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Daily Highlights - 25 November 2020
Market Thoughts
US markets rallied yesterday on hopes for a stronger economic recovery in next year with positive vaccine news and easing of political uncertainty as the Trump administration approved the start of the presidential transition. Similarly, European bourses closed higher amid vaccine optimism and Biden transition progress.
On the local market, the FBM KLCI tumbled 19.09 points or 1.20% to 1578.39 points on concerns of Budget 2021 vote in Parliament. Following the strong showings by the overseas markets, the FBM KLCI could trend positively on bargain hunting activities.
Stocks to watch are: Inari, Boilermech, Kawan Food, MGB, Iconic Worldwide, D&O after posting better y-o-y quarterly results; whilst Wah Seong, Hong Leong Industries, Leong Hup, Kelington, Tan Chong Motor, UEM Sunrise, AirAsia, Takaful, I-Stone recorded weaker y-o-y performances; Top Glove estimates its annual revenue for its FY21 will drop by only 3% as a result of the temporary closures of its 28 factories in Klang due to the outbreak of Covid-19 in its worker dormitories; ARB has teamed up with China’s state-owned China United Network Communications Group Co Ltd (China Unicom) to undertake smart building projects and other ancillary businesses in Malaysia; Omesti has a bagged a two-year contract worth RM19.9 million to provide network equipment maintenance services for the Federal Court’s eCourts Phase 2 project; IJM has bagged a RM314.8 million contract from Laksana Positif Sdn Bhd for the construction of a 34-storey hotel and office tower at The Light City in Gelugor, Penang; Ekovest’s 60% owned Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) will defer a portion of the cumulative coupon payment due on Dec 2, 2020 for the highway concession owner’s RM180 million junior bonds until June 2, 2021. Kesturi is the concession owner of the Duta Ulu-Kelang Expressway (DUKE) and Setiawangsa-Pantai Expressway in the Klang Valley.
Malaysia News & Highlights
Quarterly Results
- Pos Malaysia 3Q loss narrows with mild operating profit
- MyEG 3Q net profit rises on Covid-19 health screenings, online grocery sales
- Hong Leong Industries returns to the black in 1QFY21
- Leong Hup 3Q net profit up 38.5% q-o-q on improved revenue in Vietnam
- Tan Chong Motor sees vehicle sales recovery in 3Q, boosted by sales tax exemption
- Berjaya Land narrows losses by 69.4% in 1Q, compared to previous quarter
- UEM Sunrise’s 3Q losses narrow on greater construction activities and higher sales
- ARB 3Q net profit up marginally at RM8.4m on improved revenue
- AirAsia 3Q net loss narrows q-o-q as domestic market recovers
- Inari Amertron’s 1Q net profit jumps 47% as revenue expands, pays 2 sen dividend
- Wah Seong sinks deeper into the red in 3Q with adjustments totalling RM265.2m
- Syarikat Takaful Malaysia Keluarga’s 3Q net profit falls on lower family takaful sales
- Malakoff 3Q net profit from continuing operations down 38% on-year at RM51m
Company Developments and Outlooks
- Top Glove buys back more shares; total amount spent since September rises to RM1.08b
- ARB partners with Chinese telco to undertake smart building projects in Malaysia
- Only 3% annual revenue lost from closure of 28 factories, says Top Glove
- AirAsia sees travel behaviour returning to normal by 2022 — report
- Omesti unit bags RM19.88m network equipment maintenance contract from Federal Court
Foreign News
- Dow surges more than 400 points, closes above 30,000 for the first time ever
- European markets close higher amid vaccine optimism and Biden transition progress
- Oil jumps 4%, hits highest level since March on vaccine optimism (Overnight Closing)
- S. stock futures rise slightly after record day on Wall Street
- 10-year Treasury yield rises to its highest level in a week
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