MY Morning Wrap | Property Market Transactions Rise to RM85.4 Bln in 1H 2023 -- Ahmad Maslan
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks climb, shrugging off inflation
●Property Market Transactions Rise to RM85.4 Bln in 1H 2023 -- Ahmad Maslan
●Electricity demand set to remain fairly resilient in 2H, says RHB IB
●Stocks to watch: TNB, MyEG, Bumi Armada, Hextar Global
-moomoo News MY
Wall Street Summary
Investors shrugged off rebounding inflation Thursday, scooping up stocks in a bet that a strong U.S. consumer and resilient labor market will keep the market humming.
The $S&P 500 Index(.SPX.US$ added 0.8%, with all 11 of its sectors finishing in the green. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ also rose 0.8%, and the $Dow Jones Industrial Average(.DJI.US$gained 1%.
Breaking News
Property Market Transactions Rise to RM85.4 Bln in 1H 2023 -- Ahmad Maslan
Malaysia's real estate market recorded a stable performance in the first half of 2023 (1H 2023), with the value of transactions increasing by 1.1 per cent to RM85.37 billion from RM84.40 billion in 1H 2022. Deputy Finance Minister I Datuk Seri Ahmad Maslan said the volume of transactions, however, showed a marginal decrease of 2.1 per cent to 184,140 for 1H 2023 versus 188,002 in the corresponding period last year. "The residential property segment continued to drive the market, controlling more than 60 per cent of the total transaction volume and nearly 53 per cent of the total transaction value."
Electricity demand set to remain fairly resilient in 2H, says RHB IB
RHB Investment Bank Research (RHB IB) has maintained its “overweight” call on the power sector, and said electricity demand is set to remain fairly resilient in the second half of 2023 (2H2023). In a sector note on Thursday, the research house said that with core prices expected to normalise in the upcoming quarters, the impact of fuel margins may still affect coal-fired power plant players’ bottom lines — albeit to a moderate extent. “We remain positive on the National Energy Transition Roadmap, given its clear goals and funding requirements being laid out.”
Stocks to Watch
$TENAGA(5347.MY$ : Tenaga Nasional Bhd's indirect 70%-owned subsidiary Southern Power Generation Sdn Bhd has been allowed by the High Court to proceed with its challenge of additional tax assessments from the Inland Revenue Board amounting to RM78.49 million via a judicial review. The court also granted the unit an interim stay of all further proceedings, including enforcement of the notices of assessment, until a hearing fixed for Jan 11, 2024.
$MYEG(0138.MY$ : MyEG Services Bhd's concession in providing foreign worker permit renewal services “had not been suspended since February of this year”, as it continued to face calls to reimburse employers that had paid upfront for its services. It emphasised that it is company policy to refund its customers upon request, should its services be unsuccessfully rendered.
$ARMADA(5210.MY$ :Bumi Armada Bhd's proposed venture with two Indonesian firms to develop floating liquefied natural gas (LNG) and carriers while engineering a carbon capture injection system for a gas field in Indonesia is positive and could generate a new source of income for the company. However, contribution from the first LNG shipment would take several years to kick in, according to Hong Leong Investment Bank (HLIB) Research.
$HEXTAR(5151.MY$ : Propel Global Bhd is disposing of its entire 55% equity interest in Propel Chemicals Sdn Bhd to Hextar Kimia Sdn Bhd, which is 49% owned by Hextar Global Bhd, for RM16.5 million cash. It has entered into a term sheet with Hextar Kimia to set out the key commercial terms and conditions, subject to the signing of a definitive share sale agreement within one month.
$TANCO(2429.MY$ : Signature International Bhd has disposed of 28 million shares of property developer Tanco Holdings Bhd, equivalent to a 1.42% stake, for a total of RM15.53 million or an average price of 55 sen per share between Aug 1 and Sept 12 this year. The disposal is to realise funds and the proceeds will be used for working capital and repayment of bank borrowings. At 53.5 sen apiece, shares of Tanco had risen 59.7% this year, and 72.58% in the last 12 months.
$PHARMA(7081.MY$ : Pharmaniaga Bhd's appeal for a standalone second private placement of some RM50 million has been dismissed by Bursa Malaysia Securities, leading the company to include the private placement in its regularisation plan as a PN17 company. The plan is expected to be submitted by the third quarter this year and finalised by 1Q2024. Its first placement raised RM45.86 million in July.
$SUNSURIA(3743.MY$ : Sunsuria Bhd has partnered with Australian integrated cancer care provider Icon Group to set up and operate oncology centres in the country. Its wholly owned subsidiary Sunsuria Healthcare Sdn Bhd inked a shareholder’s agreement with Icon Asia Holdings Pte Ltd to form a joint venture company called Icon Sunsuria Sdn Bhd. Icon holds a 70% stake in the JV, while Sunsuria Healthcare owns the remaining 30%.
$AWC(7579.MY$ : AWC Bhd announced it is buying the remaining 49% stake it does not own in automated waste collection system provider Stream Group Sdn Bhd, for RM110 million. It is also taking over the remaining 51% stake that Stream Group does not own in Premium Patents Sdn Bhd, which holds the intellectual property rights of assets required for Stream Group's current business, for RM1.
$THETA(9075.MY$ : Separately, Theta Edge Bhd said its wholly-owned subsidiary Theta Technologies Sdn Bhd has also accepted an LoA from MOE under the same programme, but this time for Zone 1: Selangor. The total value of its contract is RM47.4 million. Both contracts are for a period of 63 months commencing from Sept 15, 2023.
$HTPADU(5028.MY$ : HeiTech Padu Bhd has bagged a RM40.93 million contract from the Ministry of Education (MOE) for the rental of eco-friendly laptops that meet green requirements on a lease-to-own model for the use of school teachers and educational institutions located in Zone 7: Kelantan and Terengganu.
$XOX(0165.MY$ : XOX Bhd has entered into a fresh memorandum of understanding with the Ipoh City Council for a proposed technology collaboration. The term of the new MOU is one year and will replace and extend the MOU that was previously entered between MBI and the company on May 24, 2022.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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