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Author: MalaccaSecurities   |   Latest post: Tue, 31 Mar 2020, 9:22 AM

 

Mplus Market Pulse - 31 Mar 2020

Author: MalaccaSecurities   |  Publish date: Tue, 31 Mar 2020, 9:22 AM


Recovery Returns

  • Despite the announcement of economic stimulus package by the Malaysian government on last Friday, it failed to spur further gains as the FBM KLCI (- 1.1%) succumbed to profit taking as the key index snapped a four-day winning streak. The lower liners finished mostly lower as the FBM Small Cap and FBM Fledgling shed 1.3% and 1,0 respectively, while the healthcare sector (+0.1%) outperformed the negative broader market.
  • Market breadth turned negative as losers ruled over the gainers on a ratio of 511-to-305 stocks. Traded slipped 33.1% to 2.83 bln shares as the renewed market volatility sapped trading interest.
  • Two-third of the key index components fell, dragged down by Hong Leong Bank (-78.0 sen), KLK (-48.0 sen), Hartalega (- 19.0 sen), RHB Bank (-18.0 sen) and Axiata (-16.0 sen). Notable decliners on the broader market include Dutch Lady (-84.0 sen), Carlsberg (-72.0 sen), Yinson (-52.0 sen), Allianz (-30.0 sen) and Ajinomoto (-28.0 sen).
  • On the flipside, Fraser & Neave (+44.0 sen), Ayer Holdings (+40.0 sen), Panasonic (+34.0 sen), SCGM (+30.0 sen) and Kluang Rubber (+33.0 sen) advanced on the broader market. Key winners on the FBM KLCI include Hong Leong Financial Group (+20.0 sen), Maxis (+13.0 sen), Tenaga (+10.0 sen), Am Bank (+7.0 sen) and Top Glove (+6.0 sen).
  • Asia benchmark staged a pullback from their recent recovery as the Nikkei fell 1.6%, spooked by the rising Covid-19 cases across the globe. The Hang Seng Index slipped 1.3%, while the Shanghai Composite finished 0.9% lower. Asia stockmarkets, meanwhile, finished mostly lower on Monday.
  • U.S. stockmarkets started off the week on a brighter note as the Dow jumped 3.2% higher following U.S. President Donald Trump’s announcement on national social distancing guidelines extended to 30th April 2020, coupled with optimism over a coronavirus treatment. The S&P 500 surged 3.4%, anchored by gains in the healthcare sector (+4.7%), whilst the Nasdaq closed3.6% higher.
  • Major European stockmarkets – the FTSE (+1.0%), CAC (+0.6%) and DAX (+1.9%), all recovered all their intraday losses to climb into the positive territory in the eleventh trading hour. In the meantime, Eurozone’s Economic Sentiment Indicator fell to 94.5 in March 2020 (from 103.4 in February 2020), marking the steepest decline since the index began in 1985.

THE DAY AHEAD

  • Expectedly, Bursa Malaysia turned lower yesterday after chalking n hefty gains in recent days as market’s focus shifted to the prospect of subdue economic performance following the rising number of Covid-19 cases. Nevertheless, the positive developments over the potential of vaccine for Covid-19 may see the recovery continue to take shape.
  • With the prevailing market sentiment turning slightly on an upbeat mode, we think that the FBM KLCI would likely to resume its’ recovery, targeting the 1,350 and 1,360 resistances level. A pullback may see the FBM KLCI to be supported at the 1,300 psychological level for the time being. However, should the aforementioned level failed to defend, the next support is pegged at the 1,250 level.
  • We take the recent pullback on the lower liners as a healthy move to allow investors to digest their recent gains before taking another stride higher. For now, buying momentum appears to have fizzled as demonstrated by the decline in trading activities. Nevertheless, the healthcare sector, particularly glove-related stocks continue to be in favour amongst investors during the period of volatility.

COMPANY BRIEF

  • Ekovest Bhd’s EkoCheras Mall has allocated more than RM10.0 mln to subsidise two months’ worth of rent for its tenants from March 1 to April 30, as well as free parking for its visitors until the end of April. The mall has remained partially open during the Movement Control Order (MCO) to support essential businesses such as supermarkets, pharmacies, and F&B outlets with delivery and takeaway services, as well as enable shoppers to get daily necessities. (The Edge)
  • LBS Bina Group Bhd has issued a RM130.0 mln perpetual Sukuk Musharakah to, among others, refinance its financing and borrowings, as well as fund its capital expenditure and asset acquisition. The sukuk represents the first tranche of its RM700.0 mln Perpetual Sukuk Musharakah Programme with a tenor of perpetual non-callable five years and an initial periodic distribution rate of 6.8 per cent per annum. (Bernama)
  • Urusharta Jamaah Sdn Bhd, the Finance Ministry’s special purpose vehicle (SPV), has ceased to be a substantial shareholder of Alam Maritim Resources Bhd, after disposing of 4.7 ml shares or a 1.3% stake in the listed company.
  • Urusharta Jamaah emerged as a substantial shareholder of Alam Maritim on 28th December 2018, when it took over Lembaga Tabung Haji’s stake in the company. The SPV previously owned a total of 92.0 mln Alam Maritim shares, equivalent to a 9.9% stake. (The Edge)

Source: Mplus Research - 31 Mar 2020

Labels: ALAM, LBS, EKOVEST
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Kim Loong Resources Bhd - Tepid Production

Author: MalaccaSecurities   |  Publish date: Mon, 30 Mar 2020, 5:28 PM


Results Review

  • Kim Loong’s 4QFY20 net profit sank 35.0% Y.o.Y to RM2.0 mln, dragged down by the lower production in the plantation and milling segment that offset the higher average selling prices (ASP) of fresh fruit bunches (FFB) and crude palm oil (CPO) in the palm oil mill segment. Revenue for the quarter declined 8.8% Y.o.Y to RM181.0 mln.
  • For FY20, cumulative net profit slipped 21.8% Y.o.Y to RM40.8 mln. Revenue for the year contracted 22.1% Y.o.Y to RM679.6 mln. The results came in below expectations with its net profit only amounting to 79.1% of our full-year forecast of RM51.5 mln, while its revenue came slightly below our expectations, amounting to 97.0% of our FY20 estimate of RM700.8 mln. The bottom line’s variance is due to the higher operational cost and effective tax rate.
  • Segment wise in 4QFY20, its plantation segment EBIT declined 2.7% Y.o.Y to RM8.9 mln on lower production. The milling operations segment’s EBIT sank 88.1% Y.o.Y to RM1.0 mln, dragged down by declined in CPO production due to the seasonally low yield cycle.
  • Despite the weaker-than-expected earnings, KLR continues to maintain a strong balance sheet, backed by with cash holdings of RM148.6 mln as oppose to a total borrowings of RM14.3 mln in 4QFY20.

Prospects

As of 4QFY20, KLR’s total planted area stood at 14,509 ha. across both Peninsular and East Malaysia. KLR continues to maintain a healthy tree profile (Immature: 11%, Young Mature: 6%, Prime Mature: 35%, Old Mature: 30% and Pre-replanting: 18%), of which approximately 71% of the group’s palm trees will be able to generate sustainable earnings over the foreseeable future. In the meantime, KLR has carried out its continuous replanting program with approximately 1400-ha. replanted in FY20 – in line with the group’s internal target of 1,000 ha. of annual replanting scheme until FY23.

In 4QFY20, KLR’s FFB production sank 44.0% Y.o.Y to 53,056 tonnes (see Appendix 1). Likewise, KLR’s CPO production declined 38.3% Y.o.Y to 55,353 tonnes (see Appendix 2) due to the seasonally low yiled cycle towards the end of the year. Palm Kernel production also decreased 38.9% Y.o.Y to 13,075 tonnes. In the meantime, KLR’s CPO extraction rate stood at 21.6% in FY20 – continues to outperform Malaysia’s average CPO extraction rate of 20.4% over the same period (see Appendix 3).

Moving into FY21, we see inventory level remain at the lower end against historical average amid the higher usage from the implementation of biodiesel mandates in Indonesia and Malaysia. This will cushion the decline from exports across other countries, particularly India and China stemmed from the Covid-19 breakout. At the same time, we see production to be tepid due to the recent Movement Control Order (MCO) initiated by the government over a period of one month as economic activities across the country comes to a standstill.

Valuation And Recommendation

As the reported earnings came below our expectations, we trimmed our net profit forecast by 13.6% and 12.0% to RM44.5 mln and RM45.4 mln for FY21 and FY22 respectively to account for the lower production, coupled with the potential slowdown in sales, before picking up towards the end of the year.

Although KLR’s share price has spiralled downwards for some 38.4% since the start of the year, we downgrade our recommendation to SELL (from HOLD) on KLR with lower target price of RM0.86 (down from RM1.41). Our target price is derived by ascribing an a lower target PER of 18.0x to its revised FY21 EPS of 4.8 sen. The ascribed target PER is in line with the industry average that rose to around 16.5x-19.5x.

We reckon that the CPO prices may trade in a volatile manner following OPEC and its’ allies disagreement to curb their production in the recent meeting. Nevertheless, the prospects of demand from the biodiesel mandate implementation from both Indonesia and Malaysia may provide some cushion the the CPO prices.

Risks to our recommendation include fluctuations in CPO prices. The volatility of CPO prices is subject to weather conditions, demand (mainly from both China and India) and supply (from both Malaysia and Indonesia). The supply of soybeans could also affect CPO prices as both products are regarded as substitutes. Should the soybean price premium against the CPO price decline overtime, demand will shift to the former product and vice versa.

 

Source: Mplus Research - 30 Mar 2020

Labels: KMLOONG
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Economic Stimulus Package 2020 – Package PRIHATIN

Author: MalaccaSecurities   |  Publish date: Mon, 30 Mar 2020, 10:12 AM


Malaysia Prime Minister Tan Sri Muhyiddin Yassin has unveiled an economic stimulus package known as Package Prihatin or “Caring Package” valued at RM250.0 bln that will benefit all Malaysians. From the amount, RM128.0 bln will be channel to protect the welfare of the people and RM100.0 bln are allocated to support businesses including small and medium enterprises.

The aforementioned economic stimulus package came in a timely manner to address the disruption of economic activities stemmed from Covid-19 that has brought about a standstill in global economic activities. The massive RM270.0 bln stimulus package (inclusive of the previously announced RM20.0 bln earlier) is also the largest ever declared by Malaysia, representing approximately 17.4% of Malaysia’s GDP in 2019. This compared to RM67.0 bln stimulus package announced to combat the subprime mortgage crisis that represented only 8.8% of Malaysia’s GDP in 2008. Nevertheless, the rollout comes at the expense of widening the country’s fiscal deficit beyond the targeted 3.2% level, potentially to 4.0%-6.5% of GDP in 2020 through issuance of debt papers.

On the whole, Package Prihatin is deemed fair to many, addressing the potential decline in private household consumption particularly in the B40 and to certain extent for M40 households, supported by the RM10.0 bln cash handout allocation under the National Caring Aid programme. This comes in light of the reduction in wages (as already adopted by certain industries such as airlines and hotels) or even retrenchment in the cards, particularly in the manufacturing sector amid the disruption of supply chain.

Already, U.S. has reported whopping 3.3 mln unemployment claims last week – beating the previous record of 695,000 claims filed the week ending 2nd October 1982. Back home, the Malaysian Association of Hotels (MAH) has reported that more than 2,000 employees have been laid off following the extension of MCO. We see the numbers continue to rise for the time being as businesses across each sector will continue to struggle over the foreseeable future.

On a brighter note, the continuation of mega infrastructure projects announced under Budget 2020 such as the East Coast Rail Link (ECRL), Klang Valley Mass Rapid Transit (KVMRT) and National Fiberisation and Connectivity Plan (NFCP) may soften the economic blow from the slowdown in consumer spending. Although these projects will proceed, we see deferments in work progress as the nation’s standstill period remained clouded by uncertainties.

For now, it is still too early to tell and assess the impact of Covid-19, given that the curve has yet to flatten with number of reported Covid-19 cases continues to see exponential rise across the globe, hitting close to the 600,000 mark as of 27th March 2020. This has led to more countries adopting the lockdown measure, whilst Malaysia may also see the MCO being extended again – depending on the situation towards mid-April 2020. The longer it takes for the situation to come under control, economics activities may take longer to recover.

Market Outlook

Package Prihatin is touted as an emergency move to cushion the slowdown in economic activities, and not to be mistaken as a move to spur economic growth. Consequently, it is seen as largely neutral with little impact on the stockmarket and we continue to think that the near-term market outlook remains sluggish despite the key index’s recent near term 11.2% recovery from the 1,207.80 level in the past week.

The FBM KLCI managed to recover its’ position above the 1,300 level in recent days, mainly spurred by the U.S. massive 3.0 trn economic stimulus package, coupled with the anticipation of Malaysia’s economic stimulus announcement towards end of the week. As it is, the recovery has left the market at the crossroads again as the focus may return to the rising number of Covid-19 cases, softer economic data performances in coming months and corporate earnings from U.S. next month will partly reflect the impact of Covid-19. Therefore, we think the market may consolidate towards the 1,300 psychological level or even back towards the 1210 support level over the near term in the absence of fresh buying catalyst. Much of the market’s near-term direction will also continue to be dictate by the performance of key overseas bourses.

On the upside, we think there will be limited room for further gains to come by towards the 1,400 and 1,455 levels due to the potentially upcoming insipid earnings performance. Following the conclusion of unexciting corporate earnings growth in 4Q2019 that was impacted by the U.S.-China trade war, we will now beset by further weakness in corporate earnings amid the global economic standstill. Much of the earnings contraction will come from the tourism, leisure, airlines, consumer and retail sectors, while the slumping commodities price performance from both the crude palm oil and crude oil, particularly the latter may see earnings in the plantation and oil & gas sector to remain bleak.

Despite the projected earnings contraction prognosis, the recent stock market slump turned Bursa Malaysia’s valuations slightly attractive, trading at 16.2x and 15.5x for 2020 and 2021 respectively – below the 10-year historical average of 17.0x. Albeit that, further downward revision in earnings estimates may come by should the economic conditions continue to deteriorate. Hence, we reckon that there little room for further upsides as we continue to monitor for developments and impact surrounding Covid-19, whilst market sentiment remain relatively frail at current juncture.

Source: Mplus Research - 30 Mar 2020

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Mplus Market Pulse - 30 Mar 2020

Author: MalaccaSecurities   |  Publish date: Mon, 30 Mar 2020, 9:52 AM


Pullback Beckons

  • Tracking the gains on Wall Street overnight, whilst monitoring on the economic stimulus package announced by the Malaysian government, the FBM KLCI (+1.1%) march higher for the fourth straight session. Consequently, the key index rose 3.1% W.o.W, recovering most of the previous week’s fall. The lower liners - the FBM Small Cap (+2.0%), FBM Fledgling (+1.6%) and FBM ACE (+2.4%), all extended their gains, while the broader market finished higher with all 13 sectors in the green.
  • Market breadth stayed positive as gainers thumped the losers on a ratio of 711-to-232 stocks. Traded volumes climbed 19.9% to 4.23 bln shares amid the upbeat market sentiment.
  • More than half of the key index constituents rose, led by Hong Leong Financial Group (+56.0 sen), Public Bank (+36.0 sen), Hartalega (+21.0 sen), Petronas Dagangan (+20.0 sen) and Tenaga (+18.0 sen). Notable advancers on the broader market include Dutch lady (+RM1.88), Panasonic (+RM1.14), Pentamaster (+52.0 sen), Ajinomoto (+50.0 sen) and LPI (+48.0 sen).
  • On the other side of the trade, Imaspro (- 10.0 sen), QL Resources (-10.0 sen), Advanced Packaging (-9.0 sen), YNH Property (-9.0 sen) and IJM Corporation (-7.0 sen) fell on the broader market. Key losers on the local bourse were Nestle (-RM1.00), Petronas Gas (-16.0 sen), IHH (-8.0 sen), PPB Group (-4.0 sen) and MISC (-3.0 sen).
  • Asia benchmark indices advanced as the Nikkei jumped 3.9%, taking cue from the positive sentiment on Wall Street overnight. Despite coming off from their session highs, both the Hang Seng Index and Shanghai Composite rose 0.6% and 0.3% respectively. Asia stockmarkets, meanwhile, finished mostly higher on last Friday
  • U.S. stockmarkets endured another rout, snapping a three-day winning streak as the Dow slipped 4.1% after the number of cases of Covid-19 recorded in the country topped the 100,000 mark. On the broader market, the S&P 500 fell 3.4% with only the utilities sector (+0.3%) outperformed, while the Nasdaq finished 3.8% lower.
  • Major European stockmarkets - the FTSE (-5.3%), CAC (-4.2%) and DAX (-3.7%), all erased their previous session gains as the number of Covid-19 cases continue to trend higher, triggering more countries to opt for a lockdown. Market sentiment turned bearish after the number of Covid- 19 cases in United States surpassed China.

The Day Ahead

  • No doubt the economic stimulus packages announced across the globe managed to halt the recent global equities meltdown. However, attention has now shifted back to the impact of Covid-19 that saw number of cases across the global rose at an exponential rate, whilst the record high number of unemployment claims in the United States gave markets a reality check to investors. After chalking some more than 120 points from the recent low, we reckon that a pullback is imminent for the FBM KLCI.
  • Although the Malaysian government has laid out massive stimulus package at the end of the week, we think that stocks across Asia, including the FBM KLCI may take a turn from their recent winning streak, with the key index potentially drifting back towards the 1,300 psychological level. Any gains, which may be difficult to come by which will see the 1,350 and 1,360 levels continue to serve as the immediate resistances.
  • The recent rebound was not encouraging, mainly spurred by the central banks move to introduce their stimulus measures. Hence, the rebound is not sustainable for a longer period as investor may opt to lock in recent profits. With the mid-tolong term dour trend still in place, the lower liners may also drift lower over the foreseeable future.

COMPANY BRIEF

  • Tenaga Nasional Bhd has set aside RM150.0 mln following the Government’s stimulus announcement that Malaysian households and businesses will get tiered rebates for six months on their electricity bills.
  • Under the tiered rebate system, 3.0 mln domestic consumers (with monthly consumption of below 200kWh) will receive a 50% rebate, while 1.5 mln consumers (with monthly consumption between 201kWh and 300kWh) will get a 25% rebate. Another 2.2 mln consumers (with monthly consumption between 301kWh and 600kWh) will get a 15% rebate. (The Edge)
  • Mlabs Systems Bhd is going to provide its video-conferencing products to Ipharmacare Malaysia Sdn Bhd to complement the latter's online pharmaceutical platform. In return, Ipharmacare will support Mlab's efforts to promote these products, which will include but not limited to video conferencing systems, messaging systems and network solutions, to its platform users and/or independent pharmacies. (The Edge)
  • As the date of the group's annual general meeting (AGM) remains uncertain, Malayan Banking Bhd (Maybank) has decided to reclassify its final cash dividend of 39 sen per share to a second interim cash dividend of the same amount, to be paid on 6th May 2020. Initially, the final cash dividend was proposed in the group’s 4Q2019 results, for the approval of shareholders at the forthcoming AGM. (The Edge)
  • Xin Hwa Holdings Bhd announced that its wholly-owned subsidiary Xin Hwa Trading & Transport Sdn Bhd (XHTT) has been appointed by Malaysia Marine and Heavy Engineering Sdn Bhd as a subcontractor of logistics services. While the contract has no firm value as it does not constitute a commitment for volume of orders, the company expects to generate revenue of about RM2.0 mln per annum from the three-year contract. (The Edge)  

Source: Mplus Research - 30 Mar 2020

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M+ Online Technical Focus - 27 March 2020

Author: MalaccaSecurities   |  Publish date: Fri, 27 Mar 2020, 10:10 AM


Buying momentum spurred the FBM KLCI higher for the third straight session as the key index closed at around the 1,328.09 level yesterday. The MACD Indicator has issued a BUY Signal, but the RSI remains below 50. Resistance will be pegged around the 1,350-1,360 levels. Support will be set around the 1,300 level.

TM has rebounded to re-test the EMA60 level on mild volumes. The MACD Histogram has extended another green bar, while the RSI is approaching 50. Monitor for a breakout above the RM3.58 level, targeting the RM3.75-RM3.92 levels. Support will be located around the RM3.37 level.

SUPERMX has experienced a short-term consolidation breakout above the RM1.54 level accompanied by rising volumes. The MACD Histogram has extended another green bar, but the RSI remains below 50. Price may advance, targeting the RM1.70-RM1.86 levels. Support will be pegged around the RM1.40 level.

PWROOT has formed a bullish engulfing candle to close above the EMA9 level on mild volumes. The MACD Histogram has extended another green bar, but the RSI remains below 50. Price may trend higher, targeting the RM2.00-RM2.08 levels. Support will be anchored around the RM1.65 level.

Source: Mplus Research - 27 Mar 2020

Labels: PWROOT, SUPERMX, TM
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Mplus Market Pulse - 27 Mar 2020

Author: MalaccaSecurities   |  Publish date: Fri, 27 Mar 2020, 9:28 AM


Ending The Week Higher

  • The FBM KLCI (+0.3%) recorded its’ third consecutive session of winning streak, taking cue from the positive sentiment on Wall Street overnight. The lower liners - the FBM Small Cap (+1.3%), FBM Fledgling (+0.9%) and FBM ACE (+0.6%) extended their gains, while the technology (-0.2%) and financial services (-0.4%) sectors underperformed the positive broader market.
  • Market breadth remained positive as gainers outpaced the losers on a ratio of 540-to-295 stocks. Traded volumes, however, shrank 18.6% to 3.53 bln shares as market sentiment remains cautious after three consecutive days of recovery.
  • Anchoring the gainers on the FBM KLCI were Nestle (+RM1.50), Petronas Gas (+32.0 sen), IHH (+28.0 sen), DIGI (+14.0 sen) and Petronas Chemicals (+14.0 sen). Significant advancers on the broader market were consumer products stocks like Carlsberg (+RM1.88), Dutch Lady (+96.0 sen), Panasonic (+60.0 sen), Ajinomoto (+38.0 sen) and Fraser & Neave (+32.0 sen).
  • Meanwhile, Rapid Synergy (-12.0 sen), Ta Ann (-12.0 sen), Vitrox (-10.0 sen) and Teck Guan Perdana (-7.5 sen) declined on the broader market. Uchi Technologies slipped 9.0 sen after warns of a potential decline in revenue. Major decliners on the FBM KLCI were Hong Leong Financial Group (-40.0 sen), PPB Group (-34.0 sen), Public Bank (- 18.0 sen), KLK (-16.0 sen) and Malaysia Airport Holdings (-10.0 sen).
  • Asia benchmark indices retreated from their recent rebound as the Nikkei slipped 4.5% as investors re-assess the stimulus package announced by the White House, whilst sentiment remain fragile with number of Covid-19 continue to rise. The Hang Seng Index slipped 0.7%, while the Shanghai Composite fell 0.6% after both indices endured a choppy trading session. Asia stockmarkets, meanwhile, finished mixed yesterday.
  • Wall Street registered their third-day winning streak as the Dow rallied 6.4% to come off from the bear market territory as the US$2.0 trn economic relief package now heads to the House of Representatives to pass it by voice vote, offsetting the record high 3.3 mln jobless claims last week. Likewise, the S&P 500 jumped 6.2% with all eleven major sectors in the green, while the Nasdaq surged 5.6%.
  • Major European stockmarkets - the FTSE (+2.2%), CAC (+2.5%) and DAX (+1.3%), all rebounded after market sentiment turned upbeat, a move in line with the positive sentiment on Wall Street. In the meantime, Bank of England kept interest rates unchanged and announced potentially increase in net asset purchases if required to cushion the impact from Covid-19.

THE DAY AHEAD

  • Stocks across Bursa Malaysia continue to build onto their recovery, supported by the passing of the stimulus package bill by the Congress in White House. With market sentiment remain upbeat, we see the local bourse likely to end the week on a positive note. However, gains could be capped as investors remain cautious on the rising cases of Covid-19 that seems to have not peaked for the time being.
  • Under the prevailing market condition, we reckon the rebound may sustain with the 1,300 level continue to be supported. Further gains may come by with the FBM KLCI potentially heading towards the 1,350 and 1,360 resistances level. In contrast, any pullback may see the FBM KLCI to be supported at the 1,300 psychological level with the next support is pegged at the 1,250 level.
  • In view of the positive general market undertone, we see the recovery to sustain as investors continue to bargain hunt from the recent slide. However, gains may be measured premised to the slowing trading activities that suggests buying momentum appears to taper with cautiousness returning to the fore.

COMPANY BRIEF

  • Sunway Construction Group Bhd’s joint venture (SunCon) Sunway Construction Sdn Bhd-RNS Infrastructure Ltd has secured a highway contract worth RM508.0 mln from the National Highways Authority of India (NHAI) in Tamil Nadu.
  • The project consists of developing a new road and widening of the existing road to four lanes on a 36.75km highway stretch in Tamil Nadu. The project will be operated under the hybrid annuity model (HAM), where NHAI will pay 40.0% of the project cost during the construction period while the remaining 60.0% will be paid over a period of 15 years as fixed annuity amount.
  • The letter of award also includes a 15- year operations and maintenance contract which will bring about an additional RM4.0 mln per annum. Work is expected to start in October 2020 and the construction period is two years. (The Star)
  • Worldwide Holdings Bhd plans to acquire an additional 40.0% stake in Tadmax Resources Bhd’s RM Pulau Indah power plant project, on top of the 35.0% stake it already owns. Tadmax received a letter dated 16th March 2020 from Worldwide expressing interest to acquire the additional 40.0% equity interest in the project company, Pulau Indah Power Plant Sdn Bhd (PIPP). (The Edge)
  • Pestech International Bhd has bagged a US$7.3 mln (RM31.8 mln) contract for a project in Cambodia, which entails works for the 230/11kV Okvau Transmission Substation for the Okvau Gold Mine. The project is the first gold mine transmission substation asset to be undertaken by its subsidiary Pestech (Cambodia) Plc and had commenced on 1st March 2020 and will be completed within 12 months of commencement. (The Edge)
  • AirAsia Group Bhd and its long-haul arm AirAsia X Bhd (AAX) will ground most of their fleet and suspend flights from 28th March 2020 except a small number, mostly within Indonesia and Thailand. To further manage and contain costs, AirAsia’s management and senior employees will forego their salary, ranging from 100% at the very top to 15%.
  • AirAsia will temporarily suspend all international and domestic flights in Malaysia from 28th March 2020 to 21st April 2020, while that of its flights operated by AirAsia Philippines will be suspended from 20th March 2020 to 14th April 2020, while AirAsia X Thailand has suspended its operations for three months since 16th March 2020. (The Edge)
  • Uchi Technologies Bhd has warned that it expects revenue in U.S. dollar terms to decline by a low double-digit for the financial year ending 31st December 32020 (FY20) on lower demand. Nevertheless, the group is confident of remaining profitable in FY20 amid the unprecedented challenges. (The Edge)
  • VS Industry Bhd’s 2QFY20 net profit retreated 12.5% Y.o.Y to RM33.2 mln, as it recorded lower sales, which resulted in revenue falling 16.2% Y.o.Y to RM820.3 mln.
  • For 1HFY20, cumulative net profit grew 4.5% Y.o.Y to RM81.3 mln. Revenue for the period, however, dropped 9.8% Y.o.Y to RM1.85 bln.
  • The group has reported order flow from customers is expected to slow in the coming months, given the extent and reach of the coronavirus, which had affected global trade activities. (The Edge)
  • Eco World International Bhd’s (EWI) 1QFY21 net profit slumped by 95.6% Y.o.Y to RM5.2 mln in the absence of higher sales registered a year prior. Revenue for the quarter slipped 42.2% Y.o.Y to RM492.7 mln. (The Edge)
  • Marine & General Bhd’s (M&G) 3QFY20 net loss stood at RM11.0 mln on the back of revenue of RM50.3 mln. There are no comparison figures due to a change in financial year end from 31st December to 30th April. For 9MFY20, cumulative net loss stood at RM31.6 mln, on the back of revenue of RM158.7 mln. (The Edge)

Source: Mplus Research - 27 Mar 2020

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