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Author: PublicInvest   |   Latest post: Thu, 29 Jul 2021, 9:29 AM

 

PublicInvest Research Headlines - 26 Apr 2021

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Economy

US: New home sales rebound much more than expected in March. The Commerce Department released a report showing a substantial rebound in new home sales in the month of March. The report showed new home sales skyrocketed by 20.7% to an annual rate of 1.021m in March after plunging by 16.2% to a revised rate of 846,000 in Feb. Economists had expected new home sales to spike by 14.3% to a rate of 886,000 from the 775,000 originally reported for the previous month. (RTT)

EU: Economic recovery accelerates in April as services bounce back - PMI. The eurozone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed. With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home. (Reuters)

EU: German private sector in two-speed recovery due to coronavirus curbs - PMI. German factories continued to churn out goods at a near-record pace in April while activity in the services sector remained sluggish due to coronavirus curbs, a survey showed, giving an upbeat outlook for Europe's largest economy. IHS Markit's flash Purchasing Managers' Index (PMI) of activity in the manufacturing sector edged down only slightly to 66.4 from its record high of 66.6 reached in March. The PMI for activity in the services sector fell to 50.1 from 51.5. (Reuters)

UK: Private sector growth accelerates in April. The UK private sector posted a strong revival in April after the downturn seen at the start of the year amid the full nationwide lockdown, flash survey data from IHS Markit showed. The flash Chartered Institute of Procurement & Supply composite output index advanced more-than-expected to 60.0 in April from 56.4 in the previous month. The expected reading was 58.2. The latest reading signaled the strongest overall increase in UK private sector output since Nov 2013. Business activity should continue to grow strongly in May and June as virus restrictions are eased further. (RTT)

UK: Retail sales surge before lockdown easing. British retail sales jumped last month before a partial lifting of coronavirus restrictions, suggesting an economic rebound is under way. Sales volumes leapt by 5.4% in March from Feb with clothing retailers able to sell online benefiting especially as consumers got ready to venture out after being locked down for much of the past year. (Reuters)

China: Plans on boosting domestic consumption in May. China will launch a series of activities next month to boost domestic consumption, including an expo on consumer goods in the southern province of Hainan, the commerce ministry said. Expanding domestic consumption is a priority in China’s “dual circulation” economic strategy presented last May, which also called for a reduced dependence on foreign markets. As China enters a stretch of public holidays for Labour Day, it will formally kick off the month-long campaign on May 1 in Shanghai with activities including a car show. (Reuters)

Japan: Manufacturing sector picks up steam in April - Jibun Bank. The manufacturing sector in Japan is continuing to expand in April, and at a faster pace, flash estimate from Jibun bank revealed with a manufacturing PMI score of 59.6. That's up from 53.3 in March and it moves further above 50. Individually, both output and new orders expanded at their fastest rate since April 2018, while new export orders also accelerated.(RTT)

Singapore: Inflation increases in March. Singapore's consumer prices rose in March, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed. The consumer price index rose 1.3% YoY in March, following a 0.7% increase in Feb. This was in line with economists' expectation. This latest consumer prices outcome was largely due to a rise in core inflation and prices for private transportation cost. (RTT)

Markets

Cypark (Outperform, TP: RM1.84): Inks agreement with Melaka State govt to participate in Waste-To-Energy public private partnership. Cypark Resources has inked an agreement with the Melaka State government to participate in a Waste-To Energy public-private partnership at Sungai Udang, Melaka. (The Edge)

Sime Darby (Outperform, TP: RM2.78): JV company to pay RM118m due to late payment to a Chinese contractor . Sime Darby Bhd's 36.63%-owned joint venture company Weifang Port Services Co Ltd (WPS) has entered into an agreement with CCCC Tianjin Dredging Co Ltd to settle RM118m interest on late payment by WPS. Under the new settlement agreement, WPS is required to pay the outstanding sum by Nov 20. (The Edge) .

AirAsia (Underperform, TP: RM0.39): Expects 'clarity' on fundraising in two to three months . AirAsia Group expects clarity on its fund-raising efforts in the next two to three months, as the company continues talks with prospective funders, said its chief executive Tan Sri Tony Fernandes. The budget airline has been looking to raise up to RM2.5bn to weather the pandemic induced slump in global travel, initially aiming to secure the funds by the end of last year. (Reuters)

Cycle & Carriage: Takeover offer for Cycle & Carriage extended to May 12 . Jardine Cycle & Carriage Ltd (offerer) has extended its unconditional voluntary takeover offer for the remaining shares in Cycle & Carriage Bintang (CCB) that it has not already own. On behalf of the offerer, CIMB Investment Bank Bhd said the closing time and date for the acceptances of the offer had been extended to May 12, 2021 from April 28, 2021 at 5 pm. (StarBiz)

Sunsuria: Terminates JV with Taiwanese firm, to develop Salak Tinggi land on its own . Sunsuria’s subsidiary Sunsuria City SB (SCSB) has revoked the deal to sell a piece of land in Salak Tinggi, Putrajaya South to its 60%-owned JV company Sunsuria Everrich SB (SESB). This is because SCSB's JV partner Welcome Global Co Ltd is unable to pay the remaining sum for the land purchase. Following this, SCSB has taken over Welcome Global's shares in SESB and will develop the property on its own since the property is located within its development project at Sunsuria City, Sepang. (The Edge)

Aneka Jaringan: Bags RM16m piling subcontract . Aneka Jaringan Holdings has won a RM16.42m subcontract to undertake piling and pilecap works for an apartment project in Bukit Jalil. In a bourse filing, the group said its wholly-owned unit Aneka Jaringan SB was awarded the job by GDP Architects SB, on behalf of Gaya Kuasa SB. (The Edge)

Tashin: Signs Penang land deal . Tashin Holdings is buying two pieces of land and buildings next to its factory in Perai, Penang for RM43.5m in order to increase its production capacity to process slit coils, steel sheets and steel products. In a statement, Tashin said the deal with CSC Steel Holdings is for two contiguous pieces of industrial land and buildings comprising a four-storey office, one-storey production and a guard house measuring 6.47 acres and four acres respectively. The land and buildings have a 60-year lease. (StarBiz)

Market Update

The FBM KLCI open higher today after global stocks rose on Friday as solid economic data reversed a Wall Street decline the previous session, while the US dollar fell as it lost some of its safe haven appeal. Stocks rallied on Wall Street, with the S&P 500 hitting an intraday record high, a day after reports of a Biden administration push to raise taxes on capital gains shoved indices lower. The proposed increases had been public since the presidential campaign. The Dow Jones Industrial Average rose 227.59 points, or 0.67%, to 34,043.49; the S&P 500 gained 45.19 points, or 1.09%, at 4,180.17; and the Nasdaq Composite added 198.40 points, or 1.44%, at 14,016.81. The pan-European STOXX 600 index lost 0.13%.

Back home, the benchmark index, FBM KLCI eked out a barely 0.7-point gain to end the week at 1,608.43. The FBM KLCI was almost flat on a week-on-week basis, rising by 0.05 points from the 1,608.38 seen. Key regional bourses were a mixed bag. Hong Kong’s Hang Seng Index climbed 1.12% or 323.41 points to 29,078.75. The Shanghai Composite closed 0.26% or 9.05 points higher at 3,474.17. Gains were also seen in South Korea, with the Kospi rising 0.27% or 8.58 points to 3,186.1. Tokyo’s Nikkei 225, however, closed 0.57% or 167.54 points lower at 29,020.63.

Source: PublicInvest Research - 26 Apr 2021

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