MY Morning Wrap | Petronas Dagangan Reports Steady Q2 Net Profit, Announces 20 Sen Dividend
Good morning mooers! Here are things you need to know about today's market:
●Market Retreats from Record Highs, Ending S&P 500's Winning Streak
●Malaysia-India Relations Strengthened with Comprehensive Strategic Partnership
●Malaysia Sets September Crude Palm Oil Export Duty Unchanged at 8%
●Iskandar Malaysia Nears Investment Goal with RM291 Billion Realised
●Stocks to watch: PetDag, Sentoria, TNB
-moomoo News MY
Wall Street Summary
After opening on a positive note and heading towards a ninth consecutive session of gains, the market pulled back from all-time highs. Despite the potential for the $S&P 500 Index (.SPX.US)$ to record its longest winning streak of the year, the index fell by 0.20% shortly after the closing bell at 4 pm ET. In tandem, the $Dow Jones Industrial Average (.DJI.US)$ dropped by 0.15%, and the $NASDAQ 100 Index (.NDX.US)$ declined by 0.33%, signaling a cautious step back from the recent rally.
Breaking News
Malaysia-India Relations Strengthened with Comprehensive Strategic Partnership
Malaysian Prime Minister Datuk Seri Anwar Ibrahim announced the elevation of Malaysia-India ties to a Comprehensive Strategic Partnership (CSP) during his visit to India. This advancement builds on the Enhanced Strategic Partnership established in 2015 and reflects a commitment to deepen collaboration across various sectors, including trade, education, and defense. Anwar praised India as a "true friend" and highlighted the intent to expedite cooperation in key areas, setting a three-month goal to tackle issues such as flights and visas. The move signals a renewed focus on enhancing the multifaceted relationship between the two nations.
Malaysia Sets September Crude Palm Oil Export Duty Unchanged at 8%
Malaysia has decided to keep its crude palm oil export tax rate steady at 8% for September, while slightly increasing the reference price from RM3,880.86 to RM3,915.19 per metric tonne, according to the Malaysian Palm Oil Board. The export tax structure kicks in at 3% for prices between RM2,250 and RM2,400 per tonne, capping at 8% for prices above RM3,450 per tonne. This move reflects the government's tax policy amidst the pricing dynamics of the palm oil market, where Malaysia stands as the world's second-largest exporter.
Iskandar Malaysia Nears Investment Goal with RM291 Billion Realised
The Iskandar Regional Development Authority (IRDA) chief executive, Datuk Dr Badrul Hisham Kassim, reported that Iskandar Malaysia has realised RM291.4 billion of its targeted investments, reaching 70% of the RM413.1 billion recorded since its establishment in 2006. This achievement puts the economic region on a confident path to hit its revised RM636 billion investment goal by 2030. The region is focusing on high-value, innovation-led sectors to drive growth, aligning with national plans such as the New Industrial Master Plan 2030 and the National Energy Transition Roadmap. Multinational companies have expanded their operations in the area, signaling robust development prospects. IRDA's future efforts will emphasize investment realization to create jobs, support local businesses, and improve infrastructure and living standards. Additionally, IRDA will facilitate the anticipated Johor-Singapore Special Economic Zone (JS-SEZ) through the Invest Malaysia Facilitation Centre Johor (IMFC-J), aiming to streamline investment processes and services.
Stocks to Watch
$PETDAG (5681.BMS)$: Petronas Dagangan Bhd recorded a stable net profit of RM276.4 million in the second quarter ending June 30, 2024, a slight increase from RM275.7 million in the same period the previous year, despite higher operating and tax expenses. The company experienced a 10.4% rise in quarterly revenue to RM9.84 billion, up from RM8.91 billion, attributed to a 5% growth in both sales volume and average selling prices. Additionally, the group announced an interim dividend of 20 sen per share, scheduled for distribution on September 18.
$TENAGA (5347.BMS)$: Tenaga Nasional Bhd (TNB) has been issued a new tax assessment by the Inland Revenue Board, amounting to RM1.39 billion for the tax years 2020 and 2021. The utility company stated that these notices resemble prior ones that are presently contested in court. TNB, relying on legal counsel, contests the validity of the tax claims and plans to challenge the recent notices through an appeal.
$MAGMA (7243.BMS)$: Magma Group Bhd has disclosed that its 75% owned subsidiary, Impiana Selo Tioman Resorts Sdn Bhd, is entangled in a lawsuit filed by Marc Bovell Paul Desmidt and Erin Camille Desmidt. The plaintiffs are seeking US$974,968 (equivalent to RM4.59 million) in damages, citing a breach of contract regarding the sale and purchase agreement of five land parcels located in Tioman, Pahang. The Desmidts claim that there has been no developmental progress on the agreed project and assert that it is unlikely to advance. Magma Group Bhd will need to address these allegations as the legal proceedings unfold.
$STAR (6084.BMS)$: Star Media Group Bhd's net profit surged to RM7.49 million in 2QFY2024 from RM791,000 a year earlier, boosted by its property development segment. Revenue also increased by 27.76% to RM74.13 million. No dividends were declared for the quarter.
$PETGAS (6033.BMS)$: Petronas Gas Bhd has announced the immediate reappointment of Datuk Adif Zulkifli as its non-independent, non-executive chairman, following the resignation of Adnan Zainol Abidin prompted by shifts in Petronas' management. Alongside this leadership update, the group reported a slight dip of 3.4% in net profit for Q2 ending June 30, 2024, at RM469 million compared to RM485.4 million the previous year. Revenue saw a marginal rise of 0.7% to RM1.65 billion. A second interim dividend of 16 sen per share has been declared, with a payment date set for September 19.
$JPG (5323.BMS)$: Newly listed palm oil producer Johor Plantations Group Bhd announced a near fourfold increase in net profit for the second quarter, hitting RM49.74 million up from RM12.65 million a year prior. The significant gain was attributed to heightened palm oil prices and a boost in sales volume. The company's revenue also saw a strong increase of 34.86% to RM360.91 million from RM267.61 million the previous year. Additionally, Johor Plantations Group Bhd declared its maiden interim dividend of 1.25 sen per share, which is scheduled for payment on September 24.
$MCEHLDG (7004.BMS)$: MCE Holdings Bhd, an automotive parts manufacturer, has been awarded contracts valued at RM52.13 million by Proton Holdings Bhd for the supply of electronic and mechatronic components. These five-year contracts are set to commence in the first quarter of FY2025 and will involve the production of items such as front reading lamps and rear reflectors. MCE Holdings has earmarked an estimated RM2.23 million for investment in the project.
$SMI (4375.BMS)$: Major shareholders Francis Leong and two subsidiaries of Techbase Industries Bhd have extended a takeover offer to South Malaysia Industries Bhd (SMI) worth RM47 million. The proposal involves a buyout price of 45 sen per share, which represents an 11% premium over SMI's closing price of 40.5 sen as of Monday.
$SLVEST (0215.BMS)$: Solarvest Holdings Bhd and Agmo Holdings Bhd are collaborating to form a joint venture aimed at developing digital products tailored for the clean energy industry. Solarvest will have a majority stake of 70% in the JV, with Agmo Holdings taking the remaining 30%. Their focus will be on crafting a suite of digital offerings, including software, digital platforms, data analytics, and integrated technologies. The planned products encompass a renewable energy certificate platform, a management system for home solar projects, and an electric vehicle platform. The development phase for these initiatives is projected to last between six to twelve months.
$AMBANK (1015.BMS)$: AMMB Holdings Bhd (AMBANK) reported a 32.2% increase in net profit to RM500.2 million for Q1 ending June 30, 2024, bolstered by lower impairments and higher interest income. Impairments decreased to RM12.3 million from RM190.4 million, and net interest income grew by 6.4% to RM860.9 million. Non-interest income dropped by 19.2%, and no dividend was declared for the quarter.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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