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Hap Seng, YTL Power jump on inclusion into FTSE’s Asia Pacific indexFTSE announced both counters will be included into its Asia-Pacific small-cap index in September.
FTSE announced their inclusion in the small-cap segment of its Asia Pacific ex-Japan ex-China Index in the upcoming semi-annual review in September.
Hap Seng’s recent resurgence appears to be in its early stages but is quite a turnaround for a stock that had seen a 70% year-to-date decline.
This was likely driven by its removal from the MSCI Malaysia Index in May along with Mercedes-Benz’s plan to transition from a dealership model to an agency model for selling its luxury vehicles by year-end.
In a statement last month, Hap Seng revealed the signing of agency and service dealer agreements with the two parties, to be effective from September onwards.
Effective Sept 1, its subsidiary Hap Seng Star Sdn Bhd will take on the role of a non-exclusive agent responsible for facilitating the sale of Mercedes-Benz passenger vehicles.
Additionally, it will provide assistance to Mercedes-Benz in managing and delivering direct sales to their customers in Malaysia.
Furthermore, Hap Seng Star will be appointed as the non-exclusive service dealer to service Mercedes-Benz passenger vehicles in Malaysia.
In Q1 FY2023, the group recorded a significant 67% decline in net profit to RM50.77 million compared with RM156.3 million in the previous year, mainly attributed to the impact of reduced palm oil prices and a sluggish real estate market.
Source: FMT
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