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JF Apex Research: Daily Highlights - 4 November 2020
Market Thoughts
US markets rose overnight as investors wait for the presidential election results. Earlier, European stocks also climbed ahead of the US presidential election.
On the local market, the FBM KLCI dropped 5.01 points to 1461.45 points. Following the positive performance in Wall Street, the FBM KLCI could remain buoyed above the support of 1455 points.
Stocks to watch are: F&N’s 4Q net profit grew 26.41% y-o-y, on cost controls on overheads and lower advertising and promotion spending, and an RM7.8 million gain on disposal for its “Teapot’ trademark; Prestariang has bagged an RM50 million contract from Menteri Besar Selangor (Pemerbadanan) (MBI) to develop and implement the Selangor Kerjaya programme; MyEG launched it MySafeTravel digital health pass system for inbound travellers amid the Covid-19 pandemic. It is designed and operated by MyEG for the Ministry of Health and has been online since Nov 1; Frontken’s 3QFY20 net profit rose 12.03% yoy, on higher revenue and better profit margin; LTKM’s subsidiary LTK (Melaka) Sdn Bhd has been found guilty of raising the margins of its egg prices under the Price Control and Anti-Profiteering Act. It has been fined RM25,000 and also ordered to pay RM9,600 to repurchase 30,000 eggs confiscated by the government; Country Heights’ 26-year-old joint venture (JV) with the Sarawak Land Custody and Development Authority (LCDA) has been terminated over claims that the former had failed to address contract breaches. The JV is over a hill resort and is a 70:30 split between Country Heights and the LCDA; Scomi Group will see its share suspended from next Monday, if it does not issue its annual report for the financial year ended June 30, 2020; MAHB and Alibaba Group’s Cainiao Aeropolis eWTP Hub has commenced operations. The hub, formerly known as the KLIA Aeropolis DFTZ Park, is a major project under the Electronic World Trade Platform (eWTP) partnership between the Malaysian government and Alibaba in 2017; Parlo is to raise RM25.84 million via a private placement of 72.8 million shares (20% of its total issued shares) to third party investors. Some RM12 million of the proceeds will be used to invest in its migrant workforce-related services business. Another RM7.06 million will be used to repay bank borrowing, and RM5.93 million for working capital.
Malaysia News & Highlights
Economics
- BNM maintains OPR at 1.75% at final monetary policy meeting for 2020
- Malaysia ranks fourth in Cost of Doing Business Index — KPMG study
- Japan’s Mitsui says share of losses from IHH amount to RM56m in July-Sept quarter
- Petronas to pay govt RM34bil dividend in 2020
Quarterly Results
- F&N’s 4Q net profit up 26% on prudent cost controls, suggests 33 sen dividend
- Frontken’s 3Q net profit up 12% to RM21.34m on improved revenue, profit margin
Company Outlook and Developments
- LTKM found guilty of raising margins on eggs
- Perodua's October sales hit new all-time high of 26,852 cars
- Sarawak govt ends 26-year-old hill resort JV with Country Heights
- MyEG launches online digital health check system for inbound travellers
- MAHB, Alibaba start ops at Cainiao Aeropolis eWTP Hub
- Bursa, Shenzhen Stock Exchange to promote Malaysia-China investment flows
- Proton's October sales rise by 20% to 11,392 units
Contracts Secured and Awards
- Prestariang bags training job worth RM50m from MBI Selangor
Foreign News
- Stocks rally on Election Day, with the Dow jumping more than 500 points
- European markets close higher ahead of U.S. election; BNP Paribas up 6.7%
- Oil price rises 2% but traders brace for wild ride on US Election Day (Overnight Closing)
- Ant Group's US$37bil listing suspended in Shanghai and Hong Kong
- Saudi Aramco keeps dividend despite 45% profit slump
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