Mitrajaya: Unit wins MYR274m job. Its unit Pembinaan Mitrajaya S/B has clinched a MYR273.8m contract to act as the building contractor for “a centre of excellence” in Kuala Lumpur. The plan is build the centre at Jalan Dato’ Onn, the road where Bank Negara’s centre of excellence Sasana Kijang is located. The contract would span 24 months beginning on April 26. (Source: The Star)

MACRO RESEARCH Malaysia | Roadshow feedback Chew Hann Wong

NEWS Outside Malaysia Other News

MACRO RESEARCH MY: Malaysia Strategy Roadshow feedback by Chew Hann Wong Strategy Research We met with 38 institutional investors in UK, Europe and US over a two-week roadshow recently. Investors have turned more positive on Malaysia equities amid an undervalued MYR, and supported by uptick in GDP growth and resumption of PLC earnings growth. A key note is the resilient MYR despite net outflows in the government bonds. By sector, the interests were on the banks and consumer, while our tourism thematic was also well received. We also promoted our top BUYs for the market. Chew Hann Wong    (603) 2297 8686    wchewh@maybank-ib.com

NEWS Outside Malaysia: U.S: Urges China to open trade after sparing manipulator tag. The U.S. stopped short of branding China a currency manipulator, but urged the world’s second-largest economy to let the yuan rise with market forces and embrace more trade. No major trading partner is manipulating its currency for an unfair trade advantage, according to the first foreign- currency report released by the Treasury Department under President Donald Trump. It kept China, South Korea, Japan, Taiwan, Germany and Switzerland on its foreign-exchange monitoring list. (Source: Bloomberg) Turkey: Erdogan wins vote to gain sweeping powers in overhaul. Turkey voted to hand Recep Tayyip Erdogan sweeping authority in the most radical overhaul since the republic was founded 93 years ago on the expectation he’ll safeguard security amid regional wars and kickstart the economy. The referendum won approval of 51.3 percent to 48.7 percent of Turks, according to the state-run Anadolu news agency, as opposition parties alleged fraud and the European Union branded it as unfair. Once implemented, Erdogan will have authority to appoint ministers and top judges at his discretion and call elections at any time. It will also give him much greater sway over fiscal policy and may deepen investors’ concerns about the independence of the central bank. (Source: Bloomberg) Crude Oil: Bets on oil rise advance on signs OPEC cuts will outdo U.S. Boom. OPEC is finally making some headway in its race against the tide of surging U.S. supplies, and speculators are giving the group greater credence. Hedge funds boosted bets on higher West Texas Intermediate crude prices a second week as futures topped USD 53/bbl for the first time in a month, U.S. Commodity Futures Trading Commission data show. While more OPEC members are seen ready to extend output cuts, U.S. crude stockpiles dropped from a record. Fuel supplies are shrinking week after week at a time refineries are stepping up their crude processing ahead of the summer driving season. (Source: Bloomberg) Other News: Mitrajaya: Unit wins MYR274m job. Its unit Pembinaan Mitrajaya S/B has clinched a MYR273.8m contract to act as the building contractor for “a centre of excellence” in Kuala Lumpur. The plan is build the centre at Jalan Dato’ Onn, the road where Bank Negara’s centre of excellence Sasana Kijang is located. The contract would span 24 months beginning on April 26. (Source: The Star) Ikhmas Jaya: Gets MYR34m piling work job for Shah Alam project. Its wholly-owned unit Ikhmas Jaya S/B has bagged a sub-contract worth MYR33.81m for a residential development project in Shah Alam. The contract work is for a period of 12 months from the date of commencement which is tentatively fixed on April 15. Year-to-date, Ikhmas Jaya has secured total contracts worth MYR47.66m. (Source: The Edge Financial Daily) JKG Land: Increases interest in Kulim property to boost presence in Kedah. JKG Land is set to boost its presence in Kedah with the acquisition of the remaining 50% equity interest in Inno Alliance S/B (IASB) which owns a plot of land in Kulim, Kedah for MYR11m. IASB’s land measures 47.63 acres (19.28ha) is planned for a mixed development comprising low- and medium-cost houses, semi-detached houses as well as several shop units. (Source: The Edge Financial Daily) Petronas: To expand LNG portfolio in China. The group is set to expand its liquefied natural gas (LNG) business in China, extending its reach to the country's southern region while looking to expand the volume of supply to its existing buyers. Its Vice President of LNG Marketing & Trading, Ahmad Adly Alias, said that a liaison office was in Beijing to facilitate LNG business growth in the country. Petronas has strong relationship with China in the LNG trade and the prospect for further growth is strong. (Source: The Sun Daily)