MY Morning Wrap | Sapura Energy's Q1FY2025 Net Profit Shrinks 44% due to Subsidiary Liquidation Loss
Good morning mooers! Here are things you need to know about today's market:
●S&P 500 and Dow End Flat as Traders Await Fed's Inflation Gauge Release
●Malaysian Talent Agencies to Focus on Training High-Tech Talents in Semiconductors and Data Centers
●Stocks to watch: Sapura, MYEG
-moomoo News MY
Wall Street Summary
The S&P 500 and Dow ended flat on Thursday as traders awaited Friday's release of the Federal Reserve's favored inflation gauge to get clues on when interest rates might be lowered. The $S&P 500 Index(.SPX.US$ closed at 5,482.87, up 0.09%, while the $Nasdaq Composite Index(.IXIC.US$ advanced 0.3%. The $Dow Jones Industrial Average(.DJI.US$ was almost flat, up 0.09%.
Breaking News
Malaysian Talent Agencies to Focus on Training High-Tech Talents in Semiconductors and Data Centers
According to reports, Malaysian talent agencies will focus on training local talents in the fields of semiconductors and data centers through the MyMahir Future Skills Talent Council to meet the industry's needs. In addition to the aerospace and biopharmaceutical industries, semiconductors and data centers are also the focus of the agency's attention. The agency will strengthen its cooperation with industry partners and academia through industry-academic cooperation (IAC) and other initiatives to ensure that industry needs are met. Additionally, the agency has announced its first partnership with Qwork to change the pattern of Malaysia's gig economy. According to recent research, the number of people engaged in the gig economy in Malaysia reached a historical high of 3 million in 2023, accounting for over 17% of the country's workforce.
Stocks to Watch
$SAPNRG(5218.MY$: Sapura Energy's net profit for 1QFY2025 shrank nearly 44% to RM82.13 million from RM146.09 million the year before, mainly due to a RM117.76 million loss resulting from the liquidation of a subsidiary. The group's foreign exchange gains also decreased significantly to RM52.4 million in 1QFY2025 from RM217.6 million a year ago. Earnings per share contracted to 0.45 sen from 0.91 sen previously. However, the company's quarterly revenue grew by 23.6% to RM1.18 billion from RM951.73 million due to higher project progress in its engineering and construction segment. The cash-strapped company did not declare any dividend for the quarter under review.
$MYEG(0138.MY$: MyEG Services has announced the activation of its blockchain-based cross-border trade facilitation services, known as ZTrade services, after securing the recognition of certificates from relevant authorities. ZTrade services operates on MyEG's blockchain platform, Zetrix, allowing all data in these certificates to be available accurately in near real-time, which increases tariff computation and customs clearance efficiency. Exporters using the service can benefit from faster and more convenient clearance processing for trades going into China.
$YNHPROP(3158.MY$: MARC Ratings has downgraded YNH Property's Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBIS with a negative outlook, reflecting concerns over the group's business and financial prospects. The downgrade follows the removal of the programme from MARC's negative watch, where it has been placed since January 18 due to YNH's weak financial position, delayed asset disposals, and material issues concerning its key shareholder. In a separate statement, YNH announced that the conditional period of the sale and purchase agreement for the sale of 163 Retail Park to Sunway Real Estate Investment Trust has been extended by three months to September 26.
$CRESNDO(6718.MY$: Crescendo Corp's net profit for 1QFY2025 surged to RM289.03 million from RM13.2 million in 1QFY2024, mainly due to land sales for a data centre in Nusa Cemerlang Industrial Park in Johor. The company's revenue also reached a record high of RM527.27 million compared to RM58.33 million previously, largely from property development and construction operations, which contributed more than 90% in 1QFY2025. The company remains optimistic about the property market outlook, especially in Johor, for the next few years but remains cautious amidst the rapid changes in the market environment.
$DATAPRP(8338.MY$: Dataprep Holdings' shareholders have rejected the reappointment of non-independent and non-executive chairman Datuk Mohd Rizal Jaafar, as well as independent directors Abdul Aziz Ishak and Nur Zarina Ghazali at its AGM. As a result, their cessation of office has been announced because resolutions on their reappointment were not carried out at the group's 35th annual general meeting held on Thursday. Additionally, Dataprep shareholders have voted against the proposed aggregate directors' fees and benefits payable to its board members of an amount not exceeding RM400,000 from 27 June 2024 till the next AGM.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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