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Moderna says its vaccine is 94.5%

effective in preventing Covid-19
Report on Page 2.

SUHAIMI YUSUF

EPF i-Sinar Account 1

offers advances to
eligible members Report on Page 3.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
the edge ceo morning brief
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Moderna says
its vaccine is
94.5% effective
in preventing
Covid-19
BY JULIE STEENHUYSEN & MICHAEL ERMAN
Reuters
(Nov 16): Moderna Inc’s experimental
vaccine was 94.5% effective in preventing
Covid-19 based on interim data from a late-
stage trial, the company said on Monday,
becoming the second US drugmaker to re-
port results that far exceed expectations.
Together with Pfizer Inc’s vaccine, which
is also more than 90% effective, and pend-
ing more safety data and regulatory review,
the United States could have two vaccines
authorised for emergency use in December
with as many as 60 million doses of vaccine
available this year.
Next year, the US government could
have access to more than one billion dos-
es just from the two vaccine makers, more
than needed for the country’s 330 million
residents.
The vaccines, both developed with new
technology known as messenger RNA
(mRNA), represent powerful tools to fight a
pandemic that has infected 54 million peo-
ple worldwide and killed 1.3 million. The
news also comes at time when Covid-19
cases are soaring, hitting new records in the
United States and pushing some European
countries back into lockdowns.
“We are going to have a vaccine that can
stop Covid-19,” Moderna President Ste-
phen Hoge said in a telephone interview.
Moderna’s interim analysis was based
on 95 infections among trial participants
who received either a placebo or the vac-
cine. Of those, only five infections occurred
in those who received the vaccine, which
is administered in two shots 28 days apart.
2 THEEDGE CEO MORNING BRIEF
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“This news from Moderna is tremen-
dously exciting and considerably boosts op-
timism that we will have a choice of good
vaccines in the next few months,” said Peter
Openshaw, professor of experimental med-
icine at Imperial College London.
“This latest press release is based on a
study of 30,000 US adults, including many
high-risk or elderly persons. This gives us
confidence that the results are relevant in the
people who are most at risk of Covid-19.”
Moderna expects to have enough safety
data required for US authorisation in the
next week or so and the company expects to
file for emergency use authorisation (EUA)
in the coming weeks.
The company’s shares rose 9.1% in pre-
market trading and European stocks and
Wall Street stock futures jumped on the
vaccine update. The benchmark S&P 500
futures rose 1.3%, stopping just short of a
fresh record high, while the pan-European
STOXX 600 hit late-February highs.
Severe cases
A key advantage of Moderna’s vaccine is
that it does not need ultra-cold storage like
Pfizer’s, making it easier to distribute. Mod-
erna expects it to be stable at normal fridge
temperatures of 2 to 8 degrees Celsius (36
to 48°F) for 30 days and it can be stored
for up to six months at -20C.
Pfizer’s vaccine must be shipped and
stored at -70C, the sort of temperature typ-
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ical of an Antarctic winter. It can be stored
for up to five days at standard refrigerator
temperatures or for up to 15 days in a ther-
mal shipping box.
The data from Moderna’s trial involv-
ing 30,000 volunteers also showed the vac-
cine prevented cases of severe Covid-19, a
question that still remains with the Pfizer
vaccine. Of the 95 cases in Moderna’s trial,
11 were severe and all 11 occurred among
volunteers who got the placebo.
Moderna, part of the US government’s
Operation Warp Speed program, expects
to produce about 20 million doses for the
United States this year, millions of which
the company has already made and is ready
to ship, if it gets FDA authorisation.
“Assuming we get an emergency use
authorisation, we’ll be ready to ship
through Warp Speed almost in hours,”
Hoge said. “So it could start being dis-
tributed instantly.”
The 95 cases of Covid-19 included sev-
eral key groups who are at increased risk for
severe disease including 15 cases in adults
aged 65 and older and 20 in participants
from racially diverse groups.
“We will need much more data and a full
report or publication to see if the benefit
is consistent across all groups, notably the
elderly, but this is definitely encouraging
progress, said Stephen Evans, professor of
pharmacoepidemiology, London School of
Hygiene & Tropical Medicine.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
KUALA LUMPUR (Nov 16): The Em-
ployees Provident Fund (EPF) announced
a scheme called i-Sinar, which will permit
eligible members to take an advance from
their Account 1.
The scheme is expected to benefit two
million members, said EPF chief executive
officer Tunku Alizakri Alias.
The facility will be open for applica-
tion starting next month (December). The
advance will be credited into members’
bank accounts in January, once applica-
tions are received.
However, Alizakri emphasised that this fa-
cility is not a “withdrawal” but rather an “ad-
vance”, pointing out that eligible members
will need to replenish the amount withdrawn.
This is in contrast to the measure an-
nounced in Budget 2021, which stated that
contributors would be able to withdraw
RM500 per month from their EPF Ac-
count 1, up to RM6,000 a year.
The announcement in Budget 2021
sparked hot debates whether Malaysians
should be allowed to dip into their hard-
earned retirement savings in the current tough
economic environment. And some quarters
pointed out that the need for Malaysians to
tap on the saving in Account 1 highlights the
lack of a social safety net in place for critical
times like the current economic scenario.
The provident fund said i-Sinar will
only be open to active members who have
lost their jobs, or if they are on no-pay
leave or have no other source of income.
KUALA LUMPUR (Nov 16):The Employ-
ee Provident Fund (EPF) will have to rejig
its investment portfolio given the schemes
that have been offered to eligible members
to tap on their retirement savings and the
permitted reduction on contributions.
EPF chief executive officer Tunku Al-
izakri Alias said EPF will have to liquidate
some of its investments for the purpose, but
he did not elaborate on the matter.
However, being the largest investor in the
local equity market, EPF will make sure its
share sales will not rock the market.
“We are also very cognisant about the
impact on the market. We can’t be selling
down shares until it affects the general mar-
ket,” he told the media briefing in which
the provident fund announced the details
on the i-Sinar scheme.
According to him, EPF will have to put
aside between RM11 billion and RM15
billion in liquidity for the latest facility, i-Si-
nar which allows eligible members to take
advances from their Account 1.
On top of that, the provident fund has al-
located cash flow of RM30 billion for another
scheme offered earlier which is i-Lestari, a
withdrawal facility that allowed members to
3 THEEDGE CEO MORNING BRIEF
H O M E
EPF i-Sinar
Account 1 offers
advances to
eligible members
BY AHMAD NAQIB IDRIS
theedgemarkets.com
“This facility has allowed us to assist
those in need of assistance, as well as work
with our mandate — to safeguard members’
future retirement savings,” said Alizakri.
Generally, eligible members will have
access to up to 10% of their savings in Ac-
count 1, subject to having a minimum bal-
ance of RM100.
For those with an Account 1 balance of
RM90,000 and below, they will have ac-
cess to any amount up to RM9,000, with
the advance to be granted on a staggered
basis over a period of six months.
EPF needs to
rejig investment
portfolio following
Covid-19 aid
schemes, lower
members’
contributions
BY AHMAD NAQIB IDRIS
theedgemarkets.com
withdraw RM500 a month for 12 months
with a total of up to RM6,000.
Meanwhile, EPF will see members’ con-
tributions shrink by RM8 billion in 2020 as
the government allowed members to reduce
the contribution rate to 7% between April
and December this year, and RM9 billion
in 2021 as a result of lower members’ con-
tribution rate at 9% for the whole of 2021.
For example, if a contributor has
RM90,000 in his account, he will be able
to receive a total advance of RM9,000.
He will receive up to RM4,000 in the first
month, while the balance will be divided
equally over the next five months.
For those with balances above
RM90,000 in Account 1, they still have
access to up to 10% of their Account 1 sav-
ings. However, the advance will be capped
at RM60,000 although the contributors
have more than RM600,000 in Account 1.
Members who apply for the facility will
be required to replace the full amount ad-
vanced with all future contributions to be
credited into Account 1 in its entirety, until
the amount advanced is replenished.
“There is no timeline for members to re-
plenish their accounts. This will only start
when the affected member gets reemployed or
when their businesses start picking up again,”
Alizakri said during a media briefing today.
Meanwhile, Alizakri pointed out that there
is no such thing as a “free lunch” as there will
be implications for eligible members if they
choose to utilise this facility, given that they
will forgo their compounded returns when
they take an advance on their account.
Moreover, the other EPF members that
are not eligible for the facility will also be
affected, given that the facility, which re-
quires an allocation of another RM11 bil-
lion to RM15 billion, will reduce the pool
of money the fund has for investment and
therefore affect future dividend payouts.
“There will be real cash flow impli-
cations for EPF. Not only will the mem-
bers eligible for the i-Sinar facility forgo
the compounded returns they could have
received from their Account 1, but it will
also affect other members that are not
applicable for the facility,” he said.
“EPF members will lose out on po-
tential dividends going forward, as some
investments and opportunities will be
forgone, but these unprecedented times
require an unprecedented response. This
(i-Sinar) is one way to balance the pres-
ent needs of the people and their future
retirement,” he said.
Asked if this would affect the provident
fund’s asset allocation, he explained that EPF
has kept an eye on the current crisis since
March and had put in place a strategy to
ensure sufficient liquidity to meet the needs.
“As far as we are concerned, the stra-
tegic asset allocation (SAA) that we had
will continue to be the prime guidance
for us,” he stressed.
Alizakri added that the percentages out-
lined in the fund’s SAA will also guide the
path of investment liquidation and therefore
it will always be in line with the allocation.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Investors seen swapping pandemic
plays for recovery proxies
KUALA LUMPUR (Nov 17): As soon as
news broke early this month of the positive
progress seen by Pfizer and BioNTech, and
Moderna in the discovery of COVID-19
vaccines, there has been a marked rally in
stocks that were previously badly hit by
the pandemic outbreak, including those in
the battered travel and hospitality sector.
This rally led to companies on Bursa
Malaysia gaining a total market capitali-
sation of RM134.64 billion since the start
of this month, despite the heavy selldown
seen in glove counters.
The FBM KLCI is moving ahead as the
market is anticipating a sooner-than-ex-
pected availability of the vaccine, analysts
told The Edge.
Still, according to Bloomberg data,
among the 30 component stocks on the
KLCI and 15 other selected stocks related
to the aviation, brewery, number forecast
operator, and real estate investment trust
(REIT) sectors, 31 of them have market
capitalisation that are below their five-year
average.
In contrast to their 10-year average
market cap, 24 out of the 45 counters are
still undervalued, led by low-cost airline
AirAsia Group Bhd and its long-haul arm
AirAsia X Bhd, which are down 77% and
65.6%, respectively.
This is followed by Sime Darby Bhd
(-59.3%), Hektar REIT (-51.3%), Capi-
taLand Malaysia Mall Trust (-50.4%) and
Genting Bhd (-47.3%) as well as Genting
Malaysia Bhd (-35.7%).
Interestingly, apart from CIMB Group
Holdings Bhd, which has fallen 26.3%,
the other four banking index-linked stocks
are still valued higher than their respec-
tive 10-year average market cap, namely
Hong Leong Bank Bhd, which is up 26%,
followed by RHB Bank Bhd (5%), Malay-
an Bank Bhd (1.72%) and Public Bank
Bhd (0.37%).
TA Investment Management chief in-
vestment officer Choo Swee Kee said “it is
about time for investors to pick up oversold
recovery stocks”, saying their valuations
are attractive.
“This would include stocks in tourism
(airports, airlines and hotels), retail and
consumer space. Banks will benefit from
the recovery in consumer credit, and indi-
rectly, material, as hard commodities and
energy such as oil and gas would also see
a recovery in demand,” he said. “A lot of
good stocks were unfortunately affected
by this unprecedented event and were
4 THEEDGE CEO MORNING BRIEF
H O M E
BY WONG EE LIN
theedgemarkets.com
REUTERS
sold down due to the short-term pros-
pect,” Choo added.
“If the COVID-19 shackle on the mar-
ket is removed, there may be pent-up buy-
ing of investment assets for future returns,”
said Choo, adding the condition is right
for the benchmark FBM KLCI to rally
for the next six months, amid abundant
liquidity in the market while interest rate
levels remain low.
Nonetheless, he advised investors to
have a longer-term view rather than hyp-
ing the short-term, adding that economic
activities have to resume sooner or later.
Rakuten Trade Sdn Bhd’s research head
Kenny Yee concurred that it is time for in-
vestors to shift their focus to bashed-down
stocks, and said banks may be the first to
recover as they are seen closely connected
with the economy, as money slips out of
the glove segment and into stocks seen as
recovery proxies.
However, he also cautioned that the
vaccines “will not come so soon”. “Noth-
ing is concrete yet, so it is all sentiment
driven. What we are seeing now is the pos-
itive knee-jerk reaction. Of course, we are
edging closer to vaccines. They should be
available anytime next year, and the stock
market reacts ahead of the cycle,” saidYee.
Similarly, Phillip Capital Management
Sdn Bhd chief investment officer Ang Kok
Heng raised concerns about the availa-
bility of the vaccine, as well as the resur-
gence in COVID-19 infections in coun-
tries that have yet to be able to bring it
under control.
“The problem with Pfizer and BioN-
Tech’s vaccine is the refrigerator, which is
not the most ideal, according to the WHO
(World Health Organization),” Ang said,
noting many countries will not have the
needed ultra-low temperature freezer to
store Pfizer and BioNTech’s vaccine —
which needs to be kept at minus 70 de-
grees Celsius. The supply and production
for this kind of freezers to transport the
vaccines may also be limited, he added.
“The price will be exorbitant. And once
COVID-19 is over, what are you going to
do with the freezer? It is not an investment
anymore, but an apparatus to be chucked
away,” Ang added.
As to whether investors should shift
towards the battered cyclical stocks, Ang
said: “Different people have different strat-
egies, and whether investors are buying for
the short-, medium- or long-term.”
MIDF Research head of research Im-
ran Yassin Md Yusof, meanwhile, thinks it
is still “too early to be solely focussed on
the recovery play at the moment”, given the
prevalent downside risk. “Our concern for
banks at the moment is on its asset quality
post-loan moratorium, and we believe it will
take some time for the aviation industry to
recover, even with a vaccine,” said Imran.
Investors, he stressed, also have to bear
in mind that the vaccine from the Pfiz-
er and BioNTech partnership has yet to
receive final approval for wide-scale use.
Even if it gets that final nod, it will take
some time before it could be available to
the general public, said Imran, who expects
that to happen only in the third quarter
of 2021, at the earliest. In the mean time,
Imran too thinks that the logistics and
storage of the vaccine remains a question.
Nonetheless, he said there are fun-
damentally strong companies which are
considered cyclicals that investors could
accumulate. As example, he cited banks
with strong asset quality and stable bor-
rowers profile.
Read also:
Govt hopeful Covid-19 vaccines can be
used by 1Q21, says Adham Click here
Govt has communicated with 10 Cov-
id-19 vaccine producers, says Khairy
Click here
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 5 THEEDGE CEO MORNING BRIEF

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 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Top Glove closes 7.46% lower as more than
half its workforce put under EMCO
KUALA LUMPUR (Nov 17): Selling of
Top Glove Corp Bhd shares accelerated in
the afternoon session yesterday, following
news that the government will put some
of its workers’ dormitories in Klang un-
der the enhanced movement control order
(EMCO), effective Tuesday until Nov 30.
The implementation of the EMCO rais-
es concerns about the world’s biggest glove
maker’s production at its plants consider-
ing that 13,190 workers, against its total
workforce of 21,000, will not be allowed
to work in the factories.
Top Glove’s share price slid 7.46% or
58 sen to end the trading day at an intr-
aday low of RM7.20, valuing it at some
RM59.01 billion.
It was the fourth biggest value loser
on Bursa Malaysia today, as news of the
EMCO added to the selling pressure al-
ready sparked by the news flow of the avail-
ability of a Covid-19 vaccine. A total of
79.76 million shares changed hands, which
also made Top Glove the 28th most active-
ly traded counter on the local bourse today.
The glove counter has been drifting
lower after it reached a record high of
RM9.60 on Oct 19. It has dropped 25%
since then. Nonetheless, the stock, which
is still up 359% year to date, is currently
still the best performing stock among the
FBM KLCI component stocks.
Senior Minister (Security Cluster) Da-
tuk Seri Ismail SabriYaakob was quoted by
the media as announcing that the EMCO
will be implemented at some of Top Glove’s
workers’ dormitories in Klang from tomor-
row to Nov 30 due to the detection of 215
6 THEEDGE CEO MORNING BRIEF
H O M E
theedgemarkets.com
Selling pressure re-emerge
RM
10
8
RM7.20
6
4
2 day that it has engaged in share buy back
0 The rubber glove manufacturer dis-
Jan 2, 2020 Nov 16, 2020
Source: Bloomberg
Covid-19 cases there. The affected areas
include both male and female dormitories
as well as the surrounding Jalan Abadi 10A/
KU8 and Jalan Abadi 1A.
Besides 13,190 of Top Glove’s staff,
1,200 residents are expected to be im-
pacted by the EMCO.
Ismail Sabri was also reported to have
said that Top Glove can continue to oper-
ate during the EMCO period. However, it
must carry out Covid-19 screenings on its
remaining workers and other dormitories
not placed under the EMCO.
Top Glove, in response, released a state-
ment yesterday evening saying it is seeking
clarification over the EMCO.
“We will continue to work closely with
the relevant authorities, to ensure the safe-
ty and well-being of our employees towards
flattening the curve and containing the
situation. Meanwhile, we will continue
to adhere to Covid-19 preventive SOPs
on a stringent basis. Disinfection exercis-
es at our premises and accommodation
are also conducted regularly, with all nec-
essary precautionary measures strictly in
place,” it said.
Separately, the group said it has pur-
chased RM69.93 million worth of shares
in its latest share buy back exercise yester-
day, marking the fifth consecutive trading
this month.
closed that it bought the lot — 9.57 mil-
lion shares — at between RM7.20 to
RM7.51 apiece. Its cumulative net out-
standing treasury shares to date now stand
at 95.25 million shares, which is equivalent
to a 1.14% stake.
Top Glove has spent RM349.37 mil-
lion so far this month — which is more
than its net profit of RM227.11 million
for the first six months of its financial year
ended Aug 31, 2020 (1HFY20) — to buy
45.39 million of its own shares. This is on
top of the RM355 million it forked out in
September for share buybacks.
Altogether, it has now spent RM704.43
million to buy back its shares since Sep-
tember, which translates to a cash per share
of about 8.7 sen per share, had it used the
amount for a dividend payout, based on its
share capital of 8.12 billion shares.
T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 7 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Is there still upside potential as the craze
for glove makers fades?
BY TAN SIEW MUNG
theedgemarkets.com
KUALA LUMPUR (Nov 17): This year’s
darlings — glove stocks — have been under
downward pressure in recent weeks as the
market is factoring the downside risks of
these manufacturers.
JF Apex research head Lee Chung
Cheng, who has a hold call on the sector,
said the window of opportunity for glove
stocks is getting slimmer as it is approach-
ing the time when the COVID-19 vaccine
is rolling out early next year.
“Most probably, the market will start
cyclical play, banking on economic re-
covery themes. You can see investors are
switching out from healthcare to the re-
covery plays,” he told theedgemarkets.com
While the glove makers’ share prices
have come off from their peaks, he opined
they are still trading slightly on the upside.
The latest news is that Moderna Inc
announced that its experimental vaccine is
94.5% effective in preventing COVID-19
based on interim data from a late-stage tri-
al, becoming the second US drugmaker to
report results that far exceed expectations.
This came on the heels of news that
Pfizer Inc and BioNTech’s experimental
vaccine is more than 90% effective pend-
ing more safety data and regulatory review.
On top of that, in China, there are five
vaccines that have entered late-stage hu-
man tests overseas.
Such newsflow continued to weigh on
glove makers and led to a massive selling
pressure on the stocks.
Hartalega Holdings Bhd fell 88 sen or
5.72% to RM14.50, making it the top los-
er today. If compared with its record high
of RM20.50 on Aug 3, the stock has de-
clined 29.27%.
Supermax Corp Bhd is the second top
loser, falling 78 sen or 8.88% to RM8.The
counter has lost 32.72% from its record
high of RM11.89 on Aug 6.
Top Glove is also one of the top fourth
losers, declining 58 sen or 7.46% to
RM7.20.The counter has fallen 25% from
its recent peak of RM9.60 on October 19.
Kossan Rubber Industries Bhd was
also one of the top 10 losers, dropping
40 sen or 6.01% to RM6.26 today. It has
declined 34.72% from its peak of RM9.59
on August 6.
Fortress Capital Asset Management chief
executive officer ThomasYong opined that
positive sentiment in gloves is likely to re-
8 THEEDGE CEO MORNING BRIEF
H O M E
duce with the news of vaccines rolling out.
“Estimates in the street vary to a certain
degree, hence analysts who pegged their
target price to a very optimistic valuation
might lower their target valuation,” he said.
However, he noted that the sector is still
supported by solid fundamentals where
the companies have delivered supernor-
mal earnings growth so far, which is not
going to stop abruptly after the discovery
vaccines.
“Following the massive sell down last
week after the news of vaccines was re-
ported, the valuation of glove players came
down to quite a fair level and is becoming
less expensive,
“The big four players experienced a
drop in share price ranging from 8.3% to
15.6% last week, but their robust earnings
will continue in the next few quarters as
most of the glove players have very strong
order books compared with the pre-pan-
demic level,” he said.
Another fund manager, however,
opined that the gloves sector is lacking a
catalyst to move on.
“Valuation comes and goes. Will Top
Glove make a lot of money? Yes, they will.
But will the market continue to pay them
the premium valuation? It is hard to say,”
the fund manager said.
“A lot of expectation has been built
into the gloves valuation earlier on. As the
COVID-19 vaccine appears, a year from
now, the gloves demand may not be as
good, its average selling prices may drop
too, and the market will price them ac-
cordingly,” he said.
According to Bloomberg, Hartalega is
now trading at a price-earnings (PE) ratio
of about 49.2 times; Top glove is at 32.64
times; Supermax and Kossan are trading
at 16.09 and 26.44 times respectively.
According to AmInvestment Bank Re-
search’s Thong Pak Leng, glove counters
which were traded at between 30 to 40
times during the pandemic outbreak, had
been traded at around 20 PE before the
pandemic.
“We have already in few months ago
talked about vaccine in our sectoral re-
port. The vaccine may cause some selling
pressure, and we have already downgraded
the sector to hold,” Thong told theedge-
markets.com.
He maintained his hold call on the sec-
tor as his call has reflected the impact of
COVID-19 vaccines.
“The only concern now is that many
companies are jumping on the rubber glove
bandwagon, and that may lead to oversup-
ply in future,” he said.
He also expects glove average selling
prices to decline as there is no longer a
rush for gloves compared with what hap-
pened at the beginning of the pandemic.
Meanwhile, MIDF Research’s analyst
Ng Bei Shan maintained her buy call on
the gloves sector, as she thinks the glove
maker valuations are justified with their
earnings.
“The reason that people think the valu-
ation was very high was because the glove
average selling prices had not gone up (pre-
viously), and the results of gloves compa-
nies had not been announced.
“But now that the companies have re-
leased their results which showed the bal-
looning net profits they are making, it also
means the valuation has come down by a
lot,” she said.
She is still anticipating quarter on quar-
ter earnings growth for glove makers in the
upcoming results.
T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 9 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Cautious banking sector making provisions
for 3Q, says BNM governor
KUALA LUMPUR (Nov 16):The Malay-
sian banking sector has been proactive in
addressing the effects of Covid-19.
However, the prevailing adverse eco-
nomic conditions have made it more cau-
tious, and it is expected to continue making
provisions for impairments in the third
quarter of 2020 (3Q20).
Bank Negara Malaysia (BNM) gover-
nor Datuk Nor Shamsiah Mohd Yunus
said through the observation of the cen-
tral bank, the banking sector has begun to
make provision in the second quarter of
this year as a pre-emptive measure in an-
ticipation of weaker credit outlook.
“Any further provisions will be depend-
ing on the monitoring and assessment of
the banks on their borrowers’ perfor-
mance,” she said during a virtual senior
editors briefing today.
According to BNM’s Financial Stability
Review released in October, overall credit
costs to banks could rise to RM29 billion
or 1.4% of total loans over 2020 and 2021.
These projections were based on the
conservative estimate of the share of loans
under targeted repayment as-
sistance.
B N M ’s l a t -
est September
monthly statistical
report revealed
that the ratio of
net impaired
loan or financ-
ing to net total
loan stood at
0.85%, while
10 THEEDGE CEO MORNING BRIEF
H O M E
Bernama
ratio of total provisions to total loan for
the month under review stood at 1.5%.
Nor Shamsiah also noted that the agility
and adaptability of consumers have im-
proved over the course of the Covid-19
pandemic, coupled with containment
measures taken to prevent resurgence of
the cases.
“There is much better understanding of
the infectivity of Covid-19 and measures
are getting more targeted. Hence, although
Covid-19 will have impact, it will not be as
much as before. This is also translated into
a much better 3Q GDP number, which
came out much better than the consensus
forecast number,” she said.
Earlier this year, borrowers were afford-
ed some relief through a full automatic loan
moratorium from April 1 until Sept 30.
Banks continued to provide assistance to
borrowers affected by Covid-19 when the
blanket moratorium ended in September.
The transition to a more targeted ap-
proach provided a three month moratori-
um extension to individuals who had lost
their jobs. Those whose incomes had been
affected were offered a reduction in loan
instalment.
Banks also offered repayment flexibil-
ities to affected individual and small and
medium enterprise (SME) borrowers,
the options include reduce monthly in-
stalments,paying only the interest on the
loan, and other forms of flexibilities.
Following this, it was revealed that the
bank loan moratorium would be extended
for a further three months, though with
certain modifications, and that it would be
known as the Targeted Loan Repayment
Assistance scheme starting Oct 1.
Previously, a total of 650,000 applica-
tions for assistance have been received,
with the approval rate at 98%, of which
40% was for extension of moratorium and
60% for reduction in instalment.
On job creation in the banking and fi-
nancial sector, Nor Shamsiah said banks
continued to recruit in certain lines of busi-
ness, especially in risk management and
compliance as operations have become
much more complex.
“So, there are pockets where banks are
still recruiting, especially in specialised ar-
eas such as information technology and
cybersecurity. So, banks are recruiting and
getting balanced in these areas,” she said.
In terms of employ-
ment separation there
has been about 1,500
thus far in 2020 against
a total employment
of 166,000, she said,
adding that 80% of
employment in the
sector are high-
skilled jobs.
T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 11 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
KUALA LUMPUR (Nov 16): Bursa Ma-
laysia has advised investors to exercise
caution in the trading of Gets Global Bhd
shares, which have been skyrocketing to
RM3.97 from barely nine sen at end-July.
The regulator said it had issued an un-
usual market activity query to Gets Global
Bhd on Oct 20 and Nov 12, and the group
responded by saying it was not aware of the
reason behind the counter’s rally.
Hence, Bursa would like to advise in-
vestors to exercise caution and to make
informed decisions in trading Gets Glob-
al shares.
“Bursa Malaysia Securities will not
hesitate to take appropriate regulatory
action to ensure fair and orderly trad-
ing of Gets Global shares”, the exchange
stressed in the announcement.
Meanwhile, RHB Investment Bank
Bhd has required investors to have col-
laterals, either in cash or shares, in their
trading accounts, in order to execute
purchase orders for Gets Global shares
starting today (Nov 16).
It is understood that the investment
bank requires its clients to have cash on
the basis of 1:2 and/or share collateral on
Vincent Tan’s
five-star hotel
project in
Iceland faces
opposition from
port authority
— report
BY SYAFIQAH SALIM
theedgemarkets.com
KUALA LUMPUR (Nov 16): Berjaya
Corp Bhd founder and executive chair-
man Tan Sri Vincent Tan Chee Yioun’s
plans to build a five-star hotel in Iceland
face opposition from Iceland’s port au-
thority, who argues that the proposed
development will encroach on its lot, ac-
cording to a news report.
The Iceland Monitor, citing a report
by Morgunblaðið, said Tan plans to build
a 150-room, Four Seasons hotel on the
Miðbakki wharf by Reykjavík harbour,
in addition to apartments.
Furthermore, the news report said
Tan has secured RM1.2 billion to fund
the hotel.
12 THEEDGE CEO MORNING BRIEF
H O M E
Bursa advises
investors to
exercise caution
in trading
Gets Global
shares
BY JUSTIN LIM
theedgemarkets.com
the basis of 1:1 in their trading accounts
for all purchase orders for shares in bus
operator GETS Global and construction
firm Vivocom, both of whose share prices
had rocketed.
Gets Global’s shares price has been
on a steep upward trend since early Au-
gust, when it was traded at around 10
sen. Since then, the company had been
slapped with unusual market activity
(UMA) queries by Bursa three times on
However, according to the vice chair-
person of the board of the Associated
Icelandic Ports and member of the Rey-
kjavík City Council Kristín Soffía Jóns-
dóttir, Tan’s plans go far beyond current
city planning, said the news report.
In the report, Jónsdóttir said that no
agreement exists between Tan and Rey-
kjavík harbour.
“Plans for the 30,000-square-metre
(323,000-square-foot) hotel extend into
a lot owned by the Associated Icelandic
Ports,” stated the report.
“There are no doubts many
who want to build on Miðbak-
ki wharf. But [Tan] has
no argument suggesting
he’ll ever get permis-
sion to build there,”
said Jónsdóttir.
“It is amazing to be
applying for a change
to city planning on a lot
that is not under your
GETS Global Bhd
RM
4 RM3.97
3
2
1
0
Jan 2, 2020 Nov 16, 2020
Data compiled as at Nov 16, 2020
Source: Bloomberg
Aug 26, Oct 20 and Nov 12.
The stock climbed further today.
The stock soared 23.24% or 80 sen at
RM3.97, bringing a market capitalisa-
tion of RM500.22 million. Some 14.53
million shares were traded, exceeding its
200-day average volume of 7.14 million
shares.
control,” she added.
On Oct 27, the Associated Icelandic
Ports submitted its letter of dissent to
the planning officer.
Meanwhile, Tan’s representative in
Iceland, Tryggvi Þór Herbertsson, con-
firmed that the luxury hotel project is
approved and could begin operation in
the first half of 2023.
It was reported last year that Tan
planned to build a luxury hotel in Ice-
land as he believed the Icelandic hotel
market had great opportunities to con-
nect Iceland and Asia.
In January this year, Tan be-
came a 75% stakeholder of Ice-
landair Hotels.
At the 12.30pm break,
shares in Berjaya Corp had
fallen half a sen or 2.63%
to 18.5 sen, valuing it at
RM972.26 million. It
saw some 3.43 million
shares traded.
Tan Sri Vincent Tan Chee Yioun
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 13 THEEDGE CEO MORNING BRIEF

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 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Sapura Energy bags jobs worth
RM611m
KUALA LUMPUR (Nov 16): Sapura Energy
Bhd’s engineering and construction (E&C)
and drilling segments have secured three
contracts worth a total RM611 million in
Qatar, the Republic of Congo and in the
Malaysia-Thailand Joint Development
Area (MTJA). Its unit Sapura Fabrication
Sdn Bhd-Qatar Branch has been tapped
to provide engineering, procurement,
supply, construction, installation and pre-
commissioning services for two pipelines
in the Al-Khalij Field, Block 6, Qatar by
Total E&P Golfe Ltd. The unit also bagged
a contract in MTJDA for the Additional
Andalas Pipeline Project from Carigali-
PTTEPI Operating Company Sdn Bhd.
The scope of work under the contract
includes engineering, procurement, onshore
construction, transportation and marine
spread chartering, besides offshore hook-
up and commissioning of the host tie-in
and brownfield modification at Jengka-A
wellhead platform, Andalas-B wellhead
platform, and MUDA central processing
platforms. In addition, its drilling unit Sapura
Drilling Holdings Ltd has been awarded a
contract in Congo by Total Exploration and
Production Congo to provide drilling services
for three months through the “Sapura
Berani” Tender Assist Drilling Rig. — by
Arjuna Chandran Shankar/theedgemarkets.com
IOI’s 1Q profit jumps 87% amid
stronger CPO prices
KUALA LUMPUR (Nov 16): Higher crude
palm oil (CPO) and palm kernel (PK) prices
and forex gains boosted IOI Corp Bhd’s
earnings in the first financial quarter ended
Sept 30, 2020 (1QFY21). Its net profit
soared 86.5% year-on-year to RM277.9
million from RM149 million, as revenue
grew 39.5% to RM2.48 billion from RM1.78
billion. The group recorded a net forex
gain of RM98.5 million in 1QFY21 versus
a forex loss of RM55.9 million previously.
Excluding the forex gains, IOI said in a filing
its plantation segment was the main driver
for the quarterly profit jump, with segmental
profit before tax increasing 116% y-o-y to
RM273.6 million from RM126.6 million. —
by Arjuna Chandran Shankar/theedgemarkets.
com
14 THEEDGE CEO MORNING BRIEF
H O M E
NEWS IN BRIEF
Revenue Group bags tokenisation
platform job from Paynet
KUALA LUMPUR (Nov 16): Payment
solutions provider Revenue Group Bhd has
secured a contract to develop and implement
the MyDebit tokenisation platform (TSP)
for Payments Network Malaysia Sdn Bhd
(PayNet), the national payments network
and central infrastructure for Malaysia’s
financial markets. In a statement, Revenue
managing director and group chief executive
officer Datuk Eddie Ng Chee Siong said the
platform will be integrated with and used by
more than 30 banks throughout Malaysia,
adding it will enable MyDebit cardholders (ie
ATM card users) to make payments securely
online. Tokenisation plays an important role
in securing online and electronic commerce
transactions which are processed by
PayNet’s MyDebit switch, Revenue said.
“Sensitive account information such as the
debit card 16-digit primary account number
(“PAN”), is replaced with a unique substitute
identifier known as a token PAN, for a
purchase transaction. This protects sensitive
information from theft and fraud; ensuring a
secure checkout for cardholders,” it added. —
by Anis Hazim Sharudin/theedgemarkets.com
Dialog 1Q net profit shrinks 10.9% to
RM147m on lower revenue
KUALA LUMPUR (Nov 16): Dialog Group
Bhd reported that its first quarter ended
Sept 30, 2020 (1QFY21) net profit fell 10.9%
year-on-year to RM146.62 million from
RM164.64 million, as revenue sank 48.64%
to RM331.66 million from RM645.76
million. The earnings drop was because the
previous year recorded a non-cash fair value
gain of RM28.5 million, which boosted its
bottomline then. Its focus on developing its
own internal midstream terminal assets,
coupled with slower downstream activities
and the drop in upstream oil prices, also
caused the drop in revenue, it added. That
being said, it noted that storage capacity
of its Langsat Terminals and Pengerang
Independent Terminals measuring 770,000
cubic metre and 1.78 million cubic metres
respectively, continue to be fully leased
out. — by Arjuna Chandran Shankar/
theedgemarkets.com
ICT player MMAG takes up 80%
stake in chartered flight company for
RM21m
KUALA LUMPUR (Nov 16): Information
and communications technology
hardware distributor MMAG Holdings
Bhd has acquired an 80% stake in M Jets
International Sdn Bhd, a company that
provides chartered flights, for RM21.36
million cash. In a statement, it said it has
inked a share sale agreement with JT
Aerotech Solutions Sdn Bhd (JTAS), which
will retain a 20% stake in M Jets, for the
acquisition. Post-acquisition, M Jets will
focus on cargo freighter business with two
Boeing 737-400F that are scheduled to be
delivered by mid-December, MMAG said
in a statement, adding its inaugural flight is
targeted to start by end-January or early
February next year. “With the acquisition
of M Jets, MMAG Group will be able to
have its own planned schedule for timely
delivery and reduce the need for the use of
a third-party agent,” said MMAG executive
director Kenny Khow. — by Justin Lim/
theedgemarkets.com
Kanger’s largest shareholder sells
4.9% stake in company
KUALA LUMPUR (Nov 16): The largest
shareholder of Kanger International Bhd
has trimmed his stake in the company,
which is among those that intend to
venture into the rubber glove industry.
In its latest bourse filing, Kanger said its
largest shareholder Wu Wai Kong has
sold 90 million shares representing a
4.91% stake, at 17.5 sen apiece in the open
market today, or RM15.75 million in total.
After the share sale, Wu’s shareholdings
shrank to a direct 6.371%, while indirect
interest stood at 0.097%. In August,
Kanger said it would partner with Dubai-
based Constellation Holdings Ltd to set up
medical examination gloves operations in
Malaysia and bought a plot of land in Kuala
Selangor for a rubber glove manufacturing
plant. A month later, it said it had inked
a deal with Shenzhen Public Health
Technology Co, Ltd (SZPHT) to clinch the
rights to distribute a China-developed
COVID-19 vaccine in Southeast Asia. — by
Justin Lim/theedgemarkets.com
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
KUALA LUMPUR (Nov 16): Malay-
sia today recorded 1,103 new Covid-19
cases, 49% from the Klang Valley alone,
as it marked the fourth day in a row
where daily cases stayed in the four-fig-
ure zone, with total confirmed infections
in the country rising to 48,520.
The Klang Valley, comprising Sel-
angor, Kuala Lumpur and Putrajaya,
contributed 544 of the new cases, sur-
passing Sabah’s contribution of 288 new
infections, according to the Ministry of
Health (MoH).
MoH director-general Tan Sri Dr
Noor Hisham Abdullah said the surge
of infections in the Klang Valley came
from existing Covid-19 clusters.
“The cluster that recorded the high-
est number of new cases was the Da-
manlela construction site cluster in
Kuala Lumpur, with 385 cases,” Dr
Noor Hisham told a media briefing
today, adding that the cluster now has
1,132 confirmed Covid-19 cases, after
3,097 people were screened.
Most construction site clusters like
this Damanlela cluster involve foreign
workers, said Dr Noor Hisham.
And in the Klang Valley, Kuala Lum-
pur topped the list with the most new
Covid-19 infections at 392 cases, fol-
lowed by Selangor with 151 and Putra-
jaya with one.
Notably, , Dr Noor Hisham said Per-
KUALA LUMPUR (Nov 16): The
Ministr y of Health (MoH) direc-
tor-general Tan Sri Dr Noor Hisham
Abdullah today denied that the en-
forcement of the Conditional Move-
ment Control Order (CMCO) has
failed to curb the spread of Covid-19
cases in the Klang Valley.
He said the 544 new Covid-19 cas-
es reported in the Klang Valley today
came from existing Covid-19 clusters,
with 385 cases alone from the Daman-
lela construction site cluster in Kuala
Lumpur.
Covid-19 cases in this cluster have
not spread to the surrounding commu-
nity, he said.
“Looking at the Klang Valley, it [Cov-
id-19 infections in Damanlela construc-
tion site cluster] is not in the commu-
nity yet, it is mainly confined to the
construction workers,” he told a media
briefing today.
Besides, Dr Noor Hisham said a
stop-work order was placed on the
work site between Nov 7 and today.
Furthermore, those who have come in
close contact with the Covid-19 pa-
tients under this cluster have all been
15 THEEDGE CEO MORNING BRIEF
H O M E
Covid-19:
ak also saw a spike in new cases to 116
from just 21 cases reported yesterday,
Malaysia records
as the Tembok cluster there recorded
111 new cases as of noon today.
1,103 new cases,
Meanwhile, four more Covid-19 pa-
tients have succumbed to the illness in
about half from
Sabah — involving two men and two
women aged between 46 and 73 — rais-
Klang Valley, with
ing the country’s Covid-19 death toll
to 313.
four more deaths
Active cases, which carry high trans-
missions risks, also continued to climb
and reached a new high of 12,601, as
recoveries came in below new infections
BY SYAFIQAH SALIM — at 821. This means a recovery rate
theedgemarkets.com of 73.4%, with 35,606 people having
recovered from the illness so far.
From the new cases today, one was
imported and involved a Malaysian who
returned from Saudi Arabia.
Read also:
RMCO: Govt mulling allowing teachers
to return to their hometowns Click here
Govt plans to impose more stringent
SOP on foreign workers — Ismail Sabri
Click here
Malaysians worry about contracting
Covid-19 from migrant workers as
much as job security Click here
Health DG denies
controlling the spike of Covid-19 cas-
es] compared to MCO, because there is
claim CMCO a
still movement and that is an issue, so
we hope we can reduce the movement
‘failure’, despite
of people,” he said.
Meanwhile, the implementation of
spike in Klang
CMCO in Sabah has managed to con-
tain the spread of infections there, he
Valley cases
said, as new cases today fell to 288 —
marking the fourth straight day of de-
cline from 556 cases recorded on Fri-
day (Nov 13).
BY SYAFIQAH SALIM The CMCO has also made it possi-
theedgemarkets.com ble for the R-naught (R0) or infectivity
rate to drop from 2.2 at the start of the
placed under quarantine, he added. third wave of the Covid-19 infection
Other than the construction site clus- here, to 1.0 at the moment.
ter, Dr Noor Hisham acknowledged that R0, an indicator of how contagious
the population density and the interstate the infection is, shows the average num-
movement of people were also causing ber of people who will contract the dis-
Covid-19 cases to continue to climb in ease from a single infected person.
the Klang Valley. R0, an indicator of how contagious
“[But] I do not think CMCO is a the infection is, shows the average num-
failure. We chose to strike the right bal- ber of people who will contract the dis-
ance, between life and economy. We ease from a single infected person.
do not implement MCO because 40% Malaysia today recorded 1,103
of our economy sectors are focused in new Covid-19 cases, lifting the coun-
Selangor. try’s cumulative confirmed cases to
“CMCO takes a bit longer of time [in 48,520.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Trump plans more actions on China
in coming weeks to bind Biden
WASHINGTON (Nov 16): US President
Donald Trump plans several new hard-line
moves against China in the remaining weeks
of his term, according to a senior administra-
tion official, potentially tying the hands of Pres-
ident-elect Joe Biden.
Actions under consideration include protect-
ing US technology from exploitation by Chi-
na’s military, countering illegal fishing and more
sanctions against Communist Party officials or
institutions causing harm in Hong Kong or the
far western region of Xinjiang, the official said,
without providing specifics.
“Unless Beijing reverses course and becomes
a responsible player on the global stage, future
US presidents will find it politically suicidal to
reverse President Trump’s historic actions,” John
Ullyot, a spokesman for the National Security
Council, said in a statement.
Axios reported earlier that Trump may an-
nounce sanctions or trade restrictions against
more Chinese companies, government entities
or officials, citing human rights violations or
threats to US national security.
Biden’s transition team said it had no com-
ment for now on the report.
Chinese Foreign Ministry spokesman Zhao
Lijian told a daily briefing in Beijing on Monday
that “cooperation is the only right way forward.”
16 THEEDGE CEO MORNING BRIEF
W O R L D
BLOOMBERG
BY MARIO PARKER & “It serves the fundamental interests of the
ROS KRASNY, DANIEL TEN KATE, two peoples to ensure a healthy and steady de-
BRENDAN SCOTT & velopment of China-US relations.
COLUM MURPHY It’s also what the international community
Bloomberg
hopes to see,” Zhao said.
“China maintains that both sides will benefit
from cooperation but lose from confrontation.”
Tougher moves against China have been expect-
ed in the waning weeks of Trump’s administration.
Raymond James Financial Inc analyst Ed
Mills wrote in a note published Friday that the
financial services firm was bracing for additional
Biden’s transition executive orders on hard-line positions, made
team said it had in ways that might be difficult to reverse. That
no comment assessment followed Trump’s executive order on
for now on Thursday, barring American investments in Chi-
the report. nese firms owned or controlled by the military.
The order prohibits investment firms and
pension funds from buying and selling shares of
20 Chinese companies designated by the Pen-
tagon as having military ties in June, as well as
an additional 11 companies added in August,
Axios reported. It said administration officials
were discussing expanding that list.
The Trump administration also faces a
mid-December deadline to name and sanction
any banks that have business dealings with of-
ficials identified as undermining Hong Kong’s
autonomy.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 17 THEEDGE CEO MORNING BRIEF

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THRIVING
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In this four-part webinar series,
our panel of distinguished speakers
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IN PARTNERSHIP WITH

MODERATOR
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Managing Editor,
The Edge Malaysia
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
TOKYO (Nov 16): Japanese stocks touched
a 29-year high on Monday after the econo-
my posted its first expansion in four quarters
and as progress in developing a COVID-19
vaccine continued to lift global markets.
The Nikkei 225 Index ended 2.05%
firmer at 25,906.93, its highest close since
June 1991.The broader Topix gained 1.68%
to 1,731.81.
Japan’s economy grew at a faster-than-ex-
pected annualized rate of 21.4% in July-Sep-
tember, which follows a 28.8% plunge in
April-June.
Sentiment also got a boost after Chi-
na data showed that factory output in the
world’s second-largest economy rose faster
than expected last month and retail sales
sped up, as the recovery from its COVID-19
slump gathered momentum.
Vaccine optimism outshone worries
about rising COVID-19 cases globally,
with news from Johnson & Johnson giv-
ing markets a further lift. The U.S. drug-
maker launched a late-stage trial of its vac-
cine on Monday, which follows promising
developments last week from Pfizer and
Moderna Inc.
Though some analysts advise caution
NEWYORK/MADRID (Nov 16): Spain’s
BBVA is to sell its US business to PNC Fi-
nancial Services Group Inc for US$11.6
billion in cash, in one of the biggest global
banking deals this year.
The sale will further consolidate the
US banking sector, but has also instantly
prompted speculation BBVA could now
use the cash to buy up a rival bank in its
domestic market.
This is the second-largest US banking
deal since the 2008 financial crisis and cre-
ates an American bank with nearly US$560
billion of assets and a presence in two doz-
en states.
The move underscores how a loosening
of financial regulations and lowering of cor-
porate taxes under President Donald Trump
have emboldened regional lenders to pursue
scale through dealmaking, as they compete
with bigger players such as JPMorgan Chase
& Co and Wells Fargo & Co.
PNC and BBVA had been in talks about
a deal for the last few weeks, and decided to
press on following the outcome of the Nov
3 US presidential election because they be-
lieved the regulatory environment would not
change with Democrat Joe Biden as presi-
dent and the Republicans likely controlling
the US Senate, sources told Reuters.
For BBVA, the transaction represents an
unwinding of its US$9.6 billion acquisition
in 2007 of Compass Bancshares Inc, which
it turned into its US subsidiary.
Shares in BBVA jumped almost 16% to
18 THEEDGE CEO MORNING BRIEF
W O R L D
Japanese shares
close at 29-year
high on GDP
rebound,
vaccine race
BY STANLEY WHITE
Reuters
REUTERS
Spain’s BBVA to
sell US banking
arm to PNC for
US$11.6 billion
BY GREG ROUMELIOTIS, DAVID FRENCH
& JESÚS AGUADO
Reuters
€3.6830, while shares in Spain’s Sabadell
rose 12.7% to €0.3791 as the market bet that
BBVA could use part the proceeds from the
sale to buy its smaller Spanish rival, which
has a current market capitalisation of €1.8
billion.
“The sale now frees up capital to rein-
vest in existing markets, Sabadell in Spain
would bring significant synergy potential in
Spain, and/or to improve shareholder remu-
neration (BBVA admits that it will consider
share buy-backs),” Spanish broker Alantra
said in a research note.
In September, two sources told Reuters
that Sabadell had held informal talks about
a possible tie-up, including with BBVA.
BBVA’s chairman Carlos Torres told an-
alysts in call that the US deal would allow
the lender to better deploy capital in its ex-
isting core market and improve its franchises,
without giving specific names.
as the United States and Europe are rein-
troducing restrictions to contain a surge in
new infections, which could increase mar-
ket volatility.
“There might be some correction in the
short term, but the news that several vac-
cines are in late-stage development suggests
the downside is limited,” said Masayuki Ki-
chikawa, chief macro strategist at Sumitomo
Mitsui Asset Management Co.
The stocks that gained the most among
the top 30 core Topix names were Honda
Motor Co Ltd up 4.84%, followed by Mit-
subishi UFJ Financial Group Inc up 3.48%.
The underperformers among the Topix
30 were Nintendo Co Ltd down 1.91%,
followed by Takeda Pharmaceutical Co Ltd
that lost 0.97%.
Shares of Rakuten rose 1.19% after the
internet commerce company said it will team
up with private equity firm KKR to buy a
controlling stake in Japanese retailer Seiyu.
There were 205 advancers in the Nikkei
index against 19 decliners.
The volume of shares traded on the To-
kyo Stock Exchange’s main board was 1.41
billion, compared with the average of 1.12
billion in the past 30 days.
Sabadell declined to comment on any
merger-and-acquisition strategies.
BBVA decided to retreat from the US
market after its poor performance weighed
on its stock, the sources said.The stock was
down 36% year-to-date until last Friday.
BBVA said it would keep some of its
businesses in the United States such as its
brokerage and its stake in Propel Venture
Partners, and would keep handling some
of its wholesale banking operations from
its New York office.
The transaction, expected to close in mid
2021, will give BBVA an extra 300 basis
points of common equity tier-one ratio and
a €580 million positive impact on its net
profit, the Spanish bank said.
Investors had been growing impatient
with BBVA’s efforts to tackle the poor per-
formance of its US business after the Span-
ish lender took a US$1.5 billion write-down
last year in its fourth-quarter earnings, blam-
ing low interest rates and declining growth.
PNC said it was expecting the deal, which
has been approved by the boards of both
companies, to add about 21% to it earn-
ings in 2022.
The deal comes about six months after
PNC sold its 22.4% stake in mutual fund
giant BlackRock Inc for US$14.2 billion.
PNC booked after-tax gains of US$4.3 bil-
lion on the sale, which it will use to fund
the deal with BBVA as it seeks to expand
its footprint in the south-west of the United
States, the sources said.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 19 THEEDGE CEO MORNING BRIEF

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 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
BERLIN (Nov 16): A group led by priva-
cy activist Max Schrems on Monday filed
complaints with German and Spanish data
protection authorities over Apple’s online
tracking tool, alleging that it allows iPhones
to store users’ data without their consent
in breach of European law.
It is the first such major action against
the U.S. technology group in regards to
European Union privacy rules.
Apple says it provides users with a supe-
rior level of privacy protection.The compa-
ny had announced it would further tight-
en its rules with the launch of its iOS 14
operating system this autumn but in Sep-
tember said it would delay the plan until
early next year.
The complaints by digital rights group
Noyb were brought against Apple’s use of
a tracking code that is automatically gener-
ated on every iPhone when it is set up, the
so-called Identifier for Advertisers (IDFA).
The code, stored on the device, allows
Apple and third parties to track a user’s
online behaviour and consumption pref-
erences — vital for the likes of Facebook
FB.O to be able to send targeted ads that
will interest the user.
“Apple places codes that are comparable
(Nov 16):Witness cross-examination in the
U.S. extradition case of Huawei Chief Fi-
witness testimony
nancial Officer Meng Wanzhou will resume
in a Canadian court on Monday where
Meng’s lawyers are trying to establish that
her rights were violated during the events
leading up to her arrest.
Meng, 48, was arrested in December
2018 at Vancouver International Airport
by Canadian police, on a warrant from the
United States. She is facing charges of bank
fraud for allegedly misleading HSBC about
Huawei Technologies Co Ltd’s business
dealings in Iran, causing the bank to break
U.S. sanctions.
Meng has said she is innocent and is
fighting the extradition from under house
arrest in Vancouver, where she owns a home
in one of Canada’s most expensive neigh-
borhoods.
Monday is to kick off 10 days of testi-
mony that are a continuation of hearings
that were set to wrap up in early Novem-
ber but ran overtime, necessitating more
hearings to be scheduled.
Lawyers for both Meng and the Cana-
dian government will cross-examine Cana-
dian law enforcement officers and border
officials who were involved in the initial
investigation and arrest of Meng.
Meng’s lawyers are fighting to get her
extradition dismissed on the basis of alleged
abuses of process, arguing they constitute
violations of her civil rights laid out in Can-
20 THEEDGE CEO MORNING BRIEF
W O R L D
Privacy activist
to a cookie in its phones without any con-
sent by the user. This is a clear breach of
files complaints
European Union privacy laws,” said Noyb
lawyer Stefano Rossetti.
against Apple’s
Rosetti referred to the EU’s e-Privacy
Directive, which requires a user’s prior con-
tracking tool
sent to the installation and use of such in-
formation.
Apple’s planned new rules would not
change this as they would restrict third-par-
BY KIRSTI KNOLLE ty access but not Apple’s.
Reuters Apple accounts for one in every four
smartphones sold in Europe, according to
REUTERS Counterpoint Research.
The claims were made on behalf of an
individual German and Spanish consumers
and handed to the Spanish data protection
authority and its counterpart in Berlin, said
Noyb, a privacy advocacy group led by Aus-
trian Schrems that has successfully fought
two landmark trials against Facebook.
In Germany, unlike Spain, each federal
state has its own data protection authority.
Rossetti said the action was not about
high fines but rather aimed at establishing
a clear principle whereby “tracking must
be the exception, not the rule”.
Apple says it provides users with a superior level “The IDFA should not only be restrict-
of privacy protection. ed, but permanently deleted,” he said.
Huawei CFO
ada’s Charter of Rights and Freedoms.
In the first week of hearings, prosecu-
tors for the Canadian government tried to
prove that Meng’s arrest was by the book
to resume in
and any lapses in due process should not
impact the validity of her extradition.
Canada in US
The extradition hearings are scheduled
to wrap up in April 2021, though the po-
extradition case
tential for appeals mean the case could drag
on for years.
Diplomatic relations between Ottawa
and Beijing became rocky following Meng’s
BY MOIRA WARBURTON arrest. Soon after her detention, China ar-
Reuters rested Canadian citizens Michael Spavor
and Michael Kovrig on espionage charges.
REUTERS
Meng has said she is innocent
and is fighting the extradition
from under house arrest in
Vancouver, where she owns a
home in one of Canada’s most
expensive neighborhoods.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
China’s luxury thirst keeps Eastern Europe
cranking out cars
BY RADOSLAV TOMEK & PETER LACA
Bloomberg
BRATISLAVA/PRAGUE (Nov 16): Chi-
nese appetite for high-end cars is proving a
boon for eastern European economies that
had earlier fretted about an over-reliance
on auto plants.
Slovakia and the Czech Republic, which
make the most cars in the world per capita,
have closed shops and bars to tame the sec-
ond wave of Covid-19 infections engulfing
Europe. Their factories, however, continue
to churn out luxury vehicles including Por-
sche Cayenne SUVs for Asia and the US, as
well as an array of lower-cost models from
the likes of Peugeot and Skoda for custom-
ers closer to home on tighter budgets, amid
the pandemic.
Jaguar Land Rover Automotive Plc,
which opened a plant in western Slova-
kia two years ago, saw a “remarkable”
third-quarter improvement in demand, with
“China sales particularly encouraging,” ac-
cording to Russel Leslie, director of the unit
that makes Discovery and Defender SUVs
and was closed for almost two months ear-
lier this year.
“China, the US and the UK are very big
markets for us,” Leslie said in an interview.
“We continue to see good trends there.”
Volkswagen AG on Monday announced
a 500 million-euro (US$590 million) up-
grade of its plant near Slovakia’s capital,
Bratislava, which makes Touareg SUVs as
well as Audi’s Q7 and Q8 models. It plans
to invest more than 1 billion euros in total
in the two countries, which succeeded in re-
starting production quicker than their west-
21 THEEDGE CEO MORNING BRIEF
W O R L D
ern neighbours after the virus’s initial blow.
Automotive investment has helped trans-
form the former Eastern Bloc. Lured by a
cheap but skilled workforce and proximity
to major European markets, large producers
that also include Hyundai Motor Co and
Kia Motors Corp have built state-of-the-art
assembly lines across the region, which is
also home to a web of component makers.
But it’s Slovakia and the Czech Republic
that stand out.
The auto sector generates about half of
industrial output in the former country and
roughly a quarter of output in the latter.
That’s more than in Germany or France
and accounts for countless livelihoods.
Such dependence has raised eyebrows.
Naysayers including politicians and econ-
omists argue that the narrow focus leaves
the countries vulnerable to swings in global
demand, as well as supply-chain disruptions
of the kind seen when the pandemic first
struck. Another risk is the shift to electric
vehicles, which will ultimately eliminate a
BLOOMBERG
chunk of Czech and Slovak output tied to
internal combustion engines.
But, facing the deepest recessions since
communism collapsed three decades ago,
the two countries got production back online
rapidly after the spring lockdown, and are
maintaining it now. Both economies out-
performed analyst estimates last quarter.
“The often-criticised manufacturing
focus of the Czech economy can be now,
like in the first pandemic wave, an advan-
tage,” said Martin Gurtler, an economist at
Komercni Banka AS.
With the combined population of 16 mil-
lion people, the pair’s fortunes are fused to
customers beyond their borders.
Last year, 85% of the Czech auto indus-
try’s total 1.1 trillion koruna (US$49 bil-
lion) of sales came from exports. The share
is even bigger in Slovakia, which makes twice
as many cars as Italy, whose population is
10 times bigger and which boasts a much
longer automotive tradition.
Data released just last week showed car
sales in China gained for a fourth month in
October, adding to optimism that a slump
that lasted two years and deepened amid
Covid-19 is over.
Retail sales of cars, SUVs and multi-
ple-purpose vehicles increased 8% from a
year earlier to 2.02 million units, according
to the China Passenger Car Association.
Despite the tectonic changes ahead for
the industry, the countries can continue to
provide a manufacturing base, after the pan-
demic has been tamed, according to Jaguar
Land Rover’s Leslie.
“It’s a good thing that Slovakia’s able
to attract future investment,” he said. “The
automotive industry is moving at the fastest
pace I’ve seen in 27 years in the business
— moving into connectivity, automation,
shared mobility, and this brings good op-
portunity.”
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
The American consumer is flush
with cash after paying down debt
WASHINGTON/CHICAGO (Nov 16):
Eight months into the pandemic, Amer-
icans’ household finances are in the best
shape in decades.
It’s a seemingly incongruous thought,
what with the widespread business lock-
downs earlier in the year and coinciding
surge in unemployment — and it certainly
doesn’t apply to all families equally. But it
points to just how strong the US economy
was going into the virus outbreak, and how
powerful the combined monetary and fis-
cal response was from the Federal Reserve,
Congress and the Trump administration.
Record-low mortgage rates, reflecting
the ultra-easy Fed policy, have prompted
a steady wave of refinancing and allowed
homeowners to reduce monthly payments
or tap equity. Americans are also holding
more cash, helped in part by stimulus from
the government.
Households’ debt service burdens have
eased considerably too, a complete depar-
ture from the 2007-2009 financial crisis
that required years to mend. That in turn
bodes well for consumer spending and
its ability to power the economic recov-
ery through a period marred by a violent
spike in virus cases.
“The consumer here in the US is rela-
tively stable and honestly, somewhat rel-
atively better than we might have feared
back in the height of the pandemic in the
second quarter of 2020,” Marianne Lake,
JPMorgan Chase & Co’s chief executive
officer for consumer lending, said Nov 9
at a virtual investor conference. “The con-
sumer’s willingness to carry on spending is
a pretty positive sign for sort of a broader
economic recovery.”
A government report Tuesday is expect-
ed to show retail sales posted another solid,
yet more moderate, advance in October.
22 THEEDGE CEO MORNING BRIEF
W O R L D
BY VINCE GOLLE & HENRY REN,
ALEX TANZI & SARINA YOO
Bloomberg
BLOOMBERG
And despite the surge in Covid-19 cas-
es, economists project a 4% annualised
rate of US economic growth this quarter,
unchanged from the October forecast —
though down from the prior period’s re-
cord gain, according to a Bloomberg survey.
While the pandemic has financially been
harder on working-class families than the
wealthy ones who have been stockpiling
much of the cash, data shows that they
too have more money in the bank now.
That’s important because they are much
more likely to spend that money — and
give the economy an added jolt — than
the rich are.
Checkable deposits were also improv-
ing for several quarters leading up to the
pandemic and even before the government
actions to provide financial assistance for
the unemployed.
Ian Shepherdson, chief economist at
Pantheon Macroeconomics, said it’s possi-
ble economic growth estimates for coming
quarters are revised up even more “because
there’s an awful lot of cash which is wait-
ing to be spent.”
However, the virus resurgence means
“people can’t spend until it’s safe to go
back out again.”
To be sure, another reason savings re-
main elevated is that people are uneasy
about their jobs and the outlook, particu-
larly in industries such as travel, food ser-
vices and leisure, where business activity
is more at risk.
While “cash buffers” of those who ben-
efited from fiscal stimulus are starting to
weaken, their financial positions remain
elevated compared with pre-pandemic lev-
els, JPMorgan’s Lake said. “I think there’s
enough juice to get people to year-end.”
For its part, residential real estate has
played a huge role in driving both the re-
covery and improvement in household fi-
nances. Cheaper borrowing costs have not
only sparked a flurry of demand for homes,
mortgage refinancing has strengthened.
While cash-out refinancing only makes
up a little more than a third of all activi-
ty, a larger share of rate-term refinancing
means lower monthly mortgage payments.
“It’s highly likely that households have
at least had the ability to spend more, and
probably are spending more and contin-
ue to spend more, because they refinance
and their payments are so low relative to
their income,” said David Berson, chief
economist at the insurance and financial
services company Nationwide.
“The consumer came into this crisis in
a pretty strong position in terms of house-
hold balance sheets and household liquid-
ity and debt service burdens,” JPMorgan’s
Lake said.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
‘One heck of a ride’: SpaceX launches
astronauts into space
CAPE CANAVERAL, Fla. (Nov 15): Elon
Musk’s rocket company SpaceX launched
four astronauts on a flight to the Inter-
national Space Station on Sunday, NA-
SA’s first full-fledged mission sending a
crew into orbit aboard a privately owned
spacecraft.
SpaceX’s newly designed Crew Dragon
capsule, which the crew has dubbed Re-
silience, lifted off atop a SpaceX Falcon
9 rocket at 7:27 p.m. eastern time (0027
GMT on Monday) from NASA’s Kennedy
Space Center in Cape Canaveral, Florida.
“That was one heck of a ride,” astronaut
Mike Hopkins said from Crew Dragon
to SpaceX mission control about an hour
after liftoff. “There was a lot of smiles.”
Crew Dragon will gradually raise its
orbit for the next 27 hours through a se-
ries of onboard thruster firings, aiming to
dock at the International Space Station at
11 p.m. eastern time on Monday.
An air leak caused an unexpected drop
in capsule pressure less than two hours
before launch, NASA officials said. But
technicians said they conducted a success-
ful leak check, and the scheduled launch
was still on.
The 27-hour ride to the space station,
an orbiting laboratory some 250 miles (400
km) above Earth, was originally scheduled
to begin on Saturday. But the launch was
postponed for a day due to forecasts of
gusty winds - remnants of Tropical Storm
Eta - that would have made a return land-
ing for the Falcon 9’s reusable booster
stage difficult, NASA officials said.
The astronauts donned their custom
23 THEEDGE CEO MORNING BRIEF
W O R L D
BY ANDREA SHALAL & JOEY ROULETTE
Reuters
white flight suits and arrived at the Kenne-
dy Space Center launch pad on schedule
at 4:30 p.m. in three white Tesla SUVs,
flanked by NASA and SpaceX personnel.
SpaceX mission operator Jay Aranha,
speaking from the company’s Hawthorne,
California headquarters, told the crew to
“have an amazing trip, and know that we
are all for one.”
Mission commander Mike Hopkins re-
sponded, saying “to all the people at NASA
and SpaceX, by working together through
these difficult times, you’ve inspired the
nation the world.”
“And now it’s time for us to do our part,
Crew 1 for all,” Hopkins said.
Vice-President Mike Pence attended
the launch and said beforehand that un-
der President Donald Trump, America had
“renewed our commitment to lead in hu-
man space exploration.”
President-elect Joe Biden Tweeted his
congratulations, saying the launch was “a
testament to the power of science.”
First private mission
NASA is calling the flight its first “opera-
tional” mission for a rocket and crew-vehi-
cle system that was 10 years in the making.
It represents a new era of commercially de-
veloped spacecraft - owned and operated
by a private entity rather than NASA - for
sending Americans into orbit.
A trial flight of the SpaceX Crew Drag-
on in August, carrying just two astronauts
REUTERS
to and from the space station, marked
NASA’s first human space mission to be
launched from U.S. soil in nine years, fol-
lowing the end of the space shuttle pro-
gram in 2011. In the intervening years,
U.S. astronauts have had to hitch rides
into orbit aboard Russia’s Soyuz spacecraft.
The Resilience crew includes com-
mander Mike Hopkins and two fellow
NASA astronauts, mission pilot Victor
Glover and physicist Shannon Walker.
They were joined by Japanese astronaut
Soichi Noguchi, making his third trip to
space after previously flying on the U.S.
shuttle in 2005 and Soyuz in 2009.
Musk, the billionaire SpaceX chief exec-
utive who is also CEO of electric carmaker
and battery manufacturer Tesla Inc, will
likely not have watched the liftoff from
the Kennedy Space Center launch control
room, NASA officials said. Musk said on
Saturday he “most likely” has a moderate
case of COVID-19.
SpaceX and NASA have conducted
contact-tracing and determined Musk had
not come into contact with anyone who
interacted with the astronauts.
“Our astronauts have been in quaran-
tine for weeks, and they should not have
had contact with anybody,” NASA chief
Jim Bridenstine said on Friday. “They
should be in good shape.”
NASA contracted SpaceX and Boeing
in 2014 to develop competing space cap-
sules aimed at replacing its shuttle pro-
gram and weaning the United States from
dependence on Russian rockets to send
astronauts to space.
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0
Nexi buys Nets in US$9.2 bil deal
to create payment giant
MILAN/LONDON (Nov 16): Italian
payments processor Nexi SpA agreed to
buy private equity-owned rival Nets A/S,
creating the Europe’s biggest payments
firm by volume in a quickly consolidating
industry. The all-share deal values
Copenhagen-based Nets at 7.8 billion
euros (US$9.2 billion) including 1.8 billion
euros of debt, the companies said in a joint
statement Sunday. Nets shareholders will
receive 406.6 million new Nexi shares,
initially resulting in 39% of the combined
entity. The transaction, finalised just a month
after Nexi purchased another competitor,
adds to a wave of consolidation sweeping
the continent’s financial services industry,
and will extend the Italian company’s reach
across Europe, where it has operations
spanning Italy, German-speaking countries
and the Nordics. US buyout firm Hellman &
Friedman — Nets’ main owner — as well as
Advent International and Bain Capital will
remain shareholders in the new entity, with
Nets investors subject to a lock up period of
six to 24 months. — Bloomberg
BLOOMBERG
Saudi Aramco plans debt market
comeback with multi-tranche
bond deal
DUBAI (Nov 16): Saudi Aramco said on
Monday it had hired banks for a multi-
tranche U.S. dollar-denominated bond
issuance, as the world’s largest oil company
seeks cash amid lower oil prices. Gulf
issuers have show no sign of slowing this
year’s blitz of issues on international debt
markets as they work to plug finances hit by
weaker oil prices and the coronavirus crisis.
Issuances from the region so far this year
have already shot through 2019’s record,
again surpassing $100 billion. The oil giant,
which made its debut in the international
debt markets last year by raising $12 billion
after receiving more than $100 billion in
orders, did not detail the size of the latest
proposed issuance. It planned a benchmark
multi-tranche offering consisting of tranches
for three, five, 10, 30 and/or 50 years,
subject to market conditions, the document
said. Benchmark bonds are generally at least
$500 million per tranche. — Reuters
24 THEEDGE CEO MORNING BRIEF
W O R L D
NEWS IN BRIEF
REUTERS
REUTERS
Software glitch halts trading on
Australia’s stock exchange
BENGALURU (Nov 16): A software problem
forced Australia’s stock exchange to halt
trading 20 minutes after opening today and
it plans to reopen tomorrow, the bourse
operator ASX Ltd said. The issue affected
trading of multiple securities in a single
order and led to inaccurate market data,
ASX said. “ASX and its technology provider
Nasdaq have identified the root cause and a
resolution path to fix it,” it said in a statement,
adding that the issue wouild be resolved
overnight. The market will reopen as usual
tomorrow at 10am, it said. The problem
came to light as the ASX’s new equity market
trading platform went live today, despite
more than a year of testing by customers,
third parties, the ASX, and Nasdaq. — Reuters
China’s factory output beats forecasts
as Asia shakes off Covid-19 slump
BEIJING (Nov 16): China’s factory output
rose faster than expected in October and
retail sales sped up, as the recovery in the
world’s second-largest economy from its
Covid-19 slump gathered momentum.
Industrial production climbed 6.9% in
October from a year earlier, data from the
National Bureau of Statistics of China (NBS)
showed today, in line with September’s gain
and faster than the 6.5% rise expected in a
Reuters poll of analysts. The upbeat figures
came as other Asian powerhouses also
climbed out from their pandemic depths
with Japan’s economy reporting its fastest
quarterly growth on record. Growth is
expected to accelerate in the fourth quarter
(4Q) as the service sector recovery maintains
momentum, Fu Linghui, spokesman of the
NBS said, told reporters at a briefing. In
the consumer sector, retail sales rose 4.3%
year-on-year, missing forecasts for 4.9%
growth but still the fastest growth this year.
The improved appetite for spending was
seen with China’s auto sales growing 12.5%
in October, thanks to surging demand for
electric vehicles. Domestic tourism also saw
a strong rebound over the Golden Week
holiday last month, although levels were still
well short of last year’s. — Reuters
China’s October new home prices
cool, property investment accelerates
BEIJING (Nov 16): Chinese new home
prices grew at a slower monthly pace
in October, data showed on Monday, as
many developers moved to cut prices to
promote sales amid tighter government
scrutiny on borrowing. Average new
home prices in 70 major cities rose 0.2% in
October from a month earlier, the slowest
monthly growth rate since March and
down from September’s 0.4% growth,
according to Reuters calculations based
on data released by the National Bureau
of Statistics (NBS). Compared with the
same month a year earlier, home prices
rose 4.3% in October, easing slightly from
September’s 4.6% growth. China’s massive
property market recovered quickly from
the coronavirus crisis earlier this year, due
to cheaper credit and looser purchase
restrictions in some cities. But with sales
picking up steam, policymakers have taken
a tougher stance since the start of the
second half of the year, with regulators
increasing scrutiny on financing activities
of developers and buyers to prevent
rampant growth in borrowing. — Reuters
REUTERS
Thai 3Q GDP down 6.4% y-o-y, less
than expected, with outlook raised
BANGKOK (Nov 16): Thailand’s economy
shrank more slowly in the third quarter,
with the contraction limited to 6.4%
thanks to a recovery in domestic activity
after coronavirus restrictions were eased
but an ongoing travel ban has kept most
foreign tourists away. The data released
on Monday by the National Economic and
Social Development Council (NESDB)
showed a marked improvement from the
June quarter, when the economy suffered a
12.1% decline, the sharpest fall in over two
decades. On a quarterly basis, the economy
expanded a seasonally adjusted 6.5% in
the September quarter, the fastest pace
in more than eight years, after a record
contraction of 9.9% in the prior quarter.
As a result, the government raised its 2020
outlook for a contraction of 6.0% from a
previous forecast 7.3%-7.8% decline. It
now expects exports to fall 7.5% this year,
rather than drop 10%. — Reuters
 T U E S D AY N O V E M B E R 1 7 , 2 0 2 0 25 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM3,353 -27 OIL US$44.36 1.58 RM/USD 4.1150 RM/SGD 3.0594 RM/AUD 3.0027 RM/GBP 5.4349 RM/EUR 4.8798

Top 20 active stocks

FBM KLCI
NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE (%) CAP (RM MIL)
1800
AT SYSTEMATIZATION BHD 2059.0 0.005 0.260 550.00 851.3 1,599.66
METRONIC GLOBAL BHD 853.4 0.020 0.190 322.22 236.7 1600
MTOUCHE TECHNOLOGY BHD 824.8 0.035 0.105 5.00 122.3
1400
NEXGRAM HOLDINGS BHD 416.0 0.005 0.065 333.33 173.0
LAMBO GROUP BHD 383.3 0.000 0.045 12.50 159.1 1200
VSOLAR GROUP BHD 323.4 0.010 0.055 96.43 119.4 Nov 18, 2019 Nov 16, 2020
EA HOLDINGS BHD 287.3 0.005 0.040 300.00 202.9
SAPURA ENERGY BHD 287.3 0.005 0.115 -57.41 1837.6
PA RESOURCES BHD 254.0 0.025 0.145 163.64 325.5
World

equity indices
XIDELANG HOLDINGS LTD 200.4 0.000 0.085 -26.09 179.9
KANGER INTERNATIONAL BHD 170.4 0.005 0.175 118.75 320.7 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
FINTEC GLOBAL BHD 156.7 0.000 0.120 118.18 169.3 (%) (%)
GPA HOLDINGS BHD 139.9 0.010 0.200 110.53 196.1 DOW JONES 29479.81 399.64 1.37 INDONESIA 5494.87 33.81 0.62
NETX HOLDINGS BHD 137.9 0.015 0.180 -53.67 150.5 S&P 500 3585.15 48.14 1.36 JAPAN 25906.93 521.06 2.05
GREEN OCEAN CORP BHD 132.6 0.030 0.210 82.61 87.0 NASDAQ 100 11937.84 110.70 0.94 KOREA 2543.03 49.16 1.97
PRICEWORTH INTERNATIONAL 129.5 0.000 0.030 -14.29 135.1 FTSE 100 6419.92 103.53 1.64 PHILIPPINES 6918.05 -51.83 -0.74
VORTEX CONSOLIDATED BHD 117.5 0.005 0.065 -67.50 78.0 AUSTRALIA 6484.33 79.11 1.24 SINGAPORE 2748.00 36.61 1.35
AIRASIA GROUP BHD 114.9 0.090 0.750 -55.88 2506.5 CHINA 3346.97 36.87 1.11 TAIWAN 13551.83 278.50 2.10
VIVOCOM INTERNATIONAL 110.6 0.450 1.950 1200.00 1104.6 HONG KONG 26381.67 224.81 0.86 THAILAND 1351.06 4.59 0.34
MNC WIRELESS BHD 104.8 0.015 0.070 250.00 100.8 INDIA 43637.98 194.98 0.45 VIETNAM 950.79 -15.50 -1.60
Data as compiled on November 16, 2020 Source: Bloomberg Data as compiled on November 16, 2020 Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
MTOUCHE TECHNOLOGY BHD 0.105 50.00 824844.3 5.00 122.3 MLABS SYSTEMS BHD 0.155 -18.42 12358.2 -16.54 19.5
REACH ENERGY BHD 0.105 31.25 36936.0 -36.36 115.1 MARINE & GENERAL BHD 0.075 -16.67 712.7 0.00 54.3
VIVOCOM INTERNATIONAL 1.950 30.00 110641.8 1200.00 1104.6 AEMULUS HOLDINGS BHD 0.725 -13.17 44468.5 222.22 438.4
SERSOL BHD 0.270 28.57 40995.1 184.21 58.1 MELEWAR INDUSTRIAL GROUP BHD 0.235 -11.32 4780.5 38.24 84.5
AIRASIA X BHD 0.070 27.27 98986.7 -54.84 290.4 BORNEO OIL BHD 0.045 -10.00 36483.9 0.00 280.8
MNC WIRELESS BHD 0.070 27.27 104795.7 250.00 100.8 GROMUTUAL BHD 0.250 -9.09 27.0 -7.41 93.9
GETS GLOBAL BHD 3.970 25.24 14530.0 2381.25 500.2 SUPERMAX CORP BHD 8.000 -8.88 40239.1 1051.08 20549.9
VSOLAR GROUP BHD 0.055 22.22 323437.4 96.43 119.4 MINDA GLOBAL BHD 0.055 -8.33 2625.0 -8.33 68.2
PA RESOURCES BHD 0.145 20.83 253957.9 163.64 325.5 AMALGAMATED INDL STEEL BHD 0.230 -8.00 40.9 -11.54 31.6
COMPUGATES HOLDINGS BHD 0.030 20.00 14050.5 50.00 78.0 CAREPLUS GROUP BHD 2.800 -7.89 23426.2 1655.74 1540.2
MULTI-USAGE HOLDINGS BHD 0.330 17.86 12.0 -9.59 18.6 ABLEGROUP BHD 0.120 -7.69 1481.3 71.43 31.7
M3 TECHNOLOGIES ASIA BHD 0.135 17.39 8994.8 200.00 86.8 RUBBEREX CORP M BHD 2.060 -7.62 60003.7 1044.44 1647.7
GREEN OCEAN CORP BHD 0.210 16.67 132609.1 82.61 87.0 TOP GLOVE CORP BHD 7.200 -7.46 79755.1 359.57 58394.5
Y&G CORP BHD 0.510 14.61 0.2 -32.00 111.4 TOYO VENTURES HOLDINGS BHD 0.750 -7.41 20.6 0.00 80.3
AVILLION BHD 0.080 14.29 12923.2 -42.86 75.6 PROLEXUS BHD 1.550 -7.19 8691.8 89.02 273.6
EA HOLDINGS BHD 0.040 14.29 287254.3 300.00 202.9 CHINA OUHUA WINERY HOLDINGS 0.065 -7.14 3623.4 85.71 43.4
KNM GROUP BHD 0.200 14.29 62467.4 -46.67 543.7 ES CERAMICS TECHNOLOGY BHD 0.525 -7.08 13160.4 412.20 238.2
CHEMICAL CO OF MALAYSIA BHD 2.740 14.17 5298.6 122.76 456.8 CN ASIA CORP BHD 0.605 -6.92 3.0 45.78 33.2
AIRASIA GROUP BHD 0.750 13.64 114865.4 -55.88 2506.5 SPRING ART HOLDINGS BHD 0.345 -6.76 15749.3 32.69 143.4
REX INDUSTRY BHD 0.210 13.51 4272.7 13.21 51.8 UNISEM M BHD 5.480 -6.48 2672.3 153.70 3984.4
Data as compiled on November 16, 2020 Source: Bloomberg Data as compiled on November 16, 2020 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
MTOUCHE TECHNOLOGY BHD 0.105 50.00 824844.3 5.00 122.3 HARTALEGA HOLDINGS BHD 14.500 -0.880 11943.7 164.60 49700.3
REACH ENERGY BHD 0.105 31.25 36936.0 -36.36 115.1 SUPERMAX CORP BHD 8.000 -0.780 40239.1 1051.08 20549.9
VIVOCOM INTERNATIONAL 1.950 30.00 110641.8 1200.00 1104.6 HEINEKEN MALAYSIA BHD 21.800 -0.620 430.2 -19.62 6585.7
SERSOL BHD 0.270 28.57 40995.1 184.21 58.1 TOP GLOVE CORP BHD 7.200 -0.580 79755.1 359.57 58394.5
AIRASIA X BHD 0.070 27.27 98986.7 -54.84 290.4 KOSSAN RUBBER INDUSTRIES 6.260 -0.400 14583.3 200.96 16012.3
MNC WIRELESS BHD 0.070 27.27 104795.7 250.00 100.8 CARLSBERG BREWERY MALAYSIA 22.880 -0.400 298.0 -22.00 6995.5
GETS GLOBAL BHD 3.970 25.24 14530.0 2381.25 500.2 UNISEM M BHD 5.480 -0.380 2672.3 153.70 3984.4
VSOLAR GROUP BHD 0.055 22.22 323437.4 96.43 119.4 PPB GROUP BHD 18.880 -0.240 216.2 0.21 26858.7
PA RESOURCES BHD 0.145 20.83 253957.9 163.64 325.5 CAREPLUS GROUP BHD 2.800 -0.240 23426.2 1655.74 1540.2
COMPUGATES HOLDINGS BHD 0.030 20.00 14050.5 50.00 78.0 COMFORT GLOVE BHD 3.790 -0.240 16147.7 379.75 2209.4
MULTI-USAGE HOLDINGS BHD 0.330 17.86 12.0 -9.59 18.6 RUBBEREX CORP M BHD 2.060 -0.170 60003.7 1044.44 1647.7
M3 TECHNOLOGIES ASIA BHD 0.135 17.39 8994.8 200.00 86.8 DIGI.COM BHD 4.020 -0.150 2862.1 -9.87 31255.5
GREEN OCEAN CORP BHD 0.210 16.67 132609.1 82.61 87.0 KUALA LUMPUR KEPONG BHD 23.000 -0.140 391.9 -7.26 24805.0
Y&G CORP BHD 0.510 14.61 0.2 -32.00 111.4 LII HEN INDUSTRIES BHD 4.380 -0.120 916.7 42.67 788.4
AVILLION BHD 0.080 14.29 12923.2 -42.86 75.6 JF TECHNOLOGY BHD 4.250 -0.120 1288.9 179.61 981.7
EA HOLDINGS BHD 0.040 14.29 287254.3 300.00 202.9 PROLEXUS BHD 1.550 -0.120 8691.8 89.02 273.6
KNM GROUP BHD 0.200 14.29 62467.4 -46.67 543.7 TENAGA NASIONAL BHD 11.200 -0.120 3424.5 -11.93 63892.1
CHEMICAL CO OF MALAYSIA BHD 2.740 14.17 5298.6 122.76 456.8 AEMULUS HOLDINGS BHD 0.725 -0.110 44468.5 222.22 438.4
AIRASIA GROUP BHD 0.750 13.64 114865.4 -55.88 2506.5 ADVENTA BHD 2.160 -0.100 1878.3 299.69 330.0
REX INDUSTRY BHD 0.210 13.51 4272.7 13.21 51.8 UWC BHD 7.400 -0.100 1575.7 246.88 4071.5
Data as compiled on November 16, 2020 Source: Bloomberg Data as compiled on November 16, 2020 Source: Bloomberg