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.
Maintained Market Perform with unchanged Target Price (TP) of RM2.41 Star Publication (M) Bhd We attended Star Publication (M) Bhd (STAR)’s post-4Q15 results briefing last Friday. The key highlights of the briefing focused on: (i) dividend, (ii) adex outlook, (iii) forward business strategies, and (iv) an update on its existing businesses. The group intends to keep its annual DPS target at 18.0 sen in FY16 should its core PBT stay at the RM170m-RM190m range. Meanwhile, STAR remains hopeful on its event division and believes the recently completed exhibition rights (Victory Hills Exhibitions Ptd Ltd) could provide buffer to its earnings. Post-briefing, there are no changes to our FY16FY17 estimates. Our STAR’s target price remains unchanged at RM2.41, based on a targeted FY16E PER of 13.5x (-1.0x SD below its mean). Maintained MARKET PERFORM for its decent dividend yield. Dividend aspiration. STAR is aiming to maintain its FY16E DPS at 18.0 sen if the core PBT is...