<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 26): Hong Leong Investment Bank (HLIB) has maintained its 'hold'&nbsp;rating for Astro Malaysia Holdings Bhd (KL:ASTRO) at 34 sen, with a lower target price of 30 sen (from 31 sen), saying Astro chalked in a soft showing with core earnings of RM23.2 million for the first quarter ended April 30, 2024 (1QFY2025), down 17% quarter-on-quarter&nbsp;or 68% lower year-on-year, coming in below house (11%) and consensus (13%) expectations.</p></div>

<div class=newsTextDataWrapInner><p>In a note on Wednesday, the research house said the negative deviation was due to a decline in advertising and subscription revenue.</p></div>

<div class=newsTextDataWrapInner><p>“In view of the results shortfall, we cut our FY2025/26 forecasts by 25%/33%.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Despite an uptick in average revenue per user year-on-year, the number of subscribers continued to decline, as the structural substitution to other over-the-top [service providers] persisted.</p></div>

<div class=newsTextDataWrapInner><p>“Additionally, the appreciation of the US dollar continued to put a strain on its cost structure,” the research house said.</p></div>

<div class=newsTextDataWrapInner><p>HLIB said the intense competition from more affordable OTT offerings (from Netflix, Disney+&nbsp;and HBO Max) could continue to hamper demand for Astro’s products.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/716741" target="_blank">Astro posts 7% rise in 1QFY2025 net profit amid lower net finance costs</a>&nbsp;</em></p></div>


Hong Leong Investment Bank (HLIB) has maintained its 'hold' rating for Astro Malaysia Holdings Bhd (KL:ASTRO) at 34 sen, with a lower target price of 30 sen (from 31 sen), saying Astro chalked in a soft showing with core earnings of RM23.2 million for the first quarter ended April 30, 2024 (1QFY2025), down 17% quarter-on-quarter or 68% lower year-on-year, coming in below house (11%) and consensus (13%) expectations.

HLIB trims target price for Astro to 30 sen, cuts FY2025-26 forecasts

After three straight years of growth, domestic consumption for steel is expected to grow further this year, to between 8.3 million tonnes and nine million tonnes this year, according to a forecast by the Malaysian Iron and Steel Industry Federation (Misif).

Data centre boom, chip industry expansion expected to boost local steel demand

ViTrox Corp Bhd (KL:VITROX) will begin construction of the first block of its planned five-block ViTrox Institute of Technology (VIT) on July 8 after it had appointed South Island Building Sdn Bhd (SIB) as the contractor for the project in a deal worth RM45.99 million.

ViTrox to begin construction of training and industrial research center after RM46 mil contract award to SIB

Heineken Malaysia Bhd (KL:HEIM) has appointed Martijn Rene van Keulen as new managing director (MD), effective Monday.

Heineken Malaysia appoints Martijn Rene van Keulen as new MD

The winners of Britain's election on Thursday — which looks set to end 14 years in power for the Conservative Party — will take on some of the biggest challenges faced by any new government since the end of World War Two.

The economy has struggled to grow, health and other services are under severe strain and there is little room in the public finances to fix them. The government is also lagging behind its targets for immigration and house-building.

UK election winners inherit huge challenges, from economy to health

Oil and gas (O&G) support services provider Steel Hawk Bhd (KL:SKHAWK) has inked an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd for the transfer of its listing from Bursa Malaysia’s LEAP Market to the ACE Market.

Steel Hawk inks underwriting deal with UOB Kay Hian for ACE Market transfer listing

Positive growth in the Leading Index (LI) and Coincident Index (CI) indicates Malaysia's growth momentum will remain strong in the near term, driven by rising domestic and external demand, MIDF Research said.

The research house maintains its projection that Malaysia’s economy will grow at 4.7% this year, up from 3.6% in 2023.

Rise in Leading and Coincident Indexes signals positive outlook for Malaysia in 2024 — MIDF

Bank Negara Malaysia (BNM) announced that Project Nexus, a multilateral platform that seeks to enhance cross-border payments, is ready to proceed to phase four, following the successful completion of its comprehensive blueprint in phase three.

BNM: Regional payment platform Project Nexus is preparing to go live

China is likely to import record volumes of soybeans in July, drawn by lower prices and the prospect of Donald Trump returning as president and reigniting trade tensions between Beijing and the US, which was once China's top supplier of the oilseed.

The world's biggest soybean importer has booked higher volumes in recent weeks, traders and analysts said.

China poised for record July soybean imports on low prices, Trump trade fears

A total of 151.86 megawatts (MW) or 20,418 installations under the Rakyat Net Energy Metering (NEM) programme are now operational, said Sustainable Energy Development Authority (SEDA) chief executive officer Datuk Hamzah Husin.

More than 20,000 installations under Rakyat Net Energy Metering now operational — SEDA

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI up 0.51% to 1,598.20 on July 1, 2024

<p>The Malaysian stock market is seen maintaining its momentum and breaching the 1,700-point level by end this year, driven mainly by a stronger ringgit and robust domestic economic growth.</p>


Analysts stay sanguine on local stock market, see KLCI breaching 1,700 level by year end

<p>Brokers are demanding cash upfront payments for the purchase of Artroniq Bhd (KL:ARTRONIQ), APB Resources Bhd (KL:APB), Notion VTec Bhd (KL:NOTION) and YNH Property Bhd (KL:YNH) shares.&nbsp;Artroniq and Notion VTec's warrants — Artroniq-WA and NOTION-WD — are also affected.</p>


Brokers demand cash upfront from investors for Notion VTec, YNH, Artroniq and APB Resources

<p>Kenanga Research has maintained its “underweight” rating on the property sector and said the sector's headwinds remain aplenty, including oversupply, high household debt, elevated interest rates, and weakened consumer sentiment resulting from high inflation and rising living costs.</p>


Property sector's headwinds remain aplenty, says Kenanga Research

<p>The Ministry of Health recently released the 2023 National Health and Morbidity Survey (NHMS) report, revealing alarming statistics about chronic diseases in Malaysia. High cholesterol impacts about 7.5 million adults (33.3%), diabetes affects 3.6 million (15.6%), and 6.7 million (29.2%) suffer from hypertension. Disturbingly, over 80% are unaware of their conditions.</p>


 The economics of eating well: Why Malaysians struggle with healthy diets

<p>The federal government intends to issue a request for proposal (RFP) as an alternative approach for the RM3.46 billion Multi-Lane Free Flow (MLFF) project, said Deputy Works Minister Datuk Seri Ahmad Maslan.</p>

<p>This move aims to potentially reduce the project's costs, Ahmad said, adding that the ministry had already announced its intention to issue the RFP.</p>


Putrajaya to issue RFP as 'Plan B' for RM3.5 bil multi-lane free flow project

<p>Axiata Group Bhd (KL:AXIATA) has appointed Amrit Kaur as its independent non-executive director effective July 1.</p>


Axiata appoints new director to board

<p>Social media giant Meta is too slow in taking down fraudulent posts from its platforms, making vulnerable Malaysians victims of scammers, according to private equity firm Creador, after the company was impersonated on Facebook, Instagram and Whatsapp.</p>


Meta too slow in taking down fraudulent posts from its platforms, says Creador

<p>Any polemics related to the BlackRock issue linked to the Israeli regime could affect Malaysia's interests as a developing country, said Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>Speaking at the July monthly assembly of the Prime Minister's Department here on Monday, Anwar reminded everyone not to be "excessive" in discussing the controversial BlackRock issue.</p>


Don't go overboard in debating BlackRock issue, think of country's interests — Anwar

<p>Foreign funds continued to exit Bursa Malaysia for the second consecutive week, albeit with a lower outflow of RM357.7 million last week, from RM441.1 million the prior week.</p>


Foreign selling of local equities persisted at slower pace of RM358m last week, says MIDF

<p>On May 1 this year, BlackRock Inc set up a multi-class investment firm in Saudi Arabia with an initial seed funding of US$5 billion (RM23.6 billion) coming from the kingdom’s Public Investment Fund (PIF).</p>

<p>BlackRock Riyadh Investment Management is mandated to attract additional overseas ...

Alternative Views: Cut the political semantics around the MAHB deal

<p>Tenaga Nasional Bhd (TNB) (KL:TENAGA) said the decision by the Ministry of Energy Transition and Water Transformation (Petra) to maintain electricity tariffs until Dec 31 this year is neutral on the utility company and will not have any effect on its business operations.</p>


Tenaga sees no impact from unchanged electricity tariffs

<p>Investment analysts foresee Malaysia’s banking sector to continue its upward momentum underpinned by ongoing loan growth and stabilising net interest margin (NIM), as well as the potential of higher net interest income (NII). &nbsp;</p>

<p>The banking sector will likely continue to benefit from ongoing loan growth, improved gross domestic product (GDP) along with better margin retention, according to Kenanga Research in its monthly highlight report on Monday. This will be overshadowing industry headwinds like inflationary pressure and weaker ringgit, it noted. &nbsp;</p>


Banking sector poised for continued growth on ongoing loan expansion, stabilising NIM, higher NII — analysts 

<p>The health of the Malaysian manufacturing sector was broadly stable at the end of the second quarter of the year.</p>

<p>In a statement on Monday, S&amp;P Global Market Intelligence said new orders increased for the second month running, in part thanks to a rise in exports, but overall demand remained subdued.</p>


New orders rise amid improving export sales in June — S&P Global

<p>Prime Minister Datuk Seri Anwar Ibrahim on Monday assured that the government will maintain the Bumiputera quota for Sijil Pelajaran Malaysia (SPM) holders to continue their studies at the matriculation level.</p>


Govt assures Bumiputera quota for matriculation will remain unchanged — Anwar

<p>Shares in Hiap Teck Venture Bhd (KL:HIAPTEK) rose in early trade on Monday, after the steel company reported better-than-expected third quarter results.</p>


Hiap Teck shares rise in active trade after 3Q results beat expectation

<p>Kinergy Advancement Bhd (KL:KAB) has partnered with Johor Corp (JCorp) to undertake and develop sustainable energy solutions projects with a specific focus on energy-efficient initiatives for data centers.</p>

<p>The project encompassing energy-efficient measures, renewable energy solutions, clean energy initiatives, and engineering construction across various energy-related facilities, was secured by Kinergy Advancement’s wholly-owned subsidiary, KAB Energy Holdings Sdn Bhd.</p>


Kinergy Advancement collaborates with JCorp to boost sustainable energy solutions with data centres

<p>Bank Negara Malaysia (BNM) announced that Project Nexus, a multilateral platform that seeks to enhance cross-border payments, is ready to proceed to phase four, following the successful completion of its comprehensive blueprint in phase three.</p>


<p>An Opposition member of Parliament (MP) has called on the Ministry of Defence to clarify whether the Armed Forces Fund Board (LTAT) is in talks to sell the petrol station operator Boustead Petroleum Marketing Sdn Bhd (BHPetrol).</p>


Opposition MP alleges LTAT in talks to sell BHPetrol to Saudi Aramco

<p>JPG Greenergy Ventures Sdn Bhd, a subsidiary of Johor Plantations Group Bhd, has been awarded BioNexus status by the Malaysian Bioeconomy Development Corp under the Ministry of Science, Technology and Innovation (Mosti).</p>


Johor Plantations Group's subsidiary gets BioNexus status

<p>Singapore Airlines Ltd chief executive officer Goh Choon Phong was paid S$8.11 million (RM28.2 million) last financial year, a 21% increase from the previous period, as the airline benefited from a travel boom.</p>

<p>Goh, who has been on the carrier’s board since 2010, had a base salary of S$1.44 million, up from S$1.1 million in 2022, according to the airline’s annual report published on Monday. Similar to in previous years, the majority of his pay comes in the form of bonuses and share awards.</p>
