MY Morning Wrap | TNB Broadens Power Plant Maintenance Business in Kuwait
Good morning mooers! Here are things you need to know about today's market:
●U.S. Stocks See Mixed Trading as Traders Eye Corporate Earnings Reports
●Bursa Malaysia and CCM Launch SME X Platform to Foster Growth of Small and Medium Enterprises
●Choppy Trading Dominates Kuala Lumpur Bourse as FBM KLCI Tests Key Resistance Level
●Stocks to watch: TNB, Mah Sing, and AAX
-moomoo News MY
Wall Street Summary
U.S. stocks saw mixed trading on Tuesday as traders focused on the growing pile of corporate earnings reports and took a breather after Monday's record performance from two major benchmarks. The $S&P 500 Index(.SPX.US$ edged up 14.17 points, or 0.3%, to end at a record-high 4,864.6, while the $Dow Jones Industrial Average(.DJI.US$ fell 96.36 points, or 0.3%, to close at 37,905.45, pulling back from Monday's record finish. The $Nasdaq Composite Index(.IXIC.US$ gained 65.66 points, or 0.4%, to end the session at 15,425.94.
Breaking News
Bursa Malaysia and CCM Launch SME X Platform to Foster Growth of Small and Medium Enterprises
Bursa Malaysia and the Companies Commission of Malaysia (CCM) have launched the SME X Platform to serve as a medium to nurture the growth of small and medium enterprises (SMEs) towards an initial public offering (IPO) and contribute to the progressive development of the economy. The platform supports corporate fundraising and business investment opportunities and will help connect quality SMEs in need of raising funds with parties that have capital to deploy. The SME X Platform is accessible on a subscription basis and is currently in its initial roll-out phase. It is a result of the memorandum of understanding signed by Bursa Malaysia and CCM at the end of 2022 to enhance data analytics for strategic business decisions in line with the National Data Sharing Policy.
Choppy Trading Dominates Kuala Lumpur Bourse as FBM KLCI Tests Key Resistance Level
Choppy trading has dominated the Kuala Lumpur bourse lately, even as the FBM KLCI continues to test the key 1,500-point resistance level. The sentiment appears balanced, with upside support coming from strong performance in global stock markets but tempered by the continued slowing of China's economy. Local sentiment for the rest of the week will be influenced by Bank Negara's interest rate decision tomorrow, while the US fourth-quarter gross domestic product (GDP) and 2023 advance estimate data later this week will become headwinds or tailwinds for the markets. RHB Research advises investors to maintain their long positions for the time being, while Hong Leong Investment Bank Research is more cautious due to lingering geopolitical tensions in the Middle East, disappointments in stimulus measures from China, and speculations of the Fed's pivot timeline.
Stocks to Watch
$TENAGA(5347.MY$: Tenaga Nasional Bhd (TNB) is broadening its power plant maintenance business in Kuwait via its subsidiary TNB Repair and Maintenance Sdn Bhd (TNB Remaco), which has entered into a joint venture with Kuwaiti-based company Al Dhow Engineering and inked a long-term service agreement with General Electric Global Services for a multi-year maintenance programme agreement for the Shuaiba North Power Generation and Water Distillation Plant in Ahmadi. The agreement aligns with the Kuwaiti Ministry's broader initiative to modernise the country's power generation infrastructure, contributing to the global effort for a sustainable energy transition.
$MAHSING(8583.MY$: Mah Sing has entered into a master cooperation agreement with PT Gaya Sukses Mandiri Kaseindo to jointly carry out business relating to the manufacturing and trading of plastic pallets, containers, and related material handling and storing products in Indonesia. The venture will be carried out through a joint venture company, in which Mah Sing Plastics Industries Sdn Bhd (MSPI), a wholly-owned subsidiary of Mah Sing, will hold a 70% shareholding, while PT Gaya will hold the remaining 30%.
$AAX(5238.MY$: AirAsia X Bhd (AAX) reported a higher passenger load factor (PLF) of 80% for the financial year ended December 31, 2023, compared to 78% a year earlier, even as seat capacity increased 6.6 times year-on-year to 3.55 million. The medium-haul budget carrier carried over 2.82 million passengers in the year, 6.8 times more than the previous year. AAX Malaysia's fleet consisted of 18 A330s as of end-December 2023, with 16 aircraft activated and operational, serving a total of 22 destinations, eight of which were launched in the last 12 months.
$AGMO(0258.MY$: Agmo Holdings Bhd has partnered with two individuals to provide end-to-end machine learning and artificial intelligence-powered (AI) solutions through a joint venture (JV) company called Dah Reply Sdn Bhd. Agmo Capital Sdn Bhd, a wholly-owned subsidiary of Agmo Holdings, will hold a 35% equity interest in the JV, while Wong Zhi Heng and Ong Yong Seng will hold controlling stakes of 40% and 25%, respectively. The collaboration aims to provide comprehensive AI solutions to clients.
$HEXTAR(5151.MY$: Hextar Capital Bhd (HexCap) plans to sell its 40% stakes in Unigel (UK) Ltd and Unigel IP Ltd, to refocus its resources on manufacturing fibre optic cables and cable-related products, while diversifying into the power generation and transmission businesses. The group's wholly-owned unit, Unigel Compounds Sdn Bhd, will sell its 40% stake in Unigel (UK) to Unigel Technologies Ltd for £1.3 million (RM7.6 million) and its 40% stake in Unigel IP to Unigel Ltd for £400,000 (RM2.34 million). Unigel (UK) is involved in manufacturing cable filing and flooding compounds, while Unigel IP provides licensing services for intellectual property rights.
$NIHSIN(7215.MY$: Ni Hsin Group Bhd's wholly owned subsidiary, Ni Hsin EV Mobility Sdn Bhd, has signed a master dealer agreement with MYUS Autotech Sdn Bhd to promote and market EBIXON motorcycles in Perlis and Langkawi. As the master dealer, MYUS will promote the sale and rental of EBIXON motorcycles, with rental operations based at the Kuala Perlis Jetty, which sees a constant stream of visitors and tourists traveling to and from Langkawi. The agreement aims to expand the reach of EBIXON motorcycles and increase their accessibility to potential customers.
$SENTRAL(5123.MY$: Sentral Real Estate Investment Trust (Sentral REIT) recorded a 30.21% increase in net property income (NPI) to RM36.26 million for the fourth quarter ended December 31, 2023, compared to RM27.85 million a year earlier, driven by higher revenue. Gross revenue grew by 28.24% to RM46.66 million from RM36.39 million in 4QFY2022, mainly due to higher revenue from Platinum Sentral, Menara Shell, and the newly acquired Menara CelcomDigi. The improvement in gross revenue was also attributed to the impact of revenue straight-lining over the lease term under the requirements of Malaysian Financial Reporting Standard 16 Leases.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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103782660YHC : TNB will follow closely