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Market Daily Report: Bursa Malaysia Ends Higher Amid Strong Interest In Utility, Tech Stocks

KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96.  The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
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Capital A Slides as Forex-Driven 3Q Misses Expectations

Capital A Bhd saw its shares drop 7% to RM1.01 in early trade on Friday, reducing its market value to RM4.6 billion, following a 3QFY2024 performance that fell below most analysts' expectations despite being boosted by forex gains.



3QFY2024 Highlights:

  • Core loss after tax and minority interest (Latmi): RM143.4 million, bringing 9MFY2024 loss after tax to RM119.5 million.
  • Results missed Hong Leong Investment Bank’s (HLIB) projection of RM754.9 million Patmi but aligned with consensus of RM459 million Patmi.
  • Excluded exceptional items (EIs) totaling RM1.2 billion, primarily due to RM1.5 billion forex gains, offset by deferred tax losses.

Quarter-on-Quarter Performance:

  • Core Latmi worsened from RM57.6 million in the previous quarter to RM143.4 million, driven by:
    • Seasonally weak yields.
    • Higher costs.
    • Losses from ADE MRO (maintenance, repair, and overhaul) due to startup costs for six new hangars.

Future Outlook:

  • 4QFY2024 expected to perform better, supported by:
    • Higher fleet capacity.
    • Seasonal demand and yield improvements.
    • Lower jet fuel prices and USD depreciation.
    • Operational contributions from new ADE hangars.

Pending Developments:

  • Disposal of aviation business to AirAsia X Bhd (KL:AAX) awaiting court approval, expected completion in 1QFY2025.
  • PN17 status remains post-disposal, with resolutions anticipated in 1HFY2025.

HLIB Recommendation:
Maintained "buy" call with an unchanged target price of RM1.68, valuing the aviation segment at RM6.8 billion and the non-aviation segment at RM2.15 billion.

Despite near-term challenges, Capital A’s long-term growth prospects are underpinned by stronger seasonal performance and strategic initiatives.

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