MY Morning Wrap | Bank Negara Maintains OPR at 3%, As Expected

The $S&P 500 Index(.SPX.US)$ declined for a third consecutive trading day and pulled back 0.3% Thursday, dragged down by concerns about the path of interest rates and a selloff in Apple shares. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ fell 0.9%, its fourth straight negative session. The blue-chip $Dow Jones Industrial Average(.DJI.US)$ was the relative outperformer, adding about 58 points, or 0.2%.

$RHBBANK(1066.MY)$ : The RHB banking group continues to deliver seamless convenience and value to customers who travel often with its enhanced RHB Multi Currency Visa Debit Card/-i. The card offers 0% conversion currency fee for 16 foreign currencies including US Dollar, euro, Japanese yen, pound sterling, Singapore dollar, Thai baht and Saudi riyal. Building on this success, RHB has expanded the card’s features to include 16 additional currencies; this makes it 32 currencies supported by the RHB Multi Currency Visa Debit Card/-i.

$YINSON(7293.MY)$ : Yinson Holdings Bhd, a Malaysian firm making vessels for offshore oil and gas production, expects to deliver close to US$1bil in core earnings as soon as 2025 amid strong demand, its top executive says. Lim’s prediction is substantially above RM3.26bil, the most optimistic forecast among the six analysts polled by Bloomberg on Yinson’s 2026 ebitda. It’s also higher than RM2.8bil, the average of the six.

$MAHSING(8583.MY)$ : Mah Sing Group Bhd is setting up a joint venture (JV) company with The South Sea Capital Sdn Bhd (TSSC) to venture into industrial real estate properties development. “The JV also opens up more opportunities for Mah Sing to fuel its industrial development portfolio growth. The group has to-date successfully completed the development of five industrial parks,” it said.

$SAPNRG-PA(5218PA.MY)$ : Cash-strapped Sapura Energy Bhd has secured a six-month extension to its standstill period from its multi-currency financing financiers under the Corporate Debt Restructuring Committee (CDRC) regime, pushing the end-date to March 10, 2024. It said that the CDRC’s decision to extend the standstill period past the coming Sept 9 expiry date was in consideration of the current progress of the group's proposed restructuring schemes. The former Sept 9 standstill period end-date was a result of an extension it was granted by the CDRC back in February this year. The Practice Note 17 (PN17) outfit said the nine-month extension of the restraining orders it received from the court against its creditors back in June was also a factor in the CDRC’s decision. The restraining orders also end on March 10 next year.

$SKYWLD(5315.MY)$ : SkyWorld Development (Vietnam) Company Ltd, a wholly-owned subsidiary of SkyWorld Development Bhd, is acquiring 1.3 acres of land in Ho Chi Minh City, Vietnam. The company said it acquired the land by way of purchasing a 100% stake or 1.7 million shares worth 100,000 dong (RM19.51) each in Thuan Thanh Trading Production and Real Estate Trading Joint Stock Company (the project company) for about 350 billion dong or RM67.9 million. Upon completion of the acquisition, SkyWorld Vietnam will have the lawful land use rights over the properties, including the adjoining parcels of land, through the ownership of the project company. It also noted that project is estimated to have a gross development value of RM310.4 million.

$PARAMON(1724.MY)$ : Paramount Corp Bhd's earnings growth in financial year 2023 (FY23) to FY25 will be backed by record unbilled sales of RM1.5bil, strong property revenue and proactive land bank replenishment. According to TA Research, for the second half of 2023 (2H23), the group will launch new properties worth RM714mil to drive its sales target of RM1.2bil.“While management is cautious about the sector outlook as the brisk sales observed in the market could be partially attributed to temporary demand-supply imbalances, management remains hopeful for sustained growth through a stronger domestic economy and investment friendly policies.

$FIAMMA(6939.MY)$ : Household goods trading outfit Fiamma Holdings Bhd said it has paid RM109.65 million for an alienation land approval to develop a 1.88-acre land along Jalan Yap Kwan Seng in Kuala Lumpur. The approval was granted by the Federal Territories director of Lands and Mines Office. The leasehold land, which is located near to Fiamma’s existing 1.4-acre piece of land along the same road, will be used for mixed development split between residential (20%) and commercial (80%). It said that the payment is funded by a combination of internally-generated funds and external borrowings.