PublicInvest Research

Author: PublicInvest   |   Latest post: Wed, 12 May 2021, 9:06 AM


PublicInvest Research Headlines - 11 Jan 2021

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US: Wholesale inventories revised up in Nov. US wholesale inventories were unchanged in Nov instead of falling as initially estimated, the government said, supporting expectations that inventory investment was likely the main driver of economic growth in the 4Q. The Commerce Department estimated last month that wholesale inventories dipped 0.1% in Nov. Stocks at wholesalers surged 1.3% in Oct. (Reuters)

US: Employment unexpectedly decreases in Dec. After reporting slowing job growth over the past few months, the Labor Department released a report unexpectedly showing a decrease in US employment in the month of Dec. The Labor Department said nonfarm payroll employment fell by 140,000 jobs in Dec after climbing by an upwardly revised 336,000 jobs in Nov. The decline surprised economists, who had expected employment to increase by about 71,000 jobs compared to the addition of 245,000 jobs originally reported for the previous month. (RTT)

EU: German industrial output, exports rise in Nov. Both German industrial output and exports rose in Nov, data showed, adding to signs that the export-oriented manufacturing sector had given impetus to Europe’s largest economy in the 4Q. Industrial output was up by 0.9% on the month and exports rose by 2.2%, figures released by the Federal Statistics Office showed. It was the seventh month in a row that output and exports rise after a lockdown in March and April to contain a first wave of the coronavirus pandemic. (Reuters)

EU: Italy jobless rate falls in Nov. Italy's jobless rate declined in Nov, data from the statistical office ISTAT showed. The jobless rate fell to 8.9% in Nov from 9.5% Oct. This was the lowest since May, when the rate was 8.7%. The employment rate rose to 58.3% in Nov from 58.1% in the previous month. The number of employed increased by 63,000 persons from the previous month. The unemployment rate among the youth aged between 15 and 24, decreased to 29.5% in Nov from 29.9% in the prior month. (RTT)

UK: Job market strengthened in Dec for first time in three months - REC. Britain’s job market strengthened for the first time in three months in Dec, before a renewed lockdown this month, with an increase in permanent hiring and a small rise in the number of vacancies, a monthly survey showed. “The upturn was generally attributed to increased business activity and an improvement in market confidence, partly due to recent vaccine news,” the Recruitment and Employment Confederation said. (Reuters)

Taiwan: Trade surplus tops expectations. Taiwan's trade surplus exceeded expectations in Dec, as exports and imports increased from last year, figures from the Ministry of Finance showed. The trade balance registered a surplus of USD5.76bn in Dec. Economists had expected a surplus of USD4.6bn. Exports rose 12.0% YoY in Dec, same as seen in Nov. Economists had expected an increase of 9.2%. Imports grew 0.9% annually in Dec, after a 10.0% growth in the preceding month. Economists had forecast a rise of 4.13%. (RTT)

Japan: Leading index highest in nearly 2 years. Japan's leading index rose to its highest level in nearly two years in Nov, preliminary data from the Cabinet Office showed. The leading index, which measures the future economic activity, grew to 96.6 in Nov from 94.3 in Oct. The latest reading was the highest since Dec 2018, when it was 96.8. The coincident index decreased to 89.1 in Dec from 89.4 in the previous month. The lagging index fell to 89.8 in Nov from 91.2 in the prior month. (RTT)

Japan: Nov household spending rises 1.1% YoY. Japanese household spending rose 1.1% in Nov from a year earlier, government data showed, compared with economists’ median estimate of a 1.5% decrease. (Reuters)


VS Industry (Trading Buy, TP: RM2.97): Allocates RM200m capex for FY21. VS Industry has set aside RM200m in capital expenditure (capex) for the financial year 2021 (FY21) to expand and enhance its capacity and capabilities. MD Datuk SY Gan said despite 2020 being an arduous year for the company in the face of unprecedented market challenges stemming from the Covid-19 pandemic and ongoing macroeconomic issues, it managed to secure two new customers from the US. (The Edge)

Sentoria: Sells Bandar Amanjaya land for RM27.9m. Sentoria Group Bhd said a 75% owned subsidiary is selling close to 188 acres of development land near Sungai Petani. Kedah for RM27.9m. Proceeds from the proposed disposal will be used to repay bank borrowings. "In undertaking the proposed disposal, our company has considered the significant impact from the outbreak of the Covid 19 on the Malaysian economy, which affected the operations of the Sentoria’s Leisure and Property development division," it said. (StarBiz)

APFT: Fails to win more time to submit regularisation plan, to be delisted on Jan 13. APFT will be delisted from Bursa Malaysia on Jan 13, after the bourse dismissed the company’s appeal for an extension of time to submit its regularisation plan for approval. Bursa Malaysia said that upon APFT’s delisting, APFT will continue to exist as an unlisted entity. (The Edge)

Inix: To commission more glove lines. Inix Technologies Holdings is planning to commission more glove production lines at L&S Gloves SB’s Selangor factory, in which its subsidiary Inix Glove Manufacturing SB acquired a 51% stake last month. Inix Glove signed a 10-year lease agreement with L&S Gloves, which will allow it to add two more production lines next month. L&S Gloves currently has two production lines. “Thereafter, Inix would add two production lines every three months until a total of 14 production lines are commissioned,” said L&S Gloves director Teo Yoek Leong. (SunBiz)

AT Systemization: Axes two MOUs. AT Systemization has mutually agreed to terminate two MoU with Shanghai Jienaxin Mech & Elec Equipment Co Ltd to produce tooling parts for mask-making machines and disinfection chambers due to the “absence of any further progress on the MOUs”. Previously the group has entered into a MoU with Shanghai Jienaxin to work together in producing high precision tooling parts for meltblown nonwoven fabric mask-making machines such as spinneret as well as the localisation of the product, which was first announced in May 2020. AT Systemization stated that the termination of the two MOUs is effective immediately. (SunBiz)

Bintai Kinden: Unit appointed distributor of Greenie Medi medical storage boxes. Bintai Kinden Corp's subsidiary Bintai Healthcare SB has been appointed the exclusive distributor in Malaysia and non-exclusive distributor in Southeast Asia of the full range of Greenie Medi Cold Chain Box for the storage of medical products. The appointment was made by Seoul-based SLAB Asia Co Ltd, a leading cold chain equipment manufacturer in South Korea, which operates the country's only ISTA 7D/7Ecertified private test lab. The products are purpose-built boxes for exclusive use in the logistics of medical products, which are designed to keep inbox temperature of up to -70 degrees Celsius at an optimal level of up to 120 hours. (StarBiz)


The FBM KLCI might open higher today after Wall Street scaled new highs on Friday as hopes of more stimulus from Washington were shaken a bit by a senator’s comments but later bolstered after US President-elect Joe Biden said his economic package will be in the trillions of dollars. Positive vaccine data and expectations of a bigger fiscal package and infrastructure spending under a Democratic-led US Congress have pushed the S&P 500 above 3,800 points for the first time. The Dow Jones Industrial Average rose 56.84 points, or 0.18%, to 31,097.97, the S&P 500 gained 20.89 points, or 0.55%, to 3,824.68 and the Nasdaq Composite added 134.50 points, or 1.03%, to 13,201.98. European markets finished higher on Friday with the CAC 40 added 0.65% while Germany's DAX rose 0.58% and London's FTSE 100 tacked on 0.24%.

Back home, the FBM KLCI finished 30.24 points or 1.89% higher at 1,633.19 as glove stocks frenzy lifted the market amid growing fears of another lockdown, given the rising domestic coronavirus cases. Most Asian stock markets also ended higher on Friday on hopes for more US fiscal stimulus after congress confirmed Joe Biden as President. South Korea KOSPI surged 3.97% to a record high of 3,152.18 on Friday and posted the sharpest weekly gain in over 12 years, boosted by a surge in Samsung Electronics and Hyundai Motor and on massive foreign buying. Elsewhere, the Nikkei 225 gained 2.36% and the Hang Seng rose 1.20%. The Shanghai Composite lost 0.17%.

Source: PublicInvest Research - 11 Jan 2021

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