☕️ Glove Party Over?
'Effective' vaccine otw, CMCO (Confusing MCO), and Supreme's USD2.1bn acquisition
Wed 11 Nov 2020: Glove Party Over?
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1. MARKET SUMMARY
2. COVID-19 SUMMARY
3. EARNINGS SUMMARY
4.. IN MALAYSIA
Whilst the market was dumping the glove makers, Topglove spent RM69.9mil buying back its own shares. Could have been worse without Tan Sri Lim Wee Chai backstopping his shares. LWC has been longing to be the biggest market cap company in Malaysia. Not too long ago, Topglove (RM63.9bil) was second behind Maybank. He got to overtake 2 companies now to get to the top spot - Public Bank (RM66.8bn) and Maybank (RM86.1bn).
Tropicana Corp Bhd is shelling out RM400mil to acquire 308 acres of land from YTL in Bentong, Pahang to expand its landbank and enhance its property development profile in Genting HIghlands. The Yeohs sold to the Tans to be neighbours with the Lims.
Tun M proposed to cut his pension by 10% to help those affected by Covid-19. Whilst PAS leaders in Kelantan approved higher salary effective Jan 2021 as their ‘duties are getting heavier especially in the face of Covid-19 pandemic’. Are they the only one struggling?
Your car ran out of petrol, you head to Petronas and you get down your car.The RM1k question - to scan, or not to scan.. Apparently you do not need to scan, according to Senior Minister Ismail Sabri Yakob during this Confusing Movement Control Order (CMCO) period.
5. AROUND THE WORLD
Pfizer announced that their vaccine is more than 90% effective. But this is just the beginning of the long road to recovery. Ensuring that it’s properly safe, prioritising who gets it first and building up the infrastructure to distribute it to the masses itself is a monumental challenge. Here’s a timeline when ordinary people, like you and me, could get the vaccine.
Whilst the world hails Pfizer’s early achievement, Brazil halted Sinovac Biotech’s Phase 3 trials citing ‘serious adverse event’. Sinovac is a Chinese drugmaker. Phase 3 trials are also currently being conducted in Indonesia and Turkey - so far so good?
Supreme, the popular streetwear brand, is getting acquired for USD2.1bn by VF Corp, joining other brands like The North Face and Timberland under the same umbrella. Supreme’s annual sales in 2020? More than USD500mil.
Know more, learn more. We hope this newsletter helped with that!
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