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.
Downgrade to SELL with lower target price (TP) of RM0.68 Review Excluding the disposal gain of c.RM80mn (net) and a one-off grant of RM26.3mn, Glomac’s 1HFY17 normalised net profit of RM4.9mn came in below expectations. It only accounted for 8% of both ours and consensus’ full-year forecasts. The variance was largely due to 1) lower-than-expected revenue, and 2) weaker-than-expected property margin. Glomac’s 1HFY17 headline revenue and PBT grew 25% and 140% YoY to RM335.4mn and RM143.5mn respectively. However, normalized revenue and PBT would have declined by 29% and 80% YoY after adjusting for the impact of land disposal (Cheras land sale to PR1MA for RM145.6mn announced in Oct-15) and one-off grant received for upgrade and improvement of infrastructure surrounding Glomac Damansara development amounting to RM26.3mn. The poor results were attributable to slow progress billing as its previous key contributing projects are nearing completion or have completed during the per...