MY Morning Wrap | F&N Wraps FY23 with Higher Net Profit of RM536.9mil

U.S. stocks traded higher Tuesday, with the S&P 500 and Nasdaq Composite aiming for their longest winning streaks in two years, led by technology stocks. Oil prices retreated, and investors weighed the myriad comments of Federal Reserve officials.The $S&P 500 Index(.SPX.US)$ rained 0.28%, the $Nasdaq Composite Index(.IXIC.US)$ jumped 0.90%, and the $Dow Jones Industrial Average(.DJI.US)$ rose 0.17%.

$F&N(3689.MY)$: Fraser & Neave Holdings Bhd's (F&N) net profit rose 40.11% to RM536.9 million for the financial year ended Sept 30, 2023 (FY2023), from RM383.21 million a year earlier, fuelled by festive sales and out-of-home consumption, as well as contributions from snack and candy maker Cocoaland Holdings Bhd. Revenue climbed 11.88% to a record high of RM5 billion versus RM4.47 billion previously, according to the food and beverage (F&B) group's bourse filing on Tuesday. This is the group's highest full-year net profit since FY2010, when it logged a net profit of RM695.29 million on a revenue of RM3.64 billion. F&N has recommended a dividend of 50 sen per share — comprising a final dividend of 33 sen and special dividend of 17 sen.

$HARTA(5168.MY)$: Glove maker Hartalega Holdings Bhd returned to the black, with a net profit of RM27.7 million for the second quarter ended Sept 30, 2023 (2QFY2024), after registering three consecutive quarters of losses. For 1QFY2024, it posted a net loss of RM52.47 million. Revenue for the quarter of RM452.09 million was an improvement of 2.7% from the RM440.04 million registered for the immediate preceding quarter.

$GASMSIA(5209.MY)$：Gas Malaysia will allocate between RM1.2 billion and RM1.4 billion for capital expenditure to build up to 800 kilometres (km) of gas pipelines in Peninsular Malaysia in the next five years. Its group chief executive officer Ahmad Hashimi Abdul Manap said despite the introduction of renewable energy, the company believes natural gas will still be relevant for a long time as this fuel emits lower carbon dioxide compared to other fossil fuels.

$CRESNDO(6718.MY)$: Crescendo Corp Bhd is divesting of seven parcels of adjoining land in Pulai, Johor to a data centre operator for RM117.02 million cash to boost its cash flow for other development projects. Crescendo's wholly owned unit Panoramic Industrial Development Sdn Bhd entered into agreements for the disposals with STT GDC Malaysia 2 Sdn Bhd, a data centre operator wholly owned by Singapore-incorporated STT Malaysia DC Pte Ltd. STT GDC Malaysia's directors include Bruno Lopez, who is also the deputy chief executive officer of Temasek-backed ST Telemedia.

$ICON(5255.MY)$: Icon Offshore Bhd said it has secured a contract to supply a 60-tonne anchor handling tug supply vessel, which will be used for SEA Hibiscus Sdn Bhd's drilling campaign. The group said its wholly owned unit Icon Offshore Group Sdn Bhd received the letter of award from SEA Hibiscus on Oct 18 to perform its 2023/2024 drilling campaign. The provision of service commenced on Oct 24. Icon said the value of the contract is based on the schedule of rates issued by SEA Hibiscus throughout the contract duration, which is 450 days from the commencement date with a 30-day extension option.

$EATECH(5259.MY)$: Voultier Sdn Bhd (VSB) is set to become the largest shareholder of the financially troubled EA Technique (M) Bhd (EATech) on the proposed plan to subscribe to 676.39 million shares or a 51% stake in the company through a share issuance exercise. VSB is largely owned by businessman Datuk Wira Mubarak Hussain Akhtar Husni with a 70% stake and the remaining 30% is held by Kinery Advancement Bhd managing director Datuk Lai Keng Onn. VSB is also seeking an exemption from the obligation to undertake a mandatory general offer for the remaining shares in EATech.

$GIIB(7192.MY)$: Rubber compound manufacturer GIIB Holdings Bhd has proposed to undertake a private placement of up to 10% of its issued shares to raise up to RM6.56 million, mainly to fund working capital and upkeep its machinery and equipment. In April, GIIB had also conducted a private placement to raise up to RM6.97 million, also to fund its working capital and to upkeep its machinery and equipment.

$KANGER(0170.MY)$: Expanding its portfolio of investment properties, Kanger International Bhd has acquired 15 units of the proposed serviced apartments in Tower A of Antara Genting Highlands Resort Suites for RM19.77 million. Kanger said its wholly owned subsidiary KIB Global Resources Sdn Bhd had entered into a sale and purchase agreement with Aset Kayamas Sdn Bhd, the developer of the resort. Back in 2021, Kanger had already acquired 126 serviced apartments at Levels 30 to 45 in Tower A, Antara Genting Highlands Resort Suites for RM142.87 million.