PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 27 Mar 2020, 10:29 AM


PublicInvest Research Headlines - 5 Aug 2019

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US: Factory orders rise less than expected in June. A report released by the Commerce Department on Friday showed a rebound in new orders for US manufactured goods in the month of June. The Commerce Department said factory orders rose by 0.6% in June after tumbling by a downwardly revised 1.3% in May. Economists had expected factory orders to climb by 0.8% compared to the 0.7% drop originally reported for the previous month. The rebound in factory orders came as durable goods orders surged up by 1.9% in June after plunging by 2.3% in May. (RTT)

US: Consumer sentiment index hits 98.4 in July, slightly topping June numbers. The University of Michigan’s final print on its consumer sentiment index for July came in at 98.4, matching its mid-month reading. The index was just below expectations of 98.5, according to economists polled by Refinitiv. The reading is up from the 98.2 in June. The survey also reported the strongest net personal financial expectations since May 2003. “Economic confidence has been remarkably stable since the start of 2017, despite ongoing trade uncertainties. (Reuters)

UK: After Brexit pledges, British PM Johnson announces cash injection for health. Prime Minister Boris Johnson will announce a GBP1.8bn cash injection for Britain's public health system on Monday, seeking to honour his Brexit pledges as he pushes through the country's departure from the European Union. Johnson, a figurehead for the "Leave" campaign in the 2016 referendum, has long been associated with a pledge, emblazoned on a bus, that Britain could spend GBP350m a week on the National Health Service (NHS) if the country left the EU. (Reuters)

China: Beijing responds to Trump’s new USD300bn tariff threat. China’s foreign ministry pushed back against President Donald Trump’s latest tariff threat on Friday, reportedly saying the world’s largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war. China’s spokesperson at the foreign ministry, Hua Chunying, said at a daily press briefing that Beijing would have to take countermeasures if the US was committed to putting more tariffs on Chinese goods. (Reuters)

South Korea, Japan: South Korea urges Japan to correct ‘reckless, risky’ export curb . South Korean Prime Minister Lee Nak-yon on Sunday urged Japan to correct its “reckless and risky” decision to curb exports to the country, saying that the international community is concerned about security in Northeast Asia after the latest developments. Japan is carrying out an “economic attack” against South Korea after deliberately dismissing diplomatic discussions with the country as well as arbitration by the US, Lee said. (Bloomberg)


SD Property (Outperform, TP: RM1.30): Secures 72% take-up for Laman Lakeside in Klang. Sime Darby Property saw 72% of the 24 semi-detached homes on offer at its Laman Lakeside development in Bandar Bukit Raja, Klang, Selangor taken up when it was unveiled to the public last weekend. Laman Lakeside is part of the group’s Spotlight 8 campaign and the second residential product launched in July within the Bandar Bukit Raja township, after the Kyra two-storey link homes that were launched on July 13. Kyra has achieved a takeup rate of 86% to date, said Sime Darby Property. (The Edge)

Daya Materials: Defaults on additional payments, raising total debt to RM7.7m. Practice Note 17 (PN17) company Daya Materials has defaulted on additional payments to AmBank (M) amounting to RM392,235, raising its total outstanding debt to RM7.7m. Daya Materials said its subsidiary Daya CMT SB (DCMT) has defaulted on the payment in relation to banking facilities granted by AmBank to the company. Failure to pay was due to cash flow constraints of DCMT that resulted in it not being able to meet its payment obligations to AmBank in a timely manner. (The Edge)

MRCB: Bags RM150m contract to supply chilled water to office building in Kwasa Damansara. Malaysian Resources Corporation (MRCB) has bagged a chilled water supply contract worth an estimated RM149.54m. It was awarded the contract by the Employees Provident Fund Board's (EPF) wholly-owned unit Kwasa Utama SB to supply chilled water to an office building in Kwasa Damansara for a period of 25 years from Sept 1. EPF is also a major shareholder of MRCB and has two representatives in the board of MRCB. (The Edge)

Tiger Synergy: Aborts plan to develop Rantau land. Tiger Synergy has aborted plans to develop land in Rantau, Negeri Sembilan, into a residential project as consensus on the terms and conditions of a proposed JV could not be reached. On Jan 31, Tiger's wholly-owned subsidiary Alam Kemuning Development SB had entered into a memorandum of understanding with land owners Joanna Yong Hui Fun and Datin Sek Chian Nee to jointly develop the residential project. Yong is the sister-in-law of Tiger executive chairman Datuk Tan Wei Lian, while Sek is the executive director of Tiger and also a director of Alam Kemuning. (The Edge)

KNM: Gets RM17m job from Hyundai-backed companies in Indonesia. KNM Group has secured a USD4.17m (RM17.32m) contract in Indonesia for the design, supply and delivery of shopassembled static equipment inclusive of large columns. KNM said its wholly-owned subsidiary KNM Process Systems SB has entered into a contract agreement with Jo SK E & Co Ltd, HEC Ltd, PT Rekind and PT PP (Persero) Tbk for the order meant for the RDMP RU-V Balikpapan project located at East Kalimantan, Indonesia. The RDMP RU-V Balikpapan project is operated by PT Pertamina (Persero). (The Edge)

MMHE: Reduces Q2 net loss to RM9.47m. Malaysia Marine and Heavy Engineering Holdings (MMHE) managed to reduce its losses in the 2Q19 on improved performance by its heavy engineering and marine divisions but the company remained cautious for the second half. Its net losses narrowed to RM9.47m from RM49.48m a year ago. Its revenue increased by 23.9% to RM276.45m from RM223.04m. Loss per share was 0.59sen compared with 3.09sen. It reported lower operating loss of RM8.6m compared with RM49.50m mainly due to improved performance in both segments in the current quarter. (The Star)

Market Update

US markets ended lower last Friday following an escalation in the US – China trade war while investors also digested US employment data. In a series of tweets the previous day, President Donald Trump said that a 10% charge would be imposed on USD300bn worth of Chinese imports (effective Sept 1) following his dissatisfaction on the pace of negotiations. He did however say he was open to shelving the tariffs if China stepped up its purchases of US agricultural products. Separately, the US economy added 164,000 jobs in July in line with expectations though wages gained more than expected. On the day, the Dow Jones Industrial Average and S&P 500 fell 0.4% and 0.7% respectively as the Nasdaq Composite tumbled 1.3%. European and Asian equities also declined earlier on following Trump’s tariff salvo, with China threatening to take countermeasures if the US was indeed intent on imposing the new measures. Additionally, China’s foreign ministry said that the country does not want a trade war with the US but is unafraid of fighting one. Germany’s DAX and France’s CAC 40 slumped 3.1% and 3.6% as UK’s FTSE 100 fell 2.3%. Further east, the Hang Seng and Shanghai Composite indices fell 2.4% and 1.4% while Japan’s Nikkei 225 dropped 2.1%. Singapore’s Straits Times Index and our FBM KLCI slipped 0.9% and 0.8% meanwhile.

Tiger Synergy has aborted plans to develop a plot of land in Negeri Sembilan into a residential project as agreement on the terms and conditions of a proposed joint venture could not be met. Paramount Corporation is establishing an unrated perpetual securities issuance programme of up to RM500m in nominal value. Maxis reported a drop in net profit for a fifth straight quarter on a combination of lower average revenue per user (ARPU) and termination of network sharing agreement, higher staff and resource costs, finance costs, depreciation and amortisation.

Source: PublicInvest Research - 5 Aug 2019

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