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Palantir
-- 79.080 MY Morning Wrap | Nestcon Aims to Raise RM27.27 Million via Private Placement
Good morning mooers! Here are things you need to know about today's market:
●Nasdaq Falls from Record High as Investors Rotate Out of Big Tech Stocks
●Malaysia's Economic Growth Likely Picked Up in Q2 2024, Driven by Export-Oriented Industries
●Malaysia Undertakes Efforts to Strengthen Ringgit, Including Encouraging Foreign Direct Investments
●Stocks to watch: Nestcon, Johor Plantations, Toyo Ventures
-moomoo News MY
Wall Street Summary
Stocks closed higher as new economic data strengthened expectations for a Federal Reserve rate cut in September. The $Dow Jones Industrial Average (.DJI.US)$ added 247 points, rising 0.62% to top above 40,000 since late May. The $S&P 500 Index (.SPX.US)$ rose 0.55% to close at 5615.35, and the $Nasdaq Composite Index (.IXIC.US)$ gained 0.63%.
Breaking News
Malaysia's Economic Growth Likely Picked Up in Q2 2024, Driven by Export-Oriented Industries
Malaysia's economic growth likely picked up in the second quarter of 2024, driven by export-oriented industries, even as the latest industrial production data came in weaker than expected. Gross domestic product (GDP) likely grew 4.9% year-on-year (y-o-y) in Q2 from 4.2% in Q1, taking into account stronger industrial production growth coupled with better export, wholesale and retail trade, palm production, and motor vehicle sales. Bank Negara Malaysia (BNM) is likely to keep the overnight policy rate on hold for the rest of 2024, given the improving GDP growth momentum and manageable inflation. Malaysia's growth will likely stay underpinned by externally-facing industries, specifically its manufacturing and trade sectors. The official projection calls for 4%-5% GDP growth this year, boosted by exports recovery, higher tourist arrivals, resilient consumer spending, and business investments.
Malaysia Undertakes Efforts to Strengthen Ringgit, Including Encouraging Foreign Direct Investments
The Malaysian government is undertaking concerted efforts to strengthen the ringgit, including encouraging foreign direct investments by government-linked companies (GLCs) and government-linked investment companies (GLICs) to Malaysia and monitoring the exchange of export and import revenues, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. He expressed confidence that the country's currency performance will improve in the second half of 2024 with integrated efforts and efficient fiscal management. The government's integrated strategy between the Ministry of Finance and Bank Negara Malaysia has shown the ringgit strengthening, with the currency consistently below the 4.70 level against the US dollar. As of July 11, the ringgit was in the top position among regional countries with an increase of about 2%, and the average daily trading volume in the financial market rose to US$17.6 billion (RM82.2 billion).
Stocks to Watch
$NESTCON (0235.MY)$: Nestcon Bhd plans to raise RM27.27 million through a private placement of 70.82 million shares or 10% of its enlarged share base. Of the gross proceeds, RM22 million will be allocated to repaying its bank borrowings, while RM4.58 million will be used for working capital in construction projects, as well as for engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) projects. The remaining RM685,000 will cover estimated expenses related to the proposed private placement.
$TOYOVEN (7173.MY)$: Toyo Ventures Holdings Bhd has announced that the US$980 million financing facility it secured from i-Power Solutions Pte Ltd for the Song Hau 2 thermal power plant project is no longer applicable. This comes after Toyo Venture confirmed that the project had been terminated by the Vietnamese government. Its subsidiary, Song Hau 2 Power Company Limited, received an email from i-Power Solutions' legal counsel, citing the project's termination as the reason for rendering the equipment facility irrelevant. However, Toyo Ventures clarified that SH2P is still in the process of finalising syndicated financing facilities for the power plant project.
$THETA (9075.MY)$: Theta Edge Bhd has clarified that the RM673.8 million it planned to invest to develop Internet of Things (IoT) technology for a project for the Ampang Jaya Municipal Council (MPAJ) is actually the operating expenditure (opex) required for the project over a 20-year concession period. In a Bursa filing, the company stated that the value of RM673.8 million refers to the opex required during the concession period for the development of IoT solutions for Smart Economy in Ampang Jaya, and not the actual investment required for the project.
$KNM (7164.MY)$: KNM Group Bhd has been granted a second extension to submit its Practice Note 17 (PN17) regularisation plan from the earlier deadline of April 30, 2024. The new deadline for the submission of the regularisation plan is now set for Oct 30, 2024. This comes after the company had previously requested for a 12-month extension until April 30, 2025, but was given only six months instead to finalise the PN17 regularisation plan. KNM Group is currently facing financial difficulties and is looking to submit a plan to the authorities to address its financial issues.
$REDTONE (0032.MY)$& $THETA (9075.MY)$: REDtone Digital Bhd has acquired 8.4 million shares, representing a 7.12% stake in Theta Edge Bhd, from the open market for about RM13.93 million in cash. This move makes REDtone the fourth-largest shareholder in Theta Edge, after Lembaga Tabung Haji, Threadstone Capital Sdn Bhd, and Inter Pacific. Prior to this acquisition, REDtone had already acquired 600,000 shares in Theta Edge on July 10, which made it a substantial shareholder in the group with a total shareholding of 6.4 million shares, or a 5.43% stake in the company.
$JPG (5323.MY)$: The Employees Provident Fund (EPF) has become a substantial shareholder in Johor Plantations Group Bhd on the day the company was listed on Bursa Malaysia's Main Market. EPF acquired an 8.896% stake in the palm oil producer, buying 222.24 million shares through Citigroup Nominees (Tempatan) Sdn Bhd. The transaction price was not disclosed in the filing.
$KIMLUN (5171.MY)$: Kimlun Corp Bhd is partnering with Astaka Capital Sdn Bhd (ACSB), an indirect 50.99%-owned unit of Astaka Holdings Ltd, to develop a residential serviced apartment project in Johor Bahru. The project is related to phase three of Arden @ One Bukit Senyum and is expected to launch in the fourth quarter of 2024, with construction to be completed within 48 months. The joint venture company (JVco) has also proposed to acquire a parcel of land measuring 1.662 acres in Johor Bahru for RM61.5 million or RM77 per sq ft to be developed for the residential serviced apartment project.
$JAKS (4723.MY)$: JAKS Resources Bhd has partnered with China Power Engineering Consulting Group International Engineering Co Ltd (CPECC INT'L) to bid for the development of solar photovoltaic (PV) plants with a maximum aggregate capacity of 500 MWac under the Energy Commission's fifth Large Scale Solar (LSS5) programme. If the project is awarded by the Energy Commission, both parties will establish a special purpose vehicle (SPV) to implement the project. JAKS Resources and CPECC INT'L will collaborate on the study, planning, and preparation of the project bidding document, arrange project financing, and share costs for external consultants and necessary preparations.
$UZMA (7250.MY)$: Energy services firm Uzma Bhd has signed an expression of interest with Arafura Energies Ltd and Australian Niugini Services (ANS), two companies operating in Papua New Guinea, to sell hydrocarbon fuel and products. The venture will be carried out by Uzma's 51%-owned subsidiary, Jannatul Firdaus International Sdn Bhd. The expression of interest is valid for one year, starting from July 12, 2024, until July 11, 2025. Under the agreement, the three parties will negotiate a master sale and purchase agreement before signing a confirmation notice for the sale and purchase of a specific quantity of hydrocarbon fuel from time to time.
$RGTECH (0202.MY)$: Radiant Globaltech Bhd has announced its plans to acquire an 80% stake in Rymnet Solutions Sdn Bhd, an IT solutions provider specialising in the digitalisation of human resource (HR) management operations. The acquisition, which will cost RM52.5 million, will be financed through a combination of cash of RM42.5 million and 30.3 million new shares at 33 sen per share to be issued to Rymnet's CEO and major shareholder Un Sze Hau for the remaining RM10 million. The acquisition will enable Radiant Globaltech to incorporate HR management system modules into its existing suite of solutions, offering a more comprehensive and integrated service to its customers.
$TAFI (7211.MY)$: Tafi Industries Bhd has been awarded a construction contract, as well as piling and project furniture works, worth a combined total of RM207.46 million for a mixed-use development project in Setia Alam, Selangor. The project comprises a serviced apartment and a small-office, home-office block and was awarded by Armani KPF2 Development Sdn Bhd. Tafi Industries expects the contract to contribute positively to its earnings for the financial year ending Dec 31, 2024, until FY2027.
$AIZO (7219.MY)$: Minetech Resources Bhd has been awarded a contract worth RM4.05 million to undertake the proposed construction and completion of road and drainage works for Banting Industrial City in Kuala Langat, Selangor. The contract was awarded by VED Engineers Sdn Bhd to Minetech Construction Sdn Bhd, a wholly-owned subsidiary of Minetech Resources. The project commenced on June 28, 2024, and is expected to be completed within three months. The award of this project to Minetech supports infrastructure development.
$EVD (0174.MY)$: EVD Bhd has reinstated its chief executive officer and major shareholder Mah Seong Huak, who had been suspended for the past six months, following what appears to be the conclusion of a boardroom tussle. The company, which provides information and communications technology solutions for transportation systems, did not disclose any reason for the reinstatement, but said it was made following a 'special board meeting' on Friday. The company had also not given any reason for suspending Mah when the decision was announced on January 11, other than saying it would have no financial or operational impact on the company.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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