PP16795/03/2013(031743) Mar-16
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- Mark Reynolds
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1 Friday, 17 March, 2017 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Research Team PP16795/03/2013(031743) Reports Published Results Review: Top Glove 2QFY17 (Inline): More capacity to come Results Review: Eco World 1QFY17 (Below): Diamond in the making Corporate News Economic News YTL poised to start USD2.1bn power project in Jordan MAHB eyes e-commerce as promising vehicle for KLIA s future growth TSR Capital in JV to develop RM3.25bn resort township in Langkawi Mudajaya unit bags TNB solar power contract Bina Darulaman may spin-off construction, property arms AirAsia revives plan to buy private jet for US$10m Further US interest rates hike coming, but seen as not steep USD sinks to lowest in a month BOJ stays the course with policy unchanged after US rate hike Hong Kong CB raises interest rates after Fed move Poland aims to be winner in Brexit battle for banking jobs Turkish central bank carefully tightens policy as political heat rises Bursa Malaysia KLCI Performance Close Change +/- Change % FBMKLCI 1, FBMEMAS 12, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 13, Volume (m) 3, Value (MYR m) 3, , FBMKLCI YTD performance KLCI Year-End Target: 1,755 points Regional Indices Commodities (Last Close) Close Change +/- Change % YTD Change (%) Close Change +/- Change % DJIA 20, Brent Crude (USD/bbl) NASDAQ 5, WTI Crude (USD/bbl) S&P 500 2, CPO (RM/MT) 2, FTSE 100 7, Gold (USD/ounce) 1, Nikkei , Latex (sen/kg) HSI 24, Soybean Oil SHCOMP 3, KOSPI 2, Forex TWSE 9, (per USD) BIMB (YE Forecast) Close Change +/- Change % STI 3, MYR JCI 5, JPY SET 1, EUR PSEi 7, SGD
2 Major Rates Daily Participation Market Insight % Participation Bought Sold Net KLIBOR 3-mth 3.41 (%) (MYR m) (MYR m) (MYR m) KLIBOR 6-mth 3.53 Local Insti , , KLIBOR 12-mth 3.62 Local Retail yr MGS 3.83 Foreign , yr MGS 4.08 Total , , Performance of BIMB Stock Coverage Top Gainers Source: Bank Negara Malaysia Top Losers Source: The Sun, BIMB Securities Research Close Change +/- Change % Close Change +/- Change % Scomi Energy % UMW Holdings % Eversendai % IJM Plantations % GHL Systems % MBM Resources % Sapurakencana Petroleum % Bermaz Auto % Axiata % MCT % 2
3 CORPORATE NEWS YTL poised to start USD2.1bn power project in Jordan YTL Power International s unit, Attarat Power Co s (APCO) USD2.1bn (RM9.3bn) oil shale power project in Jordan has reached financial close for the project to construct the 1 st oil shale-fired power station and open cast mine in Jordan. The building of the 554-megawatt (MW) gross/470 MW net oil shale-fired mine mouth power station will start shortly and the power station was scheduled to start operation in mid APCO is owned 45% each by YTL Power and Guangdong Yudean Group Co Ltd (Yudean) of China and 10% by Eesti Energia AS (Enefit) of Estonia. The shareholders had committed to provide base shareholder funding of up to USD528m (RM2.3bn). The financial close also triggered the completion of the transfer of 15% of the equity in APCO to YTL Power from existing shareholders. (Source: Bernama) MAHB eyes e-commerce as promising vehicle for KLIA s future growth MAHB is eyeing e-commerce as a promising vehicle to drive the future growth of the KLIA. E-commerce was flourishing in this part of the world with the growing propensity among people to shop for almost everything online. MAHB will be courting and inviting e-commerce players to come to Malaysia. I believe it can enable the KLIA to achieve strong growth. He highlighted that intra-asia trade is growing annually by 6% and e-commerce alone would be worth about USs88bn (RM390.6bn) by 2025 in Asia. E-commerce players are global in nature and we need to accommodate them. About 100 hectares of land will be allocated for the overall development of air-cargo and logistics of which e-commerce is a part of, as well as meetings, incentives, conferences, exhibitions (MICE) and aircraft, maintenance, repairs and overhaul (MRO) activities. (Source: Bernama) TSR Capital in JV to develop RM3.25bn resort township in Langkawi TSR Capital will develop a resort township with a projected gross development value of RM3.25bn in Langkawi jointly with the landowner, Terusan Al-Maju SB, and US-based Globe Venture Holdings Inc. The company had inked a MoU with the 2 firms on 76 acres of super prime land fronting the Blue Andaman Sea. The Beacon Langkawi development, located next to St Regis Langkawi, was set to become a first class tourist destination and attraction. The international resort township will be a family centre for leisure and entertainment in collaboration with well-known operator. The company intended to develop Beacon Langkawi into a high-end mixed property development comprising residential, resorts & hotels, commercial and corporate buildings tailored for the tourism and services industry. (Source: StarBiz) Mudajaya unit bags TNB solar power contract Mudajaya indirect wholly owned subsidiary, Sinar Kamiri SB, has bagged a contract to supply up to 49MWac of electricity under a solar energy initiative to TNB for a period of 21 years. TNB announced that it had inked a PPA with Sinar Kamiri yesterday, in which the latter will design, construct, own, operate and maintain a solar photovoltaic energy-generating facility of 49MWac in Sungai Siput, Perak. The large-scale solar energy facility s operations are expected to commence on Aug 31, The PPA s tenure of 21 years will be effective from the commencement of the facility s commercial operation. (Source: StarBiz) Bina Darulaman may spin-off construction, property arms Bina Darulaman Bhd is mulling on a separate listing of either its construction or property division. Met on the sidelines of Bina Darulaman s AGM yesterday. The group managing are considering the listing but declined to give an exact time frame in view of the soft market. The company are looking at it but still unsure of which segment for now. The market is still pretty soft and the company won t get a good pricing if it go into listing now.. The focus for 2017, among others include monetising the land that the company had bought in the last 2 to 3 years. On whether it had plans to dispose of the loss-making golf course and hotel which falls under the tourism and hospitality division, Bina Darulaman has total landbank measuring about 2,000 acres. (Source: StarBiz) AirAsia revives plan to buy private jet for US$10m AirAsia Bhd has revived its earlier plan to buy the private jet used by its group chief executive officer Tan Sri Tony Fernandes and executive chairman Datuk Kamarudin Meranun, entering another sale and purchase agreement similar to the one inked in June last year. It had signed a deal on Thursday to buy the Bombardier BD-700-1A10 Global Express aircraft from charter provider Caterhamjet Global Ltd (CJG) for the similar cash consideration of USD10m (RM44.4m). CJG is ultimately owned by Fernandes and Kamarudin, who are both also AirAsia shareholders with a 32.2% stake each. CJG had bought the aircraft, which was manufactured in 1997, for US$24m in July 2012 and refurbished it for US$0.7m the following year. In June last year, AirAsia sealed an agreement to acquire the jet but that initial deal was not completed by mutual agreement of the parties. The latest announcement did not elaborate on the decision. (Source: StarBiz) 3
4 ECONOMIC NEWS Further US interest rates hike coming, but seen as not steep It comes as no surprise that the US Fed has raised its base rate to between 0.75% and 1%, as a stronger US economy prompted a 2 nd hike in US interest rates in just under a decade. The good news from the hike is the planned trajectory for US interest rates. Indications are that the pace of hikes would not be as steep, but the underlying tone is that the US will move towards normalising interest rates. Fitch Ratings now expects a total of 7 hikes in 2017 and 2018, bringing the policy rate to 2.5%. Such a move will depend on inflation in the US and also just how the US economy reacts to various policies that are in the pipeline. Big tax cuts and infrastructure spending there will lift growth and also inflation, but the US Fed is reportedly willing to stomach higher inflation for a bit, although it has an inflation targeting policy. (Source: StarBiz) USD sinks to lowest in a month The USD sank to a one-month low, while some surprise hints on the chances of a rise in UK interest rates drove sterling higher on Thursday as investors digested the fallout of a second rise in US rates in 3 months. Investors snapped up the greenback at the start of European trade, judging it looked cheap after sharp falls following the US Federal Reserve's failure to point aggressively to further rises in the official premium for holding the currency. But the USD struggled to make more progress through the European morning and waned as New York traders arrived at their desks. The euro was also buoyed by a Dutch election defeat for far-right leader Geert Wilders which eased broader fears of a populist drift in European polls this year. Yet the mood was still edgy and there was buying of the market's favourite safe havens for capital. The Swiss franc gained almost half a percent against the while the inched back into positive territory, touching a more than 2-week high.. (Source: Reuters) BOJ stays the course with policy unchanged after US rate hike The BOJ kept its unprecedented monetary easing program unchanged, just hours after the Fed raised its key interest rate, increasing the policy divergence between the 2 CB. It would keep 2 key rates at current levels and maintain the pace of its asset purchases. The outcome was forecast by all 41 economists surveyed by Bloomberg. With the economy slowly improving and bond yields under control, the BOJ is in position to hold steady for now. But with the Fed rate hike putting upward pressure on yields globally, some economists are looking for signs the BOJ may have to raise its rate targets, particularly if inflation begins to take hold in Japan. The bank will take the US rate hike as good news. (Source: Bloomberg) Hong Kong CB raises interest rates after Fed move Hong Kong's CB raised its benchmark interest rate by a quarter point for the 2 nd time in 3 months, following a similar move by the US Fed and said capital outflows will not pose challenges for the economy. While the Fed's move was widely anticipated, the future path for tightening would be more gradual, sparking a rally in risky assets from stocks to emerging market currencies. Norman Chan, the chief executive of the Hong Kong Monetary Authority, was not worried about capital outflows, as they would happen naturally as US interest rates rise. (Source: Reuters) Poland aims to be winner in Brexit battle for banking jobs As Britain prepares to leave the EU, the country hoping to win the most jobs from London's financial centre is not Germany or France, but Poland. While the likes of Frankfurt and Paris are competing for top investment bankers after Brexit, Poland has set its sights on midtier financial and technical work where salaries may not be astronomical but jobs are far more numerous. Since the country joined the EU in 2004, many Poles have gone to Britain to work; now the government wants to attract more jobs currently based in Britain for Poles to do at home. The Association of Business Service Leaders in Poland is working on projects with 7 big financial firms about shifting jobs from London. (Source: Reuters) Turkish central bank carefully tightens policy as political heat rises Turkey's central bank took another unorthodox tightening step on Thursday, hiking the cost of funds from its "late liquidity window" by 75 basis points while leaving conventional policy rates on hold ahead of April's landmark political referendum. The bank's decision to hike the cost of borrowing from its late liquidity window came a day after the US Fed lifted rates. By leaving its 3 other rates, including the benchmark repo rate, steady, the Turkish central bank could fuel concern it is bowing to pressure from President Tayyip Erdogan. Erdogan, an economic populist who has declared himself an "enemy" of interest rates, has railed against what he says is the high cost of credit in Turkey. (Source: Reuters) 4
5 ECONOMIC CALENDAR Date Time Country Event Period Survey Actual Prior Revised 03/17/ :00 IT Trade Balance EU Jan m -- 03/17/ :00 IT Trade Balance Total Jan m -- 03/17/ :00 EC Trade Balance SA Jan 22.0b b -- 03/17/ :00 EC Trade Balance NSA Jan b -- 03/17/ :00 PD Sold Industrial Output MoM Feb 1.40% % -- 03/17/ :00 PD Sold Industrial Output YoY Feb 2.70% % -- 03/21/ :00 SP Trade Balance Jan m -- 03/21/ :00 LN Industrial Production YoY Feb % -- 03/21/ :30 SV Industrial Production MoM Jan % -- 03/21/ :30 SV Industrial Production YoY Jan % -- 03/21/ :30 US Current Account Balance 4Q -$128.6b -- -$113.0b -- 03/21/2017 PO Current Account Balance Jan m -- 03/22/ :50 JN Trade Balance Feb 750.0b b b 03/22/ :50 JN Trade Balance Adjusted Feb 550.8b b -- 03/22/ :50 JN Exports YoY Feb 10.00% % -- 03/22/ :50 JN Imports YoY Feb 1.30% % 8.40% 03/22/ :00 EC Current Account NSA Jan b -- 03/22/ :00 EC ECB Current Account SA Jan b -- 03/22/ :30 IT Current Account Balance Jan m -- 03/23/ :30 HU Current Account NSA 4Q /23/ :00 LN Current Account Balance 4Q b -- 03/23/2017 RO Money Supply M3 YoY Feb % -- 03/23/2017 GR Current Account Balance Jan m -- 03/24/ :30 JN Nikkei Japan PMI Mfg Mar P /24/ :45 US Markit US Manufacturing PMI Mar P /24/ /28 GE Import Price Index MoM Feb 0.40% % -- 03/24/ /28 GE Import Price Index YoY Feb 7.10% % -- 03/27/ :30 CH Industrial Profits YoY Feb % -- 03/27/ :00 EC M3 Money Supply YoY Feb % -- 03/28/ :30 SW Trade Balance Feb b -- 03/28/ :00 IT Industrial Orders MoM Jan % -- 03/28/ :00 IT Industrial Orders NSA YoY Jan % -- 03/28/ :00 IT Industrial Sales MoM Jan % -- 03/28/ :00 IT Industrial Sales WDA YoY Jan % -- 03/28/ :00 BP Gross External Debt Jan b -- 03/28/ :00 HU Central Bank Rate Decision 28-Mar % -- 03/28/ :30 US Advance Goods Trade Balance Feb -$67.4b -- -$69.2b -$68.8b 03/28/ :45 US Markit US Services PMI Mar P /28/ :45 US Markit US Composite PMI Mar P /29/ :30 UK Money Supply M4 MoM Feb % -- 03/29/ :30 UK M4 Money Supply YoY Feb % -- 03/30/ :00 CH Swift Global Payments CNY Feb % -- 03/30/ :00 PO Industrial Production MoM Feb % -- 03/30/ :00 PO Industrial Production YoY Feb % -- 03/30/ :00 CZ Repurchase Rate 30-Mar 0.05% % -- 03/30/ :30 US GDP Annualized QoQ 4Q T 2.00% % -- 03/30/ :30 US Personal Consumption 4Q T % -- 03/30/ :30 US GDP Price Index 4Q T % -- 03/31/ :50 JN Industrial Production MoM Feb P % -- 03/31/ :50 JN Industrial Production YoY Feb P %
6 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 change without notice. BIMB Securities Sdn accepts no liability for any direct, indirect or consequential loss arising from use of this report. 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 6
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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ket Insight Friday, 12, 2017-16 Jun-16-16 Aug-16-16 -16-16 Dec-16 Jan-17 Feb-17-17 -17-17 Research Team research@bimbsec.com.my PP16795/03/2013(031743) 03-2613 1739 www.bisonline.com Reports Published
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