MY Morning Wrap | PTT Synergy Group Secures Two Contracts Worth RM169.85 Million from Sime Darby Property
Good morning mooers! Here are things you need to know about today's market:
●Meme stock volatility sends indexes up, but market falls flat by close
●Malaysia and Qatar agree to enhance investment cooperation
●RHB Research Finds Small- and Mid-cap Stock Valuations Attractive Despite Q1 Rally
●Stocks to watch: Sime Darby Property, Dialog
-moomoo News MY
Wall Street Summary
On Monday, the market experienced volatility due to meme stock fluctuations, with indexes initially rising but later dropping shortly before noon EST. At the end of the day, the $S&P 500 Index(.SPX.US$ fell by 0.02%, the $Dow Jones Industrial Average(.DJI.US$ declined by 0.17%, and the $Nasdaq Composite Index(.IXIC.US$ climbed by 0.28%.
Breaking News
Malaysia and Qatar agree to enhance investment cooperation
Rewritten: Malaysia and Qatar have agreed to enhance investment cooperation between the two countries in the coming years, according to Prime Minister Datuk Seri Anwar Ibrahim. The agreement was reached during a meeting with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, and was later discussed in depth during a meeting with Sheikh Mohammed bin Abdulrahman Al Thani, who is also Qatar's Foreign Minister. The two leaders also discussed bilateral cooperation and investment facilitation, as well as higher education. Last year, total bilateral trade between Malaysia and Qatar reached RM4.2bn ($1bn).
RHB Research Finds Small- and Mid-cap Stock Valuations Attractive Despite Q1 Rally
According to RHB Research, small- and mid-cap stock valuations remain attractive for their growth potential, despite the strong first-quarter rally. The brokerage firm noted that selective opportunities persist for investors, particularly in thematic trends, with small- and mid-cap stocks trading at near historical mean valuations. However, RHB Research cautions that volatility may ensue going into 2Q24. The spread in the small- and mid-cap stock space has narrowed, but forward price-to-earnings ratios for both the FBM Small Cap Index and FBM Mid 70 Index are currently at near historical mean. The surge in FBM Mid 70 Index was driven by vigorous trading activities and the impressive performances of the property, construction, and technology-related stocks.
Stocks to Watch
$PTT(7010.MY$, $SIMEPROP(5288.MY$: PTT Synergy Group Bhd (KL:PTT) has secured two contracts from Sime Darby Property Bhd (KL:SIMEPROP) worth a total of RM169.85 million. The first contract, worth RM96.61 million, is for the proposed construction and completion of earthworks and ancillary works for Stage 1 (Section 1 and Section 2) at Lagong Mas, Gombak, Selangor. The group received the letter of award for the project from Sime Darby Property (Lagong) Sdn Bhd, a wholly-owned unit of Sime Darby Property, via its wholly-owned Pembinaan Tetap Teguh Sdn Bhd.
$DIALOG(7277.MY$: Dialog Group Bhd (KL:DIALOG) reported on Monday that its net profit for the third quarter ended March 31, 2024 (3QFY2024) rose 19% from a year earlier, thanks to higher upstream output. The net profit for the quarter was RM156.16 million, compared to RM130.81 million for the same period a year earlier. However, revenue for the quarter fell 13% year-on-year to RM702.2 million, from RM802.79 million. The group declared an interim dividend of 1.5 sen, compared to 1.3 sen for the previous corresponding period.
$TM(4863.MY$: Telekom Malaysia Bhd (KL:TM) announced on Monday that it has signed deals with the Home Ministry for two contracts worth RM120.5 million at the recent Defence Services Asia (DSA) Exhibition and Conference 2024 and National Security (Natsec) Asia 2024. The contracts were awarded to TM's wholly-owned unit, TM Technology Services Sdn Bhd. The group responded to an article in The Edge Malaysia weekly, stating that the contracts were in the ordinary course of TM's business and not material to TM Group.
$ATECH(5302.MY$: Aurelius Technologies Bhd (KL:ATECH) has announced plans to invest RM450 million over the next five years to build a new manufacturing hub on an industrial land spanning 571,908 sq ft in the Kulim Hi-Tech Park, Kedah. The company's wholly-owned subsidiary, BCM Electronics Corp Sdn Bhd, held a ground-breaking ceremony to mark the commencement of the new hub's construction. The first phase of the development will involve a manufacturing plant, named P5, that will span over 243,977 sq ft of advanced manufacturing and research and development space with 12,945 sq ft of clean room facilities. The plant is expected to be completed by the end of 2024.
$AME(5293.MY$: AME Elite Consortium Bhd (KL:AME) has announced the sale of 11 plots of freehold land covering over 34.91 acres in Pulai, Johor Bahru, for RM209.84 million in cash to Digital Hyperspace Malaysia Sdn Bhd (DHM), a Hong Kong-based data center operator. The land plots are located in i-TechValley, a 170-acre industrial park at the Southern Industrial and Logistics Cluster (SILC), and are subject to approvals from the Johor State Government Office and other relevant authorities if the relevant land registry requires a no-objection letter from the Economic Planning Unit.
$MULPHA(3905.MY$: Mulpha International Bhd (KL:MULPHA) announced on Monday that its Australian subsidiary, Mulpha Norwest Pty Ltd, has accepted a cash advance facility of A$100 million (equivalent to approximately RM313.07 million) from National Australia Bank Ltd. The cash advance will be used to refinance borrowings and for working capital. The facility comprises of a revolving facility of A$90 million and a bank guarantee facility of A$10 million. Mulpha Norwest's principal activity is property development.
$UZMA(7250.MY$: Uzma Bhd [KL:UZMA] announced on Monday that it has secured a contract valued at US$9.27 million (RM43.9 million) to undertake standard and special application of coiled tubing and pumping services. The contract, under the Zawtika gas field project from PTTEP International Ltd, started on May 1, 2024, and will continue until June 30, 2026. This is Uzma's sixth win since the beginning of 2024, including a contract from Shell to provide integrated production and integrity chemical and associated services.
$GUOCO(1503.MY$: GuocoLand (Malaysia) Bhd (KL:GUOCO) reported a 66.3% decline in net profit for the third quarter ended March 31, 2024 (3QFY2024), due to lower revenue from its property development division. This was partially offset by a better performance of the hospitality division, thanks to higher occupancy and better average room rates. The company's net profit for the quarter under review was RM2.94 million, compared to RM8.71 million a year earlier, on the back of a 20.8% decline in revenue to RM88.97 million from RM112.36 million.
$SWIFT(5303.MY$: Swift Haulage Bhd (KL:SWIFT) reported that its net profit more than doubled in the first quarter from a year earlier, thanks to a one-off gain from a stake sale, as well as higher revenue. The company's net profit for the three months ended March 31, 2024 (1QFY2024) was RM21.14 million, compared to RM10.13 million over the same period last year. Revenue for the quarter was up 8.9% year-on-year to RM179.35 million from RM164.75 million, due to the increase in fleet capacity for land transportation, as well as the expansion of warehouse in auto logistics and the increase in depot business.
$PA(7225.MY$: PA Resources Bhd (KL:PA) reported that its net profit for the third financial quarter ended March 31, 2024, jumped by more than 51 times year-on-year, mostly contributed by its main extrusion and fabrication segment. The aluminium extruder reported a net profit of RM12.43 million, up from RM239,000 for the previous year's corresponding quarter, while revenue was up 62.4% to RM137.77 million from RM84.81 million.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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