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Malaysia Daybreak | 30 June 2021 FBMKLCI Index Malaysia | June 30, 2021 Key Metrics Malaysia Daybreak | 30 June 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Utilities - Overall – Today’s laggard – tomorrow’s winner? 1,500 We view ESG risks for the utilities industry as opportunities, given the rapid 1,450 growth in RE, rising electricity demand, and continuous investments in grid. TNB 1,400 and PGB have better ESG disclosures vs. its peers. Upgrade sector to Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Overweight on our expectation for EPS growth and undemanding valuations. ——————————————————————————— FBMKLCI 1,548.31 3.60pts 0.23% Sapura Energy Bhd – Bright spots emerge despite overall difficulties JUN Future JUL Future 1546.5 - (0.29%) 1548 - (0.36%) 1QFY1/22 core net loss was 2.6x our FY22F forecast (77% of consensus) due to ——————————————————————————— RM43m net forex loss and RM48m capitalised loan fees written off. SAPE also Gainers Losers Unchanged continued to incur Covid-19 related costs, which it may be able to recover from 523 423 461 ——————————————————————————— clients; hence, we did not downgrade our forecasts materially. Reiterate Hold Turnover with a slightly lower SOP-based TP of 14 sen. 4791.61m shares / RM2630.496m 3m avg volume traded 6529.26m shares 3m avg value traded RM3775.64m ——————————————————————————— Mynews Holdings Berhad – Rolling with the punches Regional Indices FBMKLCI FSSTI JCI SET HSI We came away neutral from its recent analyst briefing. 1HFY10/21 was 1,548 3,089 5,949 1,591 28,994 negatively impacted by the ongoing pandemic and movement restrictions. ———————————————————————————————— Despite the near-term challenges, we are positive on Mynews’s longer term Market Indices growth prospects with the acceleration of its CU outlet expansion. Considering Close % chg YTD % chg FBMKLCI 1,548.31 0.2 (4.8) the near-term headwinds and uncertainty, the stock appears fairly valued at FBM100 10,969.24 0.3 (4.6) current levels. Maintain Hold. FBMSC 15,502.81 0.3 (0.4) FBMMES 7,077.44 1.2 (34.1) Dow Jones 34,292.29 0.0 12.0 NASDAQ 14,528.33 0.2 12.7 Strategy Note – Key insights into weekly flows (21/6-25/6) FSSTI 3,089.49 (1.2) 8.6 FTSE-100 7,087.55 0.2 9.7 Retail investors remained the largest net buyers last week, buying Serba Dinamik SENSEX 52,549.66 (0.4) 10.0 Hang Seng 28,994.10 (0.9) 6.5 and Hartalega. Foreign institutional investors turned largest net sellers, selling JCI 5,949.05 0.2 (0.5) Public Bank and Hartalega. Local institutional investors were the second-largest KOSPI 3,286.68 (0.5) 14.4 Nikkei 225 28,812.61 (0.8) 5.0 net sellers, offloading Serba Dinamik and CMSB. Public Bank, Serba Dinamik PCOMP 6,956.65 0.3 (2.6) and CIMB were the top three featured in last week’s top net buy/sell lists. SET 1,591.43 0.8 9.8 Shanghai 3,573.18 (0.9) 2.9 Hartalega, Supermax and Tenaga were the top three short-selling targets last Taiwan 17,598.19 0.0 19.5 week. ———————————————————————————————— Top Actives Close % chg Vol. (m) SERBA DINAMIK 0.320 (1.5) 834.9 NESTCON 0.320 14.3 257.1 ▌News of the Day… MMAG HOLDINGS 0.140 3.7 164.8 ———————————————————————————————————————————————————————————————————————————————————————— M3 TECHNOLOGIES 0.070 7.7 103.5 SAUDEE GROUP 0.185 19.4 78.5 • Banks to waive compounded interest, penalty charges over moratorium FINTEC GLOBAL 0.030 0.0 75.6 SCIB 0.460 1.1 64.9 • Govt's official GDP forecast to be revised downwards, says Finance Minister KPOWER 0.640 2.4 61.0 • IOI Corp workers mistreated by managers, claims rights group ———————————————————————————————— Economic Statistics • Sunway, Tencent-backed Linklogis to jointly seek Malaysia digital bank licence Close % chg • MD/CEO Rosland Othman trims stake in Sarawak Consolidated Industries. US$/Euro 1.1898 (0.01) RM/US$ (Spot) 4.1520 (0.02) • Serba Dinamik told to comply with Bursa Malaysia directive to undertake a RM/US$ (12-mth NDF) 4.2107 (0.07) special independent review. OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,761.68 0.02 WTI crude oil US spot (US$/barrel) 72.98 0.10 CPO spot price (RM/tonne) 3,704.50 0.37 ———————————————————————————————————————— 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 30, 2021 Global Economic News China’s central bank provided a more positive outlook of the economy, saying it’s showing more stability and improvement even though domestic and global risks remain. The People’s Bank of China will step up its coordination with global economic policies and prevent “external shocks,” the monetary policy committee said in a statement Monday at the conclusion of its quarterly meeting. The committee reiterated that China’s prudent monetary policy will be targeted and reasonable, and the central bank will keep liquidity reasonably ample. (Bloomberg) Federal Reserve Governor Christopher Waller said he is “very optimistic” about the economy, and while he declined to say when he thinks the Fed should start raising interest rates, he said it could be next year. “The unemployment rate would have to drop fairly substantially, or inflation would have to really continue at a very high rate, before we would take seriously a rate hike in 2022, but I’m not ruling it out,” Waller told Bloomberg TV in his first public comments since the Fed met earlier this month. (Reuters) India cut the base import tax on crude palm oil to 10% from 15% for three months, the government said in a statement, as the world's biggest vegetable oil buyer tries to dampen near record high prices. The tax cut could make palm oil more attractive than rival soyoil and sunflower oil for Indian refiners and boost imports of the tropical oil in the next three months, supporting benchmark Malaysian prices. The lower tax rate will apply from 30 Jun to 30 Sep, the government said. (Reuters) Malaysia Economic News Banks will waive the compounded interest and penalty charges incurred during the six-month loan moratorium under the National People’s Well-Being and Economic Recovery Package (PEMULIH), said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. He said the government raised the matter with the banks during their meeting recently and they agreed to it. (Bernama) The one-off movement approval permit given to all self-employed individuals, which ended on 28 Jun, is automatically extended until 7 Jul, said Inspector-General of Police (IGP) Datuk Seri Acryl Sani Abdullah Sani. He said previously, the police gave such permits to the self-employed like plumbers, maintenance workers, and hawkers for movements during the Movement Control Order (MCO) 3.0. (Bernama) The Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said today that their member banks will be offering six-month moratorium from 7 Jul, in line with the government's PEMULIH stimulus. The associations said in a joint statement that they remain cognizant that the rakyat continue to face financial challenges due to the ongoing lockdown under Phase 1 of the National Recovery Plan. (The Edge Markets) The government's official gross domestic product (GDP) forecast of between 6% and 7.5% this year will need to be revised downwards, according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. This, he said, is due to the impact of the current Full Movement Control Order. During a briefing with the media, the finance minister said the figures are still being worked on, with the government announcing new official numbers in mid-August, in conjunction with the release of data on Malaysia's economic growth for the second quarter of 2021. (The Edge Markets) 2 Malaysia Daybreak | June 30, 2021 Micro, small and medium-sized enterprises (MSMEs) have the potential to intensify profits and drive the economy with steady and continuous support, said Deputy Entrepreneur Development and Cooperatives Minister (MEDAC) Datuk Mas Ermieyati Samsudin. She said that assistance from other development players such as ministries and agencies, civil society organisations, academic institutions, think tanks, and the private sector could help MSMEs with business continuity during the Covid-19 pandemic. (Bernama) The government’s move to simplify procurement procedures under the National People’s Well-Being and Economic Recovery Package (PEMULIH) will help drive the construction sector affected by rising building material prices, following the Covid-19 pandemic, as well as help the B40 group in the sector. Senior Works Minister Datuk Seri Fadillah Yusof said through PEMULIH, the government allowed variation of price (VOP) for work projects due to the significant increase in the cost of building materials from 1 to 31 Dec 2021. (Bernama) The Malaysian Armed Forces (MAF) will build four more field hospitals to help the Health Ministry contain the Covid-19 pandemic. Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob said this is after the ministry successfully completed the hiring of 30 doctors and 100 health workers. The recruitment now allows the MAF to meet the needs of field hospital operations, he said. (Bernama) The government is currently focusing on completing the vaccination process for industries allowed to operate during the movement control order.
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