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Public Investment Bank . PUBLIC INVESTMENT BANK PublicInvest Research Daily Wednesday, August 09, 2017 KDN PP17686/03/2013(032117) INDICES HIGHLIGHTS LAST CLOSE CHG % CHG KLCI 1,781.65 3.74 0.2 Hartalega: Exceeded Expectations (Neutral, HART MK, TP: RM6.88) DOW 22,085.34 -33.08 -0.1 S&P 500 2,474.92 -5.99 -0.2 Hartalega’s 1QFY18 results met 28.7% and 23.0% of our revenue and net NASDAQ 6,370.46 -13.31 -0.2 FTSE-100 7,542.73 10.79 0.1 profit estimates, with consensus at 26.3% and 25.5% respectively. Revenue SHANGHAI 3,281.87 2.42 0.1 rose 49.6% YoY to RM601.0m, with net profit jumping 71.6% YoY to HANG SENG 27,854.91 164.55 0.6 RM96.4m. EBIT margin improved to 19.5% in 1QFY18 (1QFY17: 17.0%), STI 3,318.08 -2.59 -0.1 due to higher sales volume and average selling price (ASP), strengthening NIKKEI 225 19,996.01 -59.88 -0.3 JCI 5,810.56 61.27 1.1 of USD and improvement in operation efficiency YoY. We continue to retain our Neutral call on Hartalega though with a higher TP of RM6.88 (Previously MARKET ACTIVITY RM5.30), premised on our DCF-based valuation. We believe the Group’s expansion capacities are fully priced in at this juncture, thus limiting upside VOL(m) VAL(RMm) 2,092.70 2,256.49 on the Group’s share price performance. Our upward revision in TP is based on the Group’s better efficiencies that would cushion higher costs to be BURSA’S MARKET SHARE (%) reflected FY22 onwards buoyed by the higher installed capacity and Retail 24.1% stronger USD assumption. For the nearer-term however, earnings estimates Institutional 60.3% for FY18F and FY19F are adjusted between -1% to -5% to account for Foreign 15.6% higher costs. KEY COMMODITIES LAST CLOSE CHG % CHG HEADLINES KLCI FUTURES (Aug) 1,783.50 2.50 0.1 OIL - BRENT (USD/b) 52.14 -0.23 -0.4 Economy CPO FUTURE (RM/ton) 2,629.00 55.00 2.1 RUBBER (RM/kg) 526.00 17.00 3.3 § GOLD (USD/Ounce) 1,260.96 3.06 0.2 US: Job openings at record high; labor market tightening. US job openings jumped to a record high in June, outpacing hiring, the latest FOREX indication that companies are having trouble finding qualified workers. LAST CLOSE % CHG Job openings, a measure of labor demand, increased by 461,000 to a MYR/USD 4.29 0.0 seasonally adjusted 6.2m. That was the highest level since the data MYR/SGD 3.15 0.1 series started in Dec 2000 and pushed the job openings rate up two- YUAN/MYR 1.57 -0.2 YEN/MYR 25.80 -0.2 tenths of a percentage point to a near one-year high of 4.0%. (Reuters) MYR/EURO 5.06 0.1 § MYR/GBP 5.59 0.0 UK: Booming jobs market leaves firms struggling to fill posts. Britain’s job market is booming, but concern is increasing about where TOP MOVERS IN MALAYSIA MARKET companies are going to keep finding workers. The number of TOP 5 VOLUME LAST CLOSE VOL (m) permanent jobs grew at the fastest rate in more than two years in FRONTKEN CORP 0.34 158.17 July, while the availability of workers fell sharply. The pace of hiring in DAGANG NEXCHANGE 0.52 82.61 recent years has pushed UK employment to a record and sent the HIBISCUS 0.46 70.51 jobless rate to the lowest since the 1970s. (Bloomberg) AIRASIA X BHD 0.37 37.41 AEMULUS HOLDINGS 0.63 32.22 § UK: Brexit will strain BOE’s supervisory resources, PRA’s Woods TOP 5 GAINERS LAST CLOSE RM (+) says. The workload caused by the UK’s withdrawal from the European PENTAMASTER CORP 4.40 0.20 Union is likely to place a “material extra burden” on the BOE and it may PLB ENGINEERING 2.37 0.16 have to make tough decisions on priorities to accommodate it, Deputy KOSSAN RUBBER INDUSTRIES 7.30 0.15 JF TECHNOLOGY 2.02 0.12 Governor Sam Woods said. Woods urged lawmakers to allow financial MALAYAN BANKING 9.80 0.10 firms an implementation period to adjust after Brexit, in a letter to the UK Parliament’s Treasury Committee. (Bloomberg) TOP 5 LOSERS LAST CLOSE RM (-) PETRON MALAYSIA 9.30 -0.41 § MALAYSIA SMELTING 3.80 -0.32 China: Trade surplus widens for fifth month as imports moderate. AEON CREDIT SERVICE 12.88 -0.24 China’s trade surplus widened for a fifth month in July as export growth KESM INDUSTRIES BHD 14.78 -0.22 remained solid and imports moderated, keeping the spotlight on a trade HEINEKEN MALAYSIA 17.92 -0.18 gap US President Donald Trump aims to narrow. Exports rose 7.2% in US dollars as imports increased 11%, both falling short of economist Gainers – 269 Losers – 602 Unchanged – 391 projections. The trade surplus widened to USD46.7bn. (Bloomberg) § Singapore: Economy seen growing around 2.5% in 2017, says PM Research Team Lee. Singapore Prime Minister Lee Hsien Loong said that he expects T 603 2268 3000 the city-state's trade-reliant economy to grow around 2.5% in 2017. "We F 603 2268 3014 are working with businesses and workers to transform industries one by E [email protected] one and to prepare for the future economy. This year we expect growth of around 2.5%, higher than last year," Lee said. (The Edge) 1 Important disclaimer is provided at the end of this report.| PUBLIC INVESTMENT BANK Page 1 of 7 PUBLIC INVESTMENT BANK BERHAD Markets FBM KLCI § AirAsia (Neutral, TP: RM3.19): Airline business volatility 'taken (m) Volume (m) KLCI Index out' as oil stabilises, says Tony Fernandes. AirAsia group CEO 450 1,900 400 Tan Sri Tony Fernandes said stable crude oil prices at between 1,800 350 USD40 and USD50 a barrel had eliminated the airline industry's 300 1,700 volatility. Fernandes said it was not so much about low oil prices but 250 1,600 200 the stability, which had eliminated the volatility element for cost. "The 150 1,500 best thing about oil is not the price, yes it is a good price… what is 100 1,400 the best for me in 16 years is a stable oil price, we are now in this 50 band of USD40 to USD50 per barrel and the volatility of the airline 0 1,300 Aug-16 Sep-16 Nov-16 Dec-16 Feb-17 Mar-17 May-17 Jun-17 Aug-17 business has been taken out,” Fernandes said. (The Edge) § DOW JONES Selangor Properties: Main building contract for Aira Residence awarded to Grand Dynamic Builders. Property developer Selangor (m) Volume (m) INDU Index 350 24,000 Properties (SPB) has awarded the main building contract for its 300 22,000 luxury condominium development Aira Residence to Grand Dynamic 250 20,000 Builders SB (GDBSB), the group announced. AIRA Residence is 200 18,000 located on the peak of Jalan Batai, Damansara Heights, KL. It was 150 16,000 launched in Oct last year and is currently selling for an average of 100 14,000 RM1,700 psf. With a total of 154 units, the built-ups range from 2,679 50 12,000 to 7,730 sq ft and is slated for completion in late 2020. (The Edge) 0 10,000 Aug-16 Oc t- 16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Aug-17 § OldTown: Grants licence to operate restaurants in Shanghai. OldTown has agreed to confer the right to operate restaurant S&P 500 business under the brand name of "OldTown White Coffee" in Shanghai, China, to Shenzhen Kopitiam Asia Pacific Ltd (SZKAP). (m) Volume (m) SPX Index 1,800 2,600 SZKAP is wholly owned by OTK (HK) Investment Ltd, which is an 1,600 2,400 1,400 investment holding company fully owned by OldTown Singapore Pte 2,200 1,200 2,000 Ltd. OldTown said the licence will last for five years from Aug 31 with 1,000 1,800 an option to renew for two consecutive five-year terms. SZKAP will 800 1,600 also be given an exclusive right to grant sub-licences to interested 600 1,400 400 licensees for the purpose of setting up a network of OldTown outlets 200 1,200 in Shanghai. (The Edge) 0 1,000 Aug-16 Oc t- 16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Aug-17 § Seacera: Signs MoU to jointly undertake Karak water supply project. Seacera Group has signed a MoU with Teras Sari HANG SENG Resources SB to jointly undertake work for the Karak water supply (m) Volume (m) HSI Index project in Bentong, Pahang. A JV between the two companies will be 4,500 29,000 4,000 set up with Seacera holding a 51% stake and Teras the remaining 27,000 3,500 49%, Seacera said. It added that the MoU was signed to pave way 25,000 3,000 for further talks between the parties prior to any definitive agreement, 23,000 2,500 which is still subject to Teras being awarded with the project. Teras is 2,000 21,000 1,500 mainly involved in general construction specialising in water related 19,000 1,000 construction works, said Seacera. (The Edge) 17,000 500 0 15,000 Aug-16 Sep-16 Nov-16 Dec-16 Feb-17 Mar-17 May-17 Jun-17 Aug-17 § ML Global has ML Global: Bags RM38m MBI Selangor contract.
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