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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Maybank IB Upgrades Property Sector to ‘Positive’

Maybank Investment Bank Bhd (Maybank IB) has upgraded its outlook on the Malaysian property sector from “neutral” to “positive” after a recent market sell-down highlighted the sector’s value. 


Here's a breakdown of their assessment and recommendations:

Key Points:

  • Upgrade Rationale:

    • Sector Value: The recent sell-off in the property market has revealed significant value, prompting Maybank IB to upgrade its rating.
    • Strong Fundamentals: The sector's fundamentals remain robust, with resilient property sales, especially in the industrial property segment.

  • Thematic Drivers:

    • Data Centres: Investments in data centers are seen as a key driver for the sector in the medium term. These investments could expedite the monetization of land value.
    • Upcoming Developments: Investors are advised to position themselves ahead of major upcoming developments, such as:
      • Johor-Singapore Special Economic Zone (JS-SEZ)
      • New Data Centres
      • Kuala Lumpur-Singapore High-Speed Rail (KL-Singapore HSR)

  • Potential Risks:

    • Economic Outlook: Weaker-than-expected property sales due to a sluggish economic environment and policy uncertainties pose a risk.
    • Stricter Lending Measures: Tighter lending criteria could impact property sales and development.
    • Rising Costs: Higher-than-expected costs related to liquidated ascertained damages, building materials, and labor shortages could affect the sector's performance.

  • Investment Recommendations:

    • Developers' Ratings: Maybank IB has maintained its ratings on most developers under its coverage. However, UEM Sunrise Bhd (KL
      ) has been upgraded to a tactical “buy.”
    • Top Picks:
      • Eco World Development Group Bhd (KL)
      • SP Setia Bhd (KL)
      • Tambun Indah Land Bhd (KL)
      • Sime Darby Property Bhd (KL)

Conclusion:

Maybank IB’s upgrade of the Malaysian property sector to “positive” reflects strong sector fundamentals and the potential for growth driven by strategic investments in infrastructure and data centers. However, investors should remain aware of the potential risks, including economic and policy uncertainties, which could impact the sector’s outlook.

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