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Daily Highlights - 20 November 2020
Market Thoughts
US markets closed slightly higher amid rising coronavirus cases. However, European markets inched lower as affected by renewed concerns of economic shutdowns arising from rising number of coronavirus cases.
On the local market, the FBM KLCI tumbled 21.07 points or 1.31% to 1583.68 points yesterday. Following the overnight sluggish performances posted by the overseas markets, the local benchmark index is expected to continue trending downwards with its support level of 1550 points.
Stocks to watch are: GHL, MFCB, MBM, Pharmaniaga, Mestron, SKP Resources, PetGas, ELK-Desa, Perak Transit after posting better y-o-y quarterly results; whilst Sunway Construction, AAX, Bumi Armada recorded weaker y-o-y performances; Amtel Holdings has proposed the issuance of bonus shares, together with free warrants, to reward its shareholders; Axis REIT is acquiring three properties in Johor in a related-party transaction for RM28.2 million cash; Malakoff’s unit has received approval from the Sustainable Energy Development Authority (SEDA) to develop a 2.4 megawatt Biogas Power Plant in Johor.
Malaysia News & Highlights
Quarterly Results
- Perak Transit books highest quarterly result since listing
- BHIC swings back into the black in 3Q on stronger revenue
- GHL 3Q's net profit up 66%, supported by higher contributions across all divisions
- Mega First 3Q net profit surges by 512% to RM90m
- Chemical Company of Malaysia remains in losses for second straight quarter
- MBM Resources 3Q net profit up 16.5% on higher vehicle sales
- Sunway Construction’s 3Q net profit falls 28%
- Apex Healthcare sees steady 3Q profit despite revenue drop
- IGB reverses losses in 3Q on higher contributions from business segments
- Pharmaniaga sees 200% gain in 3Q profit amid lower opex during MCO
- BCB’s 1Q net profit falls 56.34% on lower property sales
- Petron Malaysia’s 3Q net profit almost triples to RM98m
- AirAsia X says proposed debt restructuring critical to survival
- PetGas net profit up 37% to RM591m in 3Q
- Bumi Armada 3Q net profit down 44% on absence of gain on disposal
- Mestron 3Q net profit surges 183% to RM3.09m as sales recover post-MCO
Company Developments and Outlooks
- Axis REIT buys three properties in Johor for RM28m in related party transaction
- Top Glove spent about half its RM1.87b profit for FY20 on share buybacks
Contract Secured and Awards
- Malakoff secures Feed-in-Tariff approval for 2.4MW biogas power plant in Kota Tinggi
Foreign News
- Stocks rise as Wall Street turns to tech for safety amid increasing Covid-19 cases
- European markets close lower as shutdown fears outweigh vaccine news
- Oil prices slip as surge in virus cases raises concerns about demand (Overnight Closing)
- Gold falls 1% on stronger dollar, economic rebound hopes
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