Trading ideas: Capital A, FGV, Malakoff, LFE, Hektar REIT, Favelle Favco, Life Water, Ivory, Masteel, Ygl, Jetson, Hartalega, Heineken, UOA REIT, Dufu
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.
Capital A Bhd intends to raise at least USD200.0mn from a secondary listing in Hong Kong as the parent of AirAsia looks to tap mainland Chinese investors and accelerate growth, according to its chief executive officer Tan Sri Tony Fernandes.
FGV Holdings Bhd said it has not received any formal notice from the Federal Land Development Authority with regards to a takeover offer, as published in a news report recently.
Malakoff Corporation Bhd has successfully issued its inaugural RM250.0mn ASEAN Sustainability Sustainable and Responsible Investment Sukuk Murabahah under its RM1.2bn Islamic Medium-Term Notes Programme.
LFE Corporation Bhd has accepted the letter of award from Gamuda Engineering Sdn Bhd for mechanical, electrical and plumbing fit-out work at the hyperscale data centre in Elmina Business Park 1A, Selangor, worth RM50.6mn.
Hektar Real Estate Investment Trust has collaborated with Samaiden Group Bhd on a solar deal, aligning with Malaysia's renewable energy transition and long-term carbon reduction targets.
Favelle Favco Bhd 's subsidiaries, Favelle Favco Cranes Pty Limited and Favelle Favco Cranes (M) Sdn Bhd have received RM43.9mn purchase orders for the supply of offshore and tower cranes.
Life Water Bhd is building a new drinking water manufacturing line at its Sandakan Sibuga Plant 1, which will have an annual production capacity of 178mn litres.
Practice Note 17 company Ivory Properties Group Bhd is selling a double-storey detached commercial building known as The Birch House in George Town, Penang for RM18.0mn to settle its bank borrowings.
Malaysia Steel Works (KL) Bhd has signed a MoU with Ace Gases Marketing Sdn Bhd and Universiti Tunku Abdul Rahman to deploy innovative carbon capture, utilisation, and storage technologies.
YGL Convergence Bhd has announced the resignation of Chengco PLT as its auditor due to suspension of latter's registration by the Audit Oversight Board of the Securities Commission Malaysia.
Kumpulan Jetson Bhd has received a writ of summons from three minority shareholders who are seeking a court order to void a requisition notice dated April 23, 2025, and to halt any corporate action based on it.
Hartalega Holdings Bhd posted a lower net profit of RM14.5mn for 4QFY25 versus RM14.9mn a year ago as lower non-operating income offset gains from improved operations.
Heineken Malaysia Bhd reported a net profit of RM122.2mn for 1QFY25, largely unchanged from RM122.5mn a year earlier, supported by lower interest expenses, effective cost control and improved financial efficiency.
UOA Real Estate Investment Trust's net profit for 1QFY25 fell 14.6% YoY to RM10.0mn from RM11.7mn a year ago, due to higher operating expenses.
Dufu Technology Corporation Bhd's net profit for 1QFY25 surged 57.4% YoY to RM7.0mn from RM4.4mn a year ago, thanks to higher sales of hard disk drive components.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
Blue chips face slower earnings growth after disappointing Q1 results
KUALA LUMPUR: Bursa Malaysia's blue chips are projected to deliver lower earnings growth this year after a disappointing first quarter of 2025 (1Q25) across key sectors, according to CIMB Securities. The firm has cut its full-year earnings growth forecast for these stocks to 3.4 per cent from 9.3 per cent, citing widespread 1Q25 results that fell short of expectations. It said the 1Q25 earnings surprise ratio plunged to 0.24 times, the lowest in over a year, reflecting broad-based underperformance across sectors including oil and gas, consumer, technology and banking. The earnings surprise ratio measures the number of companies that exceeded expectations relative to those that missed. Only seven per cent of companies under CIMB Securities' coverage beat expectations in the quarter, while 29 per cent missed. "We are negative on the 1Q25 earnings season as disappointments were widespread, and upside drivers remain limited in the near term," it said in a strategy note titled 'A disappointing start to 2025'. The firm also lowered its end-2025 FTSE Bursa Malaysia KLCI target to 1,560 points from 1,657, based on an unchanged forward price-to-earnings multiple of 14.7 times. Earnings downgrades were led by banks, Sime Darby Bhd and Petronas Chemicals Group Bhd. Weak sales, foreign exchange losses, margin compression and one-off dilution from Chinese associates were among the key contributors to the weaker results. Among the 30 blue-chip stocks that make up the benchmark index, 17 per cent reported earnings below expectations, the firm said. CIMB Securities also downgraded its sector calls on oil and gas and plantations to "Neutral" from "Overweight", citing a lack of near-term catalysts and subdued earnings visibility. The firm said tariff uncertainty and domestic policy shifts are expected to further weigh on market sentiment in the coming quarter. Risks highlighted include the potential end of the US 90-day tariff reprieve on July 9, possible adjustments to RON95 fuel subsidies and the sales and service tax, as well as higher electricity tariffs expected in the second half of the year. Despite the weak earnings momentum, the firm identified pockets of opportunity in defensive names and stocks with clear catalysts. Its revised large-cap top picks include CelcomDigi Bhd, Gamuda Bhd, Public Bank Bhd, RHB Bank Bhd, Tenaga Nasional Bhd, Maxis Bhd, IOI Corporation Bhd, IJM Corporation Bhd and 99 Speed Mart Retail Holdings Bhd. For the small- to mid-cap segment, the firm's top picks are Axis REIT, Farm Fresh Bhd, Mah Sing Group Bhd, Malaysian Resources Corporation Bhd and KJTS Group Bhd.
New Straits Times
an hour ago
- New Straits Times
Trump and Xi will likely speak this week, says White House
WASHINGTON: President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Leavitt is the third top Trump aide to forecast an imminent call between the two leaders to iron out differences on last month's tariff agreement in Geneva, among larger trade issues. It was not immediately clear when the two leaders will speak. US Treasury Secretary Scott Bessent told CBS' "Face the Nation" on Sunday that Trump and Xi would speak "very soon" to iron out trade issues including a dispute over critical minerals and China's restrictions on exports of certain minerals. Trump said on Friday he was sure that he would speak to Xi. China said in April that the two leaders had not had a conversation recently. On Saturday, the US Trade Representative's office announced it would continue to exclude certain solar manufacturing equipment and other products from existing tariffs on Chinese goods until August 31, offering a three-month extension while talks with Beijing continue. Bessent led negotiations with China in Geneva last month that resulted in a temporary truce in the trade war between the world's two biggest economies, but progress since then has been slow, the US Treasury chief told Fox News last week. The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding US complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks. A US trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9.
The Star
an hour ago
- The Star
Wall Street closes with modest gains, dollar weakens as trade tensions flare
NEW YORK: Wall Street ended a choppy session higher on Monday and the dollar softened as trade tensions between Washington and Beijing heated up and investors showed caution ahead of U.S. employment data and a widely expected policy rate cut from the European Central Bank. The S&P 500 notched a modest advance, while tech boosted the Nasdaq to a more substantial gain. The blue-chip Dow ended the session barely in positive territory. The greenback, under pressure amid revived trade strife, weakened as benchmark U.S. Treasury yields ticked higher. Souring risk appetite boosted gold to more than a three-week high against the weakening greenback. On Sunday, U.S. Treasury Secretary Scott Bessent said President Donald Trump would speak soon with Chinese President Xi Jinping to iron out tensions over a mutually agreed-upon rollback of tariffs on critical minerals after Trump accused Beijing of violating that agreement. Beijing called Trump's accusation "groundless," and vowed to take forceful measures to protect its interests. "Investors and businesses continue to face a lot of uncertainty related to rate tariffs and fiscal policy, and how monetary policy will respond," said Bill Merz, head of capital market research at U.S. Bank Wealth Management, Minneapolis. "Today's market is about expectations and uncertainties and the degree to which these uncertainties become self-fulfilling," Merz added. "We haven't seen that yet, but that's what we need to watch for." A report from the Institute for Supply Management showed the U.S. manufacturing sector contracted at a steeper-than-expected pace in May, while construction expenditures defied consensus by falling in April. The Dow Jones Industrial Average rose 35.41 points, or 0.08%, to 42,305.48, the S&P 500 rose 24.25 points, or 0.41%, to 5,935.94 and the Nasdaq Composite rose 128.85 points, or 0.67%, to 19,242.61. European stocks closed lower amid rekindled trade tensions after Trump's announcement late on Friday that he intends to double tariffs on imported steel and aluminum to 50%, starting Wednesday. The move drew promises of retaliation from the European Union and sent shares of steel exporters lower. Geopolitical tensions flared as the Ukraine-Russia conflict intensified over the weekend. Polish stocks fell 0.6% in the wake of nationalist opposition candidate Karol Nawrocki's election victory. MSCI's gauge of stocks across the globe rose 3.38 points, or 0.38%, to 882.88. The pan-European STOXX 600 index fell 0.14%, while Europe's broad FTSEurofirst 300 index fell 3.06 points, or 0.14% Emerging market stocks fell 3.70 points, or 0.32%, to 1,153.64. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.26%, to 607.38, while Japan's Nikkei fell 494.43 points, or 1.30%, to 37,470.67. The dollar lost ground against other major currencies, backing down from the previous week's gains as markets assessed the outlook for Trump's unpredictable trade policy and its potential for dampening growth and fuelling inflation. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.69% to 98.67, with the euro up 0.85% at $1.1444. Against the Japanese yen, the dollar weakened 0.93% to142.7. Longer-dated U.S. Treasury yields were mostly higher in the wake of Trump's tariff announcement, but yields slightly pared gains after the manufacturing data. The yield on benchmark U.S. 10-year notes rose 3.2 basis points to 4.45%, from 4.418% late on Friday. The 30-year bond yield rose 4.6 basis points to 4.9779% from 4.932% late on Friday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.5 basis points to 3.939%, from 3.914% late on Friday. Crude oil prices surged after OPEC+ held July output increases at the same level as the previous two months, while wildfires in Canada's oil-producing province threatened supply. U.S. crude rose 2.85% to settle at $62.52 per barrel, while Brent settled at $64.63 per barrel, up 2.95% on the day. Gold prices touched a one-week high as elevated caution attracted investors to the safe-haven metal. Spot gold rose 2.77% to $3,380.41 an ounce. U.S. gold futures rose 2.74% to $3,379.00 an ounce. Copper rose 1.23% to $9,615.00 a tonne. Three-month aluminum on the London Metal Exchange rose 1.23% to $2,474.15 a tonne. - Reuters
