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Market Daily Report: Late Selling Pushes Bursa Malaysia Into Negative Territory At Close

KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
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WCE Holdings’ Losses Widen as Interest and Tax Expenses Offset Toll Growth

Financial Performance & Challenges

  • WCE Holdings Bhd (WCEHB) reported a net loss of RM88.56 million in 3QFY2025, compared to RM22.39 million in the same period last year.
  • Losses were driven by high interest costs (RM56.17 million) and tax expenses (RM61.91 million), despite strong toll collections.
  • EBITDA surged 94% YoY to RM23.9 million, signaling operational profitability.

Toll Collection & Revenue

  • Toll revenue more than doubled to RM32.58 million, attributed to higher average daily traffic.
  • Overall revenue declined by 52.6% YoY to RM84.24 million due to lower billings from its construction arm after the completion of three more expressway sections.

Expressway Development & Future Outlook

  • 7 out of 11 sections of the West Coast Expressway (WCE) are operational, covering 170km across Selangor and Perak.
  • The 8th section, linking SKVE and Shah Alam Expressway, opened on Jan 22, 2025.
  • Final 3 sections are under construction, with full completion expected to boost revenue and profitability.
  • The 233km expressway runs from Banting, Selangor to Taiping, Perak, under a 60-year build-operate-transfer (BOT) concession from 2013.

Shareholding & Market Position

  • IJM Corp Bhd holds a 26.65% stake, while Tan Sri Surin Upatkoon owns 26.06%.
  • WCE expects full expressway completion to drive long-term revenue growth, eventually outpacing financing costs and leading to sustained profitability.

Summary

  • WCE’s net loss widened to RM88.56M due to high interest & tax expenses.
  • Toll revenue surged 94% YoY, but construction revenue dropped 52.6%.
  • 7 out of 11 WCE sections are operational, with final 3 under construction.
  • Company expects profitability once full expressway is completed.
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