Analysts upbeat on Bursa Malaysia after sterling Q2 results FMTNews FMTBusiness
RHB Research is bullish on Bursa Malaysia as it is a direct beneficiary of improving market sentiment.
“As it is a direct beneficiary of improving market sentiment, we are bullish on the counter in tandem with our renewed optimism in the domestic equity market,” said its analysts David Chong and Nabil Thoo. Meanwhile, AmInvestment Bank Bhd has maintained a “hold” call on Bursa with a revised fair value of RM7.20 from RM6.50 after rolling over their valuation to FY2024F.
AmInvest has also adjusted its estimates on average daily contracts traded for derivatives based on anticipation of lower volatility for crude palm oil futures and FBMKLCI futures ahead.The research house said the second quarter saw an outflow of foreign funds from the securities market of RM2.3 billion compared to withdrawals of RM1.9 billion in Q1 2023. For the first six months, the cumulative outflow of foreign funds was RM4.2 billion.
“Risk-reward ratios appear fair with the lack of strong medium-term catalysts to deliver earnings surprises cushioned by its solid return on equity and stable dividend prospects,” its analyst Clement Chua said.
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