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Daily Highlights - 3 November 2020
Market Thoughts
US markets rose overnight in a sharp rebound one day before the US presidential election amid resilient manufacturing data. Earlier, European stocks advanced following positive manufacturing data from Europe and China.
On the local market, the FBM KLCI pared intraday losses to close 0.43 points lower at 1466.46 points. Investors’ interests were concentrated in transportation and logistics counters. Following the positive performance in Wall Street, the FBM KLCI could stage a rebound with support at 1455 points.
Stocks to watch are: Pintaras Jaya won RM163 million in piling contracts in Singapore. The contracts will start between October 2020 to February 2021; Kronologi Asia won an exabyte-size cloud hyper-scale supply and managed services contract in China. The contract was awarded by a market-leading web search, online community and artificial intelligence services provider; Tomei’s 3QFY20 net profit jumped by more than six times to RM13.6 million, from RM2.08 million a year prior, on better profit margins and higher revenue; Cycle and Carriage Bintang was back in the black in 3QFY20 with a net profit of RM7.2 million, from a net loss of RM12.24 million a year ago, following better car sales as a result of the sales tax exemption under the Penjana stimulus package and cost-saving; Kerjaya Prospek Property bought a piece of freehold land near its Bloomsvale mixed development project in Old Klang Road for RM15.13 million. It said the land will be used to complement the Bloomsvale project; Dufu Technology’s 3QFY20 net profit declined 13.01% yoy despite revenue increased 12.3%. The lower earnings was due to forex losses of RM1.94 million, while the higher revenue was due to higher volume loading by its hard disk drive component customers; Top Glove has been downgraded from A to D in the Amfori Business Social Compliance (BSCI) audit, as no evidence has been given to support the A rating given in June based on a news report.
Malaysia News & Highlights
Economics
- Local products registered 1.8% increase in sales value in 3Q, says Nanta
- Khazanah stands to earn handsome windfall from Ant IPO — report
- Malaysia Manufacturing PMI Slips In October – IHS Markit
Quarterly Results
- Tomei’s 3Q net profit surges over six times to RM14m on higher sales, margins
- C&C Bintang returns to black in 3Q as sales tax exemption boosts car sales
- Dufu 3Q net profit rises 30% to RM13m on higher HDD sales volume
Company Outlook and Developments
- DBKL sells Cheras land to Tadmax for RM37.4 million
- OpenSys’ buySolar platform gains traction among industry players
- Top Glove downgraded from A to D in social compliance audit — report
- Hibiscus completes new wells at St Joseph site under North Sabah PSC
- FGV has yet to receive LLA termination letter from Felda
- Proton's October sales rise by 20% to 11,392 units
- Kerjaya Prospek Property buys land near its Bloomsvale project
Contracts Secured and Awards
- Pintaras Jaya's Singapore unit bags RM163 mil piling contracts
- Kronologi bags cloud computing contract in China
Change of Boardmember or Management
- Frankie Choong appointed as CEO of RHB Laos
Foreign News
- Dow jumps 400, tech stocks lag, manufacturing recovery continues
- European markets close higher on upbeat manufacturing data; Ocado up 8%
- Oil rises nearly 3% as U.S. presidential election looms (Overnight Closing)
- Primark-owner sees £375mil loss of sales from lockdowns
- US ISM manufacturing rose to 59.3, corresponds to 4.8% annualized growth in GDP
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