MY Morning Wrap | Malaysia Bags Investments Worth RM63.02bil in US
Good morning mooers! Here are things you need to know about today's market:
●US stocks reflected positive inflation outlook with third straight week of stock gains
●Malaysia bags investments worth RM63.02bil in US
●Malaysia GDP grows faster than expected at 3.3% in 3Q
●RAM: Third straight month of foreign selloff, pace eased in October
●Panda Eco System's IPO shares oversubscribed 153.47 times
●Stocks to watch: CelcomDigi, Affin Bank
-moomoo News MY
Wall Street Summary
U.S. stocks crossed the line in the green Friday as the S&P scored a third straight week in the green, as investors celebrated slowing inflation and got ready to kickstart Santa season with Thanksgiving and Black Friday.
The $Dow Jones Industrial Average(.DJI.US$ rose 1.81 points, or 0.01% and 1.94% for the week, the $S&P 500 Index(.SPX.US$ edged up 5.79 points, or 0.13% and 2.24% for the week, and the $Nasdaq Composite Index(.IXIC.US$ gained 11.81 points, or less than 0.08% and 2.37% for the week. The Nasdaq finished the week three points off its year high.
Breaking News
Malaysia bags investments worth RM63.02bil in US
Malaysia has secured a total of RM63.02bil in proposed investments in the United States, mainly from technology giants, says Datuk Seri Anwar Ibrahim. The Prime Minister said out of the total, RM8.33bil were from the trade and investment mission to the United States organised before the start of the Asia-Pacific Economic Cooperation (Apec), while the remaining investments were from the various one-on-one meetings held by Anwar here. The investments from the trade mission are from Abbott Laboratories, Mondelez International, Amsted Rail, Hematogenix, PerkinElmer, Ford Motor Company, Boeing, Amazon Web Services, Enovix and Lam Research. "The remaining (investments) have been secured from one-on-one meetings with technology giants such as Google, Enovix Cooperation, Microsoft, TikTok as well as TPG," he told the Malaysian media at the end of his official visit to the United States, here on Saturday (Nov 18).
Malaysia GDP grows faster than expected at 3.3% in 3Q
Malaysia's economic growth accelerated in the third quarter as consumer spending along with the services and construction sectors helped counter the impact of faltering exports. Gross domestic product expanded 3.3% in the July-September period from a year ago, according to the central bank and the Department of Statistics Malaysia on Friday, in line with the preliminary reading last month and from a 2.9% gain in the second quarter. The economy rose 2.6% quarter-on-quarter. Relatively low borrowing costs are shielding the economy from the global slowdown, enabling growth in private consumption to quicken to 4.6% last quarter from 4.3% in the prior three-month period. Household spending will remain an anchor of domestic expansion while a rebound in tourism is offsetting the prolonged weakness in exports, the government said.
RAM: Third straight month of foreign selloff, pace eased in October
Foreign fund outflow from the bond market persisted for the third consecutive month in October, albeit at a more moderate pace than in September, said RAM Rating Services Bhd (RAM Ratings). The credit rating agency said the overall net outflow amounted to RM2.6 billion last month (September: RM4.4 billion), led by Malaysian Government Securities (MGS) and Government Investment Issues (GII) (RM1.8 billion) and Malaysian Treasury Bills (MTB) and Malaysian Islamic Treasury Bills (RM300 million).
Panda Eco System's IPO shares oversubscribed 153.47 times
Panda Eco System Bhd, which is en route to a listing on Bursa Malaysia’s Ace Market on Nov 27, 2023, saw its initial public offering (IPO) shares offered to the public oversubscribed by 153.47 times. The retail management eco-system solution provider said a total of 20,021 applications for 5.18 million shares worth RM829.41 million were received from the public, representing an overall oversubscription rate of 153.47 times.
Stocks to Watch
$CDB(6947.MY$: CelcomDigi Bhd's net profit rose 32.66% quarter-on-quarter (q-o-q) in the quarter ended Sept 30, 2023 (3QFY2023) to RM455.72 million, from RM343.52 million in 2QFY2023, helped by lower regulatory and network related costs and lower marketing spend. The improved q-o-q performance was despite a marginal 0.61% decline in revenue to RM3.1 billion from RM3.12 billion, on softer device sales and lower postpaid revenue, while prepaid and home and fibre revenues improved due to increased subscribers and data adoption.
$AFFIN(5185.MY$: Affin Bank Bhd posted a net profit of RM100.45 million for the third quarter ended Sept 30, 2023 (3QFY2023), compared with RM872.37 million a year ago. The big earnings contraction was mainly because the previous year had recorded a one-off gain of RM1.06 billion from the divestment of its asset management business. It is worth noting that the hefty divestment gain lifted the banking group from a net loss from continuing operations amounting RM193.5 million to a net profit of RM872.37 million in 3QFY2022.
$HLIND(3301.MY$: Hong Leong Industries Bhd saw its net profit for the first quarter ended Sept 30, 2023 (1QFY2024) rise 7.07% to RM87.67 million from RM81.88 million in the same period last year (1QFY2023).The improvement in bottom line was driven by a favourable sales mix of higher margin motorcycle models, according to the company, whose subsidiaries are involved in manufacturing, assembly and sales of motorcycles and scooters, the production and sales of ceramic tiles and cement fibreboard, and the distribution and trading of marine-related products.
$UEMS(5148.MY$: UEM Sunrise Bhd's three indirect wholly-owned subsidiaries have inked eight deals to dispose of 46.9ha of freehold land parcels to PGB Landmark Sdn Bhd, a subsidiary of Paragon Globe Bhd, for a combined RM146.1mil. Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd collectively signed five sales and purchase agreements for the sale of 19.52ha freehold land in Tanjung Kupang, Johor, UEM Sunrise said in a statement.
$BJLAND(4219.MY$: Berjaya Construction Bhd, the construction arm of Berjaya Land Bhd, has secured a US$50 million (RM234.2 million) construction loan from Export-Import Bank of Malaysia Bhd for the construction of the Four Seasons Resort and Private Residences Okinawa (Four Seasons Okinawa) in Japan. Leading the signing was Seikou Okinawa Construction KK, a wholly-owned subsidiary of Berjaya Construction, acting as the primary contractor in collaboration with Japanese subcontractors.
$MSC(5916.MY$: Tin miner and metal producer Malaysia Smelting Corp Bhd swung back to the black in the third quarter ended Sept 30, 2023 (3QFY2023), with a net profit of RM11.82 million compared with a net loss of RM31.32 million a year earlier. This was mainly due to higher average tin price of RM123,800 per tonne in the current quarter versus RM104,700 per tonne in 3Q2022 and higher sales quantity of refined tin. There was also a one-off provision for legal case settlement of RM4.7 million in the current quarter. Revenue for 3QFY2023 rose 5.8% to RM364.02 million from RM344.13 million a year earlier.
$GREATEC(0208.MY$: Greatech Technology Bhd's third quarter net profit rose 13.9% to RM46.66 million, from RM40.97 million a year earlier, with the increase attributed to the higher revenue recognised from the production line system of e-mobility, life science and solar industries. The group, which manufactures equipment that are used to automate processes in production lines, said revenue for the quarter ended Sept 30, 2023 (3QFY2023) jumped 43.33% to RM224.82 million from RM156.85 million previously. Despite the higher earnings, its profit before tax (PBT) margin decreased to 22.29% from 26.29%, while normalised PBT margin without the net warranty impact reduced to 22.92% from 26.05%.
$MNRB(6459.MY$: MNRB Holdings Bhd's net profit surged to RM41.57 million in the second quarter (2Q) ended Sept 31, 2023, from RM13.46 million in the corresponding quarter last year. In a filing with Bursa Malaysia today, MNRB said its revenue also increased to RM935.23 million from RM777.13 million previously. As for the first six months of its current fiscal year, the group recorded a net profit of RM111.11 million against a net loss of RM9.71 million in the prior year's period.
$TASCO(5140.MY$: Tasco Bhd's net profit in the second quarter ended Sept 30, 2023 (2QFY2024) dropped 34.34% to RM15.85 million from RM24.13 million, largely due to the normalisation of freight rates. The logistics solutions provider said its quarterly revenue fell by 44.60% to RM273.63 million, compared to RM493.95 million, underpinned by lower revenue contribution from its international business segments.
$CRESNDO(6718.MY$: Crescendo Corp Bhd has announced its third land disposal in Pulai, Johor Bahru — this time involving three vacant pieces of land measuring 2.62 million sq ft for RM315.17 million, cash. The buyer is Microsoft Payments (M) Sdn Bhd. Crescendo had earlier this month announced the disposal of two parcels of land for RM117.02 million, and another nine parcels for RM111 million — both near the vicinity of the latest proposed land for sale. Gross proceeds from all three transactions totalled RM543.19 million, compared with the RM69.4 million that Crescendo spent to acquire, finance and develop the plots.
$MARCO(3514.MY$: Marco Holdings Bhd is acquiring the remaining 59.61% stake in watches and clock retailer Time Galerie (M) Sdn Bhd for RM37.55 million cash from Giro Laksana Sdn Bhd and Lim Siew Sooi. The electronic products trading group bought its first 40.39% stake in Time Galerie back in December 2018, for a cash consideration of RM26.66 million. Time Galerie has 56 retail outlets located in major shopping complexes and retail stores in the country, Marco said. Marco is acquiring a 4.96% stake from Lim, with the balance 54.65% from Giro Laksana, which is owned by Lai Yin Chun and Lim Meng Hang.
$MGRC(0155.MY$: Malaysian Genomics Resource Centre Bhd announced losses of RM617,754 from the buy-back and disposal of company shares, as well as trading of shares in listed companies SNS Network Technology Bhd and Reneuco Bhd in the seven months from Sept 2022 till March 2023. MGRC said it acquired 53.17 million of its shares from Sept 5, 2022 till March 20, 2023 in the open market for RM39.873 million — or an average of 75 sen per share. Within that same period, it disposed of the shares for RM39.303 million or average of 73.92 sen per share. This resulted in a gross loss of RM570,299, it said.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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