PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 23 Sep 2019, 9:36 AM


PublicInvest Research Headlines - 28 Mar 2019

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US: Trade deficit shrinks on strong soybean, auto exports. The US trade deficit narrowed by the most in 10 months in Jan as automotive exports rose and China likely boosted purchases of soybeans, driving the first increase in exports in four months and offering a respite to a flood of dour data on the economy. The politically sensitive goods trade gap with China narrowed by the most in nearly three years as imports from the world’s No. 2 economy plunged, Commerce Department data released on Wednesday showed. It totaled USD34.5bn in Jan, the narrowest since June. (Reuters)

US: January trade gap narrows as imports from China plummet. The US trade deficit pulled back in Jan from the widest level in a decade as imports from China plunged, suggesting American companies had been rushing shipments the prior month to beat an expected tariff boost. The deficit in goods and services narrowed to USD51.1bn, the Commerce Department said Wednesday, smaller than the median estimate of economists. Imports fell 2.6% while exports rose 0.9%. The merchandise-trade gap with China shrank to USD33.2bn as imports from the nation dropped 12.3%. (Bloomberg)

US: Trump directs treasury, HUD to map housing-finance overhaul plan. President Donald Trump signed a memo Wednesday calling on federal agencies to come up with a plan for overhauling the US housing-finance system, kick-starting a process that aims to address the biggest piece of unfinished business from the 2008 credit crisis. Trump directed the Treasury Department and Department of Housing and Urban Development to present ideas for ending federal control of Fannie Mae and Freddie Mac, according to the memo released by the White House. (Reuters)

EU: Markets slash ECB rate hike bets, see just 6bps of tightening in 2020. Eurozone money markets on Wednesday sharply scaled back expectations for a European Central Bank rate rise in 2020, after latest signals from ECB officials suggested they were in no hurry to tighten monetary policy. Sources told Reuters the central bank was studying ways to lower the charge that banks pay on some of their excess cash as a possible way to offset the side-effects of its ultra-easy policy on lenders. Earlier, ECB chief Mario Draghi said the bank could further delay a rate hike and may look at measures to mitigate the side-effects of negative interest rates. (Reuters)

China: Economy shows more signs of recovery, earliest data show . China’s economy is showing further signs of recovery after months of slowdown, though downward pressures still persist. That’s according to a Bloomberg Economics gauge aggregating the earliest available indicators on market sentiment and business conditions. Stocks and smaller business sentiment led the gains, while a trade gauge and a sales manager survey signaled a broader pickup. At the same time, copper prices and factory inflation pointed to weakness. To cushion the economic slowdown, the government has been directing credit toward smaller businesses and this month announced the biggest tax reduction on record. (Bloomberg)


Tenaga (Neutral, TP: RM14.12): Amir Hamzah appointed new CEO of TNB. Tenaga Nasional (Tenaga) has announced the resignation of its president and CEO, Datuk Seri Azman Mohd, and the appointment of Amir Hamzah Azizan (pic) as the group’s new CEO. The announcements put an end to much speculation over the past week that Azman had been asked to step down from his post. Azman, 61, will cease to be the group’s president, CEO and nonindependent executive director with effect from March 31. No reason was given for the resignation. (The Star)

Eco World International: In talks with institutional funds to further expand BtR segment in UK . EcoWorld Development Group’s 27%-associate Eco World International (EWI) is currently in talks with various institutional funds to expand its built-to-rent (BtR) segment in the United Kingdom. It expects the talks to culminate in some deals that will be completed within the next two years. “We are in the critical phase of negotiations,” EWI chief executive officer (CEO) Datuk Teow Leong Seng told at a press conference here, after the group's annual general meeting (AGM). (The Edge)

GHL: Bags petrol subsidy contract. GHL Systems has won a RM25.03m project to develop and implement the hardware and software applications for the government's RON95 petrol subsidy programme. The group was awarded the project via a tender process by the Finance Ministry. The terms of the contract are to be agreed and signed between the parties involved. The company will make the necessary announcements as and when the relevant approvals are received from the Ministry of Finance. (The Star)

GDB: Wins RM135m mixed development contract from TRC Synergy. GDB Holdings has bagged an RM135m contract from TRC Synergy unit for a mixed development in Ara Damansara. GDB will act as the principal works contractor for architectural, civil and structural works, as well as mechanical and electrical works. The development entails the building of two 18-storey serviced apartments, comprising 648 residential units, on an 8-storey podium with seven-storey car park and one-storey related facility on top of the podium. (The Edge)

Stone Master: To be delisted on April 8, unless appeal made. Stone Master Corp has been served a letter of suspension and delisting of its securities from Bursa Securities, after the regulator rejected its application for more time to submit a regularisation plan. The securities of the company will be delisted on April 8, unless an appeal against the delisting is submitted to Bursa Securities on or before April 3. Stone Master triggered the Practice Note 17 (PN17) note in Dec 2016. (The Edge)

Yinson: Net profit grew 6% in 4QFY19, proposes two sen dividend. Yinson Holdings saw its net profit increase 6% to RM60.7m for the 4QFY19 from RM57.14m in the previous year’s corresponding quarter. Quarterly revenue grew 12% to RM287.6m from RM257.39m a year earlier. The group proposed a final dividend of 2sen per share for the year. For the FY19, its net profit fell 20% to RM234.9m from RM292.18m in the previous year, while revenue increased 14% to RM1.03bn from RM910.16m. (The Edge)

Market Update

The FBM KLCI might open lower today after U.S. stocks on Wednesday bounced off session lows but finished in the red as sentiment remained sensitive to mounting signs of slowing global growth, reflected in falling bond yields on the heels of increasingly dovish central banks. The Dow Jones Industrial Average dropped 32.14 points, 0.1%, to 25,625.59, while the S&P 500 index fell 13.09 points, or 0.5%, to 2,805.37 with health care and energy sectors among the worst performers. The tech-laden Nasdaq Composite Index shed 48.15 points, or 0.6%, to 7,643.38. European equity markets were slightly higher, with the Stoxx 600 Europe index edging up about 0.02%. Shares in France fell as the CAC 40 dropped 0.12%. The FTSE 100 lost 0.03% while the DAX in Germany closed unchanged.

Back home, the FBM KLCI index lost 7.21 points or 0.44% to 1,642.73 points on Wednesday. Trading volume decreased to 2.07bn worth RM1.71bn. Market breadth was negative with 393 gainers as compared to 404 losers. China’s stock markets closed lower, while Japan’s Nikkei fell 0.2%, and Hong Kong’s Hang Seng Index advanced 0.6%.

Source: PublicInvest Research - 28 Mar 2019

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