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Malaysia Daybreak | 25 August 2021 FBMKLCI Index

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Malaysia Daybreak | 25 August 2021 FBMKLCI Index Malaysia | August 25, 2021 Key Metrics Malaysia Daybreak | 25 August 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Nestle (Malaysia) – Margin pressure likely in 2H21 1,500 We deem 1H21 core net profit of RM295m (+5.9% yoy) to be below our 1,450 expectations, due to weak HORECA sales higher-than-expected costs. Despite 1,400 expecting margin pressure from cost pressures in 2H21, Nestle aims to mitigate Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 the impact via ongoing hedging policies and better cost control. Maintain Hold, ——————————————————————————— with lower DCF-based TP of RM135.40. FBMKLCI 1,553.37 30.94pts 2.03% IOI Corporation – Strong CPO to drive 1HFY22F earnings AUG Future SEP Future 1555.5 - (2.13%) 1543 - (2.08%) IOI Corp's final FY6/21 core net profit is in line; 6sen dividend a surprise. We ——————————————————————————— project 10% core EPS growth in FY22F, driven by higher CPO prices. Maintain Gainers Losers Unchanged Hold, with higher SOP-based TP of RM4.01. IOI Corp’s share price is partly 826 307 389 ——————————————————————————— supported by its share buyback. Turnover Hap Seng Plantations – A strong 1H driven by rising CPO prices 4547.86m shares / RM3151.138m 3m avg volume traded 5215.88m shares 1H21 core net profit was above our/consensus’ expectations, mainly due to 3m avg value traded RM3064.39m ——————————————————————————— higher-than-expected ASPs for palm products. We expect HSP to deliver Regional Indices sequentially stronger profits in 3Q21F, driven mainly by seasonally higher FFB FBMKLCI FSSTI JCI SET HSI production. We raise our FY21-23F net profit forecasts to reflect higher CPO 1,553 3,108 6,089 1,587 25,728 price assumptions and reiterate our Add call, with an unchanged TP of RM2.35. ———————————————————————————————— Market Indices IJM Corp Bhd – 1QFY22 driven by a less disruptive MCO Close % chg YTD % chg FBMKLCI 1,553.37 2.0 (4.5) 1QFY3/22 results were broadly in line; core net profit improved substantially yoy FBM100 11,071.18 1.9 (3.7) on stronger billings and easing MCO restrictions. All divisions were profitable in FBMSC 15,835.84 1.6 1.7 FBMMES 7,327.49 2.1 (31.7) 1QFY22; lower forex gain hurt plantations. Reiterate Add with a lower TP; Dow Jones 35,366.26 0.1 15.6 potential one-off 8.2% dividend yield in FY22F. NASDAQ 15,019.80 0.5 16.5 FSSTI 3,107.62 0.6 9.3 FTSE-100 7,125.78 0.2 10.3 Petronas Dagangan Bhd – 2H21F may remain tough SENSEX 55,958.98 0.7 17.2 Hang Seng 25,727.92 2.5 (5.5) 1H21 core net profit of RM272m made up 43% of our/consensus full-year JCI 6,089.50 (0.3) 1.8 estimates, below expectations due to the ongoing travel lockdown. Downgrade KOSPI 3,138.30 1.6 9.2 Nikkei 225 27,732.10 0.9 1.0 from Add to Hold, with a slight reduction in our DDM-based TP to RM19.90 (Ke: PCOMP 6,678.82 1.3 (6.5) 6.6%), on account of our 24% cut to FY21F core EPS forecast. Despite a weak SET 1,586.98 0.3 9.5 Shanghai 3,514.47 1.1 1.2 2Q21 result, PDB declared a 10 sen interim DPS, representing a healthy Taiwan 16,818.73 0.5 14.2 dividend payout of 121%. ———————————————————————————————— Top Actives KPJ Healthcare – FY22F recovery looks priced in Close % chg Vol. (m) MMAG HOLDINGS 0.115 (8.0) 246.5 1HFY21 core net profit of RM21.0m (-59.7% yoy) came in below expectations, VSOLAR GROUP 0.015 0.0 226.3 AVILLION 0.155 (3.1) 108.1 mainly due to higher-than-expected operating costs. We expect BOR to stay DAGANG NEXCHANGE 0.765 4.1 103.9 weak in 3QFY21F as Covid-19 cases remain elevated, with only a gradual FOCUS DYNAMICS 0.045 12.5 92.5 AE MULTI 0.045 12.5 76.0 recovery to start in 4QFY21F. Downgrade to Hold as current valuations appear to KANGER 0.060 9.1 72.7 already price in a recovery in FY22F. D'NONCE TECH 0.570 (5.8) 71.5 ———————————————————————————————— Eastern & Oriental – Expecting slower work progress ahead Economic Statistics Close % chg EITA Resources Bhd – The ride to the top can be bumpy sometimes US$/Euro 1.1756 (0.03) RM/US$ (Spot) 4.2175 (0.04) Panasonic Manufacturing Malaysia – Bogged down by manufacturing restrictions RM/US$ (12-mth NDF) 4.2680 (0.22) OPR (%) 1.75 0.00 Sunway Bhd – 2Q21 a miss; recovery risks in 2H21F GOLD ( US$/oz) 1,801.87 (0.06) Tan Chong Motor Holdings – Slipped back into losses in 2Q21 WTI crude oil US spot (US$/barrel) 67.67 2.83 CPO spot price (RM/tonne) 4,513.00 0.53 ———————————————————————————————————————— ▌News of the Day… ———————————————————————————————————————————————————————————————————————————————————————— Ivy NG Lee Fang, CFA T (60) 3 2261 9073 • Azmin poised to become DPM, according to Bersatu, UMNO sources E [email protected] • Labuan first to enter Phase 4 of National Recovery Plan Show Style "View Doc Map" • TNB divests investment in Indian power company • AirAsia launches AirAsia Ride e-hailing service under its super app • GHL taps alternative way of payment with CARDit • Perodua reopens sales and after-sales centres 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 | August 25, 2021 Global Economic News Covid-19 booster shots should become available in China after the country vaccinates more people to provide broader protection against the disease, a senior executive at a Sinopharm unit responsible for developing Covid-19 vaccines told state media. While the World Health Organization has said current data does not indicate booster shots are needed, several countries have approved them amid resurgent infections and concerns of waning vaccine protection over time, especially against the more infectious Delta variant of the coronavirus. (Reuters) India will likely restart exporting Covid-19 vaccines next year once it has immunized its own adult population, the head of an influential government expert panel said. “Almost 60 countries are hardly having any access to vaccine and India should be able to provide a substantial portion in 2022,” N.K. Arora, chairman of the National Technical Advisory Group on Immunization in India, said in an interview with Bloomberg Television. “As soon as we are through with our adult population we should have sufficient vaccine to share with the rest of the world.” (Bloomberg) Malaysia Economic News Labuan will become the first location in Malaysia to enter Phase Four of the National Recovery Plan due to its high vaccination rate and low Covid-19 cases, Prime Minister Datuk Seri Ismail Sabri Yaakob announced on 24 Aug. This entailed permission for all economic activities to resume subject to applicable standard operating procedures, Ismail Sabri said. He also announced that Negri Sembilan will go from Phase One to Phase Two. (Malay Mail) The Selangor state government has been urged to set up transit homes for those who have lost their income following the Covid-19 pandemic. Selangor opposition leader Datuk Rizam Ismail (BN-Sungai Air Tawar) said due to the current pandemic situation, many people, especially in Selangor, are facing an economic crisis that have resulted in them being homeless, as they could no longer able to pay their personal, housing and vehicle loans. (Bernama) The National Union of the Teaching Profession (NUTP) has proposed that the government set up special vaccination centres (PPV) for school children only. NUTP secretary-general Wang Heng Suan said that by having separate PPVs for school children and the general public would help reduce the risk of students contracting Covid-19. (Bernama) The Social Security Organisation (SOCSO) has disbursed a total of RM11.11m to beneficiaries of eligible contributors who died of Covid-19 so far. Its chief executive Datuk Seri Dr Mohammed Azman Aziz Mohammed said it involved almost 11,100 recipients whose applications were approved through the Survivor’s Pension category under the Invalidity Scheme and Dependants’ Benefit under the Employment Injury Scheme. (Bernama) After a 3.4% decline in 2020, IHS Markit predicts global real gross domestic product (GDP) to rise 5.7% in 2021 and 4.5% in 2022, led by strong recoveries in consumer spending and business investment. "This month’s forecast of global growth has been revised downward by 0.1 percentage point for this year and 0.2 percentage point for 2022, mostly owing to a less robust performance in the US," said Sara Johnson, the executive director of global economics at IHS Markit, in a statement. (The Edge Markets) 2 Malaysia Daybreak | August 25, 2021 Political News Gombak Member of Parliament (MP) Datuk Seri Mohamed Azmin Ali appears to have become the front runner in the race to become Deputy Prime Minister. Sources from Parti Pribumi Bersatu Malaysia and the United Malays National Organisation (UMNO) have indicated that this will likely become reality. UMNO sources, however, claim that this was done after Azmin threatened to withdraw support for Prime Minister Datuk Seri Ismail Sabri Yaakob. Azmin's aide denied the allegations, calling them malicious. The former Parti Keadilan Rakyat (PKR) deputy president is believed to have been a key architect for the collapse of the Pakatan Harapan government last year, together with fellow deputy prime minister candidate Datuk Seri Hamzah Zainuddin.
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