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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 7 May 2021, 9:38 AM

 

PublicInvest Research Headlines - 25 Feb 2021

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Economy

US: New home sales spike much more than expected in Jan. Data released by the Commerce Department showed a much bigger than expected jump in new home sales in the US in the month of Jan. The Commerce Department said new home sales spiked by 4.3% to an annual rate of 923,000 in Jan after soaring by 5.5% to a revised rate of 885,000 in Dec. Economists had expected new home sales to surge up by 1.5% to a rate of 855,000 from the 842,000 originally reported for the previous month. (RTT)

EU: German GDP growth exceeds estimate on investment, exports. The German economy grew more than initially estimated in the 4Q driven by construction investment and exports, revised data from Destatis showed. GDP grew 0.3% sequentially in the 4Q instead of 0.1% estimated previously. However, this was much slower than the 8.5% rebound seen in the 3Q due to the renewed lockdown at the end of the year. RTT)

EU: French manufacturing confidence improves marginally in Feb . French manufacturing confidence improved marginally in Feb despite continuing health crisis, the statistical office Insee said. The manufacturing confidence index rose less-than-expected to 97 in Feb from 96 in Jan. The expected level was 99. Industrialists' opinion on overall order books improved in Feb with the balance rising to -25 from -29. (RTT)

EU: France’s latest plan to save businesses has Europe intrigued . Emmanuel Macron’s government is digging deep into its policy toolbox to find ways to transition the economy back to normality and fulfill the president’s pledge to support businesses and workers, “whatever the cost.” A plan being prepared in Paris would deploy state guarantees to back EUR20bn (USD24bn) of so-called participative loans.. (Bloomberg)

Taiwan: Jan export orders jump on strong tech demand . Taiwan's January export orders rose more than expected for the 11th month in a row, boosted by demand for telecommuting products during strict lockdowns worldwide to contain the Covid-19 pandemic. New smartphone launches by brands such as Apple Inc, which rolled out a new iPhone, also fuelled demand. Export orders, a bellwether of global technology demand, surged 49.3% from a year earlier to USD52.72bn in Jan, data from the Ministry of Economic Affairs showed. (Reuters)

Hong Kong: Government to Spend HKD120bn to stimulate economy . The Hong Kong government plans to spend HKD120bn to alleviate the hardship and pressure caused by the coronavirus pandemic, Financial Secretary Paul Chan said in his 2021-22 budget speech. The economy shrank 6.1% in 2020, which was the largest annual fall on record and also the first time for Hong Kong to log two consecutive years of contraction. Taking into account the internal and external situations as well as the stimulus effect of the fiscal measures, the economy is projected to grow by 3.5% to 5.5% this year. (RTT)

Markets

Leon Fuat: Unit acquiring property in Selangor for RM28m. Leon Fuat’s unit Supreme Steelmakers SB is acquiring about one hectare in Balakong Jaya Industrial Area, Selangor, along with the factory, warehouse and office building on it, for RM28m. At present, the property is tenanted to Supreme Steelmakers for a monthly rental of RM9k. (Bernama)

Kanger: Enters Genting Highlands with RM142.9m investment in serviced suites . Kanger International is investing RM142.9m in a block of serviced suites in Genting Highlands, marking its entry into the local property investment market. It is acquiring the serviced suites from Aset Kayamas SB, the developer of Antara Genting Highlands Resort Suites (Antara @ Genting Highlands). (NST)

Destini: Forms JV with KTMB for rail maintenance. Destini has entered into an agreement with Keretapi Tanah Melayu Bhd (KTMB) to establish a JV company, ET SB, to expand its capabilities in maintenance, repair and overhaul (MRO) services in the rail sector. This will see Destini acquiring a 70% stake in ETSB and the remaining 30% shareholding will be held by KTMB. (The Edge)

LKL: To exclusively distribute Singaporean trace tokens, eyes Selangor as pioneer adopter. LKL International has announced that its has secured exclusive distributorship rights for Singapore-based iWOWTechnology Pte Ltd’s trace token nationwide and targets Selangor to be the first state in Malaysia to adopt the device. The group will market, sell and distribute trace tokens to assist Selangor's efforts in containing the spread of the Covid-19 virus. (The Edge)

Majuperak: Aims to raise up to RM20m via private placement. Majuperak aims to raise up to RM20m via a proposed private placement. It said the funds are to support its operating expenditure, repay bank borrowings and fund upcoming projects. (The Edge)

Econpile: Kicks off Cambodian project. Econpile Holdings has begun works for its recently-awarded USD87.5m (RM347.6m) project in Cambodia. Econpile said its core machineries consisting of piling rigs and crawler cranes had arrived at Sihanoukville port in the middle of January and were fully mobilizsd at the project site along with a strong senior project team in Phnom Penh. (NST)

Press Metal: Strong aluminium prices lift 4Q profit, declares 1.25sen dividend . Press Metal posted a net profit of RM142.6m for 4QFY20 on higher aluminium prices, up 6% YoY. The group declared dividend of 1.25 sen. Its group CEO Tan Sri Paul Koon said the group has much to look forward to in 2021. “Our Phase 3 smelter commenced production in late December 2020 and we anticipate to operate at full capacity come the 2H21,” he added.

Vitrox: 4Q profit jumps 79% as quarterly revenue hits record high. Vitrox’s net profit for 4QFY20 jumped 79.4% YoY to RM31.92m, as quarterly revenue hit a record high of RM159.8m. (The Edge)

Market Update

The FBM KLCI might open with a positive bias today as stocks on Wall Street reversed earlier losses after Jay Powell, the Federal Reserve Chairman, reiterated the central bank’s desire to stick with accommodative policies during his second day of testimony to Congress. The tech-heavy Nasdaq Composite ended the day up 1%, having fallen almost 1% at the opening bell. The S&P 500 climbed 1.1%, marking the blue-chip benchmark’s second consecutive rise after five sessions of back-to-back losses. European equity markets also closed higher, with both the Stoxx 600 regional index and London’s FTSE 100 index up 0.5%.

Back home, the FBM KLCI gave up its earlier gains and closed at its intraday low of 1,557.55 points, down 0.48% or 7.5 points. The benchmark index slid into negative territory in the afternoon trading session. Glove stocks were the top decliners including Hartalega Corp Bhd which fell 66 sen or 5.97% to RM10.40, Top Glove Corp Bhd which shaved 44 sen or 7.76% to RM5.23 and Supermax Corp Bhd which slid 41 sen or 7.52% to RM5.04. In the region, Hong Kong’s Hang Seng Index fell 2.99% while the Shanghai Stock Exchange Composite Index closed down 1.99%. Other markets like Japan's Nikkei 225 sank 1.61% while South Korea's Kospi plunged 2.45%.

Source: PublicInvest Research - 25 Feb 2021

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