MY Morning Wrap | Westports Sees Volume Growing by Single Digit

U.S. stocks set new session lows in the final hour of trade Thursday, after a poor Treasury auction and Federal Reserve Chair Jerome Powell said higher interest rates might be needed to tame inflation. $Dow Jones Industrial Average(.DJI.US)$ was down 220 points, or 0.7%, at 33,891, after touching a session low of 33,859.77 in afternoon trade. $S&P 500 Index(.SPX.US)$ fell 35 points, or 0.8%, to 4,347. $Nasdaq Composite Index(.IXIC.US)$ fell 129 points, or 1%, to 13,521.

$WPRTS(5246.MY)$: Westports Holdings Bhd saw its net profit increase by 29.66% in the third quarter ended Sept 30, 2023 to RM195 million, from RM150.39 million on higher revenue during the quarter coupled with lower administrative and tax expenses as well as finance costs. Revenue for the quarter gained 4.18% to RM542.31 million from RM520.54 million a year before due to an increase in container revenue.

$MI(5286.MY)$: Mi Technovation Bhd saw its net profit in the third quarter ended Sept 30, 2023 decline by 30.09% to RM14.16 million against RM20.25 million in the same period last year. Earnings per share dipped to 1.58 sen from 2.26 sen. The Penang-based semiconductor equipment manufacturer said its earnings were dragged down by a RM3.58 million one-off withholding tax paid in relation to the dividend received from its Taiwanese subsidiary, and lower foreign exchange gain. Revenue, however, increased 9.8% to RM98.45 million from RM89.66 million, mainly driven by its semiconductor equipment business unit and semiconductor material business unit.

$VLB(0273.MY)$: Vestland Bhd has secured a RM240 million contract to undertake the main building works, mechanical and electrical and external works for two blocks of council homes in Taman Desa, Kuala Lumpur. The construction company secured the award from Ambang Besar Sdn Bhd. "Domestically, demand is not expected to improve until major infrastructure developments are rolled out. The group will continue to be cautious and responsive to market needs and continue to focus its effort on operational efficiencies," it said.

$KNM(7164.MY)$: The Italian government has rejected the proposed disposal by KNM Bhd's wholly owned subsidiary KNM Europa BV of its entire stake in FBM Hudson Italiana SpA. KNM said the buyer, the United Arab Emirates' Petro MAT FZCO, had failed to obtain the Golden Power clearance from the Italian government. The Italian government's Golden Power refers to its special power to stop any foreign direct investment, or halt corporate transactions involving strategic assets that include defence, national security, and infrastructure such as transportation, energy, and communications.

$SSTEEL(5665.MY)$: Southern Steel Bhd's net loss narrowed by 38.5% to RM39.59 million for its first financial quarter ended Sept 30, 2023, from RM64.44 million a year ago, thanks to higher sales volume and improved margin. Revenue rose 4.8% to RM601.81 million from RM574.03 million previously. Southern Steel said the industry outlook remains challenging as current global market conditions weigh on demand.