MY Morning Wrap | Ranhill Utilities Secures Three-Year Licence Renewal from SPAN for Water Treatment in Johor
Good morning mooers! Here are things you need to know about today's market:
●US stocks show minimal movement amid inflation signs and Q4 earnings cautions
●Palm oil futures on Bursa Malaysia predicted to trade higher due to seasonal output factors
●Stocks to watch: Ranhill Utilities
-moomoo News MY
Wall Street Summary
Last Friday, US stocks experienced minimal changes as investors assessed the optimistic signs of inflation revealed in the latest producer price index against the cautions provided by banks and other companies that reported Q4 earnings first. The $S&P 500 Index (.SPX.US)$ closed marginally up, with the $Nasdaq Composite Index (.IXIC.US)$ nearly unchanged. Meanwhile, the $Dow Jones Industrial Average (.DJI.US)$ dropped by 0.3%.
Breaking News
Palm Oil Futures on Bursa Malaysia Predicted to Trade Higher Due to Seasonal Output Factors
Palm oil traders David Ng and Jim Teh predict that the crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives will trade with an upward trend this week due to the expectation of weaker output caused by seasonal factors, coupled with the continued strength of external markets for soybean oil and crude oil. Ng believes prices may reach RM3,950, while Teh predicts CPO will trade between RM3,450 and RM3,550 per tonne. The resumption of China's purchase of CPO ahead of the upcoming Chinese New Year may further boost market sentiment. This week, CPO futures traded higher due to lower output expectations and stronger crude oil prices.
Stocks to Watch
$RANHILL (5272.MY)$: Ranhill Utilities Bhd has received a notification from the National Water Services Commission (SPAN) confirming the renewal of its licence to treat and supply water to consumers in Johor for the next three years. The group's subsidiary, Ranhill SAJ Sdn Bhd, received the letter on January 10, marking the sixth operation licence under the Water Services Industry Act 2006 (Act 655). The renewed licence is valid from January 1, 2024, until December 31, 2026.
$TAGHILL (0241.MY)$: Siab Holdings Bhd has been awarded a contract by Mahsuri Food Sdn Bhd to construct a food processing factory in Seremban, Negeri Sembilan, valued at RM94.28 million. Siab's wholly-owned subsidiary, Siab (M) Sdn Bhd, has accepted the letter of award and will be responsible for building a four-storey factory block, a fermentation area, and a soy silage building unit, along with utility facilities.
$CAREPLS (0163.MY)$: NexV Manufacturing Sdn Bhd (NMSB), a joint venture between Careplus Group Bhd and GoAuto Group Sdn Bhd, has received approval from the Ministry of Investment, Trade and Industry to build the country's first green technology facility dedicated to the manufacturing and assembly of new energy vehicles (NEVs), including electric vehicles (EVs), in Chembong, Rembau, Negeri Sembilan. The facility is expected to start operations in the first quarter of next year, according to Careplus Group Bhd, which announced the news.
$MASTEEL (5098.MY)$: AmBank Group has provided an RM84 million financing facility to Malaysia Steel Works (KL) Bhd (Masteel) to support its technological transformation into a sustainable steel producer of steel bars and billets with ultra-low greenhouse gas emissions. Masteel, which was established in 1971, is the first ultra-low-emission steel manufacturer in Malaysia listed on the FTSE4Good Bursa Malaysia Index, with a four-star rating in 2023. The AmBank Group CEO, Jamie Ling, expressed the group's support for Masteel's environmental, social, and governance (ESG) efforts and acknowledged the company's accomplishments.
$CMSB (2852.MY)$: Cahya Mata Sarawak Bhd (CMS) has announced that Norges Bank, which manages Norway's Government Pension Fund Global, is no longer a substantial shareholder in the Sarawak-based cement manufacturer, holding less than a 5% stake. CMS received an email notification on December 6, 2023, stating that Norges Bank's total shareholding had decreased to 4.989%. However, the filing did not disclose the total number of shares disposed of. Norges Bank had previously acquired 54.05 million shares, representing a 5.03% stake and becoming a substantial shareholder in CMS on September 15. A 4.89% shareholding is estimated to be equivalent to 53.6 million shares based on stock exchange disclosures.
$MSTGOLF (5316.MY)$: MST Golf Group Bhd, Malaysia's largest golf specialty retailer chain, has announced plans to open five additional retail stores in Jakarta by 2024 after opening its first outlet in the Indonesian capital recently. The group's executive director and CEO, Ng Yap, said that the Indonesian market shows promise, driven by dynamic market sentiment. The stores in Indonesia will be managed by PT MST Golf Indonesia, a joint venture (JV) between MST Golf and Indonesian-listed PT Sinar Eka Selaras Tbk, also known as Erajaya Active Lifestyle (Eral), with a 51:49 ownership split.
$YNHPROP (3158.MY)$: YNH Property Bhd has announced that it is considering proposals to sell certain landed properties of the company and its subsidiaries in response to an unusual market activity (UMA) query from Bursa Malaysia. However, the property developer stated that the proposals are still under discussion, and it would be more appropriate to release announcements once the terms of the offers have been finalised and agreed upon by both parties. YNH Property and its subsidiaries are not aware of any rumours or reports regarding their business and affairs or any potential explanations that may account for the UMA.
$TJSETIA (5297.MY)$: Tuju Setia Bhd has secured a RM209 million contract from Avaland Bhd (previously known as MCT Bhd) to construct two blocks of service apartments for the Alora Residences project in USJ 25, Subang Jaya. The project is expected to be completed in 33 months, with work tentatively set to begin in the second quarter of 2024. Tuju Setia anticipates that the contract will positively impact its earnings and net assets from the financial year ending on December 31, 2024, until the completion of the project.
$MAGNA (7617.MY)$: Magna Prima Bhd has stated that it is in the "final stage of negotiations for the monetization of one piece of land" in response to Bursa Malaysia Securities Bhd's inquiry about the recent spike in its share price over the last three days. The property developer also stated that the company and its subsidiaries are always on the lookout for opportunities to strengthen their financial position. Additionally, Magna Prima is not aware of any rumours or other possible explanations for the recent trading activity.
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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