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As US and China trade tariff barbs, others scoop up US soybeans

CHICAGO, April 9 — Escalating tensions between the United States and China have triggered a flurry of US soybean purchases by European buyers, in one of the first signs that trade tariff threats lobbed between the world’s top two economies are…


Tech stocks wobble again after Trump ups ante

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KUALA LUMPUR (April 6): Technology stocks on Bursa Malaysia were off to a wobbly start this morning, reversing the swift but short-lived recovery yesterday which saw most technology counters finishing higher at market close. This came after US President Donald Trump announced Thursday that he had instructed US trade officials to consider slapping an additional US$100 billion in tariffs on Chinese goods, in light of “China’s unfair retaliation”. Across the local bourse, technology stocks swung between positive and negative territory in morning trade. At 10.20am, KESM Industries Bhd was downRead More


Demand for semiconductor products to stay strong, but trade war fears linger

KUCHING: The demand for semiconductor products are expected to remain robust but there is still lingering fears of a trade war between major economies, analysts say. MIDF Amanah Investment Bank Bhd’s research arm (MIDF Research) noted that the growth rate of monthly worldwide sales of semiconductor has trended lower mainly due to the high base […]


Semiconductors may be at risk if trade war broadens

PETALING JAYA: MIDF Research said that a possible trade war may impact earning prospects of semiconductor companies should it intensify, even though its channel checks have not shown a change to volume orders at this point.

“Should the trade war intensify, we do not discount the possibility that future earnings outlook of these companies could be affected, “ the firm said in its note to investors today.

The Technology index fell some 7% to 29.07 points today, while the FBM ACE Index fell 7% to 4,883.83 points.

Pending further developments of a trade war, MIDF maintained a Neutral stance on the segment.

MIDF Research initially opined that demand for semiconductor products to remain robust, driven by – new smartphone line-up; expected recovery in the tablet market; and stable demand from the automotive industry.

The semiconductor companies under its coverage namely Inari Amertron Bhd and Unisem (M) Bhd saw their share prices fall at market close today. Unisem fell 2.51% to RM2.33 with some 1.84 million shares done, while Inari declined 6.28% to RM2.39 with some 13.33 million shares traded.

Worldwide sales of semiconductor products rose by a year-on-year (y-o-y) 21% to US$36.8 billion (RM142.3 billion), representing the 19th consecutive month of sales improvement since August 2016.

“Billings of semiconductor equipment reached a new height of US$2.41 billion for the month of February 2018. This represents a monthly sequential month-on-month increase of 1.7% after a marginal decline of -1.2% recorded for January 2018. On a y-o-y basis, the billings are 22.2% higher compared to February 2017 billings level of US$1.97 billion. Premised on this, the SEMI expected 2018 to mark the third consecutive year of spending growth, which last occurred in the 1990s,” said MIDF.

Meanwhile, China’s introduction of corporate tax breaks for chipmakers in the country, in a bid to reduce reliance on foreign semiconductors, will add an upside to the earnings of local semiconductor players which have operations in China, namely Inari and Unisem. Under the tax break chipmakers will be exempted from corporate taxes for two to five years followed by partial deductions.


EMS counters face selldown as investors fearful of worsening US-China trade war

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KUALA LUMPUR (April 3): Local electronics manufacturing services (EMS) companies face selldown of their shares as investors are concerned about the possibility of a worsening US-China trade war. Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that while the latest trade barriers were on steel and aluminium, he is worried that there will be more tariffs imposed by the world’s two largest economies. “A significant part of the US’ technology product supply chain involves China, and Malaysia’s EMS players are also part of this chain. If thereRead More


Oil prices dip on profit taking after last week’s rally

NEW YORK, March 27 — Crude oil futures slipped yesterday as investors cashed in some profits from last week’s rally but concerns about Saudi-Iran tensions kept losses in check. Brent crude futures slipped 33 cents, or 0.5 per cent, to settle…


China hits back at Trump tariffs as trade war finally arrives

BEIJING, March 31 — China announced plans for reciprocal tariffs on US$3 billion (RM11.76 billion) of imports from the US, including products from steel to pork, after President Donald Trump’s move to order levies on a range of Chinese goods…


GDB posts 58% jump in FY17 net profit

PETALING JAYA: Construction services firm GDB Holdings Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Bhd next Tuesday, posted a net profit of RM5.95 million and revenue of RM88.47 million for the fourth quarter ended Dec 31, 2017.

There were no comparative figures for the previous quarter as this is the first interim financial report on the consolidated results announced by the group in compliance with the ACE Market Listing Requirements.

For the financial year ended Dec 31, 2017 (FY17), it reported a 58% increase in net profit to RM22.52 million compared with RM14.24 million in the previous year, attributed to higher revenue and enhanced efficiency.

Group revenue rose 7.2% to RM296.81 million in FY17 from RM276.91 million a year ago as GDB commenced work on two new projects, namely AIRA Residence in Damansara Heights and Menara Hap Seng 3 within the Kuala Lumpur City Center.

The group's bottomline was also boosted by the completion of works ahead of contractual completion date for high-rise projects, which resulted in lower amounts incurred for preliminaries such as site management cost, utilities, machinery and equipment rental, and overhead expenses.

Additionally, GDB incurred lower material costs for various completed projects as compared to the budgeted material costs.

GDB managing director Cheah Ham Cheia said the group's commendable performance in FY17 is the result of its expertise in delivering works ahead of schedule, whilst securing new high-value projects.

“With this, we will begin the new financial year on a strong footing, with order book exceeding RM850 million as at Feb 6, 2018. Additionally, we will continue to target more opportunities in the construction industry, and are currently pursuing various tenders for high-rise projects in the Klang Valley,” Cheah said in a statement.

As at Feb 6, 2018, GDB's order book stood at RM854.9 million comprising projects such as Westside III in Desa ParkCity, Etiqa Office Tower along Jalan Bangsar, AIRA Residence in Damansara Heights, and Menara Hap Seng 3 within the Kuala Lumpur City Center.

The group's initial public offering saw its public tranche oversubscribed by 43.0 times at an issue price of 35 sen per share.


GDB posts 39.9% jump in FY17 net profit

PETALING JAYA: Construction services firm GDB Holdings Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Bhd next Tuesday, posted a net profit of RM5.95 million and revenue of RM88.47 million for the fourth quarter ended Dec 31, 2017.

There were no comparative figures for the previous quarter as this is the first interim financial report on the consolidated results announced by the group in compliance with the ACE Market Listing Requirements.

For the financial year ended Dec 31, 2017 (FY17), it reported a 39.9% increase in net profit to RM22.5 million compared with RM16.1 million in the previous year, attributed to higher revenue and enhanced efficiency.

Group revenue rose 7.2% to RM296.81 million in FY17 from RM276.91 million a year ago as GDB commenced work on two new projects, namely AIRA Residence in Damansara Heights and Menara Hap Seng 3 within the Kuala Lumpur City Center.

The group's bottomline was also boosted by the completion of works ahead of contractual completion date for high-rise projects, which resulted in lower amounts incurred for preliminaries such as site management cost, utilities, machinery and equipment rental, and overhead expenses.

Additionally, GDB incurred lower material costs for various completed projects as compared to the budgeted material costs.

GDB managing director Cheah Ham Cheia said the group's commendable performance in FY17 is the result of its expertise in delivering works ahead of schedule, whilst securing new high-value projects.

“With this, we will begin the new financial year on a strong footing, with order book exceeding RM850 million as at Feb 6, 2018. Additionally, we will continue to target more opportunities in the construction industry, and are currently pursuing various tenders for high-rise projects in the Klang Valley,” Cheah said in a statement.

As at Feb 6, 2018, GDB's order book stood at RM854.9 million comprising projects such as Westside III in Desa ParkCity, Etiqa Office Tower along Jalan Bangsar, AIRA Residence in Damansara Heights, and Menara Hap Seng 3 within the Kuala Lumpur City Center.

The group's initial public offering saw its public tranche oversubscribed by 43.0 times at an issue price of 35 sen per share.


Top oil buyer’s imports seen strained by fear of new tax system

SINGAPORE, Feb 26 — Oil purchases by some refiners in the world’s biggest crude importer are being constrained as the firms assess the potential impact of a new tax system in China. A revamped tax rule that’ll be implemented in March is…