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…
Capital markets news summary for Tue 21 Feb 2023 WCE Holdings selling property development company to IJM for RM494m The company – which is 26.65% owned by IJM – is the developer of the RM5.044b West Coast Expressway from Banting, Selangor to Taiping Selatan, Perak. Construction is at 82% and 4 of the 11 sections…
Capital markets news summary for Mon 20 Feb 2023 CPO futures to trade lower this week The active month of May 2023 crossed RM4,000 per tonne – the first time since 9 Jan –driven by Indonesia’s policy of suspending the unutilised export permits to safeguard the domestic supply of cooking oil during ramadhan. The strong…
Capital markets news summary for Fri 17 Feb 2023 Fitch reaffirms Malaysia’s BBB+ rating The rating reflects a diversified economy with strong medium-term growth prospects against high public debt, low revenue base relative to operating expenditure and political instability that hinders long-term policy-making. The rating agency projects gross domestic product (GDP) growth at 4% in…