MY Morning Wrap | Soybean Oil Futures Now Listed on Bursa Malaysia Derivatives

On Monday, US stocks rose as investors weighed optimism over artificial intelligence with concerns over monetary policy while waiting for the Federal Reserve's policy meeting later this week. Investors also anticipated NVIDIA's GTC computing industry conference, where CEO Jensen Huang announced a new large GPU chip for AI processing. The $Nasdaq Composite Index(.IXIC.US)$ led the way higher, gaining 0.82% to a preliminary close of 16,103.45, while the $S&P 500 Index(.SPX.US)$ added 0.6% to a 5,149.41 preliminary finish. Meanwhile, the $Dow Jones Industrial Average(.DJI.US)$ gained 0.2% to end at a preliminary 33,789.05.

$AIRPORT(5014.MY)$: Malaysia Airports Holdings has signed new operating and land lease agreements with the government, extending the airport operator’s concession to manage 39 airports in the country to Feb 11, 2069, from 2034 previously. The new agreements offer MAHB "flexibility" to pursue strategic investments needed, including partnering with external parties to improve capacity, facilities and infrastructure of the airports. Under the agreements, MAHB is allowed to undertake development capital expenditure and the capex recovery model can be done through various measures, including the airport development fund, project financing from the capital market, funds provided by the government or any other bankable financing model agreed between both parties.

$APOLLO(6432.MY)$: Apollo Food Holdings reported a net profit of MYR30.24m ($7.2m) for the third quarter ended Jan 31, 2024, up from MYR10.82m a year ago, thanks to a gain on disposal, improved margins and higher domestic sales. The food company declared a dividend of 50 sen per share for the quarter, bringing its year-to-date dividend to 70 sen per share, up from 25 sen per share for the entirety of FY2023. For the nine months ended Jan 31, the one-off disposal gain helped Apollo book a net profit of MYR47.83m, up 92.5% or MYR22.99m from MYR24.84m recorded in the same period last year.

$MAGNI(7087.MY)$: Magni-Tech Industries reported a net profit of MYR39.38m ($9.4m) for the third quarter ended Jan 31, 2024, up 91.88% from MYR20.52m a year earlier, thanks to higher garment sales and a foreign exchange gain. Revenue for the quarter increased 39.16% to MYR392.19m versus MYR281.83m previously, on the back of the higher garment sales. For the nine months ended Jan 31, 2024, Magni-Tech posted a net profit of MYR93.89m on the back of cumulative revenue that stood at MYR1bn.

$JAG(0024.MY)$: JAG Capital Holdings' mandatory general offer (MGO) for KUB Malaysia has resulted in the acquisition of 163.82 million shares, equivalent to a 29.44% stake, in KUB at 60 sen per share. This has increased JAG's shareholding in KUB to 62.72%, or 349 million shares. JAG said it would delist KUB if it secures 90% of all KUB shares but would keep KUB listed if it secures between 75% and 90%.

$EPICON(4847.MY)$: Epicon's subsidiary has secured a contract worth MYR191.13m ($45.5m) from Maju Teluk Batik for main building works on a mixed-use development in Bandar Meru Raya, Perak. The contract includes main building works of two apartments, a carpark building, ancillary building, mechanical and electrical services, and infrastructure and landscape works. Works are expected to commence on March 19 and be completed in 36 months.

$ITMAX(5309.MY)$: ITMAX System has secured a video surveillance and traffic light system services contract worth MYR77.09m ($18.4m) from the Kulai Municipal Council through its 65%-owned subsidiary Southmax. The contract period runs from March 23, 2024 to March 25, 2039, and is expected to contribute positively towards the company's earnings until the end of the 15-year period.

$GESHEN(7197.MY)$: Ge-Shen Corp Bhd received an unusual market activity query from Bursa Malaysia on Monday following a surge in its share price. The plastic injection moulding and metal stamping company saw its share price rise 24.3% or 78 sen to an all-time high of RM3.99. On the same day, Ge-Shen Corp announced its acquisition of a 60% stake each in Amity Research & Development Sdn Bhd and Amity Technical Services & Consultancy (M) Sdn Bhd for MYR13.5m ($3.2m) cash to strengthen its position in the electrical and electronics sector and expand its income stream.

$GFM(0039.MY)$: GFM Services Bhd has proposed a bonus issue of free warrants on the basis of one warrant for every two existing shares held, with an exercise price of 21 sen per share. If all warrants are exercised, the company is expected to raise up to MYR79.74m ($19m) in gross proceeds for working capital.