MY Morning Wrap | Anwar: Govt Dedicated to Facilitating EV Industry Growth

U.S. stocks began to pull back from their winning streaks while 10-year yields dropped around 4.5% after a Treasury auction, and Brent dropped below $80. The $S&P 500 Index(.SPX.US)$ squeezed out a bare 0.10% gain of 4.45 points, extending a seven-day winning streak alongside the $Nasdaq Composite Index(.IXIC.US)$ that held on to a 0.08% gain. The $Dow Jones Industrial Average(.DJI.US)$ was left behind, and dropped 0.12%.

$F&N(3689.MY)$: Fraser & Neave Holdings Bhd's (F&N) shares rose to a six-month high of RM27.02 in Wednesday morning trade, after it declared a dividend of 50 sen per share after reporting its highest full-year profit in 13 years. On Tuesday, F&N declared a final dividend of 33 sen per share and a special dividend of 17 sen per share, after it reported a 40.11% jump in its net profit to RM536.9 million, and an 11.8% increase in revenue, to reach a record-breaking RM5 billion for the financial year ended Sept 30, 2023.

$DPHARMA(7148.MY)$: Duopharma Biotech Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell by 45.13% to RM8.97 million from RM16.35 million due to higher finance costs, among others. The group’s quarterly revenue fell by 4.43% to RM169.24 million compared to RM177.07 million, underpinned by a decrease in demand from the consumer healthcare sector and the prolonged impact of increased operational costs. In comparison with the immediate preceding quarter, the group’s net profit came in lower than the RM12.54 million reported in 2QFY2023 while revenue edged higher from RM167.52 million.

$UEMS(5148.MY)$: The Kuala Lumpur High Court has ordered UEM Sunrise Bhd's wholly owned Symphony Hills Sdn Bhd (SHSB) to pay RM2,500 as costs to the Minister of Finance and Director General of Inland Revenue Board respectively in relation to notices for additional tax assessments totalling RM82.18 million in May 2021, after it denied SHSB's leave for a judicial review of the minister's decision.

$HUPSENG(5024.MY)$: Hup Seng Industries Bhd's net profit in the third quarter ended Sept 30, 2023 (3QFY2023) jumped threefold to RM13.02 million, from RM3.84 million in the same period last year. Quarterly revenue expanded by 34.19% to RM94.19 million, against RM70.19 million, driven by higher contribution from its export markets, mainly from Thailand and Singapore. With better profit, its earnings per share increased to 1.63 sen from 0.48 sen.

$SWIFT(5303.MY)$: Swift Haulage Bhd's net profit more than doubled to RM28.39 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM11.72 million a year earlier. Earnings per share rose to 3.22 sen from 1.32 sen. The country’s largest haulage operator said its improved earnings were due to higher other income earned from gain from bargain purchase through the acquisition of a 17.5% stake in Global Vision Logistics Sdn Bhd (GVL). Revenue increased 5.52% to RM168.04 million, from RM159.25 million, contributed by all its business segments, mainly from container haulage and land transportation segments.