jfapex
Daily Highlights - 23 November 2020
Market Thoughts
US markets dipped on last Friday after rising new coronavirus cases. However, the European markets closed up marginally higher, with oil and gas counters led the charge.
On the local market, the FBM KLCI gained 10.07 points or 0.64% to 1593.75 points. Following the mixed performances posted by the overseas markets, the local benchmark index could trend sideways, hovering between its support level of 1550 points and resistance level of 1615 points in the short term.
Stocks to watch are: Rubberex, CSC Steel, Sarawak Plantation, Asia Brands after posting better y-o-y quarterly results; whilst InNature, Tropicana, Perdana Petroleum, Tune Protect, Master-Pack, Ho Hup, P.I.E Industrial recorded weaker y-o-y performances; Maxis’s wholly-owned Maxis Broadband Sdn Bhd (MBSB) has been hit with an RM140 million tax bill. It was served with notices of additional assessment with penalties for tax years 2016 and 2017 from the Inland Revenue Board (IRB); AirAsia X has been ordered to pay a total of RM133.05 million in two lawsuits brought against it in the UK, involving aircraft leasing.
Malaysia News & Highlights
Quarterly Results
- Lagenda Properties' Q3 net profit surges to RM49.81 mil
- Rubberex 3Q net profit surges 13 times amid strong nitrile glove demand
- Masteel returns to black in 3Q on better margin, demand rebound
- Asia Brands posts fourfold rise in 2Q profit on lower expenses, finance costs
- CSC Steel's 3Q net profit rises 21%, driven by higher margin products
- InNature’s sales recover; 3Q profit more than doubles q-o-q
- Tune Protect 3Q net profit down 79% as virus-induced slump continues to impact its travel segment
- I.E. Industrial’s 3Q net profit falls 31% on higher expenses
- Perdana Petroleum reports wider 3Q losses amid declining vessel use rate, impairment losses
- Tropicana 3Q net profit falls 14% due to temporary work halts, lower sales amid pandemic
Company Developments and Outlooks
- EPF re-emerges as substantial shareholder of Hartalega
- KLCCP Stapled Group CEO says Petronas lease extension will further reinforce stability
- Top Glove spends nearly RM1b on share buybacks since September
- AAX ordered to pay RM133m in UK lawsuits brought by aircraft lessors
- Maxis takes the taxman to court over RM140 mil additional tax bil
Economy
- Malaysia Airlines seeks aid from wealth fund Khazanah, creditor talks continue
- BNM international reserves up at US$104.9b as at Nov 13
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
