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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

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
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Spritzer Shares Surge to Over Two-Month High After Strong 2Q Results

Spritzer Bhd's shares rose to their highest level in more than two months on Friday after the mineral water company reported better-than-expected results for the second quarter of 2024 (2QFY2024). The stock climbed as much as 6.2% to RM2.75, the highest since June 26, with a market capitalization of RM862 million.

Key Takeaways:

  1. Upgraded Forecasts and Recommendations: BIMB Securities upgraded its recommendation on Spritzer to 'buy,' setting a target price of RM2.90. The firm raised its earnings forecasts for FY2024 to FY2026 by 6%-9%, based on expectations of lower input costs and higher margins.

  2. Strong Financial Performance in 2QFY2024: For the second quarter ended June 30, 2024, Spritzer's revenue rose by 18% year-on-year, while net profit jumped by 63%, driven by higher bottled water sales volume and reduced raw material costs. The net profit for the first half of FY2024 reached RM35.3 million, exceeding BIMB Securities' expectations at 65% and the consensus forecast at 64%.

  3. Growth Drivers: The company is expected to benefit from increased tourist arrivals and a surge in sales ahead of the Chinese New Year. Additionally, Spritzer is set to gain from a decline in raw material costs, particularly PET resin, and a stronger ringgit, as its raw materials are priced in US dollars. The company is also diversifying its product portfolio, with a new product line scheduled to launch in October.

Overall, Spritzer's strong second-quarter performance, combined with favorable market conditions and strategic expansion plans, has boosted investor confidence, driving its share price to a two-month high.

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