Article

Apex: Fund Managers’ View
Article |03 August 2021
  1. Market focus continued very much centered on China’s tightening regulatory stance We warned in last week’s commentary We are likely at the beginning rather than closer to the end of this heightened regulatory scrutiny by the Chinese government Sectors deemed to powerful and/or in control of more data on the Chinese people than the government herself will continue to be at risk of negative action The bad news is dominant passive outflows is leading this sell out of Asian equity markets The good news is that this broad indiscriminate sell off will present opportunities to buy into others who have suffered from this collateral damage

read more

 

Apex: Fund Managers’ View
Article |28 July 2021
  1. This week’s US Federal Reserve FOMC Meeting was a non-event; Chair Jerome Powell played the delicate balance to ensure no serious market dislocations as was experienced in last month’s meeting. The US equity markets reacted as though there was no FOMC Meeting.

read more

 

Apex: Fund Managers’ View
Article |21 July 2021
  1. The world does not appear out of the woods with this Covid-19 pandemic. The US is now starting to see a resurgence of new Delta variant cases with rising hospitalisations and deaths. The UK, reopening on the 19th July, with removal of face masks and social distancing rules, will be another test-bed. It is for this very reason that we have been of the view that the US Federal Reserve has a concern over the sustainability of this economic recovery momentum in her monetary policy. For the developed world, it is the high expectations of economic normalisation against the possibility that the new normal may not be the same old normal. For the emerging world falling so far behind the developed world in her struggles towards normalisation, a longer run away of easy monetary conditions may actually allow us to narrow the gap.

read more

 

Apex: Fund Managers’ View
Article |13 July 2021
  1. US Treasury Secretary Janet Yellen, whom I call the tag team partner of US Federal Reserve Chair Jerome Powell, spoke at the conclusion of the G 20 Meeting of Finance Ministers She expressed concerns that a sustained economic recovery for a very connected world can be undermined very quickly by new variants of Coronavirus that are proving to be more infectious In other words, the US economic health can only be as strong as its weakest global link Slower than expected economic recovery in the rest of the world will eventually drag down the growth momentum of the US

read more

 

Apex: Fund Managers’ View
Article |06 July 2021
  1. Singapore’s newest strategy is to accept that Covid-19 virus is here to stay, like the common flu. Singapore will gun for mass vaccination, and soon stop counting the daily new cases, remove quarantine measures, and get on with life as normal. Likewise, the Israel and UK experiences are that vaccination does not prevent breakthrough cases but prevent severe illness and stress to the health care system. Thus, the UK also plans to exit Covid-19 lockdown and remove emergency Covid-19 laws mandating face masks and social distancing. Emerging countries, many in Asia, found themselves starved of vaccine supply hoarded by the developed nations. Mass vaccination is slowly but surely accelerating, Malaysia hopefully will move towards a similar Covid-19 strategy like Singapore.

read more

 

Apex: Fund Managers’ View
Article |28 June 2021
  1. One of my favourite movies from the 1990 s was Groundhog Day* starring Bill Murray and Andie MacDowell Perhaps this movie is no longer as favoured, as I feel more Bill Murray-ish a monotonous, unpleasant, repetitive wake up to the ‘same’ day. This last week, Australia locking down half the country, has proven that a Covid Zero strategy of closing your international borders, more rigorous testing, and stringent quarantine measures does not work It feels the same too here in Malaysia, like we all woke up to the same morning, a few months after we thought we are past seeing our own shadows* The silver lining, as we have continuously highlighted, is the greater urgency to push through mass vaccination With mass vaccinations, we would like to believe that the worst is more likely behind us than ahead of us

read more

 

Apex: Fund Managers’ View
Article |08 June 2021
  1. As investors, we want to know the eventuality of Covid-19 and how this will affect the investment environment. In a year’s time, Covid-19 will come to betreated as the common flu that we have lived with for centuries. Covid-19 is here to stay and Asia’s Covid-19 resurgence is evidence that zero cases is impossible. Vaccination and herd immunity is the way to go, many Asian countries should reach this milestone by year-end or early next year. FMCO, MCO, CMCO, RMCO will be finally behind us. Vaccination is free; the Government is saying that there cannot be anymore economic disruptions. Life goes on….. we will be back to the old normal.

read more

 

Apex: Fund Managers’ View
Article |01 June 2021
  1. Has the US Federal Reserve’s monetary tapering talk begun? What does the US Federal Reserve do when she does not want to do anything? Play the good guy and also play the bad guy, a pre emptive measure against inflation expectations San Francisco Fed President Mary Daly said in a CNBC interview “We are talking about talking about tapering”, echoed also by Fed Vice Chairs Richard Clarida and Randal Quarles It is even more telling when Clarida called April’s consumer price report an “unpleasant surprise”, i e we are watching very closely Meanwhile, another Fed Governor Lael Brainard said “the path of reopening and recovery like the shutdown is likely to be uneven and difficult to predict, so basing policy on outcomes rather than the outlook will serve us well Inflation can go up, hopefully transitory, and it is a deliberate policy choice, but the fear of inflation cannot go up We are of the view that those who think that Fed action may happen sooner than later may find it happening later than sooner

read more

 

Apex: Fund Managers’ View
Article |25 May 2021
  1. What has emerged from the latest FOMC meeting minutes confirmed all along what we have suspected about the US Federal Reserve; that she has started to think about thinking of tapering. The 64 million dollar question on most minds has to be for how long will the US Federal Reserve continue to be accommodative? Yet, US Federal Reserve Chair Jerome Powell would still have you believe that tapering discussion has yet to happen? This tells us that the US Federal Reserve is just loathe to even make the slightest change to its policy guidance. The greatest uncertainty yet is how sustain able is this Covid-19 improvement and the risk that any resurgence undermines a still fragile economicrecovery. In other words, reflating is a deliberate policy choice. The market narrative will need to develop confidence the US Federal Reserve can balance growth momentum with manageable inflation.

read more

 

Apex: Fund Managers’ View
Article |18 May 2021
  1. This commentator generally refrains from political opinions However, politics have largely framed our investment perspective for the last 4 to 5 years that it bears some ranting The Israeli Palestinian conflict is of upmost concern to everyone watching the horrific unfolding with each passing day The United Nations (UN) Security Council charged with preserving international peace and security has pushed for a condemnation of the situation and a de escalation of fighting Yet the US, as one of five members on the UN Security Council with veto power over anything they don’t like in the Security Council, has kept using this veto power to block any form of formal reaction,reaction,”preferring to use its own diplomatic powers to calm things down” The seeds of empowerment for Israel were sowed when previous US President Donald Trump made the decision to relocate the US Embassy from Tel Aviv to Jerusalem, a recognition of Jerusalem as the capital of Israel This tells us that if you are an ally of the US, you can get away with anything you want As much as the political outreach of China across the South China Seas is a concern for all, its also a matter of self interest to the US Asian equity markets for the past 4 to 5 years have come to include this prolonged US China trade tension as an important driver for positioning and performance Many Asian nations will dread the day when we are asked to pick sides from this cross fire and face the consequences.

read more

 

Apex: Fund Managers’ View
Article |11 May 2021
  1. This global economic recovery is the most uneven recovery in history, the most disparate between the rich and the poor And until the worst off of this Covid 19 pandemic are lifted out of this mess, it is highly unlikely that the US Federal Reserve can be in a position to reverse the course of monetary accommodation Nonetheless, there is certainly some froth in certain asset markets that have the US Federal Reserve concerned

read more

 

Apex: Fund Managers’ View
Article |04 May 2021
  1. Nothing has changed from the US Federal Reserve until it has to change. In last week’s FOMC meeting, the US Fed remained committed to the promised US $120 billion of asset purchases monthly. The US Fed also remained of the view that rising in flation in the coming months will be transitory. Therefore, it is still not time yet to talk about reducing policy accommodation. However, what may have struck concern for investors is the mention of froth in some asset markets. What to me is more note worthy is the comment that recovery is uneven and far from complete. Good headline economic numbers are one thing, the completeness of recovery is only as good as your weakest link. Between froth and the worst-off, the punch bowl will likely not be taken away until the worst-off are liftd up together.

read more

 

Apex: Fund Managers’ View
Article |27 April 2021
  1. We are positive one merging markets. Nonetheless, there will be a period of short-term uncertainty due to the US Federal Reserve’s policy direction. This is a good opportunity to invest if there is a period of market weakness.

read more

 

Apex: Fund Managers’ View
Article |20 April 2021
  1. WHO made a valid point. As we had highlighted in last week’s commentary, WHO has condemned what it describes as a “shocking imbalance” in the distribution of vaccines between the high-and low-income countries. However, the implication extends beyond what WHO sees as a “catastrophic moral failure”. The US may have moved a head of the rest of the world in its vaccine roll-out but an uneven and patchy global economic normalisation will under mine the sustainability of her own economic recovery. We are too integrated to survive alone.

read more

 

Apex: Fund Managers’ View
Article |13 April 2021
  1. New US Treasury Secretary Janet Yellen appears to be re-engaging the world with renewed American alliance, but this out reach is not without self-interest. Hard power means able to tell the rest of the world the USA needs a harmonised global minimal tax rate to help her finance her massive US$2.3 trillion infrastructure plan. Its a losing proposition to attract returning and foreign investments to create jobs for the masses when you are the only country having to raise taxes in the coming years. The whole world has become ‘American taxpayers’.

read more

 

Apex: Fund Managers’ View
Article |30 March 2021
  1. Equity markets globally oscillated between risk-on optimism and risk-off pessimism. On one side, economic normalisation should bring about a recovery but which threatens run-away inflation, forcing the hands of the US Federal Reserve to tighten monetary policy earlier than expected, bringing an end to this amazing equity rally. On the other hand, escalating new Covid-19 cases across Europe is forcing various Governments to go into renewed lockdowns (ditto possibly the rest of the world too), the risk that any monetary normalisation will be premature and derail the fragile recovery.

read more

 

Apex: Fund Managers’ View
Article |15 March 2021
  1. In handling the Covid-19 pandemic, the US has jumped from being the worst back of the queue under President Trump to the front of the line. It makes so much difference, not just because suddenly we have a more rational President in Biden, but also when you can muscle your way to the front of the supply line for vaccines. It is a genuine concern that the US economic recovery will surprise on the upside forcing the US Federal Reserve’s hands on her commitment to keep rates at zero-bound till 2023. How soon is too soon for this rate reversal? Sometime within 2021 will spook the markets.

read more

 

Apex: Fund Managers’ View
Article |9 March 2021
  1. There is a tussle between state and markets. The elephant in the room is INFLATION. New US Treasury Secretary Janet Yellen spoke this week of the market concern of big inflation a rising out of the US $1.9 trillion Covid-19 support package. In her own words, “I really don’t think that’s going to happen”. Her tag-team partner US Fed Chair Jerome Powell and the Fed team agree.

read more

 

Apex: Fund Managers’ View
Article |2 March 2021
  1. We are at an interesting cross-road. The previous stimulus checks sent US January’s retail sales growth above the market’s expectations. It is very likely that the upcoming potential US $1.9 trillion support package will sustain consumer optimism once more. The IMF in January has US GDP growth for 2021 at +5.1% yoy. The US Fed’s December 2020 forecast for US GDP growth 2021 was +4.2% yoy. Both forecasts look way behind the curve now. The market is of the view that monetary tightening may take place sooner rather than later.

read more

 

Apex: Fund Managers’ View
Article |23 February 2021
  1. Democrats are said to be pushing for as much as US 3 trillion new spending from wide ranging job support programs to an infrastructure policy, on top of the US 1 9 trillion Covid 19 package seeking support from the House this week At the same time, new Treasury Secretary Janet Yellen is pushing for higher corporate taxes (read not wealthy individuals yet though) to fund increased Government debt obligations

read more

 

Apex: Fund Managers’ View
Article |16 February 2021
  1. The KLCI closed at 1,606 @ 16.02.21, down -3.8% M-o-M. Lastweek, Industrial Metal & Mining (+4.9%) and Banks (+3.3%) were the best performing sectors. Meanwhile, Healthcare (-5.9%) and REITs (-1.7%) were the worst performing sectors. Year-to-date @ 05.02.2020, the KLCI has declined by -1.7%.

read more

 

Apex: Fund Managers’ View
Article |09 February 2021
  1. The KLCI closed at 1,586 @ 9.02.21, down -3.8% M-o-M. Last week, Technology (+4.5%) and Oil&Gas (+3.8%) were the best performing sectors. Meanwhile, Healthcare (-0.9%) was the worst performing sector. Year-to-date @ 05.02.2020, the KLCI has declined by -3%.

read more

 

Apex: Fund Managers’ View
Article |02 February 2021
  1. The KLCI closed at 1,580 @2.02.21, down -3.8% M-o-M. Lastweek, Technology (+7.5%) was the best performing sectors while Industrial, Metals & Mining (-5.7%) and Construction (-4%) were the worst performing sectors. Year-to-date @27.01.2020, the KLCI has declined by -2.9%.

read more

 

Apex: Fund Managers’ View
Article |26 January 2021
  1. The KLCI closed at 1 575 26 01 21 down 3 2 M o M Last week, Technology 4 5 was the best performing sectors while Healthcare 5 3 and Oil Gas 3 2 were the worst performing sectors YTD 21 01 2020 the KLCI has declined by 2 0

read more

 

Apex: Fund Managers’ View
Article |19 January 2021
The KLCI closed at 1,605 @ 19.01.20, down -1.6% M-o-M . Lastweek, Technology (+8.9%) and Healthcare (+7.2%) were the best performing sectors while Utilities (-2.6%) and Oil & Gas (-1.1%) were the worst performing sectors. YTD @14.01.2020, the KLCI has increased marginally by 0.5%.

read more

 

Apex: Fund Managers’ View
Article |12 January 2021
The KLCI closed at 1,612 @ 12.01.20, down -0.8% M-o-M. Lastweek, Healthcare (+6.1%) were the best performing sectors while Construction (-7.6%) and REITs (-4.7%) were the worst performing sectors. YTD @ 12.01.2020, the KLCI has increased by 0.4%.

read more

 

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.

read more

 

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.

read more

 

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.

read more

 

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).

read more

 

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.

read more

 

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.

read more

 

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.

read more

 

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%).

read more

 

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.

read more

 

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.

read more

 

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%.

read more

 

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.

read more

 

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

read more

 

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.

read more

 

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.

read more

 

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?”

read more

 

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!

Watch Video

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.

read more

 

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.

read more

 

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.

read more

 

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.
read more

 

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:
Watch Video

 

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,
read more

 

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).

read more

 

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.

read more

 

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.

read more

 

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.

read more

 

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.
read more

 

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.
read more

 

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.
read more

 

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.
read more

 

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.
read more

 

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.
read more

 

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
read more

 

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.
read more

 

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.
read more

 

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.
read more

 

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.

read more

 

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.

read more

 

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?

read more

 

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