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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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PropertyGuru Group Reports S$16 Million Net Loss in 2QFY2024

PropertyGuru Group Ltd reported a net loss of S$16.12 million (RM53.6 million) for the second quarter ended June 30, 2024 (2QFY2024), widening from a net loss of S$6.47 million in the same period last year. Despite the increased loss, the company's adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 48% to S$6.82 million from S$4.61 million previously.

Key Financial Highlights:

  1. Revenue Growth: The company's revenue grew by 10% year-on-year (y-o-y) to S$40.68 million, up from S$36.88 million, driven by improved market conditions in Vietnam and continued strength in Singapore. Marketplaces revenue, which represents a significant portion of total revenue, increased 11% y-o-y to S$39 million.

  2. Regional Performance:

    • Malaysia: Revenue rose by 12% y-o-y to S$7.42 million, benefiting from the combined market strength of iProperty and PropertyGuru Malaysia.
    • Singapore: Revenue jumped 16% y-o-y to S$24.97 million, supported by an increase in the number of agents and average revenue per agent.
    • Vietnam: Revenue improved 4% y-o-y to S$5.26 million, with growth in listings offset by a decrease in average revenue per listing.

  3. Fintech and Data Services: Revenue from fintech and data services grew by 3% y-o-y to S$1.6 million.

  4. Cash Position: PropertyGuru's cash and cash equivalents stood at S$309 million at the end of the quarter.

While PropertyGuru reported an increased net loss, the company saw growth in revenue across its key markets and an improvement in adjusted Ebitda, indicating continued expansion in its marketplace and ancillary services.

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