Highlights

PublicInvest Research Headlines - 30 Apr 2021

Date: 30/04/2021

Source  :  PUBLIC BANK
Stock  :  ASTRO       Price Target  :  1.16      |      Price Call  :  BUY
        Last Price  :  1.13      |      Upside/Downside  :  +0.03 (2.65%)
 
Source  :  PUBLIC BANK
Stock  :  CIMB       Price Target  :  4.50      |      Price Call  :  HOLD
        Last Price  :  4.51      |      Upside/Downside  :  -0.01 (0.22%)
 
Source  :  PUBLIC BANK
Stock  :  MI       Price Target  :  6.27      |      Price Call  :  BUY
        Last Price  :  3.85      |      Upside/Downside  :  +2.42 (62.86%)
 
Source  :  PUBLIC BANK
Stock  :  AMBANK       Price Target  :  3.10      |      Price Call  :  HOLD
        Last Price  :  2.90      |      Upside/Downside  :  +0.20 (6.90%)
 
Source  :  PUBLIC BANK
Stock  :  IJM       Price Target  :  1.51      |      Price Call  :  HOLD
        Last Price  :  1.83      |      Upside/Downside  :  -0.32 (17.49%)
 


Economy

US: Weekly jobless claims drop to new pandemic-era low. First time claims for US unemployment benefits dropped to a new pandemic-era low in the week ended April 24th, according to a report released by the Labor Department. The report said initial jobless claims dipped to 553,000, a decrease of 13,000 from the previous week's revised level of 566,000. Jobless claims fell for the third straight week, once again sliding to their lowest level since hitting 256,000 in the week ended March 14, 2020. (RTT)

US: Economy nearly back to pre-pandemic levels. Preliminary data released by the Commerce Department showed an acceleration in the pace of US economic growth in the first three months of 2021. The real GDP surged up by 6.4% in the 1Q after jumping by 4.3% in the 4Q 2020. Economists had expected GDP to increase by 6.5%. The faster GDP growth was led by a substantial increase in consumer spending, which was boosted by two rounds of stimulus checks. (RTT)

US: Pending home sales rebound much less than expected in March. The National Association of Realtors released a report showing pending home sales rebounded in the month of March. NAR said its pending home sales index jumped by 1.9% March after plunging by 11.5% to a revised 109.2 in Feb. Pending home sales rebounded from their lowest level since last May, although economists had been expecting a more substantial increase of about 5%. (RTT)

US: Fed holds steady even as it nods to ‘strengthened’ recovery. The Federal Reserve took a rosier view of the US economic recovery and the nation’s war against the coronavirus, but said it was too early to consider rolling back its emergency support with so many workers still left jobless by the pandemic. "It is not time yet" to begin discussing any change in policy, Fed Chair Jerome Powell told reporters after the release of a policy statement in which the US central bank left interest rates and its bond-buying program unchanged. (Reuters)

EU: German job market data disappoints in further setback for recovery. German unemployment rose unexpectedly in April and companies put more staff on shorter working hours in subsidized job protection schemes, in a further pandemic-related setback for a fragile recovery in Europe’s largest economy. Germany has extended restrictions on shopping, travel and social life as authorities struggle to contain a third wave of Covid-19. The number of people out of work increased by 9,000 in seasonally adjusted terms to 2.76m. (Reuters)

EU: German inflation highest in 2 years. Germany's consumer price inflation accelerated to its highest level in two years in April, preliminary data from Destatis showed. The consumer price index rose 2% YoY following 1.7% increase in March. Economists had forecast 1.9% inflation. The latest inflation rate was the highest since April 2019, when it was at the same level. Energy inflation accelerated to 7.9% from 4.8%. Food price growth climbed to 1.9% from 1.6%. Services prices rose 1.6%, same as in the previous month. (RTT)

EU: French consumer sentiment steady in April despite lockdown. French consumer sentiment held steady unexpectedly in April despite a new round of lockdown measures this month to contain the coronavirus outbreak, official data showed. The INSEE statistics agency said its monthly consumer sentiment index was unchanged from March at 94, beating the average expectation for a fall back to 93. INSEE’s survey showed that household pessimism about the general economic outlook remained the lowest in April. (Reuters)

Japan: Retail sales climb 5.2% on year in March. The value of retail sales in Japan was up 5.2% on year in March, the Ministry of Economy, Trade and Industry said, coming in at JPY13.498trn. That beat expectations for an increase of 4.7% following the 1.5% decline in the previous month. On a monthly basis, retail sales climbed 1.2% after advancing 3.1% in Feb. For the 1Q of 2021, retail sales were up 0.5% on year and 0.4% on quarter at JPY37.228trn. (RTT)

Singapore: Producer price inflation slows in March. Singapore's producer price inflation eased in March, data from the Department of Statistics showed. The manufacturing producer price index increased 2.4% YoY in March, after a 3.5% decline in Feb. The oil index surged 58.5% annually in March, while the non-oil indices fell 2.5%. The Domestic Supply Price Index grew 9.6% YoY in March, after a 0.7% decrease in Feb. On a monthly basis, producer prices rose 3.7% in March, following a 1.6% increase in the preceding month. (RTT)

Singapore: Unemployment declines in March . Singapore's unemployment continued to fall in March since peaking in Sept 2020, advance estimates from the Ministry of Manpower showed. Driven by a gradual recovery in the economy, the unemployment rate fell 0.1ppt to 2.9% in March. Nonetheless, the rate remained elevated compared to pre-Covid-19 rates. Total employment increased for the first time since the start of the pandemic. In the 1Q, total employment rose by 4,800, after four consecutive quarters of decline. (RTT)

Thailand: March factory output rises for first time in nearly 2 years. Thailand’s manufacturing production index (MPI) in March rose for the first time in 23 month, due to improved global demand and a low base effect, and is likely to increase again in April, the industry ministry said. The MPI’s rise of 4.12% from a year earlier was also its fastest pace in 29 months, although slightly below a forecast for a 4.4% increase in a poll. While a third wave of Covid-19 infections has slowed economic activity, the manufacturing sector has not been affected. (Reuters)

Markets

AMMB (Neutral, TP: RM3.10): Expects net loss for FY21 . AMMB Holdings expects to take a one-time hit of RM1.94bn in the 4QFY21. This would include a RM1.79bn in goodwill attributed to its conventional and investment banking business, as well as RM148mil in impairment in an associate (REIT impairment). (StarBiz)

Comment : Management had previously indicated the likelihood of this occurrence, which we addressed in our report dated 8 April 2021 entitled Clean Slate. Earnings dilution from the recently-concluded share placement exercise is the only immediate (and remaining) downside, though we remain optimistic over its longer-term prospects. We retain our Neutral call given the limited share price upside.

IJM (Neutral, TP: RM1.51): Lands two contracts with combined value of RM327.6m. IJM Corp has secured two contracts with a combined value of RM327.6m. These comprise a RM89.8m contract to construct the building infrastructure and public realm works in Tun Razak Exchange (TRX), Kuala Lumpur; and a RM237.8m contract for the construction of the Mezzo residential tower in The Light City, Penang. The group got an RM89.8m contract to construct the building infrastructure and public realm works in Tun Razak Exchange (TRX), Kuala Lumpur. (The Edge)

PetDag: Renews non-fuel target, now eyes 30% EBITDA by 2025 . Petronas Dagangan (PetDag) remains cautious about the outlook of its retail segment business for the year, as interstate travel is still limited due to the rising Covid-19 cases in the country, said its chairman Datuk Md Arif Mahmood. "We have also expanded outside the physical presence of our gas stations. We have new offerings on Shopee, especially our lubricants, T shirts and merchandise,” he added. Meanwhile, the group has pushed the target to secure 30% of its earnings before interest, taxes, depreciation, and amortisation (EBITDA) from non-fuel income to 2025, from late-2021 previously. (The Edge)

Bintai Kinden: Raises size of private placement to partially fund Johnson Medical International acquisition . Bintai Kinden Corp has increased the size of its private placement to partly pay for its acquisition of medical engineering solutions provider Johnson Medical International SB (JMI). The placement will now comprise 190.95m shares or 50% of the group's share capital, and seeks to raise RM72.56m based on an indicative price of 38 sen per share. (The Edge)

Southern Cable: Seeks transfer to Main Market . Southern Cable Group is seeking to transfer its listing from the Ace Market to the Main Market of Bursa Malaysia Securities Bhd by the second half of this year. MD Tung Eng Hai said the upcoming corporate milestone corresponds with the group’s operational expansion as it looks to fulfil the growing demand in the domestic market and target new sectors for its cables and wires products. (StarBiz)

Ancom: Makes offer for Nylex’s business . Ancom has made an offer to buy all the assets and liabilities of Nylex (M) for RM179.3m, translating into RM1 per Nylex share. At the moment, Ancom owns 90.13m shares or a 50.27% stake in Nylex. Ancom said the net consideration for the proposed acquisition payable by the company would be RM96.7m, which is for the remaining 49.7% stake it does not currently own. (StarBiz)

Market Update

The FBM KLCI might open higher today as global share indices extended gains and Treasury yields rose on Thursday, after strong US economic data and the Federal Reserve's commitment to continue supporting the economy fueled confidence in a recovery. US economic growth accelerated in the first quarter, fueled by massive government aid to households and businesses, charting the course for what is expected will be the strongest annual performance in nearly four decades. The Dow Jones Industrial Average rose 239.98 points, or 0.71%, to 34,060.36, the S&P 500 gained 28.29 points, or 0.68%, to 4,211.47 and the Nasdaq Composite added 31.52 points, or 0.22%, to 14,082.55. European stocks ended lower as a rise in euro zone bond yields caused investors to lock in profits at near-record levels. The pan-European STOXX 600 index fell 0.3% to 438.77, coming further off a record peak of 443.61 hit last week. The regional markets finished mixed with the Shanghai Composite gained 1.14%, while the Nikkei 225 led the Hang Seng lower. They fell 2.07% and 0.27% respectively.

Source: PublicInvest Research - 30 Apr 2021

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