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JF Apex Research: Daily Highlights - 16 November 2020
Market Thoughts
US markets rose on last Friday following buying interests in stocks that would benefit from a potentially effective vaccine and economic recovery. Similarly, European stocks closed higher as investors felt optimistic on the prospect of an effective coronavirus vaccine.
On the local market, the FBM KLCI shed 1.09 points to 1589.69 points. Following the positive tone posted by the overseas markets, the local benchmark would continue trending above its support level of 1550 points.
Stocks to watch based on corporate newsflow are: Kumpulan Powernet has proposed a new share split plan to increase the trading liquidity of its shares, on the basis of one KPower share held being divided into four shares, which will come with the issuance of free warrants; Sasbadi, Huawei and TM One have joined forces to provide an e-learning platform to help students, especially Sijil Pelajaran Malaysia (SPM) candidates, catch up on their studies and do well in their examinations; AirAsia’s digital wallet provider BigPay Later Sdn Bhd, along with seven other “licensed credit community” companies, has obtained the approval of the Ministry of Housing and Local Government (KPKT) to provide online loans; Gets Global said its subsidiaries have been served with a summons and claims of RM385,570 from Sinotek Autoparts Sdn Bhd (SASB); The Inland Revenue Board has withdrawn its appeal against a High Court's decision to allow a judicial review sought by Tune Protect’s subsidiary Tune Insurance Malaysia Bhd (TIMB), relating to a tax dispute concerning RM10.7 million; S P Setia reported a wider net loss of RM263.4 million for its 3QFY20 compared with a net loss of RM131.5 million in 2QFY20, due to its share of impairment of RM336.3 million from the group's 40%-owned joint venture company, Battersea Project Holding Company Ltd (BPHC), in the UK; Kumpulan Fima’s 2QFY21 net profit surged 81.12% yoy, underpinned by higher profits from its plantation and bulking segments.
Malaysia News & Highlights
Economics
- Malaysia’s 3Q GDP contraction of 2.7% better than expected but risks remain, say economists
- Malaysia's headline inflation sees smaller contraction of 1.4% in 3Q
- India imported half a million tonnes of palm oil from Malaysia in October
- Sarawak Govt to study establishment of sovereign wealth fund
Quarterly Results
- S P Setia reports RM263.4 mil loss in 3Q due to Battersea Project JV's impairment
- Kumpulan Fima’s 2Q net profit jumps 81.12% to RM18.31m
Company Developments and Outlooks
- Sasbadi, Huawei, TM One collaborate to provide e-learning platform
- IRB withdraws appeal against court’s decision to allow judicial review sought by Tune Protect in a tax dispute
- Gets Global’s units served with writs for outstanding payments
- Top Glove spent RM634.5 million on share buyback since September
- KPower proposes new 1-to-4 share split with free warrants to replace earlier 1-to-2 share split plan
- CCM receives RM28m facility from OCBC to finance power plant project
Contracts Secured and Awards
- AirAsia's BigPay among eight companies approved to provide online loans
Changes in key Management and Board Members
- Bursa Malaysia appoints two new faces to its board
Foreign News
- S&P 500 rises more than 1% to a record close to cap off strong week as big value rotation continues
- Europe markets close mostly higher on Covid vaccine optimism; Delivery Hero sinks 6%
- Oil falls 2% on coronavirus surge but gains 8% this week on vaccine hopes (Overnight Closing)
- Dow futures rise 200 points after last week’s big market rotation
- Emirates eyes return to profitability in 2022 as new travel corridors open
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