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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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Hextar Global Sees Bright Outlook as 3Q Profit Rises 28%, Declares Dividend

Key Takeaway: Hextar Global's 3QFY2024 net profit surged 28%, driven by growth in its specialty-chemicals segment and expectations of rising herbicide prices.

Hextar Global Bhd posted a net profit of RM19.7 million for 3QFY2024, up from RM15.39 million in the same quarter last year. Revenue climbed 38.27% to RM252.96 million, boosted by the specialty-chemicals and newly acquired fruits segments.

Highlights:

  1. Segment Performance:

    • Specialty-Chemicals: Key driver of growth, offsetting weaker margins in agriculture.
    • Agriculture Segment: Anticipates stabilization and positive upward price movement in herbicides soon.
    • Fruits Segment: Contributed RM154.1 million during the durian season.

  2. Dividend Declaration:
    Hextar proposed a second interim single-tier dividend of 0.8 sen per share.

  3. Year-to-Date Growth:

    • Net profit for the first nine months surged 46.97% to RM51.01 million.
    • Revenue jumped 53.39% to RM698.19 million compared to the previous year.

  4. Expansion Plans:

    • Strengthening its sales and technical teams.
    • Aggressive marketing campaigns planned for overseas markets in 2024, building on positive results from 2023 efforts.

Outlook:

Hextar is optimistic about its agriculture segment catching up with specialty chemicals, supported by stable herbicide prices and enhanced marketing strategies. The company aims to boost revenue in 2024 through expanded international campaigns.

Hextar Global’s strong 3Q performance and focus on diversifying its revenue streams position it well for continued growth. The stabilization of herbicide prices and overseas expansion are expected to drive further profitability.

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