Oil and gas sector
Maintain overweight: The results for the fourth quarter of financial year 2019 (4QFY19) of the seven oil and gas (O&G) companies under our coverage were more volatile as only two of them — Petronas Gas Bhd and Serba Dinamik Holdings Bhd — came in line with expectatio...

Bright prospects seen for order flows in O&G sector

Top Glove Corp Bhd
(March 3, RM5.70)
Downgrade to hold with a higher fair value of RM5.82: We tweak our earnings forecasts for Top Glove Corp Bhd upward for the financial year ending Aug 31, 2020 (FY20), FY21 and FY22 by around 1% to 2% to reflect the impact of an i...

Top Glove’s strength seen in expansionary plans, among others

Hock Seng Lee Bhd
(Feb 27, RM1.28)
Maintain hold with a lower fair value (FV) of RM1.18: We maintain our “hold” call, but reduce our financial year ending 2020 and 2021 forecasted (FY20–21F) net profit forecasts by 6% each and similarly our FV by 6% to RM1.18 (from ...

HSL’s niche strength seen in marine work, land reclamation

Velesto Energy Bhd
(Feb 26, 33 sen)
Maintain buy with an unchanged fair value (FV) of 46 sen: We have cut Velesto Energy Bhd’s forecast financial year 2020 (FY20F) net profit by 20% on lower rig utilisation to 80% from 90% earlier as Naga 3 has been idle since Decem...

Velesto expects charters to be extended on higher rates

Salutica Bhd
(Feb 25, 76.5 sen)
Downgrade to underweight with a lower fair value (FV) of 58 sen: We downgrade our recommendation on Salutica Bhd to “underweight” from “buy” with a lower FV of 58 sen (previously 95 sen per share), pegged at a forecasted financial yea...

Salutica expected to return to the black in FY21

Pecca Group Bhd
(Feb 24, RM1.04)
Maintain buy with an unchanged fair value of RM1.46: Pecca Group Bhd’s first half of financial year ended Dec 31, 2019 (1HFY20) core net profit of RM8.5 million (-7% year-on-year [y-o-y]) was in line with our expectations, accounting...

Pecca 1HFY20 core net profit in line with expectations

YTL Hospitality REIT
(Feb 21, RM1.33)
Maintain buy with a higher fair value (FV) of RM1.63: Our FV revision is based on: i) a revised target yield of 5% (from 5.5%); and ii) rolling over our valuation to financial year ending June 30, 2021 (FY21) distributable incom...

YTL Hospitality REIT likely to have more room for future acquisitions

Leong Hup International Bhd
(Feb 20, 75 sen)
Maintain buy with a lower fair value (FV) of 89 sen: We maintain our “buy” call on Leong Hup International Bhd (LHI) with a lower FV of 89 sen. We cut our earnings forecasts for the financial year ending Dec 31, 2020 (FY2...

Raw material price drop seen to benefit Leong Hup International

Leong Hup International Bhd
(Feb 19, 77 sen)
Maintain buy with a lower fair value of RM1.02: Leong Hup International Bhd’s (LHI) core net profit for the financial year ended Dec 31, 2019 (FY19) of RM167.2 million, after excluding an impairment loss on receivables of...

Leong Hup’s outlook seen positive on stable demand for chickens

Guan Chong Bhd
(Feb 18, RM3.13)
Maintain buy with a higher fair value of RM3.51: Our earnings forecasts for Guan Chong Bhd for financial year 2019 (FY19), FY20 and FY21 are raised 8.9%, 5.8% and 0.4% respectively, to account for an estimated higher earnings before i...

Buying SHG likely to enhance Guan Chong’s earnings

PUTRAJAYA (April 19): Payment of fees for training or classes in esports, equestrian, swimming, motorsports and taekwondo is eligible for tax relief of up to RM1,000 from next year, said Youth and Sports Minister Hannah Yeoh.

Payment of fees for sports training eligible for tax relief from next year — Hannah

Taiwan said on Friday China's decision to open new air routes that run perilously close to two Taiwanese-controlled islands was a flight safety risk taken without consultation, adding it will demand any aircraft using them be asked to turn around.

China opens new air routes near Taiwanese islands

Indonesia said fiscal and monetary policies are in sync to cushion the economy from the rising dollar, demonstrating an all-hands-on-deck approach, with the central bank signalling they’re intervening more actively to aid the rupiah.

Indonesia takes steps to shield economy from strong dollar

Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes, whose decades of shadow war has broken out into the open and threatened to drag the region deeper into conflict.

Israel attacks Iran, Reuters reports, as drones shot down over Isfahan 

Five Japanese nationals survived a suicide bomb attack on their vehicle on Friday, as police in Pakistan's city of Karachi shot down a gunman accompanying the bomber, a police spokesperson said, but two passers-by were injured.

Five Japanese nationals escape Pakistan suicide blast attack

KUALA LUMPUR (April 19): Oil-and-gas services firm Yinson Holdings Bhd said on Friday that its indirect wholly owned subsidiary Yinson Production Offshore Pte Ltd (Yinson Production) has successfully placed a US$500 million five-year senior secured bond issue.

Yinson’s unit places US$500 mil five-year senior secured bonds

Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.

Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

EG Industries Bhd has secured a second letter of intent (LOI) from US-based Cambridge Industries Group (CIG) to produce a new 1.6 terabit optical signal transmitter and receiver for a 5G wireless network at EG Industries’ new smart factory 4.0 in Penang.

EG Industries expands partnership with US-based Cambridge Industries Group

KUALA LUMPUR (April 19): The Malaysia External Trade Development Corporation (Matrade) will enhance cross-border e-commerce among small and medium enterprises by partnering Amazon in a programme that allows products to be sold internationally via Amazon’s e-stores.

Matrade, Amazon collaborate to enhance cross-border e-commerce among SMEs

KUALA LUMPUR (April 19): MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times ahead of its listing on the Bursa Malaysia Main Market on April 30.

Main-Market bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes, whose decades of shadow war has broken out into the open and threatened to drag the region deeper into conflict.

Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS).&nbsp;

Awantec shares plunge 53%, intraday short selling suspended 

Shares of Sapura Energy Bhd will be suspended from trading pending an announcement, the company said on Friday.

Trading in Sapura Energy suspended pending announcement 

PIE Industrial Bhd, whose share price extended its rally to a new all-time high on Thursday on reports that it has secured a new customer, confirmed the matter and said it is expecting the new customer to contribute an additional RM2.5 billion revenue to the group, of which RM1 billion will be recognised as early as next year.

PIE Industrial confirms bagging new client, expects additional RM2.5 bil revenue

The oil-rich Malaysian state of Sarawak in Borneo is aiming to transform itself into a centre for clean hydrogen energy, betting that its ability to harness an abundance of hydropower can help it defy challenges that are clouding the fuel’s prospects elsewhere.

 Sarawak aiming to transform itself into a centre for clean hydrogen energy

RHB Investment Bank Bhd (RHB IB) on Friday upgraded Public Bank Bhd to “buy” from “neutral”, with a higher target price (TP) of RM4.80 (from RM4.70).

RHB upgrades Public Bank to ‘buy’, raises target price to RM4.80

Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped after reports Israel attacked Iran in a continuing series of assaults that have increased concerns of a wider Middle East conflict.

Stocks sink, oil jumps after Israeli attack on Iran

Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.

Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows

Apple said on Friday it had removed Meta Platforms' WhatsApp and Threads from its App Store in China after being ordered to do so by the Chinese government, which cited national security concerns.

Apple pulls WhatsApp, Threads from China app store after Beijing order

The Malaysian rubber glove industry has demonstrated resilience and adaptability amidst challenging global dynamics, with optimism for a rebound in 2024, with an anticipated surge to approximately 450 billion pieces by 2027 despite a downturn in 2023, according to the Malaysian Rubber Glove Manufacturers Association (Margma).

Margma optimistic of rebound in 2024, expects surge to 450 billion pieces by 2027

The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.

KLCI up 0.43% with focus on energy, plantation, financial stocks

Bursa Malaysia Bhd’s core net profit may have risen 34% in the first quarter, from a year earlier, on higher securities and derivatives trading activity when the exchange operator reports its results, Hong Leong Investment Bank said.

Bursa Malaysia 1Q earnings likely up 34% y-o-y, HLIB projects

Malaysia’s exports contracted at a slower than expected pace in March mainly due to lower foreign demand for electronics while shipments to China fell, official data Friday showed.

Malaysia’s March exports down 0.8%, imports surge 12.5%

The US on Thursday effectively stopped the United Nations from recognising a Palestinian state by casting a veto in the Security Council to deny the Palestinian Authority full membershipof the world body.

US stops UN from recognising a Palestinian state through membership

KUALA LUMPUR (April 19): MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times ahead of its listing on the Bursa Malaysia Main Market on April 30.&nbsp;

RHB Retail Research said Inari Amertron Bhd is poised to challenge the RM3.27 resistance level once again, which would make this its fourth attempt this year.

Inari poised to challenge RM3.27 resistance, says RHB Retail Research 

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter's subsidiary Airtel Lanka is currently a loss-making company, analysts said.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern — analysts

The amount of reserves in banking system — a key determinant for the Federal Reserve to continue shrinking its balance sheet — dropped by the most in two years as Americans paid income tax bills out of their bank accounts.

US bank reserve balances see largest drop since 2022 tax season

Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.

According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.

Melaka State Secretary Zaidi dies of heart attack

Cocoa futures hit a new high in New York — topping US$11,000 (RM52,624) a metric tonne — as the pace of processing in chocolate factories holds up even in the face of a global supply crunch and record prices.

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