MY Morning Wrap | Yinson Considers US$500m Bond Issue for Debt Refinancing and Corporate Purposes
Good morning mooers! Here are things you need to know about today's market:
●US Stock Market Drops as JPMorgan Chase and Intel Weigh Down the Market
●Malaysia Expected to Consolidate with Support from Strong Fundamentals and Bargain Hunting
●Malaysia Poised for High-Income Nation Status by 2030, Says Investment Minister Tengku Zafrul
●Stocks to watch: Yinson, S P Setia and IOI
-moomoo News MY
Wall Street Summary
Last Friday, the $Dow Jones Industrial Average(.DJI.US$ dropped 500 points, with the $S&P 500 Index(.SPX.US$ and $Nasdaq Composite Index(.IXIC.US$ also falling over 1%, due to JPMorgan Chase and Intel weighing down the market. The DJIA closed at a preliminary 37988.3, down 470.78 points (1.2%), while the S&P 500 finished at a tentative 5,123.6, down 75.46 ticks (1.5%). The NASDAQ Composite, which closed at an all-time high on Thursday, declined 267.1 points (1.6%) to a preliminary 16,175.09 on Friday.
Breaking News
Malaysia Expected to Consolidate with Support from Strong Fundamentals and Bargain Hunting
Malaysia is expected to remain in consolidation mode this week, with strong fundamentals and attractive valuations supporting bargain hunting. Thong Pak Leng, Rakuten Trade Sdn Bhd's equity research vice-president, noted that although there was a pullback after the benchmark index surged to a new 52-week high on Monday, the correction is interpreted as healthy consolidation necessary to sustain the upward trend. He anticipates the index to hover within the 1,538 to 1,570 range this week, with immediate support at 1,534, followed by 1,520. The Financial Services Index climbed 32.38 points to 17,271.80, while the Industrial Products and Services Index edged down by 0.40 of a point to 184.66, and the Healthcare Index fell by 5.57 points to 1,986.97. Weekly turnover declined to 11.31 billion units worth RM7.39 billion compared with the preceding week.
Malaysia Poised for High-Income Nation Status by 2030, Says Investment Minister Tengku Zafrul
Malaysia's Investment, Trade, and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, has stated that Malaysia has the potential to become a high-income nation by 2030, driven by significant foreign direct investment (FDI) inflows. Plans are in place to enhance the country's electrical and electronics (E&E) ecosystem, improve business conditions, and prepare for global minimum tax implementation in 2025. Tengku Zafrul notes that Malaysia is dedicated to attracting high-technology companies and encouraging value chain advancement within existing industries, with ongoing efforts to boost the semiconductor ecosystem through the New Industrial Master Plan 2030. Malaysia's gross domestic product is expected to grow by five percent this year, outpacing Asean's average of 4.8 per cent, according to the Asean+3 Macroeconomic Research Office (Amro).
Stocks to Watch
$YINSON(7293.MY$: Oil and gas services provider Yinson Holdings Bhd is reportedly considering a potential bond issue of up to US$500m, with Nordic investment banks DNB Markets and Pareto Securities, along with ABG Sundal Collier ASA, arranging meetings with fixed-income investors. The proceeds from the bond issue are expected to be used for refinancing existing debt and general corporate purposes. As of end-January, Yinson's total borrowings stood at RM16.32bn, with a net gearing ratio of 1.66 times, up from 1.23 times a year ago.
$SPSETIA(8664.MY$: Amanahraya Trustees Bhd, trustee of Amanah Saham Bumiputera (ASB), has sold 100 million shares of property developer S P Setia Bhd, reducing its stake from 24.54% to 22.37%. The off-market trade was executed at RM1.41 per share, representing a 2.76% discount compared with the closing price on April 8. ASB remains the second-largest shareholder in S P Setia, behind Permodalan Nasional Bhd. This marks a continuation of ASB's trimming of its stake in S P Setia, with net disposals totaling 100.92 million shares so far this year. Additionally, ASB converted some of its Class C Islamic Redeemable Convertible Preference shares into ordinary shares on April 5.
$IOICORP(1961.MY$& $NGGB(7241.MY$: Nextgreen IOI Pulp Sdn Bhd (NIP) has signed a memorandum of understanding (MOU) with Xiamen C&D Paper & Pulp Group Co Ltd to develop a RM600m paper pulp plant in Pekan, Pahang. NIP will hold a 75% stake in the joint venture company, which will utilize Nextgreen Global’s patented technology to produce 100,000 tonnes of paper pulp annually from oil palm empty fruit bunches. NIP will lead feasibility studies and project preparation, while Xiamen C&D will support business development and manage off-take.
$BAHVEST(0098.MY$: Bahvest Resources Bhd's subsidiary, Wullersdorf Resources Sdn Bhd, has received approval from the Department of Mineral and Geoscience Malaysia (JMG) for its gold mining operations in Tawau, Sabah. The approval, granted under Section 10 of the Mineral Development Act 1994 (MDA), complements the previous approval from the Sabah state government under Section 18(d) of the Sabah Mining Ordinance 1960. This development is expected to facilitate the smooth continuation of Bahvest Resources' gold mining activities in Tawau.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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103782660YHC : will BAHVEST go up further ?
104736519 : Everything ok all