Rakuten Trade Research Reports

Daily Market Report - 16 February 2023

Publish date: Thu, 16 Feb 2023, 11:30 AM
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Previous Day Highlights

FBM KLCI continued with its uptrend for the 4th consecutive days, thanks to last minute buying activities. The benchmark index gained 0.28% or 4.22 points to close at 1,488.19. Gainers were led by PETGAS, PPB and MRDIY. Market breadth was mixed with 450 losers against 433 gainers while 407 counters remain unchanged. Total volume stood at 3.49bn shares valued at RM2.02bn.

Key regional indices ended broadly lower taking the negative cue from US inflation data. Nikkei 225 and STI dropped 0.37% and 1.13% to close at 27,501.86 and 3,280.82 respectively. Meanwhile, HSI and SHCOMP declined 1.43% and 0.39% to finish at 20,812.17 and 3,280.49 respectively.

Wall Street ended on positive note amid better market sentiment following the strong retail sales data. The DJIA gained 0.11% to close at 34,128.05. Meanwhile, SP500 and Nasdaq advanced 0.28% and 0.92% to finish at 4,147.60 and 12,070.59.

News For The Day

MISC posts 40% increase in 4Q net profit to RM645m

MISC, which recorded an earnings jump in 4QFY22, is seeing a promising outlook in its operating segments. The maritime solutions group said its 4QFY22 net profit climbed 39.7% to RM645m. The group reported revenue of RM4.17bn, which was 35.26% YoY higher on the back of improved contribution from various segments. The group declared an interim dividend of 12 sen per share, which brings the full-year payout to 33 sen per share. – The Star

RCE Capital posts flattish 3Q net profit

Consumer financing firm RCE Capital saw its 3QFY23 net profit rise a marginal 1.37% YoY to RM35.18m from RM34.7m, on higher revenue. RCE Capital issued 351.47m new shares on Jan 17, 2022, as part of a bonus issue on the basis of 19 shares for every 21 shares held. Quarterly revenue climbed 6.08% YoY to RM81.57m from RM76.9m, mainly driven by its ongoing sales campaign and higher early settlement income arising from increased refinancing activities by customers. -The Edge Markets

Nexgram unit scraps RM62m land acquisition deal

Nexgram Holdings’ unit has terminated a deal with Melaka Corporation (MCorp) pertaining to the acquisition of a 10.031- hectare piece of land in the state for RM61.53m cash. The sale and purchase agreement (SPA) between its wholly owned subsidiary Nexgram Biomedic SB and MCorp was terminated, given the pair were unable to fulfil certain conditions required under the agreement after numerous extensions of time. -The Edge Markets

Infomina bags contract worth US$3.3m

Infomina's wholly-owned subsidiary, PT Infomina Solution Indonesia has secured a maintenance and support contract worth approximately US$3.3m (RM14.5m) from PT Bank Maybank Indonesia TBK, boosting its ambitions of expanding into the country. The duration of the contract is for five years commencing from Nov 30 till Nov 29, 2027. -The Edge Markets

Solarvest to allocate RM1m for SIL2023 start-up

Solarvest Holdings (Solarvest) is expected to allocate up to RM1m for its Solarvest Innovation Lab 2023 (SIL 2023) start-up accelerator programme. The majority of the allocation would be towards equity investment for the accelerator funding. "The allocation is mainly for investment, and the amount to be invested depends on the potential of the business idea, which is subject to the approval of the board of directors,” it said. - The Star

Our Thoughts

Wall Street reversed earlier losses to end in positive territory as sentiment turned upbeat following the release of a higher than expected retail sales for January despite inflation remains a sticky issue. As a result, the DJI Average was up by 39 points while the Nasdaq closed 110 points higher as the US 10-year yield edged higher at 3.8%. In Hong Kong, sentiment remains spooked by the US inflationary pressure and interest rates worries as the HSI dipped by another 301 points to close at a 6-week low. Back home, the FBM KLCI closed on a high following an indifferent opening attributed to last minute buying again particularly on Telcos stocks. Nonetheless, we reckon market undertone is still cautious amid a rotational accumulation of blue chips. Therefore, we see the benchmark index to hover between the 1,485-1,495 range today while waiting for the second tabling of Budget 2023 slated for next Friday which should see more activities for the Construction sector to revive the nation’s economy.

Source: Rakuten Research - 16 Feb 2023

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