Rakuten Trade Research Reports

Daily Market Report - 20 Nov 2023

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Publish date: Mon, 20 Nov 2023, 09:18 AM
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Previous Day Highlights

FBM KLCI closed lower due to board-based selling despite better-than-expected GDP data. The benchmark index was down 0.27% or 4.01 pts to close at 1,460.67. Gainers were seen in utilities (+0.72%), property (+0.63%) and transportation (+0.32%); while losers were seen in telecommunications (-1.25%), energy (-1.10%) and technology (-0.52%). Market breadth was negative with 450 losers against 440 gainers. Total volume stood at 3.27bn shares valued at RM1.89bn.

Major regional indices trended mixed as global sentiment remained uncertain. HSI declined 2.12%, to end at 17,454.19. SHCOMP increased 0.11%, to close at 3,054.37. Nikkei 225 was up 0.48%, to finish at 33,585.20. STI slid 0.27%, to close at 3,124.67.

Wall Street closed slightly higher as investors pinned their hopes on a pause in the rate hike. The DJIA closed flat at 34,947.28. Nasdaq rose 0.08%, to close at 14,125.48. S&P500 rose 0.13%, to finish at 4,514.02.

News For The Day

CelcomDigi profit up 33% q-o-q on lower costs

CelcomDigi’s 3QFY12/23 net profit rose 32.66% QoQ to RM455.72m from RM343.52m, from lower regulatory and network related costs and lower marketing spend despite 0.61% QoQ decline in revenue to RM3.1bn from RM3.12bn, on softer device sales and lower postpaid revenue, while prepaid and home and fibre revenues improved due to increased subscribers and data adoption. It declared a third interim dividend of 3.3 sen per share.-The Edge Market

Greatech Technology's 3Q net profit rises to RM47m

Greatech Technology's 3QFY12/23 net profit rose to RM46.66m from RM40.97m. Its 3Q revenue grew by 43.33% to RM224.82m from RM156.85m mainly attributable to the higher revenue recognised from the production line system of the e-mobility, life science and solar industries.-The Star

Hong Leong Industries 1Q net profit rises to RM87.67m

Hong Leong Industries saw its 1QFY6/24 net profit rise 7.07% YoY to RM87.67m from RM81.88m driven by a favourable sales mix of higher margin motorcycle models. Its quarterly revenue fell 5.49% YoY to RM835.88m from RM884.45m, mainly due to lower sales of motorcycles on weaker demand and credit tightening in motorcycle financing. It declared a single interim dividend of 20 sen per share.-The Edge Market

SFP Tech’s 3Q net profit rises 20% on higher revenue

SFP Tech Holdings saw its 3QFY12/23 net profit rise 19.69% YoY to RM11.03m from RM9.22m, mainly due to higher revenue and lower administrative expenses. Revenue jumped 70.2% YoY to RM37.46m from RM22m on the back of recurring orders for assembled mechanical systems products from existing customers.-The Edge Market

MSC records net profit of RM11.82m in 3Q

Malaysia Smelting Corp recorded its 3QFY12/23 net profit of RM11.82m as compared to a net loss of RM31.32m YoY. Revenue was up to RM364.02m from RM33.13m YoY as the average price of tin rose to RM123,800/ tonne from RM116,500/tonne YoY and higher sales quantity of refined tin. -The Star

Crescendo to raise RM543 m from Pulai land sales

Crescendo Corp has announced its third land disposal in Pulai, Johor Bahru, involving three vacant pieces of land measuring 2.62m sqft for RM315.17m cash. The buyer is Microsoft Payments (M) SB. With the third land sale, gross proceeds totalled RM543.19m. – The Edge Markets

Our Thoughts

Wall Street ended barely in positive territory as traders began to digest the recent rally combined with mixed comments from the Feds officials on the outlook of inflation in the US. As a result, the DJI Average edged up 2 points while the Nasdaq inched 12 points higher with the US 10-year yield remaining flattish at 4.439%. Over in Hong Kong, the HSI slumped by almost 380 points mainly dragged down by the sell-down on Alibaba after it scrapped plans to spin off its cloud-computing business amid the heightened tech war coupled with Jack Ma’s intention to reduce his stake later this month. Back home, the FBMKLCI continued to slide due to broad based selling. Though we noticed 1,460 as the immediate psychology support level, we reckon this as a weak link thus expect the index to possibly hover between the 1,455-1,465 range today predominantly from the lack of positive catalysts. Meanwhile, the Brent crude price rebounded to US$80/barrel but traders remain unconvinced as global demand is expected to weaken.

Source: Rakuten Research - 20 Nov 2023

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