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Nov 27, 2018 Overnight Indexes & News
#1
Today news
 
Overnight Dow Jones: +354
U.S. stocks jumped on Monday as shares of some beaten-down tech companies rebounded after posting steep losses last week while General Motors shares climbed.
 
Oil prices rose on Monday, clawing back some of the previous session's steep losses, although gains where capped by uncertainty over global economic growth and further signs of increasing supply.
 
Brent crude were up $1.67, or 2.8 percent, at $60.47
 
Local news
Panasonic Manufacturing Malaysia Bhd’s net profit grew 44.34% to RM34.13 million in the second quarter ended Sept 30, 2018 (2QFY19) from RM23.64 million last year due to higher revenue.
 
Pecca Group Bhd’s net profit rose 24% to RM3.47 million in the first quarter ended Sept 30, 2018 (1QFY19) from RM2.79 million a year earlier, on stronger contribution from its original equipment manufacturing, pre-delivery inspection and replacement equipment manufacturer segments.
 
Telekom Malaysia Bhd, reported a quarterly net loss of RM175.59 million - the first in 10 years - for its third financial quarter ended Sept 30, 2018 (3QFY18), from a net profit of RM211.82 million in 3QFY17, dragged by an impairment loss of RM934.8 million on network assets.
 
Tropicana Corp Bhd’s net profit rose 10.5% to RM34.15 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM30.91 million, mainly due to lower tax expenses.
 
QL Resources Bhd’s net profit grew 10.7% to RM60.52 million in the second financial quarter ended Sept 30, 2018 (2QFY19), from RM54.66 million last year on higher sales from its marine product manufacturing (MPM) business as a result of recovery of low fish catch cycle and higher contributions from surimi-based products.
 
Taliworks Corp Bhd’s net profit almost doubled to RM19.68 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM10.01 million a year ago, on higher contributions from the construction and water treatment, supply and distribution divisions and lower cost of operations specifically from lower rehabilitation and maintenance cost incurred in its Langkawi operations.
 
MyEG Services Bhd has announced it is buying a 40% stake in an Indonesian-based e-government service provider PT Cartenz Technology Indonesia for US$10 million.
 
Coastal Contracts Bhd’s net profit jumped five times to RM17.1 million in its first quarter ended Sept 30, 2018, from Rm3.27 million a year ago, largely due to the recognition of a foreign exchange gain compared to a loss previously.
 
WCT Holdings Bhd reported a 35.6% decline in net profit for its third financial quarter ended Sept 30, 2018 (3QFY18) to RM26.13 million from RM40.55 million a year ago, on lower revenue as a result of lower billings from local and overseas infrastructure projects. WCT also attributed its decline in profitability to lower property sales during the period. Earnings per share was 1.89 sen versus 2.92 sen. Its revenue came in 17.8% lower at RM385.78 million, compared with RM469.25 million in 3QFY17.
 
IJM Corp Bhd's net profit plunged 80.81% to RM21.92 million in the group's second quarter ended Sept 30, 2018 (2QFY19) from RM114.23 million a year ago, on the back of lower revenue and higher foreign exchange (forex) losses.
 
Petra Energy Bhd's net loss more than tripled to RM26.97 million in the third quarter ended Sept 30, 2018 (3QFY18) — its second consecutive quarter of losses — from RM7.91 million a year ago, due to higher losses from both the services, and production and development segments.
 
weak ringgit is eating into profits at Lay Hong Bhd, but the poultry producer expects higher egg prices in the coming months to  lift its performance. This, coupled with one-time “early retirement” of its layer birds and prudent measures taken to control the spread of bird flu virus in Sabah, contributed to the loss of RM10.96mil in the second quarter.
 
Icon Offshore Bhd suffers its fourth straight quarterly loss amid slumping demand for its offshore support vessel (OSV) services. For the third quarter, Icon Offshore registered a net loss of RM11.6mil on revenue of RM51.7mil.


Genting Malaysia Berhad sued 21st Century Fox and its soon-to-be new owner, the Walt Disney Co., for pulling out of an agreement for a Fox World theme park at its casino resort outside Kuala Lumpur. Genting is seeking more than $1 billion in damages, according to a complaint filed Monday in federal court in Los Angeles. The reason Fox terminated the deal, according to Genting, is that Disney doesn’t want to be associated with a gaming business.
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#2
Two highlight of the day: TELEKOM, GENM

1) TELEKOM
TM announced its first ever quarterly loss yesterday; 3Q2018 loss RM175 million compare to RM211 million profits a year ago. By looking into the detail, the loss was due to the impairment on its network business, amounting to RM934 mil. Without this, the company achieved growth instead.

Do you know what Impairment is?
It is an exercise, a recoverable amount the company set aside a huge sum of current profits, can use to cushion the losses in the future. This exercise will be carried out when management foresee a *potential threat in the future, would be better to put aside a “reserve fund” now since the business is generating good earnings, then if the future really into losses, this impaired amount can recover partly to reduce the impact.

*potential threat in TM:
Being mentioned many times, since the new govt in place, it has instructed the telco company, mandatory price reduction and broadband speed improvement. This will surely harm TM’s business landscape. This is also the reason why TM share price shed from RM5 to RM2.30 after this new instruction from govt.

Many may think TM share price will down severely today due to this “negative result”, I think there are only some “after-shocks” around 15cent down, because I believe share price have already factored in this fact hence, will not really crash down.



2) GENM
21st Century Fox new owner, Walt Disney is pulling out its plan to open theme park at Genting Highland. “Disney wanted no association with a gaming company like GENM due to Disney’s ‘family-friendly’ brand strategy,” Genting said. Also, Genting is now sue the counterpart for breaching the contract.

This development is like added salt to the wound, many have thought the upcoming theme park re-open can cushion the earnings eroded by higher taxes, without this theme park, might cause entire plan haywire.




今天两个重点:TELEKOM,TM

1) TELEKOM
TM昨天公布了有史以来首次季度亏损; 与去年同期的2.11亿令吉盈利相比,2018年第3季却度亏损1.75亿令吉。通过查看细节,这亏损是由于其网络业务的减值拨备导致,高达9.34亿令吉。如果没有这个,公司反而还出现增长。

你知道什么是减值拨备吗?
这笔款项是可回收的,而且这是一项特意性的动作,公司利用目前的利润预留了一笔巨额,可以用来缓冲未来的损失。每当管理层预见未来有*潜在威胁时就会进行的动作,最好是趁目前的生意还有良好的赚头时,先预备一笔“储备金”,如果未来果真出现亏损,就可以利用回收部分拨备金额来减少亏损(减少影响)。

*TM的潜在威胁:
多次提及过,自新政府成位以来,它已指示电信公司,强制降价和宽带速度提升。这肯定会损害TM的商业前景,也是因为政府的新指令,TM股价从RM5降至RM2.30的主因。

由于这 “首次亏损”,许多人会认为今天的TM股价将严重下跌,我相信,只会有一些“余震”,跌大概15仙左右,因为我认为股价已经全面反映了此事,不会出现崩盘。


2)GENM
21世纪福斯新老板,沃尔特迪斯尼(Walt Disney)正在退出在云顶高原开设主题公园的计划。 “由于迪士尼是'家庭友好'的品牌战略,迪士尼不希望与像赌博业公司建立联系”云顶说。 此外,云顶正起诉他们。

这发展就像是给伤口撒盐,很多人都认为即将重开的主题公园可以缓解因增加税收而受到侵蚀的收入,如果没有了这个主题公园,可能会导致整个计划失控。
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