PublicInvest Research

Author: PublicInvest   |   Latest post: Wed, 20 Jan 2021, 11:39 AM


PublicInvest Research Headlines - 21 Apr 2020

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EU: Eurozone trade surplus increases in Feb. The euro area trade surplus increased in Feb as exports increased from Jan amid a fall in imports. The trade surplus rose to a seasonally adjusted EUR25.8bn in Feb from EUR18.2bn in Jan. Exports grew 1.8 % on a monthly basis, while imports decreased 2.3% from Jan. YoY exports gained 1.6 % in Feb. On the other hand, imports fell 1%. (RTT)

EU: Eurozone current account surplus increases in Feb. The euro area current account surplus increased in Feb, driven by a rise in visible trade surplus. The current account surplus rose to EUR40bn from EUR32bn in Jan. In the same period last year, the surplus totalled EUR28bn. The surplus on trade in goods increased to EUR33bn from EUR30bn. Meanwhile, the surplus on services fell to EUR5bn from EUR8bn a month ago. (RTT)

EU: Germany producer prices fall for second month. Germany's producer prices declined for the second straight month in March. The producer price index fell 0.8% YoY in March, following 0.1% decrease in Feb. This was in line with economists' expectations. Among the components, prices for energy declined 4.7% annually in March and intermediate goods prices decreased 2.1%. Meanwhile, prices for non-durable consumer goods grew 4.2% and those of durable consumer goods and capital goods rose by 1.5% and 1.2% respectively. (RTT)

UK: Recovery after lockdown may be slowed by caution - BOE. BOE’s Deputy Governor Ben Broadbent said that Britain’s economy might be slow to recover once the government relaxes its coronavirus lockdown, if people remain wary about resuming their everyday lives as before. A 35% contraction in Britain’s economy in the 2Q, included in a scenario from the country’s budget forecasters, did not look unrealistic. In addition, British inflation is expected to fall due to tumbling global oil prices while the CPI is expected to sink below 1% in the coming months, less than half the BOE’s 2% target. (Reuters)

HK: Jobless rate reaches highest level in more than 9 years. HK's jobless rate rose to its highest level in more than nine years in the 1Q. The jobless rate increased to 4.2% during Jan to Mar from 3.7% during the Dec to Feb period. The latest unemployment rate was the highest in more than nine years. The number of unemployed persons increased to 162,200 during the three months ended March from 134,100 in the preceding period. (RTT)

India: Central bank has list of policy options to combat crisis. India’s central bank has several policy options to draw upon to cushion the economic blow from the coronavirus pandemic. With a limited fiscal response so far, the Reserve Bank of India has taken the lead in providing virus relief to the economy. It has cut interest rates by 75 basis points, injected more than USD50bn of liquidity into the financial system, imposed a moratorium on loan repayments and relaxed some regulations on bad loans. (Bloomberg)


KKB Engineering: Secures RM15m contract from Sarawak Energy . KKB Engineering has secured a RM15m tender for the supply and delivery of steel poles from Sarawak Energy. KKB said the contract is expected to contribute positively to the earnings and net assets of the group for the FYE Dec 31, 2020. "Risk factors affecting the contract include execution risk such as COVID-19's Movement Control Order, availability of skilled manpower and materials, change in pricing, weather conditions and/or political, economic and regulatory conditions," it said. (StarBiz)

UEM Edgenta: Teams up with Kaodim on vendor procurement enterprise platform. UEM Edgenta has teamed up with Kaodim SB — a regional e-marketplace services provider — to kick-start a collaboration between them, with an immediate pilot roll-out to a client of UEM Edgenta with a nationwide presence. Under the collaboration, Kaodim will provide an enterprise platform solution for UEM Edgenta’s vendor procurement and delivery of services, the first-of-its-kind in the asset management and infrastructure solutions space. (The Edge)

FGV: Ceases ops at five palm oil mills in Sabah’s Sahabat region. FGV Holdings has voluntarily ceased operations at five palm oil mills within the Sahabat region in Lahad Datu, Sabah, after police enhanced the Movement Control Order (MCO) in the area following the detection of 11 Covid-19 cases. (The Edge)

M3 Tech: Partners AT Systemization in Covid-19 disinfection chamber business . M3 Technologies (Asia) and AT Engineering Solutions SB, a unit of AT Systematization (ATS) has inked a Memorandum of Collaboration for the supply, provision enhancements and value additions to the anti-epidemic integrated disinfection chambers in the fight against COVID-19. The collaboration includes software design as well as fluid connectivity between all components implementation. ATS has developed and is in the process of manufacturing disinfection chambers, designed to be installed at the entrance of any building. Apart from sanitising the person via the use of sanitising spray, the disinfection chambers will also measure body temperature. (Bernama)

Nexgram: Partners with Indonesian firm to sell medical devices . Nexgram Holdings has teamed up with Indonesia’s PT Mitra Abadi Propertindo Utama (MAPU) to sell medical test kits in Indonesia and other Southeast Asian markets. MAPU has estimated that it will require 500,000 sets of detection and diagnostic kits and 500,000 sets of rapid test kits this year. (The Edge)

Ajiya: 1Q net profit triples despite lower revenue . Ajiya’s net profit for the 1QFY20 almost tripled to RM3.1m or 1.05 sen per share, from RM1.05m or 0.35 sen a year earlier, despite recording lower revenue. The metal roofing and safety glass maker said profit before tax swelled from the corresponding period in the preceding year partly due to higher interest and other income received. On its prospects, the group said the Covid-19 pandemic and the Movement Control Order (MCO) imposed by the government will have a major impact on the company’s performance outlook for the FY, which remains uncertain and challenging. “However, the group is undertaking various measures in its pursuit to achieve a firmer foundation for sustainable long-term growth and to weather through the challenges ahead.” (The Edge)

Market Update

The FBM KLCI might open lower today after US stocks finished near session lows Monday as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic. The Dow Jones Industrial Average tumbled 592.05 points, or 2.4%, to settle at 23,650.44. The S&P 500 index lost 51.40 points, or 1.8%, to close at 2,823.16. The Nasdaq Composite Index shed 89.41 points, or 1.2%, to end at 8,560.73, after briefly flipping into positive territory. In Europe, the FTSE 100 Index closed 0.5% higher while the Stoxx Europe 600 finished 0.7% higher.

Back home, the FBM KLCI closed up 5.78 points or 0.41% at 1,413.12 with Asian share indices, after China cut its benchmark lending rate by 20 basis points to 3.85% and as investors weighed the progress in the global effort to curb the Covid-19 pandemic. Top active stock AAX ended with some 484 million shares traded, while AirAsia Group saw about 173 million shares transacted. AAX’s share price closed up 4.5 sen or 56.25% at 12.5 sen, while AirAsia Group rose 8.5 sen or 10.83% to 87 sen, after the budget airline said on Friday that it is set to resume its scheduled domestic flights, following a thorough review on its operations in light of the Covid-19 pandemic. In the region, the Shanghai Composite Index ended 0.5% higher while CSI 300 Index finished up 0.4% and Japan’s Nikkei 225 Index closed down 1.2%.

Source: PublicInvest Research - 21 Apr 2020

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