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Weekly Strategy

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Weekly Strategy Monday, September 28, 2020 FBMKLCI: 1, 509.14 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* WWeeeekkllyy SSttrraatteeggyy Market View, News in Brief: Corporate, Economy, and Share Buybacks Kaladher Govindan Tel: +603-2167 9609 [email protected] www.taonline.com.my Market View Possible Relief Rally Post Sabah Elections The local blue-chip benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) was stuck in range bound trade last week, as profit-taking and selling from retailers amid dwindling trading liquidity ahead of the six-month loan moratorium expiry was offset by gains in key rubber glove makers due to virus resurgence fears in Europe and other global hotspots. Domestic political woes casted a dark cloud over the market after opposition leader Datuk Seri Anwar Ibrahim claimed a strong majority to form the next government, while delay of an audience with the king requested by him kept uncertainties elevated and sidelined investors. Week-on-week, the FBM KLCI added 2.51 points, or 0.17 percent to 1,509.14, as gains on Hartalega (+RM2.84) and Top Glove (+82sen) overcame falls on Petronas Dagangan (- RM1.40), Public Bank (-50sen), Axiata (-18sen) and Maybank (-13sen). Average daily traded volume and value last week dwindled to 6.62 billion shares worth RM4.06 billion, compared to the 8.2 billion shares and RM5.8 billion average the previous week, as trading momentum in small caps, ACE Market and penny stocks slowed considerably due to profit-taking and reducing retail commitments. Gabungan Rakyat Sabah’s (GRS) two-seat majority win in last Saturday’s Sabah state election could induce a relief rally today, supported further by the strong performance in the US equity markets last Friday and China’s strong industrial profits, which grew for the fifth consecutive month in August at 19.1% YoY. The loose alliance among Perikatan Nasional, Barisan Nasional (BN) and Parti Bersatu Sabah (PBS) succeeded in regaining control of the state assembly after defeating Warisan Plus that made up of Parti Warisan Sabah (Warisan), Parti Keadilan Rakyat (PKR), Democratic Action Party (DAP), Amanah and United Progressive Kinabalu Organisation (UPKO) with 38 seats versus the opponents’ 32 seats. Independent candidates won in three constituencies. In terms of seat tally Warisan has 23, UMNO 14, Bersatu 11, PBS 7, Parti Solidariti Tanah Airku Rakyat Sabah (STAR) 6, DAP 6, Independents 3, PKR 2 and UPKO 1. With that there are two immediate questions on everyone’s mind. First, who will be the next Sabah chief minister? Second, will the Prime Minister call for a general election (GE) soon after indicating about such possibility two weeks ago if GRS wins the Sabah state election? Historically, the chief minister comes from the party with the highest number of seats in the winning coalition but there is a fine line in this case between UMNO and Perikatan Nasional as the latter has 17 seats including STAR while the former’s coalition members inside BN did not win any seats. Thus, PBS could be the king maker in resolving this issue. If UMNO and Bersatu can agree amicably to the arrangement with the next election at federal level in mind, the 15 th GE should materialize very soon, putting an end to efforts by any party to prove their majority support in parliament. Page 1 of 8 28-Sep-20 As such, even though a relief rally is expected in the immediate term, it could evaporate later, led by foreign selling, due to potential election uncertainty, both locally and the US. As indicated last week, defensive sectors like healthcare, gloves and utilities are likely to witness sustained interest as investors seek refuge from market uncertainties while construction and sin sectors such as gaming and brewery could face increased selling pressure. Politics aside, Malaysia’s trade numbers for August and manufacturing PMI for September will be revealed this week. Both numbers are expected to show sustained month-on-month improvements, although year-on-year data remains weak, as the country slowly emerges from the negative effect of Covid-19 restrictions. Similarly, this week’s China PMI and the US ISM and non-farm payroll data for September are likely to show continuous improvement but the worsening rivalry between both countries is expected to cast a shadow on any signs of sustained recovery. [THE REMAINING OF THIS PAGE IS INTENTIONALLY LEFT BLANK] Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA S ECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 203 2 5048 www.ta.com.my Page 2 of 8 28-Sep-20 News In Brief Corporate Kossan Rubber Industries Bhd 's shareholders have approved the group's one -fo r-one bonus issue involving 1.3bn shares. The ex-date for the bonus issue is Oct 9, with the entitlement date being Oct 12. Following the issuance, its share capital will increase to 2.6bn shares. (Bursa Malaysia/The Edge) Bumi Armada Bhd (Not Rated) has secured two contracts with an estimated value of RM2.1bn from India’s state owned oil company Oil and Natural Gas Corporation Ltd relating to its floating production, storage and offloading vessel following the expiry of a previous contract. (Bursa Malaysia/The Sun) Kenanga Investment Bank Bhd (Not Rated) has collaborated with Merchantrade Asia Sdn Bhd to introduce Malaysia’s first stockbroker e-wallet, Kenanga Money, which will be supported by a Visa prepaid card feature. (The Sun) Serba Dinamik Holdings Bhd has inked a memorandum of understanding (MoU) with Huawei Technologies to develop digital solutions involving the adoption to the latter's cloud and artificial intelligence technology. The MoU is aimed at driving digital transformation to urban and rural areas in Malaysia, as well as in the oil and gas industry. (The Edge) United Malacca Bhd is halting the operations of its 60%-owned Indonesian joint venture PT Wana Rindang Lestari in Sulawesi to address environmental issues highlighted by non- government organisations. The group said it has conducted an assessment on the soil and terrain of the land, and that an environmental assessment report has also been completed and submitted to the local authorities. (Bursa Malaysia/The Edge) Comment: According to management, the group is still in the initial stages of looking into the additional concerns raised. Note that the development of Sulawesi is still in the initial stage, thus not much concerns on the operation. Maintain Sell on the stock with an unchanged TP of RM4.83 . Tenaga Nasional Bhd has secured the approval for TNB Power Generation Sdn Bhd’s (TPGSB) application for new generation licences for seven power stations, to be held by TPGSB pursuant to the proposed internal reorganisation. (Bursa Malaysia/Bernama) Pentamaster Corporation Bhd (Not Rated) is seeing buoyant business amid a pick-up in the technology sector, according to its group chairman Choon Bin Chuah. (The Star) Destini Bhd (Not Rated) is raising RM78.2mn through a private placement involving 20% of its issued share capital for working capital. Of the proceeds, RM50.0mn will be used for new projects and RM28.2mn for existing projects. The proposed placement is expected to be completed in the 1Q2021. (Bursa Malaysia/The Edge) Mynews Holdings Bhd (Not Rated) is geared up for a better set of performance towards end of the year by taking extensive measures to introduce new business models and enhance its concept, as well as improving infrastructure for efficiency . (The Star) FGV Holding Bhd 's subsidiary FGV Prodata Systems Sdn Bhd has secured a three-year hardware maintenance contract with Ministry of Defense. The three-year contract starts from September this year. (New Straits Times) Page 3 of 8 28-Sep-20 Parlo Bhd (Not Rated) has inked a tripartite agreement to exclusively provide employment agency-related services for migrant workers from a source country to the destination country. The employment agency services under the collaboration include travel logistics and dormitory arrangements and arrangement for medical examinations for the workers. The agreement was entered with Myanmar-based Diamond Palace Group of Companies Ltd and Agensi Pekerjaan Seaview Hectare Sdn Bhd. (Bursa Malaysia/Bernama) Tiong Nam Logistics Holdings Bhd has allocated RM200.0mn in capital expenditure to expand its logistics and warehousing services division. The group said 90% of the capex would be used to build a 190,000 sq ft warehouse in Senoko, Singapore, as well as another 2 warehouses in Pasir Gudang and Kempas in Johor that are currently in the planning stages. (The Sun) Sanichi Technology Bhd (Not Rated) is raising RM31.9mn through a private share placement to fund its maiden property development in Melaka. The development comprises serviced apartments and a shopping mall, with a gross development value of RM180.0mn. The group will be placing 524.8mn shares or 30.0% of its issued share capital to third-party investors. The proposed placement is expected to be completed in the 4Q2020. (Bursa Malaysia/The Edge) NTPM Holdings Bhd 's (Not Rated) net profit for 1QFY21 skyrocketed to RM14.6mn, from RM503,000 a year earlier.
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