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PublicInvest Research

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

 

PublicInvest Research Headlines - 8 Apr 2021

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Economy

Global: Minimum tax momentum gains with G-20 seeing mid-year deal. The drive to overhaul global taxes for companies gathered more steam after Group of 20 finance chiefs, encouraged by new US proposals, pledged to reach a consensus on new rules by mid-year. The finance ministers and central bank governors said they’re committed to “reaching a global and consensus-based solution” on a minimum global corporate rates and how to levy the profits of multinational technology giants. An agreement could have significant ramifications for the world, bolstering incomes for many governments as they try to rebuild their economies after the pandemic. (Bloomberg)

US: Trade deficit hits record high as economy gains speed. The US trade deficit surged to a record high in Feb as the nation’s economic activity rebounded more quickly than that of its global rivals and could remain elevated this year, with massive fiscal stimulus expected to spur the fastest growth in nearly four decades. The economy is roaring as increased Covid-19 vaccinations and the White House’s USD1.9trn pandemic rescue package boost domestic demand, a chunk of which is being satiated with imports. (Reuters)

US: Fed's balance sheet size is far from hitting any constraints. The size of the US central bank’s balance sheet, now more than USD7trn, is far from hitting any limits, San Francisco Federal Reserve Bank President Mary Daly said, noting that there are really only two constraints on its ultimate size. “One is we can’t be the only maker in the market, because then we start actually influencing things in a way we don’t want to,” Daly said at an event put on by the University of Nevada, Reno. (Reuters)

EU: Private sector recovers in March. Eurozone private sector returned to growth in March underpinned by a record increase in manufacturing output, final survey data from IHS Markit showed. The final composite output index rose to 53.2 in March from 48.8 in Feb. The score was also above the flash estimate of 52.5. The second fastest increase in private sector output in two-and-a-half years was driven by a surge in manufacturing production, the strongest in nearly 24 years of data collection. (RTT)

EU: German private sector growth hits highest in more than 3 years - PMI. Growth in Germany’s private sector accelerated in March to its highest level in more than three years as the services sector fared surprisingly well despite extended coronavirus curbs and a third wave of infections. IHS Markit’s final services Purchasing Managers’ Index (PMI) jumped to 51.5 last month from 45.7 in Feb. The figure came in better than a flash value of 50.8 and marked the first month since Sept above the 50.0 mark that signals growth. (Reuters)

UK: Service sector logs strong rebound in March. The UK service sector logged a strong rebound in March as activity, new orders and employment picked up from Feb, final data from IHS Markit showed. The services Purchasing Managers' Index advanced to 56.3 from 49.5 in Feb. The flash reading was 56.8. The score was above the 50.0 no change level for the first time since Oct 2020. The latest reading also signaled the fastest rate of output expansion for seven months. (RTT)

Japan: Households' confidence hits 8-year high, inflation expectations rise. Japanese households’ inflation expectations rose in March from three months ago and their confidence on the economic outlook improved to an eight-year high, a central bank survey showed, a sign the initial pain from the coronavirus pandemic was heeling. The ratio of households which expect prices to rise a year from now stood at 62.4% in March, up from 60% in December, the Bank of Japan’s survey showed. (Reuters)

Japan: Leading index highest since June 2018. Japan's leading index increased to the highest level in nearly three years in Feb, preliminary data from the Cabinet Office showed. The leading index, which measures the economic activity, grew to 99.7 in Feb from 98.5 in Jan. The latest reading was the highest since June 2018, when it was 100.5. The coincident index decreased to 89.0 in Feb from 90.3 in the previous month. The lagging index rose to 91.6 in Feb from 91.4 in the prior month. This was the highest reading since July last year. (RTT)

Markets

Velesto Energy: Clinches USD17.68m contract for provision of jack-up drilling rig services. Velesto Energy (VEB) said its unit Velesto Drilling SB (VED) has bagged a contract worth USD17.68m for the provision of jack-up drilling rig services. It said the contract is for VEB’s jack-up rig, namely NAGA 4 — a premium independent-leg cantilever jack-up drilling rig that has a drilling depth capability of 30k feet and has a rated operating water depth of 400 feet. (The Edge)

EcoFirst: Buys Sungai Besi land for RM82m, to welcome new substantial shareholders . EcoFirst Consolidated is acquiring a 51% stake in BCM Holdings SB, the owner of 4.18 acres of freehold land in Sungai Besi, for RM81.6m. The purchase consideration comprises RM1.63m cash and the issuance of 228.5m new EcoFirst shares at 35 sen apiece or RM79.97m. The issuance of the shares, will result in the vendors of the stake — Yeoh Siok Choo and Tan You Tiong — becoming substantial shareholders in Ecofirst with a combined 20% stake. (The Edge)

Samaiden: Proposes 1-for-2 bonus issue of warrants, SIS scheme . Samaiden Group has proposed a bonus issue of up to 105m warrants on the basis of one warrant for every two existing shares. The exercise price of the warrants of RM1.20 represents a discount of approximately 24.57% to the five-day volume weighted average market price (VWAMP) of Samaiden shares up to and including the latest practicable date of RM1.5909 per share. (The Edge)

FGV: Takeover efforts by Felda still ongoing, says ex-FGV CEO. The Federal Land Development Authority’s (Felda) efforts to take over FGV Holdings realise its Recovery Plan are in progress. Former FGV chief executive officer Datuk Zakaria Arshad who is also a shareholder of Koperasi Permodalan (KPF) said Felda might negotiate with two other FGV shareholder, Pahang and Sabah state governments which owned 5% and 4% of FGV shares respectively. (Bernama)

Nestle Malaysia: Opens plant-based food factory in Shah Alam . Nestle Malaysia has opened its first plant-based meal solutions manufacturing facility in ASEAN to cater to the rising demand for the food segment. CEO Juan Aranols said Nestle has invested RM150m in the Shah Alam Industrial Complex facility. He said the 6k sqm food factory, one of only two in Asia after China, would have an annual production capacity of 8k tonnes. "This production site in Shah Alam will allow us to supply locally produced, high-quality, great-tasting and halal certified plant-based meals. (StarBiz)

Ni Hsin: Ni Hsin, KTP in brand partnership agreement. Ni Hsin Resources’ food and beverage arm, Blackbixon SB has signed a brand partnership agreement with Koperasi Tenaga dan Petroliam (KTP) to grow the market for the ‘BlackBixon’ energy coffee drink. Ni Hsin said the partnership will see BlackBixon retailing its drinks at various onshore and offshore oil and gas (O&G) locations owned by members of KTP. KTP is a cooperative for entrepreneurs in the O&G industry. (StarBiz)

Market Update

The FBM KLCI might open flat today after major averages hovered near unchanged on Wednesday, with the S&P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the US central bank’s position to remain patient before raising rates. The Dow Jones Industrial Average rose 16.02 points, or 0.05%, to 33,446.26, the S&P 500 gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite dropped 9.54 points, or 0.07%, to 13,688.84. Value stocks, which include economically sensitive sectors such as materials and industrials, maintain a strong lead this year over their growth counterparts, dominantly tech-related firms. European stocks were also little changed and closed just short of record highs on Wednesday, with healthcare shares among top decliners, while optimism over speedy vaccination drives and a weaker pound helped UK equities outperform. The pan-European STOXX 600 index edged 0.1% lower, trading just below the record closing peak of 435.26 points on Tuesday.

Source: PublicInvest Research - 8 Apr 2021

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