\n

Hartalega said the reimbursement was made to current workers who joined the group prior to the implementation of its zero-recruitment cost policy on April 1, 2019 and had previously paid recruitment fees to employment agents during the recruitment process.<\/p>\n\n\n\n

On Oct 6 last year, Top Glove Corp Bhd announced that it will pay RM136 mil over the next 10 months to compensate its migrant workers as part of its efforts to resolve the CBP import ban over forced labour claims. \u2013 June 11, 2021<\/p>\n","post_title":"Supermax: Have you done your bit to reimburse your foreign workforce?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"supermax-have-you-done-your-bit-to-reimburse-your-foreign-workforce","to_ping":"","pinged":"","post_modified":"2021-06-12 09:06:36","post_modified_gmt":"2021-06-12 01:06:36","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=72035","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":72025,"post_author":"91","post_date":"2021-06-11 13:53:57","post_date_gmt":"2021-06-11 05:53:57","post_content":"

IT seems that what is perceived to be a major share dumping by its co-founder is after all a tactical move that should not let the alarm bell sounding for too long.<\/p>\r\n

Such is the feedback that that FocusM<\/em><\/strong> obtained from a close aide to Datuk Awang Daud Awang Putera who is also the global integrated oil & gas (O&G) service provider\u2019s non-independent non-executive director.<\/p>\r\n

\u201cSpeculations that Datuk Awang Daud and Datuk Karim (group managing director\/CEO Datuk Dr Abdul Karim Abdullah) are parting ways are unfounded,\u201d the aide pointed out on condition of anonymity. \u201cTheir partnership which dates back to 1993\/1994 is very much intact.\u201d<\/p>\r\n

Yesterday, Awang Daud sparked wide market talk following his disposal of 8.5 million shares in the open market at an average price of 64.02 sen (an equivalent of 0.23% of his shareholding) which trimmed his stake in Serba Dinamik 1.8% or 66.79 million shares.<\/p>\r\n\r\n Datuk Awang Daud Awang Putera<\/em>[\/caption]\r\n\r\n

A stock market analyst who is familiar with Serba Dinamik told FocusM<\/em><\/strong> that the risks and rewards factor look attractive at the current price given the counter\u2019s dividend payout of 30%.<\/p>\r\n

\u201cUncertainties will linger for a while but there is opportunity for the stock to recover due to technical rebound,\u201d projected the stock market analyst who did not want to be named.<\/p>\r\n

Aside from Awang Daud, the Employees Provident Fund (EPF) also sold 481,000 shares on June 4 after disposing of 681,300 shares on June 2 and another 273,900 shares on June 3. Following these disposals, the pension fund\u2019s stake in Serba Dinamik has shrunk to 367.41 million shares or a 9.9%.<\/p>\r\n

On the reversal, Abdul Karim has himself moped up five million shares on May 31 \u2013 the day Serba Dinamik resumed trading after a two-day suspension following the flagging of accounting issues on its FY2020 financials by the company\u2019s external auditor KPMG on May 25.<\/p>\r\n

Meanwhile, fellow non-independent non-executive director Datuk Abdul Kadier Sahib has thus far amassed 11 million shares in the company.<\/p>\r\n

The company\u2019s second-largest shareholder after Abdul Karim (27.07% stake) has acquired an additional three million shares in the open market on June 4 after purchasing five million shares on June 2 and three million shares on June 3, thus raising his shareholding to 602.9 million shares or 16.25%.<\/p>\r\n

At 12.29pm, Serba Dnamik was down 1.5 sen or 2.34% to 62.5 sen with 92.68 million shares traded, thus valuing the company at RM2.34 bil. \u2013 June 11, 2021<\/p>","post_title":"Serba Dinamik: Awang Daud has no intention to exit the company","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"serba-dinamik-awang-daud-has-no-intention-to-exit-the-company","to_ping":"","pinged":"","post_modified":"2021-06-12 09:07:30","post_modified_gmt":"2021-06-12 01:07:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=72025","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71963,"post_author":"91","post_date":"2021-06-10 18:53:00","post_date_gmt":"2021-06-10 10:53:00","post_content":"

CABLE and wire manufacturer Southern Cable Group Bhd has secured shareholders\u2019 approval for the proposed amendments to the company\u2019s constitution, thus paving the way for the transfer of its listing status to the Main Market of Bursa Malaysia.<\/p>\r\n

The Kedah-based company expects the transfer exercise to take place in 4Q 2021 pending approvals from the Securities Commission (SC) and Bursa Malaysia.<\/p>\r\n

\u201cThe transfer of Southern Cable\u2019s to the Main Market of Bursa Malaysia in less than a year after our ACE Market listing mirrors our bright prospects in the high-growth cables and wires market,\u201d the company\u2019s managing director Tung Eng Hai pointed out during its virtual annual general meeting (AGM) today.<\/p>\r\n

\u201cNot only do we supply cables and wires to key utility providers such as Tenaga Nasional Bhd and Telekom Malaysia Bhd but also to major infrastructure projects such as the Mass Rapid Transit (MRT) as well as the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor, among others.\u201d<\/p>\r\n

Tung expects Southern Cable to post resilient growth in 2H 2021 as the company has tapped the roll-out of mega projects across key sectors such as power, telecommunication, infrastructure & construction and oil & gas (O&G).<\/p>\r\n

The company is also in the process of expanding its cable and wire production capacity to support its growth by building a new production facility adjacent to its existing facility in Kuala Ketil (Kedah).<\/p>\r\n

Construction works for the new production facility are expected to commence in 2H 2021 which would provide an additional annual capacity of 5,000 km (kilometres). Upon completion in 2H 2022, the group\u2019s total production capacity for cables and wires would increase by about 15% to 38,780km annually.<\/p>\r\n

The expansion comes on the backdrop of favourable demand outlook for cables and wires in Malaysia.<\/p>\r\n

According to the Energy Commission of Malaysia, the country\u2019s total installed electricity generation capacity grew from 24,275MW (megawatts) in 2010 to 36,585MW in 2019 while another 6,077MW in new generation capacity would be required by 2030.<\/p>\r\n

\u201cThe transfer to the Main Market would help reinforce our profile as a leading and trusted provider of cables and wires,\u201d projected Tung. \u201cWe also target to achieve more investor participation in our shares which would also help to enhance shareholders\u2019 value.\u201d<\/p>\r\n

Southern Cable was listed on the ACE Market of Bursa Malaysia on Oct 16 last year at an initial public offering (IPO) price of 34 sen\/share.<\/p>\r\n

At the close of today\u2019s trading, the company was down 0.5 sen or 1.06% to 46.5 sen with 897,300 shares traded, thus valuing the company at RM372 mil. \u2013 June 10, 2021<\/p>","post_title":"Southern Cable gets shareholders\u2019 nod for Main Market transfer","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"southern-cable-gets-shareholders-nod-for-main-market-transfer","to_ping":"","pinged":"","post_modified":"2021-06-11 13:47:00","post_modified_gmt":"2021-06-11 05:47:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71963","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71964,"post_author":"21","post_date":"2021-06-10 18:16:32","post_date_gmt":"2021-06-10 10:16:32","post_content":"

BURSA Malaysia reversed earlier gains to close at its intraday low for the second straight day Thursday, weighed by profit-taking in selected heavyweights led by utilities and healthcare counters.<\/p>\r\n

At the close,\u00a0the\u00a0benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.58\u00a0points to 1,579.90 from Wednesday\u2019s close of 1,581.48.<\/p>\r\n

The index opened 1.87\u00a0points better at 1,583.35\u00a0and moved between 1,579.90 and 1,586.28 throughout the session.<\/p>\r\n

Market breadth was however positive\u00a0with gainers leading losers 520 to 436,\u00a0while 478\u00a0counters were unchanged, 726\u00a0untraded, and 29\u00a0others suspended.<\/p>\r\n

Turnover fell to 4.91 billion units worth RM2.74 bil from six billion units worth RM3.20 bil on Wednesday. - June 10, 2021<\/p>","post_title":"FBM KLCI pares gains to end at intraday low, broader market mixed","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"fbm-klci-pares-gains-to-end-at-intraday-low-broader-market-mixed","to_ping":"","pinged":"","post_modified":"2021-06-11 13:49:07","post_modified_gmt":"2021-06-11 05:49:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71964","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71939,"post_author":"91","post_date":"2021-06-10 15:30:19","post_date_gmt":"2021-06-10 07:30:19","post_content":"

AGAINST the backdrop of the Employee Provident Fund (EPF) having already disposed 955,200 shares between June 2 and 3 to slash its shareholding to 9.92%, investors \u2013 big and small \u2013 are now more eager than ever to wonder what ultimate solutions the independent non-executive directors (INEDs) of Serba Dinamik Holdings Bhd are bringing to the table.<\/p>\r\n

After all, two weeks have lapsed since external auditor KPMG flagged some outstanding matters pertaining to the global integrated oil & gas (O&G) service provider\u2019s statutory audit for its FY2020 financials on May 25.<\/p>\r\n

Having questioned the \u201cproactiveness\u201d<\/a><\/span><\/strong> of the company\u2019s INEDs recently, the Institutional Investors Council Malaysia (IIC) is demanding prompt action given that the selection process for an international independent firm to review KPMG\u2019s audit \u201cseems to have stalled\u201d.<\/p>\r\n\r\n Lya Rahman<\/em>[\/caption]\r\n\r\n

\u201cThe INEDs must keep to their promise that they will ensure the due process takes place without compromising the governance aspect,\u201d IIC adviser Lya Rahman told FocusM<\/em><\/strong>, referring to the statement dated June 3 by the INEDs to ensure that the company\u2019s corporate governance is at the highest level.<\/p>\r\n

\u201cThe appointment of the international independent firm to look at the various audit issues raised by KPMG is crucial and should not be delayed to regain the shareholders and stakeholders confidence,\u201d asserted Lya.<\/p>\r\n

\u201cIn ensuring the independence of the appointment process, this obviously should come under the purview of the audit committee or INEDs without the management\u2019s interference.\u201d<\/p>\r\n

Echoing IIC\u2019s view, the Minority Shareholders Watch Group (MSWG) agreed that the appointment of the independent firm should be made as soon as possible.<\/p>\r\n

\u201cAs a matter of better governance process, the audit committee (two INEDs are members of the committee) should evaluate these firms and make a recommendation to the board. Where there is a will, there is a way,\u201d MSWG\u2019s CEO Devanesan Evanson told FocusM<\/em><\/strong>.<\/p>\r\n

\u201cThe sooner these issues are resolved, the better the visibility for minority shareholders and the greater the certainty as to the company\u2019s financial position.\u201d<\/p>\r\n

Independent committee<\/strong><\/p>\r\n

Similarly, the IIC is also appalled with the undue delay in appointing members of the independent committee.<\/p>\r\n\r\n Devanesan Evanson<\/em>[\/caption]\r\n\r\n

\u201cIf there is a further delay, perhaps the reasons should be made known,\u201d opined IIC\u2019s Lya.<\/p>\r\n

\u201cBursa Malaysia as the front line regulator should monitor the situation and probably exert some pressures on the board to ensure that all urgent efforts be made to ensure that the establishment of the committee be expedited alongside a clear set of terms of reference.\u201d<\/p>\r\n

MSWG\u2019s Devanesan said one alternative is for Serba Dinamik to look to its INEDs to resolve the issues instead of an independent firm.<\/p>\r\n

\u201cThey can form an ad-hoc committee whose terms of reference will be to resolve the KPMG issues. This committee can invite other professionals on a need basis to assist them,\u201d proposed Devanesan.<\/p>\r\n

\u201cThere will be no learning curve with these independent directors as opposed to a new incoming independent firm. Furthermore, some of the independent directors \u2013 who are also AC members \u2013 have dealt with KPMG for many years in the past.\u201d<\/p>\r\n

Serba Dinamik's independent directors include KPMG Malaysia's former partner Hasman Yusri Yusoff, Nationwide Express Holdings Bhd\u2019s former managing director Rozilawati Basir as well as accountant Sharifah Irina Syed Ahmad Razi and lawyer Tengku Datuk Seri Hasmuddin Tengku Othman.<\/p>\r\n

\u201cThus, there are competent resources among the independent directors to resolve the issues. An ad-hoc committee comprising independent directors will be the fastest way to resolve the issues,\u201d reckoned Devanesan.<\/p>\r\n

<\/p>\r\n

At the end of the day, IIC\u2019s Lya said the main issue has nothing to do with the INEDs having adequate experience in dealing with a high-magnitude crisis management.<\/p>\r\n

\u201cIt is more about their willingness to discharge their fiduciary duties independently for the best interest of the company without fear of losing their positions and beholden to management or certain major\/substantial shareholders,\u201d she pointed out.<\/p>\r\n

MSWG\u2019s Devanesan said it is the prerogative of the nomination committee (NC) to assess whether the company needs new directors on board to deal with the current issues and the crisis.<\/p>\r\n

\u201cThe NC should evaluate whether there is such a need and make their recommendations to the board,\u201d he suggested.<\/p>\r\n

\u201cThe NC is in the best position to assess this need (for new directors) as it is within their terms of reference to assess the skills-matrix of the board and facilitate directors\u2019 evaluations.\u201d<\/p>\r\n

As investors are awaiting positive development on the pending issue \u2013 and with many speculations and rumours flying out there \u2013 Serba Dinamik must remember that its silence can only be deafening. \u2013 June 10, 2021<\/p>","post_title":"Serba Dinamik\u2019s INEDs need to buck up to swiftly resolve uncertainties","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"serba-dinamiks-ineds-need-to-buck-up-to-swiftly-resolve-uncertainties","to_ping":"","pinged":"","post_modified":"2021-06-13 15:37:47","post_modified_gmt":"2021-06-13 07:37:47","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71939","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71908,"post_author":"91","post_date":"2021-06-10 14:10:35","post_date_gmt":"2021-06-10 06:10:35","post_content":"

SERBA Dinamik Holdings Bhd seems to have priced in most of the downside \u2013 unless there are more unforeseen events occurring.<\/p>\r\n

According to UOB Kay Hian Research, the current price is close to the company\u2019s adjusted initial public offering (IPO) price of about 56-60 sen and below the book value per share (BVPS) of 96 sen.<\/p>\r\n

\u201cIf there are no updates from (external auditor) KPMG, and Serba Dinamik\u2019s independent auditor requires some time to complete its work, there will not be a major near-term re-rating at this juncture,\u201d reckoned analyst Kong Ho Meng in a company update.<\/p>\r\n

UOB Kay Hian Research has retained its \u201chold\u201d rating on Serba Dinamik with a new target price of 70 sen or 60.7% discount from RM1.78 previously with an entry price of 55 sen.<\/p>\r\n

To re-cap, Serba Dinamik has decided not to remove its external auditor and targets to appoint its independent auditor by June this year.<\/p>\r\n

The global integrated oil & gas (O&G) service provider also said it has responded to KPMG\u2019s matters (dated May 3) on May 6 in which KPMG has not followed up as of end-May.<\/p>\r\n

Commenting on uncertainties, UOB Kay Hian Research said some events that warrant further downside and downgrade to its call include:<\/p>\r\n

\r\n\t
• KPMG decides to resign; a resignation move from an external auditor will mark an event with the most serious ramifications on the company. Auditors can resign if they suspect fraud, malpractice or mismanagement which were unable to be resolved with management;<\/li>\r\n\t
• Serba Dinamik\u2019s owners massively dump their shares, suggesting they have something to hide; or<\/li>\r\n\t
• Independent auditors conclude their accounts with adverse opinion.<\/li>\r\n<\/ul>\r\n

  On behalf of shareholders, UOB Kay Hian Research hopes that Serba Dinamik would consider to \u2013 once it has positively clears its accounting issues:<\/p>\r\n

  \r\n\t
  • Slashing dividends to preserve buffer in view of uncertainties;<\/li>\r\n\t
  • Reduce or fine-tune a system to allow companies and transactions to be easily traceable and verified by auditors, or else,<\/li>\r\n\t
  • Shed away some operations and asset ownership companies to be simpler and more straightforward.<\/li>\r\n<\/ul>\r\n

    \u201cThis is because due to Serba Dinamik\u2019s growth to a global complicated structure it has today, we have to assume that there will always be another incident where auditors may raise special audit matters but face insufficient time to verify all of them,\u201d added the research house.<\/p>\r\n

    At the close of this morning\u2019s trading session, Serba Dinamik was up 0.5 sen or 0.8% to 63 sen with 50.29 million shares traded, thus valuing the company at RM2.35 bil. \u2013 June 10, 2021<\/p>","post_title":"Serba Dinamik: Seeking escape route from the rock and hard place","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"serba-dinamik-seeking-escape-route-from-the-rock-and-hard-place","to_ping":"","pinged":"","post_modified":"2021-06-11 13:48:41","post_modified_gmt":"2021-06-11 05:48:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71908","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71886,"post_author":"91","post_date":"2021-06-10 10:20:16","post_date_gmt":"2021-06-10 02:20:16","post_content":"

    A WINDFALL in the form of a special dividend yielding 11% (based on 50% pay-out), on top of 2% normal dividend may await IJM Corp Bhd\u2019s shareholders in the event of a successful disposal of its 56% stake in IJM Plantation Bhd to Kuala Lumpur Kepong Bhd (KLK).<\/p>\r\n

    This, according to Hong Leong Investment Bank (HLIB) Research will culminate in a special dividend of 21 sen on top of FY2022F dividend of 3.8 sen, translating to a total yield of 13.1%.<\/p>\r\n

    \u201cNote that we are assuming a 50% pay-out ratio on the sale proceeds,\u201d projected head of research Jeremy Goh in a company update.<\/p>\r\n

    \u201cNonetheless, it is possible for IJM Corp to pay out the proceeds over two to three years. Post-transaction, IJM Corp may also see its SOP (sum-of-parts) \u2018conglomerate discount\u2019 narrow with the reduction of operating divisions.\u201d<\/p>\r\n

    Yesterday, IJM Corp received an offer from KLK for the proposed acquisition of its 56% stake in IJM Plantation for RM1.5 bil cash or RM3.10\/share which translates to a 26% premium over its last closing price.<\/p>\r\n

    Conditions precedent for the transaction include (i) IJM and KLK\u2019s shareholders approval; (ii) consent from lenders of IJM and IJM Plantation; and (iii) consent from the relevant authorities.<\/p>\r\n

    More broadly, HLIB Research deemed KLK\u2019s offer price of RM3.10 or RM1.5 bil \u2013 which may take into account favourable CPO prices \u2013 as attractive at 19% premium to its target price of RM2.61 for IJM Plantation.<\/p>\r\n

    \u201cPost-sale, IJM Corp could record RM728 mil disposal gain and reduces its earnings profile volatility on the longer term,\u201d reckoned the research house. \u201cWe note that in the past, IJM Plantation has been a volatile drag on IJM Corp\u2019s core earnings.\u201d<\/p>\r\n

    Pending completion of the deal, HLIB Research maintained its \u201cbuy\u201d rating on IJM Corp with a higher target price of RM2.29 (from RM2.11 prevously) after recalibrating its SOP calculations.<\/p>\r\n

    \u201c(Its) key catalysts include the Mass Rapid Transit Phase 3 (MRT3) project, the 12^{th<\/sup> Malaysia Plan (12MP) and potential asset monetisation,\u201d added the research house.<\/p>\r\n}

    At 9.45am, IJM Corp was up 5 sen or 2.63% to RM1.95 witth 8.11 million shares traded, ths valuing the company at RM8.1 bil. \u2013 June 10, 2021<\/p>","post_title":"Special dividend in the pipeline for IJM Corp shareholders?","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"special-dividend-in-the-pipeline-for-ijm-corp-shareholders","to_ping":"","pinged":"","post_modified":"2021-06-10 16:08:59","post_modified_gmt":"2021-06-10 08:08:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71886","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71882,"post_author":"91","post_date":"2021-06-10 09:34:43","post_date_gmt":"2021-06-10 01:34:43","post_content":"

    DESPITE posting a commendable 9M FY8\/2021 results, Top Glove Corp Bhd will have to brace for a 5% month-on-month decline in its average selling price (ASP) in the months ahead.<\/p>\r\n

    This is evident with the current price trends which resulted in the glove maker\u2019s ASP retreating by 16% quarter-on-quarter (qoq) in its latest 3Q FY8\/2021 results, according to TA Securities Bhd.<\/p>\r\n

    However, this can be mitigated by the company\u2019s robust expansion plan whereby its total capacity is expected to rise by 11 billion gloves annually by end-2021, an increase of 11% from the current capacity of 100 billion gloves.<\/p>\r\n

    \u201cThereafter, the group targets to add additional 27 billion gloves or 24% to boost its capacity to 138 billion gloves by end-2022,\u201d wrote analyst Tan Kong Jin in a results review.<\/p>\r\n

    \u201cFor 4Q FY8\/2021, sales volumes are expected to increase by 10-20% qoq as 3Q FY8\/2021 volume was affected by the exports ban imposed by CBP (the US Customs and Border Protection).<\/p>\r\n

    Yesterday, the world\u2019s largest glove maker dished out a decent set of results<\/a> <\/span><\/strong>with a net profit of RM2.06 bil for its 3Q FY8\/2021 which was 490% higher than the same period a year ago (3Q FY2020: RM350.03 mil).<\/p>\r\n

    Nevertheless, the company\u2019s net profit eased 29% quarter-on-quarter (qoq) (2Q FY8\/2021: RM2.9 bil) on the back of adjustments in line with glove market pricing trends to average selling prices (ASPs) which had peaked in February 2021.<\/p>\r\n

    Two welcoming news shared by the management, according to TA Securities Research, is that the CBP is currently at the verification stage as Impactt (Top Glove\u2019s\u2019s consultant) has certified that any indicators of forced labour have been fully remediated.<\/p>\r\n

    Moreover, the glove maker remains committed to its proposed initial public offering (IPO) in Hong Kong. \u201cAssuming the completion of exercise in FY2022, we estimate EPS (earnings per share) dilution of circa 8% post completion of the dual-listing exercise,\u201d projected TA Securities Research.<\/p>\r\n

    All-in-all, the research house maintained its \u201cbuy\u201d rating on Top Glove but lowered its target price to RM5.30\/share (from RM5.77 previously).<\/p>\r\n

    Meanwhile, AmBank Research is more bearish with its outlook on Top Glove as the glove maker\u2019s re-entry into the high-premium US market would be challenging given the current ban would have resulted in its market share been snapped up by other industry peers.<\/p>\r\n

    \u201cThus, in the absence of lasting rerating catalysts, we expect a slow and steady decline in Top Glove\u2019s share price over the course of the next three quarters,\u201d projected the research house.<\/p>\r\n

    \u201cWhile the eventual lifting of US sanction will likely cause a notable sentiment-driven upswing, we believe that it, too, will peter in the face of waning ASP and general glove demand.\u201d<\/p>\r\n

    As a whole, AmResearch retained its \u201chold\u201d call on Top Glove m with a lower fair value of RM4.45 (from RM5.24 previously).<\/p>\r\n

    At 9.17am, Top Glove was up 6 sen or 1.24% to RM4.90 with 1.43 million shares traded, thus valuing the company at RM40.13 mil. \u2013 June 10, 2021<\/p>","post_title":"Falling average selling price to plague Top Glove\u2019s future earnings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"falling-average-selling-price-to-plague-top-gloves-future-earnings","to_ping":"","pinged":"","post_modified":"2021-06-10 16:09:09","post_modified_gmt":"2021-06-10 08:09:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71882","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":71880,"post_author":"91","post_date":"2021-06-10 08:55:41","post_date_gmt":"2021-06-10 00:55:41","post_content":"

    BELOW are excerpts of viewpoints from two selected research houses on what investors can expect in the day ahead:<\/p>\r\n

    Inter-Pacific Research<\/strong><\/p>\r\n

    Malaysian equities lost ground again yesterday, failing to build on the gains attained a day earlier with quick profit taking actions holding back the market.<\/p>\r\n

    Cushioning the pull-back, however, was glove-maker stocks after Top Glove Corp Bhd reported another strong set of earnings.<\/p>\r\n

    Elsewhere, the lower liners and broader market shares also retreated with technology shares the big losers on the dearth of positive leads.<\/p>\r\n

    Expectedly, both traded volumes and market breadth were on the weaker side.<\/p>\r\n

    The anticipated follow through buying failed to materialise to leave the market on a drifting mode again, a condition that we see continuing over the near term as market players are still uncertain of the near-term direction.<\/p>\r\n

    In addition, the wariness remains on the state of the country\u2019s economy that could further leave more market players on the sidelines.<\/p>\r\n

    Meanwhile, overseas leads are also few and in-between as market players await for the US CPI (consumer price index) data that could cloud the prospects of cheap funding over the foreseeable future as inflation creeps up.<\/p>\r\n

    As such, we expect the key index to continue drifting with a downside bias to persist for the time being.<\/p>\r\n

    On the downside, the immediate support is at 1,580 points, followed by the 1,575 level. The resistance, meanwhile, are at 1,590 and the 1,600 levels respectively.<\/p>\r\n

    Malacca Securities Research<\/strong><\/p>\r\n

    The FBM KLCI reversed its gains from the previous session as the key index languished in the negative territory on profit taking, mirroring the regional declines.<\/p>\r\n

    However, we believe investors\u2019 sentiment may turn mildly positive following the Government\u2019s announcement to commence the dispensing of vaccines to critical economic sectors under phase four of the National Covid-19 Immunisation Programme, targeting to increase the vaccination rate.<\/p>\r\n

    Commodities-wise, crude palm oil (CPO) price extended its losses, while crude oil price remained flat around US$72.<\/p>\r\n

    The FBM KLCI failed to extend its rebound as the key index retreated to close below the EMA20 level. Technical indicators turned negative as the MACD Histogram turned red, while the RSI hovered marginally below the 50 level.<\/p>\r\n

    We expect the key index to trade sideways in upward bias tone with resistance located around 1,600-1,620, while the support is set at 1,555-1,565. \u2013 June 10, 2021<\/p>","post_title":"What to expect on Bursa Malaysia today","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"what-to-expect-on-bursa-malaysia-today-118","to_ping":"","pinged":"","post_modified":"2021-06-10 13:47:49","post_modified_gmt":"2021-06-10 05:47:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/focusmalaysia.my\/?p=71880","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"prev":true,"total_page":569},"paged":1,"column_class":"jeg_col_2o3","class":"epic_block_22"};