MY Morning Wrap | Sunview Group in Talks for Renewable Energy Facilities Development in Cambodia
Good morning mooers! Here are things you need to know about today's market:
●Foreign investors sell net equities in Bursa Malaysia, snapping four-week streak of net inflows
●HSBC Global Research forecasts 4% rise in FBM KLCI on trade diversion theme
●Stocks to watch: Sunview Group
-moomoo News MY
Breaking News
Foreign Investors Sell Net Equities in Bursa Malaysia, Snapping Four-Week Streak of Net Inflows
Foreign investors were net sellers of Bursa Malaysia equities, selling net equities of RM93.1mil over the five-day trading week, with the consumer products and services, transport and logistics, and industrial products and services sectors seeing the leading net foreign outflows. Meanwhile, local institutions were net sellers for the third straight week, while local retailers remained net sellers of domestic equities for a significantly lower amount compared to the prior week. Despite this, there were increases in average daily trading volume among local retailers, local institutions, and foreign investors.
HSBC Global Research Forecasts 4% Rise in FBM KLCI on Trade Diversion Theme
HSBC Global Research projects that the FTSE Bursa Malaysia KLCI will rise by about 4% this year to reach 1,510 points, thanks to trade diversion opportunities arising from the US-China. The bright spot for Malaysia's equity market lies in companies with exposure to the semiconductor sector, which are set to benefit from the growing distrust between the world's two largest economies. Additionally, Malaysia is among the emerging countries to benefit from the lower rates in developed markets this year, which may encourage more foreign fund flows into the region. HSBC Global Research expects Bank Negara Malaysia to keep the current overnight policy rate steady at 3.0% until end-2024, before a possible rate cut in the first quarter of 2025.
Stocks to Watch
$SUNVIEW (0262.MY)$: Sunview Group Bhd, an ACE Market-listed renewable energy player, is in talks with several Cambodian companies for the development of renewable energy facilities in Cambodia to expand its business abroad. Sunview's wholly-owned subsidiary, Fabulous Sunview Sdn Bhd, has signed a strategic business alliance agreement with undisclosed Cambodian companies for the development of the RE plants, according to Sunview executive director and CEO Ong Hang Ping. The identities of the potential Cambodian partners and locations of the facilities are currently undisclosed due to a non-disclosure agreement.
$MSM (5202.MY)$: MSM Malaysia Holdings Bhd has extended the garden leave of its chief financial officer, Dr Mazatul 'Aini Shahar Abdul Malek Shahar, for another month, marking the second extension since it was initially set from Oct 20 to Dec 15, 2023. The leave has been extended to Feb 15, 2024, or until the board provides further notice. MSM has assured that its business operations will continue as usual and will make further announcements should there be any material developments on this matter.
$EFRAME (0227.MY)$: Econframe Bhd has acquired industrial property builder ETA World Sdn Bhd for RM56 million. The total door system solutions provider has entered into a conditional share sale agreement with ETA Industries Sdn Bhd for the proposed acquisition. ETA World provides turnkey design and build solutions of industrial buildings such as factories and warehouses, customising each project based on its customers' requirements and specifications.
$GKENT (3204.MY)$: George Kent (Malaysia) Bhd has established a new subsidiary in Vietnam that will operate a water meter assembly plant capable of producing 600,000 water meters annually, set to commence operations in the second quarter of 2024. The new company, George Kent (Vietnam) Company Ltd, is 70% owned by George Kent International Pte Ltd, a wholly owned subsidiary of George Kent (Malaysia) Bhd, with the remaining 30% stake held by Vietnamese entrepreneur Pham Nguyen Hoang. The new plant strengthens the group's ability to meet growing demand for water meters in Vietnam and potentially in neighbouring regions.
$MGB (7595.MY)$: MGB Bhd, a subsidiary of LBS Bina Group Bhd, has appointed its executive vice chairman, Tan Sri Lim Hock San, as group executive chairman with effect from Monday. Lim, 66, succeeds Datuk Abdul Majit Ahmad Khan, 78, who has resigned as the group's independent and non-executive chairman in adherence to the Malaysian Code on Corporate Governance and the company's board charter, which stipulates that the tenure of an independent director should be limited to nine years.
$TIENWAH (7374.MY)$: Tien Wah Press Holdings Bhd has entered into an agreement with Cat Loi Joint Stock Company (CLC) to establish a joint venture company (JVco) in Vietnam to engage in the business of paper packaging production, print packaging and other related activities. Tien Wah's wholly owned subsidiary, Alliance Print Technologies Co Ltd (APTV), will subscribe to 50% of the charter capital of the JVco for VND6 billion (RM1.14 million) in cash consideration, while the remaining 50% will be held by CLC. The proposed joint venture will be named C&A Packaging Company Ltd.
$MAGNA (7617.MY)$: Magna Prima Bhd's shares continued their decline for a second consecutive trading day on Monday, following an unusual market activity (UMA) query by Bursa Securities last week. Despite an initial rise of 3% or two sen to 68.5 sen in the morning, selling pressure caused the share price to reverse and fall by as much as six sen or 9.02% to 60.5 sen. The share price eventually closed at 62.5 sen, a net decline of four sen or 6.02% from the previous close, resulting in a market capitalisation of RM251 million.
Alpha IVF Group Bhd: Fertility care specialist Alpha IVF Group Bhd has announced that it has obtained the approval of Bursa Malaysia Securities to proceed with its proposed initial public offering (IPO) on the ACE Market. The group, which focuses on assisted reproductive services (ARS), particularly in-vitro fertilisation (IVF), has set a target to be listed within the first quarter of 2024.
Wentel Engineering Holdings Bhd: Wentel Engineering Holdings Bhd has priced its shares at 26 sen each in an ACE Market listing exercise worth RM83 million. The exercise comprises a RM71.03 million initial public offering (IPO) to be raised by the company and an offer for sale of a 4% stake in the company by two shareholders for RM11.96 million. The metal fabricator's market capitalisation is estimated to be RM299 million, based on an enlarged share capital of 1.15 billion shares upon listing on Feb 6.
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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