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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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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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