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Market Daily Report: Bursa Malaysia Ends On Softer Note Amid Profit-taking

KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481.  A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
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Top Local Equity Picks — Property, F&N, Genetec, and T7 Global



Property Sector

Overweight
UOB Kay Hian (Nov 6): The property sector is poised for stronger 3Q24 results, driven by higher land sales and increased launches. Sector earnings are expected to grow 18% in 2025, supported by high-margin industrial properties.

  • Top Picks:
    • Lagenda Properties Bhd (KL)
    • IOI Properties Group Bhd (KL)
    • Mah Sing Group Bhd (KL)
    • Eco World Development Group Bhd (KL)

Key Drivers:

  • Land Sales: S P Setia leads with a projected RM350 million net gain in 2025, followed by Eco World (RM188 million) and Sunway (RM133 million).
  • Data Centre Exposure: Developers like Mah Sing and Eco World benefit from land sales to data centre operators.

Fraser & Neave Holdings Bhd (F&N)

Target Price: RM40.47 — BUY
MIDF Research (Nov 6): Despite a slight decline in 4Q earnings, F&N posted a +15% growth in FY24 core earnings, driven by a 4.9% revenue increase to RM5.25 billion.

  • Key Factors:
    • Expansion Plans: New manufacturing plants in Cambodia and Malaysia for beverages and dairy products.
    • Future Growth: Festive season stockpiling and tourism recovery in Malaysia and Thailand.
  • Outlook: Revenue is expected to continue growing in 1QFY25, supported by shifting consumer preferences for local brands.

Genetec Technology Bhd

Target Price: RM1.50 — BUY
CIMB Securities (Nov 5): Genetec plans to divest its 51% stake in CLT Engineering for RM21.6 million to streamline its focus on electric vehicle (EV) and energy storage segments.

  • Key Points:
    • The disposal will improve cash flow for raw material purchases in EV and energy storage.
    • Despite a 71% stock decline YTD, the deal removes earnings drag from CLT, supporting recovery potential.

T7 Global Bhd

Target Price: 68 sen — BUY
Philip Capital (Nov 6): T7 Global secured a five-year RM500 million MCM and HUC contract with ExxonMobil, starting Dec 2024.

  • Key Highlights:
    • Net Profit Contribution: RM9 million annually from 2025 to 2029, based on a 9% profit margin.
    • Order Book: Estimated at RM3.1 billion, with additional contract awards expected in the near term.


  • The property sector remains a standout with double-digit growth expected in 2025.
  • F&N and T7 Global show resilience through strategic expansion and contract wins, while Genetec’s disposal positions it for renewed focus on EV and energy storage growth.
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