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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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Homeritz Shares Climb to Six-Week High After Strong 3Q Results

Shares of Homeritz Corp Bhd (KL) surged to their highest level in six weeks following the furniture manufacturer's better-than-expected third quarter results, despite analysts maintaining a cautious outlook.

Key Highlights:

  1. Share Performance:

    • Homeritz shares rose by 3.4%, or two sen, to 60.5 sen, the highest since June 18, 2024.
    • Trading volume totaled 210,900 shares at 9:20 am.
    • The company’s market capitalization stood at RM280.63 million at the last price.

  2. Analyst Ratings:

    • Public Investment Bank and Hong Leong Investment Bank (HLIB) maintained ‘hold’ calls on the stock due to limited upside potential.
    • Public Investment Bank raised its earnings forecast by 6%, now expecting Homeritz to make RM33.1 million in core net profit, with a target price of 61 sen.
    • HLIB’s target price for Homeritz is 62 sen, noting that the current valuation is “fair,” trading close to its five-year mean of eight times forward earnings.

  3. Market Conditions:

    • Analysts remain conservative about Homeritz’s near-term trajectory due to high interest rates and persistent inflationary pressure.
    • An uptick in sales volume is expected during the upcoming year-end festival season.

  4. Potential Rate Cuts:

    • Shares of Homeritz have risen nearly 18% year-to-date as investors speculate on potential rate cuts by the Federal Reserve (Fed), which could spur demand for homes in the US, a major market for Homeritz’s exports.
    • HLIB noted that a potential recovery in the US housing market, driven by Fed rate cuts in the second half of 2024, could lead to higher furniture demand and benefit local furniture makers.

  5. Financial Health:

    • Homeritz’s strong balance sheet, with net cash of RM189.1 million or 40.8 sen per share, supports its share price, accounting for nearly 70% of its market capitalization.
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