PP16795/03/2013(031743) Oct-16
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1 Monday, 23 October, 2017 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Research Team PP16795/03/2013(031743) Reports Published Economics Malaysia economy: Inflation at the highest pace since April 2017 Corporate News Syarikat Takaful 3Q net profit ups 8% on higher fee income, lower expenses Comintel plans to sell electronic manufacturing services unit for RM123.8m to ED's vehicle Ranhill lands 20-year Thailand water treatment concession worth RM19m Icon Offshore starts search for successor as MD Amir Hamzah steps down Fire breaks out at Notion VTec's main plant Nova MSC to fund projects via private placement Bursa Malaysia Close Chg +/- Chg % YTD Chg (%) FBMKLCI 1, FBMEMAS 12, FBM100 12, FBMEMAS Shariah 12, FBM Hijrah Shariah 14, Volume (m) 2, Value (MYR m) 2, Economic News International reserves rise to USD101.4bn Mida: Total approved investments fall 28% China s jobless rate lowest in years China still on track to hit growth target despite winter smog war Taiwan export order value hits new high in Sept on tech boom India says ready for stronger U.S. ties after Tillerson endorsement China hires 10 banks including Citigroup, HSBC for USD2bn sovereign bond issue KLCI Performance KLCI Year-End Target: 1,800 points Regional Indices Commodities (Last Close) Close Chg +/- Chg % YTD Chg (%) Close Chg +/- Chg % DJIA 23, Brent Crude (USD/bbl) NASDAQ 6, WTI Crude (USD/bbl) S&P 500 2, CPO (RM/MT) 2, FTSE 100 7, Gold (USD/ounce) 1, Nikkei , Latex (sen/kg) HSI 28, Soybean Oil SHCOMP 3, KOSPI 2, Forex TWSE 10, (per USD) BIMB (YE Forecast) Close Chg +/- Chg % STI 3, MYR JCI 5, JPY SET 1, EUR PSEi 8, SGD
2 Major Rates Daily Participation % Participation Bought Sold Net KLIBOR 3-mth 3.43 (%) (MYR m) (MYR m) (MYR m) KLIBOR 6-mth 3.56 Local Insti KLIBOR 12-mth 3.63 Local Retail yr MGS 3.61 Foreign yr MGS 3.91 Total , , Performance of BIMB Stock Coverage Source: Bank Negara Malaysia Source: The Sun, BIMB Securities Research Top Gainers Weekly Participation Close Chg +/- Chg % Participation (%) Bought (MYR m) Sold (MYR m) Net (MYR m) Kawan Food % Local Insti , , Genting Plantations % Local Retail , , Top Glove % Foreign , , TSH Resources % Total , , Prestariang % Top Losers Close Chg +/- Chg % Dutch Lady % Datasonic % Gas Malaysia % Pintaras Jaya % MCT % Source: The Sun, BIMB Securities Research 2
3 REPORTS PUBLISHED Economics Malaysia Economy Inflation at the highest pace since April 2017 CPI surged by 4.3% yoy and eased to 0.3% mom Core inflation remain unchanged at 2.4% yoy Increased in food prices pushed global inflation higher in September Inflation expected to remain elevated Malaysia s consumer price index in September surged by 4.3% yoy from 3.7% in August, its highest pace since April 2017 (4.4%). The higher growth was contributed by the transportation index which increased notably by 15.8% yoy (Aug: 11.7%). The index for food and non-alcoholic beverages (FNAB), which accounted for 30.2% in the CPI weights, increased 4.6% in September (Aug: 4.3%). On monthly basis, headline inflation eased to 0.3% from 0.9% registered in August. The slower pace was prompted by the FNAB index which shows no changes on the monthly growth. Transportation index growth also slowed down to 2.0% (Aug: 4.6%). CPI for the period January-September 2017 registered an increase of 4.0% compared with the same period last year, mainly due to an increase in the food and non-alcoholic beverages index (+4.2%). Table 1: Malaysia Consumer Price Index (CPI, 2010=100) % YoY Jul Aug Sep CPI Core Index CPI Core Index CPI Core Index Total Non-Food Food and Non-Alcoholic Beverages Alcoholic Beverages & Tobacco Clothing and Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment, and Routine Household Maintenance Health Transport Communication Recreation Services and Culture Education Restaurants & Hotels Miscellaneous Goods & Services Source: Department of Statistics, BIMB Securities 3
4 CORPORATE NEWS Syarikat Takaful 3Q net profit ups 8% on higher fee income, lower expenses Syarikat Takaful Malaysia saw its net profit increase 8.27% to RM48.57m in the 3QFY17, from RM44.86m a year ago, thanks to higher net wakalah fee income and lower management expenses. Quarterly revenue rose 11.54% to RM476.24m from RM426.97m a year ago, which was mainly attributable to higher sales generated by both family takaful and general takaful businesses. 9MFY17, Syarikat Takaful saw net profit march up 9.76% to RM150.39m from RM137.02m in the same period a year ago, on improvement in profit, which was mainly due to higher net wakalah fee income as a result of its robust business growth in the general takaful business. (Source: The Edge) Comintel plans to sell electronic manufacturing services unit for RM123.8m to ED's vehicle Comintel is planning to sell its electronic manufacturing services unit, BCM Electronics Corp SB, for RM123.8m, to a company partly owned by its executive director Loh Hock Chiang. BCM Electronics provides turnkey manufacturing services and the proposed sale gives Comintel an opportunity to unlock and realise the value of its investment in the unit. Comintel, which is selling the unit to Aurelius Holdings SB, is expected to realise a one-off gain of about RM76.3m from the proposed sale, based on its audited consolidated financial statements for the financial year ended Jan 31, This represents an earnings per share of about 55 sen per share. (Source: The Edge) Ranhill lands 20-year Thailand water treatment concession worth RM19m Ranhill announced that it has secured a project worth m baht, equivalent to RM19.33m, to build, operate and transfer a water treatment plant at Rayong province in Thailand. According to Ranhill, the project to build a water treatment plant with a capacity of 7m litres per day (MLD) was awarded to its indirect subsidiary AnuRAK Water Treatment Facilities Co Ltd, by Amata Water Co Ltd. The new concession will cover the construction of the reclamation water treatment plant to purify treated wastewater to enable reuse for industrial purposes. The source of water will be from the treated effluent produced by AnuRAK s existing wastewater treatment plant of 10 MLD, a concession currently held by AnuRAK. (Source: The Edge) Icon Offshore starts search for successor as MD Amir Hamzah steps down Amir Hamzah Azizan will be stepping down as the managing director of Icon Offshore on Nov 30 this year, less than 2 years after he took on the role. Amir, who was appointed on June 1 last year, revealed he is moving away from the oil and gas sector after 27 years in the industry into the hospitality sector, under Themed Attractions Resorts & Hotel SB. It has been a privilege to serve Icon. Icon COO Hassan Ali will serve as acting MD for the next few months, while the company embarks on a search for Amir s successor. Meanwhile, Icon chairman Raja Tan Sri Datuk Seri Arshad Raja Tun Uda commended Amir for his service to the company, has led Icon through the low oil prices environment and implemented proactive measures that have safeguarded the company s position in this challenging times. (Source: The Edge) Fire breaks out at Notion VTec's main plant A fire has broken out at Notion VTec's main manufacturing plant in Klang. The blaze broke out at about 2pm today and has affected its wholly-owned subsidiaries, namely Kaiten Precision SB, Notion Venture SB, and Autic Mekki SB. The plant, located along Jalan Haji Salleh, belongs to Notion Venture, and the cause of the fire is yet to be ascertained. All the assets are adequately covered by insurance. Sufficient insurance coverage has been taken for consequential business loss. The company added that the full financial and operational impacts as well as consequences of the incident will be announced later. Notion VTec manufactures high volume precision components and tools for hard disk drive and SLR camera industries. (Source: The Edge) Nova MSC to fund projects via private placement Nova MSC has proposed to undertake a private placement of up to 10% of its issued shares to 3 rd party investors yet to be identified. The placement entails the issuance of up to million new shares, equivalent to about 10% of the total share capital, to be allocated to 3 rd party investors yet to be identified. The indicative issue price is 9 sen per placement share, which represents a discount of approximately 2.91% to its 5 day volume weighted average market price. Under a maximum scenario, Nova MSC's total issued share capital will be enlarged from million shares or RM80.79m to million shares or RM109.28m, assuming ESOS options are granted and exercised at the price of 10 sen per ESOS option. (Source: The Edge) 4
5 ECONOMIC NEWS International reserves rise to USD101.4bn Bank Negara's international reserves rose to USD101.4bn (RM428.7bn), as at Oct 13, 2017 compared with USD101.2bn (RM427.7bn) registered as at Sept 29, The main components of the international reserves were foreign currency reserves (USD94.7bn), International Monetary Fund reserves position (USD0.8bn), Special Drawing Rights (SDRs) (USD1.2bn), gold (USD1.5bn) and other reserve assets (USD3.2bn). (Source: StarBiz) Mida: Total approved investments fall 28% A 41% plunge in the number of approved investments in the services sector dragged total approved investments in Malaysia, which fell 28.2% yoy to RM65.4bn for the 1 st half of the year. Mida approved investments excluding the construction sector involved 2,294 projects that would create 61,930 job opportunities. Mida also noted that higher labour costs has also made the country less able to compete in the region. It approved investments for the manufacturing sector had also fallen, which was partly due the large amount of investments that went into Pengerang, Johor, and the the Refinery and Petrochemical Integrated Development project there. (Source: Starbiz) China s jobless rate lowest in years China s unemployment rate has hit its lowest rate in multiple years at 3.95% by the end of September, but employment and social security still face challenges as the economy pushes ahead with structural reforms million new jobs had been created in China from January to September this year, a growth of 300,000 compared with the previous year. The figure represents having essentially fulfilled the ministry s year-end target. China added million new urban jobs in 2016 and aims to add another 11 million this year while keeping the registered unemployment rate below 4.5%. (Source: Starbiz) China still on track to hit growth target despite winter smog war China's economy is on track to meet its official growth target for 2017, despite a punishing war on pollution which is expected to slash industrial output over the winter months. China has forced 28 cities in smog-prone northern regions to reduce emissions of airborne particles known as PM2.5 by at least 15% from October to March 2017, with some cities expected to cut steel production by as much as 50%. The world's 2 nd largest economy will remain on track. They expect to achieve the full-year growth target of about 6.5%, He Lifeng, chairman of the National Development and Reform Commission (NDRC), told a briefing on the sidelines of China's Communist Party Congress. (Source: Starbiz) Taiwan export order value hits new high in Sept on tech boom Taiwan's export order value hit its highest on record in September, with manufacturers pinning their hopes on Apple's new smartphones to sustain momentum into the year-end shopping season. Buoyant export orders, underpinned by a global economic upswing and strong demand for electronics, is set to help export-reliant Taiwan meet its GDP forecast, which was bumped up to 2.11% earlier this year. September export orders rose 6.9% from a year earlier to USD45.92bn. The pace was slightly slower than analysts' expectations of 7.1% growth, and down from 7.5% in August. Export orders totalled USD40.8bn in August. The information communication devices hit a new high last month by volume. (Source: Reuters) India says ready for stronger U.S. ties after Tillerson endorsement India stood ready to further strengthen ties with the US, after US Secretary of State Tillerson vowed to dramatically expand cooperation as a way to counter China's influence in Asia. Tillerson, who is visiting India next week as part of a tour to the region, the US had begun to discuss alternatives to Chinese infrastructure financing in Asia that critics say has spawned resentment and fears of a debt trap. He also called for expanding the scope of security cooperation between India, the US and Japan to include other countries such as Australia, a plan that China has said in the past would be de-stabilising to the region. Tillerson had made an important speech on the future of India-US relations and India looked forward to detailed discussions next week. (Source: Reuters) China hires 10 banks including Citigroup, HSBC for USD2bn sovereign bond issue China has hired 10 banks including Agricultural Bank of China Bank of Communications, and Citigroup for its USD2bn dollardenominated sovereign bond issue. Besides Citigroup, other foreign banks hired by the People's Republic of China (PBOC), acting through the Ministry of Finance, for the issue are Deutsche Bank, HSBC, and Standard Chartered, the memo showed. BoC, China Construction Bank, China International Capital Corp, and Industrial and Commercial bank of China will also be working on the transaction. Due to its scarcity, the bond is expected to see strong investor demand despite downgrades of China's sovereign credit rating this year by S&P Global Ratings and Moody's Investors Service. Both agencies cited increasing risks from the country's rapid buildup of debt. (Source: Reuters) 5
6 ECONOMIC CALENDAR Date Time Country Event Period Survey Actual Prior Revised 10/23/ :00 LN Industrial Production YoY Sep % -- 10/23/ :00 PD Money Supply M3 MoM Sep 0.60% % -- 10/23/ :00 PD Money Supply M3 YoY Sep 5.50% % -- 10/23/2017 GR Current Account Balance Aug m -- 10/24/ :30 JN Nikkei Japan PMI Mfg Oct P /24/ :00 HU Central Bank Rate Decision Oct % % -- 10/24/ :00 HU Overnight Deposit Rate Oct % % -- 10/24/ :45 US Markit US Manufacturing PMI Oct P /24/ :45 US Markit US Services PMI Oct P /24/ :45 US Markit US Composite PMI Oct P /24/2017 RO Money Supply M3 YoY Sep % -- 10/25/ :00 IT Industrial Orders MoM Aug % -- 10/25/ :00 IT Industrial Orders NSA YoY Aug % -- 10/25/ :00 IT Industrial Sales MoM Aug % -- 10/25/ :00 IT Industrial Sales WDA YoY Aug % -- 10/25/ :30 UK GDP QoQ 3Q A 0.30% % -- 10/25/ :30 UK GDP YoY 3Q A 1.50% % -- 10/26/ :30 SW Trade Balance Sep b -- 10/26/ :30 SW Riksbank Interest Rate Oct % % -- 10/26/ :00 EC M3 Money Supply YoY Sep 5.00% % -- 10/26/ :45 EC ECB Main Refinancing Rate Oct % % -- 10/26/ :45 EC ECB Marginal Lending Facility Oct % % -- 10/26/ :45 EC ECB Deposit Facility Rate Oct % % -- 10/26/ :30 US Advance Goods Trade Balance Sep -$63.9b -- -$62.9b -$63.3b 10/27/ :30 CH Industrial Profits YoY Sep % -- 10/27/ :00 GE Import Price Index MoM Sep 0.50% % -- 10/27/ :00 GE Import Price Index YoY Sep 2.60% % -- 10/27/ :00 BP Gross External Debt Aug b -- 10/27/ :30 US GDP Annualized QoQ 3Q A 2.50% % -- 10/27/ :30 US Personal Consumption 3Q A 2.10% % -- 10/27/ :30 US GDP Price Index 3Q A 1.80% % -- 10/30/ :30 UK Money Supply M4 MoM Sep % -- 10/30/ :30 UK M4 Money Supply YoY Sep % -- 10/30/ :00 PO Industrial Production MoM Sep % -- 10/30/ :00 PO Industrial Production YoY Sep % -- 10/30/ :30 US PCE Deflator MoM Sep % -- 10/30/ :30 US PCE Deflator YoY Sep % -- 10/30/ :30 US PCE Core MoM Sep 0.10% % -- 10/30/ :30 US PCE Core YoY Sep % -- 10/31/ :50 JN Industrial Production MoM Sep P % -- 10/31/ :50 JN Industrial Production YoY Sep P % -- 10/31/ :00 CH Manufacturing PMI Oct /31/ :00 CH Non-manufacturing PMI Oct /31/ :00 JN Construction Orders YoY Sep % -- 10/31/ :00 FI Trade Balance Aug F m -- 10/31/ :00 SP Current Account Balance Aug b -- 10/31/ :00 CZ Money Supply M2 YoY Sep % -- 10/31/ :45 US Chicago Purchasing Manager Oct /31/2017 BP Base Interest Rate Nov % -- 11/01/ :30 JN Nikkei Japan PMI Mfg Oct F
7 DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10 in the next 12 months. TRADING BUY Share price may exceed 15 over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10 over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15 in the next 3 months. SELL Share price may fall by more than 10 over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION OVERWEIGHT The Industry as defined by the analyst s coverage universe, is expected to outperform the relevant primary market index over the next 12 months NEUTRAL The Industry as defined by the analyst s coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months UNDERWEIGHT The Industry as defined by the analyst s coverage universe, is expected to underperform the relevant primary market index over the next 12 months Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn may from time to time have a position in or either the securities mentioned herein. Members of the BIMB and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to chg without notice. BIMB Securities Sdn accepts no liability for any direct, indirect or consequential loss arising from use of this report. Printed and published by BIMB SECURITIES SB ( X) A Participating Organisation of Bursa Malaysia Securities Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: Fax: Azharuddin Nordin Head of Research 7
PP16795/03/2013(031743) Aug-16
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More informationMarket Insight. Performance of BIMB Stock Coverage. Top Losers Weekly Participation. Sold (MYR m) Bought (MYR m)
Monday, 29 May, 2017 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Research Team research@bimbsec.com.my PP16795/03/2013(031743) 03-2613 1739 www.bisonline.com
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