PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 26 Nov 2021, 10:48 AM


PublicInvest Research Headlines - 29 Jan 2021

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  • US: Weekly jobless claims drop more than expected to 847,000 . A report released by the Labor Department showed a continued pullback in first-time claims for US unemployment benefits in the week ended Jan 23rd. The Labor Department said initial jobless claims fell to 847,000, a decrease of 67,000 from the previous week's revised level of 914,000. Economists had expected jobless claims to drop to 875,000 from the 900,000 originally reported for the previous week. Jobless claims declined for the second consecutive week after reaching a more than four-month high of 927,000 in the week ended January 9th. (RTT)
  • US: Economy contracts in 2020; worst performance since 1946 . The US economy contracted at its sharpest pace since World War Two in 2020 as Covid-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty. The Commerce Department's snapshot of 4Q GDP also showed the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly USD3trn in relief money from the government. The economy contracted 3.5% in 2020, the worst performance since 1946. (Reuters)
  • US: New home sales rebound after four straight monthly declines. New home sales in the US rebounded in the month of Dec after falling for four consecutive months, according to a report released by the Commerce Department. The report said new home sales jumped by 1.6% to an annual rate of 842,000 in Dec after plunging by 12.6% to a revised rate of 829,000 in Nov. Despite the rebound, the annual rate of new home sales in Dec remains well below the fourteen-year high of 979,000 set in July. (RTT)
  • US: Federal Reserve leaves interest rates and asset purchases unchanged, sees growth slowing . The Fed kept its foot to the floor in terms of the help it is providing for an economy that central bank officials say has slowed down. Consistent with market expectations, the policymaking Federal Open Market Committee said it was keeping its benchmark short-term borrowing rate anchored near zero and maintaining an asset purchasing program that is seeing the Fed buy at least USD120bn a month. (CNBC)
  • EU: German inflation roars back and hits 11-month high in Jan . German annual consumer prices turned positive and rose by far more than expected in Jan, the Federal Statistics Office said, attributing a rise in sales tax and the minimum wage as factors behind the increase. Consumer prices, harmonised to make them comparable with inflation data from other EU countries, rose by 1.6% YoY after declining by 0.7% in Dec. Jan's reading was the highest since 1.7% last Feb, the Statistics Office told Reuters. "In addition to the changes in VAT rates, the development of consumer prices may also be influenced by other factors such as the CO2 price and the increase in the statutory minimum wage from January 2021," the Statistics Office said in a statement. (Reuters)
  • Singapore: Consumer price index declines across all household groups in 2H2020 . Singapore’s core and headline inflation remained in the red in the second half of 2020, with the CPI inching down by 0.2% YoY, unchanged from 1H2020. A substantial drag came from the prices of petrol, electricity, outpatient services and clothing & footwear, the Department of Statistics (Singstat) says. Core inflation registers price increments to sectors other than accommodation and private transport, while headline inflation reflects the total inflation in an economy. (The Edge)
  • Thailand: Finance ministry cuts 2021 GDP growth outlook on tourism slump. Thailand's finance ministry slashed its 2021 economic growth forecast to 2.8%, from 4.5% growth it projected earlier, after fresh waves of Covid-19 cases in the Southeast Asian nation and other countries hit tourism. The ministry now expects the tourism-reliant country to receive 5m foreign tourists this year, down 25% from last year and compared with 8m predicted earlier, ministry spokeswoman Kulaya Tantitemit told a briefing. (Reuters)


  • KPower: Teams up with Public Islamic Bank for NEM 3.0. KPower has entered into a memorandum of agreement with Public Islamic Bank to provide the financing and installation of solar photovoltaic (PV) systems in relation to the net energy metering (NEM) scheme. The scheme introduced by the Sustainable Energy Development Authority provides an avenue for consumers to install solar PV systems on building. (SunBiz)
  • Chin Hin Property: Plans land buy in Serendah to expand property development segment. Chin Hin Group Property is buying 5 parcels of land in Hulu Selangor for RM54.52m to expand its property development activity. It is buying the freehold land located in Serendah from Frazel World SB and Frazel Icon SB. The acquisition is expected to be funded via internal generated funds, bank borrowings and fundraising exercise. (The Edge)
  • Fintec, Pasukhas: Fintec tasks Pasukhas with building glove factory for RM58.9m. Fintec Global has tasked Pasukhas Group to build a rubber glove factory in Perak for RM58.87m. Pasukhas announced that it has received a letter of award from Fintec Glove to design, build and deliver a turnkey glove manufacturing factory in Kinta, Perak. The factory is a 10,000sqm that will house up to 14 dipping lines. (The Edge)
  • See Hup: Awarded RM99.01m ECRL job. See Hup Consolidated’s 51%-owned subsidiary SH Moment Builder SB accepted a RM99.01m contract from China Communications Construction (ECRL) SB for the construction and completion of part of the subgrade works of Package 1, Section 4 for ECRL. The project will commence on March 1, 2021. (SunBiz)
  • Aeon: Ups digital ambition with Boxed Wholesale tie-up. Aeon Co (M) announced a partnership with US-based Boxed Wholesale that will see the retailer utilising the e-commerce company’s state-of-the-art technology to accelerate Aeon’s expansion into new retail offerings. Boxed will be supporting Aeon to expand into business-to-business ventures and new retail solutions via Aeon’s virtual mall. (The Edge)
  • Lotte Chemical: Post lower earnings, revenue for FY20. Lotte Chemical Titan Holding posted a lower net profit of RM148.59m for the FY20 from RM439.73m a year earlier mainly due to higher losses from associates. The higher losses from associates was mainly due to lower profit margin in FY20 and the one-off gain on disposal of equity interest in a JV. (SunBiz)
  • Tasco: 3Q net profit doubles to RM11.6m. Tasco’s 3QFY21 net profit more than doubled YoY to RM11.6m, from RM3.88m a year prior. The increase in net profit was driven by higher revenue that was seen across all of its operating segments. Quarterly revenue grew by 27.6% to RM242.71m, from RM190.14m in 3QFY20. (The Edge)
  • Airlines (Underweight): IATA calls on govts to work with air transport industry on restart plans. The International Air Transport Association (IATA) has called on governments to partner with the air transport industry to devise plans to safely re link people, business and economies when the Covid-19 medical situation permits. It said accelerating the establishment of global standards for vaccination and testing certification is a priority for this critical cooperation. (The Edge)

Market Update

The FBM KLCI might open flat today after the dollar retreated and Wall Street rallied on Thursday as investors looked past weak US GDP and jobless claims data to hopes of a rosier economy ahead and welcomed restrictions on this week’s social media-driven trading frenzy. Tech heavyweights Microsoft Corp, Amazon.com and Alphabet Inc were among the biggest boosts to the S&P 500 a day after the three major US indices suffered their biggest daily percentage drop in three months. On Wall Street, the Dow Jones Industrial Average rose 0.99%, the S&P 500 gained 0.98% and the Nasdaq Composite added 0.5%. Stocks in Europe closed little changed as countries grappled with new variants of the coronavirus amid extended lockdowns that weigh on near-term economic growth. The broad FTSEurofirst 300 index added 0.01%. Asian markets finished sharply lower today with shares in Hong Kong leading the region. The Hang Seng was down 2.55% while China's Shanghai Composite lost 1.91% and Japan's Nikkei 225 gave away 1.53%. Bursa Malaysia was closed for Thaipusam Holiday.

Source: PublicInvest Research - 29 Jan 2021

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