jfapex

Daily Highlights - 1 October 2020

jfapex
Publish date: Thu, 01 Oct 2020, 08:45 AM
jfapex
0 116
JF Apex Research
Market Thoughts
 

US markets rose overnight following hopes that the Senate would pass the US$2.2 trillion stimulus package. Earlier, European stocks advanced after the US presidential debate and better-than-expected China manufacturing data.

 

On the local market, the FBM KLCI was flat after adding 0.92 points to 1504.82 points. Following the positive performances in the US and Europe, the FBM KLCI could remain buoyed with support at 1475 points. 

 

Among stocks to watch are: DNeX has clinched a RM47.17 million contract for the MyGov Cloud @ PDSA government data centre project in Putrajaya; Inta Bina has bagged two main building works contracts worth RM496.59 million from Eco World Development Group Bhd. One is a design and build contract in Kuala Langat, and the other a civil and structural works contract in Shah Alam; Sunway Construction has won two projects from major shareholder Sunway Bhd's indirect subsidiaries. The two projects, totalling RM1.983 billion, are for the Sunway Velocity Two integrated development in Cheras and the expansion of the Sunway Medical Centre in Bandar Sunway; FGV Holdings will see its palm oil banned by the US Customs and Border Protection (CBP) over the alleged use of forced labour in the planter's production process; Cypark Resources' net profit for the third quarter ended July 31, 2020 fell 19.49% to RM16.15 million from RM20.06 million a year ago, as Covid-19-induced movement restrictions interrupted and delayed worksite activities. Revenue fell 36.11% to RM55.69 million from RM88.17 million; Prestariang's indirect subsidiary Prestariang Skin Sdn Bhd (PSkin) will commence meetings with creditors to restructure debts. As of June 30, total borrowings for the group stood at RM65.54 million (of which RM26.9 million was a revolving credit); LPI Capital's wholly-owned Lonpac Insurance Bhd has been fined by the Malaysia Competition Commission (MyCC) for infringing the Competition Act 2010; Top Builders Capital (formerly known as Ikhmas Jaya) has announced a cocktail of proposals, including debt-to-equity settlement and a rights issue, to lift itself out of the financial woes. Upon completion of the debt restructuring and capitalisation exercise, the company's issued share capital would more than quadruple to 2.79 billion shares, while its gearing would drop to 0.34 times from 0.9 times as of end-2019.

 

Malaysia News & Highlights

 

Economic

  • ASNB declares total payout of RM646 mil for three funds
  • DOSM: Malaysia's economic activity outcome to improve in 3Q
  • Selangor dominated Malaysia's domestic tourism in 2019 — report
  • Lower sales expected for Home Ownership Campaign 2020/2021 — REHDA
  • PPI for local production slipped 2.8% in August 2020 — DOSM

 

Quarterly Results

  • Cypark 3Q net profit falls as work progress slows from movement restrictions

 

Company Development and Outlooks

  • Green Packet announces key appointments to support long-term growth ambitions
  • US bans imports of palm oil from FGV
  • Prestariang allowed to begin negotiations with creditors on debt restructuring
  • TNB gets leave to challenge IRB's RM1.8b tax bill
  • MyCC fines Lonpac Insurance for alleged Competition Act infringement

 

 

Contracts Secured and Awards

  • DNeX bags RM47m government data centre job
  • Inta Bina bags RM497m construction works from EcoWorld
  • SunCon bags two jobs from Sunway, boosting total projects this year to RM2b

Changes in Boardroom and Management

  • Azmi Murad named as new MAHB COO

 

 

Foreign News

  • Dow rebounds more than 300 points on stimulus hope to end first losing month since March
  • European markets close mixed as U.S. president debate weighs on sentiment
  • Oil jumps more than 2% on optimistic inventory data
  • Stock futures rise slightly as investors brace for final quarter of 2020
  • Next Trump-Biden debate rules to change, with a possible mic mute, after an ugly first round

 

More articles on jfapex
Pesona Metro Holdings Berhad - Building the Future

Created by jfapex | Aug 26, 2024

Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construc

Daily Highlights-21 January 2021

Created by jfapex | Jan 21, 2021

Daily Highlights-20 January 2021

Created by jfapex | Jan 20, 2021

Daily Highlights-19 January 2021

Created by jfapex | Jan 19, 2021

Daily Highlights-18 January 2021

Created by jfapex | Jan 18, 2021

Daily Highlights-15 January 2021

Created by jfapex | Jan 15, 2021

Daily Highlights-14 January 2021

Created by jfapex | Jan 14, 2021

Daily Highlights-13 January 2021

Created by jfapex | Jan 13, 2021

Daily Highlights-12 January 2021

Created by jfapex | Jan 12, 2021

Daily Highlights-11 January 2021

Created by jfapex | Jan 11, 2021