jfapex
Daily Highlights - 28 October 2020
Market Thoughts
US markets ended mixed overnight amid quarterly results and rising coronavirus cases. Earlier, European stocks tumble following concerns over Brexit and record rises in daily coronavirus infections.
On the local market, the FBM KLCI rose 5.74 points to 1500.35 points. Following the mixed performance in Wall Street, the FBM KLCI could continue to hover sideways above the support of 1475 points.
Among stocks to watch are: Minetech Resources has been awarded a contract valued at RM37.46 million to undertake a civil works project; Bursa Malaysia's 3QFY20 net profit surged more than twofold to a record high of RM121.94 million from RM47.10 million a year earlier, on the back of higher operating revenue; Hartalega has recorded its best-ever quarterly net profit at RM544.96 million in its 2QFY21, which is about five times the RM103.87 million posted last year; Luxchem’s 3QFY20 net profit jumped 65% to RM14.2 million, from RM8.6 million in the previous corresponding quarter; Supermax posted a record quarterly net profit of RM789.52 million, up almost 32 times from RM24.75 million a year ago, thanks to the continued booming demand for rubber gloves amid the Covid-19 pandemic. Separately, Supermax also announced that it is planning for a dual listing on the Singapore Exchange to expand and diversify its shareholder base; Atrium REIT’s 3QFY20 net rental income jumped 73.98% yoy thanks to the rental income from Atrium Bayan Lepas 2 which commenced in October 2019, and the one-off gain on disposal of used racking system; RGT's net profit for the first quarter ended Sept 30, 2020 soared 124.2% yoy, on the back of a surge in demand for hygiene care products such as soaps and sanitiser dispensers; The board of director of HSS Engineers has suspended group chief executive officer (GCEO) Datuk Ir. Nitchiananthan Balasubramaniam for four weeks with immediate effect. The suspension is to facilitate independent investigation to be carried out for alleged misconducts on the part of the GCEO.
Malaysia News & Highlights
Economics
- CPO prices exceed RM3,000 per tonne, highest in 2020
Quarterly Results
- MHB reports profitable 3Q on higher revenue from heavy engineering segment
- Strong demand for sanitiser dispensers drives RGT 1Q net profit to record high
- Atrium REIT’s 3Q rental income up 74% to RM7.7m
- Bumper 1Q for glove maker Supermax as net profit rises over 30 times to RM790m
- Luxchem 3Q net profit jumps 65% to RM14m
- Hartalega posts record earnings in 2Q, net profit leaps five times to RM544.9m
- Bursa 3Q net profit surges more than twofold to record high of RM121.94m
Company Outlook and Developments
- Al-’Aqar proposes private placement to raise up to RM50 mil
- Parkson upbeat on China's retail industry amid Covid-19 recovery
- Alliance Bank successfully issues RM1.2 bil Tier-2 subordinated MTNs
- TNB, MBS collaborate to reduce carbon footprint
- Dayang Enterprise cooperating with authorities, client in rescue and recovery efforts
- Supermax eyes listing on Singapore Exchange
- SC grants four-month extension for LTAT to decide on privatisation of Boustead
Contract Secured and Awards
- Minetech Resources bags civil works contract worth RM37.46m
Foreign News
- Dow falls more than 200 points as coronavirus cases continue to rise, tech shares lift Nasdaq
- European markets close lower as investors digest virus and earnings news
- Oil jumps more than 2% on U.S. Gulf shutdowns (Overnight Closing)
- EU warns not enough Covid vaccines for all in Europe until 2022
- Airbnb chooses IPO venue in big win for Nasdaq over NYSE
Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
Market Buzz
2024-11-25
AIZO2024-11-24
SUPERMX2024-11-23
HARTA2024-11-22
BURSA2024-11-22
BURSA2024-11-22
HARTA2024-11-21
AIZO
-90.52%2024-11-21
BURSA2024-11-21
BURSA2024-11-21
HARTA2024-11-21
HARTA2024-11-21
HARTA2024-11-20
BURSA2024-11-19
BURSA2024-11-19
HSSEB2024-11-19
HSSEB2024-11-18
BURSA2024-11-18
RGTBHD2024-11-18
RGTBHD2024-11-18
RGTBHD2024-11-18
RGTBHD2024-11-18
RGTBHD2024-11-14
AIZO2024-11-14
AIZO2024-11-14
BURSA2024-11-14
BURSA2024-11-14
HARTA2024-11-13
HARTA2024-11-13
HARTA2024-11-13
HARTA2024-11-13
HARTA2024-11-13
HARTA2024-11-12
HARTA2024-11-12
HARTA2024-11-12
HARTAMore 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
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
1
2
3
Good Articles to Share
4
Good Articles to Share
What’s behind the slew of restaurant bankruptcies in 2024? Experts unpack the problems
5
Good Articles to Share
Four convicted in Spain over homophobic murder that sparked nationwode protests
6
Good Articles to Share
7
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
