KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Italian premium brake maker Brembo has posted moderate gains in first-half core earnings and revenue, thanks to strong performance in its Asian markets and robust business from maintaining older vehicles. This has helped counter a generally weak outlook for the automotive sector.
Resilience Amidst Industry Contraction
The automotive market faced a contraction in the first part of the year, with several major automakers, including Stellantis, Porsche, and Mercedes, reporting lower earnings. The recovery remains uncertain for the months ahead.
"The market is really struggling, including in its premium segment," said Executive Chairman Matteo Tiraboschi in a post-earnings interview with Reuters. "With this background, increasing revenue and preserving profitability was an achievement."
Financial Highlights
- EBITDA Growth: Brembo's earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 2.1% to €351.4 million ($381 million) for the six months ending June 30.
- Revenue Increase: Revenue rose by 2.8%, surpassing €2 billion for the first time, driven by a 7.2% growth in China and a 21.1% growth in India.
- EBITDA Margin: The EBITDA margin remained stable at 17.5%, compared to 17.6% a year earlier.
Regional Performance
"Asia is a key area for us, with prolonged growth, mainly with China but not only with China," Tiraboschi said. "India is very important too, especially for the motorbike segment."
Aftermarket Business
The aftermarket business also supported Brembo's results. "Car sales going down mean fewer people changing their cars and more of them doing maintenance," Tiraboschi explained. "So the aftermarket is bringing benefits."
Clientele and Future Outlook
Brembo's clients include prominent automakers such as Tesla, BMW, and Chinese EV giant BYD. The Bergamo-based group has reiterated its full-year forecasts for moderate revenue growth and stable margins.
Market Reaction
Brembo's shares rose 3.8% by 1515 GMT, reversing earlier losses, reflecting investor confidence in the company's performance and outlook.
Comments
Post a Comment