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19 Aug 2021 Daybreak Malaysia | August 19, 2021 Key Metrics Malaysia Daybreak | 19 August 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Kuala Lumpur Kepong – Higher CPO price, FV gain boost 3Q profit 1,500 KLK's 3QFY9/21 core net profit was a beat, thanks to higher CPO prices. We 1,450 expect 4Q core net profit be weaker qoq due to lower downstream profit. Maintain 1,400 Add with a lower TP of RM22.49 due to attractive valuations and potential Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 earnings upside from proposed acquisition of IJMP. ——————————————————————————— FBMKLCI 1,525.24 1.65pts 0.11% SP Setia – Strong sales momentum in 1H21 AUG Future SEP Future 1524.5 - (0.03%) 1512 - (-0.03%) SP Setia’s 1H21 results came in line, as we expect a weaker 3Q21F due to the ——————————————————————————— ongoing full lockdown and enhanced lockdowns in certain areas. SP Setia Gainers Losers Unchanged recorded c.RM2.6bn new sales in 1H21, representing 68% of its FY21 new sales 441 468 459 ——————————————————————————— target of RM3.8bn. Reiterate Add. Turnover 3831.63m shares / RM2200.161m 3m avg volume traded 5393.78m shares Kawan Food – Gearing up for a better 2H21F 3m avg value traded RM3177.07m ——————————————————————————— 1H21 core net profit of RM14.8m (-7.5% yoy) was below expectations, due to Regional Indices FBMKLCI FSSTI JCI SET HSI weaker-than-expected sales and unexpected disruptions to production. As part of 1,525 3,131 6,118 1,552 25,867 its long-term growth strategy, Kawan aims to: i) launch more new products, ii) ———————————————————————————————— target new export markets, and iii) focus on operating efficiency. Reiterate Add, Market Indices with a lower TP of RM2.50 (24x CY22F P/E). Close % chg YTD % chg FBMKLCI 1,525.24 0.1 (6.3) FBM100 10,864.25 0.2 (5.5) FBMSC 15,455.73 0.5 (0.7) Berjaya Food Berhad – Earnings beat for the fourth straight quarter FBMMES 7,111.99 (0.3) (33.7) Dow Jones 34,960.69 (1.1) 14.2 FY6/21 core net profit of RM53.5m beat expectations, mainly due to NASDAQ 14,525.91 (0.9) 12.7 stronger-than-expected sales and operating margins in 4QFY21. Its Starbucks FSSTI 3,131.44 0.4 10.1 FTSE-100 7,169.32 (0.2) 11.0 store base continued to expand by a net of 11 stores in FY6/21. We forecast a SENSEX 55,629.49 (0.3) 16.5 reacceleration of store openings upon the lifting of restrictions. BFD remains an Hang Seng 25,867.01 0.5 (5.0) JCI 6,118.15 0.5 2.3 attractive recovery play as we exit the toughest form of movement restrictions in KOSPI 3,158.93 0.5 9.9 Malaysia. Reiterate Add. Nikkei 225 27,585.91 0.6 0.5 PCOMP 6,680.18 1.8 (6.4) SET 1,551.87 0.5 7.1 Shanghai 3,485.29 1.1 0.4 Taiwan 16,826.27 1.0 14.2 ▌News of the Day… ———————————————————————————————— ———————————————————————————————————————————————————————————————————————————————————————— Top Actives Close % chg Vol. (m) • 114 MPs support Datuk Seri Ismail Sabri as Prime Minister AVILLION 0.190 (5.0) 394.5 ADV SYNERGY 0.195 (13.3) 327.2 • Sime Darby Plantation: CPO prices to remain at RM4,000-RM4,700/tonne SEDANIA 0.760 20.6 113.3 • Destini secures a two-year contract with Repsol Oil and Gas MALAYAN UTD INDS 0.100 (4.8) 73.5 KNM GROUP 0.210 (4.5) 64.5 • AirAsia's Teleport acquires a 100% stake in Delivereat for US$9.8m SERBA DINAMIK 0.420 0.0 59.3 APPASIA 0.170 17.2 56.1 • Tri-Mode expands in Pulau Indah Industrial Park. DAGANG NEXCHANGE 0.745 (1.3) 54.0 ———————————————————————————————— Economic Statistics Close % chg US$/Euro 1.1714 0.00 RM/US$ (Spot) 4.2370 (0.05) RM/US$ (12-mth NDF) 4.2880 (0.72) OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,788.25 0.02 WTI crude oil US spot (US$/barrel) 65.46 (1.70) CPO spot price (RM/tonne) 4,695.50 0.77 ———————————————————————————————————————— 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 | August 19, 2021 Global Economic News Global trade in goods might be close to plateauing — albeit at a record level — amid an outlook clouded by regional imbalances and coronavirus outbreaks that slow economic activity, the World Trade Organization said. The Geneva-based trade body’s goods trade barometer rose to 110.4 in Mar, the highest in records going back to 2016, according to a statement on the WTO website. It said that while the index is still above its longer-term average, the gains are decelerating, “which could presage a peaking of upward momentum in trade.” (Bloomberg) Federal Reserve officials felt their employment benchmark for decreasing support for the economy “could be reached this year,” but appeared to disagree on other key aspects of where monetary policy should turn next in the transition from the pandemic crisis, according to minutes from last month’s policy meeting. The account of the 27-28 Jul meeting showed Fed officials largely expect that later this year they will reduce the central bank’s emergency monthly purchases of US$120bn of Treasury bonds and mortgage-backed securities. But consensus on other key issues appeared elusive, including the start date and pace of the bond-buying “taper,” and whether the bigger risk to the recovery is posed by inflation, ongoing joblessness, or the lurking chance that a resurgent coronavirus may throw things into reverse. (Reuters) Malaysia Economic News Malaysia’s labour productivity, measured as value added per employment, for the second quarter this year has turned around to 13.6% with a value of RM22,117 per person, compared to a year ago, according to the Labour Productivity, Second Quarter 2021 report. (Bernama) The retail prices of RON97 and RON95 petrol as well as diesel will remain unchanged at RM2.74, RM2.05 and RM2.15 per litre respectively for the 19-25 Aug period. (Bernama) Political News Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has asked the 114 Members of Parliament (MP) who have signed statutory declarations in support of Datuk Seri Ismail Sabri Yaakob as the Prime Minister to be present at Istana Negara today to verify their stand. The lawmakers will meet the King in groups at the palace here from 10am until 5pm. Royal sources said the MPs would be from Perikatan Nasional, Barisan Nasional (BN), Gabungan Parti Sarawak (GPS), Parti Solidariti Tanah Airku (STAR) from Sabah, and Independents who have backed the United Malays National Organisation (UMNO) Vice-President. All the MPs submitted their statutory declarations (SDs) by the 4pm deadline yesterday to Istana Negara. The 114 votes for Ismail Sabri means that Parti Keadilan Rakyat (PKR) President Datuk Seri Anwar Ibrahim has failed to obtain enough support to be premier. It also means that Perikatan and Barisan have managed to obtain enough of a majority to form the next federal government and pave the way for Ismail Sabri to be the new prime minister. (The Star) 2 Malaysia Daybreak | August 19, 2021 A special meeting of the Malay Rulers will be held this Friday (20 Aug) at Istana Negara where the King is most likely to share the decision of the 220 MPs in choosing the prime minister. The lawmakers have been told to submit their statutory declaration directly to Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah by 18 Aug. Given the critical decision that His Majesty has to make, the meeting with his fellow Rulers is important, particularly if the numbers were too narrow. The meeting of the Rulers begins at 2.30pm. (The Star) Victory appears to be in sight for UMNO Vice-President Datuk Seri Ismail Sabri Yaakob to take up the helm of prime minister. The Yang di-Pertuan Agong will meet 114 MPs from BN, Bersatu, PAS, GPS, as well as independents aligned to Perikatan Nasional starting 10am today - a strong indicator that Ismail has secured majority support. Only one BN lawmaker is missing from the list - Gua Musang MP Tengku Razaleigh Hamzah, who had sought to become prime minister as well. The palace has ordered that whoever becomes prime minister must convene Parliament as soon as possible to confirm their majority via a vote of confidence. (Malaysiakini) If Datuk Seri Ismail Sabri Yaakob succeeds in becoming prime minister, Parti Pribumi Bersatu Malaysia is expected to be rewarded with the deputy prime minister post. Bersatu Supreme Council member Eddin Syazlee Shith said that party Secretary-General Datuk Seri Hamzah Zainuddin may be a candidate to become Ismail's deputy. Interestingly, Eddin also claimed that talks between UMNO and Bersatu discussed the possibility of creating a minister mentor post for former prime minister Tan Sri Muhyiddin Yassin. Ismail was previously Muhyiddin's deputy prime minister - a post that has bolstered his bid to take over the top spot. (Malaysiakini) Over on the opposition side, PKR President Datuk Seri Anwar Ibrahim appears to have united the various parties to secure the support of 105 MPs.
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