MY Morning Wrap | Sunview Group Sets Up SPV with Vision Ambassadors to Explore RE Projects

Moomoo News MY wrote a column · Apr 23, 2024 08:31

Good morning mooers! Here are things you need to know about today's market:

●Indexes Finish Higher, Rebounding from AI Stock Pullback

●Malaysia's Foreign Exchange Reserves Decline to USD 113.4 Billion

●Khazanah Nasional to Launch MYR 1 Billion National Fund Portfolio for Malaysian Start-Ups

●Stocks to watch: Sunview, Iris Corp

-moomoo News MY

MY Morning Wrap | Sunview Group Sets Up SPV with Vision Ambassadors to Explore RE Projects

Wall Street Summary

Indexes finished in the green on Monday, rebounding from the AI stock pullback on Friday. The $S&P 500 Index (.SPX.US)$ traded 1.21% higher on preliminary numbers for the day in New York, while the $Dow Jones Industrial Average (.DJI.US)$ gained 1.02%. The $Nasdaq Composite Index (.IXIC.US)$ rose 1.42%.

Breaking News

Malaysia's Foreign Exchange Reserves Decline to USD 113.4 Billion

Malaysia's foreign exchange reserves decreased to USD 113.4 billion (approximately MYR 541.683 billion) as of April 15, according to data from the National Bank. This represents a decline of USD 400 million compared to the end of March. The country's foreign exchange reserves are currently sufficient to cover 5.6 months of imports of goods and services, as well as short-term external debt of 1x. As of the end of March, Malaysia's foreign exchange reserves were reported at USD 113.8 billion (equivalent to approximately MYR 539.0 billion at the time of exchange rates).

Khazanah Nasional to Launch MYR 1 Billion National Fund Portfolio for Malaysian Start-Ups

Malaysia's national sovereign wealth fund, Khazanah Nasional, will launch a MYR 1 billion National Fund Portfolio to invest in innovative and high-growth Malaysian companies, according to Prime Minister Datuk Seri Anwar Ibrahim. The government also plans to consolidate investment institutions, such as Malaysian Venture Capital Management and Penjana Kapital, under Khazanah Nasional. The move is part of the government's commitment to supporting Malaysian companies, from indigenous entrepreneurs to start-ups, small and medium-sized enterprises to emerging companies, as outlined in last year's Malaysian Budget announcement in October. The Malaysian government aims to push Kuala Lumpur into the top 20 global start-up centers by 2030, and the KL20 Summit for 2024 held on April 22-23 aims to further develop Malaysia's entrepreneurial environment.

Stocks to Watch

$SUNVIEW (0262.MY)$: Sunview Group Bhd's wholly-owned subsidiary, Fabulous Sunview Sdn Bhd, has established a special purpose vehicle (SPV) with Saudi Arabian firm Vision Ambassadors Company for International Trade Consultancy to explore renewable energy (RE) projects. Fabulous Sunview will hold a 40% stake in the SPV, with the remainder held by Vision Ambassadors. The initial paid-up capital for the SPV will be 100,000 riyals (RM127,533). The SPV will explore RE projects in the Gulf Cooperation Council (GCC) countries, including Saudi Arabia, United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman, as well as Central Asia.

$IRIS (0010.MY)$: Iris Corp Bhd is forming a joint venture with Sri Lankan firm Aitken Spence Plc to establish an offshore company that provides business processes outsourcing (BPO) services in the Colombo Port City Special Economic Zone in Sri Lanka. The joint venture will be a 50-50 partnership between Iris Tech Ventures Sdn Bhd, a wholly-owned subsidiary of Iris Corp, and Aitken Spence International Pte Ltd, a wholly-owned subsidiary of Aitken Spence. The total investment of the venture is US$500,000 (RM2.39 million). The companies have signed a shareholders' agreement to establish the joint venture.

$SAPNRG (5218.MY)$: Sapura Energy Bhd is selling its remaining 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$705.3 million (RM3.37 billion), which includes US$530.3 million in cash and US$175 million in relief on debt obligations. Sapura Energy had acquired the E&P unit for US$898 million in 2014 from Newfield Exploration Co, before selling half its stake to OMV AG in 2018 for up to US$975 million. The sale price of the remaining 50% stake is US$198 million lower than the US$903 million that TotalEnergies is paying to acquire the other 50% stake from OMV. With this sale, the French oil major will fully own SapuraOMV.

$KEYFIELD (5321.MY)$: Keyfield International Bhd had a robust debut on the Main Market of Bursa Malaysia, closing at RM1.93, a 114.4% increase from its initial public offering (IPO) price of 90 sen. This gain marks the best maiden day trading performance of a Main Market IPO stock over the last six years. The company remains optimistic about the outlook for accommodation vessels, citing a shortage of suitable vessels and strong issuances of new work orders by oil companies.

$AWANTEC (5204.MY)$: Awanbiru Technology Bhd (Awantec) is appealing Bursa Malaysia Securities' decision to suspend the trading of its shares. The company claims that it has demonstrated the viability, sustainability, and growth prospects of its current business operations. The appeal against suspension will be escalated to the relevant regulatory committee of Bursa Securities for deliberation and decision. However, despite the appeal, the trading in the securities of Awantec will be suspended with effect from April 26.

$CPETECH (5317.MY)$: Norges Bank, which manages Norway's government pension fund, has acquired a 5.45% stake in CPE Technology Bhd, making it a substantial shareholder in the company. The acquisition was made through Citigroup Nominees (Asing) Sdn Bhd, which purchased 3.5 million shares or a 0.52% stake in CPE. Based on the company's closing price of RM1.30 on April 17, the block of shares was valued at approximately RM4.55 million.

$UNITRAD (0247.MY)$: Unitrade Industries Bhd's wholly-owned subsidiary, Syarikat Logam Unitrade Sdn Bhd, has entered into a collaboration agreement with Huawei Technologies (Malaysia) Sdn Bhd and JJ-LAPP (M) Sdn Bhd to facilitate the purchase and sale of Huawei Digital Power-Smart Photovoltaic (PV) solutions. Huawei will serve as technology adviser, while JJ-LAPP will be the authorised value-added partner to promote and sell the smart PV solutions across residential, commercial, and industrial (C&I) sectors. Unitrade will act as the project delivery partner in facilitating broader market access.

$ITMAX (5309.MY)$: ITMAX System Bhd plans to collaborate with JLand Corp Sdn Bhd, a unit of Johor Corp (JCorp), to explore potential partnerships in developing and deploying smart city and integrated facilities management solutions for township and industrial park developments. The collaboration will be facilitated through ITMAX System's 65%-owned subsidiary Southmax Sdn Bhd. The companies have signed a memorandum of understanding to establish the principles and framework for the intended partnership and seek to finalise a JV agreement before setting up a joint venture company.

$GADANG (9261.MY)$: Gadang Holdings Bhd has posted a net profit of RM6.47 million for the third quarter ended Feb 29, 2024 (3QFY2024), compared to a net loss of RM4.96 million a year ago. This was driven by interest accumulation on trade receivables and favourable foreign exchange (forex) translation. The group's revenue also climbed by 14% to RM141.15 million for 3QFY2024, compared with RM123.98 million a year earlier, driven by increased contributions from the property division. For 9MFY2024, the group posted a net profit of RM14.1 million, compared to a net loss of RM1.62 million for 9MFY2023, attributed to better sales achieved and higher work progress from development projects.

$ANCOMNY (4758.MY)$: Ancom Nylex Bhd (ANB) has reported a 21.6% year-on-year increase in its net profit for 3QFY2024 to RM20.11 million from RM16.36 million. This was attributed to improved margins for its agricultural chemicals and industrial chemicals divisions. Revenue also increased by 6.8% to RM516.78 million from RM483.95 million. For 9MFY2024, ANB reported a 10% increase in its net profit to RM63.03 million from RM56.95 million, while revenue declined 3.6% to RM1.51 billion from RM1.57 billion.

Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE

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