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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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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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