MY Morning Wrap | MISC Enters Time Charter Party Contracts for World's First Ammonia Dual-Fuel Aframaxes
Good morning mooers! Here are things you need to know about today's market:
●Nvidia and Netflix Fuel Tech Stock Sell-Off, Nasdaq Falls 2.05%
●Palm Oil Prices Expected to Be Bearish Due to Weak Soybean Prices
●Bursa Malaysia Expected to Be in Consolidation Mode This Week
●Stocks to watch: Sime Darby Property, MISC
-moomoo News MY
Wall Street Summary
Nvidia and Netflix fueled a sell-off in tech stocks that dragged the $S&P 500 Index (.SPX.US)$ and the $Nasdaq Composite Index (.IXIC.US)$ lower. Last Friday, the Nasdaq fell 2.05% to close at 15,282.01, while the S&P 500 index slipped 0.88% to 4967.23. In contrast, the $Dow Jones Industrial Average (.DJI.US)$ was the outperformer, gaining 0.56% to 37,986.40.
Breaking News
Palm Oil Prices Expected to Be Bearish Due to Weak Soybean Prices
Market experts predict bearish trends for palm oil prices this week as soybean prices continue to remain weak and put pressure on the market. Palm oil trader Wong Tai Wai expects palm oil prices to fluctuate between RM3,800 to RM4,000 per tonne, while Interband Group senior trader Cheng Jin predicts prices to fall to RM3,637 per tonne, leading to a technical adjustment in the market. In addition, the end of the Hari Raya festival has resulted in a significant slowdown in palm oil demand. Over the past week, palm oil futures trading prices for May fell RM315 to RM4,056 per tonne.
Bursa Malaysia Expected to Be in Consolidation Mode This Week
Bursa Malaysia is expected to be in consolidation mode this week amid increasing market risks, elevated volatility in global markets, and escalating geopolitical tensions, according to Rakuten Trade. The benchmark index is expected to further consolidate until new catalysts emerge. The FBM KLCI is expected to fluctuate within the 1,528-1,560 range this week, with immediate support at 1,520, followed by 1,508. Meanwhile, SPI Asset Management projects the local bourse to be on cautious sentiment this week with a slight positive bias following the latest Malaysia economic data. The attention now shifts to this week's release of first-quarter gross domestic product (GDP) data for the US.
Stocks to Watch
$SIMEPROP (5288.MY)$: Sime Darby Property Bhd has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion, with the investors not identified. The fund, set up as a 51:49 joint venture with Australia's Logos Property Group, will complete Metrohub 1 and 2 at the E-Metro Logistics Park. It also managed to secure J&T Distribution Solutions Sdn Bhd as the first pre-committed tenant.
$MISC (3816.MY)$: MISC Bhd, through its petroleum arm AET, has entered into time charter party contracts with PETCO Trading Labuan Company Ltd (PTLCL) for the world's first two ammonia dual-fuel Aframaxes. The move is aimed at reducing overall emissions from its operations. Both MISC and PTLCL are units of national oil company Petronas. According to MISC, the tankers will enable PTLCL to transport its products to customers around the world while contributing to industry decarbonisation by utilising ammonia as a cleaner alternative to conventional fuel.
$PIE (7095.MY)$: PIE Industrial Bhd has confirmed that it has secured a new customer and is expecting the new customer to contribute an additional RM2.5 billion in revenue to the group, of which RM1 billion will be recognised as early as next year. The client specialises in servers and switches, according to the group's managing director, Alvin Mui, who did not disclose its identity. "We are optimistic of achieving RM2 billion (total) revenue in 2025," Mui said.
$LSH (03047.MY)$: Construction company Lim Seong Hai Capital Bhd has obtained approval from its shareholders to transfer the group's listing from the LEAP Market to the ACE Market. The group expects to complete the transfer by the fourth quarter of 2024. The resolutions pertaining to the transfer include the listing of the group's entire enlarged issued share capital on the ACE Market as well as a proposed public offering involving up to 191 million shares, representing approximately 22.78% of its enlarged issued shares.
$YXPM (0250.MY)$: YX Precious Metals Bhd, a 70%-owned subsidiary of Tomei Consolidated Bhd, has proposed to transfer its listing from the ACE Market to the Main Market as it has met the profit requirements for the transfer. YX recorded a net profit of RM9.01 million for the financial year ended Dec 31, 2023 (FY2023) on the back of RM239.8 million revenue. This meets the Securities Commission's requirements, which mandate an aggregate profit after tax (PAT) of at least RM20 million over the past three financial years, with a PAT of at least RM6 million for the most recent financial year.
$WPRTS (5246.MY)$: Westports Holdings Bhd has launched a new sukuk wakalah programme of up to RM5 billion that will provide the group with the flexibility to raise medium to long-term funding to meet business funding requirements and general corporate purposes. The sukuk programme has a perpetual tenure and was assigned an AAA/stable rating by RAM Rating Services Bhd on April 15. The proceeds raised will be used to finance Westports Malaysia Sdn Bhd's capital expenditure, assets acquisition, general corporate purposes, and general working capital requirements, the company said.
$YINSON (7293.MY)$: Yinson Holdings Bhd announced that its indirect wholly-owned subsidiary, Yinson Production Offshore Pte Ltd, has successfully placed a US$500 million five-year senior secured bond issue. The bonds, issued under Yinson Production Financial Services Pte Ltd, have a fixed coupon of 9.625% per annum in the Nordic bond market. The net proceeds from the bonds will be used to refinance Yinson Production's existing corporate loan and for general corporate purposes. An application will also be made for the bonds to be listed on the Oslo Børs in due course.
$EG (8907.MY)$: EG Industries Bhd has secured a second letter of intent (LOI) from US-based Cambridge Industries Group (CIG) to produce a new 1.6 terabit optical signal transmitter and receiver for a 5G wireless network at EG Industries' new smart factory 4.0 in Penang. The latest LOI will also include the production of 800-gigabit (G) optical modules, complementing the previous 100G, 200G, and 400G models in the first LOI in 2022. CIG will also transfer its technology and intellectual property (IP) to EG Industries.
$HEXTAR (5151.MY)$: Hextar Capital Bhd plans to diversify into the construction and project management business to align with its long-term strategy to pursue more engineering, procurement, construction, and commissioning (EPCC) projects beyond telecommunications network projects. The proposed diversification is expected to boost the group's net profit by about 25%. For the first quarter ended December 2023 (1QFY2024), Hextar Capital posted a net profit of RM965,000, after reporting two consecutive quarters of net loss.
$UZMA (7250.MY)$: Uzma Bhd plans to raise RM68.35 million via a private placement of 15% of its current share base to help fund the development of a water injection facility (WIF) which it is to lease to a unit of Hibiscus Petroleum Bhd. The company plans to issue up to 58.08 million shares to third-party investors at an issue price to be fixed later. The estimate of RM68.35 million is based on an illustrative issue price of RM1.1768 per share, a 9.99% discount to Uzma shares' five-day volume-weighted average price up to April 3.
$NOVA (0201.MY)$: Software company Nova MSC has signed term sheets for investments totaling about RM41.4 million into two of its subsidiaries by Singapore-based family office Jostar Investment VCC. The term sheets record Jostar's desire to invest S$5 million (RM17.5 million) into 60%-owned Dex-Lab Pte Ltd and US$5 million (RM23.9 million) separately into EyRIS Pte Ltd, a 42% owned subsidiary. The non-binding term sheets only serve as the basis for further discussions, negotiation and execution of definitive agreements, completion of due diligence, and fulfillment of any regulatory requirements.
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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