MY Morning Wrap | Public Bank's Unit to Acquire RHB Securities Vietnam for RM72.55 Million
Good morning mooers! Here are things you need to know about today's market:
●Global Stocks Muted on Quiet Monday with Focus on Inflation and AI Trends
●Bursa Malaysia Continues Trading at 20-Month High Supported by Upcoming Earnings Season
●JLL Maintains Positive Outlook on Malaysian Real Estate Market Activity
●Stocks to watch: Public Bank, Hup Seng
-moomoo News MY
Wall Street Summary
Global stocks were muted on Monday, with U.S. markets closed for the Presidents Day holiday. Investors remain focused on the outlook for inflation and interest rates, as well as corporate earnings and trends in artificial intelligence (AI). The latter has driven outsize gains in tech stocks in recent months and continues to draw attention from investors. The quiet session reflects a cautious investor sentiment amid ongoing concerns about the pace of economic recovery and potential risks to financial stability.
Breaking News
Bursa Malaysia Continues Trading at 20-Month High Supported by Upcoming Earnings Season
Bursa Malaysia continued to trade at its 20-month high in early trade on Monday, supported by buying interest within the local front and the upcoming earnings season. The benchmark FBM KLCI gained 0.24 of-a-point to 1,533.79 from Friday's close of 1,533.55. Gainers outpaced losers on the broader market, while turnover stood at 246.41 million units worth RM55.58 million. Traders are expecting opportunities within fundamentally growing companies as Malaysia heads into the corporate earnings season, with the consumer and oil and gas sectors remaining favorable. Meanwhile, the technology sector may experience trading interest as more than 10 companies have submitted their proposals for the National Integrated Immigration System.
JLL Maintains Positive Outlook on Malaysian Real Estate Market Activity
Global real estate consulting firm JLL has maintained an optimistic outlook on market activity in Malaysia, aligning with positive macroeconomic expectations. The firm anticipates potential notable transactions in Malaysia in the first quarter of 2024, with keen interest from both international and domestic investors across all sectors. JLL Asia Pacific capital markets CEO Stuart Crow expects greater sector diversification among investors, particularly towards logistics, industrial, and living sectors that have seen high investor conviction across the region. According to JLL, commercial real estate investment in Asia Pacific rose 3% year-on-year to US$31.6 billion in the 4Q 2023, with China leading the investment rebound for the second consecutive quarter, recording a 50% year-on-year increase in volume to US$11.1 billion.
Stocks to Watch
$PBBANK(1295.MY$: Public Bank's wholly-owned subsidiary, Public Bank Vietnam Ltd, is set to acquire RHB Bank's indirect wholly-owned unit, RHB Securities Vietnam Company Ltd, for 374 billion dong or RM72.55 million in cash. The acquisition presents an opportunity for Public Bank to expand its financial services offerings in Vietnam to include securities trading and participate in the growth potential of the country's capital market. Meanwhile, RHB's investment banking arm will be exiting Vietnam's stockbroking and securities market as a result of the disposal.
$HAPSENG(3034.MY$: Hup Seng Industries' net profit in the fourth quarter ended Dec 31, 2023, rose 10% to RM13.68 million from RM12.44 million a year earlier, supported by the lower cost of certain major input materials. While quarterly revenue was up marginally by 0.23% year-on-year to RM95.15 million, domestic sales increased while export sales declined. For the full year, net profit surged nearly 73% to a seven-year high of RM45.09 million from RM26.08 million a year earlier, as sales rose and costs fell. Revenue increased by 12.28% to RM357.27 million from RM318.19 million due to higher volume. The company recommended a special dividend of 0.5 sen per share on top of a third interim dividend of 1.5 sen per share.
$DIALOG(7277.MY$: Dialog Group's net profit for the second quarter ended Dec 31, 2023, rose 16.6% to RM148.29 million from RM127.15 million a year earlier, driven by better performances from both its Malaysian and international operations. Revenue also increased by 7.8% to RM859.21 million from RM797 million, with higher production from upstream activities in its Malaysian operation and activities at the Jubail Supply Base in Saudi Arabia contributing to the improvement in the company's international operation.
$HEXTAR(5151.MY$: Hextar Global's net profit for the fourth quarter ended Dec 31, 2023, jumped fivefold to RM23.39 million from RM4.64 million a year ago, primarily driven by the stellar performance of the newly diversified fruits segment and improved results from the agriculture and specialty chemicals segments. Quarterly revenue rose by 59.8% to RM214.28 million from RM134.06 million a year ago, with the fruits segment contributing RM52.1 million since its diversification into durian trading in November 2023. The company declared a first interim dividend of one sen per share payable on April 5, 2024. For the full year, net profit increased by 13.2% to RM56.1 million from RM49.54 million in the previous year, with revenue growing by 12.5% to RM669.44 million from RM594.9 million.
$GFM(0039.MY$: GFM Services is planning to raise RM14.78 million via a private placement of 69.05 million shares, equivalent to 10% of its enlarged share base. The proceeds from the placement will be used to fund working capital and purchase machinery for the maintenance works, turnarounds, and shutdowns of oil and gas processing plants in Pengerang, Johor. The works are part of an Integrated Turnaround Main Mechanical and Maintenance Mechanical Static contract awarded to Petronas' wholly-owned unit Highbase Strategic Sdn Bhd's joint venture with Singapore-based O&G integrated solutions provider Mun Siong Engineering Ltd. HSSB owns a 51% stake in the joint venture, and the five-year contract is estimated to be worth RM247.5 million, with options for Petronas to extend the job for up to another five years.
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.
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Malik ritduan : ok