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.
Upgrade to outperform call with an increased target price (TP) of RM2.24. Last week, the Federal Government issued provisional safeguard measures for steel coils and reinforced bars at a duty rate of 13.9% and 13.4% imposed respectively towards exporting countries into Malaysian shores. Positive on the measure as it would boost ANNJOO’s steel re-bars ASPs. Upgrade FY17E earnings by 20% on the back of 8% higher ASP assumption. Post earnings adjustment, upgrade ANNJOO to OUTPERFORM (from MP) with higher TP to RM2.24 (from RM1.69) after switching valuation methodology from 0.76x FY17 PBV to 7.0x FY17 PER. Ann Joo Resources Bhd Approval of provisional safeguard measures. Last week, the Federal Government issued provisional safeguard measures in relation to steel coils and reinforced bars after 4 months of investigations. The measure entails safeguard duties of 13.9% for steel coils and 13.4% for steel rebars which will be imposed towards a list of 40 exporting countries begin...