PublicInvest Research

PublicInvest Research Headlines - 29 Nov 2021

Publish date: Mon, 29 Nov 2021, 11:01 AM
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US: Jobs seen posting another strong increase. US employers probably added more than half a million workers for a second  straight month in Nov, pushing the labor market closer to a full recovery despite swirling inflation worries and persistent Covid-19 infections. Payrolls are expected to rise by 550,000 and the unemployment rate to edge down to 4.5%, according to the estimates of economists ahead of Labor Department. A strong jobs report, coupled with another monthly jump in consumer prices in Labor Department data out Dec. 10, could seal a decision at the Federal Reserve’s mid-Dec meeting to accelerate the tapering of bond purchases. (Bloomberg)

EU: Germany import price inflation strongest since 1980. Germany's import price inflation accelerated to the highest since early 1980 due to second oil price crisis, data published by Destatis revealed. Import prices grew 21.7% yearly in Oct; following 17.7% in Sept. Economists had forecast an annual growth of 19.6%. This was the highest annual rate seen since Jan 1980. (RTT)

EU: France consumer confidence stable in Nov. France's consumer confidence remained unchanged in November, preliminary data from the statistical office INSEE showed. The consumer confidence index reading was 99.0, same as in Oct. Economists had expected 98.0. In July, the score was 100. The confidence level remains below its long-term average of 100. (RTT)

EU: Italy consumer confidence weakens in Nov. Italy's consumer confidence weakened in Nov, survey results from the statistical office Istat showed. The consumer confidence index fell to 117.5 in Nov from 118.4 in Oct. Economists had expected a score of 117.0. The manufacturing confidence index increased to 116.0 in Nov from 115.1 in the previous month. (RTT)

UK: Inflation expectations fall for first time in 6 months. Expectations among the British public for inflation over the next year fell for the first time in six months in Nov and were steady looking further ahead, according to a survey by Citi and polling firm YouGov. With the Bank of England keeping a close eye on the risk of a recent jump in inflation becoming self-reinforcing, the survey showed expectations for price growth over the next 12 months receded to 4.0% from 4.4% in Oct. Expectations for inflation in five to 10 years' time held at 3.7%. (Reuters)

Australia: Retail sales surge as economy’s recovery builds. Australian retailers recorded their best month of sales in nearly a year as consumers splashed out on everything from dining out to clothing, taking advantage of the easing of protracted lockdowns and building momentum in the economy for the final quarter. Sales surged 4.9% in Oct from a month earlier, when they rose 1.3%, and more than doubled economists’ forecast of a 2.2% gain, Australian Bureau of Statistics data showed. (Bloomberg)

Singapore: Industrial production grows in Oct. Singapore's industrial production grew in Oct, data from the Economic Development Board showed. Industrial output gained 16.9% YoY in Oct, after a 2.2% drop in Sept. Production was forecast to increase 4.5%. Excluding biomedical manufacturing, industrial production gained 9.4% yearly in Sept, after a 13.5% rise in the preceding month. On a monthly basis, industrial production rose 2.4% in Oct, after a 1.9% decline in the previous month. Economists had expected a 0.5% fall. Biomedical manufacturing grew 56.1% annually in Oct and general manufacturing rose 0.8%. Transport engineering and precision engineering increased by 35.3% and 9.1%, respectively. Electronics surged 6.5% and chemicals grew by 15.3%. (RTT)


Inari (Outperform, TP: RM:5.31): EPF ceases to be substantial shareholder . Inari Amertron no longer names the Employees Provident Fund (EPF) as one of its substantial shareholder, according to a filing. EPF’s stake in the group dropped below 5% after it disposed of a total of 1.4m shares on Nov 24, 1.66m shares on Nov 23 and buying 2m shares on Nov 22. (The Edge)

MMS: To raise production by 50% next year . MMS Ventures plans to expand its operations in 2022 in line with the positive outlook for the smartphone industry. The group currently has utilised 80% of its production floor in Bayan Lepas. ―We want to raise our production capacity and capital expenditure by 50% and 30%, respectively. ―The aim of the expansion exercise is to achieve a 20% growth in sales,‖ group MD T. K. Sia told. The group is also allocating RM15m to either purchase or lease a facility to expand in 2022. (StarBiz)

Berjaya Land: Berjaya Land, Qhazanah Sabah to develop Kota Belud digital township . Berjaya Land will help Sabah state government's strategic investment arm Qhazanah Sabah to develop Bandar Digital Tun Said township, which is located about 5km from Kota Belud town. The two companies inked a MoU for the project on November 26. Under the MoU, Qhazanah Sabah will facilitate and participate in the investment via the land acquisition administrative matters while BLand will play a role as the developer. The latter's scope will include preparing the development plan, design, planning and construction of the township. (Business Times)

Brem Holdings: Majority shareholders seek to privatise group, offering RM1.20 per share. Brem Holding Bhd's majority shareholders, Brem Properties SB and Tan Sri Khoo Chai Kaa, have proposed to privatise the company via a share capital reduction (SCR) which entails a selective capital reduction and a corresponding capital repayment of RM1.20 per share — a 51.9% or 41 sen premium over Brem Holding’s last traded price of 79 sen on Nov 25 — for a total capital repayment of RM98.67m. They added that they do not intend to maintain the listing status of Brem Holding. (The Edge)

Harn Len: Bursa Malaysia reprimands Harn Len Corp 4Q FY20 earnings adjustment . Bursa Malaysia Securities has publicly reprimanded Harn Len Corporation and five of its directors for breach of Bursa Malaysia Securities Main Market Listing Requirements (Main LR). The five directors are managing director Low Quek Kiong, senior independent non-executive director and audit committee chairman Loh Wann Yuan, and independent nonexecutive director and audit committee members Datuk Ali Musa, Law Piang Woon and Mohamed Akwal Sultan Mohamad. (Business Times)

MAHB: Collaborate to set up business jet MRO centre with investment of RM100m . Malaysia Airports Holdings (MAHB) will collaborate with Dassault Aviation's subsidiary ExecuJet MRO Services Malaysia to set up Asia's centre of excellence for business jet maintenance with an investment of over RM100m. MAHB managing director Datuk Iskandar Mizal Mahmood said the new facility, which will span 144,000 square feet at the Subang Airport and accommodate up to 45 aircraft per month, is expected to be completed by the 4Q of 2023. (Bernama)

Market Update

The FBM KLCI might open lower today after global equities and oil prices were hit by their hardest falls for more than a year as the discovery of a new coronavirus variant sparked a sell-off in companies most exposed to the pandemic and a dash to safe havens. The World Health Organization has designated the strain a ―variant of concern‖ and is calling it Omicron. It said that preliminary evidence suggested ―an increased risk of reinfection‖ with the variant. The FTSE All World index was down 2.2% at the New York close, reflecting declines in the US, Europe and Asia. Wall Street’s S&P 500 index dropped 2.3%, with Europe’s Stoxx 600 sliding 3.7% and MSCI’s broad Asia-Pacific index falling 1.7%.

Back home, Bursa Malaysia ended broadly lower on Friday in line with regional markets amid weak sentiment following the emergence of a new Covid-19 variant in South Africa as well as a recent surge in new infections in Europe which dampen investor sentiment. At 5pm, the benchmark FBM KLCI declined 5.38 points or 0.35% to finish at 1,512.22 from 1,517.6 on Thursday. In the region, Hong Kong’s benchmark Hang Seng Index lost 2.7% and Japan’s Nikkei 225 fell 2.5%. China’s Shanghai Composite Index fell 0.6%.

Source: PublicInvest Research - 29 Nov 2021

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