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| | | | | MACRO RESEARCH | | | | | | | Growth still on track
by Chew Hann Wong |
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| | | | | | Cumulative core net profit of our research universe grew a slower 1.3% YoY in 2Q17, bringing growth to 4.6% YoY for 1H17. Our 2017/2018 KLCI core earnings forecasts are trimmed by -1.8%/-1.0%, and we now expect KLCI core earnings to grow a slower but still decent +7.3% in 2017 (vs. +8.4% previously) and +7.9% in 2018 (vs. +7.0% previously). Our revised end-2017 KLCI target of 1,800 (vs. 1,820 previously) is based on unchanged 16.5x PER (+0.5SD) on 12M forward earnings. | |
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| | | | | | | | Pick up in headline and core
by Suhaimi Ilias |
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| | | | | | Headline inflation rate in Aug 2017 picked up to +3.1% YoY (Jul 2017: +2.8% YoY) while core inflation edged up to +3.0% YoY (Jul 2017: +2.8% YoY, revised from +2.1% YoY). Headline inflation in Jan-Aug 2017 was +3.1% YoY. No change in our full-year 2017 and 2018 headline inflation rate forecast at +3.0% and +3.5% respectively. | |
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| | | | | | | | Soybean Oil – Breakout Move
by Nik Ihsan Raja Abdullah |
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| | | | | | FBMKLCI failed to hold onto its early gains. At day's end, the benchmark index fell 3.53pts to 1,769.63, led by declines in CIMB, BAT and ASTRO. Market breadth was negative with losers outpacing gainers by 596 to 364. A total of 2.52b shares worth MYR2.17b changed hands. It is apparent that market sentiment was affected by the regional selloff on Monday amid concern over rising tensions between the US and North Korea. | |
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| | NEWS | | | Outside Malaysia:
E.U: Euro-area economic growth remained solid in August even as services activity slowed, according to HIS Markit. A composite Purchasing Managers' Index held at 55.7 last month, slightly below an Aug. 23 flash estimate of 55.8. HIS Markit said that although the region's services sector expanded at the weakest pace since January, GDP is poised to increase 0.6% in the third quarter, setting the stage for the best annual performance in a decade. (Source: Bloomberg)
Australia: Central bank held interest rates, remaining on the sidelines as lending curbs take steam out of east-coast housing markets and as prospects for a pickup in business investment emerge. "The recent data have been consistent with the bank's expectation that growth in the Australian economy will gradually pick up over the coming year," Governor Philip Lowe and his board said after leaving the cash rate at 1.5%, as expected by markets and economists. "The outlook for non- mining investment has improved recently and reported business conditions are at a high level". (Source: Bloomberg)
Russia: Inflation unexpectedly slows to record as rate cuts loom. Russian inflation unexpectedly slowed to a record, staying below the central bank's target of 4% for a second month and setting the stage for policy makers to resume monetary easing next week. Consumer prices rose an annual 3.3% YoY in August, compared with 3.9% YoY a month earlier, the Federal Statistics Service said. Core inflation also slowed more than projected, reaching a historic low of 3% YoY. (Source: Bloomberg) | |
| | | | | Other News:
TRC Synergy: Bags MYR760.6m LRT3-related contract from Prasarana. Its wholly-owned Trans Resources Corp S/B has bagged a MYR760.6m construction contract related to the Light Rail Transit Line 3 (LRT3) project from Prasarana Malaysia. The contract known as "Package TD2-construction and completion of Johan Setia Depot (Phase 2) and associated works for LRT Line 3 from Bandar Utama to Johan Setia. (Source: The Edge Financial Daily)
Prestariang: To invest AUD5m in online learning platform. Prestariang said it is investing up to AUD5m (MYR16.97m) cash to subscribe in new series "A" shares in Singapore-based online learning platform developer and services provider OpenLearning Global Pte Ltd (OGPL). With the subscription, Prestariang plans to tap into OGPL's existing customers of 66 educational institutions. (Source: The Edge Financial Daily)
LBS Bina: To buy M3 Mall owner-operator for MYR105m. The group will be buying Gerbang Mekar S/B the mall owner and operator of M3 Mall in Gombak, for which it will be paying MYR105m in cash and kind, to enter the retail business. Gerbang Mekar has a paid-up capital of MYR2m, and its mall has a market value of MYR107m. The acquisition, said LBS Bina, provides a low-entry point into the segment and "an opportunity to reformat and reposition a well-built mall in a strategic location". (Source: The Edge Financial Daily) | |
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