NEWS HIGHLIGHTS

• UOA REIT declares lower DPU of 3.9 sen in 4Q as net rental income drops 12%
• Ajiya posts RM13m loss in 4QFY2024 on investment loss, impairment
• Avaland launches Casa Embun Phase 2 in Cybersouth
• Bina Darulaman teams up with Chinese firm to pursue industrial waste management project
• Public portion of ACE Market-bound Master Tec's IPO oversubscribed by 7.1 times

MACRO BITS

• China shifts Latin America investment to compete with west
• Remained unchanged at 1.5% YoY in December, while core inflation cooled below the 2.0% level (See Economic Viewpoint: Malaysia Consumer Price Index)
• PM Anwar urges GLCs to remain committed to supporting Bumiputera agenda
• KPKM to investigate rice cartel claims with MYCC's help
• Govt targets turning Malaysia into high-end manufacturing, services destination
• Beijing sets 2024 growth target higher despite slowing economy
• China pledges to take more forceful measures to support market confidence
• Japan seen missing primary budget surplus target in FY2025
• Taiwan export orders plunge in December as demand from US, Europe falls
• Economists increasingly sure US will avoid recession -NABE survey
• Companies’ reluctance to roll back price rises poses US inflation risk
• Bank of Canada to keep rates on hold as stubborn inflation delays cut
• Eurozone’s job-market puzzle shows risk of early ECB rate cuts
• UK homes could see steepest fall in energy bills since summer
• German exports to US, China fall sharply in December

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

• Sector Update: Telecommunication
• Company Update: AFFIN, SAMAIDEN, YINSON
• Economic Viewpoint: Malaysia CPI

Source: Kenanga Research - 23 Jan 2024