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Malaysia Daybreak | 17 June 2021 FBMKLCI Index Malaysia | June 17, 2021 Key Metrics Malaysia Daybreak | 17 June 2021 FBMKLCI Index 1,700 ▌What’s on the Table… 1,650 ———————————————————————————————————————————————————————————————————————————————————————— 1,600 1,550 Yinson Holdings Bhd – A closer look at Oyika and MooVita 1,500 Yinson hosted a call with the management of two of its start-up ‘green tech’ 1,450 investments in Singapore; neither will contribute to earnings at this stage. But 1,400 Yinson’s GT and RE divisions will be extremely critical for its long-term growth Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 into the energy transition, and for offsetting FPSO carbon emissions. Reiterate ——————————————————————————— Add as Yinson is on track to secure the FPSO PDB award by 3Q21F, with an FBMKLCI unchanged SOP-based target price of RM6.10. 1,578.32 -3.05pts -0.19% JUN Future JUL Future 1573.5 - (-0.19%) 1575 - (-0.13%) ——————————————————————————— Kawan Food – Long-term prospects remain bright Gainers Losers Unchanged Heading into 2H21F, Kawan continues to witness strong demand for its range of 350 668 448 ——————————————————————————— frozen products, from both the export and local markets. As part of its long-term Turnover growth strategy, Kawan aims to: i) launch more new products, ii) target new 4686.21m shares / RM3136.324m export markets, and iii) focus on operating efficiency. Reiterate Add with a lower 3m avg volume traded 6898.18m shares TP of RM3.00 (24x CY22 P/E). 3m avg value traded RM3941.35m ——————————————————————————— Regional Indices FBMKLCI FSSTI JCI SET HSI Media Prima Bhd – A conundrum with one of the shareholders 1,578 3,140 6,079 1,625 28,437 ———————————————————————————————— Mitsubishi UFJ Financial Group Inc's aggressive selling of Media Prima shares Market Indices has sent the stock down by 40% from its YTD high of 75 sen. We estimate Close % chg YTD % chg FBMKLCI 1,578.32 (0.2) (3.0) Mitsubishi UFJ's average cost of investment is 77.6 sen. It sold the shares at FBM100 11,210.37 (0.3) (2.5) around 60 sen levels. We continue to like the stock due to its earnings recovery FBMSC 16,291.14 (1.2) 4.7 FBMMES 7,635.29 (0.9) (28.9) angle and attractive valuations; Media Prima's Apr 2021 advertising sales jumped Dow Jones 34,033.67 (0.8) 11.2 103.1% yoy. NASDAQ 14,039.68 (0.2) 8.9 FSSTI 3,139.57 (1.1) 10.4 FTSE-100 7,184.95 0.2 11.2 SENSEX 52,501.98 (0.5) 9.9 MSM Malaysia Holdings – Prai resumes operations and EPS impact Hang Seng 28,436.84 (0.7) 4.4 JCI 6,078.57 (0.2) 1.7 MSM recommenced Prai refinery ops on 15 Jun, two days ahead of target. It said KOSPI 3,278.68 0.6 14.1 Nikkei 225 29,291.01 (0.5) 6.7 that its initial assessment revealed sales and earnings impact to be less than 5% PCOMP 6,973.35 (0.0) (2.3) for FY21F and it is pursuing to claim the losses from its insurer. We estimate an SET 1,624.79 0.2 12.1 Shanghai 3,518.33 (1.1) 1.3 up to 6% negative impact on FY21F earnings (ex-insurance claim). We reiterate Taiwan 17,307.86 (0.4) 17.5 our Hold call and TP of RM1.41. ———————————————————————————————— Top Actives Close % chg Vol. (m) KNM GROUP 0.200 (2.4) 153.9 DAGANG NEXCHANGE 0.875 (1.7) 149.7 ▌News of the Day… SERBA DINAMIK 0.645 (5.1) 139.4 ———————————————————————————————————————————————————————————————————————————————————————— BERJAYA CORP 0.300 (10.4) 116.4 INDUSTRONICS 0.245 16.7 108.5 • Agong: Parliament should reconvene as soon as possible QES GROUP 0.850 1.8 74.4 BUMI ARMADA 0.490 0.0 73.8 • MoF studying ways on how to provide additional assistance to the people PROGRESSIVE 0.205 2.5 71.8 • Yinson invests in Oyika to accelerate electric vehicle adoption ———————————————————————————————— Economic Statistics • Cypark proposes RM108m private placement to fund solar project Close % chg • Pharmaniaga on track to deliver 12m Sinovac vaccine doses to gov’t in Jul US$/Euro 1.1994 (0.02) RM/US$ (Spot) 4.1167 (0.03) • Northport sets new monthly conventional cargo volume record in May RM/US$ (12-mth NDF) 4.1668 (0.76) • Sunway plans to bid for digital banking permit OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,818.27 0.38 • Bursa extends relaxation of rules to help listed cos amid prolonged lockdown WTI crude oil US spot (US$/barrel) 72.15 0.04 CPO spot price (RM/tonne) 3,508.00 1.05 ———————————————————————————————————————— 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 17, 2021 Global Economic News China stepped up its campaign to rein in raw materials prices by expanding its oversight of commodities trading by state firms to overseas markets, and pledging to release the nation’s reserves of base metals. The State-owned Assets Supervision and Administration Commission has ordered state enterprises to control risks and limit their exposure to overseas commodities markets, according to people with knowledge of the matter. The companies have been asked to report their futures positions for Sasac to review, said the people, who asked not to be identified because the information is confidential. (Bloomberg) Vaccine policy will trump all other economic polices this year as the world tries to recover from the coronavirus crisis, Kristalina Georgieva, the head of the International Monetary Fund (IMF) said at CNBC's Global Evolve Summit. "Vaccine policy this year, probably next year, is going to be the most important economic policy, may beat even monetary and fiscal policy in terms of significance," Georgieva told CNBC's Geoff Cutmore. (CNBC) China’s main economic data missed estimates in May as the recovery continues to stabilize from the first quarter’s record expansion, with retail spending still lagging expectations. Industrial output rose 8.8% yoy in May. Retail sales increased 12.4%. Fixed-asset investment increased 15.4% in the first five months of the year from the same period in 2020. The unemployment rate eased to 5% in May from 5.1% in the previous month. On a two-year average basis, which strips out the impact of last year’s pandemic, industrial production rose 6.6% in May, while retail sales grew 4.5%. Manufacturing investment rose 0.6% in Jan-May on this basis, after four previous months of declines. (Bloomberg) The US will not agree to any type of special treatment for China or other countries that would weaken a global minimum tax regime, US Treasury Secretary Janet Yellen said. Yellen said the US and other countries were continuing their efforts to convince China to support plans endorsed by the Group of Seven advanced economies. She said she was hopeful Beijing would decide it was in its interest to support the plans - which calls for a global corporate mininum tax of at least 15% - but made clear that Washington would not endorse a weak agreement. (Reuters) The Federal Reserve considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates. However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting. As expected, the policymaking Federal Open Market Committee unanimously left its benchmark short-term borrowing rate anchored near zero. But officials indicated that rate hikes could come as soon as 2023, after saying in Mar that it saw no increases until at least 2024. The so-called dot plot of individual member expectations pointed to two hikes in 2023. (CNBC) Malaysia Economic News The Finance Ministry is studying ways on how the government can provide additional assistance to the people, said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed. He said the government is aware that some people are expecting the announcement of an additional aid package, following the announcement of the National Recovery Plan by Prime Minister Tan Sri Muhyiddin Yassin. The government has allocated RM380bn or the equivalent of 28% of GDP through economic stimulus packages. Mustapa said so far about RM200bn has been spent and there is still a balance. (Bernama) 2 Malaysia Daybreak | June 17, 2021 The Ministry of Agriculture and Food Industries (MAFI) is taking several immediate measures to address the recent 40% increase in prices of vegetables, believed to be due to the implementation of the enhanced movement control order (EMCO) in Cameron Highlands, Pahang. Since Monday (14 Jun), the prices of some vegetables, including tomatoes, Japanese cucumbers, chilies, cabbage, beans, bell peppers and all types of salad leaves, had increased by 30% to 40% as production had to be stopped immediately following the EMCO being imposed in Cameron Highlands. The media reported that the main cause was that 12,000 foreign and local workers in Cameron Highlands were not allowed to leave home for work under the EMCO. (Bernama) Malaysia's foreign minister Datuk Seri Hishammuddin Hussein said China had agreed to contribute 500,000 doses of Covid-19 vaccines made by its drugmaker Sinovac BioTech to the Southeast Asian country.
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