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Malaysia Daybreak | 28 June 2021 FBMKLCI Index Malaysia | June 28, 2021 Key Metrics Malaysia Daybreak | 28 June 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Yinson Holdings Bhd – Building the foundation for a stronger future 1,500 1QFY1/22 core net profit of RM81m made up 16% of our full-year forecast (25% 1,450 of consensus), below expectations due to higher expensed interest. Despite the 1,400 modest results, we reiterate Add as Yinson is looking forward to an active FPSO Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 market, and concurrently pursuing many renewable projects. Our SOP-based ——————————————————————————— target price is raised slightly to RM6.18 (Ke: 8.3%). FBMKLCI 1,559.68 3.97pts 0.26% JUN Future JUL Future Mynews Holdings Berhad – Tough near-term outlook but end is in sight 1557.5 - (0.32%) 1558.5 - (0.32%) ——————————————————————————— 1HFY21 core net loss of RM18.6m came in wider than expected, mainly due to Gainers Losers Unchanged weak footfall in light of movement restrictions. The near-term outlook remains 345 653 434 ——————————————————————————— gloomy due to the full lockdown measures, with meaningful recovery expected to Turnover come only by end-CY2021. Maintain Hold as we think that valuations fairly 5406.86m shares / RM2375.693m account for near-term risk challenges and long-term growth opportunities. 3m avg volume traded 6578.70m shares 3m avg value traded RM3811.16m ——————————————————————————— Regional Indices IOI Corporation – Ready to address forced labour allegations FBMKLCI FSSTI JCI SET HSI 1,560 3,122 6,022 1,583 29,288 IOI said it is aware of a letter from CBP on an investigation into forced labour. ———————————————————————————————— The group practices a zero recruitment fees policy for all its migrant workers. Market Indices Target price lowered as we apply a 10% discount to SOP to reflect this risk. Close % chg YTD % chg FBMKLCI 1,559.68 0.3 (4.2) FBM100 11,045.10 0.1 (4.0) FBMSC 15,727.80 (0.3) 1.0 Economic Update – May 2021 consumer price inflation FBMMES 7,221.80 (1.8) (32.7) Dow Jones 34,433.84 0.7 12.5 Headline inflation eased more than expected to 4.4% yoy in May 21 on food and NASDAQ 14,360.39 (0.1) 11.4 fuel price ceilings, MCO demand weakness and tempered base effects. With FSSTI 3,121.60 0.1 9.8 FTSE-100 7,136.07 0.4 10.5 base effects peaking for headline inflation in Apr, we expect gradual convergence SENSEX 52,925.04 0.4 10.8 with the trend in core inflation, which remains subdued. Monetary policy to Hang Seng 29,288.22 1.4 7.6 JCI 6,022.40 0.2 0.7 remain loose as the economy operates below potential, amid extended FMCO. KOSPI 3,302.84 0.5 14.9 Reiterate our end-2021 OPR forecast of 1.75%. Nikkei 225 29,066.18 0.7 5.9 PCOMP 6,950.51 0.9 (2.6) SET 1,582.67 (0.2) 9.2 Shanghai 3,607.56 1.1 3.9 Taiwan 17,502.99 0.5 18.8 ▌News of the Day… ———————————————————————————————— ———————————————————————————————————————————————————————————————————————————————————————— Top Actives Close % chg Vol. (m) • PM to announce more comprehensive assistance today or Tuesday (29 Jun) MMAG HOLDINGS 0.145 (12.1) 488.4 SERBA DINAMIK 0.410 (23.4) 485.7 • Malaysia's May CPI up 4.4% on low base effect, hike in transport segment SANICHI TECH 0.040 (27.3) 333.4 • IOI Corp says to assist if US probes alleged forced labour FOCUS DYNAMICS 0.045 12.5 213.9 KNM GROUP 0.165 0.0 109.2 • Genting's Resorts World Las Vegas opened doors on 25 Jun DAGANG NEXCHANGE 0.730 (3.9) 87.9 VORTEX 0.100 5.3 76.4 • Genting Group sees consumer vaccination driving confidence return in US MTOUCHE TECH 0.100 (4.8) 69.5 • Bakke Saleh to be made Petronas Chairman? ———————————————————————————————— Economic Statistics • FGV launches Chuping Agro Valley in Perlis Close % chg • MAHB chairman says no to Subang Airport takeover US$/Euro 1.1939 (0.04) RM/US$ (Spot) 4.1567 (0.02) • MyEG signs LOI to buy 10m doses of Anhui Zhifei Covid-19 vaccine RM/US$ (12-mth NDF) 4.2010 (0.39) OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,782.54 0.06 WTI crude oil US spot (US$/barrel) 74.25 1.09 CPO spot price (RM/tonne) 3,640.00 (1.63) ———————————————————————————————————————— Ivy NG Lee Fang, CFA T (60) 3 2261 9073 E [email protected] Show Style "View Doc Map" 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 | June 28, 2021 Global Economic News US consumer spending paused in May as shortages hurt motor vehicle purchases, but the supply constraints and increased demand for services helped to lift prices, with the Federal Reserve's main inflation measure rising by the most in 29 years. There was, however, some good news on inflation. Consumers this month perceived higher inflation to be temporary, a survey showed on Friday, aligning with the views of Fed Chair Jerome Powell and Treasury Secretary Janet Yellen. Consumers' inflation expectations are key as they can influence households' behaviour. (Reuters) Japan on Friday ratified the Regional Comprehensive Economic Partnership (RCEP), the world's biggest Free Trade Agreement (FTA), which comprises 15 Asia-Pacific countries including China and 10 members of ASEAN, the Foreign Ministry said. The ministry, as reported by Xinhua citing local media, said Tokyo deposited its ratification instrument with the ASEAN Secretariat. In doing so, Japan has become the third member toward the enforcement of RCEP. (Bernama) Malaysia Economic News Malaysia’s inflation, as measured by the Consumer Price Index (CPI), rose 4.4% yoy in May 2021, underpinned by a lower base effect recorded from last year and a 26% increase in the index's transport segment, according to the Department of Statistics Malaysia (DOSM). Please refer to our note for details Interstate and interdistrict travel will still not be allowed in Phase Two of Movement Control under the National Recovery Plan (PPN), except for school teachers and exam-year students, said Senior Minister (Security cluster) Datuk Seri Ismail Sabri Yaakob. He said in Phase Two, the operations of several economic activities in the manufacturing sector and distributive trade sector will be allowed, with the manufacturing sector involving automotive (vehicles and components), ceramics, furniture factories for export purposes, rubber, steel, and metal as well as cement. (Bernama) The government will reintroduce the initiatives that have been implemented previously to assist the people, in line with the implementation of the National Recovery Plan (NRP), said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said he had already discussed this matter with the Employees Provident Fund (EPF) and Bank Negara Malaysia (BNM). (Bernama) The government will announce either Monday (28 Jun) or Tuesday (29 Jun), a more comprehensive form of assistance for various groups in the country who are affected by Phase One of Movement Control under the National Recovery Plan to curb the spread of Covid-19. Prime Minister Tan Sri Muhyiddin Yassin said he would announce the details of the assistance, including for small and medium enterprises (SMEs). (Bernama) Two out of three small to medium enterprises (SMEs) do not foresee their businesses recovering this year, according to the Small & Medium Enterprises Association (Samenta). In a statement, the association's chairman Datuk William Ng said it had carried out its mid-term survey from 19-23 Jun, where 16% of respondents also said their businesses will only recover in 2023. (The Edge Markets) 2 Malaysia Daybreak | June 28, 2021 About 1.99m doses of vaccine are needed to inoculate workers in the manufacturing sector under the Public-Private Partnership COVID-19 Industry Immunisation Programme (PIKAS) between Jul and Sep this year, said Senior Minister Datuk Seri Mohamed Azmin Ali. The International Trade and Industry Minister said 600,000 doses of vaccine would be required next month, 600,000 doses in Aug and 795,000 doses in Sep for the PIKAS programme, which would be carried out at 49 designated industry vaccination centres (PPVs). (Bernama) The Covid-19 vaccination programme for the construction sector will begin on 1 Jul. National Covid-19 Immunisation Programme Coordinating Minister Khairy Jamaluddin said vaccination for the sector would focus on ongoing construction sites and essential projects. (Bernama) Phase One of Movement Control under the National Recovery Plan (PPN), which is scheduled to end 28 Jun, will be extended, said Prime Minister Tan Sri Muhyiddin Yassin. He said phase one has to be extended as the number of Covid-19 cases in the country has not dipped below the threshold value of 4,000 required to move to the next phase. "Now they say the Movement Control Order (MCO) is about to end. I want to say that from now on we don't call it MCO, but we say we are in a particular phase and now we are in phase one (of PPN) until Jul, maybe middle of the month or so. (Bernama) Phase One of the movement control under the National Recovery Plan (PPN) will be maintained until the three key threshold value indicators are achieved, said Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob.
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