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MACRO RESEARCH
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Tourism: Slow start to 2017
by Chew
Hann Wong
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1Q17 total visitor arrivals were flattish YoY at
-0.5%. More arrivals from China, Thailand and Brunei were offset by
fewer arrivals from Singapore, Indonesia, South Korea, India, Japan.
Growth should resume going forward as there are ongoing promotional efforts
and tourist friendly events lined up. We now prefer GENT as the two
big caps with direct exposure to our Tourism thematic – GENM and MAHB
- have played out well. BUY Genting Bhd, AirAsia and Atlan Holdings.
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Chew Hann Wong
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Samuel Yin
Shao Yang
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Rebuilding external reserves
by
Suhaimi Ilias
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External reserves increased further to USD98.0b as at
31 May 2017 (15 May 2017: USD97.3b; end-Apr 2017: USD96.1b) on the
rise in the foreign currency reserves component to USD91.6b (15 May
2017: USD90.7b; end-Apr 2017: USD89.5b). Latest tally is equivalent
to 8.1 months of retained imports and 1.1 times of short-term
external debt.
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Suhaimi Ilias
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Zamros
Dzulkafli
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KLPRO Index – Another upleg?
by Nik
Ihsan Raja Abdullah
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FBMKLCI slid 5.09pts yesterday amid profit taking
activities. At day’s end, the benchmark index fell 0.3% to 1,785.92.
Market breadth was negative, with losers outpacing gainers by 459 to
395. A total of 2.35b shares worth MYR2.36b changed hands. The pullback
was healthy particularly after FBMKLCI had an impressive run for the
past few days. But with overnight US markets ended firmer, such
consolidation could be short-lived.
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Nik Ihsan Raja
Abdullah
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Tee Sze Chiah
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NEWS
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Outside Malaysia:
U.S: April consumer credit rose USD 8.2b. Consumer credit
in April rose 2.6% at an annual rate to USD 3.821t, according to the
Federal Reserve. April increase in consumer credit smallest since Aug.
2011. Revolving credit rose USD 1.5b to USD 1,010.6b. Non-revolving
credit rose USD 6.7b to USD 2.810t. Non-revolving lending to consumers by
the Federal government, which is mainly student loans, rose to USD
1.088t, on a non-seasonally adjusted basis. April non-revolving credit
increase smallest since Aug. 2011. (Source: Bloomberg)
Germany: Factory orders fell after two consecutive months
of expansion in a sign that growth in Europe’s largest economy may be
steadying after a strong start of the year. Orders, adjusted for seasonal
swings and inflation, dropped 2.1% MoM in April, after expanding an
upwardly revised 1.1% MoM in March, data from the Economy Ministry
showed. Orders were up 3.5% YoY, when adjusted for working days. (Source:
Bloomberg)
U.K: House prices recorded their slowest quarterly growth
in four years, adding to signs that the market is cooling. In the three
months through May, prices grew 3.3% YoY compared with the same period a
year earlier, lender Halifax said. From a month earlier, house prices
grew 0.4% MoM, the first increase this year, though Halifax said values
have stagnated in the past quarter. (Source: Bloomberg)
India: Kept interest rates unchanged as expected, as the
central bank shrugged off slowing growth and vowed to continue to assess
whether a drop in inflation to a record low in the USD 2t economy was
transitory. The Reserve Bank of India, led by Urjit Patel, kept its
benchmark repurchase rate at 6.25% while maintaining its neutral stance.
(Source: Bloomberg)
Crude Oil: Holds biggest loss in 3 months on shock U.S.
stockpile jump. Oil held the biggest decline since March after U.S. crude
stockpiles unexpectedly expanded for the first time in nine weeks.
Inventories climbed by 3.3 million barrels last week, according to the
Energy Information Administration. Gasoline stockpiles also rose, while
crude production dropped the most since January. Brent for August
settlement was USD 48.25/bbl. (Source: Bloomberg)
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Other News:
Yinson: Increases stake in Regulus Offshore. The company
has upped its investment in Regulus Offshore Sdn Bhd, which is involved
in the leasing of chartered vehicles and the provision of ship and crew
management services, to 70%. Yinson acquired a 21% stake in Regulus from
Mat Sin Bidin for a total cash consideration of MYR469,461, representing
a 21% stake in the company on June 6 to add to its existing 49%
shareholding in the company. (Source: The Edge Financial Daily)
Crest Builder: Expects better performance for FY17. The
company is tendering for some MYR1.8b worth of projects, with more
upcoming tenders in the next few months. Currently, it has an outstanding
order book of MYR1.1b. The company aims to register better performance in
its financial year ending Dec 31, 2017, as it expects to complete several
projects under its construction division. (Source: The Edge Markets)
Selangor Dredging: Buys Singapore land for SGD72m. The
company, via its indirect 50% associated company Champsworth Development
Pte Ltd, has acquired a parcel of prime land in Draycott Park, Singapore
for SGD72m (MYR223.2m). The purchase is to be funded via 30% internal
funds and 70% bank borrowings, and will bring SDB’s total number of
properties in Singapore to seven. It plans to build exclusive mid-rise
apartments on the site, which is located off Stevens Road, minutes away
from the shopping belts of Scotts Road and Orchard Road. (Source: The
Edge Financial Daily)
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