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.
Retain outperform with lower target price (TP) of RM2.48 9M16 CNP of RM62.1m was below expectations, accounting for 68%/59% of our/streets? full-year estimates, respectively. The negative deviation was due to lower-than- expected operating margin stemming from the provisioning on its crane division coupled with a higher- than-expected contribution to its non-controlling interest. No dividend declared as expected. FY16-17E CNP was lowered by 7%-6%. No changes in call OUTPERFORM but lowered TP to RM2.48 (previously, RM2.53). Below expectations. 9M16 CNP of RM62.1m came in below expectations, making up only 68% and 59% of our and streets? full- year estimates, respectively. We believe the negative deviation was due to lower-than-expected operating margins mainly driven by the provisioning incurred on its crane division coupled with a higher-than- expected contribution to its non-controlling interest. No dividend was declared, as expected. Result highlights. YoY-Y...