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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 billion.  
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Super Micro Stock Surges 22% After Filing Delayed Financials, Avoids Nasdaq Delisting

Regaining Compliance

Super Micro Computer (SMCI) saw its stock soar 22% in after-hours trading after finally filing its delayed 10-K report and quarterly reports for September and December. This move allowed the company to regain Nasdaq compliance, preventing a potential delisting.

Key Updates from Super Micro’s Financial Filing:

  • Revenue for FY2024 (ended June 30) was 0.3% higher than preliminary reports.
  • Net income revised down by 4.6%.
  • BDO audit confirmed the financial statements are fair, though it flagged internal control weaknesses over financial reporting.
  • Super Micro now meets SEC reporting obligations, officially closing the matter with Nasdaq.

Background: Delisting Concerns & Short Seller Allegations

  • Super Micro had delayed its filings in August 2024 after Hindenburg Research alleged accounting issues.
  • Ernst & Young resigned as auditor in October, citing an unwillingness to be associated with the company's financials.
  • BDO was appointed as the new auditor in November, leading to the latest filings.
  • This isn’t the first compliance issue—Super Micro was previously delisted in 2018 before being relisted in 2020.

Market Reaction & Outlook

  • Stock dropped 11.8% on Tuesday before the filing, reflecting investor uncertainty.
  • Despite turbulence, shares remain up 50% in 2025, showing that investors still believe in the AI server company’s potential.
  • Analysts warn that institutional investors avoid non-Nasdaq stocks, meaning a delisting could have been a major setback.

Summary:

  • Super Micro dodges delisting after filing delayed financials, stock jumps 22%.
  • New filings confirm revenue growth but highlight financial control weaknesses.
  • Despite past compliance issues, investor confidence in the AI-driven company remains strong.
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