NEWS HIGHLIGHTS

• Farm Fresh's 3Q profit up 8.9% as sales lift, Aussie ops drag

• CBIP returns to the black in FY2023, earning RM65.1m on refinery, SPV turnarounds

• Paramount hits RM1.0b revenue in FY23; declares 4 sen dividend

• CAB Cakaran reports RM38.4m net profit in 1Q24

• Eversendai makes a comeback in FY2023 with a net profit of RM26.6m

MACRO BITS

• Brazil warns of global economic challenges as G20 finance chiefs meet

• US, Philippines bolster economic ties to fend off China risk

• MOF: Expanded service tax scope at higher rate of 8.0% to bring in RM3.0b revenue

• Zahid emphasises need to empower Bumiputera economy through land sources

• Govt acknowledges women's pivotal role in driving prosperity, says Zahid

• DPM Fadillah: No final decision on SST hike for utilities just yet

• Malaysia faces RM7.9b loss in export value due to foreign worker shortage in palm oil sector, says minister

• China New Year travel hit record with most trips made by car

• Indonesia president says economy remains strong, probability of recession only 1.5%

• Hong Kong GDP to grow 2.5%-3.5% in 2024, scraps property tightening measures

• Fed officials emphasize data to guide pace of interest-rate cuts

• US economy on firmer footing heading into first quarter

• US home-buying demand nears worst since 1995 with rates above 7.0%

• ECB awaiting data before starting to cut interest rates, De Guindos says

• BoE's Mann says rich consumers are making it harder to curb inflation

IDEAS OF THE DAY

• Results Note: ARMADA, BIMB, GENP, HLBANK, IJM, IOIPG, JHM, KGB, KIMLUN, MAYBANK, MBMR, MEDIAC, MEDIA, PBBANK, PMETAL, POS, PPB, SLVEST, TAANN, TGUAN

• Company Update: CAPITALA, MBSB, NESTLE, OCK, PETGAS, VELESTO

Source: Kenanga Research - 29 Feb 2024