Article

Apex: Fund Managers’ View
Article |20 October 2020
  1. The KLCI closed at 1,511 @ 20.10.20. The stock market has declined by -1.1% since the end of the previous month. Utilities (-2.3% WoW) and Food & Beverages (-1.2% WoW) were the worst performing sectors in the last one week. YTD-2020, the KLCI has declined by 4.7%.
  2. Apple launched 4 new IPhone 12 models with 5G capabilities on 13 Oct 2020. As mobile phones move from 4G to 5G, the complexity of devices increase as more sub-components are required per device. As several Malaysian technology companies are exposed to the Apple supply chain, this news is a positive catalyst for a number of our technology holdings such as Inari and Pentamaster. Not surprisingly, these stocks have rallied since the new Apple 12 launch. Aside from the Apple launch, the future proliferation of 5G, artificial intelligence, gaming applications and work from home arrangement are among the trends that are bullish for the sector. We maintain an overweight position in technology sector.

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Apex: Fund Managers’ View
Article |6 October 2020
  1. The KLCI closed at 1,509 @06.10.20. The stock market has declined by 1.6% since the end of the previous month. Utilities (-2.9% WoW) and Food & Beverage (-1.9% WoW) were the worst performing sectors in the last one week. YTD-2020, the KLCI has declined by 5.8%.
  2. At a PE of 17.4x for 2020, Malaysia’s PE premium to the Asia ex-Japan region has fallen to zero – the lowest level in the last 5 years. The above is partly due to the market’s “E” or earnings integer which has been upgraded due to the glove sector. The market’s eps integer for 2020 has risen from circa $76 in Jun-20 to $86 currently.

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Kenanga: Investing in Local Tech
Article |2 September 2020
The local technology sector has been one of the biggest winners on the local bourse since it plummeted in March, thanks to the Covid-19 pandemic. While the Bursa Malaysia Technology Index saw a dip then, it has since recovered to hit a 16-year high on Aug 11, outperforming the FBM KLCI.

This interest in the tech sector follows close on the heels of the global rally in tech stocks. Investors are betting on the accelerated digitalisation trend triggered by the pandemic, which has restricted movement and thus increased the popularity of digital services.

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Apex: Fund Managers’ View
Article |1 September 2020
  1. The KLCI closed at 1,521 @01.09.20. The stock market has declined by 3.4% since the end of the previous month. Banks (-3.0% WoW) and healthcare (-2.3% WoW) were the worst performing sectors in the last one week. YTD-2020, the KLCI has declined by 2.1%.
  2. Malaysia recorded a 3.1% YoY grow thin exports in July-20 (vs 8.0% in Jun-20). This is the 2nd consecutive month of positive export growth. The segments which performed strongly were electrical and electronics (9.2% YoY), palm oil (52.0% YoY) and optical & scientific equipment (9.9% YoY).

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Apex: Fund Managers’ View
Article |25 August 2020
  1. The KLCI closed at 1,555 @25.8.20. The stock market has declined by 0.6% since the end of July. YTD-2020, the KLCI has declined by 0.7%. Bursa’s daily turn over by value increased further in August while retailers continued to be very active.
  2. Parliament approved an increase in the Federal government debt ceiling from 55% to 60%. This is to accommodate the spending for the stimulus measures as a result of the Covid-19 pandemic. Malaysia last raised its debt ceiling in July 2009 during the Global Financial Crisis (GFC) when the debt limit was raised from 45% to 55% of GDP. Higher indebtedness and the possibility of a wider fiscal deficit is a risk for the Ringgit.

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Apex: Fund Managers’ View
Article |18 August 2020
  1. The KLCI closed at 1,568 @18.8.20. The stock market has risen by 1.4% since the end of the previous month. Last week, the technology (-5.3% WoW) and healthcare (-15.5% WoW) were the worst performing sectors. YTD-2020, the KLCI has declined by 1.5%.
  2. Malaysia’s 2Q Gross Domestic Product (GDP) contracted by -17.1% YoY. This was the steepest fall since the Asia Financial Crisis in 1998  (GDP -11% YoY). Malaysia GDP contraction was the worst among its regional peers eg. Singapore (-13.2% YoY), Philippines (-16.5% YoY), Indonesia (-5.3% YoY) and Thailand (-12.2% YoY). This was because Malaysia was one of the earliest countries to impose a strict lock-down of the economy. The output loss during the Mandatory Control Order period was estimated at RM900 mil to RM1.4 bil a day.

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Apex: Fund Managers’ View
Article |11 August 2020
  1. The KLCI closed at 1,565 @11.8.20. The stock market has risen by 1.4% since the end of the previous month. Last week, the technology (+10.9% WoW )and healthcare (+7.8% WoW) sectors out performed. YTD-2020, the KLCI was unchanged.
  2. Last week, former Prime Minster Tun Dr Mahathir announced that he will be forming a new political party. The organisation will not align witheither Pakatan Harapan or Perikatan Nasional. The political situation in Malaysia remains fluid. We are under weight companies which rely on winning government contracts for their revenues.

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Apex: Fund Managers’ View
Article |28 July 2020
  1. The KLCI closed at 1,609 @28.7.2020. The stock market has risen by 6.3% since the end of the previous month. YTD-20, the KLCI has risen by a modest 1.1%.
  2. For the week ended 24.7.2020, the best performing sectors were healthcare (+20%), small caps (+4.3%) and technology (+3.9%).

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Apex: Fund Managers’ View
Article |14 July 2020
  1. The KLCI closed 1,599 @14.07.20. The stock market has increased by 1.7% since the end of the previous month. YTD-20, the KLCI has declined by-0.3%. The market’s daily turnover has averaged RM4.8 bil in July (vs RM4.6 mil in June) as local retail participation remained very active.

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Apex: Fund Managers’ View
Article |8 July 2020
  1. The KLCI closed 1,584 @08.07.20. The stock market has increased by 4.3% since the end of the previous month. YTD-20, it has declined by 3.3%.
  2. Bursa’s average daily turn over value (ADTV) in June was RM4.6bil vs RM4.3bil in May (ADTV was RM1.93bil in 2019). Retail participation in June remained healthy at 33.5% vs 32.4% in May.

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Apex: Fund Managers’ View
Article |30 June 2020
  1. The KLCI closed 1,501 @30.06.20. The stock market has risen by3.8% since the end of the previous month. YTD-20, it has declined by 6.3%.
  2. The World Bank has revised Malaysia’s 2020 GDP growth from negative0.1% to negative3.1%.

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Fund Update: Affin Hwang World Series – Global Income Fund
Article |28 May 2020

Affin Hwang World Series – Global Income Fund (“AHWS-GIF”) provides investors with regular income through investments in global fixed income instruments that produce an attractive level of income while maintaining a relatively low risk profile, with a secondary goal of capital appreciation. AHWS – GIF invests in to the PIMCO GIS Income Fund.

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Maybank Bluewaterz Total Return Fund
Article |28 May 2020
How did the Maybank Bluewaterz Total Bond Fund (BWZ) perform recently?

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JomSembangwith MAMG: LIVE!
Article |28 May 2020
If you missed the Zoom Webinar, here are some of the questions from our session on 20thMay 2020 for your reference.

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MAYBANK GREATER CHINA ASEAN EQUITY-I FUND (MGCAEI)
Article |22 May 2020
In April, markets had seen quite a strong and rapid rebound. However, the recovery may not be sustainable as the Covid-19 risk is still around and there could be a second of wave profit taking as investors began to assess weak corporate earnings and economic data. Furthermore, the lower oil prices as well as the US-China “blame game” could add more uncertainties into the already fragile markets. However, having said that, we do not expect any sell-off to be as bad as it was in March given the support and measures provided by governments and central banks globally.

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2020 PHEIM’s Market Strategy
Article |22 May 2020
“Pheim has a strong presence in Asian having successfully emerged from various crises that had plagued the region in past. What were the strategies that worked then and will it still work in this age of widespread misinformation and prevalence of technology?”

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Will Outperformance Continue?
Video |22 May 2020
In case you missed it, do click on the link below to watch the Jom Sembang with MAMG: LIVE!

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Time to Watch TV (Trump Volatility)
Article |21 May 2020
The world is now focusing on the recovery of the economy as more and more countries are gradually lifting the lockdowns.  Chart 1 clearly shows that when the lockdown was lifted in China, its PMI, which is an indicator of economic activities also improved. With presidential election in November and less than 6 months for campaign, President Donald Trump has shifted his focus from combating COVID-19 to re-election, re-igniting trade war with China to gain support.

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Will Outperformance Continue?
Article |21 May 2020
In the past month, the world witnessed a historic fall in global stock markets as countries are battling to curb the spreading of Covid-19 pandemic. Besides the tragic human impact, the implication of such unknown pandemic runs deeply into economic growth. The lockdown imposed has put an abrupt end to the longest economic expansion in US and expected to push the world economy into deepest downturn since the Great Depression of the 1930s.

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Maybank Greater China ASEAN Equity-i Fund (MGCAEI)
Article |21 May 2020
In April, markets had seen quite a strong and rapid rebound. However, the recovery may not be sustainable as the Covid-19 risk is still around and there could be a second of wave profit taking as investors began to assess weak corporate earnings and economic data. Furthermore, the lower oil prices as well as the US-China “blame game” could add more uncertainties into the already fragile markets. However, having said that, we do not expect any sell-off to be as bad as it was in March given the support and measures provided by governments and central banks globally.

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2020 PHEIM’s Market Strategy
Article |08 May 2020
Value is in the eye of beholder. Share price depends on investors’ reactions. Whether the shares will perform sooner or later will depend on how accurate is one’s assessment. With the sharp market correction in the second half of February 2020 to the later part of March, year to date, equity unit trust investors are seeing negative returns. Your return depends on your judgement to buy at low prices.
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Jom Sembang with MAMG: Episode 2
Video |08 May 2020
Are we expecting another sell down? Mr. Ahmad Najib Nazlan (Jon), our CEO for Maybank Asset Management Malaysia talks about the possibilities of a 2nd wave in the financial markets with our regional fund managers. Check out the video in the link below:
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China: Into a Legend Part 3 – In -37 world of Crude Oil Treasure
Article | 27 Apr 2020
The week started with an epic oil crash on Monday (20 April), when the May West Texas Intermediate (WTI) futures contract hit as low as US$40.32/barrel (Chart 1), one day before the contract expired on Tuesday. As the dust settled and the May WTI futures contract price recovered,
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China: Into a Legend Part 2
Article | 21 Apr 2020
China will be the new legend after COVID-19. Although we are currently not over-optimistic on global economic recovery, we believe China will lead the world in both global economic and market growth post COVID-19. On 17 April, China announced that its 1Q20 GDP fell 6.8% YoY, slightly lower than consensus (Table 1).

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Maybank Asset Management: 2Q2020 Outlook & Strategy (MY)
Article | 8 Apr 2020
In January, Asian equity markets began the year on a positive note in anticipation of the signing of the ‘phase 1’ US-China trade deal.

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Maybank Asset Management: 2Q2020 Outlook & Strategy (SG)
Article | 8 Apr 2020
The first quarter of 2020 proved to be a dismal and challenging quarter for the financial markets. After a challenging 2019, mainly due to the concerns surrounding the deterioration of global economic growth as the US-China trade war continued to escalate throughout the year, many were expecting some degree of recovery. Unfortunately, things took a turn for the worse as 2020 prove to be unprecedentedly challenging.

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Affin Hwang Capital Asset Management: A Brief On Global & Local Markets, Investment Strategy
Article | 6 Apr 2020
Global equity gauges endured a rather choppy week as the number of Covid-19 cases continue to rise globally as Markets weigh the economic toll of the pandemic. The S&P 500 declined by 2.1% over the week; where as in the region, the Hong Kong Hang Seng and broader MSCI Asia ex-Japan index slipped by 1.1% and 1.4% respectively.

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China: Into A Legend
Article | 1 Apr 2020
China will be the new legend after COVID-19 because we believe it will lead the world in both global economic and market recovery.

Although WHO recently declared COVID-19 which is caused by SARS-Cov-2 virus as pandemic on 11 March 2020, we still believe that China will be the first to recover as seen in the rebound of its March official manufacturing and non-manufacturing Purchasing Managers’ Index (PMI) of 52.0 and 52.3 respectively.
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Covid-19 and Malaysia Banking Industry
Article | 1 Apr 2020
The spread of the highly contagious Covid-19 has sent financial markets into a tailspin and thus creating fears of a global recession. The impact of the virus has now extended beyond China and to the rest of the World. Globally, the number of Covid-19 cases has surpassed 700,000 with more than 34,000 deaths.
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The Collapse of Crude Oil Prices and Its Implications to Malaysia Oil and Gas Industry
Article | 1 Apr 2020
Figure 1 shows the global demand and supply for Oil and Gas (O&G) from 1993 to 2019. For the past 20 over years, the spread between demand and supply has been very consistent. However, things will be different for year 2020 due to COVID-19 virus which dampen the demand and the oil war between Saudi Arabia and Russia which disrupt the supply chain and this will lead to a major disparity in the demand and supply for O&G.
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COVID-19: The Black Swan of the Century
Article | 30 Mar 2020
The COVID-19 pandemic has turned the world upside down. While things in China are already turning the other direction, the rest of the world is experiencing what China had two months ago. Widespread containment measures have disrupted economies around the world, creating fears of a global recession.
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Special Investment Commentary Covid-19
Article | 25 Mar 2020
As a result of the global Covid-19 pandemic outbreak, markets around the world have declined sharply in a rapid and unprecedented movement. In reaction, we have seen loose monetary policy and stimulus measures announced by central banks, aiming to limit the economic impact of the pandemic outbreak.
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RHB Asian Income Fund Update
Article | 25 Mar 2020
Equities were the main detractor from performance (-16%), as concerns over the outbreak weighed on markets and sentiment. While typically stocks with growth exposure would suffer more in normal market sell-off, some of these names have actually outperformed this time especially those in China and for the internet sector.
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Merry Brexmas and Happy Investing
Article | 13 Dec 2019
Merry Brexmas! With Conservatives becomes be the largest party in the House of Commons with an outright majority, this would mean a safer passage of the Withdrawal Agreement Bill (WAB) through parliament and also being able to counter some of the likely amendments that may be proposed to be added to the WAB, by those keen to hold the PM to account on his Brexit policy, and indeed potentially for the government to pass amendments that guarantee in law no extension to the transition period
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PMB_Hitech, 2020 Gold Medalist
Article | 25 Nov 2019
Historically, Olympic Games have been a platform for a number of technological innovations which drove economy growth and equity performance of technology sector. 1960 Rome Olympics pioneered live broadcasting, 1964 Tokyo Olympics saw the debut of live satellite broadcast and 2012 London Olympics marked the point where smartphones became a mainstream live viewing platform.
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MALAYSIA BUDGET 2020 – Bracing through the Storm in an Equitable Manner
Article | 14 Oct 2019
The tabled Budget 2020 themed “Driving Growth and Equitable Outcomes towards Shared Prosperity” is very much centred on the Government’s Shared Prosperity Vision 2030 (SPV 2030) blueprint launched earlier to boost the country’s economic development.
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Oil Inferno: Short-term Shock?
Article | 17 Sept 2019
The oil production facilities in Saudi Arabia were attacked by drones and missiles on 14 September 2019, Brent crude oil price increased by 11.3% to USD67/bbl on Monday (16 September 2019), the largest single-day rally in more than a decade.
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Trump Loves Properties, Do You?
Article | 27 Aug 2019
  • With the intensification of the US-China trade dispute, President Trump’s “orders” US companies suspend all trading with China. If this is his ultimatum in negotiations with China and if fails, global economy will be driven into an almost certain downturn.
  • Under such scenario, risk averse investors will seek for alternative investments that generate yield such as REITs (real estate investment trusts) because REITs are perceived as less sensitive to market fluctuations.

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Trump, the Santa Claus
Article | 14 Aug 2019
U.S headline Consumer Price Index (CPI) rose 0.3 percent in July, firmer than the average increase of 0.1 percent in the prior 12 months but in line with the consensus estimate.

However, prices of computers and smart-home assistant devices provided a surprise with increase of 2.8% MoM. This jump was the largest since this category was broken out in 2005 and may due to US-China trade uncertainty.

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Noises or Ultimatum?
Article | 07 Aug 2019
  • On 6th August 1945, the United States (U.S) detonated “Little Boy” on Hiroshima and subsequent days, “Fat Man” was dropped at Nagasaki which ultimately ended the Pacific War.
  • Since 1st August 2019, financial markets are also exposed to explosions that are as destructive as in August 1945.
  • Are these explosions mere noises towards election or an ultimatum to Federal Reserve Chairman Jerome Powell and China?

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MALAYSIA BUDGET 2019 – Restoring the Malaysian Economy as an Asian Tiger
Article | 05 Nov 2018
Budget 2019 themed “A Resurgent Malaysia, A Dynamic Economy, A Prosperous Society” was tabled by the Finance Minister on 2 November 2018 and generally it is within expectations. In fact, we were expecting a broadly punitive budget as both the Prime Minister and Finance Minister alluded a budget with more taxes and “…expect some pain and even offer some sacrifice” during the Malaysia: A New Dawn Investors’ Conference, a month ago. read more

 

Trade War : Who cares
Article | 12 Mar 2018
 US decided to imposed tariffs of 25% and 10% on selected steel and aluminium imports, respectively. Importantly, Canada and Mexico were excluded. This is notable as 23.7% of steel imports and 41.5% of aluminium imports come from Canada and Mexico. The tariffs will take effect in about 15 days. Trump administration’s strategies are likely (1) a midterm election strategy, (2) a trade negotiation ploy, and (3) a way to reduce the US trade deficit (reduce imports and increase domestic production). read more

 

2018 TheEdge – Thomson Reuters Lipper Fund Awards
Article | 5 Apr 2018
Over the years, Phillip Mutual Berhad has offered award winning funds, through our business partners, on our funds platform. This year is no different as our business partners have won 47 from 71 individual awards and 4 from 7 group awards in the 2018 TheEdge – Thomson Reuters Lipper Fund Awards.read more