NEWS HIGHLIGHTS

• Pantech’s 3Q profit drops 39.0% amid softer sales; declares 1.5 sen dividend
• PA Resources bags RM1.1b contract extension from US' First Solar
• FM Global Logistics eyes RM38.0m land acquisition in Klang for warehousing, distribution expansion
• Magna Prima’s unit inks conditional development agreement for RM1.2b project
• Gagasan Nadi to develop 4,183 units of affordable housing in KWASA Damansara township

MACRO BITS

• US strikes Yemen again as Houthi shipping attacks continue
• Govt funds for projects under Budget 2024 disbursed early — PM
• Govt approves 22 RE projects with total capacity of 36.534 MW
• Nearly 80.0% of Malaysian SMEs bullish about growth prospects in 2024, report finds
• MRC: Malaysia earned RM27.2b from rubber exports in 2023
• China’s slumping commercial property market is attracting bargain hunters
• China's ageing population threatens switch to new economic growth model
• BOJ seen keeping policy ultra-easy, focus on rate-hike hints
• Thailand’s EV sales seen doubling as first homegrown models hit market
• Australia jobs engine slows as labour market loosens
• Fed’s Bostic reiterates view rate cuts to start in third quarter
• US weekly jobless claims fall to level last seen in Sept 2022
• More junk-rated US companies to default in 1Q, Moody's forecasts
• ECB faces bumpy road to low inflation as wages rise
• Expectations of ECB interest rate cut in Q2 grow stronger - Reuters poll

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

• Sector Update: Media
• Results Note: HPPHB (RISE)
• Company Update: ANCOMNY, ECOWLD
• Rating Summary
• Economic Viewpoint: Ringgit Weekly Outlook

Source: Kenanga Research - 19 Jan 2024