Malaysia Morning Wrap | Sunway's 3Q Net Profit Rises 32.71% Driven by Data Center Projects
Good morning mooers! Here are things you need to know about today's market:
● Mixed Market Movements with Bitcoin Reaching New Highs and Varied Index Performances
● Malaysia To Align Real Economy & Capital Market To Drive Inclusive Growth
● Stocks to Watch: Petron, SunCon, UEM Sunrise, 7-Eleven etc.
- Moomoo News MY
Wall Street Summary
Thursday, the market reversed its early losses and experienced an afternoon rally. Initially down by 3%, $NVIDIA (NVDA.US)$ rebounded, contributing to the overall rise in technology stocks. Bitcoin achieved two new record highs during the trading session, peaking at $99,121 before retreating.
Shortly after 4 pm ET, the $S&P 500 Index (.SPX.US)$ had gained 0.53%, $Dow Jones Industrial Average (.DJI.US)$ Average rose by 1.06%, and $Nasdaq Composite Index (.IXIC.US)$ edged up by a mere 0.03%.
Breaking News
Malaysia To Align Real Economy & Capital Market To Drive Inclusive Growth
Malaysia is focusing on aligning its real economy with capital market developments to reinvent its economic framework, aiming for equitable wealth distribution and growth across sectors, said Finance Minister II Datuk Seri Amir Hamzah Azizan. The country's economy has seen robust performance this year, averaging 5.2% growth in the first three quarters, and has seen a surge in market activity, with 46 new IPOs introduced, reflecting a strong market pipeline.
Malaysia Proposes Changes to Global Financial Architecture for Fair Trade
Malaysian Prime Minister Dato' Seri Anwar Ibrahim stressed the importance of reforming the global financial architecture to support free trade and ensure that small countries are not discriminated against. He raised this issue at several international conferences, including the APEC Economic Leaders' Week and the G20 Summit. Anwar pointed out that the rise of protectionism, even among G20 countries that originally supported the principle of free trade, is a phenomenon that cannot be ignored, so he proposed reforms to the International Monetary Fund and the World Trade Organization to promote free trade for small countries, including Malaysia.
Stocks to Watch
$PETRONM (3042.MY)$ experienced a 94.3% drop in net profit to RM4.63 million in the third quarter of 2024, compared to RM81.9 million in the same period last year, due to a decrease in fuel demand after the targeted diesel subsidy was introduced in June. Revenue for the quarter also decreased by 21.4% to RM3.81 billion from RM4.85 billion in 3QFY2023.
$DAYANG (5141.MY)$'s net profit for 3QFY2024 reached a record high, increasing by 76.67% to RM134.94 million from RM76.38 million in the same quarter last year,due to the increase in vessel utilization and daily rent. Revenue also saw a significant increase, rising 30.48% to RM448.51 million from RM343.76 million.
$SEM (5250.MY)$'s net profit for 3QFY2024 decreased by 24% to RM10.93 million from RM14.32 million in the same quarter last year, as operating expenses grew faster than the 5.5% increase in revenue to RM744.05 million from RM705.31 million. The company anticipates an improved fourth quarter.
$SUNCON (5263.MY)$'s net profit for 3QFY2024 increased by 32.71% to RM46.47 million from RM35.01 million in the same quarter last year, as revenue rose by 28.48% to RM865.33 million from RM673.51 million, due to the accelerated progress of data center projects.A second interim dividend of 2.5 sen per share was declared, payable on Dec 26.
$UEMS (5148.MY)$'s net profit for 3QFY2024 increased to RM23 million from RM8.34 million in 3QFY2023, as revenue rose by 18.24% to RM369.33 million from RM312.35 million, primarily driven by the sales of non-strategic lands in Iskandar Puteri, Johor, but partially offset by a weaker property development segment.
$MFCB (3069.MY)$'s net profit for 3QFY2024 increased by 13.8% to RM116.64 million from RM102.53 million a year earlier, supported by a stronger performance in the renewable energy and resources segments. Quarterly revenue grew by 16.1% to RM372 million from RM320.38 million a year ago.
$ORIENT (4006.MY)$'s net profit for 3QFY2024 plummeted by 70.12% to RM88.87 million, from RM297.42 million due to the absence of one-off gains recognized in the corresponding quarter last year. Revenue for the quarter increased by 20.72% to RM1.31 billion from RM1.09 billion, driven by higher automotive sales, particularly of the Honda Civic.
$HTPADU (5028.MY)$ reported a net profit of RM6.58 million for the third quarter ended Sept 30, 2024 (3QFY2024), reversing a net loss of RM1.4 million in the corresponding quarter. Revenue for the quarter surged 71.95% to RM109.08 million from RM63.44 million a year earlier, but expenses for the purchase of hardware and software also increased significantly.
$MAXIM (4022.MY)$ has decided not to pursue action against the revocation of plantation concession licences in Indonesia, which affected two 90%-owned subsidiaries in Papua. The group stated that this decision will not have any significant financial impact as the assets in the country have been fully impaired.
$TGUAN (7034.MY)$ has proposed a special dividend of seven sen per share from the proceeds of the sale of its food and beverage (F&B) business to its largest shareholder, Foremost Equals Sdn Bhd, for RM60 million.
$GTRONIC (7022.MY)$ has secured a RM145 million agreement to provide integrated circuit product packaging, testing, and backend services to Taiwan-based ChipMOS Technologies Inc. The contract will last for three years, from Nov 21, 2024, to Nov 20, 2027, based on a volume forecast provided by ChipMOS.
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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105517480 : morning
104556909 : good
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teeanne : good one!
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104604790 :
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