PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 4 Dec 2020, 10:06 AM


PublicInvest Research Headlines - 28 Jul 2020

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US: Durable goods orders advanced more than forecast in June. US orders for durable goods rose more than expected in June, led by a spike in demand for motor vehicles and a pickup in business activity more broadly as states reopened their economies. Bookings for durable goods, or goods meant to last at least three years, increased 7.3% in June, after a downwardly revised 15.1% surge in May, Commerce Department data showed Monday. The median estimate in a Bloomberg survey of economists called for a 6.9% gain in June. Core capital goods orders, a category that excludes aircraft and military hardware, climbed 3.3%, also more than forecast. (Bloomberg)

EU: Eurozone money supply growth rises in June. Eurozone money supply growth accelerated in June, while growth in private sector credit slowed marginally, data published by the ECB showed Monday. The monetary aggregate M3 grew 9.2% on a yearly basis in June, faster than the 8.9% rise in May. The rate was expected to climb to 9.3%. The narrow measure, M1, growth rose slightly to 12.6% from 12.5% in May. In three months to June, the broad measure M3 growth came in at 8.8%. Further, data showed that annual growth rate of credit to the private sector slowed marginally to 4.8% in June from 4.9% in May. (Reuters)

EU: German business expectations rise to the highest since 2018. German businesses are growing increasingly optimistic that government support at home and an unprecedented euro-area fiscal plan will bolster demand and drive an economic recovery later this year. Expectations at companies surveyed by the country’s Ifo institute improved to 97 in July from a revised 91.6 in June, the strongest reading since late 2018. The main business climate index also improved. Ifo President Clemens Fuest said it wasn’t surprising that the outlook is improving because activity “is starting from such a low level.” He also said uncertainty remains high and companies aren’t confident enough to increase headcount yet. (Bloomberg)

China: Industrial profits increase at faster pace. China's industrial profits increased at a faster pace of June as easing of the coronavirus containment measures boosted manufacturing activity, data from the National Bureau of Statistics showed Monday. Industrial profits grew 11.5% on a yearly basis in June, following a 6% rise in May. Profits of steel 35.3% and that of non-ferrous metals grew 24.1% in June. Nonetheless, the statistical office said the sustainability of industrial profits is uncertain, the statistical office. In the 1H of 2020, industrial profits declined 12.8% from the same period last year. (RTT)

Hong Kong: Exports fall further. Hong Kong's merchandise exports decreased at a softer pace in June, data from the Census and Statistics Department showed on Monday. Exports fell 1.3% YoY in June, following a 7.4% decrease in May. Shipments declined for the fourth consecutive month. Imports declined 7.1% annually in June, following a 12.3% fall in the previous month. For the Jan to June period, exports decreased 6.9% YoY and imports fell 9.4%. The trade deficit was HKD175.2bn. "The moderated YoY decline in merchandise exports in June mainly reflected a pick-up in exports to the Mainland," a government spokesman said. (RTT)

Japan: Capital expenditure rises less than estimated in 1Q. Japan's capital expenditure grew less than initially estimated in the 1Q as the coronavirus pandemic hit the economic activity severely, revised data from the Ministry of Finance showed on Monday. Investment in plant and machinery grew only 0.1% on a yearly basis instead of 4.3% increase estimated previously. Investment of manufacturing firms declined 5.3% compared to the initial estimate of 0.6% increase. At the same time, capex of non-manufacturing companies grew 2.9% versus 6.2% rise estimated initially. (RTT)

Japan: All industry activity falls, leading index rises in May. Japan's all industry activity declined for the fourth month in a row in May and leading index increased, data showed on Monday. The all industry activity index fell 3.5% MoM in May, following a 7.6% decline in April, the Ministry of Economy, Trade and Industry revealed. Industrial production fell 9.0% in May, following a 9.8% decrease in the preceding month. On a yearly basis, the all industry activity index fell 17.4% in May, following a 13.0% decline in the prior month. (RTT)


Ranhill: Secures RM14.7m contract. Ranhill Utilities has bagged a mechanical and electrical (M&E) works contract worth RM14.7m for the Merlimau water treatment plant and Lanchang intake in Melaka. According to the group, the 24-month contract comprises the supply of all materials, labour, plant and applicable necessaries for the execution of the M&E works. (Bernama)

XOX: To explore 5G with Chinese telco. XOX has announced its intention to explore the fifth generation (5G) mobile network deployment regionally in partnership with a Chinese telecommunications (telco) group. Its wholly-owned XOX Media SB signed a Heads of Agreement (HoA) with Jiangsu Sulian Asset Management Co.Ltd (Sulian Capital) and forms a collaboration with the undisclosed Chinese telco for the 5G plan. The HoA will give Sulian Capital, a Shanghai-based venture capital and advisory firm, a 10% carry on profitability from any eventual partnership signed with the Chinese telco whom it represents, XOX said. (NST)

ManagePay: Forms JV with Singapore venture capital firm to tap into digital banking. ManagePay Systems said it is forming a JV company, through its wholly-owned subsidiary ManagePay Services SB (MPSB) together with Singapore-based Passion Venture Capital Pte Ltd (PVC), to participate in digital banking in Malaysia. MPSB will hold a 51% stake in the JV company, while PVC will hold the remaining 49%. Investment in the JV company will be fully funded by PVC. (The Edge)

Ageson: Forms JV with Kedah investment arm to venture into sand mining. Ageson has entered into a JV agreement with Menteri Besar Kedah Inc to undertake the mining, supply and exportation of silica sand in Kedah. In a seperate statement, Ageson said it has accepted the letter of intent from South Korean glass manufacturer company Techpack Solutions Co Ltd for a five-year silica sand supply contract for USD79.5m (RM339.03m). (The Edge)

Parkson: To be left with only one store in Vietnam after disposing of shopping centre. Parkson Holdings has proposed to dispose of Parkson TD Plaza Shopping Center in Hai Phong, Vietnam for USD10m (RM42.5m). The consideration, however, is below the property's book value of SGD13.7m, resulting in a SGD700,000 loss after VAT and transaction costs. (The Edge)

Boustead: LTAT gets extension until Oct 27 to firm up its privatisation intention. Boustead Holdings (BHB) said it today received a notice from Lembaga Tabung Angkatan Tentera that the latter had been granted more time, until Oct 27, 2020, to announce its firm intention in relation to taking BHB private. (The Edge)

AppAsia: Expects 2020 a milestone year with significant digital platform launches. AppAsia expects 2020 to be a milestone year for the company as it pushes the boundaries to launch some significant digital platform projects. “eConfirm.my is targeted to be used by all the registered auditors with MIA and banks operating in Malaysia, including all commercial banks, Islamic banks, investment banks and development financial institutions,” it said. (Bernama)


  • The FBM KLCI might open higher today after major US stock indices finished higher Monday, as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season. The Dow Jones Industrial Average closed 114.88 points higher, or 0.4%, at 26,584.77, while the S&P 500 rose 23.78 points, or 0.7%, to finish at 3,239.41. The tech-heavy Nasdaq Composite led the market’s gains on Monday, ending 173.09 points higher, or 1.7%, at 10,536.27. In Europe, the Stoxx 600 Europe index closed down 1.1%, while the UK’s FTSE 100 declined 0.3%.
  • Back home, the FBM KLCI closed 1.87 points or 0.12% higher, thanks to a rush for glovemakers in the final minutes of trading, after declining on the back of losses in banking counters. The benchmark index dipped to a low of 1,588.98 amid profit-taking in Top Glove Corp Bhd, but the late buying in that stock and other glovemakers lifted the index to 1591.48 at the close. In the region, China’s CSI 300 gauge rose 0.5%, the Shanghai Composite Index gained 0.3%, while Hong Kong’s Hang Seng index shed 0.4%.

Source: PublicInvest Research - 28 Jul 2020

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