Rakuten Trade Research Reports

Daily Market Report - 24 Nov 2023

Publish date: Fri, 24 Nov 2023, 09:21 AM
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Previous Day Highlights

The FBM KLCI closed lower as it entered a consolidation phase due to weaker commodity prices. The benchmark index was down 0.18% or 2.60 pts to close at 1,453.29. Gainers were seen in health care (+1.87%), construction (+0.36%), and REIT(+0.06%); while losers were seen in energy (-1.60%), technology (- 1.44%), and transportation (-0.86%). Market breadth was negative with 533 losers against 417 gainers. Total volume stood at 3.71bn shares valued at RM2.08bn.

Major regional indices trended largely higher in response to signs of increased policy support for the Chinese property market. HSI gained 0.99%, to end at 17,910.84. SHCOMP increased 0.60%, to close at 3,061.86. STI slid 0.10%, to close at 3,111.75 whereas Nikkei 225 closed for Labour Thanksgiving Day.

Wall Street also closed for Thanksgiving Holiday.

News For The Day

Genting's 3Q earnings jump over four times

Genting saw its 3QFY12/23 net profit jump by over four-fold YoY to RM520.52m as the recovery at its leisure and hospitality businesses gained further momentum. The higher quarterly earnings were also driven by lower impairment losses, lower net finance cost, higher share of profit in joint ventures and associates. For its plantation business, Genting anticipates palm oil price to be under pressure in view of the steadily rising inventory in Malaysia and key importing countries. -The Edge Market

YTL Corp posts 14-fold increase in 1Q profit to RM521.7m

YTL Corp posted its best quarterly net profit since 2006 at RM521.7m in its 1QFY6/24, as all business segments' contributions grew save for construction. The latest quarter results represented a 14-fold increase YoY from RM36.62m. Revenue rose 15.91% YoY to RM7.52bn, from RM6.49bn. The conglomerate’s two biggest contributors were utilities through YTL Power International and cement and building materials through Malayan Cement. -The Edge Markets

DRB-Hicom 3Q net profit halves to RM70.8m

DRB-Hicom’s 3QFY12/23 revenue decline by 12% YoY to RM4bn compared with RM4.54bn, mainly due to lower contributions from its automotive, aerospace and defence, postal and properties segments. The net profit for the quarter, meanwhile, halved to about RM70.8m compared to RM143.95m YoY. Within the automotive segment, DRB-Hicom said Proton faced challenges from new car model launches by competitors and thus achieved lower sales in the current quarter. -The Star

Kelington Group's 3Q profit doubles to RM31.7m Kelington

Group’s 3QFY12/23 net profit jumped 101.63% YoY to RM31.67m from RM15.71m, driven by the industrial gases division which received high demand for liquid carbon dioxide from both the domestic and export markets. Revenue increased 10% YoY to RM401.825m from RM366.39m. The Edge Market

S P Setia reports lower 3Q profit of RM51.8m

S P Setia has reported that its 3QFY12/23 which net profit fell to RM51.8m from RM70.19m YoY. Revenue was, however, higher at RM1.08bn versus RM861m in previous year. S P Setia also announced it is selling a freehold plot in Setia City, Selangor, for RM228.8m, cash. The sale, which is expected to bring the group an estimated gain of RM140.6m. -The Edge Market

Our Thoughts

Wall Street was closed for Thanksgiving Day. Meanwhile, key regional markets finished mostly higher, with strong gains in China and Hong Kong due to late buying, particularly in real estate stocks. The HSI gained 176 points or 1% as sentiment improved over Beijing's financing support for the property sector. As for the local bourse, the FBM KLCI pared losses as bargain hunting emerged after the index fell to its day low of 1,451.35. Nonetheless, the benchmark index still ended in negative territory. We remain vigilant despite the rebound in regional markets. Notwithstanding this, we believe the local market is undervalued, providing opportunities for investors to accumulate stocks at attractive levels. We anticipate the FBM KLCI to trend within the 1,450-1,460 range for today.

Source: Rakuten Research - 24 Nov 2023

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