PublicInvest Research

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


PublicInvest Research Headlines - 19 Apr 2021

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Global: Covid will leave deep scars in world economy even after recovery . Just as some patients recovering from Covid-19 suffer long-lasting symptoms, it’s becoming clear that the same will be true for the global economy once this year’s V-shaped rebound fades. While USD26trn worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations. (Bloomberg)

US: Consumer sentiment rises to one-year high in early April . US consumer sentiment increased to a one-year high in early April amid strengthening economic growth, though households worried about inflation heating up this year, according to a survey released. The University of Michigan said its preliminary consumer sentiment index rose to 86.5 in the first half of this month from a final reading of 84.9 in March. Economists polled by Reuters had forecast the index rising to 89.6. (Reuters)

US: Housing starts near 15-year high. US homebuilding surged to nearly a 15-year high in March, but soaring lumber prices amid supply constraints could limit builders' capacity to boost production and ease a shortage of homes that is threatening to slow housing market momentum. The sharp rebound reported by the Commerce Department added to robust retail sales in March in suggesting that the economy was roaring after a brief weather-related setback in Feb. (Reuters)

EU: Inflation rises as estimated . Eurozone consumer prices increased as initially estimated in March, final data from Eurostat showed. Inflation accelerated to 1.3% in March from 0.9% in Feb. This was the third consecutive rise in prices and matched flash estimate released on March 31. Meanwhile, core inflation that excludes energy, food, alcohol & tobacco, eased to 0.9% from 1.1% in Feb. (RTT)

EU: Italy trade surplus declines in Feb . Italy's trade surplus decreased in Feb, data from the statistical office Istat showed. The trade surplus fell to EUR4.75bn in Feb from EUR5.97bn in the same period last year. In January, the trade surplus was EUR 1.58bn. Exports declined 4.4% YoY in Feb, following a 8.5% fall in Jan. On an annual basis, imports fell 1.6% in Feb, following an 11.6% decrease in the preceding month. On a monthly basis, exports increased 0.3% and imports rose 1.4% in Feb. (RTT)

UK: Economy picks up steam as hiring restarts with lockdown end. The UK economy is building momentum, with real-time indicators suggesting consumers have started to splurge some of the cash they’ve saved now that the government has loosened lockdown rules. Restaurant bookings and job postings surged to the highest since the start of the coronavirus pandemic, while road traffic and the number of people traveling to workplaces grew in recent weeks, data from Bloomberg Economics and government statistics show. (Bloomberg)

China: Logs record growth in 1Q. China's economy registered record growth in the 1Q of 2021, largely due to the extremely low base of comparison as the pandemic struck the economy in the same period last year. GDP advanced 18.3% on a yearly basis in the 1Q, much faster than the 6.5% growth posted in the preceding quarter, data from the National Bureau of Statistics revealed. (RTT)


Central Global: Bags RM101m contract to upgrade water supply system in Sabah. Central Global (CGB) said it has secured a contract worth RM100.54m to upgrade the water supply system in Lahad Datu. It accepted a LoA from RYRT International SB today. The scope of works encompasses the supply of labour, materials, machinery and equipment relating to the upgrading of water supply infrastructure. (The Edge)

Bina Puri, Pestech: In RE collaboration. Bina Pura has collaborated with Pestech to explore the opportunity of providing renewable energy including roof-top solar power solutions and electric vehicles charging facility initiative programmes. It had inked an MoU with Pestech, an integrated electrical power technology company that offers solutions for high voltage (HV) and extra high voltage (EHV) electrical system. The collaboration is aligned with market green initiatives. (StarBiz)

Dynaciate: To venture into industrial and commercial warehousing sector. Dynaciate plans to venture into industrial and commercial warehousing which is touted to be one of the top performing sectors for 2021. Subsequent to that, it has come to a mutual agreement with MGudang SB to terminate a conditional SPA involving disposal of two parcels of contiguous freehold land together with a detached factory situated in Penang. (The Edge)

MAHB: 1Q21 passenger count down 76.8% to 5.9m. Malaysia Airports (MAHB) network of airports registered 5.9m passenger movements in 1Q21, down 76.8% YoY, due to the re-imposition of the MCO. Domestic passenger movements came in at 4.4m, down 68% YoY while international passenger movements were at 1.5m, down 87.3% YoY. The group's total aircraft movements decreased by 68% YoY to 75,789. (The Edge)

Magna Prima: Auditor flags material uncertainty as Group’s liabilities exceed assets by RM108m. Magna Prima’s independent auditor has raised a material uncertainty related to the property developer’s ability to continue as a going concern. Messrs HLB Ler Lum said the group’s and company’s current liabilities exceeded its current assets by RM108.37m and RM309.19m, respectively as FY20. It also noted that the group and the company incurred a net loss of RM152.20m and of RM17.78m respectively for FY20. (The Edge)

CapitaLand Trust: 1Q net property income shrinks on lower revenue. Capitaland Malaysia Mall Trust (CMMT) saw its net property income (NPI) for 1QFY21 drop 26.79% QoQ to RM24.92m. CMMT said its gross revenue came in 15.36% QoQ lower at RM56.66m, mainly due to lower gross rental income. The trust said the lower NPI and gross revenue was due to the second MCO that coincided with Chinese New Year, impacting shopper traffic and tenants’ business recovery. (The Edge)

Automotive (Neutral): Sales up 33% to 63,878 units in March. Vehicle sales in Malaysia rose 33% YoY to 63,878 units in March, the Malaysian Automotive Association (MAA) said. It said some car companies were rushing for deliveries last month as their financial year ended on March 31, 2021, as well as in preparation for new model launches. MAA said sales of passenger vehicles increased to 56,478 units in March 2021 from 18,974 in March 2020 and sales of commercial vehicles rose to 7,400 units, from 2,268 units previously. (StarBiz)

Market Update

The FBM KLCI might open higher today as gold prices hit a seven week high and global stocks scaled new records on Friday after strong US and Chinese economic data bolstered expectations of a solid global recovery from the coronavirus pandemic. Government stimulus, strong corporate earnings from US banks and in Europe, along with signs of economic recovery in countries leading the COVID-19 vaccination race have all helped push stock market indices to new heights this week. On Wall Street, the Dow Jones Industrial Average rose 0.48% and the S&P 500 gained 0.36%, both setting new highs. The Nasdaq Composite added 0.1% as declines in the information technology sector weighed. In Europe, the pan-regional STOXX 600 index closed up 0.9% at a new peak, while Germany's DAX gained 1.3% to hit an all-time high and the UK's FTSE 100 rose 0.5% to close at more than one-year highs.

Back home, the FBM KLCI closed up marginally, mirroring the uptrend in regional bourses, lifted mainly by persistent buying support for glove makers. At 5pm, the benchmark index edged up 0.01% or 13 points higher at 1,608.38 points, after moving between 1,600.30 points and 1,609.76 points. The market breadth was mixed with 516 gainers versus 501 losers, while 484 counters remained unchanged. In China, Shanghai Stock Exchange Composite Index rose 0.81%, Hong Kong’s Hang Seng Index added 0.61%. Elsewhere in region, Japan’s Nikkei 225 closed up 0.14%, South Korea’s Kospi advanced 0.13%, while Singapore's STI rose 0.53%.

Source: PublicInvest Research - 19 Apr 2021

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