Petronas Chemicals Group Bhd
(Jan 22, RM8.52)
Maintain buy with a lower target price (TP) of RM9.20: The ongoing trade talks between the US and China have weighed on oil market sentiment on fear of weaker global demand, and inevitably hurting petrochemical prices. O...

PetChem’s long-term capacity expansion seen positive for profit

Scientex Bhd
(Jan 17, RM8.79)
Buy with a target price (TP) of RM10.10: Under its Vision 2028 strategy, Scientex Bhd aims to hit RM10 billion in revenue by 2028 through organic and merger and acquisition-led expansion, implying a 10-year revenue compound annual growt...

Scientex seen to gain from stretch film demand, property strategy

Public Bank Bhd
(Jan 16, RM24.70)
Maintain hold with an unchanged target price (TP) of RM23.50: A slowdown in fund-based income growth was the key factor driving a moderation in Public Bank Bhd’s operating income in 2018, which is estimated to grow by 2.7% year-on-y...

Public Bank expected to see a sustainable level of non-interest income 

Press Metal Aluminium Holdings Bhd
(Jan 14, RM4.52)
Initiate coverage with a hold rating and a target price of RM4.69 per share: Press Metal Aluminium Holdings Bhd is placed in the first quartile for overall smelter costs globally mainly due to competitive electrici...

Press Metal earnings growth expected to come from better product mix

Telekom Malaysia Bhd
(Jan 9, RM2.65)
Downgrade to sell with an unchanged target price (TP) of RM2.30: Tenaga Nasional Bhd (TNB, RM13.64, Buy, TP: RM18) yesterday rolled out its National Fiberisation and Connectivity Plan (NFCP) pilot project in Jasin, Melaka. TNB ha...

New competitors in broadband market seen for TM

Bonia Corp Bhd
(Dec 20, 22 sen)
Maintain sell with a lower target price (TP) of 17 sen: To recap, Bonia Corp Bhd recorded a disappointing first quarter of financial year 2019 (1QFY19) start to the year, with core net profit declining 64% year-on-year (y-o-y) due to ...

Challenges on multiple fronts seen for Bonia

Consumer sector
Maintain neutral: Our consumer sector universe recorded third quarter of 2018 (3Q18) core earnings growth of 8% year-on-year (y-o-y) primarily driven by large-cap consumer staples. However, our expectations of a tax holiday boost did not materialise meaning...

Consumer sector 3Q earnings below expectations

Hap Seng Plantations Holdings Bhd
(Nov 22, RM1.74)
Maintain sell at a lower target price (TP) of RM1.60: Hap Seng Plantations Holdings Bhd reported a lower cumulative nine months ended Sept 30, 2018 (9MFY18) revenue of RM294.7 million (-24.7% year-on-year [y-o-y]), ...

Weaker CPO prices, higher production costs seen to impact Hap Seng Plant

MISC Bhd
(Nov 21, RM6.53)
Maintain hold with a lower target price (TP) of RM6: MISC Bhd’s nine months of financial year 2018 (9MFY18) core profit after tax and minority interests (Patmi) of RM1 billion fell below expectations, achieving 68% and 67% of our and consen...

Seasonal winter demand expected to support MISC 4Q earnings

Lafarge Malaysia Bhd
(Nov 14, RM2.05)
Upgrade to hold with a lower target price (TP) of RM2.10: The cement oversupply situation continues to put pressure on average selling prices (ASPs). However, we believe ASPs are unlikely to decline further as most players are c...

Profitability expected for Lafarge Malaysia in FY20

The FBM KLCI was little changed in early trade on Wednesday although it held firm above the 1,600-point level.

KLCI little changed in early trade, hovers above 1,600 resistance level

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

UOB Malaysia introduces masterclass to prepare businesses for EU’s carbon border tax

SAN FRANCISCO (May 8): The Department of Homeland Security (DHS) is piloting artificial intelligence to train officers who review applicants for refugee status in the United States, Secretary Alejandro Mayorkas told reporters on Tuesday.

The work addresses what Mayorkas said is “labor-i...

US explores AI to train immigration officers on talking to refugees

(May 8): The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology said the country would divest from China if it were asked to do so by the US.

“So far the requests have been to keep manufacturing and supply chains completely separate, but ...

Saudi Arabia AI fund would divest from China if US asked, CEO says

SEOUL (May 8): Kim Ki Nam, one of the longest-serving North Korean officials who served all three generations of its leaders cementing their political legitimacy and heading the propaganda apparatus for the dynastic state, has died, official media said on Wednesday.

North Korea leader K...

North Korean propaganda chief who served all three leaders dies

(May 8): Brazil's bid to host the 2027 Women's World Cup scored higher than its rival, a joint bid from Belgium, Netherlands and Germany, in a FIFA's evaluation report released on Tuesday.

The world soccer governing body bid report came ahead of the vote at the 74th FIFA Congress in Ban...

Brazil's bid to host the Women's World Cup tops European rival

Australia said on Wednesday it would raise the amount of savings international students will need to get a visa and warned several colleges of fraudulent student recruitment practices, as part of efforts to rein in record migration.

Australia raises minimum savings for student visa, warns on fake recruitment

Hong Leong Investment Bank Research is keeping its “buy” call on Kuala Lumpur Kepong, with an unchanged target price of RM24.41

MORNING CALL: 8/5/24

Global environmental, social, and governance (ESG) sukuk is expected to cross US$50 billion (RM237.32 billion) outstanding globally within the next two years, as issuers aim to meet their funding diversification goals and ESG mandates, alongside new regulatory frameworks and government-led sustainability initiatives, according to Fitch Ratings.

Global ESG sukuk issuance seen crossing US$50b within two years, says Fitch 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Two suspects on motorcycles break Safiq Rahim's car windscreen in third attack on footballers 

Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.

Sime Darby Plantation, Pekat, Siab, OCK, Sapura Energy, CTOS, Awantec, Mobilia, Prolintas, Power Root

The takeover bid by Yinson Holdings Bhd’s major shareholder for Icon Offshore Bhd was made at 63.5 sen per share, as wellas 0.1 sen per warrant.

Yinson's major shareholder raises Icon stake to 56.67% as MGO closes

Power Root Bhd's subsidiaries have successfully recovered trademark of its own “Ah Huat” brand for coffee and tea beverages, after reaching an amicable out-of-court settlement with its Indonesian distributor CV Ego Sun Star Sukses Mandiri (CV Ego) following an infringement wrangle that started in 2013.

Power Root reclaims ‘Ah Huat’ brand in Indonesia after decade-long trademark tussle 

AwanBiru Technology Bhd (Awantec) reported a net profit of RM2.14 million for its third quarter ended March 31, 2024 (3QFY2024), a significant turnaround from the net loss of RM1.99 million it incurred a year ago, as its software and services segment secured major contracts with higher revenue.

Awantec reports profit in 3Q as revenue jumps on new contracts

Urusharta Jamaah Sdn Bhd (UJSB) — a special purpose vehicle established under the Ministry of Finance to rehabilitate, restructure and monetise underperforming assets transferred to it from Lembaga Tabung Haji — has emerged as a substantial shareholder in Prolintas Infra Business Trust.

Urusharta Jamaah emerges as third largest shareholder in Prolintas Infra

GCH Retail (M) Sdn Bhd, the operator of Giant hypermarkets, said the courts are still deciding on the company’s tenancy dispute with its landlord over premises it is currently occupying in Batu Caves.

GCH Retail says Giant Batu Caves tenancy dispute with landlord still being decided by courts

Global sales of semiconductors jumped 15.2% year-on-year (y-o-y) to US$137.7 billion (RM653.24 billion) during the first quarter of 2024, according to the US-based Semiconductor Industry Association (SIA).

First-quarter global semicon sales jump 15.2% y-o-y to US$137.7b, says SIA 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Apple Inc unveiled a new artificial intelligence-focused iPad Pro and a larger iPad Air, aiming to reinvigorate a tablet lineup that has languished over the past two years.

Apple revamps iPads with AI-focused Pro model, bigger Air

A key measure of world indebtedness has resumed its climb as global debt hit a record high of US$315 trillion (RM1.5 quadrillion) in the first quarter of the year, fuelled by borrowing in emerging markets, the US and Japan, a study showed.

Key debt ratio resumes rise as global debt burden hits record US$315 tril, IIF says

TikTok and its Chinese parent company ByteDance said on Tuesday they filed suit in US federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban its use.

TikTok, ByteDance sue to block US law seeking sale or ban of app

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve (Fed) will cut interest rates this year.

S&P, Dow end slightly up, extend closing streaks despite Disney drag

KUALA LUMPUR (May 7):&nbsp;The strategic cooperation between the Malaysian Investment Development Authority (Mida) and the Ministry of Higher Education (MOHE) is expected to catalyse the country’s industrial growth, especially in supporting the development of&nbsp;more&nbsp;talents at the global level.&nbsp;

Mida’s strategic cooperation with Higher Education Ministry to accelerate local industrial growth — Zafrul

Home furniture maker Mobilia Holdings Bhd is planning to issue up to 218.75 million free warrants (Warrants-B), on the basis of one Warrant-B for every four existing shares held by entitled shareholders.

Home furniture maker Mobilia plans one-for-four free warrants

The Malaysian Anti-Corruption Commission (MACC) is studying allegations against Housing and Local Government Minister Nga Kor Ming with regards to his announcement of an allocation for infrastructure in Kuala Kubu Bharu (KKB) recently.

MACC looking into minister’s KKB allocation announcement ahead of poll

As Malaysia aims to achieve high-income status, it needs to improve its human capital outcomes to match those of high-income countries.

Aspiring to high-income status: Education matters

Wall Street pared earlier gains on Tuesday after equity markets elsewhere rallied as investors parsed when and by how much the Federal Reserve (Fed) cuts interest rates this year, while a resurgent dollar helped weaken the yen further.

Wall Street loses steam, dollar gains as investors mull rate cut timing

US stock indexes rose on Tuesday, extending their recent run on expectations that the Federal Reserve will cut interest rates this year, while a drop in shares of Walt Disney following the company's quarterly results limited their gains.

Wall Street extends gains as rate-cut hopes linger

(May 8): The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology said the country would divest from China if it were asked to do so by the US.

“So far the requests have been to keep manufacturing and supply chains completely separate, but ...

Affin Hwang Capital Research

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

Affin Hwang Capital Research

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌