Rakuten Trade Research Reports

Daily Market Report - 1 Mar 2024

Publish date: Fri, 01 Mar 2024, 10:48 AM
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Previous Day Highlights

FBM KLCI closed higher following some late bargain hunting activities. The benchmark index was up 0.38% or 5.85 pts to close at 1,551.44. Gainers were seen in construction (+0.71%), plantation (+0.54%), and technology (+0.48%); while losers were seen in utilities (- 1.76%), healthcare (-0.92%), and transportation (- 0.67%). However, market breadth was negative with 679 losers against 370 gainers. Total volume stood at 5.34bn shares valued at RM7.01bn.

Major regional indices trended mixed. HSI declined 0.15%, to end at 16,511.44. SHCOMP increased 1.94%, to close at 3,015.17. Nikkei 225 eased 0.11%, to finish at 39,166.19. STI rose 0.09%, to close at 3,141.85.

Wall Street closed higher driven by tech stocks, following a PCE inflation report that came in within expectations. The DJIA added 0.12%, to end at 38,996.39. Nasdaq rose 0.90%, to close at 16,091.92. S&P500 rose 0.52%, to finish at 5,096.27.

News For The Day

CIMB Group says 4Q net profit up nearly 30%

CIMB Group Holdings 4QFY12/23 net profit rose nearly 30% YoY to RM1.72bn compared to RM1.32bn, thanks to higher operating income and lower provisions. Net interest income was RM3.70bn while non-interest income was RM1.67bn. Expected credit losses on loans, advances and financing fell to RM373.68m. The group recommended a second interim dividend of 18.5 sen per share and a special dividend of seven sen per share. -The Star

IHH net profit soars to RM2.95bn in FY23

IHH Healthcare’s FY23 net profit jumped to RM2.95bn versus RM1.55bn chalked up a year ago. Revenue for the year under review soared to RM20.93bn against RM17.99bn due to the strong recovery from core non-COVID-19 revenues as both local and foreign patients returned to seek treatment at the group’s hospitals. Its 4QFY12/23 net profit rose to RM727.45m from RM191.27m while revenue was RM5.29bn compared with RM4.86bn. IHH declared a second and final cash dividend of 5.5 sen per share to be paid on April 26, 2024. -The Star

Genting posts RM929.20m net profit in FY23

Genting registered its FY23 net profit of RM929.20m compared to a net loss of RM299.90m. Its revenue jumped to RM27.12bn from RM22.38bn, boosted by the leisure and hospitality businesses in the United States, Bahamas, United Kingdom and Egypt. Its revenue from the power segment improved mainly due to higher generation from the Banten Plant in Indonesia following a shorter outage period of 31 days. Genting’s 4Q net profit grow to RM150.10m from a net loss of RM168.72m, riding on a higher revenue of RM7.27bn from RM6.36bn YoY.-The Star

MRCB's 4Q profit jumps to RM80m on disposal gains

Malaysian Resources Corp (MRCB) said its 4QFY12/23 net profit jumped to RM80.23m from RM13.02m, as gains from disposal of two properties offset a decline in revenue. Revenue fell nearly 20% YoY to RM668.78m from RM833.94m, following the completion of major infrastructure and property development projects. MRCB declared a first and final dividend of one sen per share, payable on May 20. -The Edge Markets

AAX’s 4Q profit down 82% on higher costs and fuel prices

Higher maintenance and overhaul cost, elevated staff cost and a rise in fuel prices have dragged down AirAsia X’s (AAX). 4QFY12/23 net profit tumbled 82.17% YoY to RM27.37m from RM153.48m despite a jump in revenue. In contrast, revenue more than doubled to RM818.22m from RM339.3m YoY due to healthy passenger load factor and higher average passenger fare. -The Edge Markets

Our Thoughts

Wall Street closed broadly higher spearheaded by Nasdaq as buyers reemerged after the latest personal consumption expenditure for January came in within market expectations. As such, the Nasdaq jumped 144 points while the DJI Average added 47 points as the US 10-year yield dipped further to 4.254%. Over in Hong Kong, the HSI ended slightly lower attributed to profit taking activities coupled with weak earnings report from Baidu and Budweiser. Nonetheless, overall sentiment should stabilize following the removal of curbs on home purchases and property financing limits. Back home, the FBM KLCI rebounded as buying on blues chips resumes supported by a slew of decent corporate earnings reported recently particularly from the Banks and Telcos. We believe buying on the Blues to continue as most are still trading below their historical average valuations thus expect the index to hover within the 1,550-1,560 range today.

Source: Rakuten Research - 1 Mar 2024

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