PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 23 Nov 2020, 11:55 AM


PublicInvest Research Headlines - 2 Jan 2020

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US: Consumer confidence dips from upwardly revised level. A report released by the Conference Board showed US consumer confidence dipped from an upwardly revised level in December. The Conference Board said its consumer confidence index edged down to 126.5 in December from an upwardly revised 126.8 in November. "While consumers' assessment of current conditions improved, their expectations declined, driven primarily by a softening in their short-term outlook regarding jobs and financial prospects," said the Conference Board. (RTT)

China: Manufacturing sector expands for second straight month. China's manufacturing sector expanded for the second straight month in December, official survey data showed. The manufacturing PMI held steady at 50.2 in December, according to the National Bureau of Statistics. The score was forecast to fall to 50.0. The factory PMI has stayed above 50 for the second consecutive month. Suggesting acceleration in manufacturing output, the production sub-index gained 0.6 points to 53.2 in December. (RTT)

China: Service sector activity grows at slower pace in December – official PMI. Growth in China's services sector activity cooled in December, official data showed. The official services PMI slipped to 53.5, from an eight-month high of 54.4 in November, the National Bureau of Statistics said. Beijing has been counting on a strong services sector to help offset prolonged weakness in manufacturing, which has been weighed down by weak domestic and global demand and the protracted US-China trade war. (Reuters)

Hong Kong: Trade deficit falls in November. Hong Kong's trade deficit decreased in November, amid a fall in exports and imports, data from the Census and Statistics Department showed. The trade deficit decreased to HKD26.168bn in November from HKD44.964bn in the same month last year. Economists had expected a HKD32.7bn deficit. In October, the trade deficit was HKD30.590bn. Exports fell 1.4% annually in November after a 9.2% slump in the previous month. Economists had expected a 6.2% decline. Imports decreased 5.8% in November after an 11.5% decline in the previous month. (RTT)

Hong Kong: Home prices snap 5-month decline in November, lower mortgage cap aids. Hong Kong private home prices rose 1.8% in November, gaining for the first time since May, supported by a jump in small flat transactions after the government relaxed mortgage rules. The rise compares to October's revised 1% drop as Hong Kong has been hit by sometimes violent anti-government protests since June. Small-sized flats of up to 69.9sqm led the gains last month, up 1.9%, government data showed. A flat of 60sqm on Hong Kong Island cost an average HKD10.85m (USD1.4m), according to the data. (Reuters)

Singapore: 4Q GDP growth seen picking up slightly on services boost. Singapore's economy is forecast to have expanded at a slightly faster pace in 4Q, with economists expecting the services sector to compensate for a prolonged manufacturing slowdown. GDP is expected to have expanded 0.8% YoY, according to the median of nine economists' estimates. The economy grew 0.5% in July-September. Singapore's export-oriented economy has been hit hard this year by the drawn-out trade war between the US and China as well as a cyclical downturn in the electronics sector. (Reuters)


E&O (Neutral, TP: RM0.75): In JV with Japan's largest developer for RM348m luxury residences project . Eastern & Oriental (E&O) and Mitsui Fudosan Co Ltd have inked a JV agreement to develop luxury residences with a GDV of RM348m in Damansara Heights. E&O said the JV will be undertaken between its indirect wholly owned subsidiary KCB Holdings SB (KCBH) and Mitsui Fudosan's indirect wholly-owned subsidiary Mitsui Fudosan (Asia) Malaysia SB (MFAM) via a new JV. It said the new JV will be 51% held by KCBH while MFAM will hold the remaining 49%. E&O said the new JV will acquire 14 plots of freehold land located in Damansara Heights for RM88.33m from Ambangan Puri SB. (The Edge)

FSBM: Slips into PN17 status after auditor expressed disclaimer of opinion on accounts. FSBM Holdings has lapsed into PN17 status after a disclaimer of opinion was issued on its audited financial statements for the financial year ended June 30, 2018 (FY18). FSBM’s auditors expressed the disclaimer of opinion as they could not obtain enough appropriate evidence to provide a basis for an audit opinion. (The Edge)

George Kent: Chairman Tan Kay Hock to take legal action against author, publisher . George Kent (M) chairman Tan Sri Tan Kay Hock says it will take legal action against Focus Malaysia and one of its writers for their report suggesting that Tan will sell his stake in the company. He said the publication made no attempts to contact him prior to the article’s publication and that the statements made in the article are fictitious. As of April 30, 2019 Tan owned direct and indirect stakes of 4.99% and 39.15%. (The Edge)

JHM: To transfer to Main Market. JHM Consolidation plans to transfer its listing to the Main Market from the ACE Market. The group said it has satisfied the required profit track record for the transfer, demonstrating a healthy financial position and liquidity, and an adequate public shareholding spread. Its application to the Securities Commission for the proposed transfer is expected to be made within the next three months. (The Edge)

TDM: Buys stake in TH Plantations subsidiary . TDM is buying a 70% stake in THP-YT Plantation SB from TH Plantations (THP) for consideration of RM7m. TDM said as part of the purchase of the stake, comprising of 25.90m shares, TDM and THP agree to settle part of the inter-company advances by THP-YT to THP Suria Mekar SB (THSM) – a unit of THP – of RM78.68m. It said part of the advances of RM62m shall be settled by a facility sum to be taken by the company from a bank. (Starbiz)

Pos Malaysia: Offers luggage shipping service to umrah pilgrims. Pos Malaysia is offering a luggage shipping service to Malaysians performing the umrah pilgrimage from Jan 1, 2020 to facilitate their return to Malaysia. Group chief executive officer Syed Md Najid Syed Md Noor said the service provides an easy, worry-free option for Malaysians who have performed their umrah. “With the extension of our luggage services to Madinah, Malaysian pilgrims can use this service to facilitate the shipping of their luggage home. “It could help reduce the burden on them, enabling them to avoid costly excess luggage fees”. (Bernama)

Market Update

US markets closed out 2019 on a positive note with its 3 key benchmarks all ending 0.3% higher on the day. The Dow is up 22.3% for the year, its best annual performance since 2017. The S&P 500 is up 28.9% for the year, its best since 2013 while the Nasdaq Composite is up 35.2%, its best one-year performance in the last 6 years. On a separate note, President Donald Trump tweeted that he will be signing the phase-one trade deal with China on Jan 15. European markets limped across the finishing line, though most still had strong gains for the year. Markets in Germany, Italy and Switzerland were closed this recent Tuesday. UK’s FTSE 100 fell 0.6% as France’s CAC 40 dipped 0.1%. Asian equities were mixed in relatively light trading, with markets in Australia and Hong Kong closing early and markets in Japan and South Korea already shut for the year. The Shanghai Composite Index inched 0.3% higher on the day as its official Purchasing Managers’ Index reading came in slightly above expectations. The Hang Seng Index fell 0.5% while the FBM KLCI succumbed to some late selling pressure to slump 1.7% on the day.

FSBM Holdings has lapsed into PN17 status after a disclaimer of opinion was issued on its audited financial statements for the FY18 financial year. Eastern & Oriental and Mitsui Fudosan Co Ltd have inked a JV agreement to develop luxury residences with a gross development value of RM348m in Damansara Heights.

Source: PublicInvest Research - 2 Jan 2020

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