TODAY

Hey Folks! You can wake up and say ‘Good Morning, God’ or ‘Good God, it’s morning’. LOL

I love those who can smile in trouble. Mikky Ekko – Smile

What’s Up Buddy?

Dow Jones : 24,633.86⬆️ 532.31 / 2.21%‼️‼️
Nasdaq : 8,914.71⬆️ 306.98 / 3.57%‼️‼️

GOLD PRICE : 1,712.46⬆️ 3.66 / 0.21%
WTI CRUDE OIL : 15.38⬆️ 3.04 / 24.64%‼️‼️
BRENT OIL : 24.29⬆️ 0.07 / 0.29%
USD/MYR : 4.34

And my portfolio remains the same; HIBISCS (5199), PELIKAN (5231), THRIVEN (7889) & COMCORP (7195).

I have nothing to lose but something to gain. Bee Gees – Words

AIRASIA (5099) resumes its scheduled domestic flights in Malaysia from today, which will be followed by Thailand tomorrow, Indonesia on May 7 and the Philippines on May 16, subject to approval from the authorities. It said the resumption of services will initially be for key selected domestic routes, which will be increased gradually to include international destinations around the region once the situation improves and governments lift borders and travel restrictions.

PENSONI (9997) posted a net profit of RM5.08 million in the third quarter ended Feb 29, 2020, against a net loss of RM968,000 in the same quarter a year ago. The group said its revenue increased to RM69.43 million during the quarter under review from RM66.98 million previously. Pre-tax profit was RM5.94 million compared to a pre-tax loss of RM0.7 million in the preceding year corresponding quarter, mainly due to gain from disposal of property, plant and equipment in the current financial quarter, it said.

UNISEM (5005) continues to be loss making in the first quarter of this year, no thanks to lower revenue, higher interest expenses, and as tax provisions more than tripled. It posted a net loss of RM2.82 million for the three months ended March 31, 2020, compared to a net profit of RM6.05 million in the corresponding quarter last year, as revenue declined 10% to RM273.35 million from RM303.13 million. The semiconductor assembly and testing services company said the decline in revenue was attributable to lower sales volume recorded at its PT Unisem plant in Indonesia due to its planned closure on March 31, 2020, compared to full production a year prior. In addition, the Movement Control Order had also resulted in lower production volume at its Ipoh plant during the quarter.

SAPNRG (5218) fourth quarter net loss from continuing operations widened to RM4.23 billion from RM2.23 billion a year earlier, as revenue fell and the oil and gas (O&G) support services firm made asset impairment provisions. The industry is bracing for the full impact of the COVID-19 pandemic, it said. The company also said its revenue fell to RM1.11 billion in the fourth quarter ended Jan 31, 2020 from RM1.49 billion in the previous year, mainly due to lower revenue from its engineering and construction segment.

No representation or warranty (express or implied) is given as to the accuracy or completeness of the above information nor shall it be construed as an offer/solicitation or recommendation to buy/sell any stocks.

TODAY

Good morning, Folks. There are some things I can’t control, & that’s just the way it is. LOL

Short-selling suspension extended to June 30

NST (April 28) KUALA LUMPUR: The Securities Commission (SC) and Bursa Malaysia Bhd have extended the temporary suspension of short-selling to June 30 this year.

The SC and Bursa said the temporary suspension, which began on March 24, was initially targeted to end on April 30.

The suspension is part of a slew of proactive measures to mitigate potential risks arising from heightened volatility and global uncertainties as a result of the Covid-19 pandemic.

It involves the suspension of Intraday Short Selling (IDSS) and Regulated Short Selling (RSS), as well as intraday short selling by Proprietary Day Traders.

The suspension does not however apply to Permitted Short Selling (PSS).

“The extension of the temporary suspension will ensure that market management measures are still in place, to manage risks within the prevailing uncertain and challenging environment amid Covid-19 pandemic, as well as to mitigate any excessive speculative activities in the marketplace.

“The temporary suspension of short selling remains a short-term measure to provide stability and confidence in the Malaysian capital market,” the regulators said.

The SC and Bursa said they would continue to monitor developments affecting the securities market and evaluate the adequacy of existing measures to support an orderly market and mitigate potential risks.

It’s likely that we’re not out of the woods yet. People are still getting sick and it’s important not to lose sight of the human element behind recent stock activity.

Seal – It’s A Man’s Man’s Man’s World. It may be a man’s world, but men are easily controlled by women. LOL

GOLD PRICE : 1,708.80⬇️ 6.10 / 0.36%
WTI CRUDE OIL : 13.28⬆️ 0.50 / 3.91%‼️
BRENT OIL : 23.07⬆️ 0.04 / 0.17%
USD/MYR : 4.36

Hmm. Taking on too much of other people’s drama is just a poor excuse for not taking ownership and control over your own life. Drama Band – Drama.

Caravan Capital Management LLC, a US-based independent investment management firm, has emerged as a substantial shareholder of ARBB (7181) after acquiring 18.5 million shares on the open market, equivalent to a 6.3% stake.

HWGB (9601) has received a notice of conditional voluntary takeover offer from major shareholder Ho Wah Genting Holding Sdn Bhd to acquire the remaining shares it does not own in the company at 12.5 sen each. The offeror also intends to buy the remaining HWGB-WD (9601WD) warrants at one sen each. The offeror also intends to keep HWGB (9601) listed on Bursa Malaysia’s Main Market.

Malaysian newspaper publishers are coming together to initiate a move to force international technology companies Google and Facebook to share advertising revenue they have accumulated largely at the expense of the traditional media. The move, undertaken through the Malaysian Newspaper Publishers Association (MNPA), follows a recent landmark decision by the Australian government to force Google and Facebook to share their advertising revenue with local media firms.

I like this song. Of Monsters And Men – Six Weeks. I think its about finding a way back to your loved one.

And last but not least, my portfolio HIBISCS (5199), PELIKAN (5231), THRIVEN (7889) & COMCORP (7195).

TODAY

Good Morning, Folks. Today is Tuesday, so tomorrow is Wednesday. I like my coffee black and my mornings bright.

Ville Valo feat Natalia Avelon – Summer Wine (cover). I love this song. I love the way that “summer wine” been used in this song. LOL

What’s Up Buddy?

AmBank Research — Westports Holdings: 2Q throughput could fall in double digits in worst case HOLD, 28 Apr 2020

STOCK FOCUS OF THE DAY
Westports Holdings: 2Q throughput could fall in double digits in worst case HOLD

We cut our FY20–22F net profit forecasts by 16%, 13% and 12% respectively and reduce our FV by 12% to RM3.81 based on 21x revised FY21F EPS (vs. RM4.31 based on 22x FY20F EPS previously).

We roll forward our base year and widen our multiple discount to a historical average of 23x to 2x (from 1x previously) to reflect the growing consensus that a V-shaped recovery in the global economy, and hence global trade, is no longer the base-case scenario given the already highly visible trail of destruction left by the Covid-19 pandemic thus far. We downgrade our call to HOLD from BUY.

We now project Westports’ container throughput to contract by 15% in FY20F (vs. a 2% growth we previously assumed), taking our cue from: (1) the much weakened Purchasing Managers’ Index (PMI) outlook across the globe; and the forecast by Sea-Intelligence ApS of a 10% contraction in global container shipping volume this year, largely due to the slowdown in the Asia-Europe and trans-Pacific services. For FY21F, we expect Westports’ container throughput to rebound 10% from a low base (vs. only a 5% growth we assumed previously).

My portfolio; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889).

This is not a sad song. NEIL DIAMOND – Song Sung Blue. I just like it, the message and the way a few words said so many things.

TODAY

Good morning, Folks! Activism? I don’t know about you folks, but I’m an activist every single day. LOL

I find myself becoming increasingly nostalgic for the past, but after all I suppose that is the only thing one can be nostalgic about. LOL. Herman’s Hermits – My Sentimental Friend

What’s Up Buddy?

Mplus Market Pulse – 27 Apr 2020

Consolidation In Place

  • The FBM KLCI (-0.9%) retreated following the announcement of the Movement Control Order (MCO) extension for additional two weeks to 12th May 2020 by the Malaysian Prime Minister last night. Consequently, the key index fell 2.7% W.o.W. The lower liners, however, closed mostly higher as the FBM Small Cap (+0.1%), FBM Fledgling (+1.2%), FBM ACE (+1.2%), all advanced, but broader market finished mostly lower.
  • Market breadth stayed positive as gainers outnumbered the losers on a ratio of 445-to-400 stocks. Traded volumes declined 7.2% to 4.69 bln shares as investors turned cautious after the recent run-up.
  • More than two-third of the key index components fell with the likes of Nestle (-50.0 sen), Petronas Dagangan (-42.0 sen), MISC (-32.0 sen), Malaysia Airport Holdings (-20.0 sen) and Petronas Chemicals (-16.0 sen). Major losers on the broader market include Heineken (- 72.0 sen), Carlsberg (-58.0 sen), LPI Capital (-20.0 sen), Hong Leong Industries (-18.0 sen) and QL Resources (-18.0 sen).
  • Meanwhile, Dutch Lady (+66.0 sen), United Plantations (+30.0 sen), Adventa (+20.5 sen), Kossan Rubber Industries (+15.0 sen) and Supermax (+13.0 sen) advacned on the broader market. There was only a handful of advancers on the FBM KLCI, namely Top Glove (+27.0 sen), Hartalega (+10.0 sen), Sime Darby (+2.0 sen), Dialog Group (+1.0 sen) and CIMB (+1.0 sen).
  • Asia benchmark indices were in the red as Nikkei (-0.9%) retreated as the potential coronavirus treatment by Gilead Sciences was played down by the World Health Organization. The Hang Seng Index (-0.6%) erased all its’ previous session gains, while the Shanghai Composite (-1.1%) extended its’ losses. Asia stockmarkets, meanwhile, was painted in red on last Friday.
  • U.S. stockmarkets ended the week on a positive note as the Dow (+1.1%) extended its’ gains as crude oil prices continue the recovery phase, coupled with the approval of additional US$500.0 mln stimulus package. On the broader market, the S&P 500 jumped 1.4% higher with all eleven major sectors in the green, while the Nasdaq rallied 1.7% higher.
  • Earlier, European stockmarkets – the FTSE (-1.3%), CAC (-1.3%) and DAX (- 1.7%), all erased their previous session gains as European Union leaders were divided over the size of a financial rescue package to stimulate the region’s economy. At the same time, U.K. retail sales slumped -5.8% Y.o.Y in March 2020 added to the woes.

THE DAY AHEAD

  • It appears that the recent market recovery has taken a stall as profit taking activities took precedence following the Phase 4 of Movement Control Order announcement by the Malaysian Prime Minister. Meanwhile, the World Health Organization’s declared that the Remdesivir drug from Gilead Sciences to treat Covid-19 was ineffective also compounded to the weakness across global equities.
  • As it is, we continue to think that the downward bias consolidation on the FBM KLCI may linger as the key index hovers between the 1,360 and 1,410 levels. A breakout above the consolidation band may power the key index towards the 1,420 and 1,455 levels. However, should the the support level fails to hold, the key index may see further pullback towards the 1,340 level.
  • The recovery in lower liners and broader market shares also took a pause as investors turned cautious on the recent events. The tapering buying sentiment was also evident on the declining trading activities across stocks on Bursa Malaysia for the past three consecutive trading days, suggesting that investors are turning more cautious on the increasingly toppish conditions.

COMPANY BRIEF

  • Maxis Bhd’s 1Q2020 normalised profit after tax fell 10.9% Y.o.Y to RM360.0 mln, mainly due to loss of wholesale business and higher impairment made to receivables as the group revised the expected loss rates in view of the Covid-19 pandemic and its impact on economies worldwide, which has caused a significant increase in credit risk. Revenue for the quarter, however, rose 4.9% Y.o.Y to RM2.34 bln.
  • A first interim dividend of four sen net per share, representing dividend payout ratio of 87% was declared. (The Star)
  • Fraser & Neave Holdings Bhd (F&N) has received the refund of a deposit paid in connection with its proposed acquisition of a piece of land in Perlis following the cancellation of the RM156.0 mln deal. The group will pursue and evaluate other opportunities for its proposed integrated crop and dairy farming project, when such opportunities arise. (The Edge)

    Majuperak Holdings Bhd is proposing to venture into the supply of natural gas and liquefied natural gas (LNG) for power and utilities, cogeneration and district cooling plants. The group’s subsidiary, Majuperak Energy Resources Sdn Bhd (MER), intends to set up a special purpose vehicle-e (SPV) with Petrolife Aero Sdn Bhd, an integrated energy company licensed by the Government to import and distribute LNG and natural gas. MER will own a 51.0% stake in the SPV and Petrolife the remaining 49.0%, under an agreement signed by the two parties. (The Edge)
     
  • Kuala Lumpur Kepong Bhd (KLK) is buying a 60% stake in an Indonesian oil palm company for RM341.6 mln to boost its plantation landbank. The stake in PT Pinang Witmas Sejati is currently held by Ladang Lekir Sdn Bhd, an indirect whollyowned subsidiary of the Perak State Agricultural Development Corporation. The remaining 40.0% equity interest is controlled by PT Trimitra Sumberbuana. (The Edge)
     
  • Cycle & Carriage Bintang Bhd’s (CCB) 1Q2020 net loss widened to RM9.7 mln, from net loss of RM4.4 mln recorded in the previous corresponding quarter, on poor sales owing to the softening demand in the premium luxury segment of the automotive industry. Revenue for the quarter fell 26.4% Y.o.Y to RM215.9 mln. (The Edge)
  • FGV Holdings Bhd (FGV) has widened its scope in the local food industry by producing Bright Cow brand dairy products through its subsidiary, FGV Dairy Farm Sdn Bhd. FGV Dairy Farm can process 800 tonnes of fresh milk per month including production from its 4.0- ha farm located in Linggi, Port Dickson. (The Edge)
  • Berjaya Land Bhd (BLand), controlled by tycoon Tan Sri Vincent Tan, has been accumulating shares in convenience store chain operator 7- Eleven Malaysia Holdings Bhd lately. BLand has so far bought a total of 7.0 mln shares or a 0.6% stake in 7-Eleven Malaysia for month-to-date.
  • As of the latest count, Tan owns a total 47.1% stake in the convenience store chain operator through direct and indirect interests amounting to a total of 542.0 mln shares. (The Edge)

My portfolio; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889).

So tired you want to quit, then you get more tired, and forget to quit. LOL. Meatloaf – Two Out Of Three Aint Bad.

TODAY

Hi Folks! Happy Saturday!!

CORPORATE NEWS

KLK (2445) said it is buying a 60% stake in an Indonesian oil palm company for RM341.55 million to boost its plantation landbank. The stake in PT Pinang Witmas Sejati is currently held by Ladang Lekir Sdn Bhd, an indirect wholly-owned subsidiary of the Perak State Agricultural Development Corporation. The remaining 40% equity interest is controlled by PT Trimitra Sumberbuana. – EDGE

FGV (5222) has widened its scope in the local food industry by producing Bright Cow brand dairy products through its subsidiary, FGV Dairy Farm Sdn Bhd. FGV Dairy Farm can process 800 tonnes of fresh milk per month including production from its 4.04-hectare farm located in Linggi, Port Dickson. – EDGE

F&N (3689) said it has received the refund of a deposit paid in connection with its proposed acquisition of a piece of land in Perlis following the cancellation of the RM156 million deal. The group said it will pursue and evaluate other opportunities for its proposed integrated crop and dairy farming project, when such opportunities arise. – EDGE

People take ownership of sickness and disease by saying things like MY high blood pressure MY diabetes, MY heart disease, MY depression, MY! MY! MY! Don’t own it because it doesn’t belong to you! LOL

Lauren Jauregui – You Don’t Own Me (cover)

Hmm. Diabetes can be a very devastating disease for one to endure. For one, they will need medicine for diabetes (insulin shots) for the rest of their life as , as there is no definite cure for the disease yet. It can be very tiring, even discouraging, to be in such a health situation.

Imagine Dragons – Mad World (cover)

Malindo Air resumes domestic flights next week

SUNBIZ (April 24) PETALING JAYA: After a brief shutdown due to a nationwide movement control order (MCO), Malindo Air will resume its domestic services from Kuala Lumpur International Airport (KLIA) and Sultan Abdul Aziz Shah Airport, Subang from April 27, 2020 with a single daily flight to each of the domestic destinations that it operates to in Malaysia.

Fares are from RM199 one-way for domestic travel within Peninsular Malaysia from Subang to Penang; Langkawi; Alor Setar; Kota Baru; Kuala Terengganu; and Johor Baru.

Fares from KLIA to Kuching are at RM299 one-way economy class and RM499 oneway business class; RM399 one-way economy class and RM699 one-way business class from KLIA to Kota Kinabalu; whereas fares from KLIA to Penang are at RM159 one-way economy class and RM399 one-way business class.

Malindo Air will resume its first services flight OD 1012 from KLIA to Kota Kinabalu and from flight OD 1606 from KLIA to Kuching, with both flights departing simultaneously at 7.15am on April 27.

“The flights are deployed to meet the demands and ease the journey back home by our fellow Malaysians especially students who have been stranded in campuses since the MCO began. Passengers are required to have face masks with them failing which they have to purchase one before being allowed boarding,“ it said in a statement.

Malindo Air, which serves most of the airports in Peninsular Malaysia and in Sabah and Sarawak, had shut down its operations during the MCO period since March 18, 2020. Its operation during the MCO period was strictly meant for rescue flights with Wisma Putra repatriating Malaysians stranded overseas and medical supplies cargo movement from China.

However, for the time being, all international flights from KLIA remain banned.

Last but not least, I’d like to introduce my portfolio; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889). LOL

TODAY

Hi Folks. I discovered that funny animal pictures – memes – would get a lot of likes and shares. LOL!

Catchy tunes from the 70’s. Cliff Richard – Devil Woman. This song leads me to imagine that the “devil woman” is a gypsy fortune-teller lady with a black cat as a pet. LOL

CENSOF (5195) Businessman Tan Chean Suan has emerged as a substantial shareholder, after acquiring a 5.35% stake in the tech company. Tan is the chief executive officer of TCSens Sdn Bhd, which provides radio frequency identifications (RFID) solutions. A filing by the company with Bursa Malaysia showed that Tan bought the stake comprising 26.82 million shares in the open market yesterday. – EDGE

I don’t invest in shares in companies that don’t have women on their board. LOL!

Of Monsters And Men – Little Talks. Hmm. Are there really two people talking? I hate conversation that is nothing but small talk. LOL

UTDPLT (2089) net profit for the first quarter ended March 31, 2020 (1QFY20) rose 21% to RM81.19 million from RM66.92 million a year ago, thanks to higher average selling prices for crude palm oil (CPO) and palm kernel (PK). Lower operating expenses and higher other operating income during the quarter under review also helped lift earnings. Quarterly revenue, however, slipped 1% to RM318.91 million from RM322.26 million, due to lower contribution from its refinery segment. – EDGE

Hmm. Most shareholders have little if any control over the companies in which they own stock, even if they own a million shares.

“Thumb-rule in Equity markets is that big boys chase either your shares or your money … In former case, they will beat down the share so cheap that you will be forced to sell it … In latter case, they will balloon the prices to an extent that you will be lured to buy!! Either way, heads they win, tails you lose!!!”
― Sandeep Sahajpal

But what if thought corrupts language, language can also corrupt thought, right. Hmm. Billy Joel – Piano Man.

SC advises investors to be on alert for Covid-19 investment scams, unauthorised DAX

SUNBIZ (April 24) PETALING JAYA: The Securities Commission Malaysia (SC) today cautions the public to be on the alert for any individuals or entities that may try to take advantage of the latest developments of Covid-19 to entrap them into investing in illegal investment schemes.

The SC also warns the public against investing in unauthorised digital asset exchanges (DAX) operating in Malaysia, following an increase in the number of queries and complaints the regulator has received. The SC has added 12 companies operating without SC’s licence or authorisation under its watch-list.

Investors who deal with unlicensed or unauthorised entities or individuals are exposed to various risks, including fraud and money laundering, and may not have access to legal recourse in the event of a dispute. The SC reminds investors to only trade with recognised market operators (RMOs) that are registered and authorised by the SC.

Currently, there are three registered RMOs for DAX namely Luno Malaysia Sdn Bhd, Sinegy Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd. Apart from these three operators, no other online platforms are presently permitted by the SC to establish and operate a DAX in Malaysia.

The SC also cautions all unauthorised DAX operators in Malaysia to immediately cease its activities. Operating a DAX without authorisation from the SC is an offence under securities laws and if a person is convicted, he may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years or both.

Last but not least, I’d like to introduce my portfolio; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889). LOL

TODAY

Good morning Folks. Tessa is wishing a blessed Ramadan to all Muslims around the world, a Ramadan that will inspire you with courage and strength that will help you to win every challenge of life!

Raihan feat. Man Bai – Harapan Ramadhan

The month of Ramadan to the other months is like Yusuf (as) to his brothers. So, just like Yusuf (as) was the most beloved son to Yaqub (as), Ramadan is likewise the most beloved month to Allah (swt).

RABBANI ft AMY SEARCH – Mentari Merah Di Ufuk Timur

What’s Up Buddy?

RHB: Technical Analyzer
23 April 2020
FKLI & FCPO: FKLI: Sharp Intraday Reversal

Maintain short positions, as the retracement may still at an early stage of development. The FKLI staged a strong intraday positive price reversal as it settled 14.5 pts higher, at 1,384.5 pts, after hitting a low of 1,352.5 pts. We view this as just an indication of profit-taking activity by the bears after the relatively sharp decline, which started from the high of the 20 Apr’s “Shooting Star” formation – 1,425.5 pts. We still believe the FKLI is developing a retracement, as it has completed a rebound that lasted for more than a month, with 20 Apr’s high and being rejected from the 50-day SMA line in the prior session. As such, we are maintaining our negative trading bias.

Analyst no God. Prediction is just a prediction. That being said, hubby locked the door and turned off the light. And my portfolio remains the same; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889). LOL

Malaysia calls for peaceful end to months-long South China Sea standoff

REUTERS via EDGE – KUALA LUMPUR/TAIPEI (April 23): Malaysia called on Thursday for disputes over the South China Sea to be resolved by peaceful means, amid a standoff between Chinese and Malaysian vessels that a U.S. think tank said had been going on for months.

U.S. and Australian warships arrived in the South China Sea this week near an area where a Chinese government survey vessel, the Haiyang Dizhi 8, has been operating close to a drillship under contract to Malaysian state oil company Petronas, regional security sources have said.

The standoff was the latest development in a series of targeted harassments by Chinese vessels of drilling operations in five oil blocks off the Malaysian coast in the past year, said Greg Poling, director of the Washington-based Asia Maritime Transparency Initiative (AMTI).

Since December, Chinese forces have been harassing supply ships servicing the West Capella, an oil exploration vessel operated by Petronas, Poling said.

Last week, the Haiyang Dizhi 8, accompanied by a Chinese Coast Guard (CCG) vessel, entered Malaysia’s exclusive economic zone (EEZ) and began a survey close to where the West Capella was operating.

On Thursday, the Haiyang Dizhi 8 was still within Malaysia’s EEZ, about 337 kilometres (209.4 miles) off Borneo, data from ship tracking website Marine Traffic Showed.

Three U.S. warships and an Australian frigate conducted a joint exercise in the South China Sea this week, near the site of the West Capella’s operations, officials and security sources have said.

China has denied reports of a standoff, saying the Haiyang Dizhi 8 was carrying out normal activities.

Malaysia said on Thursday it remained committed to safeguarding its interests in the South China Sea.

“While international law guarantees the freedom of navigation, the presence of warships and vessels in the South China Sea has the potential to increase tensions that in turn may result in miscalculations which may affect peace, security and stability in the region,” Foreign Minister Hishammuddin Hussein said in his first official remarks on the standoff.

Hishammuddin said Malaysia maintained “open and continuous communication” with all relevant parties, including China and the United States.

Petronas did not respond to requests for comment.

Separately, Taiwan’s Defence Ministry said that a Chinese aircraft carrier group lead by China’s first aircraft carrier, the Liaoning, had ended a mission in the South China Sea on Wednesday and was now heading east through the Bashi Channel, which separates Taiwan from the Philippines.

The carrier group earlier this month sailed down Taiwan’s east coast. China said at the time it was on its way to routine exercises in the South China Sea.

Shit, you shoot me in a dream, you better wake up and apologize.

Timbaland ft OneRepublic – Apologize

TODAY

Good morning, Folks. Wash your hands frequently, don’t leave infected area and don’t visit infected areas.

Let’s not be walking dead people. LOL Bad Wolves – Zombie (Cover)

What’s Up Buddy?

RHB: Technical Analyzer
22 April 2020
FKLI & FCPO: FKLI: Confirms Top

Initiate short positions as the counter-trend rebound has likely marked its top. The FKLI closed 38.5 pts lower at 1,370 pts yesterday. The close placed it below the previous support of 1,400 pts and the 50-day SMA line – thus confirming the prior session’s bearish “Shooting Star”. As such, we believe the index’s counter-trend rebound that started from the low of 1,171 pts on 17 Mar has likely reached its top, and that the risk of a steep retracement developing is high. Premised on this, we switch our trading bias to negative.

Mplus Market Pulse – 22 Apr 2020

Volatility Taking Charge

  • Renewed volatility sent global markets lower as the FBM KLCI (-2.2%) slipped following the tumbling of crude oil futures contract for May 2020 into the negative territory. Likewise, the lower liners – the FBM Small Cap (-2.9 %), FBM Fledgling (-1.9%) and FBM ACE (-4.4%), all retreated, while broader market was painted in red with the energy sector (- 6.1%) took the worst hit.
  • Market breadth turned negative as losers overwhelmed the gainers on a ratio of 8276-to-198 stocks. Traded volumes, however, gained 9.1% to 6.53 bln shares amid the renewed selling activities.
  • Major decliners on the FBM KLCI were Nestle (-RM2.00), KLK (-72.0 sen), Petronas Dagangan (-52.0 sen), Hartalega (-42.0 sen) and Public Bank (- 42.0 sen). Notable decliners on the broader market include Dutch Lady (- RM1.36), Carlsberg (-RM1.28), Panasonic (-62.0 sen), Batu Kawan (- 54.0 sen) and BAT (-60.0 sen).
  • At the other side of the trade, Kobay Technology (+17.0 sen), Comfort Gloves (+15.0 sen), Latitude Tree Holdings (+13.0 sen) and Rubberex Corporation (+10.0 sen) rose on the broader market. Ajiya added 1.5 sen after reporting a strong set of quarterly earnings. Meanwhile, Maxis (+7.0 sen) was the sole advancer on the local bourse.
  • Renewed volatility from Wall Street spillover to Asia stockmarkets as the Nikkei (-2.2%) extended its’ losses as concern over economic-hit Covid-19 return to the fore. Similarly, the Hang Seng Index slipped 2.2%, while the Shanghai Composite (-0.9%) erased all its’ previous session gains. Asia stockmarkets, meanwhile, was splashed in red on Tuesday’s close.
  • U.S. stockmarkets suffered another whiplash as the Dow sank 2.7% battered by the plunging crude oil prices due to sluggish demand from Covid-19 pandemic. Similarly, the S&P 500 (-3.1%) tumbled with all eleven major sectors in the red again, while the Nasdaq (-3.5%) also extended its’ losses.
  • Earlier, European stockmarkets – the FTSE (-3.0%), CAC (-3.8%) and DAX (- 4.0%), all erased their previous session gains, mirroring the weakness across global equities. At the same time, Germany Chancellor Angela Merkel announced that it would take at least 14 days to assess the impact of the easing measures on re-opening of economic activities.

The Day Ahead

  • After the recent run-up, the FBM KLCI’s valuation trading at PER of 15.8x for 2020 is already fair, within the 15x-17x historical average. Under the prevailing renewed volatile market condition stemmed from the slumping crude oil prices, coupled with unexciting as earnings prospects due to the slower global and domestic economic environments, stocks across Bursa Malaysia will see further room for pullback.
  • With the key index appears to have turning lower largely in tandem with the weakness across global equities and the 1,400 support level failed to defend, the 1,370 support level will come into play, followed by the 1.340 level. At the same time, any upsides are capped at the 1,420 level for the time being.
  • Expectedly, both the lower liners and broader market shares also took a pause from their recent sharp recovery as investors booked recent profits. We reckon that market condition will remain volatile over the foreseeable future amid the lack of fresh leads.

COMPANY BRIEF

  • Casino-to-hospitality conglomerate Genting Bhd and its units are planning the first group-wide salary cut since its founding in 1965. Genting is proposing as much as 20.0% temporary reduction of basic salary for employees based on their ranks, while Genting Hong Kong Ltd suggests up to 50.0% cut for those holding vice president role or higher, according to internal memo.
  • Genting Hong Kong confirmed that the salary cut will be in effect until year-end, while Genting Singapore Ltd and Genting Malaysia Bhd said they have proposed similar voluntary pay cuts with varying terms. (The Star)
  • AirAsia Bhd has applied for leave for a judicial review of the Malaysian Aviation Commission’s (Mavcom) imposition of a RM2.0 mln penalty on the airline for violating the Malaysian Aviation Consumer Protection Code 2016 (MACPC).
  • The low-cost carrier is seeking a declaration from the High Court that the penalty and decision issued by Mavcom on 13th December 2019 were invalid and of no effect. It is also seeking further and consequential relief or directions to be made as the court deems fit. (The Edge)
  • CIMB Group Holdings Bhd is believed to be the Malaysian bank that has significant exposure to troubled oil trader Hin Leong Trading, which owes almost US$4.00 bln to more than 20 banks, including DBS Group Holdings Ltd, HSBC Holdings Plc and Standard Chartered Plc. (The Edge)
  • Telekom Malaysia Bhd has reported that maintenance works to restore data connectivity for the Asia-America Gateway submarine cable network linking Malaysia and other Asian countries to the US and Hong Kong have completed. (The Edge)
  • Tadmax Resources Bhd has inked an agreement to sell a 25.0% stake in its Pulau Indah power plant project to Korea Electric Power Corp (Kepco) for RM41.8 mln. Under a prior heads of agreement dated 14th September 2018, Tadmax was to partner Kepco and Selangor statelinked Worldwide Holdings Bhd on the project, under a proposed shareholding ratio of 40:25:35 in Pulau Indah Power Plant Sdn Bhd (PIPP) respectively. (The Edge)
  • HLT Global Bhd’s unit HL Advance Technologies (M) Sdn Bhd has entered into a distributor agreement with Accobiotech Sdn Bhd for the distribution of Covid-19 rapid test kits around the world. (The Edge)
  • Dataprep Holdings Bhd has proposed a private placement exercise to raise up to RM16.7 mln for working capital, repayment of bank borrowings and future investments. It intends to issue up to 139.1 mln shares, equivalent to 30.0% of its outstanding shares, at an issue price to be determined later. (The Edge)
  • Sino Hua-An International Bhd has proposed the issuance of new shares to settle its debts totalling RM5.6 mln, without incurring an additional debt obligation or interest expense. Separately, it also proposed a private placement exercise of up to 135.4 mln shares to raise total gross proceeds of RM8.5 mln, mainly for working capital purposes. (The Edge)  

Gold prices dropped nearly 2% to a near two-week low on Tuesday, while palladium slumped 15.5% as investors scuttled for cash to cover losses in other asset classes mainly driven by a crash in oil markets as the coronavirus wrecks economies.

I’ve got nothing to do today but smile. Dido – Life For Rent

Hmm. Peaceful and soothing song. I’m just going to stay put unless you need me to help you. LOL. My portfolio remains the same; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889).  

TODAY

Hi Folks. Sending out some Tuesday Love. 21 Tuesday No Corporate Actions.

I think I only appear smart by staying quiet as often as possible. LOL Cilla Black – Conversations

MCO (April 20): FGV (5222) has voluntarily ceased operations at five palm oil mills within the Sahabat region in Lahad Datu, Sabah, after police enhanced the movement control order (MCO) in the area after 11 Covid-19 cases were detected.

Good communication is as stimulating as black coffee and just as hard to sleep after. LOL. Yuna – Deeper Conversation

MIDA: Approved investments up 1.7% to RM208 bil in 2019

BERNAMA via FocusM (April 21) MALAYSIA attracted RM207.9 bil worth of approved investments in the manufacturing, services and primary sectors last year, up 1.7% compared to 2018.

The Malaysian Investment Development Authority (MIDA) said domestic direct investment accounted for the bulk of the total approved investments – 60.4% or RM125.5 bil.

Foreign direct investment (FDI), though only making up 39.6%, recorded a 2.9% growth to RM82.4 bil, MIDA said in a statement yesterday.

It said the services sector led the way for investments approved, which grew by 11.3% from 2018. A total of 4,087 projects were approved, with investments valued at RM118.1 bil last year.

This was followed by the manufacturing sector with approved investments of RM82.7 bil and the primary sector at RM7 bil.

Three countries accounted for 66.3% of total FDI approved in the manufacturing, services and primary sectors: the United States (US) (RM26.8 bil), China (RM15.7 bil) and Japan (RM12.1 bil).

Four states contributed more than 60% of the total approved investments for 2019. They are Selangor (RM47.8 bil), Penang (RM33.7 bil), Johor (RM24.4 bil) and Kuala Lumpur (RM21.6 bil).

In the services sector, MIDA said the top five investment contributors were real estate (RM40.9 bil), utilities (RM32.6 bil), global establishments (RM11.8 bil), distributive trade (RM11.7 bil) and support services (RM5.7 bil).

For the manufacturing sector, the number of projects approved jumped 37% to 988 projects from 721 projects in 2018.

FDI accounted for 65.2% (RM53.9 bil) of total approved investments in this sector, while domestic investments constituted the remaining 34.8% (RM28.8 bil).

On the sector’s top-performing industries in 2019, the agency said they were electrical and electronics (RM25.7 bil), paper, printing and publishing (RM10.8 bil), transport technology (RM8.0 bil), non-metallic mineral products (RM6.9 bil), and chemicals and chemical products (RM4.8 bil).

“It is noteworthy that investments in the three catalytic sub-sectors, namely electrical and electronics, machinery and equipment and chemical, and two high growth areas – aerospace and medical device – recorded an increase of 90.2% to RM40.9 bil last year from RM21.5 bil in 2018,” MIDA said.

Both China (RM15.3 bil) and the US (RM14.2 bil) were the two top investor countries in the country’s manufacturing sector, contributing 54.7% of the total foreign investments approved in the sector, it said.

MIDA also noted that Selangor (RM17 bil) was the largest recipient of investments in the manufacturing sector last year, followed by Penang (RM16.9 bil), Kedah (RM11.5 bil) and Johor (RM11.5 bil).

For the primary sector, investments approved slipped to RM7 bil from RM10.9 bil in 2018, with the mining sub-sector leading the bulk (94.3%) of investments.

The rest of the investments were from the plantation and commodities sub-sector, and the agriculture sub-sector, which registered sustainable investments of RM291.4 mil and RM135.1 mil, respectively.

Senior Minister and Minister of International Trade and Industry (MITI), Datuk Seri Mohamed Azmin Ali, said while the Covid-19 pandemic has changed the global industrial system, MITI is committed to ensuring that Malaysia continues to be positioned as an investor-friendly location for long term growth of both foreign and domestic businesses.

“FDI is a long-term capital flow. We trust that the existing foreign companies will continue to weather the storm and retain their investment in the country.

“Malaysia kick-started this year with five approved manufacturing and services projects worth RM4.6 bil. The priority now is to bring in high value-added investments that can help to revive the economy,” he added.

He said as business as usual approach will no longer work in this challenging environment, a fundamental solution for the country to revitalise the economy is through adopting bold initiatives to ensure impactful accomplishments.

“Closer partnerships between federal, states and local authorities will be of the essence in facilitating our investors and ensuring the implementation of approved projects.

“All stakeholders need to make the necessary changes and re-engineer processes to deliver more efficient and effective services. Digitalisation and automation is indeed the way forward,” he said.

It was as if my whole life revolved around trying to judge the appropriate point in a conversation to say goodbye. LOL Harry Chapin – Cats in the Cradle

And my portfolio remains the same; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889).

TODAY

Good morning Folks! Happy Monday. You know a girl is mad when she starts off her sentence saying ‘I just find it funny how’ because there’s a 99.9% chance she did not find it funny. LOL

Governance lapses seen in Bursa Malaysia, says SC chairman Syed Zaid

EDGE – KUALA LUMPUR (April 20): The Securities Commission (SC) has, towards the end of last year and the first quarter of this year, observed that there were some governance lapses in Bursa Malaysia, according to its chairman Datuk Syed Zaid Albar.

“This was not unnoticed by the industry which raised many queries on the manner in which Bursa was being managed, in particular, the exercise of executive powers by the non-executive chairman,” StarBiz wrote, citing an email to SC’s board members it sighted.

The email was sent to explain the reasons behind the removal of Datuk Shireen Ann Zaharah Muhiudeen as Bursa chairman.

This came after Bursa announced last week that Tan Sri Abdul Wahid Omar will be its new non-executive chairman, following the retirement of Shireen, which confirmed a report by The Edge that said Wahid’s appointment is by the Minister of Finance, as stipulated under the Capital Markets and Services Act 2007, and will take effect on May 1.

Shireen will be stepping down from her role by the end of this month (April 30), after nearly four years from 2015.

StarBiz wrote that Syed Zaid said he was called by former powers of Putrajaya in the first quarter of this year to explain the SC’s position on the regulatory submission following a letter written by Shireen asking for political intervention.

Both the SC and the Ministry of Finance (MoF) then received a letter from Bursa attaching political approval for the appointment of new directors to its board, said Syed Zaid.

“We view such conduct as a serious breach of good corporate governance,” he explained, adding that involving parties outside the statutory powers of MoF and the SC was pre-emption of their statutory powers.

He said several public interest directors (PIDs) have also voted to file a judicial review (JR) against the SC and MoF’s decision on the regulatory submission.

“Filing of the JR would have serious repercussions on investor confidence in the capital market, its regulator and the MoF. The failure of the PIDs to give due consideration to these factors render them in our view, no longer fit and proper to be a PID,” he explained.

On March 11, the SC wrote to the board of Bursa expressing its concerns on the role of Shireen, who it felt had over-reached into executive roles.

“This compromises the checks and balance which the non-execs provide to oversee management’s decisions,” he said.

On March 17 and April 3, Syed Zaid said the SC wrote to the MoF regarding the renewal of several Bursa board members.

“In these letters, SC also highlighted its concerns to MoF with regards to the lack of fit and properness of two PIDs (including Shireen) and had proposed that she and another PID be replaced,” he said.

SC issues guidance for virtual general meetings

SUNBIZ (April 19) PETALING JAYA: The Securities Commission Malaysia (SC) has issued a guidance note which states that listed companies shall only conduct fully virtual general meetings during the movement control order period (MCO).

In a statement, the regulator said there should not be more than eight essential individuals physically present at the broadcast venue, which include the chairperson of the general meeting, and may be joined by the chief executive officer, the chief financial officer, the company secretary, the auditor and those providing audio-visual support.

However, the SC stressed that listed issuers should try to conduct the fully virtual meeting with as few individuals present at the venue as possible, and those present must observe all social distancing guidelines.

“This guidance note is necessary to ensure companies can continue to meet their obligations under the law and to shareholders during this MCO period. We also encourage companies to continue leveraging technology, even beyond the MCO period, to conduct meetings in a manner that will encourage and enable full shareholder participation, even from remote locations,” said chairman Datuk Syed Zaid Albar,

Companies can submit an application to the commission for a time-limited travel exemption for the essential individuals to travel to the broadcast venue for the fully virtual meetings.

The SC also said that hybrid general meetings, which involve multiple venues in different locations, can only be conducted after the MCO has ended.

Nat King Cole – Mona Lisa. Hmm. The Mona Lisa, that really is the ugliest portrait I’ve seen, the only thing that supposedly makes it famous is the mystery behind it.

Dow Jones : 24,242.49⬆ 704.81 / 2.99%‼️‼️
Nasdaq : 8,650.14⬆ 117.78 / 1.38%‼️‼️

US Equity Markets: Recession Signals Mount While Investors Increase Bets on Recovery

GOLD PRICE : 1,683.85⬇ 33.85 / 1.97%‼️‼️
WTI CRUDE OIL : 18.27⬇ 1.60 / 8.05%‼️‼️
BRENT OIL : 28.08⬆ 0.26 / 0.93%
USD/MYR : 4.37

GPHAROS (5649) wholly-owned Permint Plywood Sdn Bhd (PPSB) has obtained approval from the Ministry of Plantation Industries and Commodities to operate during the Movement Control Order (MCO) period. It said the approval was obtained via the Malaysian Timber Industry Board or MTIB, and that unit must ensure only 50% of its workforce is allowed to operate during this period.

My portfolio; HIBISCS (5199), PELIKAN (5231) & THRIVEN (7889).

When people tell me: “You’re gonna regret that in the morning”, I sleep until noon because I’m a problem solver. LOL Nat King Cole – Smile.

If you’re reading this… Congratulations, you’re alive. If that’s not something to smile about, then I don’t know what is.

Brothers Osborne – Pushing Up Daisies (Love Alive)

MSM told theedgemarkets.com today that there has been no new announcements on the company, and that the increase in its share price today was “purely a market play.” Definition of ‘play the market’ a. to speculate on a stock exchange. b. to act aggressively or unscrupulously in one’s own commercial interests. Wow!