Sunday is the day a lot of us hate. It’s when we start to dreadfully think about the work we have to finish the next day.
What’s up buddy?
Phillip (Oct 11) HOME appliance giant Dyson has scrapped its entire automotive division, including its plan for an electric car plant in Singapore, the British firm announced on Thursday.
Hmm. I thought, the world’s fleet of electric vehicles grew 54 percent to about 3.1 million in 2017. I guess, I was wrong.
AFFIN (Oct 11) Stockpile rises on lower exports in Sep19 In tandem with the peak production period, Malaysia’s Sep19 CPO production increased further by 1.1% mom to 1.84m MT. Meanwhile, exports declined by 18.8% mom to 1.41m MT, partly due to lower demand from India after normalizationof import duties beginning Sep19. As such, Malaysia’s palm-oil inventory level increased to 2.45m MT in Sep19 (+ 9.3% mom). Overall, we maintain our Neutral rating on the plantation sector and our CPO ASP assumption for 2019-20E at RM2,050/MT-RM2,300/MT. TaAnn is our preferred sector pick.
HLIB (Oct 11) Stockpile resumes on uptrend Palm oil inventory resumed on uptrend for the 1st time since Feb-19, rising by 9.3% MoM to 2.45m tonnes, mainly on marginally higher production and lower exports. We believe palm oil stockpile will remain on uptrend in coming months, mainly on the back of the commencement of seasonally higher production cycle, Indian government’s recent move to hike import duty on processed palm oil from Malaysia(by 5%-pts to 50%), and the absence of near-term notable festive-driven demand catalyst (except for Diwali). We are maintaining our average CPO price assumptions of RM2,100/tonne for 2019 (YTD: RM2,000/tonne) and RM2,200/tonne for 2020, as well as Underweight stance on the sector.
REUTERS Paris (Oct 11) In blow to Total, France upholds law banning palm oil from biofuel scheme France’s constitutional court on Friday upheld a law excluding palm oil from the country’s biofuel scheme, rejecting an appeal by energy company Total which says the measure puts at risk its production site in southern France. The legislation will remove palm oil from a list of permitted biofuels from January 2020 and eliminate related tax advantages…..
Take your time to digest some or all of the above information and you will see some potential stocks emerge, which have been over-looked at the same time undervalued by the market.
EDGE KUALA LUMPUR (Oct 11): Scomi Energy Services Bhd has proposed to reduce its issued share capital by RM560 million, followed by the consolidation of every five existing shares into one unit. Scomi Energy said the proposals are intended to rationalise the financial position and share capital of the company by reducing its accumulated losses and the number of shares issued. The proposed share consolidation will result in an adjustment to the reference price of the shares listed and quoted on the Main Market of Bursa Malaysia but will not have any impact on the total market value of the consolidated shares held by the company’s shareholders.
Hmm. Reductions in share capital may also be used in conjunction with schemes of arrangement as a way of structuring mergers and acquisitions.
Facts & Figures – Technology Market
According to Google and Temasek, the Southeast Asian Internet economy has hit an inflection point. By 2025, they expect it to be worth $240 billion. Google and Temasek expect the e-commerce, online travel, online media, and ride-hailing spaces to be worth $102 billion, $78 billion, $31 billion, and $29 billion, respectively. Meanwhile, Forrester expects the market to be worth $53 billion by 2023.
According to CrescoData, Alibaba-backed Lazada is the leading e-commerce player in Southeast Asia. It accounts for 46% of the market. And in the first quarter, iPrice Group and App Annie Intelligence ranked Lazada as the top e-commerce application in Malaysia, the Philippines, Singapore, and Thailand. They ranked Tokopedia and Shopee as the top e-commerce players in Indonesia and Vietnam, respectively.
Forbes Jun 21, 2019
MARKET HIGHLIGHTS: DYNAMIC GROWTH AND EMERGING TRENDS IN SOUTHEAST ASIA With a combined gross domestic product (GDP) of US$2.4 trillion, and ranked as the world’s seventh largest economy, Southeast Asia is on route to accelerated economic growth.
By 2030, its high urban share of 45% of its 600 million population, coupled with the region’s young demographic, presents an optimal setting for heavy investment by MNCs while governments follow through on infrastructure improvement and economic enhancements to support increasing urbanisation.
Infrastructure Asian Development Bank (ADB) estimates that between 2010 and 2020, energy and transport sectors will form 62.6% of the total ASEAN infrastructure investment needs
In line with projection by Goldman Sachs, infrastructure spending in power and transport for four ASEAN countries alone (Thailand, Malaysia, Indonesia, Philippines) would amount to about US$524 billion come 2020
Of particular interest are two big scale land infrastructure projects that are underway, including the ASEAN Highway Network (AHN) and the Singapore-Kunming Rail Link (SKRL)
The AHN, an extension of the ‘Trans-Asian Highway’, will stretch 38,400 kilometres through all ten ASEAN countries once completed
During the ASEAN Informal Summit in 2000, route number one of the SKRL highspeed rail which is to consist of a 5,382km distance from Singapore to China through Malaysia, Thailand, Laos, Vietnam and Cambodia, including two spur road sections, was given the green light
With Southeast Asian countries being a fast developing region, the need for power to propel this growth has also grown exponentially
By 2035, total projected market demand for power in eight ASEAN countries is projected to reach 1,958 terawatt-hour (TWh)
Another major ASEAN infrastructure initiative is the ASEAN Power Grid (APG) which aims to interconnect power systems between neighbouring countries by building transmission lines between them, to attain a totally integrated Southeast Asian power grid system. The investment requirement of the APG is estimated at USD 5.9 billion.
Hmm. If you have trouble falling asleep at night try turning down all your lights and unplugging from the internet or television a couple hours before going to bed.
US MARKET NEWS
WSJ Updated Oct. 11, 2019 10:02 am ET: Stocks Climb on U.S.-China Trade Talk Hopes U.S. stocks and government bond yields jumped Friday, lifted by hopes of progress between the U.S. and China on trade negotiations. President Trump offered an upbeat assessment of trade talks and said he would meet with Chinese Vice Premier Liu He on Friday. Investors are hoping that Beijing’s emissaries are ready to offer compromises aimed at getting Mr. Trump to hold off on tariff increases set to take effect next week and in December…..
BARRONS – The Dow Is Soaring Because a U.S.-China Trade Deal Might Actually Happen 10:01 a.m. The Dow Jones Industrial Average is soaring Friday morning on reports that the U.S. and China might be nearing a trade deal. The Dow has gained 383.46 points, or 1.5%, to 26,880.13, while the S&P 500 has risen 1.5% to 2,981.28, and the Nasdaq Composite has climbed 1.6% to 8081.93. The good times started rolling last night, when U.S. President Donald Trump said talks were going very well, and continued as reports started to emerge about what a deal might look like…..
Every year, around October, many Malaysians will be glued to their television and phone screens to find out, What’s in it for me? What do I get out of it?. Well, the budget was nothing special for me.
Lets sing. Tanya Sama Itu Hud-Hud – M Nasir
Good morning sunshine, be with me all day. Just don’t let the rain pass you by when it’s cloudy and windy.
Paolo Nutini – Don’t Let Me Down – Amazing cover of The Beatles’s song. Enjoy!
Dow Jones ⬆150.66
Nasdaq : ⬆47.04
US STOCKS-Indexes climb on fresh hopes for U.S.-China trade deal!
PTB – Plastrade Technology Bhd’s shareholders removed Tee Yen Chong from his position as managing director at an extraordinary general meeting convened yesterday. On Aug 16, Plastrade announced its board has decided to suspend Tee from his executive role for two months, pending an internal investigation then. The outcome of the investigation is not publicly known as of writing.
Ahh, yes controversy has been in the news a lot lately. But can controversy be good for business? I don’t think so.
What’s up buddy?
RHB: Trading Stocks: Techfast, Malaysia Marine and Heavy Engineering, Pecca Group, Binasat Communications, Fitters Diversified & Kerjaya Prospek Group…..
KENANGA: A couple of company updates; firstly MISC has been awarded a charter contract for two LNG carrier vessels by Exxon Mobil, worth USD711 for a firm period of 15 years commencing 1Q23. We believe the charters could contribute ~RM100m/year to earnings, although balance sheet impact could be relatively small. Nonetheless, we are positive on the awards, increasing the company’s exposure in longer-term charters. Maintain OUTPERFORM with TP of RM8.80. Secondly, Malaysia Airports Holdings Berhad (MAHB) registered YTD 9M19 passengers growth of 4.8%, deem in line with our 5.2% forecast. Headline 3QFY19 total passenger movement registered 7% QoQ growth which is the highest recorded for a quarter where international and domestic passenger movements increased by 8% and 6%, respectively. No changes to our FY19/FY20E earnings. Maintain MARKET PERFORM with an unchanged TP of RM8.70.
Finally an update on Plantation where its September 2019 inventory rose 9.3% MoM to 2.45m MT, below consensus estimate of 2.52m MT, marginally but above our forecast of 2.39m MT due to lower-than-expected exports to India (-45.1% MoM) and (ii) China (-27.9% MoM). September’sCPO production of 1.84m MT (+1.1%) was below both consensus and our forecasts of 1.91m MT (+4.7% MoM) and 1.98m MT (+8.9% MoM), respectively, mainly due to the haze which affected photosynthesis. For October, we expect production to register 3.7% MoM growthwith the clearing of the haze by late-September, while exports are expected to decline further by 5.1% MoM to 1.34m MT. We expect supply of 1.97m MT to outstrip demand of 1.64m MT, leading to higher ending stocks of 2.78m MT in October 2019. Maintain UNDERWEIGHT on the plantation sector as we expect burgeoning stockpiles to exert pressure on CPO prices. No changes to our CY19 CPO price forecast of RM2,000/MT.
YAHOO FINANCE (Oct 10): Stocks rose across the major indices Thursday, as high-level trade negotiations between the U.S. and China kick off.
Here were the main market moves, as of 10:30 a.m. ET:
S&P 500 (^GSPC): +0.62%, or 17.98 points
Dow (^DJI): +0.58%, or 152.82 points
Nasdaq (^IXIC): +0.61%, or 48.53 points
Crude oil (CL=F): +1.31% to $53.28 per barrel
Gold (GC=F): -0.76% to $1,501.30 per ounce
Still holding FGV, KHEESAN, NOVA. “Forever” is always the ideal holding period, at least in Warren Buffett’s battle-tested investing philosophy. But not for me. How about you?.
CNBC PUBLISHED 2 HOURS AGO UPDATED 34 MIN AGO: It’s been a crazy 12 hours for US-China trade news — here’s what we know
KEY POINTS – The South China Morning Post reported Wednesday night that the high-level talks would only take place Thursday. Stock futures plunged overnight on the report. – However, a White House spokesman later told CNBC’s Kayla Tausche the South China Morning Post’s report was inaccurate. Futures recovered slightly on this. – A principal in the negotiations also told CNBC that the schedule around the U.S.-China trade talks had become “fluid,” with Friday’s session being an “open question.” – Futures recovered a good chunk of their losses after Bloomberg News reported the U.S. was thinking about suspending a tariff increase in exchange for a currency pact. – A New York Times report also said the Trump administration plans to allow the sale of some supplies to Huawei, which also helped investor sentiment…..
It’s kinda crazy but I feel you. Oh yes, taking crazy things seriously is a serious waste of time.
Tomorrow is the Malaysia Budget Day. Budget Day is the day that a government presents its budget to a legislature for approval, typically in a ceremonial fashion. LGE, what are you going to wear to the Budget Day? Songkok? Sampin? Baju Melayu?
Good Afternoon! Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.
REUTERS SAN FRANCISCO (Oct 10): Apple Inc on Wednesday removed an app that protestors in Hong Kong have used to track police movements from its app store, saying it violated rules because it was used to ambush police…..
STAR KUALA LUMPUR (Oct 10): AXIATA will refrain from undertaking mergers and acquisitions in the near term as Malaysia’s biggest wireless carrier looks to improve its operations, people with knowledge of the matter said…..
Good Morning! A morning coffee is my favourite way of starting the day, settling the nerves so that they don’t later fray.
Lou Reed Perfect Day cover by Caro Emerald. Enjoy!!!
What’s up buddy?
RHB: Stocks rose for the first time in three days on Wednesday as traders hoped for some kind of deal to come from U.S.-China trade talks beginning on Thursday, even if it’s a limited pact. The Dow Jones Industrial Average gained 180 points, or 0.7%. The S&P 500 climbed 0.9% while the Nasdaq Composite advanced 1%. Stocks narrowed their gains heading into the close after Reuters reported China had lowered their expectations for these talks.
Europe Market : The pan-European Stoxx 600 closed provisionally 0.4% higher, with trade-sensitive autos and technology stock baskets leading gains. All sectors except utilities and retail were in positive territory Bloomberg reported, citing an official with direct knowledge of negotiations, that China is willing to discuss a potential accord providing no more tariffs are imposed by President Donald Trump’s administration, including duties scheduled this month and in December.
Precious Metal Gold :Gold rose on Wednesday on uncertainty over U.S.-China trade talks and Britain’s exit from the European Union. Spot gold gained 0.1% to $1,507.01 per ounce, and held above the key $1,500 level after rising as much as 1% in the previous session. U.S. gold futures gained 0.6% to settle at $1,512.80 per ounce. The United States on Tuesday imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities ahead of high-level trade talks on Thursday. U.S. President Donald Trump has said tariffs on Chinese imports will rise on Oct. 15 if no progress is made in the negotiations.
Crude Oil :Oil prices were steady on Wednesday as Turkey launched an offensive in Syria that could disrupt crude production in the region and on hopes of progress in ending the U.S.-China trade war, but a build in U.S. crude inventories limited gains. Brent crude was up 22 cents at $58.44 a barrel, and U.S. West Texas Intermediate crude was at $52.59, down 4 cents.
AMBANK: Stocks On Radar: MY E.G. Services, JAKS Resources, Mega First Corporation, YTL Corporation.
ALLIANCE: Stock Trend Monitor : Aemulus (0181) – Immediate hurdle at RM0.305 : AnnJoo (6556) – Immediate support at RM1.14 : MFCB (3069) – Higher high : OCK (0172) – Sideways
Ghazal Untuk Rabiah cover by our very own Malaysian singer Zam Ryzam. Enjoy!
EDGE KUALA LUMPUR (Oct 9) “Utusan will live on. We are liquidating the holding company but the ownership of the printing licences [has] been acquired by Aurora Mulia and they will relaunch publications in the near future,” Abdul Aziz told theedgemarkets.com. Aurora Mulia is linked to businessman Tan Sri Syed Mokhtar AlBukhary and has recently surfaced in listed media group Media Prima Bhd, with its shareholding in the latter amounting to 31.22% to-date…..
STAR KUALA LUMPUR (Oct 9) Destini wins Petronas Carigali well services contract The letter of award was received by wholly owned Destini Oil Services Sdn Bhd (DOS) on Sept 20, the company said in a filing with Bursa Malaysia today…..Moody’s lowers outlook on Sime Darby Plantation Moody’s Investors Service revised downwards the outlook on Sime Darby Plantation Bhd (SDP) from stable to negative on concerns that its credit metrics would remain weak over the next six to 12 months….
WSJ Updated Oct. 9, 2019 10:01 am ET: Stocks Climb on Trade Optimism U.S. stocks rose Wednesday as investors awaited the resumption of U.S.-China trade talks and looked for fresh signals from the Federal Reserve on monetary easing. The Dow Jones Industrial Average rose 0.6% and the S&P 500 gained 0.7%, a day after the latest spat between the world’s two largest economies threatened to undermine the trade negotiations set to resume Thursday…..
YAHOO FINANCE October 9: Stocks were higher across all of the major indices Wednesday on renewed trade optimism.
Here were the main market moves, as of market open:
S&P 500 (^GSPC): +0.74%, or 21.47 points
Dow (^DJI): +0.73%, or 191.50 points
Nasdaq (^IXIC): +0.90%, or 69.83 points
Crude oil (CL=F): +1.62% to $53.48 per barrel
Gold (GC=F): +0.66% to $1,513.80 per ounce
How do you define a good night? Is it something you have to spend with someone? Maybe a loved one? Is it the kind of night you get to spend on your own?
EDGE KUALA LUMPUR (Oct 9): Utusan Melayu ceases operations Utusan Melayu (Malaysia) Bhd is ceasing operations today, according to an internal circular to employees. In the circular signed by Utusan executive chairman Datuk Abd Aziz Sheikh Fadzir, sighted by theedgemarkets.com, Utusan said the company had undergone its most critical period in its 80-year history and business conditions had deteriorated after May 2018…..
It’s sad to end like this. 😦 I will always remember you, Utusan. 😦
Mengapa DiRindu cover by Uji Rashid. Enjoy.
Besides FGV, I bought KHEESAN. Why? Dealer’s recommendation. Pure TA. On my radar there’s NOVA. The best part is, as the world’s knowledge of health foods increases, as do the products!
STAR KUALA LUMPUR (Oct 9) Maju offers 36% toll reductions in PLUS takeover Maju Holdings Sdn Bhd is offering a reduction in tolls from 25% to up to 36% under its amended proposal to the government. It said in a statement issued on Wednesday it said proposed to bear the toll reduction in full and it was not seeking financial compensation from the government for this…..
Use Waze. If your route includes a toll road, it will be clearly marked with a “toll” icon. Be mindful of cashless toll roads, in which drivers can pay only via TNG, or a similar system.
Morning! Some days you just have to create your own sunshine. Ah yes… kedai kopi!
TRADE TALKS: One anonymous source told CNN that China’s delegation has already discussed cutting the visit short, departing on Friday evening rather than Saturday morning. “There’s not much optimism,” the person said. Judging by the Dow’s Tuesday plunge, there’s not much optimism on Wall Street either. “The original plan (for the Chinese delegation) was to leave Washington on (October) 12th, but the departure could be moved ahead to the 11th,” the source said. “There’s not much optimism.” SCMP has said.
I start to wonder if I’m being creepy. I mean, I am creeping. Does creep-ing automatically make one creep-y?
One of my favourite song by Death Cab for Cutie – Black Sun. Lets sing.
BLOOMBERG (Oct 8) 10:15 PM GMT+8 Stocks Tumble as U.S.-China Trade Tensions Flare: Markets Wrap Equities sank in the U.S. and Europe as a report the White House is moving toward restrictions on investments into China undercut investor optimism over looming trade talks. Government bonds rallied…..
LAGU MINANG, SUMATERA BARAT – AYAM DEN LAPEH (Aduh, ayam saya yang lepas)
EVENING – LOCAL CORPORATE NEWS
EDGE KUALA LUMPUR (Oct 8) Kluang Rubber declares total dividends of 6 sen Kluang Rubber Co (Malaya) Bhd has proposed a special dividend of five sen per share for the financial year ended June 30, 2019 (FY19), on top of a first and final dividend of one sen…..MSM sells Perlis land to F&N at 18% discount as it generates negligible revenues, saps finances Refined sugar producer MSM Malaysia Holdings Bhd, a 51% subsidiary of FGV Holdings Bhd, is selling a 4,453.92ha land in Chuping, Perlis, to Fraser & Neave Holdings Bhd (F&N) for RM156 million. The selling price is an 18% discount on the market value of the land, said MSM…..Bonia scraps plan to sell unit to CEO Bonia Corp Bhd has scrapped plans to sell its wholly-owned subsidiary Maha Asia Capital Sdn Bhd to its founder, CEO and group executive director Chiang Sang Sem for RM2.49 million, citing certain conditions precedent in the share sale agreement (SSA) have not been fulfilled as a reason…..
PRG Holdings Bhd, which is mainly involved in the manufacturing of webbings, furniture components, other fabric items, as well as the property sector, is now venturing into the timber export business as a means to diversify its revenue stream amidst an economic slowdown. The loss-making group said its financial performance has been volatile due to the decline in sales of its elastic textile and webbings products as well as the slowdown in the Malaysian property development and construction industries. Today, the group secured its shareholders’ approval to buy two teak tree plantation lands, measuring 364.79 hectares, worth RM89.2 million, located in Kelantan, from Alifya Forestry Sdn Bhd.
Mi Technovation Bhd has proposed a bonus issue of up to 250 million new shares on the basis of one bonus unit for every two existing shares held, to reward shareholders of the semiconductor assembly equipment solutions provider. The proposed bonus issue is not expected to have any effect on the earnings of Mi Technovation group for the financial year ending Dec 31, 2019 (FY19). However, there will be a corresponding dilution in the earnings per share of Mi Technovation Group for FY19 as a result of the increase in the number of Mi Technovation shares in issue arising from the proposed bonus issue.
STAR KUALA LUMPUR (Oct 8) Willowglen wins RM10mil TNB data management contract The two-year contract is for the provision of data management plan and implementation services in TNB distribution network. The contract will be completed by Oct 7, 2021…..
If you could invest in one stock tomorrow, which stock would it be? For me FGV.
Do you whistle? Do you hear others whistling around you? I’m going to come clean right off and confess that I can’t whistle. Mr Bojangles cover by Robbie Williams. Enjoy.
Sometimes I wish I had not woken up from a beautiful dream, and continued dreaming within sleep upon sleep until I become a dream itself. Because sometimes waking up is more frightening than a nightmare.
RHB – COMPANY UPDATE: Hibiscus Petroleum Bhd‘s indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd (AHUK) is acquiring more oil and gas rights from United Oil & Gas PLC and Swift Exploration Ltd for up to US$5 million cash. The latest two blocks are located offshore in the UK sector of the North Sea, 250km northeast of Aberdeen. The blocks include the Crown Discovery, which consists of 2C contingent resources that range between 4 million and 8 million barrels of oil. The blocks are located 12km south-east of Marigold oil field, which together with the Sunflower field, was acquired by AHUK in October last year.
AFFIN – COMPANY UPDATE: PETRONAS DAGANGAN – HOLD/MAINTAIN. It’s finally here! The Malaysian government announced that it would float RON95 pump prices while targeted subsidies would be given to Bantuan Sara Hidup (BSH) recipients in Peninsular Malaysia. The structure remains unchanged in East Malaysia withthe RON95 price fixed at RM2.08, as subsidies are smaller and higher number of diesel vehicles on the road. PetDag’s retail sales volume mix is 80:20 in Peninsular Malaysia and East Malaysia. This announcement is earnings neutral, but will likely have a positive effect on cash flow. The targeted subsidies may spur some spending towards PetDag due to the better loyalty points programme offered. We maintain our HOLD rating and DCF-derived 12-month target price of RM23.95.
REUTERS WASHINGTON (8 OCT) – U.S. puts Hikvision, Chinese security bureaus on economic blacklist The U.S. Commerce Department said on Monday it was putting 28 Chinese public security bureaus and companies – including video surveillance company Hikvision (002415.SZ) – on a U.S. trade blacklist over Beijing’s treatment of Uighur Muslims and other predominantly Muslim ethnic minorities. Those added to the so-called “Entity List” include the Xinjiang Uighur Autonomous Region People’s Government Public Security Bureau, 19 subordinate government agencies and eight commercial firms, according to a Commerce Department filing. The companies include Zhejiang Dahua Technology (002236.SZ), IFLYTEK Co (002230.SZ), Xiamen Meiya Pico Information Co (300188.SZ) and Yixin Science and Technology Co. Reuters reported on the planned additions earlier Monday, before the Commerce Department made it official…..
WSJ WASHINGTON (7 OCT) – US adds Chinese firms to blacklist, citing repression of Muslim minorities – Washington says decision isn’t related to this week’s high-level trade talks The U.S. added 28 Chinese entities to an export blacklist Monday, citing their role in Beijing’s repression of Muslim minorities in northwest China, just days before high-level trade talks are set to resume in Washington…..
Overnight – US Market
Markets: -US stocks closed lower; DJIA and S&P 500 ended down by -0.36% and -0.45% respectively. -US 10-year yield rebounded to close at 1.565%. -USD surged against the Turkish lira; closing higher by a whopping +2.40% (5.8318), largest 1-day gain in 6-1/2 months. -USD/CNH recouped all of its Friday’s decline, closing higher by +0.31% (7.1348). -USD/SGD traded between 1.3798 and 1.3825 before settling at 1.3810 (+0.18%). -USD/JPY rebounded and closed +0.33% higher at 107.28. -GBP/USD traded in a relatively narrow range of 1.2288/1.2336 before closing at 1.2291 (-0.34%). -EUR/USD closed little changed at 1.0970 (-0.06%).
EDGE KUALA LUMPUR (Oct 7): Hibiscus buys more O&G rights in North Sea for US$5m Hibiscus Petroleum Bhd, through its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd (AHUK), is acquiring more oil and gas rights from United Oil & Gas PLC and Swift Exploration Ltd for up to US$5 million cash. The latest two blocks are located offshore in the UK sector of the North Sea, 250km northeast of Aberdeen. In a bourse filing today, Hibiscus said it had on July 17 signed a sale and purchase agreement (SPA) to acquire License P2366, comprising North Sea Blocks 15/18d and 15/19b, from United and Swift. The two companies were awarded License P2366 as part of the UK’s Oil and Gas Authority’s 30th Licencing Round in August 2018, and they hold 95% and 5% participating interest respectively…..Sumatec gets termination notice for Rakushechnoye oil field deal Practice Note 17 (PN17) company Sumatec Resources Bhd has received a notice from CaspiOilGas LLP (COG), owned by its executive vice-chairman Tan Sri Halim Saad, terminating a joint investment agreement (JIA) for the development and extraction of hydrocarbon in the Rakushechnoye oil field in Kazakhstan. Sumatec had entered into the agreement with Markmore Energy (Labuan) Ltd (MELL) and COG for the proposed project on March 8, 2012. COG cited the constraints faced under the current financial and legal predicaments of the financially-distressed Sumatec, as a reason for the termination…..Two years later, PTP withdraws RM31.9m oil spill damage lawsuit MMC Corp Bhd’s 70%-owned subsidiary Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) has withdrawn its RM31.86 million lawsuit against Rising Star Shipping Sdn Bhd (RSS) — the beneficial owner of tanker MV Trident Star — and The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) Singapore branch (the Club). In a bourse filing today, MMC said PTP has resolved the claim by settlement with the Club, thus discontinuing the legal proceedings against RSS and the Club…..
Rainbow – Temple of the King cover by Axel Rudi Pell. Enjoy with a smile on your face and a happy heart before drifting off to sleep.
REUTERS – TOKYO (Oct 7): Asian shares buoyed by U.S. jobs, trade talks in focus Asian shares edged higher on Monday after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25%. Japan’s Nikkei stock index rose 0.29%, while Australian shares were up 0.48%…..
It does not cost money to think, feel and act positively, and it does not cost money to think, feel and act negatively, so why not choose to think, feel and act positively?
EDGE – KUALA LUMPUR (Oct 7): CGS-CIMB Research expects Budget 2020 to be mildly positive for the KLCI, and potential beneficiaries are technology, consumer and tourism-related sectors. The research house said the construction sector could benefit from higher development expenditure. It said consumer sector will likely benefit from cash transfers to the B40 group and an increase in tourism activities…..
What’s up buddy?
AFFIN – TOP GLOVE: SELL
We are maintaining our SELL call on Top Glove (TOPG) and TP at RM4.10, post the analyst briefing hosted by the management recently. Although we are expecting strong growth within the nitrile segment to continue supported by 12% capacity growth, there is downside risk to our latex segment forecast. As the recovery of latex glove margin is also dependent on latex prices remaining stable throughout FY20, any irrational competition is likely to hamper the recovery.
RHB – PRESTARING: SELL
Maintain SELL and TP of MYR0.27, 44% downside. We are positive on the belated official launch of MLA 3.0 held last week, as it has changed the sentiment on the stock, along with the recent award of LOA from MoF. While we are keeping our forecasts and call, there could be potential upside to our TP as we have yet to factor in the potential compensation of SKIN, but we elect to remain conservative at this juncture.
If you’ve ever read a report from an investment analyst, you may have seen stocks described as “overweight.” This does not mean that the stock needs to cut the carbs and hit the gym. In fact, it’s actually good for a stock to be labeled as “overweight.”
Want to look skinny without losing any weight? Hang out with fat people. Meghan Trainor – All About The Bass. Enjoy!
FRIDAY, US STOCKS – MARKETWATCH: Stocks close higher after modest job gains keep Fed rate cut hopes alive. The Dow Jones Industrial Average DJIA, +1.42% rose 372.68 points, or 1.42%, to 26,573.72, the S&P 500 index SPX, +1.42% added 41.38 points, or 1.42% to 2,952.01 while the Nasdaq Composite COMP, +1.40% advanced 110.21 points, or 1.4%, to 7,982.47…..
P Ramlee Classic Song Tunggu Sekejab. Cover by Singaporean singer Aisyah Aziz. Enjoy.
NOW LOCAL NEWS
EDGE KUALA LUMPUR (Oct 4): Prestariang Bhd, the sole Microsoft licensing solutions provider for the Malaysian Government, today unveiled three components under its master licensing agreement (MLA) 3.0 with the Finance Ministry to encourage digital transformation in the public sector. The group said the RM222.6 million MLA 3.0 is an extension and renewal of the MLA 2.0. Prestariang said the MLA 3.0 is for a period of three years from Feb 1, 2018 till Jan 31, 2021.
BERNAMA SUBANG JAYA (Oct 4): The fact that more United Kingdom (UK) tech companies are investing in Malaysia highlights foreign investors’ confidence that Malaysia is moving in the right direction, said Communications and Multimedia Minister Gobind Singh Deo…..
BERNAMA BANGKOK (Oct 4): Green Packet plans to spread its wings to Thailand. The information and communications technology player is currently seeking to partner with Thailand telecommunication companies such as Advanced Info Service Public Company Ltd (AIS), Total Access Communication Public Company Ltd (DTAC) and TrueMove H to penetrate the market. Green Packet sales director Eduardo De Guzman said the company hopes to replicate its success in the Philippines, where it recorded annual sales of US$15 million……
Here’s the good news: digital devices have made your life better. Come Monday, on my radar GPacket. Even in a recession, money is still spent, and there’s a good chance GPacket will continue to pick up new business no matter which direction the economy decides to head.
Hey hey it’s Saturday.
Saturday is my day to unplug from work. I need my Saturday morning walk, Pasar Tani (Farmers Market) and whatever else I need to get done.
NONA NONA ZAMAN SEKARANG. Cover by Liyana Fizi. She is a former lead singer of the Malaysian jazz band Estrella. Enjoy!