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Author: MalaccaSecurities   |   Latest post: Fri, 22 Oct 2021, 9:04 AM


Mplus Market Pulse - 15 Sept 2021

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Still downbeat 

Market Review

Malaysia: The FBM KLCI (-0.9%) retreated for the fourth straight session as sentiment turned dour in the second half of the trading session yesterday. The lower liners were also extended their losses, while the technology sector (+0.8%) outperformed the negative broader market.

Global markets: The US stockmarkets resume their decline as the Dow (-0.8%) retreated on the weaker-than-expected inflation data in Aug 2021 that only rose 0.3% MoM vs. consensus expectations of 0.4% MoM increase. Both the European and Asia stockmarkets finished mixed.

The Day Ahead

The FBM KLCI sank for a fourth consecutive session as the key index accelerated to the downside throughout the session, mainly dragged down by PMETAL and most banking heavyweights. Concerns over the possible interest rate exemption for loan moratorium repayments, coupled with the possibility of imposing windfall tax spooked the market. However, we believe market may be turning oversold soon and likely to expect bargain hunting activities to emerge. Meanwhile, both the CPO and crude oil prices extended gains, while the Baltic Dry Index (BDI) continued its uptrend movement.

Sector focus: Still, we believe investors could focus on recovery sectors such as aviation and consumer related following the business reopening under the National Recovery Plan. Besides, plantation and oil & gas counters may gain traction following increasing commodities prices and given the BDI continues to stay elevated, traders may look into transportation & logistics sector over the near term.

FBMKLCI Technical Outlook


The FBM KLCI fell below the 1,560 immediate support level and the daily EMA120 level. Technical indicators turned negative as the MACD Histogram has extended a red bar, while the RSI hovered below the 50 level. Should the key index continue hovering below the 1,560 level, next support is located around 1,535, while the resistance is pegged along 1,580-1,600.

Company Brief

Kejuruteraan Asastera Bhd (KAB) has executed a term sheet with YTL Global Ventures to commence a new venture in the robotics solutions business. The parties will incorporate a joint venture company named KAB Robotic and Automation Solutions Sdn Bhd with a total initial equity capital of RM100,000. KAB will own a 70.0% equity stake in the JV while YLGV will own the remaining 30.0%. (The Star)

Datuk Eddie Ong Choo Meng has emerged as the substantial unitholder in KIP Real Estate Investment Trust (KIP REIT), after acquiring a 9.9% stake in the group. Eddie, via his 90.0%-held Hextar Rubber Sdn Bhd, bought the stake comprising 50.0m units via a direct business transaction which took place on 9th September 2021. (The Edge)

Unisem (M) Bhd’s plants in Ipoh have resumed operations yesterday after obtaining approval from the Ministry of Health (MoH) on 13th September 2021. The reopening of the plants comes a day earlier than initially anticipated after being ordered by the MoH to shut down its plants in Ipoh between 8th September 2021 and 15th September 2021. (The Edge)

Menang Corp (M) Bhd has scrapped its proposed private placement exercise to raise RM21.4m for the group’s debt repayment. It was reported in April 2021 that the group would be placing out 48.1m shares or 10.0% of its share capital to third party investors at an indicative price of 44.5 sen. (The Edge)

British American Tobacco (Malaysia) Bhd (BAT Malaysia) has unveiled its new four-pillar sustainability strategy, where the mission of harm reduction will be a priority for the group. The key focus on harm reduction is being able to provide a range of harm-reducing products that are less risky than traditional tobacco products. (The Edge)

Kelington Group Bhd wholly-owned subsidiary Kelington Technologies Sdn Bhd has received an award of contract from a undisclosed multinational company based in the US at Sama Jaya Free Industrial Zone in Kuching to undertake the construction work with respect to its Sarawak Expansion Project. The contract value is about RM420.0m, subject to the actual amount of work carried out, depending on variation orders, scope options and value engineering. works shall commence in mid-September 2021 and are expected to be completed by 31st December 2022. (The Edge)

OpenSys (M) Bhd’s subsidiary OpenSys Technologies Sdn Bhd has partnered with the market operator of peer-to-peer (P2P) financing platform Fundaztic, Peoplender Sdn Bhd, to become the first P2P financier on OpenSys Technologies’ buySolar platform. Fundaztic will be offering a total of RM5.0m in financing to small and medium enterprises (SMEs) which wish to go solar with ease and confidence. (The Edge)

Amcorp Properties Bhd’s 1QFY22 net loss widened to RM7.3m, from a net loss of RM0.9m recorded in the previous corresponding quarter, on higher expenses. Revenue for the quarter, however, increased 25.4% YoY to RM26.2m. (The Edge)

HIL Industries Bhd’s 2QFY21 net profit jumped 99.1% YoY to RM4.3m, boosted by stronger contributions from its manufacturing segment. Revenue for the quarter grew 16.8% YoY to RM25.6m. (The Edge)

Magni-Tech Industries Bhd’s net profit for the first quarter ended July 31, 2021 (1QFY21) fell 21.34% to RM21.05 m from RM26.76 m a year earlier, due to higher cost of sales coupled with the adverse effects of the lockdown. Revenue was up 4.7% to RM305.57 m from RM291.99 m in 1QFY20, on higher sales order for garments. (The Edge)

T7 Global Bhd has proposed a private placement of up to 20.0% of its issued shares to raise up to RM43.9m, which will be earmarked mainly to finance the group’s working capital requirements. The shares will be placed out to third-party investors at an issue price that will be fixed at a later date. (The Edge)

GHL Systems Bhd's payment touchpoints across Malaysia, Thailand, the Philippines and Indonesia will now be able to offer Buy-Now-Pay-Later (BNPL) option to consumers, as GHL partners with BNPL platform Atome to expand its payment offerings across the region. (The Edge)

Johor Corp Bhd (JCorp), the State-controlled investment arm of Johor, has re-emerged as the largest shareholder of Damansara Holdings Bhd after buying a 49.6% stake in the company for RM78.9m. JCorp through wholly-owned Absolute Ambient Sdn Bhd has bought the stake comprising 157.8m shares from Seaview Holdings Sdn Bhd at 50 sen per share. (The Edge)

Source: Mplus Research - 15 Sept 2021

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