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Corporate Earnings Improved in 2Q Headline Corporate earnings improved in 2Q MediaTitle The Malaysian Reserve Date 03 Sep 2021 Language English Circulation 12,000 Readership 36,000 Section Companies Page No 10 ArticleSize 399 cm² Journalist S BIRRUNTHA PR Value RM 12,569 Corporate earnings improved in 2Q Expectations of a more robust commented the FBM KLCI component stocks delivered a set of 2Q21 results that recovery in the coming quarters had yet to show meaningful improvement could be on hold sequentially. He views this as due to the reintroduc- by S BIRRUNTHA tion of various pandemic restrictions against a backdrop of surging Covid-19 THE corporate sector's second-quarter infections which weighed on corporate (2Q) financial results reporting season financial performance. appears to be healthier in terms of face According to Ng, six FBM KLCI compo- value, with the number of companies nent stocks, namely, CIMB Group Holdings meeting and/or exceeding expectations Bhd (lower operating expenditure), Sime trumping those that missed, Public Invest- Darby Group Bhd (stronger vehicle and ment Bank Bhd (Publiclnvest) stated results heavy equipment sales), Sime Darby Plan- from the banking, plantation and consu- tation Bhd (higher crude palm oil prices), mer sectors exceeded expectations. IHH Healthcare Bhd (Covid-19-related "A closer look into the results will reveal patients and effective cost-saving initia- some extremes. Be it a function of over- •S^SL, * tives), Petronas Chemicals Group Bhd pessimism or under-estimation, results (higher product prices) and Tenaga Nasional Bhd (lower repair and mainte- were telling. : * . I.3H nance costs) beat projections. "While one can be forgiven for opening Pic by Hussein Shaharuddin that recovery is well on track, notable TNB is among the 6 FBM KLCI component stocks On the other hand, four FBM KLCI that beat projections weakness in the consumer-centric pro- component stocks under its coverage perty, real estate investment trust and cilled strict standard operating procedures were missed, namely, MR DIY Group (M) gaming suggests otherwise," it stated in a (SOPs) where only a limited number of Bhd (pandemic restrictions and delays in note yesterday. manufacturing subsectors were allowed expansion plans), PPB Group Bhd (weak Publiclnvest added expectations of a to operate. performance from grains and agribusiness more robust recovery in the coming quar- "Less-than-favourable operating con- and Wilmar International), Dialog Group ters could be on hold as companies con- ditions pushed the index to remain below Bhd (pandemic restrictions weighed down tinue to work through the effects of the the neutral level at 43.4 in August, a project execution) and Petronas Gas Bhd movement restrictions, delayed economic rebound, however, against 40.1 in July. (higher operating cost stemming from pan- sector reopenings and capacity constraints. "We remain cautious on the near-term demic restrictions). It highlighted the market remains tra- outlook given the ongoing Phase 1 in key Amlnvest's top buy reflects names that are likely to benefit from the recovery of the t ding-oriented with volatile swings to be industrial areas —* such as Selangor, Johor, expected. Perak and Kuala Lumpur — which could domestic and global economies, namely The investment bank maintained its take longer-than-expected to recover given Malayan Banking Bhd, Tenaga Nasional, year-end FTSE Bursa Malaysia KLCI (FBM the high number of work-related clusters," CIMB Group, Telekom Malaysia Bhd, RHB KLCI) closing at 1,590 points (15 times Publiclnvest stated. Bank Bhd, Westports Holdings Bhd, Astro multiple to one-year forward earnings) A combination of supply and demand Malaysia Bhd, ATA IMS Bhd, Hibiscus adding the country's manufacturing Pur- disruptions is expected to dampen the Petroleum Bhd and Perak Transit Bhd. chasing Managers' Index remained lack- index in the near term with the emergence The firm also maintained its end-2021 lustre in August due to the disruption from of stronger Covid-19 variants (Beta, Delta FBM KLCI target of 1,695 points based partial lockdown measures. and Lambda). on 16 times of 2021 forward-earnings The partial lockdown measure or Phase Amlnvestment Bank Research (Am- projection. 1 of the National Recovery Plan (NRP) pen- Invest) head of equity research Joshua Ng SEE ALSO P13 .
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