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Malaysia Daybreak | 1 September 2021 FBMKLCI Index

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Malaysia | September 1, 2021 Key Metrics Malaysia Daybreak | 1 September 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Malaysian Pacific Industries – Setting up the next leg 1,500 FY6/21 core net profit beat our and consensus forecasts by 4% due to 1,450 better-than-expected sales delivery in 4QFY21, despite plant closure due to 1,400 EMCO. We expect MPI to maintain double-digit US$ sales growth in FY6/22F, Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 driven by robust demand for power management chips for EVs and data centres. ——————————————————————————— We raise FY22-23F EPS by 5-8%. Reiterate Add, with a higher RM51.50 TP. FBMKLCI 1,601.38 11.22pts 0.71% Lotte Chemical Titan – US facility escapes impact; prices may rise AUG Future SEP Future 1601.5 - (0.41%) 1588.5 - (0.57%) Upgrade from Hold to Add as Hurricane Ida may push up PE and MEG prices; ——————————————————————————— LCT’s US facilities did not sustain any damage from the hurricane. Furthermore, Gainers Losers Unchanged LCT’s share price has corrected 26% since peaking at RM3.50 on 10 May. Our 543 498 459 ——————————————————————————— TP of RM2.92 is unchanged (5x CY22F EV/EBITDA). LCT’s 12-month forward Turnover P/BV valuation is only at 0.45x, around 1 s.d. below the mean, from which level 4433.91m shares / RM3665.077m LCT’s share price usually bounces off. 3m avg volume traded 5010.56m shares 3m avg value traded RM2966.37m Petronas Chemicals Group – Ida may cause polymer & MEG prices to rise ——————————————————————————— Regional Indices Reiterate Add, as Hurricane Ida may push up PE and MEG prices, which will FBMKLCI FSSTI JCI SET HSI augment our expectations for PCG’s already-strong 2H21F outlook. Even though 1,601 3,055 6,150 1,639 25,879 PCG does not have exposure to the US petrochemical markets, prices in Asia ———————————————————————————————— are expected to benefit from the spillover impact. Our TP of RM9.50 remains Market Indices Close % chg YTD % chg unchanged, based on 9.5x CY22F EV/EBITDA, 1 s.d. higher than the mean since FBMKLCI 1,601.38 0.7 (1.6) 2011. FBM100 11,342.91 0.6 (1.4) FBMSC 15,945.83 0.2 2.4 AMMB Holdings – On the path to earnings recovery FBMMES 7,244.90 0.4 (32.5) Dow Jones 35,360.73 (0.1) 15.5 BIMB Holdings – Low 1H21 FLP not sustainable NASDAQ 15,259.24 (0.0) 18.4 FSSTI 3,055.05 (1.5) 7.4 FGV Holdings Bhd – Better milling margin, CPO price boosted 2Q FTSE-100 7,119.70 (0.4) 10.2 SENSEX 57,552.39 1.2 20.5 Hap Seng Plantations – An attractive proxy for the CPO price rally Hang Seng 25,878.99 1.3 (5.0) JCI 6,150.30 0.1 2.9 Hong Leong Bank – Lower LLP to underpin FY22F profit growth KOSPI 3,199.27 1.8 11.3 Nikkei 225 28,089.54 1.1 2.4 IHH Healthcare Bhd – On track for stronger growth PCOMP 6,855.44 1.0 (4.0) SET 1,638.75 0.3 13.1 LBS Bina Group – Things just keep getting better Shanghai 3,543.94 0.4 2.0 Taiwan 17,490.29 0.5 18.7 Mah Sing Group – Glove unit’s contribution to come in 2H21F ———————————————————————————————— Top Actives Malaysian Resources Corp – Still getting hit by MCO on multiple fronts Close % chg Vol. (m) KNM GROUP 0.255 (1.9) 184.9 RHB Bank Bhd – A record quarterly NP despite Covid-19 KANGER 0.045 (18.2) 110.6 BINTAI KINDEN 0.480 28.0 110.6 SKP Resources Bhd – Steady start to FY22 despite limitations SAPURA ENERGY 0.125 0.0 81.4 Sunway REIT – Sunny days later rather than sooner AVILLION 0.145 0.0 78.0 HIAP TECK VENTURE 0.580 6.4 73.9 Ta Ann – A strong 1H due to higher CPO prices SANICHI TECH 0.035 (12.5) 72.3 AE MULTI HOLDINGS 0.045 12.5 65.8 ———————————————————————————————— Tomypak Holdings – From one hardship to another Economic Statistics Strategy-Landscape – Key insights into weekly flows (23/8-27/8) Close % chg US$/Euro 1.1810 (0.01) Economic Update – First glimpse into Budget 2022 direction RM/US$ (Spot) 4.1552 (0.90) RM/US$ (12-mth NDF) 4.2005 (0.63) OPR (%) 1.75 0.00 ▌News of the Day… GOLD ( US$/oz) 1,813.95 0.02 ———————————————————————————————————————————————————————————————————————————————————————— WTI crude oil US spot (US$/barrel) 68.50 (1.03) CPO spot price (RM/tonne) 4,569.50 0.11 • MOF issues pre-budget statement for Budget 2022 ———————————————————————————————————————— • CIMB foresees 10-20 bps net interest margin expansion in FY21 Ivy NG Lee Fang, CFA • CIMB: TnG Digital raised US$75m from AIA and Bow Wave Capital T (60) 3 2261 9073 E [email protected] Management • Sime Darby teams up with Porsche to assemble sports cars exclusively for Show Style "View Doc Map" Malaysian market • MAHB appoints Berk Albayrak as ISGA CEO effective 1 Sep • Malayan Cement gets shareholders’ nod on YTL Cement IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN Powered by the THE UNITED STATES IT IS DISTRIBUTED BY CGS-CIMB SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. EFA Platform Sources: CIMB. COMPANY REPORTS Sources: CIMB. COMPANY REPORTS Malaysia Daybreak | September 1, 2021 Global Economic News The European Central Bank should take account of a recent improvement in financing conditions in discussing the future of its pandemic-related monthly asset purchases, ECB policymaker Francois Villeroy de Galhau said on 30 Aug. Villeroy, who is also governor of the Bank of France, said there was no urgency to decide on the future of the Pandemic Emergency Purchase Programme at the ECB's September meeting because unlike the US Federal Reserve, the ECB could adjust its monthly purchases according to financing conditions. (Reuters) European Union countries have voted to reimpose restrictions on non-essential travel from the US amid a surge in new coronavirus cases, dealing a fresh blow to the tourism industry. A qualified majority of ambassadors voted to reintroduce the curbs, which were lifted in Jun, according to an EU statement. The US had 588 new Covid-19 cases per 100,000 inhabitants in the two weeks ending 22 Aug, according to the European Centre for Disease Prevention and Control, well above the limit of 75 set out in the EU guidelines. (Bloomberg) German inflation has jumped to its highest level since 2008, driven by energy and higher costs passed on by businesses. Consumer prices rose 3.4% in Aug, significantly faster than the 2% the European Central Bank aims to achieve sustainably for the euro area. Earlier on 30 Aug, Spain reported a rate of 3.3%. Inflation imported into Germany is running at 15%, the fastest in four decades, putting a price tag on the difficulties businesses are facing to secure inputs. (Bloomberg) China expects shortages of skilled workers will worsen over time as the government develops its high tech industries, focusing attention on the need for better training and education. The mismatch between jobs and skills will become the main problem in the labour market, Gao Gao, deputy secretary general of the National Development and Reform Commission, told reporters on 30 Aug following the release of a new five-year employment plan through 2025. While the share of skilled workers has risen to about 30% of the workforce, it remains low compared with other manufacturing powerhouses, he said. (Bloomberg) Malaysia Economic News The government is considering measures to increase tax revenue through increased tax compliance, as well as address the issue of revenue leakages, especially involving the smuggling of high-duty goods estimated at RM5bn per annum. In a Pre-Budget Statement, the Ministry of Finance (MoF) said that among the recommendations in the study is the implementation of the Special Voluntary Disclosure Programme (SVDP) for indirect taxes administered by the Royal Malaysian Customs Department. Others are Introduction of a Tax Compliance Certificate as a pre-condition for tenderers to participate in government procurement; and the implementation of the Tax Identification Number or TIN, as well as reviewing tax treatment that is identified as having elements of revenue leakage or harmful practices. (Bernama) Budget 2022 will be drafted with the expectation that the economic situation will recover from the effects of Covid-19 next year, said the Ministry of Finance (MoF). “As such, Budget 2022 will focus primarily on continuing to protect and restore the lives and livelihoods of the people and businesses, rebuild national resilience and catalyse postpandemic reforms,” the ministry said in its 2022 Pre-Budget Statement. (The Edge Markets) 2 Malaysia Daybreak | September 1, 2021 The direct and indirect tax collection stood at RM67.4bn or 56.2% of the target and RM24.8bn or 59% of the target respectively as of Jul 2021, the Ministry of Finance (MoF) said. It said the estimated tax revenue collection target for 2021 is RM162.1bn, which is 10.3% of Gross Domestic Product (GDP), including the collection of direct taxes of RM120bn and indirect taxes of RM42.1bn. (Bernama) The government will publish a public consultation paper on the Fiscal Responsibility Act framework to obtain input and views from all stakeholders, said the Ministry of Finance (MoF).(Bernama) The Perak government announced an additional Economic Stimulus Package (PRE) totalling RM34m as an initiative to help ease the burden of the people facing the Covid-19 pandemic.
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  • A CASE STUDY of N.43 TUALANG SEKAH Choo Chean Hau1

    A CASE STUDY of N.43 TUALANG SEKAH Choo Chean Hau1

    Kajian Malaysia, Vol. 39, No. 1, 2021, 1–24 CONTEST OVER THE MALAY VOTES IN THE MARGINAL STATE SEATS OF PERAK: A CASE STUDY OF N.43 TUALANG SEKAH Choo Chean Hau1* and Chang Yi Chang2 1Department of Language and MPU, INTI International College Penang, Pulau Pinang, MALAYSIA 2Faculty of Arts and Social Science, Universiti Tunku Abdul Rahman, Perak, MALAYSIA *Corresponding author: [email protected] Published online: 30 April 2021 To cite this article: Choo Chean Hau and Chang Yi Chang. 2021. Contest over the Malay votes in the marginal state seats of Perak: A case study of N.43 Tualang Sekah. Kajian Malaysia 39(1): 1–24. https://doi.org/10.21315/km2021.39.1.1 To link to this article: https://doi.org/10.21315/km2021.39.1.1 ABSTRACT This study was conducted by employing the observational, electoral and statistical analyses to examine the ferocious battle over the Malay votes for the 14th General Election (GE14) in the marginal state seat of N.43 Tualang Sekah, Perak. There were three main findings of this study. Firstly, Barisan Nasional/United Malays National Organization (BN/UMNO) relied heavily on the party and governmental machineries and stronger grassroots in its campaign, Pakatan Harapan/Parti Keadilan Rakyat (PH/PKR)’s campaign focused on cybercampaign, walkabouts, and programmes and rallies featuring party heavyweights while Parti Islam Se Malaysia (PAS)’s campaign was less active due to strong reliance on grassroots and limited resources. Secondly, BN/UMNO’s victory in this seat was shaky because over half of the voters voted against it by voting for either PH/PKR or PAS.