Capital markets news summary for Tue 7 Mar 2023 Lower inventory keeps palm oil futures high The Mar crude palm oil (CPO) futures contract is trading at RM4,260, a 4-month high. In 2Q2023, CPO futures are expected to remain RM4,200-RM4,700. The market anticipates that Indonesian and Malaysian production will fall. There are several factors which…
Capital markets news summary for Mon 6 Mar 2023 Japan’s Myfarm invests RM210m in PLS Plantations’ durian project Myfarm will purchase 49% of Akar Barat from PLS-LESB for RM181.8m. The durian plantation is on 1,000 hectares of land in Raub, Pahang and is planted with Musang King durian trees aged up to 3 years old….
Capital markets news summary for Fri 3 Mar 2023 LTAT wants to privatise Boustead at 85.5 sen per share Lembaga Tabung Angkatan Tentera (LTAT) has made a voluntary offer for the remaining 822.51m or 40.58% of Boustead shares it does not already own. The offer price is at a 30.5% premium over the last traded…
Capital markets news summary for Thu 2 Mar 2023 Paramount’s 4Q2022 net profit down 22.4% The company earned net profit of RM18.89m compared with RM24.35m in 4Q2021. The fall is in tandem with revenue shrinking by 22.72% from RM317.34m to RM245,24m. This seems to be the trend for most companies as an omen of an…
Capital markets news summary for Wed 1 Mar 2023 Yinson signs 15-year FPSO contract for Angola The company signed the agreement with a subsidiary of Azule Energy, a 50:50 joint venture between BP and Eni. The aggregate value of the contract is USD5.3b over a 15-year period after final acceptance with the option to extend…
Capital markets news summary for Tue 28 Feb 2023 Pharmaniaga’s RM552.3m vaccine provision triggers PN17 The company made the provision for slow moving inventories according to MFRS102 Inventories. Concurrently, it also wrote down the goodwill of the Indonesian units of RM50.3m. As the result, Pharmaniaga posted RM664.39m in net losses for 4Q2022. Revenue increased 21.22%…
Capital markets news summary for Mon 27 Feb 2023 Cautious trading in Bursa this week Geopolitical risk arising from China’s reported increase in support for Russia and hawkish US Federal Reserve pushing up rates will weigh on regional risk sentiment with investors shifting to safe-haven trades. As such, the FBM KLCI will move within a…
Capital markets news summary for Fri 24 Feb 2023 Dairy Farm sells Giant to Malaysian investors The London, Singapore and Bermuda-listed company entered into an agreement to sell its Malaysian food business. Since entering the Malaysian market in 1999, it now operates 40 Giants hypermarkets, 40 Giant Mini stores, 8 Mercatos, 2 Cold Storages and…
Capital markets news summary for Thu 23 Feb 2023 Gamuda buys Australian transport projects for AUD212m The company signed the agreement with Downer EDI Works Pty Ltd and VEC Civil Engineering Pty Ltd to acquire the business which provides civil construction services with specialist rail capability. The purchase price equivalent to RM636m will be paid…
Capital markets news summary for Wed 22 Feb 2023 AAX posts RM153m net profit with 50% fleet activated The results for the quarter ended 31 Dec 2022 showed revenue increasing to RM339.3m by carrying 337,638 passengers. Average base fare was a record high of RM866 supported by pent up demand for air travel post-Covid. Ancillary…