PublicInvest Research

Author: PublicInvest   |   Latest post: Tue, 22 Jun 2021, 9:57 AM


PublicInvest Research Headlines - 10 Feb 2021

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EU: German exports eke out Dec rise on brisk China trade. German exports rose in Dec as robust trade with China and the US helped Europe’s largest economy as it struggles to grow under the restrictions of a lockdown aimed at suppressing the COVID-19 case load. Seasonally adjusted exports edged up 0.1% on the month after an increase of 2.3% in Nov, the Federal Statistics Office said on Tuesday. Imports fell 0.1% after an increase of 5.4% in the prior month. The trade surplus expanded to EUR16.1bn. (Reuters)

EU: France GDP to remain 5% below pre-crisis level – BoF . France's economic output was estimated to be around 5% below its pre-crisis level in Jan, according to the Bank of France survey, released Tuesday. The bank cautioned that the estimates are subject to high uncertainty and are dependent on the evolution of the pandemic. The business confidence index for industry remained stable at 97.5 in Jan. Managers expect activity to remain stable again in Feb. In services, activity was stable overall. (RTT)

EU: Italy industrial production falls unexpectedly. Italy's industrial production declined unexpectedly in Dec, but at a softer pace, figures from the statistical office Istat showed on Tuesday. Industrial production declined 0.2% MoM in Dec, following a 1.4% fall in Nov. Economists had expected a 0.3% rise. On a yearly basis, industrial output fell 2.0% in Dec, following a 4.2% decrease in the preceding month. Economists had forecast a decline of 1.4%. Among all sectors, consumer goods production declined 0.3% monthly in Dec and capital goods output fell 0.8%. (RTT)

UK: Consumer spending plunges as new lockdown bites – Barclaycard. Spending by British consumers plunged in Jan at the fastest rate in seven months as the country went back into a tight COVID-19 lockdown, payment card firm Barclaycard said on Tuesday. A 73% annual increase in online retail spending and record demand for takeaway food - which jumped by a third from a year ago - failed to compensate for the closure of many businesses. Overall consumer spending shrank by 16.3% in YoY terms last month, Barclaycard said, the biggest drop since May when the country was starting to emerge from its first lockdown. (Reuters)

China: Bank lending surges in Jan. China's bank lending increased notably in Jan, data released by the People's Bank of China revealed on Tuesday. Banks extended a record CNY3.6trn new loans in Jan. Economists had forecast the lending to rise to CNY3.5trn from Dec's CNY1.26trn. The broad money supply M2 climbed 9.4% annually. Jan's net new credit figures are usually the highest of the year, so this high level does not signify much, Sheana Yue and Mark Williams, economists at Capital Economics, said. Credit is likely to decelerate as the PBoC focuses on reining in financial risks. This will become a growing headwind to the economy in the 2H of the year. (RTT)

Japan: Machine tool orders grow for third month. Japan's machine tool orders grew for a third straight month and at a solid pace in Jan, preliminary data from the Japan Machine Tool Builders' Association showed on Tuesday. Machine tool orders increased 9.7% YoY after a 9.9% rise in Dec and an 8.6% growth in Nov. The latest growth was led by a 21.6% surge in foreign demand. Domestic orders shrunk 10.9%. On a MoM basis, machine tool orders decreased 10.5% in Jan. Both domestic and foreign demand declined. (RTT)

Indonesia: Retail sales fell in Jan - BI Survey. Indonesia's retail sales rebounded in Dec, as demand increased in the festive period, but are expected to fall in Jan, due to factors including coronavirus lockdown restrictions and harsh weather, results of a monthly survey from Bank Indonesia showed Tuesday. The BI survey showed that retailers estimated a 1.8% MoM sales contraction in Jan as demand normalized after the holiday period in Dec. Further, the introduction of new public activity restrictions to battle the coronavirus pandemic in Java and Bali as well as inclement weather and natural disasters plaguing other regions likely damped retail sales. (RTT)

Australia: Business confidence improves in Jan, activity off highs. A measure of Australian business confidence picked up in Jan while conditions eased back from historic highs as coronavirus breakouts curbed activity in a few cities but were ultimately contained. National Australia Bank’s index of business confidence doubled to +10 points in Jan, while its measure of conditions fell to +7 from a very strong +16 in Dec.” (Reuters)


Yong Tai (Neutral, TP: RM0.28): Signs definitive agreement with China’s Shenzhen Kangtai on Covid-19 collaboration. Yong Tai has formalised its collaboration with China’s Shenzhen Kangtai Biological Products Co Ltd by entering into a definitive agreement for the Phase III clinical trials and commercialisation of the latter’s Covid-19 vaccine. This cements the collaboration that was set up with the head of agreement framework signed in December 2020. Yong Tai CEO Datuk Boo Kuang Loon is confident that the collaboration will bear fruit in the near term based on Shenzhen Kangtai’s track record. (The Sun Daily)

Mitrajaya: Bags TOD project in Putrajaya. Mitrajaya has secured RM200m transit oriented development project in Putrajaya. The company said it has received the letter of award from Putrajaya Development SB for the proposed construction and completion of 10 levels of podium and external works at Plot 7MD7 in Precinct 7. The project, to be completed in 24 months, starting from site possession on Feb 16. (StarBiz)

Oriental Interest: To buy land in Klang for RM64m. Oriental Interest (OIB) is eyeing to acquire a piece of land measuring 59,745 sqm in Klang for RM64.31m. The group said the acquisition of the freehold land from Gabungan Efektif SB would complement its existing development around the Klang Valley. “The proposed acquisition is also in line with the group’s overall plan to increase its land bank in strategic areas, given the opportunities available in the current market condition,” the group said. The purchase consideration will be satisfied by internallygenerated funds or bank borrowings. (The Edge)

Hong Seng: Inks pre-contract latex deal. Hong Seng Consolidated’s unit Hong Seng Industries SB signed a precontract agreement with PH2 Global Ltd (PH2) for the latter to conduct a feasibility study for a nitrile butadiene latex (NBL) manufacturing plant project in Kedah Rubber City. Hong Seng executive chairman Datuk Teoh Hai Hin said the NBL project will create synergy in the group's business by complementing and reducing the operational cost for its glove manufacturing arm, Hong Seng Gloves through the internal supply of NBL. (NST)

Supermax: Klang facility to close for three days due to Covid-19. Supermax is implementing a three-day work stoppage at its manufacturing facility in Meru, Klang after several of its factory workers were tested positive for Covid-19. The suspension is effective from Feb 10 to Feb 12. Supermax said it has adopted all possible and necessary SOPs at its operations, premises, as well as hostels "Despite stringent SOPs practices, the Company has recorded its first cases of Covid-19 infection, suspected to have come from external transporters based on our preliminary findings," Supermax told. (StarBiz)

Berjaya Food: 2Q net profit rises 39% to RM11.12m, declares 0.5sen dividend. Berjaya Food’s net profit rose 39% YoY to RM11.12m in 2QFY21. The group said revenue was lower by 5% at RM174.1m, mainly due to lower footfall in stores as a result of the growing concern on the increasing number of Covid-19 confirmed cases, as well as closure of certain non-performing stores.. (The Edge)

Market Update

The FBM KLCI might open with a negative bias today after US stocks lost steam on Tuesday, pausing a rally that had accelerated on the heels of positive earnings results and optimism over a huge stimulus package in the world’s largest economy. The blue-chip S&P 500 closed lower by 0.1%, snapping a six-day run of back-to back gains that propelled the benchmark index to a new all-time high on Monday. The tech-heavy Nasdaq Composite, meanwhile, rose by just 0.1%. The reversal came despite Joe Biden’s administration continuing to heap pressure on Congress to pass his $1.9tn stimulus plan, and positive developments on the coronavirus front. New infections in the US fell on Tuesday to a three-month low. In Europe, the region-wide Stoxx 600 index closed down 0.1%, while Frankfurt’s Xetra Dax was 0.3% lower and London’s FTSE 100 edged up 0.1%.

Back home, the FBM KLCI rose in line with most regional benchmark indices, following the overnight rally on Wall Street that took the US market to a new record high. The KLCI closed 12.80 points or 0.81% higher at 1,586.13, shored up by counters such as Press Metal Aluminium Holdings Bhd, MISC Bhd and Genting Malaysia Bhd.

In the region, the Nikkei 225 was up 0.40% at 29,505.93, Hang Seng gained 0.53% to 29.476.19, and the Shanghai Composite rose 2.01% to 3,603.49. However, the Kospi finished 0.21% lower at 3,084.67.

Source: PublicInvest Research - 10 Feb 2021

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