MY Morning Wrap | Scientex Acquires Land in Johor for Mixed-Property Development
Good morning mooers! Here are things you need to know about today's market:
●US Stocks Fall as Yield Rises, Investors Temper Expectations of Rate Cuts
●Bursa Malaysia Sets Ambitious Target of 42 IPOs in 2024
●Stocks to watch: Scientex
-moomoo News MY
Wall Street Summary
US stocks fell as yields rose and investors tempered expectations of interest rate cuts this year. Federal Reserve Chairman Jerome Powell's statement that policymakers are concerned about inflation potentially reaccelerating if the central bank moves too soon in lowering borrowing costs also contributed to the decline. The $S&P 500 Index(.SPX.US$ slipped 0.3%, the tech-heavy $Nasdaq Composite Index(.IXIC.US$ slid 0.2%, and the $Dow Jones Industrial Average(.DJI.US$ declined 0.7%.
Breaking News
Bursa Malaysia Sets Ambitious Target of 42 IPOs in 2024
Bursa Malaysia Bhd is setting an ambitious target of facilitating 42 IPOs in 2024, despite falling short of the initial target of 39 IPOs in 2023. The exchange operator is optimistic about the prospects for the current year, with 24 IPOs already in the pipeline. Bursa Malaysia also envisions an upturn in both revenue and profitability for 2024, with a profit before tax range of RM293 million to RM323 million and a 5% to 7% growth in non-trading revenue. The exchange's chairman noted a 55% YoY growth in average daily trading value in the first 30 days of 2024, and Bursa Malaysia reported a significant 21.5% YoY growth in net profit for Q4 2023, driven by trading revenue from the securities market amid higher average daily trading value.
Stocks to Watch
$SCIENTX(4731.MY$: Scientex Bhd, a plastic packaging material manufacturer, has acquired 24 parcels of land measuring 442.76 hectares in Muar, Johor for RM200 million from Guan Hong Plantation Pte Ltd to develop a mixed-property development and boost its property development segment. The land acquisition is also aligned with the group's objective of building more affordable homes to complete 50,000 affordable homes throughout Malaysia by 2028.
$SIMEPLT(5285.MY$: Sime Darby Plantation Bhd has appointed Sharifah Sheila Syed Muhamad, the head of global equity at the Employees Provident Fund (EPF), as its new non-independent non-executive director. Sharifah Sheila will be the EPF representative on Sime Darby Plantation's board, replacing former EPF CEO Datuk Seri Amir Hamzah Azizan who resigned after being appointed as finance minister II in December 2021. The appointment is effective immediately.
$CHINHIN(5273.MY$: Chin Hin Group Bhd is proposing to buy an additional 4.77% stake in Signature International Bhd for RM25.45 million cash or 84 sen per share from Teoh Hai Hin and Por Tong Eng. Chin Hin currently owns a 28.72% stake in the kitchen cabinet manufacturer. Upon completion of the acquisition, its total stake will rise to 33.49%, triggering a conditional mandatory general offer for the remaining shares in Signature International at 84 sen per share, two sen lower than Monday's closing price of 86 sen.
$YNHPROP(3158.MY$: YNH Property Bhd has terminated the RM270.5 million sale of its retail asset, 163 Retail Park, to ALX Asset Bhd due to the latter's inability to raise enough funds for the purchase. YNH also decided not to pursue the proposed RM152 million disposal of AEON Seri Manjung to ALX Asset in view of the situation. However, YNH quickly found a new buyer for its Mont'Kiara shopping mall, entering into a new deal to sell the property to Sunway Real Estate Investment Trust for RM215 million cash. The sale price is lower than the original sale price of 163 Retail Park, which YNH had to terminate.
$TITIJYA(5239.MY$: Pride Hectares Sdn Bhd, an indirect subsidiary of Titijaya Land Bhd, is acquiring a five-storey medium-cost flat building in SS15, Subang Jaya, Selangor for RM44.5 million cash from Bank Negara Malaysia. The building comprises 97 two-bedroom units, and Titijaya Land intends to redevelop the properties into mixed commercial properties. The acquisition is expected to enhance Titijaya Land's property development portfolio and generate new revenue streams.
$FGV(5222.MY$: FGV Holdings Bhd's subsidiary FGV Refineries Sdn Bhd has launched the Fract 750 Refinery at the Kuantan Port. The new refinery is expected to increase the group's average sales by 9% and enable it to diversify the types of palm oil products produced. According to FGV group director of logistics and support division Fakhrunniam Othman, the new refinery will also reduce the group's dependence on crude palm oil, which is exposed to the volatility in world market prices. The launch of the Fract 750 Refinery is expected to enhance FGV's competitiveness in the palm oil industry.
$SALCON(8567.MY$: Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Bhd, has secured a RM19.68 million contract from Penang Development Corp to design and construct sewer pipelines and related works in Batu Kawan Industrial Park, Penang. The contract began immediately and is expected to be completed on Feb 4, 2026, with a duration of 24 months. The contract win is expected to contribute positively to Salcon's financial performance and enhance its position in the water and wastewater engineering industry.
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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