Latest news with #RM109
New Straits Times
3 days ago
- Business
- New Straits Times
Tariff uncertainty casts shadow over Ann Joo outlook
KUALA LUMPUR: Ann Joo Resources Bhd's performance is expected to remain subdued in the second quarter of 2025 as tariff uncertainties continue to pressure the group's domestic and export sales, said CIMB Securities Research. According to the firm, the local steel industry is monitoring any indirect impact from a potential diversion of Chinese steel products. However, it noted that China exported only 40,000 tonnes of long-steel products such as rebar and billets to the United States in 2024, accounting for less than 0.1 per cent of its total steel exports. As of May 29, local rebar prices had declined to RM2,422 per tonne from about RM2,800 per tonne in November 2024, but remained 32 per cent above Chinese rebar prices, which stood at RM1,830 per tonne. Even so, the firm expects China's planned production cuts to provide support to global steel markets if implemented in the second half of the year. "On the demand side, Ann Joo's order flow visibility could improve alongside the gradual rollout of major infrastructure initiatives in Malaysia and another S$35 billion to S$39 billion worth of big-ticket awards in Singapore," it said. Meanwhile, CIMB Securities said Ann Joo's first-quarter results fell short of expectations, with core losses of RM109 million as revenue declined 18 per cent year-on-year. It attributed the weaker performance to lower selling prices and sales tonnage, amid renewed concerns over reciprocal tariffs imposed by the US administration, which have dampened sentiment in international steel markets. "We now project Ann Joo to post financial year 2025 (FY25) core losses of RM178 million and we have cut our FY25 to FY26 core profit estimates by 4-8 per cent to between RM64 million and RM87 million. "Following the earnings downgrade, we lower our target price for Ann Joo to 83 sen from RM1.02," it said, while maintaining a "Buy" call on the stock.
New Straits Times
26-05-2025
- New Straits Times
Woman loses RM109,000 to fake investment scheme
DUNGUN: A woman lost RM109,000 after falling victim to a non-existent investment scheme syndicate. Dungun police chief Superintendent Maizura Abdul Kadir said the victim, a clerk, came across a stock investment advertisement on Facebook in March and later contacted a person claiming to be an agent from an investment company via WhatsApp. "She was instructed to open an investment account and made two deposits totalling RM3,000. "However, after nearly two weeks without any returns, she was asked to download another app, MYCDTL, to supposedly receive the promised profits," Maizura said in a statement today. She said the victim then withdrew RM2,835.31 from the first account and transferred it to the MYCDTL account, along with an additional RM2,000 as investment. Between April and May, the victim made several transfers totalling RM109,000 into the MYCDTL account. Realising she had been scammed, she lodged a police report yesterday after failing to receive any returns. Maizura advised the public to verify investment opportunities through official platforms such as Semak Mule (CCID), Bank Negara Malaysia, and the Securities Commission before committing to any financial schemes. The case is being investigated under Section 420 of the Penal Code for cheating. – BERNAMA
The Sun
26-05-2025
- The Sun
Woman loses RM109,000 to fake investment scheme
DUNGUN: A woman lost RM109,000 after falling victim to a non-existent investment scheme syndicate. Dungun police chief Supt Maizura Abdul Kadir said the victim, a clerk, came across a stock investment advertisement on Facebook in March and later contacted a person claiming to be an agent from an investment company via WhatsApp. 'She was instructed to open an investment account called MooMoo and made two deposits totalling RM3,000. 'However, after nearly two weeks without any returns, she was asked to download another app, MYCDTL, to supposedly receive the promised profits,' Maizura said in a statement today. She said the victim then withdrew RM2,835.31 from the MooMoo account and transferred it to the MYCDTL account, along with an additional RM2,000 as investment. Between April and May, the victim made several transfers totalling RM109,000 into the MYCDTL account. Realising she had been scammed, she lodged a police report yesterday after failing to receive any returns. Maizura advised the public to verify investment opportunities through official platforms such as Semak Mule (CCID), Bank Negara Malaysia, and the Securities Commission before committing to any financial schemes. The case is being investigated under Section 420 of the Penal Code for cheating.
The Star
26-05-2025
- The Star
Dungun woman loses RM109,000 to scammers
DUNGUN: A woman has lost RM109,000 after falling victim to an investment scam. Dungun police chief Supt Maizura Abdul Kadir said the victim, a clerk, came across a stock investment advertisement on Facebook in March and later contacted a person claiming to be an agent from an investment company. "She was instructed to open an investment account on online trading platform MooMoo and made two deposits totalling RM3,000. "However, after nearly two weeks without any returns, she was asked to download another app, MYCDTL, to receive the promised profits," Maizura said in a statement on Monday (May 26). She said the victim then withdrew RM2,835.31 from the MooMoo account and transferred it to the MYCDTL account, along with an additional investment of RM2,000. Between April and May, the victim made several transfers totalling RM109,000 into the MYCDTL account. She lodged a police report on Sunday (May 25) after failing to receive any returns and realising she had been scammed. Maizura advised the public to verify investment opportunities through official platforms such as Semak Mule (CCID), Bank Negara and the Securities Commission before committing. The case is being investigated under Section 420 of the Penal Code for cheating. – Bernama
Barnama
26-05-2025
- Barnama
Woman Loses RM109,000 To Fake Investment Scheme
DUNGUN, May 26 (Bernama) -- A woman lost RM109,000 after falling victim to a non-existent investment scheme syndicate. Dungun police chief Supt Maizura Abdul Kadir said the victim, a clerk, came across a stock investment advertisement on Facebook in March and later contacted a person claiming to be an agent from an investment company via WhatsApp. 'She was instructed to open an investment account called MooMoo and made two deposits totalling RM3,000. 'However, after nearly two weeks without any returns, she was asked to download another app, MYCDTL, to supposedly receive the promised profits,' Maizura said in a statement today. She said the victim then withdrew RM2,835.31 from the MooMoo account and transferred it to the MYCDTL account, along with an additional RM2,000 as investment. Between April and May, the victim made several transfers totalling RM109,000 into the MYCDTL account. Realising she had been scammed, she lodged a police report yesterday after failing to receive any returns. Maizura advised the public to verify investment opportunities through official platforms such as Semak Mule (CCID), Bank Negara Malaysia, and the Securities Commission before committing to any financial schemes. The case is being investigated under Section 420 of the Penal Code for cheating. -- BERNAMA
