KUALA LUMPUR: It has been more than a year since the Digital Free Trade Zone (DFTZ) initiative was launched in Malaysia and although public attention was only revived a week ago during the launch of Alibaba Group Holding Ltd’s first regional office here, several local companies have already been hard at work making the ambitious project a reality. (80-0)
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The ringgit, which last week breached the psychological RM4 mark against the US dollar for the first time in five months, is in the spotlight again. At the time of writing last Friday (June 22), the ringgit fetched 4.0022 against the greenback. The ringgit’s fair value should be 3.80, Prime Minister Tun Dr Mahathir Mohamad told Bloomberg in a June 22 interview. “We would like to strengthen our ringgit, but it should be done naturally,” he said. (14-0)
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We’re barely a week into the Fifa World Cup and already, we’ve been hit by some major surprises. Who would have thought that Mexico could beat Germany, the victors of World Cup 2014? And the time of writing, Argentina is in danger of not entering the round of 16. (Sorry, Argentina fans!) (4-0)
KUALA LUMPUR (June 25)(Thomson Reuters Foundation): A "living library" project in Malaysia's capital is lending out older people's knowledge to the young, to improve the lives of pensioners and bridge Kuala Lumpur's generation gap. (6-0)
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KUALA LUMPUR (June 25): Serba Dinamik Holdings Bhd secured about RM465.1 million worth of new contracts involving operations and maintenance (O&M) besides engineering, procurement, construction and commissioning (EPCC) projects via wholly-owned subsidiaries Serba Dinamik Sdn Bhd (SDSB) and PT Serba Dinamik Indonesia. (5-0)
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(From left) The Edge Education Foundation CEO Dorothy Teoh, Shen Wei, Land & General sales manager Tan Lee Hong, Matrix Concepts chief sales and marketing officer Lim Kok Yee, Leong, Rajoo, Chew, Aishah and Ho. Photos by Kenny Yap (8-0)
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KUALA LUMPUR: Blue chips managed to cross the key 1,700 level early Monday but Asian shares got the week off to a cautious start as trade war fears continued to cast a pall of gloom. At 9.16am, the FBM KLCI was up 7.1 points or 0.42% to 1,701.25. Turnover was 203.61 million shares valued at RM112.53mil. There were 175 gainers, 117 losers and 210 counters unchanged. Reuters reported S&P500 mini futures fell as much as 0. (13-0)
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KUALA LUMPUR (June 25): Magni-Tech Industries Bhd shares fell as much as 75 sen or 15% to RM4.35, after the clothing manufacturer reported net profit declined to RM91.37 million in financial year ended April 30, 2018 (FY18), from RM120.1 million a year earlier. (5-0)
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KUALA LUMPUR (June 25): Crude oil producers Sapura Energy Bhd and Dagang NeXchange Bhd are seen as among the first to benefit from an improved oil price environment. This is because higher prices of the commodity will catalyse production and accelerate monetisation of oil and gas reserves. (6-0)
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NIK Hamdan Daud, the controlling shareholder of Barakah Offshore Petroleum Bhd, is looking to sell a substantial portion of his stake, industry sources say. (2-0)
KUALA LUMPUR (June 25): Malayan Banking Bhd (Maybank) has partnered the Wealth Management Institute (WMI) at Nanyang Technological University Singapore to form the Maybank Wealth Management Academy (MWMA). (2-0)
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KUALA LUMPUR, June 25 — A “living library” project in Malaysia’s capital is lending out older people’s knowledge to the young, to improve the lives of pensioners and bridge Kuala Lumpur’s generation gap. (5-0)
TOP Glove Corp Bhd’s share price climbed to a new high of RM11.88 last week on expectations the company will turn in a set of impressive results for its third quarter ended May 31 (3QFY2018). (1-0)
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Inside the four-month old VR/AR reality theme park The Rift in Mid Valley Megamall in Kuala Lumpur. Foong: We looked at what is growing in the market. The biggest thing everyone is talking about and where investment is going into is VR and AR. (4-0)
KUALA LUMPUR (June 25): The FBM KLCI fell 0.65 point after volatile trade, amid global trade spat concerns. At 12:30pm, the KLCI settled at 1,693.50, as Asian shares fell with US equity futures. Reuters reported Asian shares fell on Monday on escalating trade tensions between the United States and major economies, while oil prices gave up some of their hefty gains made after major oil producers agreed to a modest increase in production. (1-0)
KUALA LUMPUR: Ann Joo Resources Bhd has started to look more closely at export markets to mitigate slowing local demand for steel products in the wake of the large scale back of infrastructure projects in the country by the new Pakatan Harapan administration. (1-0)
OM Materials is a JV between Australian-listed OM Holdings Ltd and Cahya Mata Sarawak Bhd while Sakura is in another joint venture with three partners, namely South Africa’s Assmang Ptd Ltd, Japan’s Sumitomo Corp and Taiwan’s China Steel Corp, seen here. — Bloomberg (1-0)
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IPOH, June 25 — MCA may be a candle in the wind after the May 9 general election, but its Perak grassroots leaders insist the wealthy party can still be of service to the country. (1-0)
KUALA LUMPUR, June 25 — Malaysia Building Society Bhd (MBSB) is targeting to convert its remaining 10 per cent conventional assets valued at RM1 billion into Islamic assets over the next two years.
IN a month, the shareholder tussle at Med-Bumikar Mara Sdn Bhd over its majority stake in MBM Resources Bhd (MBMR) is set to resume following the last court hearing in May. But “vehement” objections by a key Japanese partner remain a stumbling block for UMW Holdings Bhd, even if the conglomerate manages to take control of MBMR.
There's a way we can give ourselves a raise, even when a company doesn't give us one. (61-3)
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Superlon Holdings Bhd (June 22, RM1.24) We downgrade to neutral with a revised target price (TP) of RM1.58 from RM1.82: Superlon Holdings Bhd’s earnings of RM12.3 million for the financial year ended April 30, 2018 (FY18), making up 80% of our full-year forecast.
Automotive sector Maintain neutral: The month of May registered sales of 42,983 units (down 9% month-on-month [m-o-m], down 15% year-on-year [y-o-y]). The weaker car sales both m-o-m and y-o-y were attributed to consumers holding back purchases prior to the implementation of zero-rated goods and services tax (GST) on June 1, which saw an average 6% reduction in car prices across the board. Taking a detailed look at the passenger-vehicle segment (-4% m-o-m, -11% y-o-y), both lower m-o-m and y-o-y sales were attributed to the weaker car sales across the board, except for Perodua (+10% m-o-m, +28% y-o-y), which still stood strong from the front-loaded booking of the all-new Perodua Myvi, whereas Nissan’s (+58% m-o-m, -15% y-o-y) strong m-o-m sales were from the front-loaded booking of the all-new Nissan Serena S-Hybrid, which was launched in early May.
Berjaya Food Bhd (June 22, RM1.62) Maintain hold with a lower target price of RM1.74: Berjaya Food Bhd (BFood) reported a turnover of RM160 million, up 5.7% year-on-year (y-o-y), while core net profit surged 50% y-o-y to RM2.4 million for its fourth quarter of financial year 2018 (4QFY18). This brought its full-year FY18 core net profit to RM19.3 million — after stripping out one-off RM15.3 million loss from the disposal of Kenny Rogers Roasters (KRR) Indonesia — which disappointed both our and Bloomberg consensus expectations, at 93% and 87% of the respective forecasts.
Matrix Concepts Holdings Bhd (June 22, RM2.02) We maintain buy with a higher target price (TP) of RM2.50 from RM2.40: Matrix Concepts Holdings Bhd has bucked the trend with record-high property sales of its two flagship projects, Bandar Sri Sendayan (BSS) in Seremban and Bandar Sri Impian in Kluang despite relatively weak market sentiment.
Lafarge Malaysia Bhd (June 22, RM3.02) Maintain sell with a lower target price (TP) of RM2.50: Domestic cement production (which provides an indication of cement demand) remained weak as it fell 14% year-on-year (y-o-y) in the first four months of 2018 (4M18) after posting a 2% y-o-y decline in 4M17, underpinned by the subdued property market and delays in the roll-out of new infrastructure projects.
SHARES in precision tools maker Rapid Synergy Bhd (fundamental: 0.3/3, valuation: 0.6/3) triggered our proprietary momentum algorithm for the fourth time this year. The counter closed three sen or 0.52% higher at RM5.82, giving it a market capitalisation of RM516.77 million. A total of 875,300 shares changed hands, exceeding the counter’s 200-day average volume of 111,959 shares.
JOHOR BARU: After achieving record net profit last year, Johor-based flat laminated wood products and moulded wood components manufacturer Dominant Enterprise Bhd is targeting to grow its bottom line by at least 10% for the financial year ending March 31, 2019 (FY19).
In the hey days of the market in the 1990s, public viewing galleries will cheer every time when they see Kretam Holdings Bhd ’s (Kretam) share price move along with other market darlings of the yesteryear. They would say in the Malay language, “Ketam mari, Ketam mari”, as in the stock is having an upward run and it’s time to “jump in.”
PETALING JAYA: Workbooks and textbooks supplier Sasbadi Holdings Bhd is confident that its offerings will remain relevant despite the change in government.
The price of bitcoin and most other major cryptocurrencies dropped sharply on Friday after financial regulators in Japan ordered several crypto exchanges to improve their anti-money laundering practices, adding to long-standing fears that government crackdowns could hurt the market. (53-0)
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PETALING JAYA: Star Media Group’s dimsum and leading subscription video-on-demand (SVOD) services across Asean have jointly introduced a Subscription Video-on-Demand Industry Content Code to protect consumer interests. (15-0)