MY Morning Wrap | Systech Partners with Eh Integrated Systems to Develop and Operate Data Centres
Good morning mooers! Here are things you need to know about today's market:
●U.S. Stock Indices Mixed, Nvidia Falls into Correction Territory
●Malaysia's International Reserves Continue to Rise, Reaching US$114.1 Billion
●Malaysian Ministry of Digital Sees Microsoft's Investment as Benchmark for National Innovation
●Malaysian Prime Minister Holds Urgent Meeting with Investment Minister to Discuss Competitiveness
●Stocks to watch: Solarvest, Kinergy Advancement
-moomoo News MY
Wall Street Summary
U.S. stock indices were mixed, with the $Dow Jones Industrial Average (.DJI.US)$ advancing 0.67%, the $S&P 500 Index (.SPX.US)$ trading down 0.31%, and the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ declining 1.09%. Nvidia's stock fell into correction territory with an almost $400 billion plunge. Investors are awaiting May's personal consumption expenditure data and the Federal Reserve's preferred inflation gauge this week.
Breaking News
Malaysia's International Reserves Continue to Rise, Reaching US$114.1 Billion
Malaysia's international reserves have continued to swell, rising 0.4% by June 14 from a fortnight earlier, according to the central bank. Bank Negara Malaysia (BNM) reported that the latest foreign exchange reserves totaled US$114.1 billion, compared with US$113.6 billion at the end of May. The position is sufficient to finance 5.5 months of imports of goods and services and is one time the total short-term external debt, BNM added. The central bank releases data on foreign exchange reserves every two weeks.
Malaysian Ministry of Digital Sees Microsoft's Investment as Benchmark for National Innovation
The Malaysian Ministry of Digital views Microsoft's recent US$2.2 billion (RM10.37 billion) investment as an aspiration and benchmark for other industries in driving national innovation, according to a statement in response to a query by Dr Richard Rapu @ Aman Anak Begri (GPS-Betong). The ministry explained that the investment will support the development of cloud infrastructure and artificial intelligence (AI) in Malaysia, as well as strengthen collaboration with the government to establish a national AI centre and improve cybersecurity capabilities. Microsoft also plans to train over 300,000 workers in the digital sector by 2025 and support Malaysia's target to produce a million digital talents by 2030. The investment will also help over 200 local companies integrate AI into their operations by 2025 to improve efficiency and innovation.
Malaysian Prime Minister Holds Urgent Meeting with Investment Minister to Discuss Competitiveness
Malaysia's Prime Minister Datuk Seri Anwar Ibrahim held a last-minute meeting with the Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz on Monday afternoon to discuss "urgent matters," according to Miti's secretary-general Datuk Hairil Yahri Yaacob Hairil. Among the topics being discussed is Malaysia's competitiveness position, following the country's drop to 34th place in the World Competitiveness Ranking released by the International Institute for Management Development. Anwar is scheduled to hold the prime minister's question time on Tuesday, after the second meeting of the 15th Parliament began on Monday. The government is confident that Malaysia's position in the 2025 ranking will improve, driven by an increase in high-technology product exports, according to Zafrul.
Stocks to Watch
$SYSTECH (0050.MY)$: Systech has partnered with Eh Integrated Systems to develop and operate data centres. Systech will develop essential applications and software for data centre operations, including design, coding, testing, and deployment, while EISSB will procure the necessary equipment and infrastructure for the joint venture, encompassing graphics processing units, servers, storage systems, networking equipment, cooling systems, and power supply units. The two-year agreement has no fixed value, as the terms depend on the revenue generated.
$SLVEST (0215.MY)$: Solarvest Holdings has partnered with Taiwanese renewable energy company GreenRock Energy to develop one-gigawatt (GW) green energy projects in Taiwan and Malaysia over the next five years. The collaboration aims to accelerate GreenRock Energy's regional expansion by leveraging Solarvest's expertise in Malaysia and the Southeast Asia market, amid heightened demand for renewable energy.
$KAB (0193.MY)$: Kinergy Advancement has signed a memorandum of understanding (MOU) with state-owned investment company Permodalan Kedah to collaborate on sustainable energy projects. Kinergy Advancement will provide technical expertise and its experience in the energy sector, while PKB will identify potential land for renewable energy projects and assist in obtaining project licensing. The partnership will focus on deploying clean energy, renewable energy, energy-efficient solutions projects, and engineering works, among others.
$KRONO (0176.MY)$: Kronologi Asia's net profit for the first quarter ended April 30, 2024, fell 43.43% year-on-year due to lower profit from its business operations and higher operating costs, such as solution centre-related expenses and right-of-use assets, as well as lower revenue. Net profit declined to RM1.44 million from RM2.55 million the previous year, while revenue decreased by 8.4% to RM57.75 million from RM63.03 million. No dividend was declared by the company.
$ECA (0267.MY)$: ECA Integrated Solutions' net profit for the second quarter ended April 30, 2024, tumbled 92.9% year-on-year due to the slowdown in demand for semiconductor components and equipment. Net profit fell to RM252,000 from RM3.54 million in 2QFY2023, while revenue declined by 37.8% to RM5.81 million from RM9.35 million a year earlier. ECA remains optimistic about the gradual recovery of the semiconductor industry in the second half of 2024.
$EUROSP (7094.MY)$: Independent adviser BDO Capital Consultants has advised Eurospan Holdings' shareholders to accept the unconditional mandatory general offer (MGO) by its substantial shareholders, stating that the offer price of RM1.70 is "fair" and "reasonable". The offer represents a premium of 27 sen or 18.9% against the fair value of Eurospan's share of RM1.43, and is considered fair after Eurospan's share price had closed below the offer price for one year before the MGO was announced.
$VS (6963.MY)$: VS Industry has proposed a bonus issue of up to 395.7 million warrants on the basis of one warrant for every 10 existing shares. The warrants, with a tenure of two years, will be issued at no cost to entitled shareholders, and the exercise price will be determined at a later date. Assuming the indicative exercise price of the warrants at RM1.35, the company is expected to raise between RM518 million under the minimum scenario and RM534.2 million under the maximum scenario. VS Industry's share price has climbed 62% year-to-date.
$EATECH (5259.MY)$: EA Technique has received shareholders' approval for its proposed regularisation plan, which involves the issuance of up to 795.75 million new shares and the exemption of businessman Datuk Wira Mubarak Hussain Akhtar Husin and Voultier Sdn Bhd (VSB) from the obligation to make a mandatory takeover offer. The offer will raise RM79.6 million, representing approximately 60% of EA Technique's enlarged share capital. VSB will emerge as the largest shareholder with a 51% stake in EA Technique. The company is a marine transportation and offshore storage company.
$JPG (5323.MY)$: Johor Plantations Group has fixed its institutional and final retail price under its initial public offering (IPO) at 84 sen per share. This came after the completion of the bookbuilding process under the institutional offering on Monday. The group is expected to be listed on Bursa Malaysia's Main Market on July 9 and have a market capitalisation of RM2.1 billion based on an enlarged issued share capital of RM2.5 billion and an IPO price of 84 sen.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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股仙 : 0050.my not solarvest
Paul Bin Anthony : good morning Sir with your company helps someone
LeeCH22 : IT services firm *Systech Bhd* (0050.KL) said on Monday that it plans to develop and operate data centres, together with a firm offering industrial-grade servers and storage solutions. Under the partnership with Eh Integrated Systems Sdn Bhd (EISSB), Systech said it will develop essential applications and software for data centre operations, including design, coding, testing and deployment. (The Edge Malaysia)
Paul Bin Anthony : $TENAGA NASIONAL BERHAD LVL1 SPND ADR EACH REPR 4 ORD MYR1 (BNY) (TNABY.US)$