Highlights

PublicInvest Research Headlines - 27 Apr 2021

Date: 27/04/2021

Source  :  PUBLIC BANK
Stock  :  GREATEC       Price Target  :  6.80      |      Price Call  :  BUY
        Last Price  :  5.64      |      Upside/Downside  :  +1.16 (20.57%)
 
Source  :  PUBLIC BANK
Stock  :  IGBREIT       Price Target  :  1.72      |      Price Call  :  HOLD
        Last Price  :  1.71      |      Upside/Downside  :  +0.01 (0.58%)
 
Source  :  PUBLIC BANK
Stock  :  GAMUDA       Price Target  :  3.77      |      Price Call  :  HOLD
        Last Price  :  3.26      |      Upside/Downside  :  +0.51 (15.64%)
 
Source  :  PUBLIC BANK
Stock  :  YONGTAI       Price Target  :  0.28      |      Price Call  :  HOLD
        Last Price  :  0.275      |      Upside/Downside  :  +0.005 (1.82%)
 
Source  :  PUBLIC BANK
Stock  :  IJM       Price Target  :  1.51      |      Price Call  :  HOLD
        Last Price  :  1.90      |      Upside/Downside  :  -0.39 (20.53%)
 


Economy

US: Core capital goods orders rise less than expected. New orders for key US made capital goods rebounded less than expected in March, but that is unlikely to change expectations that economic growth accelerated in the 1Q as massive government aid and an improving public health environment boosted demand. Orders for non defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.9% last month, the Commerce Department said. (Reuters)

EU: German Ifo business confidence rises marginally in April. Germany's business confidence improved only slightly in April as restrictions related to the coronavirus pandemic and supply bottlenecks weigh on economic activity, survey results from the ifo Institute showed. The business confidence index rose less-than expected to 96.8 in April from 96.6 in the previous month. The score was forecast to rise to 97.8. Companies once again raised their assessments of the current business situation. (RTT)

UK: Shopper numbers fell 3.4% last week as reopening surge waned. The number of people out shopping across Britain fell 3.4% in the week to April 24 after surging in the previous week when non essential stores reopened in England and Wales after three months of lockdown. Shopper numbers, or footfall, fell 0.8% from the previous week on high streets, 3.5% in retail parks and 8.4% in shopping centres. Footfall had jumped 88% in the week to April 17 versus the previous week. (Reuters)

Japan: Services PPI rises for first time in 6 months. Japan's services producer prices increased for the first time in six months in March, the Bank of Japan said. The services producer price index gained 0.7% annually after staying flat in Feb. This was the first growth since Sept 2020. On a monthly basis, the services PPI advanced 0.7% in March, faster than the 0.2% increase posted in Feb. Excluding international transportation, the services PPI climbed 0.6% on year following a nil growth a month ago. On month, prices rose by 0.7%. (RTT)

Japan: Leading index rises less than estimated. Japan's leading index increased less than estimated in February, final data from the Cabinet Office showed. The leading index, which measures the future economic activity, grew to 98.7 in February from 98.5 in January. In the initial estimate, the reading was 99.7. The coincident index decreased to 89.9 in February from 90.3 in the previous month. According to the initial estimate, the reading was 89.0. (RTT)

Singapore: Industrial production growth slows in March. Singapore's industrial production grew at a softer pace in March, data from the Economic Development Board showed. Industrial output rose 7.6% YoY in March, after a 16.5% growth in Feb. Production was forecast to increase 3.0%. Excluding biomedical manufacturing, industrial production grew 14.9% yearly in March, after a 13.9% increase in the preceding month. (RTT)

South Korea: 1Q GDP beats expectations on investment, export bounce. South Korea’s economy grew faster than expected in the first quarter, expanding 1.6% from the previous quarter, data from the Bank of Korea showed. That was faster than a revised 1.2% expansion in the final three months of 2020 and a median forecast for 1.0% growth in a poll. (Reuters)

Markets

Gamuda (Neutral, TP: RM3.77), Kerjaya Prospek: JV wins RM203m contract from E&O . A JV comprising Kerjaya Prospek Group and Gamuda has won a RM202.6m contract from Eastern & Oriental Bhd (E&O) to build a sea link between Jalan Gurney and the Seri Tanjung Pinang (phase two) development (STP2 Island). Kerjaya Prospek said an unincorporated JV between its wholly-owned unit Kerjaya Prospek (M) SB (KPM) and Gamuda's unit Gamuda Engineering SB won the contract from Tanjung Pinang Development SB, which is an indirect subsidiary of E&O. Kerjaya Prospek explained that the contract covers the execution and completion of infrastructure works which consist of the Gurney Marine Bridge between Jalan Gurney and the STP2 Island, and upgrade of a 55.47m wide main road from the Gurney Marine Bridge to the Gurney roundabout. (The Edge)

Yong Tai (Neutral, TP: RM0.28): Says ministry has approved its Phase III clinical trial of Covid-19 vaccine . Yong Tai said its healthcare subsidiary has obtained the approval from the Ministry of Health's Medical Review & Ethics Committee for its Phase III clinical trial study of inactivated Covid-19 trial vaccines in Malaysia, involving 3,000 subjects. Yong Tai said its unit, YTB Healthcare SB, has formalised the Phase III clinical trial with its China-based partner Shenzhen Kangtai Biological Products Co Ltd since December last year. (The Edge)

IJM (Neutral, TP: RM1.51): No corporate merger proposal received so far . IJM Corp clarified that it has not received "any formal proposal or offer from any party expressing interest for a corporate merger" at this juncture. (The Edge)

KPower: Secures EPCC contracts in Pahang, Perak worth RM510m . KPower has secured four EPCC contracts with a total value of approximately RM510m in Pahang and Perak. KPower's unit KPower Engineering SB was awarded the contracts by Cabaran Hijau SB, Selat Serasi SB, Denai Delima SB and Koridor Mentari SB. (The Edge)

Aneka Jaringan: Bags RM77.8m WCE job. Aneka Jaringan Holdings said its has secured a subcontract worth RM77.8m for work on the West Coast Expressway. The work, awarded by IJM Construction SB, involved the construction of a bridge at an interchange. "The Subcontract is to be completed by Oct 15, 2022," Aneka Jaringan said. (StarBiz)

Kanger: Buys 51% stake in building materials supplier Sung Master . Kanger International has proposed to acquire 51% stake or 1.02m shares of Sung Master Holdings SB for RM94.79m. Kanger said the company also proposed new subscription shares of 769.51m, representing 30% of the total issued shares, at the subscription price of six sen by Kuah Choon Ching. (StarBiz)

Mobilia International: Suspends ops after employees test positive for Covid-19 . Mobilia Holdings has been instructed by the Ministry of Health to suspend operations from April 26 until May 2, after some of its employees tested positive for Covid-19. The temporary suspension is expected to delay the shipment of several sales orders. The management is currently in discussion with the respective customers for the extension of time to deliver the goods. (Bernama)

Market Update

The FBM KLCI might open with a positive bias today after global stock markets made moderate gains on Monday as increasing confidence about a rapid recovery of economies from the COVID- 19 pandemic offset concerns about the speed of the market’s rally. The Dow Jones Industrial Average fell 61.52 points, or 0.18%, to 33,981.97, the S&P 500 gained 7.52 points, or 0.18%, to 4,187.69 and the Nasdaq Composite added 121.97 points, or 0.87%, to 14,138.78. The pan-European STOXX 600 index ended 0.3% higher after its first weekly loss in eight last week.

Back home, the renewed interest in rubber glove counters lent support to the FBM KLCI, which gained 0.94% or 15.04 points to close at 1,623.47. Elsewhere in the region, Hong Kong’s Hang Seng fell 0.43% or 125.92 points to 28,952.83, the Shanghai Composite closed 0.95% or 33 points lower at 3,441.17. Over in Tokyo, the Nikkei 225 was 0.36% or 105.6 points higher at 29,126.23, while in South Korea, the Kospi added 0.99% or 31.43 points at 3,217.53.

Source: PublicInvest Research - 27 Apr 2021

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