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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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Kossan Rubber Rises on Surprise Special Dividend Announcement

 

  1. Stock Performance:

    • Kossan Rubber Industries' stock surged to a near four-month high, closing at RM2.33, up 2.19% after declaring a special dividend.
    • The intra-day high of RM2.38 marked a 4.4% increase, the highest since July 30.
    • Market capitalization stood at RM5.96 billion, with 11.37 million shares traded.

  2. Special Dividend Details:

    • The company announced a dividend of 8 sen per share, including a 6-sen special dividend, seen as a one-time payout ahead of Malaysia’s upcoming 2% dividend tax in 2025.

  3. Analyst Outlook:

    • Analysts are bullish on Kossan, with 12 out of 18 research houses maintaining "buy" calls.
    • Kenanga Investment Bank expects gradual improvement in oversupply issues by 2026, aided by production capacity reductions.
    • Hong Leong Investment Bank raised its FY2024 earnings forecast for Kossan by 8%, citing strong sales volume, higher ASPs, and a stronger US dollar.

  4. Market Context:

    • January-September profits accounted for only 60% of consensus full-year forecasts, yet Kossan is expected to deliver stronger sequential earnings.
    • Rival stocks Top Glove and Hartalega also gained on Monday amid optimism over trade diversion favoring Malaysian gloves as tariffs on Chinese imports rise.

  5. Financial Results:

    • Despite a 28.15% drop in net profit to RM29.44 million in the July-September quarter due to higher raw material costs and forex losses, revenue rose 25.75% YoY to RM507.39 million.

  6. 12-Month Price Target:

    • Bloomberg data suggests a target price of RM2.47, reflecting a 4.22% upside from current levels.
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