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Cheering on Budget 2021

The all-rounded Budget 2021 that aims ensure sustainable living and rejuvenate economic activities is well received by majority which could provide a catalyst for further up strides. Foreign funds net buying rose to the highest level since mid-January 2020, coupled with the diminishing uncertainties surrounding the US political situation will ensure stability, moving forward. The lower liners are expected to remain robust, owing to the positive market momentum that is driven by the resurgence in trading liquidity.
market pulse

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SLP Resources Bhd – 25th Feb 21

Moving in FY21f, we believe that sales from the local market will continue to take charge (>50%), after raking 53.3% of total revenue in FY20 as oppose to only 39.0% recorded in FY19. For now, SLP will focus on ramping up the production of kitchen and garbage bag, targeting 25% of production output in FY21f (from less than 20% recorded in FY20).

Econpile Holdings Bhd – 25th Feb 21

As of 2QFY21, Econpile’s is equipped with an unbilled construction orderbook of approximately RM930.0m from 23 on-going projects. Moving forward, the group’s unbilled orderbook-to-cover ratio at 2.3x against FY20 revenue of RM403.0m will provide earnings visibility over the next three years.

market pulse

Rebound in sight

Selling pressure in the glove counters persisted, pushing the FBM KLCI into the negative territory in the afternoon trading session. Whilst the National Covid-19 Immunisation Programme kickoff did not boost the local bourse yesterday, we opine some bargain hunting activities to arise in lower liners after close to 1,000 counters closing in the red. Meanwhile, the Brent oil price continues to climb above USD67.

market pulse

Bargain hunting may take shape

In contrast with the regional gains, the FBM KLCI failed to sustain its intraday gains as the key index slipped into negative territory during the final trading hour. We expect the arrival of the second batch of Pfizer-BioNTech vaccine today and the vaccine distribution to different states will continue to attract buying interest in recovery-theme stocks moving forward. Meanwhile, crude oil price continued to remain firm above the USD65 level for the time being. Also, traders will focus on high earnings certainty sectors during this reporting season.

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