Author: jfapex   |   Latest post: Thu, 21 Jan 2021, 11:04 AM


Daily Highlights - 26 November 2020

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Market Thoughts


The DJIA retreated yesterday after hitting a significant 30,000 points milestone as the Labour Department recorded a disappointing unemployment data. Similarly, European markets saw little changed, taking a breather from recent rally.


On the local market, the FBM KLCI soared 19.19 points or 1.22% to 1597.58 points. Following the overnight muted performances of the US and European markets, we expect some profit taking activities to weigh on the FBM KLCI following yesterday’s rally. Market sentiment could also be swayed by the Budget 2021 vote in the Parliament today.   


Stocks to watch are: TM, UOA Development, TDM, Genting Plantations, IJM, IOI Properties, MPI, Heveaboard, Aeon after posting better y-o-y quarterly results; whilst Sime Darby Property, Notion Vtec, Straits Inter Logistics, CMSB, WCT, UEM Edgenta, 7-Eleven, UMW, AME recorded weaker y-o-y performances; Mesiniaga has bagged a RM19.11 million contract from the Social Security Organisation (Socso); Ekovest clarified that the company has been and is always the sole subscriber for the RM180 million junior bonds issued by highway concession owner Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) and that the deferment for the unpaid portion of the securities’ coupon is allowed under the Kesturi trust deed for the junior bonds.



Malaysia News & Highlights


Quarterly Results

  • KNM’s 3Q earnings up 60% on higher exchange gain and cost savings
  • Cahya Mata Sarawak net profit up 180% q-o-q due to resumption of full operations
  • Aeon returns to black in 3Q as relaxation in lockdown boosts consumer spending
  • UMW jumps back to profit in 3Q as all biz segments improve on easing of movement restrictions
  • UOA Development’s 3Q profit more than double at RM209m on property revaluation
  • TDM leaps into 3Q profit on higher plantation income
  • TM sees 26% increase in 3Q net profit as more Malaysians work from home
  • MPI 1Q net profit rises on higher revenue
  • Glomac 2Q net profit surges 63% as construction activities resume
  • IJM Corp bounces back with RM99.5m quarterly net profit
  • Genting Plantations 3Q net profit rises by three folds on higher palm prices
  • IJM Plantations 2Q net loss narrows, quarterly revenue up 22%
  • Parkson 1Q net losses narrow on sales recovery in China and Malaysia
  • UEM Edgenta remains in red but narrows losses in 3Q
  • MMC Corp 3Q net profit down 8% on lower revenue

Company Developments and Outlooks

  • Ekovest: Deferment for unpaid portion of Kesturi’s RM180m junior bonds coupons allowed under trust deed
  • Candy maker Khee San lodges police report against former chairman for alleged fraud, embezzlement
  • Top Glove estimates dividend yield to be more than 6% in FY21 — Chairman
  • Top Glove spends RM50m on 12th day of share buyback

Contract Secured and Awards

  • Mesiniaga bags RM19m contract from Socso


  • Malaysia's Leading Index up 8.6% in September — DOSM
  • Malaysia’s October CPI down 1.5% year-on-year, deflation for eighth consecutive month
  • CPO futures market ends higher on stronger soybean oil price


Foreign News

  • Dow pulls back more than 150 points after reaching 30,000 milestone
  • European markets close little changed as rally stalls
  • Oil jumps to 8-month high on U.S. inventory drop, vaccine hopes (Overnight Closing)
  • Fed weighed adjusting bond purchases to provide more help to economy ‘fairly soon,’ minutes show


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