MY Morning Wrap | Genting Malaysia and Berjaya Deny Forest City Casino Talks

Indexes finished Friday on a positive note, with investor sentiment buoyed by strong earnings from the 'Magnificent Seven.' Preliminary closing data indicated that the $S&P 500 Index(.SPX.US)$ rose by 1.02%. Meanwhile, the $Dow Jones Industrial Average(.DJI.US)$ saw a more modest increase of 0.4%, and the $Nasdaq Composite Index(.IXIC.US)$ led the gains with a climb of 2.03%.

$MAYBANK(1155.MY)$: Maybank obtained a High Court summary judgment against ACE Credit, ACE Corporation, and their directors for a RM46.47 million loan default. The ruling by Judge Datuk Mohd Arief Emran Arifin allows for fund recovery without trial. The loan, issued on October 23, 2019, with guarantees from ACE Credit and directors Choong and Chang, saw ACE Corporation default, owing RM2 million by June 2023. After non-compliance with repayment demands, Maybank demanded the remaining RM43.7 million. The defendants, acknowledging the default, attempted to restructure and argued against Maybank's recall of the loan, referencing a Mareva injunction that froze their assets. Judge Arifin rejected their arguments, stating the injunction did not release ACE Corporation from paying Maybank, and awarded Maybank the summary judgment with costs.

$GENM(4715.MY)$: Genting Malaysia Bhd and its CEO Tan Sri Lim Kok Thay have refuted claims of discussions about opening a second casino in Forest City, Johor. The company clarified that neither it nor Lim were involved in any talks, labeling the reports as false. The firm urged those spreading the misinformation to stop and correct the public narrative. Genting Malaysia, which runs the country's sole casino in Genting Highlands and Resorts World Sentosa in Singapore, warned it might take action to defend its interests. Prime Minister Datuk Seri Anwar Ibrahim also denied such government deliberations. Berjaya Corp Bhd and Tan Sri Vincent Tan, mentioned in similar reports, have denied involvement as well.

$KPJ(5878.MY)$: KPJ Healthcare Bhd, via its KPJ Healthcare University (KPJU), signed an MOU with Trusx Malaysia Sdn Bhd, a digital health company, to innovate in healthcare using AI technology. They will utilize Trustr’s AI-based health suite, including a health wallet and a non-invasive tool for measuring vitals via facial scanning. This tech aims to aid in early disease detection, remote health monitoring, and NCD management. KPJU plans to test this tech with patients digitally and in retail settings after validation. The MOU, aligning with KPJU's AI healthcare innovation goals, was signed by KPJ Healthcare's COO and Trusxplus Inc, USA's vice chairman. KPJ's president stated this partnership is a stride towards Malaysia’s first private academic health system and emphasizes patient-centric care through AI. Trustr sees this as a shift in proactive health management.

$VITROX(0097.MY)$: Shares of ViTrox Corp Bhd dropped to a month's low after Q1 results disappointed investors. The stock fell 6% then closed at RM7.40 last Friday, its lowest since March 26. Q1 net profit was just 9% of the full-year consensus estimate. A research house downgraded the stock amidst caution about the semiconductor firm's short-term outlook. ViTrox reported a nearly halved net profit year-on-year at RM17.23 million, affected by an unfavourable product mix and higher R&D costs for new products. Revenue dropped 10.3% to RM119.61 million, and EPS fell from 3.49 sen to 1.82 sen.ViTrox remains optimistic about future growth in the semiconductor industry, driven by AI, telecoms, and automotive demand. The group focuses on innovation, customer service, new markets, and cost control to remain competitive.

$RHBBANK(1066.MY)$: In October 2023, RHB Islamic launched the IWM portal with a goal to reach RM6 billion in funds by 2026, offering products like the RHB Multi-Currency Visa Debit Card/-i and Islamic unit trusts, focused on responsible wealth management according to syariah principles. Managing Director Datuk Adissadikin Ali emphasized the bank's commitment to guiding customers through a holistic wealth management journey, including halal investments and charitable practices like zakat and waqf. RHB Islamic aims to leverage technology and increase accessibility to IWM services, while also integrating ESG elements to meet the demand for socially responsible investments. The bank is actively involved in social finance and empowers underprivileged segments through programmes like Be Your Own Boss and B40 Education Empowerment, furthering financial inclusion and ethical finance within Malaysia's established Islamic finance sector.