MY Morning Wrap | Solarvest Secures RM40.4 Million Contract to Install Rooftop Solar PV Systems for Scientex
Good morning mooers! Here are things you need to know about today's market:
●Dow Jones Gains Over 300 Points as Jobless Claims Report Boosts Rate-Cut Expectations
●Malaysia to Remain Asia-Pacific's Largest Islamic Banking Market, Says S&P Global Ratings
●Ringgit Weakening Due to Strong US Dollar, Not Weak Fundamentals, Says Bank Negara Deputy Governor
●Stocks to watch: Scientex, Mr DIY
-moomoo News MY
Wall Street Summary
The Dow Jones Index gained more than 300 points on Thursday afternoon, while the S&P 500 and Nasdaq also rose, as markets cheered a rate-cut-friendly jobless-claims report, according to a report. The $Dow Jones Industrial Average (.DJI.US)$ gained 331 points (0.85%) shortly after the market closed at 4 PM EST, while the $S&P 500 Index (.SPX.US)$ added 26 ticks (0.51%) and the $Nasdaq Composite Index (.IXIC.US)$ rose 43 points (0.27%).
Breaking News
Malaysia to Remain Asia-Pacific's Largest Islamic Banking Market, Says S&P Global Ratings
S&P Global Ratings has stated that Malaysia will remain the biggest Islamic banking market in Asia-Pacific, accounting for about two-thirds of the sector's total assets of about $400 billion. The launch of new Islamic banks in Malaysia and other Asia-Pacific markets this year could improve access to financial services for underserved regions and segments, such as small businesses. However, some large Islamic banks in Malaysia may face challenges in maintaining their high overall growth if their retail deposit growth does not keep pace. Meanwhile, Indonesia is poised to be a growth hotspot because of its significant untapped potential, while Bangladesh also holds promise.
Ringgit Weakening Due to Strong US Dollar, Not Weak Fundamentals, Says Bank Negara Deputy Governor
The recent uncertainties over China's economic growth prospects and the geopolitical crisis have increased US dollar demand as a safe-haven asset, causing the ringgit to weaken, said Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid. He added that the ringgit has traded stronger against the Japanese yen, the Taiwanese dollar, and the Korean won since the beginning of 2022. Excessive depreciation is costly for businesses that rely more on imports and perpetuates a negative sentiment towards the economy and markets, he said. BNM is working with government-linked investment companies and government-linked companies to repatriate and convert their foreign incomes and is working with corporates and exporters to manage their investments abroad and foreign currency balances.
Stocks to Watch
$SCIENTX (4731.MY)$: Solarvest Holdings Bhd announced that it has secured a contract worth RM40.4 million to install rooftop solar photovoltaic (PV) systems at eight sites in Malaysia owned by Scientex Bhd, according to a report. The project has a cumulative capacity of 21 megawatt peak and is set to commence in May 2024. By January 2025, Solarvest aims to generate enough renewable energy to offset approximately 14,000 tonnes of CO2 equivalent annually by Scientex.
$MRDIY (5296.MY)$: Mr DIY Group (M) Bhd reported a 13% year-on-year increase in net profit for the first quarter, thanks to sales from new stores, while margins expanded as supply chain disruption and freight costs eased, according to a report. Net profit for the three months ended March 31, 2024 rose to RM144.88 million from RM127.77 million in the same quarter a year ago. Revenue climbed 9.2% to RM1.14 billion from RM1.05 billion. Gross profit margin rose 1.5 percentage points year-on-year to 45.8%. The group declared a first interim dividend of one sen per share or about RM94.5 million for FY2024, to be paid on June 21.
$SALCON (8567.MY)$: Salcon Bhd announced that Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Engineering Bhd, has been awarded a job worth RM9.7 million by Rantau Urusan (M) Sdn Bhd for the design and construction of a sewerage treatment plant in Durian Sebatang, Hilir Perak, Perak, according to a report. The contract has a duration of 20 months and will cater to a population of 54,000 upon completion.
$SUPERMX (7106.MY)$: Supermax Corp Bhd is set to acquire the remaining 33% equity interest in its subsidiary Supermax Healthcare Canada Inc for C$5.5 million cash, according to a report. Supermax is acquiring the stake from Sylvain Bergeron, who has been a business partner of the company since 2004. SHCI is primarily involved in the marketing, importing, and distribution of latex gloves for the Supermax group in Canada. Based on the audited accounts of SHCI as at June 30, 2023, the company incurred a net loss of C$15.3 million, while its net book value stood at C$73.6 million.
$PENTA (7160.MY)$: Pentamaster Corp Bhd reported an 8.92% year-on-year decline in net profit for the first quarter of 2024 as higher revenue was impacted by lower other income and share of loss of associates, according to a report. Net profit for 1QFY2024 fell to RM19.37 million or 2.72 sen per share, down 8.92% from RM21.27 million or 2.99 sen per share in the same period last year. Revenue rose by 3.32% y-o-y to RM170.79 million, up from RM165.31 million, which Pentamaster attributed to higher contribution from its factory automation solutions (FAS) segment. However, revenue contribution from its automated test equipment saw a major decline by RM38.2 million to RM73.2 million in 1QFY2024 from RM111.4 million in the previous corresponding quarter.
$GTRONIC (7022.MY)$: Globetronics Technology Bhd reported a 73.42% year-on-year jump in net profit for its first quarter ended March 31, 2024, thanks to a foreign exchange gain and higher interest income, according to a report. Net profit for the quarter rose to RM5.72 million from RM3.3 million in the same period last year. The company recorded a forex gain of RM1.8 million during the quarter, as opposed to a forex loss of RM65,000 previously, and interest income of RM1.3 million, versus RM900,000 previously. However, revenue slipped 9.74% to RM29.9 million from RM33.13 million in 1QFY2023, dragged by lower volume of products sold to some of its customers.
$MCEHLDG (7004.MY)$: Brahmal Vasudevan has emerged as a substantial shareholder in MCE Holdings Bhd with a 5.02% indirect stake in the automotive parts and accessories manufacturer, according to a report. Brahmal held 6.2 million shares in MCE via Creador Conscienta Ltd, which raised its stake beyond 5% following the acquisition of 100,000 shares. MCE's other substantial shareholders include Dulcet One Holdings Sdn Bhd (19.1%) and Woo Chiew Loong (8.9%).
$KPPROP (7077.MY)$: Kerjaya Prospek Property Bhd will jointly develop a mixed development project in Aspen Vision City, Batu Kawan, Penang with Aspen Vision City Sdn Bhd, according to a report. The project, which will include a hotel and serviced apartments, will be developed by a 70:30 special purpose vehicle owned by Kerjaya Prospek Property's wholly-owned Kerjaya Property JV Sdn Bhd and Aspen Vision City. The land for the project will be transferred by Aspen Vision City to the SPV, with Aspen Vision City entitled to receive RM46.14 million from the SPV in return.
$MAA (1198.MY)$: MAA Group Bhd, a substantial shareholder of KNM Group Bhd, has extended a RM13.5 million loan to address the working capital requirements of the Practice Note 17 (PN17) company, according to a report. The loan, bearing an interest rate of 12% per annum, was provided to KNM's wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNM PS), and its duration does not exceed 12 months from its disbursement date.
$ANNUM (5082.MY)$: Annum Bhd, formerly known as Cymao Holdings Bhd, will hire a new audit firm to conduct a special audit on its revenue after its external auditor SBY Partners PLT said it cannot verify the figures Annum reported despite performing additional audit procedures, according to a report. SBY had expressed a disclaimer of opinion on Annum's financial statements for the 18 months ended June 30, 2023, after it failed to obtain sufficient evidence to verify the group's intangible assets of RM153.62 million; the value of its Smart Agriculture IOT System (SAIOT) of RM53.62 million; and revenue from its trading of plywood of RM197.34 million, as well as its wholesale goods of RM50.3 million. Annum will hire a new auditor for the special audit.
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.
Read more
Comment
Sign in to post a comment
