565.77 million shares were received, representing an oversubscription rate of 24.34 times.
MITI Hopes for EV Purchasing Incentives in Budget 2024 - Tengku Zafrul
The Ministry of Investment, Trade and Industry (MITI) hopes that the Finance Ministry will consider introducing incentives to encourage the uptake of electric vehicles (EV) in the upcoming Budget 2024. Minister Tengku Datuk Seri Zafrul Abdul Aziz said MITI had received a large number of proposals from industry players and the people with regard to Budget 2024, including suggestions related to the EV ecosystem. "Indonesia is the only ASEAN country that has introduced subsidies for the purchase of their electric motorcycles. "This (the introduction of incentives to promote the purchase of EVs in Malaysia) is a good proposal which should be included in Budget 2024.
Malaysia's natural rubber production down by 4.5% in July
Malaysia’s natural rubber (NR) production decreased by 4.5 per cent to 28,533 tonnes in July 2023 from 29,867 tonnes in June 2023, said the Department of Statistics Malaysia (DoSM). NR production was also down by 24.6 per cent year-on-year from 37,843 tonnes in July 2022, said chief statistician Datuk Sri Dr Mohd Uzir Mahidin. He said NR's total stocks in July 2023 reduced by 9.9 per cent to 143,840 tonnes compared to 159,718 tonnes in June 2023. "Rubber processors factory contributed 87.9 per cent of the stocks followed by rubber consumers factory (11.9 per cent) and rubber estates (0.2 per cent),” Mohd Uzir said in a statement today.
Stocks to Watch
$AAX (5238.BMS)$ : AirAsia X Bhd (AAX) has promoted its non-independent non-executive director Datuk Fam Lee Lee as deputy chairman effective Sept 9. Fam, 61, has served on the board of AirAsia X since March 2008, according to its annual reports. The lawyer by profession also serves as non-executive director of AAX’s sister company Capital A Bhd.
$TTVHB (0272.BMS)$ : Khazanah Nasional Bhd has disposed of a 4.62% stake in ACE Market-listed TT Vision Holdings Bhd for RM25.92 million. This pared Khazanah Nasional's stake in the automated test equipment (ATE) maker to 18.86% or 88.26 million shares. Bloomberg data showed that the shares were sold at RM1.20 per share — RM25.92 million for the 21.6 million shares or a 4.62% stake. The RM1.20 disposal price is 252.94% higher than TT Vision’s initial public offering price of 34 sen in January.
$E&O (3417.BMS)$ : Eastern & Oriental Bhd (E&O) saw its executive chairman and executive director increase their stake in the group with the conversion of irredeemable convertible unsecured loan stocks (ICULS) to ordinary shares. Kerjaya Prospek Development (M) Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Group Bhd, saw its shares in E&O rise by 100 million to 114.93 million shares on Sept 6. Subsequently, E&O executive chairman Datuk Tee Eng Ho and executive director Tee Eng Seng saw their indirect stake rise to 837.59 million indirect shares or a 50.21% stake in the company, company filings showed. Meanwhile, E&O former deputy chairman Datuk Seri Tham Ka Hon has ceased to be the substantial shareholder due to the dilution of shareholding from the enlarged share capital arising from the ICULS.
$KNM (7164.BMS)$ : KNM Group Bhd is selling its loss-making unit FBM Hudson Italiana SpA for €22 million cash (RM110.09 million) to United Arab Emirates-based Petro MAT FZCO. A €12 million deal was previously announced between KNM and British Midland FZE, but British Midland had appointed Petro MAT to replace it as the buyer in the transaction. KNM did not disclose the reason behind the change in buyer.
$PMCORP (4081.BMS)$ : Pan Malaysia Corporation Bhd (PMC) has proposed to acquire the remaining 49% equity interest in fast-food chain operator A&W (Malaysia) Sdn Bhd from Inter Mark Resources Sdn Bhd, comprising 30.38 million ordinary shares, for RM69.45 million. The exercise is to be satisfied via a combination of cash payment of RM41.67 million and the issuance of 111.13 million ordinary shares in PMC at an issue price of 25 sen per consideration share.
$ECM (2143.BMS)$ : ECM Libra Group Bhd is to acquire two pieces of beachfront land in Johor for an aggregate RM36.86 million for future hospitality developments. The plots of land are located in Desaru Coast, which is expected to benefit from tourist market catchments. Its wholly-owned unit ECM Libra Desaru Sdn Bhd is acquiring the entire equity interest of Desaru Beachfront 2 Sdn Bhd, owner of a 36,831 square metre plot, for RM17.05 million from Desaru Development Holdings One Sdn Bhd. Another wholly-owned subsidiary, ECM Libra Beachfront Sdn Bhd, is to acquire a 44,427-sq metre plot for RM19.81 million from Desaru Beach Parks Sdn Bhd.
$SERBADK (5279.BMS)$ : Serba Dinamik Holdings Bhd narrowed its net loss to RM105.02 million or 2.82 sen per share in the fourth quarter ended June 30, 2023 from RM327.76 million or 8.84 sen per share in the previous year’s corresponding quarter, on higher operating income and lower administrative expenses. Revenue fell 96.39% y-o-y to RM6.15 million from RM170.25 million, as contributions from the operations and maintenance segment fell to RM5.69 million from RM159.8 million previously. For FY2023, Serba Dinamik’s net loss increased to RM1.3 billion or 34.88 sen per share versus RM1.09 billion or 29.34 sen a share a year earlier. Full-year revenue fell 70% to RM403.23 million from RM1.35 billion.
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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