Rakuten Trade Research Reports

Daily Market Report - 24 May 2024

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Publish date: Fri, 24 May 2024, 10:49 AM
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Previous Day Highlights

FBM KLCI continue its upward momentum spurred by robust buying interest across the board. The benchmark index was up 0.44% or 7.09 pts to close at 1,629.18. Majority of the sectors were positive with transportation (+1.1%), energy (+1.0%), and utilities (+1.0%), leading the gains; while loser was only seen in health care (-0.3%). Market breadth was positive with 732 gainers against 521 losers. Total volume stood at 6.16bn shares valued at RM4.68bn.

Major regional indices trended mixed. HSI tumbled 1.70%, to end at 18,868.71. SHCOMP fell 1.33%, to close at 3,116.39. Nikkei 225 jumped 1.26%, to finish at 39,103.22. STI rose 0.44%, to close at 3,322.62.

Wall Street fell following the hot economic data and lower weekly job claim reigniting concerns of inflation. The DJIA slumped 1.53%, to end at 39,065.26. Nasdaq declined 0.39%, to close at 16,736.03. S&P500 lost 0.74%, to finish at 5,267.84.

News For The Day

Power generation help lift YTL Power 3Q net profit by 34%

YTL Power International reported its 3QFY6/24 net profit jumped 34.5% YoY to RM698.69m from RM519.64m, mainly driven by its power generation and investment holding segment, which houses its data centre development operation. However, quarterly revenue coming in slightly lower by 3.7% YoY at RM5.16bn compared with RM5.36bn. The company declared an interim dividend of three sen per share with an ex- date on June 11 and payable on June 28. -The Edge Market

Sime Darby's 3Q net profit rises 41.7%

Sime Darby, which assembles motor vehicles and sells heavy equipment, reported its 3QFY6/24 net profit rose 41.7% YoY to RM340m, versus RM240m, thanks to higher sales and income from newly acquired businesses. Quarterly revenue surged 63.4% YoY to RM18.84bn from RM11.53bn.-The Edge Markets

Inari Amertron net profit rises 29% in 3Q

Inari Amertron reported its 3QFY6/24 net profit rose 29% YoY to RM73.72m from RM57.36m, thanks to higher loading volume and currency gains. Quarterly revenue surged 26% YoY to RM347.63m from RM275.6m. Inari expects “continued positive results” for FY24 from improvements in production capacity and utilisation, and a strong US dollar. -The Edge Markets

Malakoff acquires two RE companies for RM27m

Malakoff Corp is acquiring a 51% equity interest in ZEC Solar SB and a 49% stake in TJZ Suria SB for RM27m. Malakoff said ZEC Solar is the owner and developer of a large solar scale photovoltaic (LSSPV) facility with a capacity of 29 megawatts alternating current, located in Kota Tinggi, Johor under the large scale solar program with a 21-year solar power purchase agreement until 2040. -The Star

Berjaya Food incurs second straight quarterly loss in 3Q

Berjaya Food reported its 3QFY6/24 a net loss of RM29.76m, its second straight quarterly loss amid lower revenue because of an ongoing boycott of its franchised coffee chain Starbucks Malaysia over the current Middle East conflict. Quarterly revenue declined 47.85% YoY to RM138.65m compared to RM265.85m. -The Edge Markets

Samaiden's 3Q net profit jumps over two-fold

Samaiden’s 3QFY6/24 net profit jumps over two-fold to RM4.1m from RM1.9m YoY. Quarterly revenue jumped 68.3% YoY to RM75m from RM44.6m, driven mainly by the higher progress of ongoing projects. As of March 31, the total orderbook of Samaiden stood at RM354.3m. -The Star

Our Thoughts

Wall Street ended broadly lower on the back of stronger economic data while jobless claims for week ending 18 came in within expectations heightening concerns that the Federal Reserve will not adjust interest rate anytime soon. The DJIA slumped 606 points while the Nasdaq lost 65 points as the US 10-year yield inched higher at 4.479%. Over in Hong Kong, the HSI declined to below the 19,000 threshold as sentiment turned cautious over the Federal Reserve stance on interest rates coupled with rumours that Alibaba’s may issue USD5bn of convertible bonds which is earnings dilutive. On the home front, the FBM KLCI continues to march upwards briefly trending above the 1,630 level as broad-based buying continues. Market undertone remains solid as average daily volume stays encouraging at above the 6bn units. Though some profit taking activities may occur today emanating from Wall Street weakness, we believe bargain hunting activities to prevail thus expect the index to hover between the 1,620- 1,635 range.

Source: Rakuten Research - 24 May 2024

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