jfapex
Daily Highlights-15 January 2021
Market Thoughts
US markets ended slightly lower after President Biden unveiled a US$1.9 trillion stimulus plan. Earlier, European stocks climbed after the US' stimulus announcement and positive vaccine news boosted investor sentiment.
On the local market, the FBM KLCI shed 0.98 points to 1635.71 points. Following the positive performances in the US and Europe, the FBM KLCI could climb towards the resistance of 1650 points.
Stocks to watch are: Most of AirAsia X’s lessors support a restructuring plan, and the Malaysian airline has received interest from potential investors for fundraising after reorganisation, court documents filed this month show; Perak Transit has teamed up with concession owner Energetic Point Sdn Bhd to operate Terminal Sentral Kuantan in Pahang, which serves as a hub for express buses as well as local city buses; Jiankun International has proposed to undertake a private placement of up to 20% of the total number of issued shares in the company to raise an indicative maximum amount of RM23.03 million, which will partly fund the group’s planned land acquisition in Melaka and development costs of the tract; Pharmaniaga said it is in the midst of negotiation with the Ministry of Health for the purchase of the Covid-19 vaccine from China’s Sinovac Life Sciences Co Ltd for distribution in Malaysia; See Hup is selling nine plots of land in Penang measuring 853,863 sq ft in total for RM46.96 million cash to Tek Seng Holdings Bhd and a vehicle controlled by the latter’s executive chairman and managing director. The group said the proposed disposal is expected to generate a pro forma gain of RM28.05 million; Dayang Enterprise has been awarded a three-year maintenance contract by Mubadala Petroleum’s entity, MDC Oil & Gas (SK320) Ltd.
Malaysia News & Highlights
Company Development and Outlooks
- Perak Transit teams up with Energetic Point to run Kuantan bus terminal
- Jiankun plans private placement to fund property project
- See Hup sells land in Penang to Tek Seng for RM46.96m cash
- Boustead Heavy Industries delivers second of four littoral mission ships to RMN
- Tony Tiah’s unconditional mandatory takeover offer on TA Enterprise deemed not fair but reasonable
- FELDA buys 22 million FGV shares in open market at below cash offer price
- AirAsia X shows court creditors' support for restructuring plan
- Pharmaniaga in talks with MoH over Covid-19 vaccine purchase
- JCY’s major customer cuts order, to eventually stop purchases
- Mah Sing's M Vertica achieves 92% take-up rate for first three towers
- George Kent lodges sukuk programmes with combined limit of RM500m with SC
- Platinum Victory's ED emerges as substantial shareholder of Red Ideas
Contract Secured and Awards
- Dayang Enterprise bags three-year maintenance contract from Mubadala
Foreign News
- Stocks close slightly lower as investors await details of Biden stimulus plan
- European markets close higher as vaccine and U.S. stimulus hopes boost sentiment
- Oil reverses losses, turns positive on stimulus hopes (Overnight closing)
- Biden’s $1.9 trillion Covid relief plan calls for stimulus checks, unemployment support and more
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