NEWS HIGHLIGHTS

• Malaysia Smelting Corp 4Q net profit plunges 64%, adopts new dividend policy

• Priceworth proposes one-for-two bonus issue of warrants

• GFM Services acquires rest and service area project firm for RM23m

• GIIB returns to the black in 1Q on land disposal

• Alpha IVF signs underwriting agreement for largest ever ACE Market IPO

MACRO BITS

• European, US carmakers race to lower EVs costs as China competition heats up

• Anwar says Bumiputera Economic Congress 2024 will be more inclusive

• Miti calls for new trade approach focused on fair wages and sustaining a robust middle class

• Supply shortages, high demand driving up tomato prices — ministry

• PLUS, Malaysian Highway Authority agree to increase highway EV charging stations

• Exports remains subdued in January on weak global demand trend (See Economic Viewpoint: Indonesia External Trade)

• Holds interest rate steady at 6.50%, a 16-year high (See Economic Viewpoint: Bangko Sentral ng Pilipinas Rate Decision)

• Japan's economy slips into recession on weak domestic demand

• Thailand sticking with handout plan to lift 'fragile' economy

• Fed’s Barr says he supports Powell’s careful approach to rate cuts

• Frigid temperatures chill US retail sales, factory production

• Lagarde warns against hasty decision on rate cuts

• Euro-area economy is losing momentum, EU says, slashing outlook

• UK recession deals fresh blow to Sunak’s economic promises

IDEAS OF THE DAY

• Company Update: AXIATA, SUNWAY, UZMA

• Rating Summary

• Economic Viewpoint: BSP Rate Decision, Global FX Monthly Outlook, ID External Trade, Ringgit Weekly Outlook

Source: Kenanga Research - 16 Feb 2024