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 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 ...