MY Morning Wrap | YTL Corp's 2Q Net Profit Jumps Six-Fold to RM589.21M on Strong Performance of YTL Power and Malayan Cement
Good morning mooers! Here are things you need to know about today's market:
●Nvidia Adds Record $277B to Market Cap, Pulls Market Higher
●Malaysia Records Total Approved Investments of RM329.5B in 2023, 23% Higher Than in 2022 – PM Anwar
●Malaysia's 5G Adoption Rate at 29.9%, Almost 10.07M Subscribers as of Jan 31
●Stocks to watch: YTL, YTL Power, Sime Darby
-moomoo News MY
Wall Street Summary
$NVIDIA(NVDA.US$ added a record $277B to its market cap after posting earnings on Wednesday night, pulling the market higher on Thursday. The $S&P 500 Index(.SPX.US$ climbed 2.11% to close above 5,087, while the $Dow Jones Industrial Average(.DJI.US$ climbed 1.18% to close at 39,069. The $Nasdaq Composite Index(.IXIC.US$ closed near an all-time high, up 2.96% to 16,041. The S&P 500 Index last closed at a high on Feb. 15, and the Dow Jones Industrial Average made records on Feb. 12. The Nasdaq last hit a closing high in Nov. of 2021 at 16,057.44.
Breaking News
Malaysia Records Total Approved Investments of RM329.5B in 2023, 23% Higher Than in 2022 – PM Anwar
Malaysia recorded total approved investments of RM329.5 billion in 2023, which is 23.0% higher than in 2022 and is the highest approved investment in the country's history, according to Prime Minister Datuk Seri Anwar Ibrahim. Foreign investments were the main contributor at 57.2% compared to domestic investments of 42.8%, with domestic investments increasing by 35.1% and foreign investments increasing by 15.3%.
Malaysia's 5G Adoption Rate at 29.9%, Almost 10.07M Subscribers as of Jan 31
Malaysia has recorded almost 10.07 million 5G service subscriptions, representing an adoption rate of 29.9%, as of Jan 31, according to Communications Minister Fahmi Fadzil. However, he has called for all mobile network operators to be more sensitive and responsible towards the needs of their users in the future. The Maxis 5G-Advanced trial will also be part of the Malaysian Pavilion at the Mobile World Congress 2024 (MWC 2024) to be held in Barcelona, Spain, from Feb 26 to 28, with all telecommunication companies in Malaysia participating for the first time under one pavilion. The MWC Barcelona 2024 will be attended by industry players from various sectors and backgrounds as well as senior government officials from all over the world.
Stocks to Watch
$YTL(4677.MY$: YTL Corp's net profit for the second quarter ended Dec 31, 2023 (2QFY2024) rose sixfold to RM589.21 million from RM96.91 million a year ago, lifted by stellar results from listed units YTL Power International Bhd and Malayan Cement Bhd. Revenue for the quarter rose 14.2% to RM7.53 billion, from RM6.59 billion. For the first six months of FY2024 (1HFY2024), YTL Corp's net profit jumped eightfold to RM1.1 billion from RM133.53 million in 1HFY2023. Its 78.58% indirect-owned Malayan Cement posted a strong net profit of RM121.2 million – its best quarterly performance since 2013 – from RM15.26 million a year ago, as revenue jumped 29% to RM1.16 billion from RM896.97 million.
$YTLPOWR(6742.MY$: YTL Power recorded a fourfold rise in net profit to RM845.12 million in 2QFY2024, from RM198.82 million last year, with revenue rising 14.26% to RM5.37 billion from RM4.7 billion, lifted by all key segments. This lifted its 1HFY2024 net profit up fourfold to RM1.69 billion from RM372.1 million in 1HFY2023. The sustained performance was mainly thanks to stable earnings in Singapore, on the back of better margins and a stronger Singapore dollar against the Malaysian ringgit.
$SIMEPLT(5285.MY$: Sime Darby Plantation's net profit fell more than 64% in the fourth quarter to RM200 million from RM562 million a year earlier, weighed by lower average realised prices. Revenue dipped 6.88% to RM5.28 billion from RM5.67 billion. A final dividend of 6.05 sen per share was declared, bringing its full FY2023 payout to 15 sen per share. For FY2023, the group made a net profit of RM1.86 billion, 25.24% less than the RM2.49 billion it made in FY2022, as revenue declined 12.37% to RM18.43 billion from RM21.03 billion. For FY2024, the group is expecting crude palm oil price to range between RM3,700 and RM3,900 per tonne.
$MAXIS(6012.MY$: Maxis Bhd's net profit dropped 76% to RM56 million from RM233 million for the fourth quarter ended Dec 31, 2023 (4QFY2023), dragged by tax settlement and penalties imposed by the Inland Revenue Board. Quarterly revenue rose 7.4% to RM2.74 billion from RM2.55 billion, thanks to growth across consumer and enterprise businesses. For the full FY2023, its net profit dropped 13.8% to RM993 million from RM1.15 billion in FY2022, though revenue rose 4% to RM10.18 billion from RM9.79 billion. Maxis declared an interim dividend of four sen per share, bringing its full-year payout to 16 sen per share.
$AXIATA(6888.MY$: Axiata posted a net loss of RM695.02 million for the fourth quarter ended Dec 31, 2023 (4QFY2023), compared with a net profit of RM9.95 billion a year ago. For the full year, the telco group recorded a net loss of RM2 billion versus a net profit of RM9.75 billion in FY2022. Despite the losses, Axiata declared a dividend of five sen per share, bringing total dividends for FY2023 to 10 sen per share.
$PETRONM(3042.MY$: Fuel retailer Petron Malaysia Refining & Marketing Bhd returned to black in its fourth quarter with a net profit of RM41.42 million, versus a net loss of RM21.37 million in the same period a year ago, thanks to accounting gain, as well as better fuel and refining margins. Revenue for the quarter rose 5.25% to RM4.49 billion from RM4.27 billion previously, driven by higher sales volume despite lower prices. It recommended a final single-tier dividend of 23 sen per share. For its full year, Petron's net profit dropped 9.49% to RM272.06 million from RM300.59 million in FY2022, as revenue fell 6.18% to RM17.22 billion from RM18.35 billion.
$DAYANG(5141.MY$: Dayang Enterprise Holdings Bhd's net profit rose sixfold in the fourth quarter ended Dec 31, 2023 (4QFY2023) to RM93.79 million from RM12.52 million a year ago. The group posted a dividend of 1.5 sen per share, bringing its full-year dividend per share to three sen, unchanged from last year. Revenue rose 57.93% to RM351.08 million, from RM222.3 million, as it continued to see job orders despite the monsoon season, adding to improved daily charter rates. For FY2023, Dayang’s net profit rose 80.6% to RM218.92 million from RM121.2 million, while its revenue rose 13.09% to a record high of RM1.11 billion from RM984.18 million.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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