jfapex
Daily Highlights - 24 November 2020
Market Thoughts
US markets closed in the green following the news that former Federal Reserve Chair Janet Yellen is expected to be nominated by President-elect Joe Biden to be Treasury Secretary. Meanwhile, European markets ended mixed amid vaccine optimism.
On the local market, the FBM KLCI gained 3.73 points or 0.23% to 1597.48 points. Following the positive performance posted by the Wall Street, the local benchmark index could follow suit with its resistance level of 1615 points.
Stocks to watch are: Serba Dinamik, Karex, Hextar Global, CCK, Sime Darby Plantation, BP Plastics, MTAG, Dancomech, Wegmans, Tiong Nam after posting better y-o-y quarterly results; whilst MRCB, Dayang, Sunway REIT, Guan Chong, HLT recorded weaker y-o-y performances; Eonmetall, which was slapped with an unusual market activity (UMA) query by Bursa Malaysia, said it is in talks to acquire a glove manufacturer; Mesiniaga has inked an agreement to provide hardware and software services for an information technology (IT) and engineering network modernisation project with Maxis Broadband Sdn Bhd for RM22 million; Top Glove has confirmed that it will temporarily shut down 28 factories in Klang, Selangor following an insurgence of Covid-19 cases among its workers; Kanger International said it had received support from the Ministry of Science, Technology and Innovation (MOSTI) to purchase Covid-19 vaccines for private-sector use in Malaysia; Acme Holdings has partnered with artificial intelligence (AI) innovation firm Skymind Holdings Bhd (SHB) and investment holding firm Java Multimedia Sdn Bhd (JMSB) to collaborate in the manufacture of hardware devices for AI; Hibiscus Petroleum expects to bid for assets in Southeast Asia in the next six months using part of the RM203.6 million proceeds raised from the convertible redeemable preference shares (CRPS); Samaiden has secured a RM115.6 million contract from BTM Resources Bhd’s wholly-owned subsidiary BTM Biomass Products Sdn Bhd to develop a biomass-based power plant in Terengganu.
Malaysia News & Highlights
Quarterly Results
- PRG posts profit in 3Q on recognition of unrealised income from subsidiary disposal
- Sime Darby Plantation 3Q net profit at RM190m as upstream segment lifts
- Tiong Nam returns to black in 2Q as logistics and warehousing segment recovers
- Boustead Plantations delivers improved performance in 3Q on higher CPO prices
- Dayang returns to the black in 3Q after 2Q loss
- Serba Dinamik 3Q profit up 31% on stronger earnings from O&M segment, declares 1.35 sen dividend
- Karex posts profitable 1Q on favourable sales mix and improved cost controls
- Hextar Global sees 43% jump in 3Q profit as agriculture segment lifts, declares one sen dividend
- HLT Global’s 3Q net profit falls on higher operating expenses
- Sunway REIT 1Q NPI falls 43%, as virus-hit retail, hotel segments continue to weigh on earnings
- Guan Chong's 3Q net profit falls 23% on lower sales and margins, with higher tax expenses
- MRCB’s 3Q net profit slumps 63% on slower construction progress at its projects
Company Developments and Outlooks
- Top Glove has spent over RM1b on share buy backs since September
- Eonmetall says it is in talks to acquire 51% stake in glove maker
- Top Glove confirms temporary shutdown of 28 factories in Meru due to upsurge in Covid-19 cases
- Lotus KFM directors fail in MESB takeover bid after attracting zero acceptance for remaining shares
Foreign News
- Dow jumps 300 points on vaccine hope, hits high of day on news Yellen may be Biden’s Treasury pick
- European markets end mixed amid positive coronavirus vaccine news
- Oil prices jump on the back of coronavirus vaccine developments (Overnight Closing)
- Dow futures rise 150 points as Trump administration begins transition process
- Singapore upgrades 3Q GDP as lockdown measures ease
More articles on jfapex
Pesona Metro Holdings Berhad - Building the Future
Created by jfapex | Aug 26, 2024
Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construc
Featured Posts
Latest Videos
Apps
Top Articles
1
2
3
save malaysia!
Visa-free travel to China extended for Malaysians to 30 days
4
Good Articles to Share
5
Good Articles to Share
Four convicted in Spain over homophobic murder that sparked nationwode protests
6
Good Articles to Share
7
Good Articles to Share
What’s behind the slew of restaurant bankruptcies in 2024? Experts unpack the problems
8
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
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....
