PublicInvest Research Headlines - 5 May 2021

Date: 05/05/2021

Source  :  PUBLIC BANK
Stock  :  ASTRO       Price Target  :  1.20      |      Price Call  :  BUY
        Last Price  :  1.13      |      Upside/Downside  :  +0.07 (6.19%)
Source  :  PUBLIC BANK
Stock  :  HARTA       Price Target  :  15.90      |      Price Call  :  BUY
        Last Price  :  7.70      |      Upside/Downside  :  +8.20 (106.49%)
Source  :  PUBLIC BANK
Stock  :  SPSETIA       Price Target  :  0.95      |      Price Call  :  HOLD
        Last Price  :  1.10      |      Upside/Downside  :  -0.15 (13.64%)


US: Trade gap widened to fresh record of USD74.4bn in March . The US trade deficit widened to a new record in March, as the value of imports surged to a fresh high. The gap in trade of goods and services expanded to USD74.4bn in March from a revised USD70.5bn in Feb, according to Commerce Department. That matched a median estimate in a Bloomberg survey of economists. Imports rose 6.3% to a record USD274.5bn, while exports climbed 6.6% to a more than one year high to USD200bn. (Bloomberg)

US: Factory orders rebound 1.1% in March, slightly less than expected . New orders for US manufactured goods showed a notable rebound in the month of March, according to a report released by the Commerce Department. The factory orders jumped by 1.1% in March after falling by a revised 0.5% in Feb. Economists had expected factory orders to surge up by 1.3% compared to the 0.8% drop originally reported for the previous month. (RTT)

UK: Factory activity expands at fastest rate since 1994 — PMI . British manufacturing activity grew at the fastest pace in almost 27 years last month, amid supply chain delays and shortages of raw materials, as businesses tried to make up for ground lost during the coronavirus pandemic. The IHS Markit/CIPS Purchasing Managers' Index (PMI) for manufacturing activity rose to 60.9 in April from 58.9 in March, slightly above an earlier flash estimate of 60.7 and its highest reading since July 1994. (Reuters)

China: Growth prospects, further opening-up in favor of attracting FDI inflows – Xinhua . China's favorable growth prospects and further opening-up policies are key factors that attract foreign direct investment (FDI), said an official of the Organization for Economic Cooperation and Development (OECD), said Xinhua. FDI inflows to China increased 14% last year, making the country the top destination worldwide, noted Margit Molnar, head of the China desk at the OECD Economics Department said. (The Edge)

Australia: Central bank keeps rates near zero as economy picks up speed . Australia's central bank left its key rates at near zero for a fifth straight meeting and pledged to keep policy super loose for a prolonged period even as the economy recovers at a rapid pace. The Reserve Bank of Australia reiterated its commitment to keep the cash rate at the record-low of 0.1% for as long as is needed to pull down unemployment and push inflation higher. (RTT)

New Zealand: Unemployment rate drops to 4.7% in 1Q . The jobless rate in New Zealand came in at a seasonally adjusted 4.7% in the 1Q of 2021, Statistics New Zealand said. That was shy of estimates for 4.9%, which would have been unchanged from the previous three months. (RTT)


SP Setia (Neutral, TP: RM0.95): To establish sukuk programme worth up to RM3bn. S P Setia has proposed the establishment of an Islamic medium term note programme of up to RM3bn in nominal value. The property developer lodged the Sukuk Wakalah Programme with the Securities Commission Malaysia (SC) pursuant to the SC’s Guidelines. (The Edge)

Focus Dynamics, LKL: Ink partnership for pharmacy chain venture. Focus Dynamics Group and LKL International are forming a partnership to roll out a lifestyle-based pharmacies chain venture in the Klang Valley and nationwide. Focus and LKL will set up a dedicated JV company for this new business with the former taking a majority stake of 60%. (BTimes)

T7 Global: Bags RM50m contract from Petronas Carigali. T7 Global has bagged a work order contract worth RM50m from Petronas Carigali for plug and abandonment integrated services for Pulai A. The contract is effective from March 29, 2021 to December 28, 2021. The work order was awarded to Tanjung Offshore under the Pan Malaysia Umbrella contract. (BTimes)

Rohas Tecnic: Secures RM37m transmission tower job. Rohas Tecnic had secured a transmission line fabrication job with an estimated value of RM37m from Larsen & Toubro Ltd (L&T). The transmission line is approximately 37km long and the project comprises the fabrication and supply of lattice towers. (The Edge)

Time dotcom: Embarking on multi-cloud growth strategy via subsidiary AVM Cloud. Time dotCom (TIME) is embarking on a multi-cloud strategy to further grow its enterprise division's customer base. The future of cloud computing lies in the use of multi-cloud architectures, which in essence comprises multiple cloud computing and storage services in a single network architecture. (BTimes)

MMC: Supports Petronas' LNG exports to China. MMC Corp has supported Malaysia's export of liquefied natural gas (LNG) in ISO tank containers to Shanghai, China from its port in Pasir Gudang, Johor. The shipment was made on April 13 and marked the first export of Petroliam Nasional Bhd's (Petronas) LNG in ISO tank containers from Johor to China. (BTimes)

MBM Resources: Perodua sells 20,399 vehicles in April. Perusahaan Otomobil Kedua SB (Perodua) sales decreased 16.5% to 20,399 vehicles in April from 24,431 units sold last month. The low sales recorded were mainly due to semiconductor chip shortage affecting multiple industries globally. (BTimes)

Tomei: 1Q net profit triples YoY as Malaysians buy more gold jewellery. Tomei Consolidated net profit for the 1QFY21 jumped more than three times YoY to RM13.76m, from RM4m, on higher revenue. EPS ballooned to 9.93sen in 1QFY21 against 2.89sen in 1QFY20. Quarterly revenue almost doubled to RM244.15m. (The Edge)

F&N: Sees marginal profit growth in 2Q despite MCO 2.0, declares 27sen dividend. Fraser & Neave Holdings (F&N) net profit grew 1.3% to RM103.51m for its 2QFY21, on the back of higher sales, favourable product mix, as well as prudent control on advertising and promotion (A&P) spend. (The Edge)

Market Update

The FBM KLCI might open lower today after US technology stocks suffered their worst daily performance since mid-March as investors dumped stakes in some of the best-performing stocks since the pandemic hit financial markets last year. On Wall Street, the technology-focused Nasdaq Composite index dropped 1.9%, its worst trading session since March 18. The broader-based S&P 500 fell 0.7%, dragged down by technology and consumer discretionary shares. Shares in Apple fell 3.5%, on course for their largest drop since October last year. Facebook, Google’s parent Alphabet and the chipmaker Intel all declined. Europe’s Stoxx 600 index closed 1.5% lower, with tech stocks also falling the most. Shares in the German software group SAP fell more than 3% and the Dutch semiconductor equipment maker ASML lost almost 5% of its stock market value.

Back home, the FBM KLCI closed down 2.48 points or 0.16% at 1,588.25 partly on profit taking in rubber glove manufacturers' shares and as investors weighed the rising number of Malaysia’s new Covid-19 pandemic cases, which compelled the government to re-enforce the movement control order (MCO) across six districts in Selangor to curb the outbreak. MSCI's broadest index of Asia-Pacific shares outside Japan was just 0.13% higher in the Asian afternoon session in trading thinned by holidays in China and Japan. In Hong Kong, the Hang Seng Index rose 0.7%.

Source: PublicInvest Research - 5 May 2021

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