PublicInvest Research

Author: PublicInvest   |   Latest post: Thu, 28 May 2020, 10:00 AM


PublicInvest Research Headlines - 8 Apr 2020

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EU: Weighs a half-trillion euro plan to stem virus recession. It’s crunch time for the European Union as it strives to stem a virus-led downturn that could eclipse the severity of the Great Recession more than a decade ago. The EU’s finance ministers will seek to endorse a list of measures worth more than half a trillion euros to mitigate the impact of the coronavirus on the region’s economies. If enough headway is made, the bloc’s leaders could debate and sign off on the measures later in the week. (Bloomberg)

EU: German construction activity falls most in 7 years on Covid-19 outbreak. Germany's construction activity decreased at the sharpest rate in seven years in March with declines in all sub groups as firms cut jobs amid weaker demand due to the coronavirus outbreak, survey data from IHS Markit showed. The Construction PMI fell to 42 from a 25-month high of 55.8 in February. The construction sector shrunk for the first time in seven months. (RTT)

EU: German industrial output expands unexpectedly. German industrial production grew unexpectedly in Feb as the coronavirus pandemic was yet to have any notable impact on industry, data from Destatis revealed. Industrial production grew 0.3% MoM in Feb, confounding expectations for a decline of 0.9%. Nonetheless, the pace of growth eased from Jan's 3.2% rise. On a yearly basis, industrial production declined 1.2% after falling 0.9% in Jan. Excluding energy and construction, industrial production was up 0.4% in Feb. (RTT)

UK: Housing market on hold due to coronavirus crisis – Halifax. Britain’s housing market is largely on pause due to the government’s coronavirus lockdown which will make it hard to calculate price changes, but it is too soon to gauge the long-term impact, mortgage lender Halifax said. Halifax said house prices in March were flat MoM - the first time they did not rise in five months - after a 0.2% rise in Feb. In annual terms, house prices rose 3.0% in March, speeding up from growth of 2.8% in February but a smaller increase than the Reuters poll forecast of 3.3%. (Reuters)

Japan: Declares coronavirus emergency and approves a near USD1trn stimulus package. Japanese Prime Minister Shinzo Abe declared a state of emergency to fight new coronavirus infections in major population centers and unveiled a stimulus package he described as among the world’s biggest to soften the economic blow. The state of emergency, giving authorities more power to press people to stay at home and businesses to close, will last through May 6 and be imposed in the capital, Tokyo, and six other prefectures — accounting for about 44% of Japan’s population. (CNBC)

Japan: Household spending eases 0.3% on year in February. The average of household spending in Japan was down 0.3% YoY in February, the Ministry of Internal Affairs and Communications said - coming in at JPY271,735. That beat expectations for a decline of 3.4% YoY following the 3.9% annual drop in Jan. (RTT)

Singapore: MAS to adjust banks’ capital requirement to help sustain lending amid Covid-19 pandemic. Banks will see their capital and liquidity requirements adjusted to help sustain their lending activities amid the Covid-19 pandemic, among other fresh measures announced by the Monetary Authority of Singapore (MAS). This move to ease requirements and supervisory programmes of financial institutions (FIs) is to enable them to focus on dealing with issues related to the virus outbreak and support their customers, said MAS. (The Straits Times)

India: Jobless rate is above 23% amid lockdown, survey shows. India’s unemployment rate could have climbed to more than 20% as the economy lost jobs after a nationwide lockdown took effect in the last week of March, according to a survey by the Center for Monitoring Indian Economy Pvt. The jobless rate was 23.4% for the week ended April 5 based on a sample size of 9,429 observations, Mahesh Vyas, the CEO of CMIE, said. (Bloomberg)


CIMB (Outperform, TP: RM4.90): To temporarily waive RM1 fee levied on Tabung Haji account transactions. CIMB Group Holdings will be temporarily waiving its RM1 fee on transactions to Lembaga Tabung Haji (TH) accounts made via its automated teller machines (ATMs) and cash deposit machines (CDMs). It said CIMB Bank and CIMB Islamic Bank will be implementing the waiver in line with the pilgrim fund's direction and consistent with the industry and government's initiatives to make banking transactions more convenient for the public during the MCO period. (The Edge)

MISC: Secures two long-term charter contracts from France’s Total SA . MISC’s wholly-owned AET Tanker Holdings SB has secured long-term charter contracts to own and operate two newly built LNG Dual Fuel VLCCs (very large crude carriers) from Chartering and Shipping Services SA, a wholly-owned subsidiary of Total SA. The contracts were awarded to AET’s vessel-owning entity, AET Inc Ltd, and the charters are expected to commence in 2022, said MISC. (The Edge)

SCIB: Plans private placement to raise RM66.5m to fund future projects . Sarawak Consolidated Industries (SCIB) is proposing to undertake a private placement to raise RM66.52m to fund the company’s upcoming construction projects. The proposed private placement, which it said will help fund SCIB’s working capital for current and future projects, will involve an issuance of up to 36.75m new shares, representing 30% of SCIB’s enlarged total number of issued shares. The placement will be implemented in tranches within six months from approval, with the issue price to be determined by the board at a later date, it added. The private placement is expected to be completed by the 4Q of 2020, it said (The Edge)

LKL International: Clinches RM7m deal to supply PPE to Sarawak health department. LKL International has secured a contract to supply personal protective equipment (PPE) to the Sarawak state health department, valued at RM7.08m, to tackle the Covid-19 outbreak. (SunBiz)

Binasat: Proposes private placement to fund new data centre. Binasat Communications has proposed a private placement exercise to raise up to RM5.8m, mainly to fund the installation of a new data centre at its satellite teleport facility. The company intends to issue up to 26m shares, equivalent to 10% of its outstanding shares, to be placed to independent third party investors to be identified later. It said the exercise could raise between RM4.92m and RM5.81m, out of which RM4m will be allocated for its new data centre. “Further[more], the group also plans to capitalise on the new data centre to obtain more contracts for the provision of satellite support services,” Binasat said. (The Edge)

Heineken: Confirms government’s approval overturn. Heineken Malaysia has confirmed that the government approval it received in early April to resume limited operations has been cancelled with immediate effect. The group said it will continue to suspend operations of the Sungei Way brewery. (SunBiz)

PRG Holdings: CEO steps down after less than a year at the helm. PRG Holdings CEO Na Chun Wee has resigned from the position and as the group’s executive director. PRG said Na resigned with immediate effect due to “personal reasons”. He was appointed as the group’s CEO on May 1, 2019. (The Edge)

Market Update

The FBM KLCI might open weaker today after US stocks finished lower Tuesday, far from session highs, thwarting a second session of gains despite signs that the COVID-19 pandemic may be leveling off in parts of the world. Markets also kept an eye on further planned US measures to help dampen the recessionary impact of shutdowns and business closures intended to limit the epidemic. The Dow Jones Industrial Average lost 26.13 points, or 0.1%, to finish at 22,653.86, the S&P 500 index shed 4.27 points, or 0.2%, to end at 2,659.41, and the Nasdaq Composite Index fell 25.98 points, or 0.3%, closing at 7,887.26. At session highs early Tuesday, the Dow had gained 937.25 points, or 4.1%, the S&P 500 rose 93.21 points, or 3.5%, and the Nasdaq gained 233.20 points, or 2.9%. In Europe, stocks finished trading higher, with the Stoxx Europe 600 gaining 1.9%, its second day in a row of gains.

Back home, the FBM KLCI closed up 28.23 points or 2.1% at its intraday high at 1,369.92 after Asian equity indices ended higher on hopes the Covid-19 outbreak is slowing and as investors anticipated a truce in the Saudi Arabia-Russia crude oil price war. The price war has increased supply of the commodity and sent prices lower. In the region, stocks closed significantly higher. The China CSI 300 rose 2.3%, Hong Kong’s Hang Seng Index added 2.1% and Japan’s Nikkei 225 rose 2%.

Source: PublicInvest Research - 8 Apr 2020

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