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THE election of Joe Biden as the 46th president of the United States has brought cheer to the renewable energy (RE) industry in the country. He has pledged to combat climate change under a US$2 trillion plan while creating millions of jobs at home in the green sector. On Jan 27, the White House announced that Biden will ensure that the federal government leverages its buying power to procure carbon-pollution-free electricity, made in the US, to stimulate clean energy industries. Once in office, he also cancelled the construction of the Keystone XL gas pipeline. As a result, investors piled into RE stocks, including solar energy stocks. The Invesco Solar Exchange Traded Fund (ETF), which tracks an index of solar energy stocks, had returned 237.93% over the one-year period ended Jan 31.
KUALA LUMPUR (Feb 25): DRB-Hicom Bhd has received positive calls from analysts after recording a strong net profit in the fourth quarter of the financial year ended Dec 31, 2020 (4QFY20), surging 20.8 times year-on-year (y-o-y) to RM986 million. Kenanga Research, in a note on Thursday, maintained its "outperform" call on the company with a sum-of-parts (SOP)-derived target price (TP) of RM2.50. In terms of the automotive segment, analyst Wan Mustaqim Wan Ab Aziz said the group's marques are expected to boost its sales performance by featuring new or revised models amid the current sales tax exemption period. On Pos Malaysia Bhd's performance, he said despite the challenging environment, Pos Malaysia's ongoing transformation efforts will augment the improved tariff rates and growing demand for e-commerce.
KUALA LUMPUR (Dec 30): Analysts foresee a stronger recovery path for the automotive sector after the government announced a six-month extension to the new vehicle sales tax exemption until June 30, 2021. Kenanga Research’s analyst Wan Mustaqim Wan Ab Aziz upgraded the automotive sector to "overweight" from "neutral" as he envisaged stronger recovery in 2021 with total industry volume (TIV) target at 585,000 units. He opined that the news is a positive surprise for automakers and consumers which should prompt a buying frenzy over the next few months and relieve back-logged bookings. “We believe the new volume-driven launches in 4QCY20 (i.e. Proton X50, Honda City and Nissan Almera) could help improve consumer sentiment with back-logged bookings to overflow into 2021 and boosted by the extension of sales and services tax (SST) exemption, seasonal promotions and new launches in the 2H (second half) of the year,” he said.
KUALA LUMPUR (Dec 15): AirAsia X Bhd’s (AAX) share price fell about 10% in morning trade on Bursa Malaysia today after the long-haul budget airline announced yesterday, among others a proposed rights issue of new shares and revision of a planned reduction of the company’s issued share capital. At 9.01am today, AAX was down one sen at 9.5 sen. At 9.5 sen, AAX had market value of about RM394.25 million. AAX saw some 25 million shares traded. Yesterday, AAX said in a filing with Bursa that it had proposed to undertake the renounceable rights issue of new shares in AAX to raise gross proceeds of up to RM300 million.