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PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 30 Oct 2020, 10:22 AM

 

PublicInvest Research Headlines - 18 Jun 2020

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Economy

US: Housing starts to miss expectations; permits rebound strongly. US homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the Covid-19 crisis along with the broader economy. Other data showed applications for loans to buy a home surged to a near 11.5 year high last week. The reports followed after data showing a record surge in retail sales in May. Employers hired a historic 2.5m workers last month. Housing starts rose 4.3% to a seasonally adjusted annual rate of 974,000 units last month, the Commerce Department said. Starts declined 26.4% in April and 19.0% in March. They dropped 23.2% on a YoY basis in May. (Reuters)

EU: Banks heavily exposed to dirtiest industries, ECB says. EU banks are heavily exposed to carbon-intensive industries and face significant climate-change related risks so they must start to build capacity now to manage these, European Central Bank said. Wanting banks to take greater responsibility for their lending, the ECB has asked banks to start publicly disclosing data on their climate-related and environmental risks and told them to include these factors in longer-term business strategy. (New York Times)

EU: Construction output decline slows slightly. Eurozone's construction output declined at a slower pace in April, but the decline was still sharp, and output levels hit their record lows, as the lockdown restrictions imposed to slow the spread of Covid-19 hurt activity, preliminary data from the statistical office Eurostat showed. Construction output decreased 14.6% MoM in April after a 15.7% fall in the previous month. Among member states, the biggest monthly declines were logged in France, down 32.6%, Spain with a 26.3% fall and Slovakia with a 10% decline. On a YoY basis, construction output fell 28.4% in April after a 17.5% drop in March. Building construction plummeted 29.3% and civil engineering fell 24.5%. In the EU, construction shrank 24% annually in April with the building construction falling 24.6% and civil engineering declining 21.4%. (RTT)

EU: Car sales continue sharp decline in May. Europe's car registrations continued to fall sharply in May, though at a softer rate, as the coronavirus pandemic hurt demand and production, the European Automobile Manufacturers Association, or ACEA, reported. Passenger car sales declined 52.3% YoY in May, following a 76.3% fall in April. In March, sales fell 55.1%. Though the Covid-19 lockdown measures were eased in many countries, the number of cars sold across the European Union declined in May, the agency said. (RTT)

UK: Inflation drops to 4-year low in May as oil prices slump. British inflation fell to its lowest level since June 2016 last month as the coronavirus pandemic sucked demand from the global economy and caused oil prices to tumble, leaving the BoE free to ramp up its stimulus programme again. Consumer price inflation slowed to 0.5% from April's 0.8%, the Office for National Statistics said, in line with the average forecast in a Reuters poll of economists. Core inflation showed less of a decline, falling to 1.2% from April's 1.4%. (Reuters)

Singapore: Exports fall 4.5% in May, after three months of growth. Singapore’s non-oil domestic exports (NODX) fell 4.5% YoY in May after seeing unexpected growth in the previous month, mainly due to declines in the petrochemicals sector. This reversed three straight months of expansion, with total trade contracting 25% in May, according to official data released. On a MoM seasonally adjusted basis, NODX decreased by 4.5%, continuing a second month of decline after the previous month’s 5.1% contraction. The 8.8% decrease in May’s non-electronic domestic exports outweighed the 12.5% growth seen by the electronics sector. (CNA)

Markets

Green Packet: Deploys KipleLive thermal scanners at UKM hospital. Green Packet has deployed its KipleLive thermal scanners in UKM’s Hospital to help the hospital adhere to the standard operating procedures outlined by the Government more efficiently. The hospital has already installed the artificial intelligence thermal scanners at the main entrance of the lobby as well as other entrances. (The Edge)

Duopharma Biotech: To expand consumer healthcare business. Duopharma Biotech’s strategies moving forward include expanding its consumer healthcare (CHC) product portfolio and diversifying into high-value biologicals and niche products. The CHC business had contributed greatly to the group’s overall strong results. The sector’s strong performance was largely driven by its Flavettes Effervescent vitamin C product. (The Edge)

Sunsuria: Enters into healthcare joint-venture deal. Sunsuria entered into an agreement with Dr Tan Bo Ren and Sunsuria’s wholly owned subsidiary BRS Medicare Ventures SB to carry out integrated healthcare businesses on a JV basis. Sunsuria will subscribe for additional 699 shares and Tan will subscribe 300 shares in BRS at the issue price of RM1 each. (SunBiz)

TRC Synergy: Bags RM113.99m MRT2 sub contract. TRC Synergy has accepted a sub contract for works related to the construction and completion of elevated stations and other associated works for the MRT2 project for a total of RM113.99m. The group said the project will contribute positively to the earnings and EPS of the TRC Group in the future. (SunBiz)

MSM: Eyes profitable FY20. MSM Malaysia Holdings aims to make its FY20 a profitable one, helped by improved efficiency and higher utilisation rate at its Johor plant. The group aims to maximise the potential of MSM's Johor operations, which involve aggressive product diversification into premix and liquid sugar, besides fine syrup, to cater demand across Asia. (The Edge)

Eversendai: Issues step up free warrants. Eversendai Corp is undertaking the proposed issuance of up to 390.6m new free warrants on the basis of 1 warrant for every 2 shares. The warrants will be issued at no cost to the entitled shareholders and the initial 3-year warrant exercise price has been fixed at 32sen per warrant. The full exercise of up to 390.6m warrants, the gross proceeds to be raised is up to RM124.98m. (SunBiz)

SCIB: Announces dividend policy of at least 30% of profit. Sarawak Consolidated Industries (SCIB) has announced a dividend policy of at least 30% of profit for each financial year. SCIB reported a net profit of RM4.28m for the 1Q ended March 31, 2020, compared with RM1.59m a year earlier, mainly on the back of a sharply higher revenue. (The Edge)

MRCB-Quill REIT: Net property income stable in 1Q at RM32.8m. MRCB-Quill Real Estate Investment Trust's (MQREIT) net property income for the 1QFY20 climbed 1.29% to RM32.8m, from RM32.38m last year, thanks to higher revenue generated from Menara Shell, Wisma Technip and Tesco. The REIT noted a 0.85% increase in property operating expenses to RM9.42m from RM9.34m. (The Edge)

Market Update

US markets were mostly lower overnight amid lingering concerns over a new spread of the coronavirus. Stocks directly linked to a successful reopening underperformed, including airlines and cruise line operators. Federal Reserve Chairman Jerome Powell warned of ‘significant uncertainty’ about the economic recovery, and that small businesses are most at risk. New jobless claims numbers are set to come out later today, offering an update on the pace of the labor market’s recovery from the pandemic. The Dow Jones Industrial Average and S&P 500 fell 0.7% and 0.4%. The Nasdaq Composite gained 0.2% however. European markets were mostly higher as investors held on to hopes of economic recoveries even amid rising geopolitical tensions, the latter involving the two Koreas and separately, India and China. Healthcare stocks led gains as most other sectors also ended in positive territory. France’s CAC 40 and Germany’s DAX rose 0.9% and 0.5%. UK’s FTSE 100 inched 0.2% higher. Asian markets were mostly higher even as the International Monetary Fund said the global economy is set to see a more significant contraction than it previously forecast. On the data front, Japan’s exports plunged 28.3% YoY in May. The Nikkei 225 shed 0.6%. The Hang Seng Index and Shanghai Composite Index gained 0.6% and 0.1%.

TRC Synergy has secured a subcontract worth RM114m to build Sungai Buloh-Serdang-Putrajaya Mass Rapid Transit Line 2 (MRT2 SSP) elevated stations. Genting Malaysia said its hilltop casino will resume operations this Friday (June 19), after being shut for three months since March 18 due to the Movement Control Order. Muar Ban Lee Group is set to emerge as a substantial shareholder of Federal International Holdings, sources familiar with the matter say.

Source: PublicInvest Research - 18 Jun 2020

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