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.
Reaffirm OUTPERFORM call with a higher target price (TP) of RM4.48 We remain bullish on Mega First (MFCB) as more construction profits are recognized from its 80%-owned 260MW Don Sahong Hydropower project in Laos this year. Progress is expected to nearly triple (up from 16.5% to 45%- 50%) while double-digit growth is also expected from the resources segment. We reaffirm our Outperform call with a higher TP of RM4.48 (up from RM3.16) after rolling over our valuations to FY18 while also lowering our discount attached to the Don Sahong Hydropower project in light of the lower exposure risks as the plant moves closer to completion. Targeting a bigger milestone this year. The USD500m (RM2.5bn) Don Sahong hydropower project is very much on track. As the time of writing, the completion rate has reached 23% and is expected to reach about 45%- 50% by year-end. About RM362m had already been invested for excavation and foundation works last...