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.
Key Highlights:
Earnings Outperform Expectations:
- Q3 diluted EPS rose to $2.87, up from $1.96 last year.
- Beat analysts' expectations of $2.71.
Revenue Growth:
- Q3 revenue increased 9% YoY to $2.40 billion, exceeding forecasts of $2.36 billion.
Upgraded Full-Year Guidance:
- Fiscal 2024 EPS guidance raised to $14.08–$14.16, up from $13.95–$14.15.
- Revenue expectations increased to $10.45–$10.49 billion, up from $10.38–$10.48 billion.
- Analysts anticipated $13.97 EPS and $10.44 billion revenue, slightly below new projections.
Positive Q4 Outlook:
- Expected EPS: $5.56–$5.64, aligning with analyst estimates of $5.62.
- Revenue forecast: $3.48–$3.51 billion, closely matching the consensus of $3.50 billion.
Investor Reaction:
Lululemon's performance reflects strong demand and operational efficiency, driving shares up 17% on Friday, with optimism surrounding robust holiday season prospects.
Outlook:
The upgraded guidance signals confidence in maintaining growth momentum, positioning Lululemon as a standout in the retail and activewear industry.
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