<div class=newsTextDataWrapInner><p>SINGAPORE (Nov 2): United Overseas Bank’s better-than-expected third quarter results are a reason to upgrade the stock to a “hold” rating from “reduce”, CIMB says, also raising its target price to $20 a share from $18.23 previously.</p></div>

<div class=newsTextDataWrapInner><p>UOB’s net profit was 6% above consensus estimates, due to one-off gains.</p></div>

<div class=newsTextDataWrapInner><p>CIMB cites three positives in the results: Strong one-off investment gains; special dividends; and muted credit losses.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“These, coupled with share price weakness since July, prompts us to revise our previous negative view on UOB," the brokerage says.</p></div>

<div class=newsTextDataWrapInner><p>As at 3.03pm, UOB is trading 1.2% lower at $20.09 a share, broadly in line with the market.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>


SINGAPORE (Nov 2): United Overseas Bank’s better-than-expected third quarter results are a reason to upgrade the stock to a “hold” rating from “reduce”, CIMB says, also raising its target price to $20 a share from $18.23 previously.

UOB’s net profit was 6% above consensus estimates, due...

UOB raised to ‘hold’ with higher $20 target price by CIMB

Americans are coming to terms with renting as an alternative to an increasingly unaffordable market for homebuyers.
 
The share of respondents who say they’d rent if they were going to move rose to a record 36% in a new survey by Fannie Mae, the government-backed mortgage finance giant.

Americans prefer to rent with market beyond reach of homebuyers

Human capital management provider Ramssol Group Bhd (KL:RAMSSOL) said its 51%-owned subsidiary in Thailand has secured a contract worth 275 million baht (RM35.61 million) to undertake an artificial intelligence (AI) healthcare solutions project for a hospital.

Ramssol’s unit bags RM36 mil AI-powered healthcare project in Thailand

Donald Trump should call President Vladimir Putin to open up a line of communications with Russia and ultimately push towards a ceasefire in Ukraine, Hungarian Prime Minister Viktor Orban’s top aide said.

Trump should call Putin to push Ukraine peace, says Orban aide 

Under Armour Inc reported results that surpassed analysts’ expectations as the sportswear company’s turnaround gains momentum under founder Kevin Plank.
 
In the second quarter, which went through September, sales and adjusted earnings topped the average estimate from analysts.

Under Armour surges as turnaround led by founder gains steam

Carlyle Group Inc top boss Harvey Schwartz said the clear outcome to the presidential election will give corporate chiefs and investors more security to make big decisions and do more deals.
 
“Being past the election has removed market uncertainty,” Carlyle’s chief executive officer said on an analyst call on Thursday, after the firm reported its third-quarter financial results.

Carlyle CEO says swift US election results will recharge dealmaking

The head of HSBC Holdings plc’s new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring “very quickly” and could announce the first round of job cuts within weeks.

HSBC’s Roberts says first round of job losses coming in weeks

The number of Americans filing new applications for unemployment benefits rose slightly last week, suggesting no material change in the labour market and reinforcing views that hurricanes and strikes had resulted in job growth almost stalling in October.

US weekly jobless claims increase marginally; unit labour costs growth strong

Home Minister Datuk Seri Saifuddin Nasution Ismail defended the use of the Security Offences (Special Measures) Act 2012 or Sosma in the investigation involving GISB Holdings Sdn Bhd (GISB).

Home ministry defends use of Sosma in GISB case

Huawei has provided hundreds of mobile network sites as well as cloud services and intelligent operation centres in Sarawak, which have helped improve wireless network coverage in remote areas, accelerating the country’s digital transformation, said Prime Minister Datuk Seri Anwar Ibrahim.

Huawei helps to accelerate country's digital transformation — PM 

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Ekovest, Eco World, Mah Sing, Pentamaster, Sentral REIT, KKB Engineering, Microlink, FGV, Southern Steel 

<p>SINGAPORE (Nov 7): Genting Singapore has reported a net profit after taxation (NPAT) of S$79.4 million (RM263.36 million) for its 3QFY2024 ended Sept 30, 2024, 63% lower year-on-year (y-o-y) and 27% lower quarter-on-quarter (q-o-q), amid the slower recovery of international visitor arrivals to Singapore.</p>


Genting Singapore’s 3QFY2024 net profit after taxation at S$79.4m, 63% lower y-o-y

<p>Malaysia's state energy firm Petroliam Nasional Bhd (Petronas) on Thursday said it has lifted the force majeure on gas supply to one of its liquefaction terminals, Malaysia LNG Dua, starting Nov 1.</p>


Petronas lifts force majeure on gas supply from Malaysia LNG Dua

<p>A federal lawmaker from Sabah has alleged that one of the packages under the Pan Borneo Highway project in the state involved "multiple levels of subcontracting" and wants Putrajaya to terminate the contractor.</p>


Sabah MP alleges 'multiple levels of subcontracting' in Pan Borneo Highway project

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.</p>


<p>TMK Chemical Bhd said it has signed a retail underwriting agreement with Maybank Investment Bank Bhd in conjunction with the chemical company's initial public offering (IPO) on the Main Market of Bursa Malaysia.</p>


TMK Chemical inks underwriting deal with Maybank for Main Market IPO

<p>Road infrastructure construction firm Azam Jaya Holdings Bhd (KL:AZAMJAYA), set to list on the Main Market of Bursa Malaysia next Monday (Nov 11), reported a net profit of RM4.65 million or 0.93 sen per share for its second quarter ended June 30, 2024 (2QFY2024).</p>


Construction firm Azam Jaya posts RM4.65 mil profit in 2Q ahead of listing

<p>Falling interest rates in advanced economies will be positive for the ringgit at a time when Malaysia keeps its policy rate unchanged while the economic fundamentals remain healthy, said Bank Negara Malaysia (BNM).</p>


Narrowing interest rate differentials positive for ringgit, backed by solid economic prospects — BNM

<p>The Malaysian Anti-Corruption Commission (MACC) has found several suspicious transactions in an investigation into investment losses of RM43.9 million in FashionValet Sdn Bhd.</p>


MACC spots suspicious transactions in probe into FashionValet investment loss

<p>KUALA LUMPUR (Nov 7): IHH Healthcare Bhd (KL:IHH), via its subsidiary Pantai Holdings Sdn Bhd, has successfully issued its maiden RM4 billion sukuk under its newly established RM15 billion sukuk wakalah programmes, the proceeds of which will go towards funding its acquisition of the 600-bed Island Hospital in Penang, which it announced in September.</p>


IHH issues RM4b sukuk for Island Hospital acquisition, with OCBC as lead arranger

<p>The US Federal Reserve (Fed) is expected to reduce its benchmark policy rate by a quarter of a percentage point at the end of its policy meeting on Thursday, a decision that may seem a footnote given the uncertain economic terrain the central bank may soon be navigating under a second Trump administration.</p>


Fed to cut rates, but with a new landscape to decipher after Trump win

<p>Pentamaster Corp Bhd (KL:PENTA) said its third quarter net profit fall 49.9% to RM11.77 million, from RM23.49 million a year ago, dragged down by lower automated test equipment (ATE) sales performance and foreign exchange losses.</p>


Pentamaster’s 3Q profit halves on lower auto-related sales, forex losses

<p>Southern Steel Bhd (KL:SSTEEL) said it has settled its legal dispute over the construction of a hot rolled coils (HRC) plant with Italian plant builder Danieli &amp; C Officine Meccaniche SpA, which started in August 2016.</p>


Southern Steel reaches RM187m settlement with Italian plant builder

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>Software company Microlink Solutions Bhd (KL:MICROLN) on Thursday said it has secured a RM83.51 million contract from the Ministry of Home Affairs (KDN) to develop and supply an advanced passenger screening system for the Immigration Department.</p>


Microlink bags RM84 mil contract to develop screening system for Immigration Department

<p>Prime Minister Datuk Seri Anwar Ibrahim reaffirmed Malaysia's commitment to strengthening collaboration with China, emphasising both trade and broader global objectives.</p>


Anwar: Malaysia committed to strengthening collaboration with China beyond trade

<p>Looming large in the hours between Donald Trump’s election victory and the late-night collapse of Germany’s government is a crisis of competitiveness that has sapped life from Europe’s largest economy.</p>


The €650 bil exodus at the heart of Germany's turmoil

<p>Vegetable supplier Farm Price Holdings Bhd (KL:FPHB), which was listed on the ACE Market of Bursa Malaysia on May 14, has proposed to undertake a bonus issue of up to 225 million warrants on the basis of one warrant for every two shares held by shareholders.</p>


Farm Price proposes one-for-two bonus issue of warrants

<p>FGV Holdings Bhd (KL:FGV) on Thursday said its indirect subsidiary FGV Bulkers Sdn Bhd is being sued for allegedly breaching an agreement for the supply of palm kernel shells.</p>


FGV’s unit sued over alleged breach of supply agreement

<p>The US stocks rally is nowhere near done, according to Evercore ISI strategists, who see Donald Trump’s plans to slice through red tape propelling the S&amp;P 500 Index another 11% through the middle of next year.</p>


The bull market in US stocks is just starting, Evercore says

<p>Kumpulan Jetson Bhd (KL:JETSON), which is being sued by OCR Group Bhd (KL:OCR) over alleged breaches of an RM88.03 million contract to build four blocks of serviced apartments in Jalan Yap Kwan Seng here, said on Thursday it is not a party to the disputed contract under OCR's suit as Jetson Construction Sdn Bhd (JCSB) — which was contracted to undertake the job — is no longer its subsidiary.</p>
