MY Morning Wrap | Tenaga Nasional Bhd's Q4 Profit Falls by 28%, but Declares Dividend Unchanged

The $S&P 500 Index(.SPX.US)$ rose by 0.17% to 5,078, while the $Dow Jones Industrial Average(.DJI.US)$ fell by 0.25% to 38,972. On the other hand, the $Nasdaq Composite Index(.IXIC.US)$ gained by 0.37% to 16,035. These movements came as US stocks struggled to find direction, with traders keeping an eye on slipping consumer attitudes and preparing for the release of the PCE, or personal consumption expenditure price index, which is set to be published before the market opens on Thursday.

$RHBBANK(1066.MY)$: RHB Bank Bhd's net profit for Q4 2023 fell by 24% to RM585.91 million compared to the same period in the previous year due to lower net interest income and higher provisions. However, for the full-year of 2023, net profit rose 4.8% to RM2.81 billion compared to RM2.68 billion in 2022. The company declared a second interim dividend of 25 sen per share, bringing the total dividend for FY2023 to 40 sen per share, equivalent to a 61.1% payout.

$TENAGA(5347.MY)$: Tenaga Nasional Bhd reported a 27.83% decline in net profit for Q4FY2023 to RM583.9 million due to lower imbalance cost pass-through (ICPT) under-recovery and lower forex gains, despite a 5.7% increase in revenue to RM13.65 billion. Earnings per share also fell to 10.12 sen from 14.1 sen in Q4FY2022. The company declared a dividend of 28 sen per share, with FY2023 dividends remaining unchanged from the previous year at 46 sen per share. For the full-year of 2023, Tenaga Nasional Bhd's net profit fell by 20.01% year-on-year to RM2.77 billion or 48 sen per share from RM3.46 billion or 60.35 sen per share.

$MISC(3816.MY)$: MISC Bhd reported a 2.7% decline in net profit for Q4FY2023 to RM627.30 million, compared to RM645.00 million a year earlier, due to higher vessel operating costs and lower billings for its offshore business. However, revenue for the quarter increased by 2.5% year-on-year to RM4.28 billion from RM4.17 billion. For the full-year of 2023, MISC Bhd's net profit increased by 16% to RM2.12 billion, compared to RM1.82 billion in FY2022, thanks to better charter and freight rates. Revenue for the year also rose by 2.9% to RM14.27 billion from RM13.87 billion.

$MBSB(1171.MY)$: Malaysia Building Society Bhd (MBSB) reported a 50% jump in net profit for Q4FY2023 to RM301.15 million, compared to RM200.73 million in the same period the previous year, thanks to a one-off gain of RM354 million from the acquisition of MIDF Group. Excluding the gain on acquisition, the group's net income for the quarter remained predominantly from loans, financing, and financial investments. Quarterly revenue also increased by 4.5% to RM698.05 million from RM668.02 million in Q4FY2022. For the full-year of 2023, MBSB's net profit stood at RM491.81 million, up 6.9% from RM460.19 million in FY2022, as revenue rose 4.7% to RM2.82 billion from RM2.69 billion.

$MAHSING(8583.MY)$: Mah Sing Group Bhd reported a 38% increase in net profit for Q4FY2023 to RM64.74 million compared to RM46.78 million in the same period the previous year, thanks largely to higher margins and lower net finance costs. Revenue for the quarter rose marginally year-on-year to RM671.28 million from RM670.87 million. For the full-year of 2023, net profit rose nearly 20% to RM215.29 million versus RM180.05 million in 2022, thanks to higher property sales and progressive revenue recognition from ongoing construction progress. The company's unbilled sales totalled RM2.33 billion.

$ABMB(2488.MY)$: Alliance Bank Malaysia Bhd reported a slight dip of 0.13% in net profit for Q3FY2023 to RM176.86 million, compared to RM177.1 million in the same period a year earlier, due to higher operating expenses that partially offset the gains from higher net interest and other operating income. However, revenue for the quarter increased marginally by 2.69% year-on-year to RM509.92 million from RM496.55 million. For the nine-month period ended Dec 31, 2023, ABMB's net profit was down by 6.38% to RM512.73 million or 33.12 sen per share from RM547.68 million or 35.38 sen per share in 3QFY2023. Its revenue for 9MFY2024, on the other hand, rose by 3.66% to RM1.5 billion from RM1.45 billion in the same period a year ago.

$PETGAS(6033.MY)$: Petronas Gas Bhd reported a 7.04% increase in net profit for Q4FY2023 to RM441.59 million, compared to RM412.55 million in the same period a year earlier, thanks to lower other expenses, financing costs, and higher contribution from joint venture companies, offset by lower other income and higher tax expenses. Earnings per share also rose to 22.32 sen from 20.85 sen previously. The company declared an interim dividend of 22 sen per share, bringing its full-year payout to 72 sen per share, which is unchanged from FY2022. The improved bottom line was achieved despite a 3.06% dip in revenue to RM1.58 billion from RM1.63 billion previously, weighed down by contribution declines from its gas transportation, regasification, and utilities segments.

$UEMS(5148.MY)$: UEM Sunrise Bhd announced a revision to its dividend policy, increasing the payout to 40%-60% of net profit from the current 20%-40%. For the fourth quarter ended Dec 31, 2023 (4QFY2023), UEM Sunrise declared a dividend of 0.75 sen per share, which is higher than the 0.5 sen declared a year ago. The company's net profit in 4QFY2023 rose 33.59% to RM27.34 million from RM20.46 million a year earlier, as higher revenue more than offset higher finance costs and a swing to the red by its joint venture and associates. Revenue also rose 25.51% year-on-year to RM421.97 million from RM336.22 million, lifted by RM150 million in land sales during the quarter compared to RM61 million in 4QFY2022. For the full-year of 2023, UEM Sunrise's net profit slipped 5.97% to RM75.73 million or 1.50 sen per share, from RM80.54 million or 1.59 sen per share, dragged down by impairment in Haute Property Sdn Bhd. Revenue fell 9.12% to RM1.34 billion from RM1.47 billion a year earlier, due to higher revenue in FY2022 from the completion of Residensi Solaris Parq in Mont Kiara and higher settlement from its Australian projects.

$UNISEM(5005.MY)$: Unisem (M) Bhd reported a 79% decrease in net profit for the financial year ended Dec 31, 2023 (FY2023) to RM80.24 million or 4.97 sen per share, compared to RM385.36 million or 23.89 sen per share in the previous year, due mainly to lower sales volumes in line with softer market demand. The semiconductor assembly and test services provider's revenue for the year also dropped to RM1.44 billion from RM1.78 billion a year earlier. Unisem declared a dividend of two sen per share to be paid on April 5, bringing the full-year dividend payout to eight sen per share.