MY Morning Wrap | Bursa Malaysia Opens Lower on Tuesday

The $S&P 500 Index(.SPX.US)$ finished up 3.1% for the month, while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ added 4%. The $Dow Jones Industrial Average(.DJI.US)$ clinched a 3.3% monthly gain.

$CIMB(1023)$: PT CIMB Niaga Tbk, the 92.5%-owned subsidiary of CIMB Group Holdings Bhd, reported an increase in its consolidated net profit for the first half of 2023 (1HFY2023). The net profit rose by 27.4% to reach 3.27 trillion rupiah (RM977.27 million), up from 2.57 trillion rupiah (RM767.1 million) in the same period last year. The bank attributed this improved performance to robust cost controls, enhanced asset quality, and reduced cost of credit.

$DXN(5318)$: DXN Holdings Bhd is exploring a partnership with Universiti Tunku Abdul Rahman (Utar), Hospital Universiti Tunku Abdul Rahman (Utar Hospital) and Yayasan Prihatin Nasional to facilitate several collaboration programmes between the parties. In a filing with Bursa Malaysia, the group said it had inked a memorandum of understanding with the parties to support Utar in natural products research, and Utar Hospital in setting up medical services for traditional and complementary medicine treatment to parties.

$UNITRAD(0247)$: Unitrade Industries Bhd, a building materials wholesaler and distributor, has entered into a heads of agreement with Intergreen Holdings Sdn Bhd to negotiate the acquisition of a 51% stake in Intergreen Metals Sdn Bhd. The proposed acquisition, valued at RM66.3 million, aims to create a synergistic and sustainable ecosystem that complements Unitrade's existing business.

$FAVCO(7229)$: Favelle Favco Bhd, a crane manufacturer, has announced that its subsidiaries, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd, have secured purchase orders and letters of intent worth RM92 million. The contracts are for the supply of a tower crane and three offshore cranes, and the deliveries are scheduled to take place between the end of 2023 and early 2025. The company expects these contracts to have a positive impact on its earnings and net assets not only for the financial year ending December 31, 2023, but also beyond that period.

$VARIA(5006)$: Stella Holdings Bhd is taking strategic steps to strengthen its position in the construction industry with a RM380 million acquisition of Pembinaan Teguh Maju Sdn Bhd (PTM). This move is expected to boost Stella's financial performance and create synergies within the construction sector. Additionally, the company is proposing a private placement to raise around RM40 million, further supporting its construction projects and seizing upcoming opportunities.