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PublicInvest Research

Author: PublicInvest   |   Latest post: Tue, 15 Jun 2021, 10:29 AM

 

PublicInvest Research Headlines - 14 Dec 2020

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Economy

  • US: Producer prices rise moderately, Covid-19 seen taming inflation. US producer prices barely rose in Nov, supporting views that inflation would remain benign in the near term as a flare-up in new Covid-19 infections restrains the labor market and demand for services. While other data showed a surprise improvement in consumer sentiment early in Dec, that largely reflected increased optimism among Democrats and Independents following Joe Biden’s electoral victory over President Donald Trump. (Reuters)
  • US: Consumer sentiment unexpectedly improves in Dec. Consumer sentiment has unexpectedly improved in the month of Dec, according to a preliminary report released by the University of Michigan on Friday. The report said the consumer sentiment index climbed to 81.4 in Dec from 76.9 in Nov. The increase surprised economists, who had expected the index to edge down to 76.5. Surveys of Consumers chief economist Richard Curtin said the unexpected improvement in consumer sentiment was due to a partisan shift in economic prospects. (RTT)
  • EU: Italy industrial production rises in Oct. Italy's industrial production rose in Oct after falling in the previous month, figures from the statistical office Istat showed on Friday. Industrial production grew 1.3% MoM in Oct, after a 5.1% decrease in Sept. Economists had expected a 1.0% rise. In Aug, output grew 7.1%. On a yearly basis, industrial output fell 2.1% in Oct, following a 4.9% decrease in the preceding month. (RTT)
  • EU: Spain consumer prices fall as estimated. Spain consumer prices declined further in Nov, as initially estimated, final data from the statistical office INE showed on Friday. The consumer price index declined 0.8% YoY in Nov, the same rate of decrease as seen in Oct, as estimated. Prices for housing declined 2.2% yearly in Nov. Prices for food and non-alcoholic beverages decreased 1.3% and leisure and culture fell by 0.9%. On a MoM basis, consumer prices gained 0.2% in Nov, after a 0.5% rise in the prior month, as initially estimated. (RTT)
  • UK: Britons' inflation expectations slow in Nov. Britons' inflation expectations for the coming year slowed marginally in Nov, the quarterly BOE/Kantar Inflation Attitudes Survey showed on Friday. The one-year ahead inflation expectations fell to 2.7% from 2.8% in Aug. Likewise, the expected inflation for the twelve months after that slowed to 2.1% from 2.2%. Inflation in the five years' time is seen at 2.9% compared to 2.8% projected in Aug. Further, 40% of survey participants thought the inflation target was 'about right', down from 42% in Aug. (RTT)
  • UK: BOE says banking system resilient to economic shocks. The UK banking system is resilient to a wide range of possible economic outcomes, the Financial Policy Committee of the BOE said Friday. The FPC said the banking system has the capacity to continue to support households and businesses even if economic outcomes are considerably worse than currently expected. The report was released after Prime Minister Boris Johnson said there is strong possibility that the UK will fail to strike a trade deal with the EU. (Reuters)
  • UK: Planning new state-backed loan scheme for small to medium-sized business - Financial Times. The United Kingdom is planning to launch a permanent replacement for the GBP65bn (USD86.8bn) Covid-19 loans programme with new state-backed guarantees to support lending by banks to a range of small to medium-sized business, the Financial Times newspaper reported late on Sunday. The new loan scheme may carry a guarantee of up to 80% for loans of up to GBP10m for businesses deemed viable but unable to get finance from their lender, the newspaper said. (Reuters)

Markets

  • JHM: Buys land in Penang for RM27.06m to expand into telecommunication equipment manufacturing. JHM Consolidation is acquiring a 5.59ha vacant leasehold land in Penang for RM27.06m, cash, to expand its business into the manufacturing of telecommunication equipment. The acquisition of the land is to enable the company to expand its business into telecommunication equipment manufacturing industries that serve multiple multinational corporations in North American, Europe and Asia. (The Edge)
  • Ipmuda: Highlights substantial shareholding changes in UMA reply. Ipmuda highlighted recent changes in its board of directors, substantial shareholders’ shareholdings, as well as contract wins in its response to Bursa Securities. In a filing, the building materials trader said Tan Sri Abu Sahid Mohamed had ceased as its substantial shareholder on Dec 3, following the disposal of 2.55m shares by Maju Holdings SB, as well as the changes in shareholdings. (The Edge)
  • NWP: Uplifts suspension on group CEO. NWP Holdings has uplifted the suspension of its group CEO Datuk Seri Kee Soon Ling after considering his written explanation over an alleged breach of fiduciary duty. The Board takes the view that the lifting of DSKSL’s suspension is crucial to the Company's upcoming plans. Kee was suspended by the NWP's board of directors on Feb 10 to facilitate an an independent investigation into alleged misconduct in past transactions under subsidiary NWP Builder SB. (StarBiz)
  • Guocoland: MD Edmund Kong resigns to pursue other opportunities. Guocoland (Malaysia) group managing director Datuk Edmund Kong Woon Jun is resigning from his post effective Jan 1, 2021, after being at the helm for four years. Kong is resigning to pursue other business opportunities. The group has yet to announce a successor to Kong. Kong has more than 29 years of experience in the property development and construction industry, and is also the chairman of GLM REIT Management SB. (The Edge)
  • Ekovest, PLS Plantation: Overwhelming response to MGO. Ekovest’s mandatory general offer (MGO) to buy out shares in durian planter, PLS Plantation at 95 sen apiece must be a good deal, judging by the overwhelming acceptance to the offer. Minority shareholders, who collectively held 33.85% stake, have accepted the offer. This has bumped up Ekovest’s shareholding in PLS to 91.24%. This block of shares is valued at RM116.8m. Nevertheless, Ekovest intends to maintain the listing status of PLS on the Main Market of Bursa. (The Edge)
  • Oil & Gas (Neutral): Petronas makes hydrocarbon discovery in block 52, offshore Suriname. Petronas announced that it made its first discovery of hydrocarbon in Suriname with the successful drilling of the Sloanea-1 exploration well located in Block 52. PSEPBV is the operator of Block 52 and holds 50% participating interest, together with ExxonMobil Exploration and Production Suriname B.V. who holds the remaining 50%. Petronas pleased with the positive results of the well. (SunBiz)

MARKET UPDATE

The FBM KLCI might trend lower today as US stock indices closed moderately lower last Friday, capping a week marked by unsteady progress toward another coronavirus relief package by Congress and unsuccessful negotiations to date on Britain’s trade relationship with the European Union. The Dow Jones Industrial Average finished 47.11 points, or 0.2%, higher, at 30,046.37; the S&P 500 index retreated 4.65 points to reach 3,663.46, a drop of 0.1%; and the Nasdaq Composite Index lost 27.94 points, 0.2%, to close at 12,377.87. In U.S. economic reports, the producer-price index climbed 0.1% last month. However, the rise in November reflected the smallest increase in seven months, underscoring the lack of inflationary pressure in an economy still struggling to emerge from the ravages of the coronavirus pandemic. In Europe, the Stoxx Europe 600 index and the U.K.’s FTSE 100 both closed 0.8% lower.

Back home, the FBM KLCI closed last Friday 30.19 points higher at 1,684.58, up 1.83% from the previous day's close, driven by a rally in banking and financial services-related stocks as investors switch to recovery play, boosted by positive sentiment fuelled by vaccine news. In the region, Japan’s Nikkei 225 closed 0.4% lower on the day, while South Korea’s Kospi index closed up 0.9%. Hong Kong’s Hang Seng index closed 0.4% higher on Friday, while China’s Shanghai Composite Index finished the day off 0.8% and the CSI 300 closed down over 1%.

Source: PublicInvest Research - 14 Dec 2020

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Labels: JHM, IPMUDA, NWP, GUOCO, EKOVEST, PLS

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