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Market Daily Report: Bursa Malaysia Ends Lower Amid Broad-based Selling

KUALA LUMPUR, Nov 12 (Bernama) -- Bursa Malaysia extended its losing streak for a fourth consecutive session, closing lower on Thursday amid continued broad-based selling that weighed on market sentiment, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 9.23 points or 0.57 per cent to 1,585.96 from Wednesday's close of 1,595.19. The benchmark index opened 3.61 points lower at 1,591.58 and fluctuated between an intraday low of 1,583.66 and a high of 1,592.89 throughout the day. Market breadth remained negative with losers thumping gainers 799 to 318, while 476 counters were unchanged, 1,181 untraded and 13 suspended. Turnover climbed to 3.06 billion units valued at RM2.56 billion compared with yesterday’s 2.90 billion units valued at RM2.33 billion.
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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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