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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 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.
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Key Corporate Updates from Malaysia,

 Here’s a recap of Monday’s corporate highlights: Sime Darby Property Bhd (KL:SIMEPROP) Data Centre Lease Agreement : Signed a 20-year lease worth up to RM5.6 billion with Pearl Computing Malaysia Sdn Bhd . Location : Facilities at Elmina Business Park , Klang Valley’s largest freehold industrial hub. Strategic Move : Boosts recurring income and investment and asset management (IAM) segment, which contributed 3% of RM3.27 billion revenue in the first nine months of 2024. Yinson Holdings Bhd (KL:YINSON) Joint Venture with PTSC : Secured a 10-year contract worth up to US$416 million (RM1.8 billion) for an FSO vessel in Vietnam. Timeline : Operations begin in 4Q 2026 , with options for a five-year extension. T7 Global Bhd (KL:T7GLOBAL) Pan-Malaysia Contract : Awarded a five-year MCM and HUC contract by Jadestone Energy for Package B3 , running until 2029 . Track Record : Third such contract for T7 Global, following previous awards from ExxonMobil and IPC Malaysia . Pesona Met...
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Sime Darby - Sukuk dilutes EPS marginally

Strengthens net gearing marginally nonetheless The MYR2.2b Perpetual Sukuk will lower Sime’s proforma net gearing to 49% (from 51%, as at 31 Dec 2015) which fits well with its ongoing deleveraging initiatives. Given the higher cost of Sukuk at 5.65% pa vs existing weighted cost of debt of 3.4% pa, we expect marginal EPS dilutions. With no immediate catalyst in sight (except an El Nino induced CPO price rally), we keep Sime as a HOLD with an unchanged TP of MYR7.98 based on 18x FY17 PER peg. Raised MYR2.2b Perpetual Sukuk at 5.65% yield Sime has completed the first fund raising exercise under its Perpetual Subordinated Sukuk programme on 24 Mar 2016. The MYR2.2b Perpetual Non-call 10-year Subordinated Sukuk which offered a yield of 5.65% pa was over 1.8x oversubscribed. Said to be the largest perpetual Sukuk issuance globally by a non-bank, the MYR3b Sukuk programme has been assigned a rating of AA by MARC. Marginal EPS dilution Sime plans to use the cash proceeds lar...
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