Rakuten Trade Research Reports

Daily Market Report - 25 May 2023

Publish date: Thu, 25 May 2023, 09:20 AM
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Previous Day Highlights

The FBM KLCI closed lower amid the regional sell-down. The benchmark index lost 0.14% or 1.92 points to close at 1,409.62. Losers were led by HLBANK, NESTLE and PETGAS. Market breadth was negative with 542 losers against 311 gainers. Total volume stood at 2.46bn shares valued at RM1.66bn.

Key regional indices closed mostly lower. Nikkei 225 and STI lost 0.89% and 0.22% to close at 30,628.68 and 3,210.91. HSI and SHCOMP dived 1.62% and 1.28% to end at 19,115.93 and 3,204.75 respectively. Wall Street fell as debt ceiling concerns continued to weigh over market sentiment. The DJIA lost 0.77% to end at 32,799.92. S&P500 and Nasdaq declined 0.73% and 0.61% to end at 4,115.24 and 12,484.16 respectively.

News For The Day

Maybank 1Q net profit up 11% YoY to RM2.27bn on

RM14.78bn revenue Malayan Banking's (Maybank) 1QFY23 net profit rose 10.7% YoY to RM2.27bn, driven by continued improvement in asset quality as well as treasury and market gains that supported the group’s net operating income. The bank said the YoY increase in NOII to RM1.53bn was aided by gains on derivatives and foreign exchange as well as investment and trading gains. -The Edge Market

CelcomDigi records net profit of RM317.92m in 1Q, declares

div of 3.2sen per share CelcomDigi posted its 1QFY23 net profit of RM317.9m in representing a growth of 34.63% YoY. The company recorded total subscriber growth of 594,000 YoY and 206,000 QoQ to 20.2m while blended ARPU was maintained at RM42. In line with the performance, the board of directors declared an interim dividend of 3.2 sen per share, with entitlement date on June 14, 2023, and payable on June 28, 2023. -The Star

Sime Darby registers net profit of RM240m in 3Q

Sime Darby reported its 3QFY9/23 net profit at RM240m as compared to RM244m YoY. According to the group, the lower bottomline was owing to the lower profit from its motors business in China and higher finance costs during the quarter under review. CEO Datuk Jeffri Salim Davidson said the group is confident the Asia Pacific region holds enormous potential for its motor and industrial divisions in the mid- to long-term. – The Star

MISC declares seven sen dividend as 1Q net profit climbs 63%

MISC’s 1QFY23 net profit improved 62.83% YoY to RM612.9m or 13.7 sen per share mainly due to its petroleum and product shipping segment, as well as higher share of profit from JVs. The company declared a first interim dividend of seven sen per share, with the ex-date of June 8, to be paid on June 22. - The Edge Markets

Matrix Concepts ends FY3/23 on a positive note despite

weak 4Q earnings, declares 2.25 sen dividend Property developer Matrix Concepts managed to post a marginal 1.6% improvement YoY in its FY23 net profit to RM208.54m. The group’s unbilled sales stood at RM1.4bn as at end-March, which will provide earnings visibility over the next 15 to 18 months. The company declared a fourth interim dividend of 2.25sen/share for FY2023, payable on July 6, bringing total dividend payout for FY2023 to 8.25sen. -The Edge Markets

Our Thoughts

Wall Street tumbled as sentiment remains stressed amid the ongoing negotiations on the US debt ceiling with no signs of an agreement soon. As such, the DJI Average declined by 256 points while the Nasdaq fell 77 points as the US 10-year yield jumped to a 3-month high at 3.744%. In Hong Kong, the HSI lost 315 points to a 2-month low as traders remain spooked by the US debt ceiling impasse coupled with the weak Chinese markets. Headwinds on tech stocks further pressured the broader sector, in particular news of Alibaba laying off 7% of its work force. On the domestic front, the FBM KLCI remained stuck within a narrow trading range before ending below the 1,410 level in the absence of fresh catalysts. Nonetheless, we are hopeful that bargain hunting activities to emerge, especially on the Banks as we expect earnings from the Banks over the next few days to remain decent. Despite the prevailing weak market undertone, we anticipate the index to possibly trend within the 1,410- 1420 range today.

Source: Rakuten Research - 25 May 2023

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