MY Morning Wrap | Gamuda Secures RM1.74 Billion Contracts to Build Hyperscale Data Centre for Sime Darby Property
Good morning mooers! Here are things you need to know about today's market:
●US Stocks Rise on Lowered Inflation Expectations and Record High for Nasdaq Composite Index
●Fuel subsidy rationalisation: A difficult but bold move by Anwar
●Bursa Malaysia Launches API Gateway to Streamline CDS Account Management for Brokers
●Stocks to watch: Gamuda, Sime Darby Property, Scientex
-moomoo News MY
Wall Street Summary
US Stocks Rise on Lowered Inflation Expectations and Record High for Nasdaq Composite Index
Stocks rose on Friday as US consumers lowered their inflation expectations, leading to optimism about potential Federal Reserve rate cuts this year. The Goldman Sachs economists predict that the Federal Reserve will cut interest rates in September instead of July, but traders are only pricing in less than a 50% chance for a rate cut in September. The $S&P 500 Index(.SPX.US$ was up by 0.7%, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ outperformed with a gain of 1.1%, closing at a record high. The $Dow Jones Industrial Average(.DJI.US$ was unchanged, up only 0.01%.
Breaking News
Fuel subsidy rationalisation: A difficult but bold move by Anwar
Anwar Ibrahim Prioritizes Economy and People by Rationalizing Fuel Subsidies, Despite Criticism From Naysayers and Opposition Politicians. Savings of RM4 Billion a Year from Diesel Subsidy Rationalization Can Improve People's Livelihoods and Curb Smuggling. Heavy Subsidy Payouts Unsustainable and Create a Culture of Dependency. MADANI Government Takes Bold Step to Improve National Coffers and Better People's Livelihoods. Subsidy Rationalization Will Involve Multiple Ministries, Agencies, Departments, and States, and Will Not Be Easy. Proper Mechanism Can Curb Smuggling as Much as Possible.
Bursa Malaysia Launches API Gateway to Streamline CDS Account Management for Brokers
Bursa Malaysia has introduced an API Gateway to streamline the Central Depository System account management processes for brokers. This technology will enhance the experience for CDS account holders and attract more investors to the equities market. The API Gateway will shorten the turnaround time for account opening, updating, and reactivation, allowing investors to trade quickly when they see an opportunity. Additionally, it enables participating organisations to digitise their processes, contributing to business process improvement for customer experience and sustainability practices to reduce carbon footprint. Five participating organisations have already signed up for the service, and Bursa Malaysia aims to continue working with POs to introduce service innovations that bolster market competitiveness.
Stocks to Watch
$MAYBANK(1155.MY$: Malayan Banking Bhd, Malaysia's largest banking group by assets, has reported a 9.8% increase in net profit for Q1FY2024, driven by growth in net interest income and non-interest income. The bank's net profit for the three months ended March 31, 2024 was RM2.49 billion, up from RM2.27 billion a year ago. Net interest income increased 4.5% year-on-year to RM5.24 billion, while non-interest income rose 78% to RM3.05 billion, largely due to accounting gains of RM995.5 million from mark-to-market gains on the revaluation of financial liabilities at fair value. The bank did not announce any dividends as it usually does so with its second and fourth-quarter results.
$IOICORP(1961.MY$: IOI Corp Bhd, the second-largest palm oil producer in Malaysia, has reported a 38% decline in net profit for 3QFY2024, largely due to currency losses and other paper losses. The company's net profit for the three months ended March 31, 2024 was RM123.1 million, down from RM197.4 million in the same period a year earlier. Meanwhile, revenue for the quarter slipped 7.4% year-on-year to RM2.46 billion from RM2.66 billion. The group did not declare any dividends for the quarter.
$HEXTAR(5151.MY$: Hextar Global Bhd has reported a 40.75% year-on-year increase in net profit for 1QFY2024, driven by higher contributions from its newly diversified durian trading business and specialty chemicals segment on contracts awarded from the oil and gas sector. The company's net profit for the quarter was RM12.14 million, up from RM8.63 million the previous year, while revenue surged 67.47% to RM232.27 million from RM138.74 million. The company did not announce any dividends for the quarter.
$GAMUDA(5398.MY$ & $SIMEPROP(5288.MY$: Gamuda Bhd has been awarded two contracts worth a combined value of RM1.74 billion to build a hyperscale data centre for Sime Darby Property Bhd at Elmina Business Park. The first contract, worth RM815 million, was awarded by Sime Darby Property (EBP Asset I) Sdn Bhd for the construction, completion, testing, and commissioning of the hyperscale data centre. The second contract, worth RM928.6 million, is from Pearl Computing Malaysia for the fit-out, testing, and commissioning of mechanical, electrical, and plumbing works for the same data centre in Elmina Business Park 1A.
$SCIENTX(4731.MY$: Scientex Bhd, a property developer, is set to acquire land in Seberang Perai, Penang for RM462.50 million to expand its land bank for future development. The 708.5-acre (286.72-hectare) land will be developed into a mixed-property development, although the gross development value and other project details are yet to be estimated.
$SRIDGE(0129.MY$: Silver Ridge Holdings Bhd's 51%-owned subsidiary has been awarded a contract worth RM168.83 million for construction works on the Melaka International Cruise Terminal by Melaka International Cruise Terminal Sdn Bhd. The contract, awarded to Total SR Web 3.0 Sdn Bhd, includes piling, superstructure works, and mechanical and engineering services, and is expected to be completed over 15 months starting from May 24, 2024.
$TRC(5054.MY$: TRC Synergy Bhd, a construction company, has secured a RM142.34 million subcontract for the proposed transformation of an undisclosed state legislative building. The company's wholly owned subsidiary, Trans Resources Corp Sdn Bhd, will undertake architectural, structural, and civil works at the building, as awarded by Performing Arts Centre Consortium Sdn Bhd. No further details about the project or the building were disclosed in the exchange filing.
$FAVCO(7229.MY$: Favelle Favco Bhd, a crane manufacturer, has announced that it will be spending A$39.8 million (RM123.98 million) to develop two units of single-storey logistic warehouses on its freehold land near Sydney, Australia. The company has entered into an agreement with Australian developer Dexus Property Services Pty Ltd and Dexus Funds Management Ltd for the construction, financing, and tenant sourcing of the warehouses. The warehouses will have a combined gross lettable area of 14,000 sq m on the 46,839.7 sq m land.
$MSM(5202.MY$: MSM Sugar Refinery (Johor) Sdn Bhd, a wholly owned subsidiary of MSM Malaysia Holdings Bhd, has filed a lawsuit against Generali Insurance Malaysia Bhd seeking RM42.75 million in damages over a rejected insurance claim. The sugar refiner's unit had filed an insurance claim in 2022 for loss of profit due to a boiler failure, but Generali Insurance rejected the claim made under its machinery breakdown insurance policy and machinery breakdown loss of profit insurance policy.
$EUROSP(7094.MY$: The children of prominent businessman Tan Sri Robert Tan Hua Choon have triggered an unconditional mandatory general offer (MGO) in Eurospan Holdings Bhd after increasing their shareholdings in the furniture manufacturer to 71.8%. Robert's son, Datuk Seri Tan Han Chuan, increased his stake from 14.22% to 67.14%, while his sister, Datin Tan Ching Ching, owns a 4.69% stake, deemed a person acting in concert with Han Chuan. The siblings' collective shareholdings of 71.83% have triggered the MGO, obliging Han Chuan to extend a mandatory takeover offer to acquire all remaining shares of the company at RM1.70 per share. However, Han Chuan intends to maintain Eurospan's listing status on the Main Market of Bursa Malaysia.
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.
Read more
Comment
Sign in to post a comment
