|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.31
|
|
Target
Price:
|
MYR4.60
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Recalibrating
expectation
|
|
9M16 results were below ours/consensus expectations,
partly on higher-than-expected depreciation. Celcom’s revenue trends
appear to have stabilised, while there seems to be an element of
kitchen-sinking with respect to cost. Maintain HOLD with a lower MYR4.60
TP (-20%) as we lower earnings (-20%-31%) to reflect latest operating
trends.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
18,711.8
|
19,883.5
|
20,891.1
|
22,682.4
|
|
EBITDA
|
6,998.6
|
7,284.1
|
8,021.2
|
8,799.5
|
|
Core net profit
|
2,239.0
|
2,071.0
|
1,666.9
|
1,781.5
|
|
Core EPS (sen)
|
26.1
|
23.9
|
18.9
|
20.2
|
|
Core EPS growth (%)
|
(15.8)
|
(8.6)
|
(20.9)
|
6.9
|
|
Net DPS (sen)
|
22.0
|
20.0
|
16.1
|
17.2
|
|
Core P/E (x)
|
16.5
|
18.0
|
22.8
|
21.3
|
|
P/BV (x)
|
1.8
|
1.6
|
1.5
|
1.5
|
|
Net dividend yield (%)
|
5.1
|
4.6
|
3.7
|
4.0
|
|
ROAE (%)
|
11.6
|
11.5
|
6.9
|
7.2
|
|
ROAA (%)
|
4.8
|
3.9
|
2.8
|
2.9
|
|
EV/EBITDA (x)
|
10.1
|
9.4
|
6.9
|
6.2
|
|
Net debt/equity (%)
|
38.9
|
42.3
|
52.5
|
48.3
|
|
|
|
|
|
Chi Wei Tan
|
|
|
|
Syairah Malek
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR8.06
|
|
Target
Price:
|
MYR9.75
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Laggard play to
GENM and GENS
|
|
Core net profit outperformed on lower-than-expected core
tax rate and higher-than-expected VIP win rate. We raise our EPS
estimates by 9-16%. Utilising our higher TPs for GENM (MYR5.35) and
GENS (SGD0.73) and ascribing an unchanged 20% discount, our new SOP-based
TP for GENT is MYR9.75. GENT currently trades at -34% to its SOP/sh
valuation or -1SD to its long term mean. With the Genting Integrated
Tourism Plan (GITP) and Banten power plant, we expect the discount to
narrow.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
18,216.5
|
18,100.4
|
18,667.6
|
19,688.2
|
|
EBITDA
|
6,419.7
|
5,393.8
|
5,717.1
|
7,416.9
|
|
Core net profit
|
1,771.7
|
1,276.4
|
1,617.6
|
2,402.0
|
|
Core FDEPS (sen)
|
46.0
|
34.2
|
39.6
|
57.2
|
|
Core FDEPS growth(%)
|
1.2
|
(25.6)
|
15.7
|
44.4
|
|
Net DPS (sen)
|
4.0
|
3.5
|
4.0
|
5.8
|
|
Core FD P/E (x)
|
17.5
|
23.5
|
20.4
|
14.1
|
|
P/BV (x)
|
1.1
|
0.9
|
0.9
|
0.8
|
|
Net dividend yield (%)
|
0.5
|
0.4
|
0.5
|
0.7
|
|
ROAE (%)
|
5.7
|
4.7
|
6.4
|
7.1
|
|
ROAA (%)
|
2.4
|
1.6
|
1.8
|
2.6
|
|
EV/EBITDA (x)
|
7.6
|
8.3
|
7.9
|
5.8
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR4.63
|
|
Target
Price:
|
MYR5.35
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
All eyes on 2017
|
|
Core net profit outperformed on lower-than-expected core
tax rate. That said, Resorts World Bimini (RWB) continues to drag group
earnings. Trim our GENM pre-tax profit estimates by 5-8% but lift our
core net profit estimates by 11-12%. Our SOP-based TP is shaved by 3%
to MYR5.35. We remain bullish on Resorts World Genting’s (RWG) Genting
Integrated Tourism Plan (GITP) as major properties such as Sky Avenue
and Sky Plaza will be opening as soon as next month.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
8,229.4
|
8,395.9
|
8,941.2
|
9,978.2
|
|
EBITDA
|
2,247.6
|
2,016.3
|
2,405.1
|
2,810.7
|
|
Core net profit
|
1,358.1
|
1,157.9
|
1,490.1
|
1,712.4
|
|
Core FDEPS (sen)
|
23.9
|
20.4
|
26.2
|
30.1
|
|
Core FDEPS growth(%)
|
(20.8)
|
(14.8)
|
28.5
|
14.9
|
|
Net DPS (sen)
|
6.5
|
7.1
|
8.5
|
9.9
|
|
Core FD P/E (x)
|
19.3
|
22.7
|
17.7
|
15.4
|
|
P/BV (x)
|
1.6
|
1.4
|
1.3
|
1.2
|
|
Net dividend yield (%)
|
1.4
|
1.5
|
1.8
|
2.1
|
|
ROAE (%)
|
7.5
|
7.1
|
14.0
|
8.3
|
|
ROAA (%)
|
6.7
|
4.8
|
5.4
|
6.1
|
|
EV/EBITDA (x)
|
9.7
|
12.3
|
10.4
|
8.9
|
|
Net debt/equity (%)
|
net cash
|
0.1
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.29
|
|
Target
Price:
|
MYR2.50
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Ought to have
fared better
|
|
Earnings and dividends disappointed on
poorer-than-expected gross number forecasting operating (NFO)
sales/draw. We gather that Classic 4D sales fell markedly YoY. It was
also disappointing that 3Q16 gross NFO sales/draw was only flattish QoQ
after the UEFA Euro Cup. Lower our EPS estimates by 4-6% and our DPS
estimates from 16sen p.a. to 13-15sen. Rolling forward our DCF base to
end-FY17 from end-FY16, we trim our TP to MYR2.50 to MYR2.58. Downgrade
to HOLD.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
2,886.5
|
2,767.0
|
2,683.4
|
2,621.5
|
|
EBITDA
|
416.1
|
373.9
|
324.7
|
370.4
|
|
Core net profit
|
254.8
|
226.5
|
203.8
|
243.0
|
|
Core EPS (sen)
|
17.9
|
15.9
|
14.3
|
17.1
|
|
Core EPS growth (%)
|
(21.9)
|
(10.9)
|
(10.0)
|
19.2
|
|
Net DPS (sen)
|
20.0
|
16.0
|
13.0
|
14.0
|
|
Core P/E (x)
|
12.8
|
14.4
|
16.0
|
13.4
|
|
P/BV (x)
|
1.3
|
1.3
|
1.3
|
1.3
|
|
Net dividend yield (%)
|
8.7
|
7.0
|
5.7
|
6.1
|
|
ROAE (%)
|
10.4
|
9.3
|
8.4
|
9.9
|
|
ROAA (%)
|
6.9
|
6.2
|
5.6
|
6.9
|
|
EV/EBITDA (x)
|
10.7
|
11.4
|
12.1
|
10.5
|
|
Net debt/equity (%)
|
21.3
|
25.7
|
24.7
|
22.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR6.39
|
|
Target
Price:
|
MYR6.52
|
|
Recommendation:
|
Hold
|
|
|
|
|
|
|
|
|
Healthy results
but expansion drag continued
|
|
3Q16 results were in line with our forecast but missed
consensus. 3Q16 core earnings fell 2% YoY and start-up costs for the
upcoming Hong Kong Hospital rose 128% QoQ, to MYR20m. We expect the
costs to remain high and drag earnings until the opening of the hospital
in 1H17. Positively, 3Q16 revenue (+18% YoY) and EBITDA (+15% YoY)
growth remain healthy, from sustained organic growth, new hospitals and
newly acquired entities in India and Bulgaria. Maintain HOLD and
SOTP-based TP of MYR6.52.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
7,344.0
|
8,455.5
|
10,547.2
|
12,281.2
|
|
EBITDA
|
1,943.0
|
2,218.7
|
2,473.3
|
2,844.5
|
|
Core net profit
|
785.0
|
899.2
|
858.1
|
1,016.8
|
|
Core FDEPS (sen)
|
9.5
|
10.9
|
10.4
|
12.3
|
|
Core FDEPS growth(%)
|
28.5
|
14.5
|
(5.2)
|
18.5
|
|
Net DPS (sen)
|
3.0
|
3.0
|
3.0
|
3.5
|
|
Core FD P/E (x)
|
67.0
|
58.5
|
61.7
|
52.0
|
|
P/BV (x)
|
2.7
|
2.4
|
2.3
|
2.2
|
|
Net dividend yield (%)
|
0.5
|
0.5
|
0.5
|
0.5
|
|
ROAE (%)
|
4.0
|
4.5
|
3.8
|
4.4
|
|
ROAA (%)
|
2.8
|
2.8
|
2.4
|
2.7
|
|
EV/EBITDA (x)
|
22.1
|
27.4
|
24.5
|
21.5
|
|
Net debt/equity (%)
|
8.5
|
19.3
|
23.1
|
22.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.71
|
|
Target
Price:
|
MYR3.17
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
Record 3Q16 to
underpin a record 2016
|
|
3Q16 core earning was MYR459m (+280% YoY, +105% QoQ) after
adjusting for FX-translation and asset disposal gain. This was above
and accounted for 90% of our full-year forecast. The outlook in 4Q16 is
equally good but we have concerns over 2017 on higher competitive
pressures and volatile MYR fluctuations. We raise our 2016 earnings by
31% on the strong outlook and raise 2017-18 earnings by 0.6% and 0.8%
post-results housekeeping. Our BUY call and TP of MYR3.17 are
unchanged.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
5,415.7
|
6,299.1
|
7,201.3
|
6,939.8
|
|
EBITDAR
|
1,732.3
|
2,617.4
|
3,471.8
|
2,877.8
|
|
Core net profit
|
33.2
|
181.8
|
1,654.8
|
1,055.1
|
|
Core EPS (sen)
|
1.2
|
6.5
|
49.5
|
31.6
|
|
Core EPS growth (%)
|
(91.1)
|
446.8
|
657.8
|
(36.2)
|
|
Net DPS (sen)
|
0.0
|
0.0
|
16.0
|
8.0
|
|
Core P/E (x)
|
226.8
|
41.5
|
5.5
|
8.6
|
|
P/BV (x)
|
1.7
|
1.7
|
1.3
|
1.1
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
5.9
|
3.0
|
|
ROAE (%)
|
1.7
|
12.0
|
37.4
|
14.8
|
|
ROAA (%)
|
0.2
|
0.9
|
7.5
|
4.5
|
|
EV/EBITDAR (x)
|
10.9
|
5.3
|
4.8
|
6.4
|
|
Net debt/equity (%)
|
249.9
|
228.9
|
106.5
|
117.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR0.36
|
|
Target
Price:
|
MYR0.65
|
|
Recommendation:
|
Buy
|
|
|
|
|
|
|
|
|
3Q16: Missed
expectations
|
|
9M16 results came in below, mainly due to persistent
setbacks at its Canadian operations in 3Q16. For that, we cut 2016/17
earnings by 31%/24%. Accordingly, we cut our EV/backlog-based TP to
MYR0.65 (-19%) on: (i) lower orders assumption by 20% to MYR2b and (ii)
rolling over our net debt base year to 2017. KNM’s ability to raise
cash in this cyclical downturn is commendable, fuelled by its
transformation into a renewable energy (RE) play, a major catalyst.
BUY.
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,865.1
|
1,641.3
|
1,665.8
|
2,170.4
|
|
EBITDA
|
207.9
|
205.7
|
105.5
|
180.4
|
|
Core net profit
|
36.8
|
45.7
|
27.0
|
83.9
|
|
Core EPS (sen)
|
2.4
|
2.4
|
1.4
|
4.5
|
|
Core EPS growth (%)
|
61.2
|
3.4
|
(40.8)
|
210.6
|
|
Net DPS (sen)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Core P/E (x)
|
15.2
|
14.7
|
24.9
|
8.0
|
|
P/BV (x)
|
0.3
|
0.2
|
0.2
|
0.2
|
|
Net dividend yield (%)
|
0.0
|
0.0
|
0.0
|
0.0
|
|
ROAE (%)
|
2.0
|
2.0
|
1.0
|
3.1
|
|
ROAA (%)
|
0.9
|
1.1
|
0.6
|
1.9
|
|
EV/EBITDA (x)
|
6.3
|
7.1
|
10.8
|
6.0
|
|
Net debt/equity (%)
|
27.2
|
19.2
|
17.6
|
15.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR1.68
|
|
Target
Price:
|
MYR1.40
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
3Q16 below
expectations
|
|
3Q16 results were below expectations on higher operating
expenses (eg. minimum wage hike effective 1 Jul 2016) and
weaker-than-expected sales growth. Store openings as of 9M16 at 113
stores lag its target of 200 stores per year. In the near term, focus on
cost efficiencies could be key. We lower earnings by 6-8% for FY16-18.
Valuations are stretched at 33x FY17 (versus peer average of 27.5x).
D/G to SELL with a lower TP of MYR1.40 (-14sen, on an unchanged 27.5x
PER CY17; in line with peers).
|
|
|
|
|
|
|
FYE Dec (MYR m)
|
FY14A
|
FY15A
|
FY16E
|
FY17E
|
|
Revenue
|
1,893.1
|
2,006.3
|
2,108.2
|
2,308.3
|
|
EBITDA
|
130.9
|
126.5
|
136.1
|
146.4
|
|
Core net profit
|
58.1
|
55.8
|
56.5
|
62.6
|
|
Core EPS (sen)
|
4.7
|
4.6
|
4.6
|
5.1
|
|
Core EPS growth (%)
|
15.9
|
(3.3)
|
1.2
|
10.8
|
|
Net DPS (sen)
|
5.1
|
4.7
|
2.3
|
2.6
|
|
Core P/E (x)
|
35.7
|
36.9
|
36.4
|
32.9
|
|
P/BV (x)
|
8.8
|
12.1
|
10.4
|
9.0
|
|
Net dividend yield (%)
|
3.0
|
2.8
|
1.4
|
1.5
|
|
ROAE (%)
|
41.7
|
27.5
|
30.6
|
29.2
|
|
ROAA (%)
|
8.5
|
7.5
|
7.3
|
7.4
|
|
EV/EBITDA (x)
|
12.3
|
13.9
|
14.0
|
12.8
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
Price:
|
MYR2.74
|
|
Target
Price:
|
MYR2.00
|
|
Recommendation:
|
Sell
|
|
|
|
|
|
|
|
|
3Q16: Retailing
took a big hit
|
|
3Q16 results missed estimates. This was mainly due to
higher-than-expected operating loss from the Retailing segment and
higher interest costs. We lower FY16-18 net profit forecasts by 3-28%
and consequently lower our TP by 10sen to MYR2.00 pegged to 24.5x FY17
PER (from 24x).
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FYE Dec (MYR m)
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FY14A
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FY15A
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FY16E
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FY17E
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Revenue
|
3,705.5
|
3,834.6
|
4,024.3
|
4,174.7
|
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EBITDA
|
485.6
|
443.9
|
402.3
|
458.6
|
|
Core net profit
|
197.7
|
133.4
|
73.6
|
115.3
|
|
Core EPS (sen)
|
14.1
|
9.5
|
5.2
|
8.2
|
|
Core EPS growth (%)
|
(14.4)
|
(32.5)
|
(44.9)
|
56.7
|
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Net DPS (sen)
|
5.0
|
4.0
|
1.8
|
2.9
|
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Core P/E (x)
|
19.5
|
28.8
|
52.3
|
33.4
|
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P/BV (x)
|
2.2
|
2.1
|
2.0
|
2.0
|
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Net dividend yield (%)
|
1.8
|
1.5
|
0.7
|
1.0
|
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ROAE (%)
|
12.5
|
7.4
|
4.0
|
6.0
|
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ROAA (%)
|
6.2
|
3.6
|
1.8
|
2.7
|
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EV/EBITDA (x)
|
9.3
|
9.9
|
10.9
|
9.3
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Net debt/equity (%)
|
3.3
|
30.1
|
27.0
|
21.2
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Share
Price:
|
MYR1.70
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Target
Price:
|
MYR2.00
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Recommendation:
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Buy
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3Q16: Still
lagging
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3Q16 results fell slightly short on slower-than-expected
construction works recognition. However, we believe earnings could pick
up in 4Q16 as progress of its major construction projects continue to
pick up. We keep our earnings estimates unchanged. Its commendable
outstanding orderbook of MYR2.2b will help boost earnings growth in
FY17. Maintain BUY with an unchanged TP of MYR2.00 pegged to 12.5x 2017
PER.
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FYE Dec (MYR m)
|
FY14A
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FY15A
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FY16E
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FY17E
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Revenue
|
604.7
|
654.7
|
564.3
|
799.7
|
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EBITDA
|
109.4
|
109.2
|
93.3
|
126.3
|
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Core net profit
|
76.9
|
76.2
|
63.4
|
88.5
|
|
Core EPS (sen)
|
14.0
|
13.9
|
11.5
|
16.1
|
|
Core EPS growth (%)
|
(9.2)
|
(0.9)
|
(16.9)
|
39.6
|
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Net DPS (sen)
|
2.8
|
2.4
|
1.7
|
2.4
|
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Core P/E (x)
|
12.1
|
12.3
|
14.8
|
10.6
|
|
P/BV (x)
|
1.6
|
1.4
|
1.3
|
1.2
|
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Net dividend yield (%)
|
1.6
|
1.4
|
1.0
|
1.4
|
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ROAE (%)
|
na
|
na
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na
|
na
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ROAA (%)
|
9.7
|
9.4
|
7.6
|
9.6
|
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EV/EBITDA (x)
|
7.1
|
8.6
|
8.5
|
6.4
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
|
|
|
|
Chew Hann Wong
|
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|
Adrian Wong
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|
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Share
Price:
|
MYR2.02
|
|
Target
Price:
|
MYR1.95
|
|
Recommendation:
|
Hold
|
|
|
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2QFY17: On track
|
|
2QFY3/17 results were in line. F&B saw some higher
staff cost in the quarter (from hike in minimum wage effective 1 Jul
2016). Cost management for the segment would be vital as consumers
continue to economize in the near term. Meanwhile, FMCG should continue
to be the main earnings driver on growing export sales. Our earnings
forecasts, HOLD call and TP of MYR1.95 are unchanged. That OTB has
dropped off the SC’s Shariah list could result in near term share price
weakness.
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|
FYE Mar (MYR m)
|
FY15A
|
FY16A
|
FY17E
|
FY18E
|
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Revenue
|
397.7
|
393.4
|
422.0
|
459.2
|
|
EBITDA
|
82.9
|
84.7
|
91.5
|
95.8
|
|
Core net profit
|
51.0
|
55.3
|
57.6
|
61.2
|
|
Core EPS (sen)
|
11.2
|
11.9
|
12.4
|
13.2
|
|
Core EPS growth (%)
|
4.2
|
6.1
|
4.2
|
6.3
|
|
Net DPS (sen)
|
6.0
|
9.0
|
6.8
|
7.3
|
|
Core P/E (x)
|
18.0
|
16.9
|
16.2
|
15.3
|
|
P/BV (x)
|
2.7
|
2.6
|
2.4
|
2.3
|
|
Net dividend yield (%)
|
3.0
|
4.5
|
3.4
|
3.6
|
|
ROAE (%)
|
14.2
|
15.0
|
15.4
|
15.2
|
|
ROAA (%)
|
11.8
|
12.5
|
12.4
|
12.3
|
|
EV/EBITDA (x)
|
8.2
|
6.4
|
8.4
|
7.8
|
|
Net debt/equity (%)
|
net cash
|
net cash
|
net cash
|
net cash
|
|
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MACRO RESEARCH
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SAKP to be replaced by IJM?
by Chew
Hann Wong
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SAKP may be replaced by IJM Corp in the upcoming FBM
KLCI constituents review for December. This would result in slight
declines in the individual weights of the other existing FBM KLCI
constituent stocks. Then again, this is quite a similar situation as
per the last FBM KLCI constituents review in June but SAKP stayed as
a constituent stock then. There is no change to our stock calls -
SAKP remains a BUY, IJM a HOLD.
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34 additions, 30 deletions
by
Desmond Ch'ng
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The Securities Commission’s (SC) revised Shariah
compliant securities/ stocks list, released last evening, will take
effect from today, 25 Nov. It includes 34 additions and 30 deletions.
The number of Shariah compliant stocks now stands at 672 (73%), out of
total 921 listed stocks (including REITs) on Bursa Securities.
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Growth slowdown stabilised
by
Suhaimi Ilias
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Index of leading economic indicators fell -0.9% YoY in
Sep 2016 from +0.1% YoY increase in Aug 2016. The YoY change in the
index improved in Aug-Sep 2016 compared with sustained decline in Nov
2015 – July 2016, indicating growth slowdown stabilized in 2H 2016.
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Suhaimi Ilias
|
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Zamros
Dzulkafli
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Switching to slower lane
by
Suhaimi Ilias
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Real GDP grew +1.1% YoY and shrank -2.0% QoQ SAAR in
3Q 2016 (2Q 2016: +2.0% YoY; +0.1% QoQ SAAR), better than preliminary
release of +0.6% YoY and -4.1% QoQ SAAR. 2016 YTD growth was +1.7%.
Revised our 2016 growth forecast to +1.5% from +1.8% previously, with
2017 growth now also expected at +1.5% vs +1.8% previously.
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Suhaimi Ilias
|
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Zamros
Dzulkafli
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NEWS
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Outside Malaysia:
E.U: ECB warned that the risk of an abrupt global market
correction on the back of rising political uncertainty has intensified,
posing a threat to banks, stability and economic growth. “More volatility
in the near future is likely and the potential for an abrupt reversal
remains significant,” the central bank said in its twice-yearly Financial
Stability Review. “Elevated geopolitical tensions and heightened
political uncertainty amid busy electoral calendars in major advanced
economies have the potential to reignite global risk aversion and to
trigger a major confidence shock.” ECB Vice President Vitor Constancio
confirmed that the despite the risk build-up, the ECB still sees
euro-area growth around 1.6% in 2017, with inflation rising to about
1.25% in the spring. (Source: Bloomberg)
Germany: Economic growth was supported by domestic demand
last quarter as a slump in exports slowed the expansion to its weakest
pace in a year. Government spending climbed 1% and private consumption
rose 0.4% in the three months through September, while exports contracted
0.4%, the Federal Statistics Office said. Capital investment stagnated as
spending on machinery fell. GDP rose by a seasonally-adjusted 0.2% in the
three months through September. (Source: Bloomberg)
Germany: Business sentiment held at the highest level in
more than two years in November, signaling that the recovery in Europe’s
largest economy remains on track. The Munich-based Ifo institute’s
business climate index stayed at 110.4, unchanged from a revised reading
for October. The report adds to signs that Germany’s economy is gathering
pace after a slowdown in the third quarter. (Source: Bloomberg)
U.K: Consumer credit surged more than 7% last month, the
fastest in a decade, reinforcing the view that Brexit hasn’t shaken
household confidence. British Bankers Association data shows that credit
jumped an annual 7.2% in October, with personal loans and overdrafts up
7.8%. Credit-card lending increased the most in more than three years.
(Source: Bloomberg)
Japan: CPI falls again, extending longest streak since
2011. Japan’s consumer prices fell for an eighth straight month -- the
longest streak of declines since 2009-2011, underlining how distant the
nation is from achieving its 2% inflation target. Consumer prices
excluding fresh food, the Bank of Japan’s primary gauge of inflation,
dropped 0.4% YoY in October (forecast -0.4% YoY.). Overall consumer
prices rose 0.1% YoY while consumer prices excluding food and energy rose
0.2% YoY.
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Other News:
Benalec: Benalec, Dutch firm team up for soil solutions
venture. Benalec and CeTeau Malaysia S/B will form a joint-venture
company to provide world-class soil improvement solutions using
specialised geosynthetics engineering techniques. CeTeau, which is based
in the Netherlands, specialises in soft soil improvement using
prefabricated vertical drain. Benalec said it will hold a 51% equity
stake of the JV company called Benalec CeTeau Asia S/B, while CeTeau
holds the remaining 49%.Under the JV, it will provide an integrated
marine construction solutions in the areas of land reclamation and
coastal protection along with CeTeau’s specialist capabilities in the
areas of advanced ground improvement technologies and specialised
geosynthetic environmental techniques. (Source: The Sun Daily)
Palette Multimedia: Plans to diversify into traditional
Chinese medicine. The group entered into a term sheet for the proposed
acquisition of a 51% stake in Genopharma S/B (GSB) for MYR1.53m. The
proposed acquisition will enable Palette to expand its earnings base and
to invest in a profitable business. GSB is principally involved in the
trading of traditional Chinese medicine (TCM), food and herbal
supplement. Currently, the products of GSB are being sold at TCM clinics,
pharmacies and chain stores. In addition, GSB also supplies herbal based
medicines and supplements to hospitals and clinics in Malaysia. (Source:
The Edge Financial Daily)
Kim Teck Cheong: Expects strong revenue growth in FY17.
Sabah-based consumer packaged goods distributor Kim Teck Cheong
Consolidated (KTC) said it expects a strong double-digit revenue growth
for the financial year ending June 30, 2017 (FY17), with its newly
secured distribution contracts from SCGM, Anakku S/B Marigold and Procter
& Gamble (Malaysia) S/B. After the IPO (initial public offering),
they have successfully built up their infrastructure. The group is in
talks with a number of brand owners for the possible business avenues and
to ensure that they continue to build their brand portfolio. (Source: The
Star)
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