KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Maintain outperform recommendation with target price (TP) of RM4.80 IGB Corporation delivered a markedly higher net profit of RM148.1m in 3QFY16 (+228.4% YoY, +173.8% QoQ), due primarily to a one-off gain of RM136.2m from the disposal of its 65%-owned MiCasa Yangon. YTD, the Group registered RM245.0m in net profit (+47.9% YoY). After stripping out the one-off gain, the net profit YTD is estimated at RM174.3m, which was marginally above our expectations but below consensus, constituting 80% and 68% of respective full year estimates. The better than expected performance was driven mainly by the retail and hotel divisions. As such, we adjust our FY16 estimates upwards by 42%, after imputing the one-off gain from the asset disposal. Maintain Outperform and RM4.80 TP, which is based on 30% discount to our RNAV estimate, as we continue to like the strong cash flow generative abilities of the company and believe that the stock is under-appreciated despite ...