KUALA LUMPUR, Jan 8 (Bernama) -- Bursa Malaysia’s benchmark index closed lower on Thursday amid profit-taking in big-cap stocks, as investors shifted their focus to smaller-cap counters against the backdrop of weaker regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.26 points or 0.43 per cent to 1,669.57 from Wednesday’s close of 1,676.83. The FBM KLCI opened 2.61 points lower at 1,674.22 and moved between 1,666.34 and 1,674.44 throughout the day. On the broader market, gainers led losers by 579 to 489, while 565 counters were unchanged, 1,016 untraded, and 12 suspended. Turnover was slightly higher at 2.79 billion units worth RM2.84 billion from Wednesday’s 2.73 billion units worth RM2.76 billion.
杭州云视听科技股份有限公司（Hangzhou Arcvideo Technology Co., Ltd.，SHSE:688039）股价过去一个月飙升 34%，年内累计涨幅已达 96%，成为市场关注焦点。
估值聚焦：P/S倍数远超行业中位数
当前 市销率（P/S）为 16.4 倍，超过中国软件行业约 7.7 倍的中位数两倍
尽管去年营收下滑 14%，过去三年累计下降 31%，高估值仍引发市场疑问
投资者为何愿意追高？
分析师预测公司将在未来一年迎来强劲营收反弹，预计增长 62%，远超行业平均的 24%
这一乐观预期支撑了高企的 P/S 倍数
市场情绪：押注“V型反转”
股价近期强势上扬，显示投资者对营收恢复信心高涨
但在高预期背景下，任何增长不及预期都可能对股价带来压力
结论
杭州云视听的上涨反映市场对其营收回升的信心。然而，在当前高估值下，公司必须兑现高增长预测，才能维持股价动能，否则市场情绪可能迅速转向谨慎。
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