NEWS HIGHLIGHTS

• RCE Capital posts flat earnings for FY2024, sees higher financing demand in FY2025

• Sports Toto's 3Q net profit almost tripled to RM68.5 mil on improved results from subsidiaries

• Pecca says on track to achieve record full-year earnings after 3Q net profit climbs 64%

• Favelle Favco to build two logistic warehouses in Australia

• TRC Synergy bags RM142 mil subcontract to 'transform' state legislative building

MACRO BITS

• Yellen says US isn’t ready to sign pending global tax agreement

• China slammed in G-7 show of unity threatening trade escalation

• April inflation steady at 1.8% YoY despite tourism surge and festive celebrations. (See Economic Viewpoint: Malaysia Consumer Price Index)

• PM: Implementation date, mechanism for targeted diesel subsidy out soon

• Fairer subsidies, no new taxes, says PM

• PM's short visit to Japan strengthens trade and investment ties

• Zafrul sees Malaysia-Japan trade rising this year

• Ahmad Zahid urges streamlined approval for businesses, foreign investments, particularly from China

• China talks security, business with U.S.-allied South Korea, Japan

• Ueda hints Japan yields at 12-year high aren’t a major issue

• Biden to end tariff exclusions on hundreds of chinese products

• Fed’s Waller says he still thinks neutral rate is relatively low

• ECB's Cipollone says recent data backs easing

• ECB's Panetta says consensus growing on need for rate cut

IDEAS OF THE DAY

• Results Note: BPPLAS, GASMSIA, MAYBANK, MKH, TCHONG

• Company Update: GAMUDA, INARI, IOI, KGB, SCIENTX

• Weekly Technical Review: DJIA, KLCI

• Economic Viewpoint: MY CPI

Source: Kenanga Research - 27 May 2024