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.
Maintain BUY with unchanged target price (TP) of RM2.21 Results OldTown’s 2QFY17 net profit declined 9.0% q-o-q and 5.5% y-o-y to RM12.63mil. Meanwhile, quarterly revenue down 3.2% q-o-q while climbed 7.5% y-o-y to RM99.55mill. For 1HFY17, net profit was registered at RM26.51mill, up 16.1% y-o-y. Similarly, revenue up by 8.4% y-o-y to RM202.43mill. Within expectation- The Group’s 1HFY17 net profit was within expectations by accounting for 47% of our full year net profit forecast and market consensus mainly buoyed by positive performance in FMCG division coupled with slight recovery in F&B division in this quarter. We reckon that OldTown could achieve impressive earnings in 2HFY17, aided by better performance from both divisions in conjunction of Christmas and Chinese New Year celebrations. Comment Better earnings of 1HFY17. The Group’s 1HFY17 net profit posted a positive growth amid its higher topline as the resilient performance of FMCG segment was st...