Analysts are optimistic about the outlook for IJM Corp Bhd with expectations of heavier construction job flows and stronger quarters ahead, driven by the rollout of public infrastructure projects.
KUALA LUMPUR: Kenanga Investment Bank Research has maintained a neutral call on the property sector it is still plagued with affordability, policy and oversupply issues.
Tuesday, 13 Jul 2021 12:46 PM MYT
A worker is seen at his station at Mapo Industries Sdn Bhd’s plastic container manufacturing plant in Port Klang July 8, 2021. Picture by Miera Zulyana
Follow us on Instagram and subscribe to our Telegram channel for the latest updates.
KUALA LUMPUR, July 13 Malaysia s industrial production remained strong in May 2021 but the robust growth may not be sustainable, according to AmBank Research.
It noted that the Industrial Production Index (IPI) growth slowed down during the month with a smaller increase of 26 per cent year-on-year (y-o-y) compared with the 50.1 per cent y-o-y growth seen in April.
“The performance of the retail and wholesale sectors also showed a similar trend, improving by 28.3 per cent y-o-y in May 2021, down from a 66.2 per cent growth in April 2021.
posted its first ever earnings disappointment in its fifth quarter ended March 31, 2021 while the unfolding recent events have placed the group’s corporate governance under intense scrutiny.
Kenanga Investment Bank Research said on Monday Serba Dinamik posted 5QFY21 (i.e. 1QCY21) core net profit of RM113m (note that the group has changed its financial year-end to June 2021, from December 2020).
“We deem this to be below expectations, with cumulative 15MFY21 core net profit of RM745mil coming in at 77% of our 18-month FY21E forecasts, ” it said.
It pointed out that against consensus, 5QFY21 quarter core net profit only made up 14% of Bloomberg consensus’ 12-month CY21 forecasts (Bloomberg has yet to adjust for the change in financial year end). This marked the first time Serba Dinamik had disappointed in earnings since its IPO.
’s share price hit a fresh low of 32 sen in late morning trade on Monday as it continued to come under selling pressure following the negative newsflow.
At 11.01am, the FBM KLCI was down 16.66 points or 1.07% to 1, 543.02. Turnover was 2.45 billion shares valued at RM1.07bil. Decliners hammered advancers more than eight to one or 869 losers to 110 gainers while 290 counters were unchanged.
Serba Dinamik fell five sen to 36 sen, There were 399 million shares traded at prices ranging from 32 sen to 40.5 sen.
Serba Dinamik-WA fell 0.5 sen to eight sen.
SCIB also came under some selling pressure, down 4.5 sen to 54.5 sen while KPower eight sen lower at 66.5 sen.