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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Nike’s New CEO Reignites Focus on Sport, Faces Challenges Clearing Excess Inventory

 Nike's new CEO, Elliott Hill, has laid out a bold plan to reposition the iconic brand after reporting second-quarter earnings that beat analyst estimates but revealed declining revenues and profits.

Key Financial Highlights

  • Revenue: $12.35 billion (beat analyst estimate of $12.13 billion).
  • Earnings Per Share: $0.78 (beat estimate of $0.65).
  • Revenue Breakdown:
    • Nike Direct: $5 billion, down 13% YoY.
    • Nike Brand: $12 billion, down 7% YoY.

CEO's Observations and Strategic Shift

1. Excess Inventory and Promotions

  • Hill criticized past strategies, blaming over-reliance on promotions for hurting margins.
  • Plan to use Nike Value Stores to clear excess inventory and limit promotions to traditional retail moments.
  • "We’ll build back an integrated marketplace across Nike Direct and Wholesale," Hill said.

2. Reinvesting in Brand and Sport

  • Acknowledged that Nike shifted away from its core focus on sport, relying too much on "a handful of sportswear silhouettes."
  • Plans to reinvest in brand storytelling to inspire and emotionally connect with consumers during major sport moments.
  • "We lost our obsession with sport. Moving forward, we will lead with sport and put the athlete at the center of every decision."

3. Rebuilding Wholesale Relationships

  • Wholesale revenue: Down 3% YoY to $6.9 billion.
  • Hill admitted past neglect of wholesale partners, saying, "We stopped engaging consistently."
  • Focus on mutually profitable sell-through to rebuild trust and collaboration.

Challenges Ahead

Guidance for FY 2024

  • Revenue Outlook: Expected to decline by low double digits.
  • Margins: Projected to contract by 300–350 basis points.
  • Increased Expenses: Higher investments in demand creation expected to weigh on Q4 more than Q3.

Regional Sales Declines

  • North America: -8%
  • Greater China: -8%
  • Europe: -7%
  • Asia Pacific & Latin America: -3%

Stock Performance and Analyst Sentiment

  • Nike shares closed at $77.10, up 0.26% on Thursday, but fell 0.54% in after-hours trading.
  • Year-to-date, the stock is down 27.64%.
  • Consensus Analyst Rating: "Buy" with a price target of $94.10, implying a 17.81% upside.
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