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PublicInvest Research

Author: PublicInvest   |   Latest post: Thu, 24 Jun 2021, 9:56 AM

 

PublicInvest Research Headlines - 22 Apr 2021

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Economy

US: Inflation could hit 3% or 4% by the middle of 2022, veteran strategist warns . More and more strategists believe investors are underestimating the outlook for consumer prices. David Roche, president of investment firm Independent Strategy, is among them. He told CNBC that the US inflation rate, which stood at 2.6% in March from a year earlier, could rise much higher. (CNBC)

EU: Investors trying to predict ECB plans face more uncertainty . Investors trying to predict the ECB’s stimulus plans are about to run into deeper uncertainty even as the clouds around the pandemic start to lift. Talks on how to exit the ECB’s crisis measures are set to coincide later this year with a potential change to its inflation goal. That’ll leave market participants unsure what monetary support officials will provide and how much inflation they’ll tolerate as the economy recovers from the worst recession in living memory. (Bloomberg)

EU: Italy construction output increases for second month . Italy's construction output increased rose for the second straight month in Feb, albeit at a softer pace, data from the statistical office ISTAT showed. The construction output rose a seasonally adjusted 1.4% MoM in Feb, after a 5.0% growth in Jan. On a yearly basis, the construction output increased a working day adjusted 3.5% in Feb, after a 0.7% fall in the previous month. On an unadjusted basis, the construction output gained 2.4% in February, after a 7.2% increase in the prior month. (RTT)

UK: Inflation accelerates on motor fuel, clothing prices . UK consumer price inflation accelerated in March driven by motor fuel and clothing prices, data from the Office for National Statistics showed. Consumer prices advanced 0.7% YoY, faster than the 0.4% increase seen in Feb. But inflation was slightly below economists' forecast of 0.8%. The upward contribution came from clothing and footwear and motor fuel prices. Clothing and footwear prices grew 1.6% on month despite discounting. The upward contribution from motor fuels was the first since Feb 2020. On a monthly basis, inflation rose to 0.3%, as expected, from 0.1% a month ago. This was the second consecutive increase. (RTT)

UK: House price growth fastest since 2014 . UK house prices increased at the fastest pace in more than six years in Feb as the pandemic has forced buyers to reassess their housing preferences, the Office for National Statistics. Average house prices grew 8.6% YoY in Feb, faster than the 8% increase in Jan. This was the fastest growth since Oct 2014. The average house price was GBP 250,000 in Feb, which was GBP 20,000 higher than in February 2020. On a seasonally adjusted basis, house prices increased 0.5% on month, following a rise of 0.8% in the previous month. (RTT)

Australia: Retailers boast strong March sales as consumer confidence soars . Australian retail sales surpassed expectations in March in a positive sign for the economy as soaring house prices and a surge in employment boosted consumer confidence and spending. Sales rose 1.4% in March from Feb, outpacing forecasts for a 1% gain, preliminary data from the Australian Bureau of Statistics (ABS) showed. Retail turnover of AUD30.72bn (USD23.71bn) was up a hefty 2.3% on March last year, just when the COVID-19 pandemic hit. (Reuters)

Markets

MHB: Jerun offshore gas field contract is worth RM1bn. Malaysia Marine and Heavy Engineering Holdings (MHB) disclosed that the value for the engineering, procurement, construction, transportation and installation, and hook-up and commissioning services (EPCIC) contract secured from SapuraOMV Upstream (Sarawak) Inc is RM1bn. The duration of the contract is 40 months. (The Edge)

Widad: Secures RM90m water treatment plant upgrade job in Kedah. Widad has secured a contract worth RM89.8m from the Kedah government to upgrade the Sungai Limau water treatment plant in Baling. The contract commences from May 2, 2021 to Oct 28, 2023. (StarBiz)

Tasco: Buys 50% stake in Sabah cold chain logistics firm. Tasco said its 70% owned subsidiary, Tasco Yusen Gold Cold SB (TYGC) is buying a 50% stake in a cold chain logistics company in Kota Kinabalu, Sabah for RM10.55m cash. The acquisition will facilitate the group's expansion into Sabah and Sarawak. Its subsidiary has entered into a deal to acquire 50% stake in Hypercold Logistics SB. (StarBiz)

BIMB: To conclude restructuring exercise by Aug. Bank Islam Malaysia (BIMB) is expected to be listed on the main board of Bursa in Aug, as part of parent company BIMB Holdings Bhd’s (BHB) conclusion of its conclusion of its restructuring exercise. BIMB CEO Mohd Muazzam Mohammed said BIMB Holdings applied for restructuring approval in Dec 2019 but due to the Covid-19 crisis, only received it from BNM and the MoF in Dec 2020. (Bernama)

Globetronics: Sets up RM50m cloud-based platform to integrate Industry 4.0 into supply chain. Globetronics has established a cutting-edge, cloud-based platform through the adoption of Industry 4.0 processes into their high-volume mass production operations at a cost of RM50.2m. It will incorporate AI, big data analytics and extended reality (AR + VR) into its end to-end intelligent supply chain and manufacturing. (The Edge)

Techna-X: In JV to develop EV technology. Techna-X (TXB) said its subsidiary in Hong Kong has entered into a JVA with several Croatian partners to develop technology for electric vehicle and low voltage drive system. HK Aerospace Beidou New Energy Industry Technology Co Ltd, in which TXB has a 50% stake, will invest EUR1m (RM4.94m) for a 51% stake in the JV company. "The JVC will develop electric mobility solutions with the goal to become the European hub for new EV technologies," it said. (StarBiz)

Luxchem: Posts higher net profit in 1Q, declares 0.9sen dividend. Luxchem’s net profit almost doubled YoY to RM20.56m in 1Q21. It said revenue surged 31% YoY to RM227.87m during the quarter, mainly attributed to higher sales in the trading segment. Going forward, Luxchem said the group’s performance could be affected by the USD/MYR exchange rate, raw material price fluctuations, raw material demand and supply situations, competition, and the current Covid-19 pandemic situation. (StarBiz)

Market Update

The FBM KLCI might open higher today after global stocks rose on Wednesday as Wall Street and Europe bounced back from large drops, while oil prices continued to be weighed down by rising COVID-19 cases in Asia. Concern that record coronavirus infections in India, likely restrictions in Japan and rising cases in Latin America will be a hurdle for the global economic recovery has weighed on investor sentiment, though the S&P 500 closed just 12 points below its record close. The Dow Jones Industrial Average rose 316.01 points, or 0.93%, to 34,137.31, the S&P 500 gained 38.48 points, or 0.93%, to 4,173.42 and the Nasdaq Composite added 163.95 points, or 1.19%, to 13,950.22. The pan-European STOXX 600 index rose 0.65%.

Back home, late heavy selling pulled the KLCI down by 10.99 points, or 0.68%, to close at its intraday low of 1,596.58. Elsewhere in the region, Japan’s Nikkei 225 slid 2.03%, while Singapore's Straits Times Index fell 1.16%. Hong Kong’s Hang Seng Index fell 1.76%, while South Korea’s KOSPI dropped 1.52%.

Source: PublicInvest Research - 22 Apr 2021

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