jfapex
JF Apex Research: Daily Highlights - 30 October 2020
Market Thoughts
US markets rose overnight after better-than-expected GDP and employment data. Earlier, European stocks declined following coronavirus lockdown measures while the European Central Bank kept interest rates unchanged and hinted at further stimulus.
On the local market, the FBM KLCI dropped 5.15 points to 1495.20 points. Following the rebound in Wall Street, the FBM KLCI could remain buoyed with support at 1475 points.
Among stocks to watch are: FGV Holdings said it will start the process of terminating the land lease agreement (LLA) with the Federal Land Development Authority (Felda) once it receives an official notice from Felda on the matter, adding that the compensation due to the company could be between RM3.5 billion and RM4.3 billion; Sunway Construction has secured a contract worth RM315 million from the National Highways Authority of India via a consortium; AT Systematization, which is building its glove manufacturing factory in Perak, expects to reach a production capacity of up to 2.6 billion pieces of medical-grade nitrile gloves per annum by June 2021; Lotte Chemical Titan saw its 3QFY20 net profit fall 13.73% yoy due to lower revenue, higher share of associate losses and higher operating cost resulting from Hurricane Laura; Homeritz's 4QFY20 net profit rose 61.28% yoy thanks to higher revenue and lower material prices; ATA IMS’ 2QFY21 net profit rose 68.4% yoy due mainly to higher sales orders; Samchem's 3QFY20 net profit surged 79.51% yoy, thanks to higher sales volume and better margin; WCE Holdings is close to securing a construction works contract worth RM126.8 million for a proposed access from the West Coast Expressway to a mixed development project in Kota Seri Langat; HeiTech Padu has been awarded a second contract by the National Registration Department this year, with the latest one worth higher at RM50.97 million; The Malaysian Anti-Corruption Commission (MACC) has begun an investigation into a 300 million ringgit (US$72.1 million) loan from Sabah Development Bank Bhd (SDB) to budget airline AirAsia, an officer of the agency said on Wednesday; AirAsia X plans to revise its US$15.3 billion (RM63.5 billion) debt restructuring plan to address concerns raised by a creditor as its cash is running out fast, based on a news report.
Malaysia News & Highlights
Economics
- Kulim airport project not 'approved', only tabled for advice to NPPC — Penang CM
- Touch 'n Go eWallet integrates with McDonald’s cashless payment
- Malaysia's E&E sector set to benefit from China's 14th five-year plan — economists
- Malaysia and Singapore to strengthen bilateral cooperation in energy sector
- Cabinet agrees to termination of Felda’s land lease agreement with FGV
- Malaysia PPI for local production fell 3.9% in September
- Malaysia records highest-ever September exports of RM88.93b
Quarterly Results
- CMMT 3Q NPI falls on higher vacancies and rental relief, pays DPU of 1.13 sen
- BAT sees 16.72% q-o-q net profit growth in 3Q, declares 21 sen dividend
- Homeritz's 4Q net profit up 61.28% on higher revenue
- Samchem’s 3Q net profit surges 79.5% to RM9.5m on improved margin
- ATA IMS sees record quarterly revenue and profit
- Lotte Chemical Titan 3Q net profit falls 13.7% to RM78.8m on lower revenue
Company Outlook and Developments
- Solarvest seeks more incentives in Budget 2021 for solar leasing activities
- AirAsia X to revise RM63.5b debt reform plan to expedite talks with creditors — sources
- FGV expects compensation from LLA termination to be between RM3.5b and RM4.3b
- MACC probes AirAsia's bank loan
- UEM Sunrise wants more time to decide on proposed merger with EcoWorld
- New FGV biogas plant to generate RM5m in annual revenue at peak transmission
- AT Systematization expects glove-making capacity to reach up to 2.6 bil pieces per year by June 2021
Contract Secured and Awards
- HeiTech Padu bags second NRD contract worth RM50.97m
- WCE inks deal with Seriemas Development for RM126.8m interchange job
- Sunway Construction consortium bags highway job in India worth RM315m
Foreign News
- Stocks rebound from massive sell-off, S&P 500 closes more than 1% higher as tech gains
- European stocks close lower as ECB hints at further stimulus; Nokia down 20%
- Oil falls more than 3%, on track for worst week since April (Overnight Closing)
- Treasury yields jump after better-than-expected economic data
- Thai finance ministry raises 2020 GDP outlook to 7.7% contraction
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