Rakuten Trade Research Reports

Daily Market Report - 27 Nov 2023

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Publish date: Mon, 27 Nov 2023, 08:54 AM
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Previous Day Highlights

FBM KLCI closed into positive territory thanks to strong buying in gaming sector following the decent quarterly results. The benchmark index was up 0.04% or 0.63 pts to close at 1,453.92. Gainers were seen in industrial products & services (+0.44%), property (+0.35%), and technology (+0.33%); while losers were seen in energy (- 1.28%), health care (-0.81%), and utilities (-0.70%). However, market breadth was negative with 528 losers against 392 gainers. Total volume stood at 3.50bn shares valued at RM2.35bn.

Major regional indices trended negative in the absence of guidance from Wall Street overnight. HSI declined 1.96%, to end at 17,559.42. SHCOMP dropped 0.68%, to close at 3,040.97. STI slid 0.54%, to close at 3,094.81 whereas Nikkei 225 up 0.52%, to finish at 33,625.53.

Wall Street closed mixed in a shortened trading session for Thanksgiving. The DJIA added 0.33%, to end at 35,390.15. Nasdaq eased 0.11%, to close at 14,250.85. S&P500 rose 0.06%, to finish at 4,559.34.

News For The Day

TNB 3Q profit slid 3.7% despite stronger electricity demand

Tenaga Nasional’s (TNB) 3QFY12/23 net profit dipped by 3.7% YoY, despite stronger electricity demand, as earnings were impacted by negative fuel margin. Net profit fell to RM856.2m from RM888.9m. Higher sales of electricity drove revenue up by 3.9% YoY to RM13.47bn from RM12.96bn.-The Edge Market

D&O Green Technologies 3Q net profit up 15.8%

D&O Green Technologies’ 3QFY12/23 net profit rose 15.8% YoY to RM18.25m from RM15.75m on higher revenue and lower net other expense incurred mainly attributable to lower loss on foreign exchange and derivatives. Quarterly revenue improved 7.8% YoY to RM271.95m from RM252.16m on the back overall car sales are improving. -The Edge Market

Sime Darby Property posts net profit surge to RM144.92m

Sime Darby Property’s 3QFY12/23 net profit surged to RM144.92m from RM56.13m YoY. Revenue during the quarter under review was RM1.05bn, compared to RM689.3m YoY, driven by the property development segment, higher sales from residential and industrial products and increased on-site progress development.-The Star

Malakoff registers net loss of RM109m in 3Q

Malakoff Corporation registered its 3QFY12/23 net loss of RM109.42m, from a net profit of RM66.54m YoY, primarily due to a negative fuel margin recorded at its coal plants on the back of higher weighted average coal costs. Quarterly revenue fell 32.2% YoY to RM2.15bn from RM3.18bn due to lower energy payment recorded from Tanjung Bin Power SB and Tanjung Bin Energy SB, which were impacted by a decline in applicable coal price.-The Edge Markets

Karex 1Q net profit more than doubles to RM5.26m

Karex’s 1QFY6/24 net profit more than double to RM5.26m from RM2.29m YoY, on favourable sales mix, continued normalisation of raw materials and freight rates. Its quarterly revenue fell 10.7% YoY to RM129.51m from RM145.03m on the back of slight delay in shipment. The group declared an interim dividend of 0.5 sen per share.-The Edge Market

Leform bags US$1.95m job in Cambodia

Leform has bagged a supply contract from Cambodia-based contractor Nim Meng Group Co Ltd worth US$1.95m(RM9.15m), through its 85%-owned subsidiary Leform Metal SB for the supply of highway guardrail products for the National Road No 5 Improvement Project, Package 4 in Cambodia. The contract is expected be completed by Dec-CY24.-The Edge Market

Our Thoughts

Wall Street ended mixed supported by retailers as Black Friday kicked off the holiday shopping season. Meanwhile, traders were mainly sidelined waiting for economic data due later this week. As a result, although the DJI Average gained 117 points, the Nasdaq declined by 15 points whilst the US 10-year yield edged higher at 4.472%. Over in Hong Kong, the HSI dipped 351 points on concerns over weak corporate earnings signals. Meanwhile, speculations over family rift on succession plans saw Chow Tai Fook share price tumbled by 11%. Back home, the FBM KLCI closed on a flat note as trading activities remained lacklustre due to the regional weaknesses. The domestic market undertone is still cautious as we head into the final leg of corporate earnings reporting, which so far has been quite decent. Reflecting the ongoing market volatility, we believe the benchmark index to hover within the 1,450-1,460 range today, expecting some interests on the Plantation stocks with many reporting improving margins from better cost controls.

Source: Rakuten Research - 27 Nov 2023

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