Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
Shares of Engtex Group Bhd (KL) soared to RM1.31, the highest since May 2017, driven by positive earnings outlooks and high trading volumes.
Strong Earnings and Analyst Upgrades
Engtex’s Q2 FY2024 results are expected to show substantial year-on-year growth, with even stronger performance anticipated in the second half of 2024. CGS International upgraded the stock to “add” with a target price of RM1.70, while Kenanga Investment Bank rated it “outperform” with a TP of RM1.41.
Key Growth Drivers
The surge is attributed to anticipated demand from nationwide pipe replacement, infrastructure projects, and data centre developments. Recent water tariff hikes and Malaysia's plans to reduce non-revenue water are expected to boost demand for Engtex’s products.
Revenue and Profit Projections
CGS forecasts a fourfold increase in Engtex’s net profit to RM44.18 million for FY2024, up from RM10.13 million in FY2023, driven by higher sales in wire mesh and mild steel pipes.
Comments
Post a Comment