<div class=newsTextDataWrapInner>KUALA LUMPUR (Feb 27): CGS-CIMB Securities has maintained its “add” rating on Bumi Armada Bhd (BAB) at 59.5 sen with a higher target price (TP) of 69 sen (from 57 sen), and said BAB’s FY2022 core net profit of RM903 million was 14% ahead of the house forecast (in line with the&nbsp;Bloomberg consensus), likely because of good uptime at its floating production storage and offloading (FPSO) vessels.</div>

<div class=newsTextDataWrapInner>In a note on Monday (Feb 27), the research house said BAB can also look forward to being potentially awarded TotalEnergies’&nbsp;FPSO Cameia EPCC project sometime this year, as BAB is in pole position to win the contract, citing industry newspaper Upstream.</div>

<div class=newsTextDataWrapInner>“This is a potential rerating catalyst. BAB will not own the asset, hence the risk of a rights issue is minimal, in our view.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>“The FPSO Cameia is being tendered by TotalEnergies as a pure EPCC project, which means that BAB will only be providing project management, construction and execution services and hence will not have to invest in ownership.</div>

<div class=newsTextDataWrapInner>“Downside risks include a potential rights issue, should BAB win a separate large FPSO project on a build-own-lease basis,” it said.</div>

CGS-CIMB Securities has maintained its “add” rating on Bumi Armada Bhd (BAB) at 59.5 sen with a higher target price (TP) of 69 sen (from 57 sen), and said BAB’s FY2022 core net profit of RM903 million was 14% ahead of the house forecast (in line with the Bloomberg consensus), likely because of good uptime at its floating production storage and offloading (FPSO) vessels.

Bumi Armada may secure TotalEnergies’ FPSO award in 2023, says CGS-CIMB

(May 10): Victoria’s Secret & Co. said sales have improved despite more promotions and tough competition.

The lingerie maker said Thursday that its preliminary sales and adjusted profit for the quarter ended May 4 were at the high end or above its prior projections. Net sales were d...

Victoria’s Secret jumps as sales decline moderates

(May 10): President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors with new levies while rejecting the kind of across-the-board hikes sought by Donald Trump, people familiar with the mat...

Biden poised to impose tariffs on China EVs, strategic sectors

(May 10): UBS Group AG is considering introducing a reward system for investment bankers who refer clients to the firm’s wealth management business, according to people with knowledge of the matter.

Some bankers would likely be in line for payouts in Asia and Europe when they successful...

UBS weighs bonus for investment bankers who refer rich clients

Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.

KLCI seen hovering between 1,600 and 1,610 on Friday

Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

HLIB says Genting is undervalued, target price RM7.12

Kenanga thinks Telekom will leverage significantly from Microsoft’s Investment.

MORNING CALL: 10/5/24

SINGAPORE (May 10): Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and forecast its net interest margin at the higher end of a 2.20% to 2.25% range for the full year.

Net interest margin, a key ...

Singapore's OCBC posts record Q1 profit, lifts margin guidance for 2024

TOKYO (May 10): Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results.

Brent futures rose 37 cents, or 0.4%, to $84.24 a barrel, while U.S. West ...

Oil prices up on stronger Chinese data, Middle East conflict

Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.

Phillip Capital raises target price for Pentamaster to RM6.23 

TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.

TA Securities values ACE Market-bound Smart Asia Chemical at 54 sen 

KUALA LUMPUR (May 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Salcon Bhd (KL:SALCON) said Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Engineering Bhd, has been awarded a job by Rantau Urusan (M)...

Salcon, Supermax, MAHB, Pentamaster, Solarvest, Scientex, Globetronics, Mr DIY, MCE, Kerjaya Prospek, MAA, KNM and Annum

NEW DELHI (May 9): Malaysia's former health minister Khairy Jamaluddin Abu Bakar has been named a member of India-based Fischer Medical Ventures Ltd's board.

The company, formerly known as Fischer Chemic Ltd, announced his appointment as additional director in the capacity of independen...

Khairy Jamaluddin named member of India-based company's board

Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

The continued uncertainties over China's economic growth prospects and the recent geopolitical crisis have increased US dollar demand as a safe-haven asset, said Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid.

“Much has been made of the performance of the ringgit against the US dollar. Unfortunately, many see and use this as an indicator or barometer of how we are doing.

Ringgit has been unfortunately, unfairly assessed against US dollar — BNM deputy governor

Bank Negara Malaysia (BNM) has been working to pilot a fast-track pre-approval framework for corporates who bring back foreign currency funds and convert to ringgit, to enable them to re-invest abroad when the time comes, according to deputy governor Adnan Zaylani.

BNM aims to pre-approve oversea reinvestments to encourage repatriation of foreign proceeds

MAA Group Bhd (KL:MAA), a substantial shareholder of KNM Group Bhd (KL:KNM), has extended a RM13.5 million loan to address the working capital requirements of the Practice Note 17 (PN17) company.

The loan, bearing an interest rate of 12% per annum, was provided to KNM's wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNM PS) on May 8.

MAA loans RM13.5 mil to KNM for working capital

The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes

TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.

Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.

The graph of people's support for Pakatan Harapan (PH) candidate shows an encouraging uptrend from the results of the face-to-face campaign conducted by the party machinery ahead of the last days of the Kuala Kubu Baharu state by-election campaign.

KKB by-electon: Graph of voter support for PH candidate rising, encouraging — Amirudin

Farm Price Holdings Bhd, which will be listed on the ACE Market next Tuesday (May 14), announced net profit of RM2.67 million on revenue of RM30.71 million for the first quarter ended March 31, 2024 (1QFY2024).

Vegetable wholesaler Farm Price posts RM2.67 mil net profit in 1QFY2024 ahead of listing

The federal government is determined to eradicate hardcore poverty in Terengganu within the next two months, said Prime Minister Datuk Seri Anwar Ibrahim.

He said as of May 2, there were 1,663 families in the state still in the hardcore poor group.

Hardcore poverty in Terengganu to be eradicated in two months

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Thursday, weighed down by weaker edible soft oils and cautious trading ahead of April’s palm oil data on Friday.

Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the decline reflects cautious positioning ahead of the industry data due on May 10, focusing on the extent of April’s production rise.

CPO futures extend decline amid weaker edible soft oils

Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, says it is going to hire a new audit firm to conduct a special audit on its revenue, after its external auditor Messrs SBY Partners PLT said it cannot verify the figures Annum reported despite performing additional audit procedures.

Annum, which is involved in the manufacturing of wood-based products, just hired SBY in March this year after approaching 31 other auditors who turned down the job. Most had cited resource constraints, according to the group.

Annum plans special audit after newly hired auditor declines to vouch for its financials

Apple Inc issued a rare apology for an advertisement touting its latest iPad Pro that upset many creatives and other customers. The company also said it won’t air the ad on television as planned.

Apple apologises for iPad Pro ad, scraps plan to air it on TV

World stocks rallied on Thursday, led by surging European shares and a larger-than-expected rise in US weekly jobless claims that buoyed interest rate cut hopes, while the dollar eased as the market awaits key inflation data next week.

Stocks rally as European shares scale new highs, dollar slips

The Selangor government on Thursday launched the Selangor State Structure Plan 2035 (Amendment) draft, a planning document aimed at complementing the First Selangor Plan 2021-2025 in managing the state's physical development.

Selangor govt launches State Structure Plan 2035 draft for public feedback

Main-Market listed Warisan TC Holdings Bhd (KL:WARISAN) has lodged a 30-year medium-term notes (MTN) programme worth RM500 million with the Securities Commission of Malaysia (SC).

The move is to raise funds for its capital expenditure, working capital requirements, projects, investments and asset acquisitions, as well as repayment of borrowings, the group told Bursa Malaysia.

Warisan TC lodges 30-year, RM500m medium term notes programme

Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.

Airbnb Inc shares slid by the most in a year after the home-rental company gave lackluster guidance for a second straight quarter, indicating that growth in travel spending will slow ahead of the peak summer season. &nbsp;

Revenue for the current quarter ending in June will be US$2.68 billion to US$2.74 billion, the company said Wednesday in a letter to shareholders. Analysts had been expecting US$2.74 billion. In its statement, Airbnb blamed the earlier timing of the 2024 Easter holiday, as well as currency headwinds.