Market Outlook
Mixed
2H24 Market Strategy - Navigating the Steady Upward Wave
Mon, 01-Jul-2024 08:14 am
by Research team • Apex Research

  • Overseas developments such as prospects of interest rate cuts, US Presidential election results, along with the impact of removal of blanket subsidies locally will be in focus moving into 2H24.
  • Turning less aggressive and selective following the stellar 1H24 performance with preferences skewed towards selective sectors such as construction, property and technology that could demonstrate resiliency in earnings.
  • We are also upbeat on the (i) transportation & logistics sector that is capitalising onto trade diversion and most players embarking onto expansionary plans, (ii) renewable energy (RE) sector that is riding onto a slew of incentives outlined by policy makers, (iii) tourism sector taking off as the nation prepares for “Visit Malaysia Year 2025” and (iv) data-center supply chain players that are leveraging onto the AI and cloud computing boom.
  • Our 2024F and 2025F year-end target for FBM KLCI are 1,650 and 1,720 respectively, based on assigned 15.0x PE multiple, which is in line with long-term historical mean average.
Sentiment: Positive
Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.293336 4.333362
EUR 4.677568 4.688781
CNY 0.603165 0.604645
HKD 0.552517 0.557193
SGD 3.268549 3.296239