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Malaysia | June 16, 2021 Key Metrics Malaysia Daybreak | 16 June 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Strategy Note – Target timeline for recovery from Covid-19 1,500 Malaysia has unveiled a National Recovery Plan comprising a four-phase 1,450 Covid-19 exit strategy. Our read is that if the plan is executed well, investors 1,400 could shift to recovery stocks by Jul/Aug, ahead of Malaysia’s full reopening Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 phase in Nov-Dec 21. ——————————————————————————— FBMKLCI 1,581.37 -1.09pts -0.07% VS Industry Bhd – Robust outlook after earnings beat JUN Future JUL Future 1576.5 - (-0.47%) 1577 - (-0.41%) 9MFY7/21 core net profit of RM207.2m came in above expectations, mainly due ——————————————————————————— to better-than-expected margins for its Malaysian operations. Despite the 60% Gainers Losers Unchanged limitation to capacity due to the implementation of lockdown measures since 1 510 465 486 ——————————————————————————— Jun, production output and order prospects remain robust. Maintain Add with Turnover higher fully-diluted TP of RM1.58 (19x CY22F P/E). 5858.14m shares / RM3657.745m 3m avg volume traded 7016.07m shares 3m avg value traded RM3981.16m ——————————————————————————— Regional Indices ▌News of the Day… ———————————————————————————————————————————————————————————————————————————————————————— FBMKLCI FSSTI JCI SET HSI 1,581 3,175 6,089 1,622 28,639 • PM unveils the National Recovery Plan comprising four phases of exit strategy ———————————————————————————————— • PM: Malaysia suffers RM1bn losses daily throughout the current MCO 3.0 Market Indices Close % chg YTD % chg • Axiata to sign definitive agreements with Telenor on Celcom-Digi merger soon FBMKLCI 1,581.37 (0.1) (2.8) • UMW Toyota's sales in May up 120% yoy, but down 18.2% mom FBM100 11,247.15 0.0 (2.2) FBMSC 16,486.17 (0.0) 5.9 • MR DIY remains on track for growth in 2021 FBMMES 7,704.92 0.5 (28.2) • Berjaya Corp unveils 3-year strategic plan, shifts focus to consumers Dow Jones 34,299.33 (0.3) 12.1 NASDAQ 14,072.86 (0.7) 9.2 FSSTI 3,174.87 0.7 11.6 FTSE-100 7,172.48 0.4 11.0 SENSEX 52,773.05 0.4 10.5 Hang Seng 28,638.53 (0.7) 5.2 JCI 6,089.04 0.1 1.8 KOSPI 3,258.63 0.2 13.4 Nikkei 225 29,441.30 1.0 7.3 PCOMP 6,976.73 0.9 (2.3) SET 1,622.31 (0.7) 11.9 Shanghai 3,556.56 (0.9) 2.4 Taiwan 17,371.29 0.9 17.9 ———————————————————————————————— Top Actives Close % chg Vol. (m) SERBA DINAMIK 0.680 (8.7) 423.0 DAGANG NEXCHANGE 0.890 2.9 208.3 BORNEO OIL 0.035 (12.5) 173.3 PRIVASIA TECH 0.230 12.2 169.5 CENSOF HOLDINGS 0.495 12.5 143.6 QES GROUP 0.835 12.8 142.2 KNM GROUP 0.205 0.0 128.5 UCREST 0.385 8.5 100.5 ———————————————————————————————— Economic Statistics Close % chg US$/Euro 1.2126 (0.02) RM/US$ (Spot) 4.1173 (0.03) RM/US$ (12-mth NDF) 4.1592 (0.50) OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,859.10 0.00 WTI crude oil US spot (US$/barrel) 72.12 1.75 CPO spot price (RM/tonne) 3,471.50 1.57 ———————————————————————————————————————— 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 16, 2021 Global Economic News China has approved a record US$10bn of investment to flow out of the country taking the cumulative approvals under the qualified domestic institutional investor (QDII) scheme to US$147bn as authorities liberalise the local financial system against a backdrop of a rallying renminbi.(Financial Times) The US and the EU have agreed to extend a tariff truce for five years, parking a dispute over aircraft subsidies given to Airbus SE and Boeing Co that saw the allies impose duties on US$11.5bn of each other's exports. (Edge Markets) US retail sales fell 1.3% mom in May with spending rotated back to services from goods, as vaccinations allow Americans to travel and engage in other activities that had been restricted by the Covid-19 pandemic. Data for Apr was revised higher to show sales increasing 0.9% mom, instead of being unchanged as previously reported. (Edge Markets) US retail sales dropped more than expected in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and engage in other activities that had been restricted by the COVID-19 pandemic. Retail sales fell 1.3% in May. Data for Apr was revised higher to show sales increasing 0.9% instead of being unchanged as previously reported. (Reuters) Britain and Australia announced a trade deal that will eliminate tariffs and red tape, hailed by British Prime Minister Boris Johnson as "a new dawn" in the two countries' relations. The British government sees the deal as an important piece of its post-Brexit trade and diplomatic strategy to shift the country's economic centre away from Europe and seek out new opportunities in higher-growth Indo-Pacific nations. (Reuters) Malaysia Economic News The Home Ministry will review and issue a policy involving foreigners to resolve problems that arise which have an impact on local communities, said Minister Datuk Seri Hamzah Zainudin. He said the ministry will discuss with all relevant parties including the Immigration Department, Royal Malaysia Police (PDRM), and National Registration Department on what should be highlighted in the policy. (Bernama) Prime Minister Tan Sri Muhyiddin Yassin has given his commitment that Parliament will reconvene when the nation enters Phase 3 of the National Recovery Plan in Sep or Oct. Under the recovery plan, which consists of four phases of exit strategy, Muhyiddin said Phase 3 will be achieved when the average daily case of Covid-19 drops to below 2,000, the public health system is at a comfortable level with the decline in utilisation of the intensive care units to adequate level, and when 40% of the population has received two doses of Covid-19 vaccine. (The Edge Markets) Prime Minister Tan Sri Muhyiddin Yassin unveiled the National Recovery Plan comprising four phases of exit strategy to help Malaysia bounce back from the Covid-19 pandemic. Each phase of the recovery plan will be based on three main threshold indicators for the country to move from one phase to the next. The indicators are: Covid-19 infection rate in the community based on the number of daily cases of infection. The capacity of the public health system based on bed utilization rates in the ICU wards. The level of protected population based on the percentage of people that has completed two doses of vaccine injection. (The Edge Markets) 2 Malaysia Daybreak | June 16, 2021 The Malaysian Employers Federation (MEF) hopes the government can allocate an extra RM40bn to employers to help them mitigate the impact of the movement control order (MCO) 3.0 that has been extended until 28 Jun. MEF executive director Datuk Shamsuddin Bardan said many employers are still facing cash flow problems despite the various measures and aid programmes announced by the government. (Bernama) The government has suffered losses of RM1bn daily throughout the current Movement Control Order 3.0 (MCO 3.0), said Prime Minister Tan Sri Muhyiddin Yassin. Describing the decision to implement the MCO 3.0 as not an easy one, he said Malaysia needs to come out of the Covid-19 crisis quickly for the sake of everyone's health and survival. "I have announced the PEMERKASA+ economic stimulus and financial aid package worth RM40bn with a fiscal injection of RM5bn. I hope this government assistance will ease the burden shouldered by the affected individuals and businesses," he said in a special address on the National Recovery Plan on 15 Jun. (Bernama) Production of natural rubber decreased by 33.5% yoy to 23,013 tonnes in Apr, compared with 34,616 tonnes in Apr, the Department of Statistics Malaysia (DOSM) said. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said this was due to the seasonal factor — the wintering period — which caused the trees to be less productive. He said month-on-month, production of natural rubber fell by 36.2%. (Bernama) Malaysia administered its highest daily vaccination rate with 197,963 doses delivered on 14 Jun, according to the latest data from the Covid-19 Vaccine Supply Access Guarantee Special Committee (JKJAV). A total of 142,890 individuals received their first dose, while the remaining 55,073 received their second jab as of 14 Jun. The seven-day moving average of daily doses given stood at 149,917. In total, 4.69m Covid-19 vaccine doses have been administered thus far. 1.41m individuals have been fully vaccinated, while 1.86m individuals have received only one jab. (The Edge Markets) Japanese government will provide AstraZeneca vaccines manufactured in Japan to Malaysia, Indonesia, the Philippines and Thailand, its Foreign Minister Motegi Toshimitsu announced. According to the Japanese Embassy in Malaysia, the minister said the vaccines will be delivered from Jul, if various circumstances allow, and will advance its coordination.
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