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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 27 Nov 2020, 11:04 AM

 

PublicInvest Research Headlines - 23 Dec 2019

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Economy

US: Consumer sentiment improves slightly more than initially estimated. Consumer sentiment in the US improved by slightly more than initially estimated in the month of Dec, according to a report released by the University of Michigan on Friday. The report said the consumer sentiment index for Dec was upwardly revised to 99.3 from the preliminary reading of 99.2. Economists had expected the index to be unrevised. With the upward revision, the consumer sentiment index for Dec is even further above the final Nov reading of 96.8. (RTT)

US: Personal income climbs more than expected in Nov. After reporting a slight uptick in US personal income in the previous month, the Commerce Department released a report on Friday showing a notable acceleration in the pace of income growth in the month of Nov. The report said personal income climbed by 0.5% in Nov after inching up by a revised 0.1% in Oct. Economists had expected personal income to rise by 0.3% compared to the virtually unchanged reading originally  reported for the previous month. Real disposable income, which is adjusted to remove price changes, also rose by 0.4% in Nov after dipping by 0.2% in Oct. The Commerce Department said personal spending also climbed by 0.4% in Nov following a 0.3% increase in Oct. The spending growth matched economist estimates. (RTT)

US: Economic growth unrevised at 2.1% in 3Q, matching expectations . A report released by the Commerce Department on Friday showed US economic growth in the third quarter was unrevised from the previous estimate. The Commerce Department said real GDP jumped by 2.1% in the 3Q, unchanged from the estimate released last month and in line with economist expectations. The unrevised GDP growth in the third quarter reflects a modest acceleration from the 2.0% increase seen in the 2Q. GDP growth was unrevised as upward revisions to consumer spending and non-residential fixed investment were offset by a downward revision to private inventory investment. (RTT)

US, China: Trump says trade deal with China to be signed 'very shortly'. President Donald Trump on Saturday said the US and China would “very shortly” sign their so-called Phase One trade pact. “We just achieved a breakthrough on the trade deal and we will be signing it very shortly,” Trump said. The Phase One deal was announced earlier this month as part of a bid to end the months-long tit-for-tat trade war between the world’s two largest economies, which has roiled markets and hit global growth. Under the deal, the US would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products. (Reuters)

EU: Eurozone current account surplus rises in Oct. The euro area current account surplus increased in Oct driven by trade surplus and primary income, data from the ECB showed Friday. The current account surplus advanced to EUR32bn from EUR28bn in the previous month. The surplus on trade in goods increased to EUR30bn from EUR27bn and the surplus on services remained unchanged at EUR10bn. Primary income increased to EUR6bn from EUR4bn. At the same time, the shortfall in secondary income held steady at EUR13bn. In the twelve month period to Oct, the current account posted a surplus of EUR324bn or 2.7% of euro area GDP, compared with a surplus of EUR373bn in the same period last year. (RTT)

UK: Economy's growth in 3Q revised up, smallest current account gap since 2012. Britain's economy grew a little faster in the 3Q than first estimated and the country's current account deficit shrank to its smallest since 2012, a small boost ahead of what looks set to be a sluggish end to the year ahead of Brexit. The world's fifth-biggest economy grew 0.4% in the 3Q of the year, better than a previous estimate of 0.3% and boosted by upward revisions to services and construction output, figures from the Office for National Statistics (ONS) showed. (Reuters)

UK: Names Bailey to lead BOE through Brexit. Britain's new government named Andrew Bailey as the next BOE boss on Friday, entrusting one of the City of London's most experienced regulators with steering the world's fifth-biggest economy and its vast finance industry through Brexit. Bailey worked for 30 years at the BOE, where he was central to efforts to shore up the British banking system during the global financial crisis. In 2016 he moved to his current role running the Financial Conduct Authority, which is responsible for cracking down on financial misconduct. "Andrew was the stand-out candidate in a competitive field," finance minister Sajid Javid said. "He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country." (Reuters)

Markets

PetGas: Announces new tariffs for three facilities for Jan 2020 to Dec 2022 period. Petronas Gas announced that the Government, via the Energy Commission (EC), has approved new gas tariffs under the Incentive-Based Regulation for two years starting Jan 1, 2020, for three of its facilities. The tariff has been set at RM1.129/GJ for its Peninsular Gas Utilisation facility or PGU, at RM3.455/GJ for its Regasification Terminal Sg Udang in Melaka, and at RM3.485/GJ for its Regasification Terminal Pengerang in Johor. These new tariffs will remain in effect until Dec 31, 2022, a period termed as regulatory period one. (The Edge)

Pestech: Clinches RM70.5m EPCC job from PNG Power in Papua New Guinea. Pestech International has won a USD17.03m (RM70.5m) engineering, procurement and construction contract from PNG Power Ltd (PPL), in relation to the latter's Port Moresby Power Grid Development Project in Papua New Guinea. The contract covers procurement of plant design, supply and installation comprising the system study for the distribution network. The contract is the third project awarded to Pestech by PPL. This follows the first contract awarded to Pestech in 2008 and another in 2016. (The Edge)

Paragon Globe: To buy land and hospital project in Sepang from MD. Paragon Globe has announced a plan to acquire land and a project to build a private hospital in Sepang, Selangor from its managing director Datuk Sri Edwin Tan Pei Seng in a RM52.9m deal. This is the group's first venture into healthcare business. It had agreed to subscribe to 52.9m new shares in Builtech Acres Sdn Bhd for RM52.9m cash. The share purchase will give the company a 99% stake in Builtech Acres, which is a private company owned by Tan. (StarBiz)

OCK Group: Acquires RE power generation company worth RM31.65m. OCK Group is acquiring a 100% equity interest in renewable energy power generation company Green Leadership SB for a cash consideration RM31.65m. OCK said it has entered into a conditional shares sales agreement (SSA) with Green Leadership for the acquisition. Upon completion of the acquisition, Green Leadership will become an indirect subsidiary of OCK. OCK will purchase the stake in cash and finance the acquisition through equity funding. (The Edge)

Brahim’s: Offers substantial stake to frozen food company in bid to exit PN17. Brahim's Holdings plans to sell a substantial stake in the group to frozen food manufacturing company MRI VC. The group has inked a heads of agreement (HoA) with MRI VC, where the latter is considering taking up the stake in Brahim's and take part in a proposed rights issue. As part of the HoA, MRI VC has paid a RM2m deposit for the Brahim's shares it is considering to take up. (The Edge)

Construction (Neutral): Review of MRT3 under way. A review of the Mass Rapid Transit Line 3 (MRT3) or MRT Circle Line project is under way and various new funding options, including possibly getting real estate developers and owners to partially fund the project may be explored. Experts said several models including that of Singapore and Hong Kong’s “Rail plus Property” are being studied to see how the private sector can participate to partly fund the development as the government was not in a position to fully fund MRT3’s development. (StarBiz)

Market Update

The FBM KLCI might open higher today after US stock indices again set records Friday, after encouraging US economic data and optimism about international trade deals helped end the decade’s last full week of trading on a high note. The benchmark S&P 500 index rose for seven of the last eight days and has now risen for four consecutive weeks. The Dow Jones Industrial Average rose 78.13 points, or 0.3%, at 28,455, the S&P 500 index added 15.85 points, or 0.5% to 3,221.22, while the Nasdaq Composite index picked up 37.74 points, or 0.4%, at 8,924.96. In other US economic data, Americans increased spending in November at the fastest rate in four months, suggesting households still have plenty of buying power to keep the economy growing at a steady pace through the holiday shopping season. In Europe, stocks closed mostly higher, as reflected by the Stoxx Europe 600’s 0.8% gain Friday and 1.6% jump for the week.

Back home, the FBM KLCI closed 14.46 points or 0.91% higher to 1,610.18 points, mainly supported by window dressing activities. Across in Asia, Japan's Nikkei 225 dropped 0.2%, South Korea's Kospi grew 0.35% while Hong Kong's Hang Seng was up 0.25%.

Source: PublicInvest Research - 23 Dec 2019

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