Maybank Investment Bank Bhd has raised its FTSE Bursa Malaysia KLCI year-end target to 1,680 points from 1,610, on optimism of earnings growth, global interest rate cuts, the Johor-Singapore Special Economic Zone and the ringgit’s strength.
Quarter-on-quarter core profit was also higher by 13.5 per cent — the drags were plantation, consumer, property and technology sectors which delivered weaker q-o-q earnings.“Our 2024 coverage core earnings estimates are consequently uplifted by 2.5 per cent and by 3.2 per cent for 2025. We now estimate higher 15.6 per cent core earnings growth for our universe and 12.9 per cent for the FBM KLCI in 2024, while for 2025, we now estimate 10.5 per cent growth for our universe and 9.
“Besides subsidy rationalisation and wage reforms, rising foreign direct investment/domestic direct investment momentum provides the backdrop for sustainable economic growth,” it added. “Our forecast implies earnings growth to continue in the sequential quarters but at a reduced pace mainly due to the base effect,” it said.“A ‘higher-for-longer’ US interest rates, widening of US-China geopolitical rivalry and Middle East instability are the key risks for Malaysian equities,” it said.
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