NEWS HIGHLIGHTS

• Hibiscus 2Q net profit jumps 45% on higher oil prices, declares two sen dividend

• Hume Cement’s 2Q profit up 13 fold y-o-y and 12% q-o-q for best showing since 2003

• Globetronics flags persisting headwinds for chip industry as 4Q profit nearly halves

• Teo Seng reports over 5-fold profit jump in 4Q23

• Green Packet signs deal with Malaysian partner to develop tourism digital platform for Sri Lanka

MACRO BITS

• China ready to work with EU to uphold free trade, multilateralism, foreign minister says

• Exports rebounded in January; trade surplus narrowed to 44-month low (See Economic Viewpoint: Malaysia External Trade)

• BNM says ringgit's current level doesn't reflect Malaysian economy’s positive outlook as the note skids to its lowest since 1998

• Anwar calls for collaborative action to realise sustainable humane economy

• Economic contraction, GDP decline of main trading partners affect Malaysia, says Zafrul

• Zafrul urges EV makers to consider making Malaysia their hub in Asean

• China slashes mortgage reference rates to revive property market

• China's state banks step in to arrest yuan slide after mortgage rate cut — sources

• Chinese tourists flock to Southeast Asia as overseas travel bounces back

• Thai PM calls for emergency rate cut, pressuring central bank

• Fed’s ‘golden path’ to soft landing aided by productivity boom

• Negotiated euro zone wage growth slows in Q4 from record high

• Bailey says BOE can cut rates before inflation returns to target

IDEAS OF THE DAY

• Results Note: CDB, DLADY, GASMSIA, KLK, NOVA, STAR, SUNCON, SUPERMX, UZMA

• Company Update: KPJ

• Economic Viewpoint: MY External Trade

Source: Kenanga Research - 21 Feb 2024