MY Morning Wrap | TH Plantations and UEM Lestra Set to Develop 1.2 MW Biogas Power Plant in Malaysia
Good morning mooers! Here are things you need to know about today's market:
●US Market Sees Fifth Record High for S&P 500 and Nasdaq
●First Malaysian Property Expo Offers 10,000 Units Worth RM9 Billion
●Stocks to watch: TH Plantations, Solarvest, Chin Hin Group Property
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Wall Street Summary
On Thursday, the US market closed with the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ hitting their fifth record closing highs in a row, while the Dow Jones Industrial Average fell. At the closing bell, the S&P 500 Index climbed 0.23%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.17%, and the Nasdaq Composite Index climbed 0.34% after hitting an all-time high. Of the equities on the US market, 4,300 fell while 7,500 climbed.
Breaking News
First Malaysian Property Expo Offers 10,000 Units Worth RM9 Billion
The Malaysian Property Expo (MAPEX) 2024 has been launched, offering homebuyers 10,000 property units worth a total of RM9 billion to choose from. The properties on display are priced between RM300,000 and RM1 million and are located in the Klang Valley region, including Kuala Lumpur, Selangor, Cyberjaya, Putrajaya, and Negeri Sembilan. The expo is jointly organized by the Real Estate and Housing Developers' Association Malaysia (REHDA) in collaboration with the Selangor branch and the Kuala Lumpur branch, with a focus on green and sustainable development. The three-day expo will also feature experts sharing insights on various property-related topics and homebuyers can enjoy cash rebates of up to RM50,000, subject to terms and conditions. The MAPEX 2024 will be held at the Mid Valley Exhibition Centre from June 21 to 23.
Stocks to Watch
$THPLANT (5112.MY)$: TH Plantations Bhd has announced a joint venture with UEM Lestra Bhd to develop a 1.2 MW biogas power plant in Kluang, Johor. The project will be carried out through a joint venture between TH Plantation's wholly owned unit THP Applications & Services Sdn Bhd and UEM Lestra's subsidiary, Cenergi RE Sdn Bhd. The plant is set to begin operations in 2026 and is expected to generate enough electricity to power up to 1,500 homes annually. The joint venture aims to promote the use of renewable energy and reduce greenhouse gas emissions in Malaysia.
$SLVEST (0215.MY)$: Solarvest Holdings Bhd is set to purchase office space and a rooftop retail unit in the Solarvest Tower from Chin Hin Group Property Bhd. The purchase will cost Solarvest RM48.73 million in cash and includes four levels of office space with 200 parking bays. The transaction is considered a related party transaction as the two companies have common shareholders. Chin Hin Group Bhd holds a 57.13% stake in Chin Hin Property, while Solarvest's major shareholders, Datuk Seri Chiau Beng Teik and his son Chiau Haw Choon, collectively hold an aggregate 11.95% shareholding in the company.
$SUNVIEW (0262.MY)$: Sunview Group Bhd's subsidiary, Fabulous Sunview Sdn Bhd, has signed a development and cooperation agreement with Uzbekistan's Ministry of Energy to build two large-scale solar photovoltaic (PV) plants and battery energy storage systems (BESS) in Uzbekistan. The subsidiary will be responsible for the design, engineering, procurement, and construction of a 400 MWac solar PV plant with a 100 MW/200 MWh BESS in the Andijan district, as well as a 200 MWac solar PV plant with a 50 MW/100 MWh BESS in the Fergana district. The project aims to promote the use of renewable energy and reduce greenhouse gas emissions in Uzbekistan.
$TEXCYCL (0089.MY)$: Tex Cycle Technology (M) Bhd has announced plans to acquire Meridian World Sdn Bhd, a company that specializes in wastewater and air pollution control, for RM55 million in cash. A binding term sheet has been signed with all 10 shareholders of Meridian World to negotiate the detailed terms and conditions of the acquisition. Tex Cycle expects to sign a definitive agreement within the next 60 days. The acquisition will allow Tex Cycle to expand its product and service offerings, as well as expand its geographical reach to the northern region of peninsular Malaysia.
$CAREPLS (0163.MY)$: Careplus Group Bhd is planning to raise up to RM10.57 million through a private placement to finance the construction of a manufacturing hub in Negeri Sembilan for its electric vehicle business. The company plans to issue 63.31 million new shares, equivalent to 9.04% of its total number of issued shares. The assumed price for the placement shares is 27.6 sen per share, representing a discount of about 9.95% over Careplus’ five-day volume weighted average market price of 30.65 sen as of June 7. The private placement is expected to be concluded by the end of 2024.
$TALIWRK (8524.MY)$: Taliworks Corp Bhd said its non-independent and non-executive director Lim Chin Sean retired at the conclusion of the group's annual general meeting (AGM) on Thursday. Taliworks said Lim had decided to withdraw his offer for re-election as a director at the AGM due to increased commitments elsewhere. He holds an indirect stake of 49.95% in Taliworks through LGB Group Sdn Bhd and a direct stake of 0.01%.
$APOLLO (6432.MY)$: Apollo Food Holdings Bhd has reported a decline in net profit for its fourth quarter ended April 30, 2024. Net profit fell 11.85% to RM5.998 million from RM6.8 million a year earlier, due to higher operating expenses. Meanwhile, revenue declined 5.03% to RM57.23 million from RM60.27 million in 4QFY2023 due to reduced export sales. The company did not declare any dividends during the quarter.
$SAPNRG (5218.MY)$: Sapura Energy Bhd has stated that it expects to reach an arrangement with its creditors by achieving a majority support in a court-convened meeting. The group believes that its ability to offer a higher recovery through the scheme of arrangement compared to liquidation will help it achieve this. Last week, Sapura Energy secured a nine-month extension of a standstill period granted by the Corporate Debt Restructuring Committee (CDRC), which shields it from actions by its multi-currency financing creditors, until March 10, 2025, considering the current status of the company's proposed restructuring scheme. Furthermore, Sapura Energy obtained a nine-month extension for the convening and restraining orders from the High Court, which will be in effect from June 11, 2021, until March 10, 2025.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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102704535 : As a leader in the EPCC industry working with big players such as Skyworld, Biocon, Jacobs & SIRIM we’re enormously grateful & proud for this achievement by UEM
JACKmusk : When the report come out