<div class=newsTextDataWrapInner><p>KUALA LUMPUR (May 10): Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:<a href="/askedge/klse/3182" class="ce-stock" target="_blank">GENTING</a>) 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.</p></div>

<div class=newsTextDataWrapInner><p>In a technical tracker on Friday, the research house said that at its present valuation, Genting is undervalued as it does not sufficiently capture the potential recovery of both Genting Singapore (GENS) and Genting Malaysia Bhd (KL:<a href="/askedge/klse/4715" class="ce-stock" target="_blank">GENM</a>).</p></div>

<div class=newsTextDataWrapInner><p>“Moreover, Genting is currently trading at an 8% discount to the assessed value of its stake in GENS.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Genting is building a base at RM4.47-4.53 support region, with indicators showing uptick bias.</p></div>



<div class=newsTextDataWrapInner><p>“A successful breakout at RM4.60 will spur the share price towards RM4.79-4.86-4.95. Cut loss at RM4.36,” it said.</p></div>

<div class="mt-3 imgw-400 embed-left"><a class="mobx embedimg-icon" data-desc="" data-rel="ceolightbox" href="//myassets.theedgemalaysia.com/pics/2024/Genting-price-chart-10052024.png"><img alt="" src="//myassets.theedgemalaysia.com/pics/2024/Genting-price-chart-10052024.png" /></a></div>


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

The use of money-market fund tokens from the likes of BlackRock Inc. and Franklin Templeton as collateral in traditional derivatives trades inched closer to reality on Thursday.

The Global Markets Advisory Committee of the Commodity Futures Trading Commission voted to approve use of tokenized non-cash collateral and to send its recommendations to the full CFTC.

CFTC advisers recommend use of tokenized assets as collateral

SEC Chair Gary Gensler, whose ambitious agenda drew fierce resistance from Wall Street and the crypto industry, plans to step down on Jan. 20.

“The Securities and Exchange Commission is a remarkable agency,” Gensler said in a statement on Thursday.

Gary Gensler plans to step down from SEC in January

Australia’s flagship carrier Qantas Airways Ltd. is the top-performing airline stock in Asia over the past year, and is seen as set to extend its climb with help from declining fuel prices.

The shares have risen 68% in the past 12 months, beating all Asian peers in a Bloomberg gauge.

Qantas tops Asian airline stocks on cheap fuel, rival’s demise

Nvidia Corp. assured investors that its new product lineup will continue to fuel an artificial intelligence-driven growth run, while also signaling that the rush to get chips out the door is proving costlier than expected. 

Speaking after the release of quarterly results, Chief Executive Officer Jensen Huang said that Nvidia’s highly anticipated Blackwell products will ship this quarter amid “very strong” demand.

Nvidia says new chip remains on track, helping soothe investors

Stocks ended the day higher as traders contemplated a new US administration keen on deregulation. Bitcoin blew past $98,000 while the dollar gained and Treasury yields rose.

The S&P 500 advanced 0.5% after a choppy morning session spurred by swings in Nvidia Corp. and angst about the war in Ukraine.

Trump trade boosts stocks, Bitcoin run at $100,000

Reddit was down for thousands of users on Thursday, according to outage tracking website Downdetector.com, a day after the social media company said it had fixed a software bug.

Downdetector, which tracks outages by collating status reports from several sources including users, showed more than 14,000 reports of outages.

Reddit down for thousands of users, Downdetector shows

The Inland Revenue Board (LHDN) will continue to enforce compliance through audits and investigations to detect any non-compliance among taxpayers in Malaysia.

LHDN deputy chief executive officer (Compliance) Datuk Hisham Rusli said that all actions are carried out in accordance with the laws set forth.

IRB committed to improving tax compliance via  audits, probes

The International Criminal Court (ICC) issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes in Gaza, adding to pressure on the country’s leadership over the conduct of its military campaign against Hamas.

ICC issues arrest warrant for Israel’s Netanyahu on Gaza ‘war crimes’

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

Petron, DRB-Hicom, Dayang Enterprise, AEON, 7-Eleven, MSM, Hap Seng Consolidated, SunCon, UEM Sunrise, Mega First, Oriental, Heitech Padu, Can-One, Atlan, Maxim, Thong Guan, Globetronics

<p>Globetronics Technology Bhd (KL:GTRONIC) has inked an agreement valued at RM145 million to provide integrated circuit (IC) product packaging, testing and backend services to Taiwan-based ChipMOS Technologies Inc.</p>


Globetronics secures RM145 mil contract to provide assembly and test services to Taiwan’s ChipMOS

<p>Thong Guan Industries Bhd (KL:TGUAN) has proposed a seven sen per share special dividend from proceeds of the sale of its food and beverage (F&amp;B) business to its largest shareholder Foremost Equals Sdn Bhd for RM60 million.</p>


Thong Guan proposes seven sen dividend from proceeds of sale of F&B business to major shareholder for RM60m

<p>Atlan Holdings Bhd's (KL:ATLAN) Singapore-listed subsidiary Duty Free International Ltd (DFIL), which plans to challenge the compulsory acquisition of two plots of land in Kedah by the Malaysian government, announced on Thursday that it had received RM69.6 million as compensation for the land.</p>

<p>The sum was received from the Home Affairs Ministry, which is force-buying the plot from DFIL's wholly-owned Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd, on Monday (Nov 18).&nbsp; DFIL itself is 75.53% owned by Atlan.</p>


Home Affairs Ministry pays Atlan RM69.6 mil for compulsory purchase of its Kedah plot

<p>Prime Minister Datuk Seri Anwar Ibrahim said on Thursday that about 70% to 80% of the costs of his official trips to five countries over the past two weeks were paid by private companies.</p>


Private firms paid up to 80% of costs for recent official trips abroad, Anwar tells Dewan Rakyat

<p>Sugar producer MSM Malaysia Holdings Bhd (KL:MSM) continued to record losses for the second consecutive quarter, after the group reported a RM49.75 million net loss for the third quarter ended Sept 30, 2024 (3QFY2024).</p>


MSM Malaysia continues to bleed for the second consecutive quarter

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


<p>Oil company Petron Malaysia Refining &amp; Marketing Bhd (KL:PETRONM) suffered a 94.3% drop in its third-quarter net profit, on lower sales volume due to a correction in domestic fuel demand following the implementation of the retail diesel targeted subsidy in June this year.</p>


Petron Malaysia's 3Q net profit down 94% on lower sales volume, oil prices

<p>Sunway Construction Group Bhd (KL:SUNCON) posted a 32.71% jump in its net profit for its third quarter on the accelerated progress of its data centre projects.</p>

<p>Net profit for the third quarter ended Sept 30, 2024 (3QFY2024) rose to RM46.47 million from RM35.01 million in 3QFY2023, as revenue rose 28.48% to RM865.33 million from RM673.51 million, its Thursday bourse filing showed.</p>


SunCon's 3Q profit jumps 32.71% on accelerated data centre progress

<p>Hap Seng Consolidated Bhd (KL:HAPSENG) posted a three-fold jump in net profit for its third quarter from a year ago, on improved contributions from the diversified group’s plantation, property and credit financing divisions.</p>


Hap Seng 3Q net profit more than triples, declares 10 sen dividend

<p>Indian billionaire Gautam Adani,&nbsp;indicted in New York&nbsp;over a US$265 million (RM1.18 billion) bribery scheme, is a first-generation tycoon whose phenomenal rise has been accompanied by a series of damaging controversies at home and abroad.</p>


Who is Gautam Adani, controversial Indian tycoon charged with bribery in US?

<p>Kucingko Bhd (KL:KUCINGKO), a 2D animation production company, has decided to discontinue the services of its external auditor Messrs Russell Bedford LC PLT over a disagreement on audit fees.</p>


Kucingko drops Russell Bedford as auditor over fee dispute

<p>Oriental Holdings Bhd (KL:ORIENT) saw the diversified group’s net profit for the third quarter fall 70.12% year on year to RM88.87 million, from RM297.42 million on the absence of one-off gains recognised in the corresponding quarter in 2023.</p>


Oriental 3Q net profit down 70% on absence of one-off gains

<p>KUALA LUMPUR (Nov 21): Human Resources Minister Steven Sim has confirmed that the chief executive officer of Human Resources Development Corporation (HRD Corp), Datuk Shahul Hameed Dawood, has returned to work.</p>

<p>According to Sim, Shahul had been on administrative leave since July 18 to a...

Sim confirms HRD Corp CEO has returned to work despite ongoing MACC probe on agency

<p>After two years, property developer Maxim Global Bhd (KL:MAXIM) has decided not to pursue further action against the revocation of plantation concession licences issued by Indonesia's Ministry of Environment and Forestry in January 2022 in relation to assets owned by its 90%-owned subsidiaries — PT Trimegah Karya Utama (PT TKU) and PT Manunggal Sukses Mandiri (PT MSM) — in Papua, Indonesia.</p>


Maxim Global gives up plantation concession permits in Indonesia

<p>Mega First Corp Bhd’s (KL:MFCB) net profit rose 13.8% to RM116.64 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM102.53 million a year earlier, underpinned by stronger earnings from its renewable energy and resources segments.</p>

<p>The group also recognised an insurance income of RM7.23 million in the quarter under review. It booked a total of RM32.12 million for the nine-month period ended Sept 30 for assets damaged by a fire incident in 2023.</p>


Mega First's 3Q net profit rises 14% boosted by renewable energy and resources segments

<p>Wall Street's main stock indexes were mixed in choppy trading on Thursday as Alphabet weighed on the market, while investors also focussed on AI-heavyweight Nvidia's upbeat quarterly results and forecast.</p>


Wall Street mixed after Nvidia results; Alphabet weighs

<p>Boustead Singapore has announced that its engineering and construction (E&amp;C) business, under Boustead Projects’ real estate solutions division, has secured an E&amp;C contract in Malaysia valued at RM300 million (S$90 million).&nbsp;</p>


Boustead Singapore secures RM300 mil E&C contract in Malaysia

<p>Bursa Malaysia Bhd is optimistic about the outlook for 2025, citing a robust pipeline of initial public offerings (IPOs) and an active capital market, said chairman Tan Sri Abdul Wahid Omar.</p>


Bursa Malaysia confident in next year's growth with active IPO pipeline, says Wahid Omar

<p>The minimum wage in Selangor will be standardised at RM1,700 next year, aligning with implementation at the federal level, said State Human Resources and Poverty Eradication Committee chairman V Papparaidu.</p>


Selangor to standardise RM1,700 minimum wage 

<p>Palm oil producer Far East Holdings Bhd (KL:FAREAST) has declared a special dividend of seven sen per share, payable on Dec 23, as it logged its best quarterly net profit in more than two years, boosted by higher production coupled with higher crude palm oil (CPO) and palm kernel (PK) prices.</p>
