#MondayMorning Corporate News Roundup - 5 August 2024

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Market Overview

A bearish sentiment swept across Asian markets last Friday, with the KLCI plunging 13.20 points to close at 1,611.05. All sectors experienced losses, led by construction, technology, and property. The index is now testing the crucial 50-day EMA, and its ability to hold above this level will be a key indicator of market direction.

Visual representation of market trends and trading activity on Bursa Malaysia, 02/08/2024.

Corporate News

  1. WCT Holdings Bhd plans to raise RM163 million through a private placement to fund ongoing construction projects and repay debt.
  2. Perak Transit Bhd aims to secure RM1.5 billion via a perpetual Sukuk Wakalah to fuel its expansion and working capital needs.
  3. Proton Holdings Bhd is set to launch its first EV model by the end of the year.
  4.  Yinson Holdings Bhd completes its billion-dollar capex cycle with the delivery of three FPSO vessels, expanding its fleet to nine.
  5. Binastra Corp Bhd secures a RM160 million contract to build an office complex in Damansara Perdana.
  6. AwanBiru Technology Bhd wins a RM9.97 million deal to provide Google Workspace to Sabah Net Sdn Bhd.
  7. YBS International Bhd plans to raise RM25.6 million for its lithium-ion battery manufacturing project.
  8. Paragon Globe Bhd continues to divest its Plentong land to Bridge Data Centres Malaysia IV Sdn Bhd.
  9. XL Holdings Bhd abandons plans to enter the seaweed cultivation business.
  10. Straits Energy Resources Bhd exits the port operation business with the sale of Megah Port Management Sdn Bhd.
  11. Prudential plc emerges as a substantial shareholder in United U-Li Corp Bhd.
  12. Ranhill Utilities Bhd sees mass resignation of directors following takeover by YTL Power International Bhd.
  13. HHRG Bhd faces legal action from its largest shareholders alleging fraudulent inducement.

Stock to Watch:

1. BAHVEST (KLSE: 0098)
Technical BUY with +32.4% potential return
Last: RM0.525 TP: RM0.64, RM0.695 SL: RM0.445
Timeframe: 2 weeks to 2 months
Shariah: YES

2. OKA (KLSE: 7140)
Technical BUY on breakout (RM0.725) with +13.8% potential return
Last: RM0.705 TP: RM0.795, RM0.825 SL: RM0.665
Timeframe: 2 weeks to 2 months
Shariah: YES

3. YLI (KLSE: 7014)
Technical BUY on breakout (RM0.645) with +28.7% potential return
Last: RM0.61 TP: RM0.775, RM0.83 SL: RM0.56
Timeframe: 2 weeks to 2 months
Shariah: YES

Key Takeaways

The local market is under pressure, with investors adopting a cautious stance. Several companies are undertaking fundraising initiatives to support growth plans, while others are reshaping their business portfolios. The EV and renewable energy sectors continue to attract attention.

Disclaimer: This is a brief summary of corporate news and market trends. Investors should conduct thorough research before making investment decisions.

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