<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on February 24, 2020</span></p></div><div class=newsTextDataWrapInner><p><strong>Formosa Prosonic Industries Bhd (-ve)</strong><br />
TRADING of shares in Formosa Prosonic Industries Bhd (fundamental: 2.1/3, valuation: 1.8/3) triggered our momentum algorithm last Friday for the second time this year.</p></div>

<div class=newsTextDataWrapInner><p>The counter settled four sen or 2.27% lower at RM1.72 after some 4.02 million shares exchanged hands, about nine times higher than its 200-day average volume of 449,662 shares.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Last Thursday, the sound systems maker reported a 43.7% jump in net profit to RM9 million for the fourth quarter ended Dec 31, 2019, from RM6.27 million a year ago on the back of higher sales volume and change in sales mix. Revenue rose 17.7% to RM175.34 million from RM148.98 million.</p></div>

<div class=newsTextDataWrapInner><p>For the full year ended Dec 31, 2019, net profit rose 13.9% to RM41.75 million from RM36.64 million a year ago, while revenue improved 36.7% to RM766.2 million from RM560.2 million.</p></div>


Formosa Prosonic Industries Bhd (-ve)
TRADING of shares in Formosa Prosonic Industries Bhd (fundamental: 2.1/3, valuation: 1.8/3) triggered our momentum algorithm last Friday for the second time this year.

The counter settled four sen or 2.27% lower at RM1.72 aft...

Stock With Momentum: Formosa Prosonic Industries

BEIJING/SINGAPORE/NEW YORK (April 19): Oil slipped on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease.

Oil slips despite reported Israeli attack on Iran

Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.

In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.

MIDF confirms cyber security incident

Westports Holdings Bhd said its new sukuk wakalah programme of up to RM5 billion will provide the group with the flexibility to raise medium to long-term funding to meet business funding requirements and general corporate purposes.

In a bourse filing on Friday, the country’s biggest port operator said its wholly-owned subsidiary Westports Malaysia Sdn Bhd (WMSB) had lodged the documents in relation to the programme with the Securities Commission Malaysia on March 7.

Westports establishes RM5 bil sukuk programme with flexibility to issue sustainability notes

KUALA LUMPUR (April 19): Gas Malaysia Bhd, which operates natural gas pipelines and sells liquefied petroleum gas, said on Friday that it has lowered the daily base average tariff by 4.5 sen per gigajoule until Dec 31, 2024.

Gas Malaysia lowers daily base average tariff by 4.5 sen per gigajoule until year end

Switzerland-based electrical measurement technology specialist Life Energy Motion (LEM) unveiled its new RM78 million state-of-the-art manufacturing facility in Penang on Friday.

Situated at Penang Science Park, the plant is aligned with LEM's growth strategy, which is driven by the increasing global demand for its core products, including current and voltage sensors. This demand stems from the imperative of decarbonization across sectors such as automation, automotive, traction and renewable energy.

Swiss firm Life Energy Motion inaugurates RM78 mil plant in Penang

Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.

According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.

Melaka State Secretary Zaidi dies of heart attack

A group of investors led by a Dubai-based real estate developer is in talks to build a mixed-use tower in Thailand that may vie for the mantle of the world’s tallest building.

Thailand in talks with group of investors from Middle East, China to build world’s tallest tower

JAKARTA (April 19): The eruption of Mount Ruang in North Sulawesi continued to disrupt airspace on Friday, impacting flight safety and security, according to Indonesia’s National Disaster Management Agency (BNPB).

Indonesia’s Mount Ruang eruption disrupts airspace, airport closure extended

The gag order imposed by a Magistrate’s Court on Mentega Terbang director and scriptwriter Mohd Khairianwar Jailani stays, prohibiting him from making any statement or comment regarding his ongoing criminal case.

Mentega Terbang director fails to get leave to appeal, gag order stays

Bursa Malaysia ended the week mixed on Friday with buying in selected heavyweights and commodity-related stocks amid the negative sentiment on regional markets, said an analyst.

Bursa ends mixed amid weak regional sentiment

<p>Shares of Sapura Energy Bhd will be suspended from trading pending an announcement, the company said on Friday.</p>


Trading in Sapura Energy suspended pending announcement 

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes, whose decades of shadow war has broken out into the open and threatened to drag the region deeper into conflict.</p>


Israel attacks Iran, Reuters reports, as drones shot down over Isfahan 

<p>Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS).&nbsp;</p>


Awantec shares plunge 53%, intraday short selling suspended 

<p>PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.</p>


PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

<p>RHB Investment Bank Bhd (RHB IB) on Friday upgraded Public Bank Bhd to “buy” from “neutral”, with a higher target price (TP) of RM4.80 (from RM4.70).</p>


RHB upgrades Public Bank to ‘buy’, raises target price to RM4.80

<p>The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.</p>


 Sarawak aiming to transform itself into a centre for clean hydrogen energy

<p>Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.</p>


Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows

<p>Apple said on Friday it had removed Meta Platforms' WhatsApp and Threads from its App Store in China after being ordered to do so by the Chinese government, which cited national security concerns.</p>


Apple pulls WhatsApp, Threads from China app store after Beijing order

<p>MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times, ahead of its listing on the Bursa Malaysia Main Market on April 30.&nbsp;</p>


Main Market-bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

<p>The Malaysian rubber glove industry has demonstrated resilience and adaptability amidst challenging global dynamics, with optimism for a rebound in 2024, with an anticipated surge to approximately 450 billion pieces by 2027 despite a downturn in 2023, according to the Malaysian Rubber Glove Manufacturers Association (Margma).</p>


Margma optimistic of rebound in 2024, expects surge to 450 billion pieces by 2027

<p>The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.</p>


KLCI up 0.43% with focus on energy, plantation, financial stocks

<p>Bursa Malaysia Bhd’s core net profit may have risen 34% in the first quarter, from a year earlier, on higher securities and derivatives trading activity when the exchange operator reports its results, Hong Leong Investment Bank said.</p>


Bursa Malaysia 1Q earnings likely up 34% y-o-y, HLIB projects

<p>The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter's subsidiary Airtel Lanka is currently a loss-making company, analysts said.</p>


Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern — analysts

<p>Malaysia’s exports contracted at a slower than expected pace in March mainly due to lower foreign demand for electronics while shipments to China fell, official data Friday showed.</p>


Malaysia’s March exports down 0.8%, imports surge 12.5%

<p>RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.</p>


Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

<p>Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.</p>


Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

<p>The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.</p>


US bank reserve balances see largest drop since 2022 tax season

<p>Kenanga Investment Bank has initiated coverage on soon-to-be listed oil and gas services firm Keyfield International Bhd at RM1.90 — reflecting a 111% premium over its IPO price of 90 sen per share — while giving it an “outperform” rating.</p>


Kenanga sees Main-Market bound Keyfield International cashing in on OSV boom, sets target price at RM1.90

<p>Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.</p>

<p>According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.</p>
