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-- 120.630 MY Morning Wrap | Sime Darby Plantation's Future Fest '24 Showcases Transformation of Palm Oil Industry
Good morning mooers! Here are things you need to know about today's market:
●US Treasury Yields Jump on Higher-Than-Expected Producer Prices, Indexes Fall
●Sime Darby Plantation's Future Fest '24 Showcases Transformation of Palm Oil Industry
●AmInvestment Bank Research Sees Buying Opportunities in Malaysian REITs
●Stocks to watch: CTOS, Awantec
-moomoo News MY
Wall Street Summary
Treasury yields jumped on Thursday, and indexes fell after data showed a bigger-than-expected jump in producer prices during February, keeping inflation worries alive. The market reversed from larger declines shortly before closing. With the preliminary closing numbers, the $S&P 500 Index (.SPX.US)$ fell 0.29%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.35%, the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.30%.
Breaking News
Sime Darby Plantation's Future Fest '24 Showcases Transformation of Palm Oil Industry
Sime Darby Plantation Bhd (SDP) hosted its inaugural SDP Future Fest '24, which showcased the transformation of the palm oil industry. The event provided insights into the sector's history and cultural significance and offered interactive workshops, seminars, and heritage tours. Attendees were immersed in oil palm greenery and witnessed flying drones, robotics, and scientific innovations shaping the industry. The festival was a platform for like-minded individuals to unite in their commitment to sustainability and the future of agriculture. SDP aims to eliminate deforestation from its supply chain by engaging with suppliers and smallholders and ensuring transparency through traceability platforms.
AmInvestment Bank Research Sees Buying Opportunities in Malaysian REITs
AmInvestment Bank Research has identified buying opportunities in Malaysian real estate investment trusts (REITs), citing widening yield spreads against the 10-year Malaysian Government Securities (MGS) and appealing distribution yields of 6% to 8%. The research firm anticipates stable occupancy rates across key assets and expects retail REITs to continue experiencing healthy growth in 2024, driven by stable occupancy rates and positive rental reversions. The hospitality segment is on a growth trajectory, witnessing a robust recovery in occupancy rates and average daily rates since 2Q22. However, the occupancy and rental reversion rates in the office segment are expected to be flattish due to oversupply challenges for offices in Kuala Lumpur city centre.
Stocks to Watch
$CTOS (5301.MY)$: CTOS Data Systems Sdn Bhd, a wholly-owned subsidiary of CTOS Digital Bhd, has applied for a stay of execution of a High Court judgment after being ordered to pay damages to its client over an inaccurate negative credit rating. The company has also lodged a notice of appeal to the Court of Appeal over the High Court's judgment. The case stems from a lawsuit filed against CDS by a property developer who alleged that the company had provided inaccurate information that resulted in their loan application being rejected. The High Court found in favor of the property developer and ordered CDS to pay damages.
$AWANTEC (5204.MY)$: Awanbiru Technology Bhd has won a legal case against the Malaysian government over the termination of the RM3.5 billion National Immigration Control System (SKIN) project. The High Court has ruled in favour of Awantec's wholly-owned unit, Prestaring Skin Sdn Bhd (PSKIN), and ordered the government to pay a judgment sum of RM231.55 million, with a post-judgment interest of 5% per annum, and cost of RM80,000, subject to final legal fees. The SKIN project was aimed at modernising the country's immigration system, but was terminated in 2018 by the government. PSKIN had initiated legal proceedings against the government in 2019.
$Boustead (F9D.SG)$: Boustead Heavy Industries Corp Bhd has received a contract extension worth RM3.5 million from the Ministry of Defence Malaysia (Mindef) for the upkeep of submarine facilities. The extension is for a contract period of 45 days from Jan 1 until Feb 14. The initial contract, which was awarded to Boustead subsidiary Boustead Submarine Engineering Sdn Bhd (BSES) in May 2023, was valued at RM40.26 million and was set to run from Jan 1, 2023, until Dec 31, 2023. The contract extension is expected to contribute positively to Boustead's financial performance.
$ICON (5255.MY)$: Icon Offshore Bhd, an oil-and-gas services firm, has won a contract to provide an accommodation workboat to Petrolanpan Sdn Bhd for an undisclosed amount. The contract will last for 45 days, with the option to extend for an additional 15 days. Petrolanpan has chosen Icon Kayra, the group accommodation workboat for hook-up and commissioning work activities. The contract is expected to contribute positively to Icon Offshore's financial performance.
$COASTAL (5071.MY)$: Coastal Contracts Bhd, an energy infrastructure and marine services provider, has acquired an 82% equity interest in Jewel of Mabul Development Sdn Bhd (JOMD) for RM18.98 million. JOMD is developing an overwater resort in Sabah and Coastal Contracts acquired the stake by purchasing 100,000 shares from Richard Christopher Barnes and subscribing for another 1.72 million shares. Coastal Contracts plans to invest RM50 million in JOMD for the development of Phase 1 of the resort project. This marks Coastal Contracts' entry into the tourism industry and is expected to diversify its revenue streams.
$ECONBHD (5253.MY)$: Econpile Holdings Bhd, a specialist in piling and foundation works, has won a contract worth RM83 million to undertake sub-contract earthworks for BRDB Developments Sdn Bhd. The project involves the development of 146 villa residences, including common facilities and a club house, in Taman Duta, Bukit Tunku, Kuala Lumpur. The contract is expected to be completed within 18 months. This contract win is expected to contribute positively to Econpile's financial performance.
$HTPADU (5028.MY)$: Datuk Farhash Wafa Salvador has emerged as a new substantial shareholder in HeiTech Padu Bhd, with an indirect interest of 15.9% or 16.1 million shares. The shares were acquired earlier this week through Rosetta Partners Sdn Bhd, a private vehicle in which Farhash has deemed interest in the company. Rosetta Partners bought 9.69 million shares on Tuesday and 6.16 million shares on Monday, but the acquisition price was not disclosed. However, Bloomberg data shows that 9.69 million HeiTech shares crossed off market at RM2.15 apiece on Tuesday, which is a 27% discount versus the stock's closing price of RM2.95 on the same day. This development may have an impact on HeiTech's share price going forward.
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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