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Lianchang International: Malaysia's third-quarter financial report performance is "disappointing".
Forex losses drag down performance. Third-quarter financial report disappointing.
(Kuala Lumpur, 25th) Lianchang International Securities stated that Malaysia's performance in the third quarter earnings season so far is "disappointing", and warned that profit forecasts for index constituents may face downward risks.
Lianchang International stated that among the companies it covers, more companies are below expectations rather than exceeding them.
Underperforming heavyweight companies include Maersk Line, $MISC (3816.MY)$ due to reduced contributions from liquefied natural gas and offshore operations.
Additionally, Petroliam Nasional Berhad (PETRONAS), $PCHEM (5183.MY)$ had its performance affected by increased depreciation and interest expenses.
Meanwhile, Nestle, $NESTLE (4707.MY)$ as well as Mr. DIY, $MRDIY (5296.MY)$ Companies like (）are performing poorly.
"Especially for exporters or companies relying on overseas income, there have been foreign exchange losses due to the sharp appreciation of the ringgit against the US dollar this quarter."
"These results may pose downside risks to our index profit forecasts, and we plan to review the valuation model of the Longzhong Index after the end of the financial reporting season to reflect profit adjustments."
Currently, Lion Corporation International expects a 13% profit growth for companies in the composite index this year, setting the index target at 1732 points by the end of 2024, while the index closed at 1589.78 points on Friday.
Consumer gloves technology lags behind.
联昌国际对截至11月21日发布的财报分析显示，消费者、手套及科技板块，是主要拖累。
在已发布第三季度财报的10家消费品公司中，70%未达预期，原因包括疲软的消费者情绪，和抵制活动导致的销售疲软，以及某些情况下的利润率下降。
Other significant negative surprises came from non-banking financial institutions, such as aeon stores crediting ( $AEONCR (5139.MY)$ ) and RCE Capital ( $RCECAP (9296.MY)$They recorded lower profits due to reduced fee income, increased operating costs, and rising impairment provisions.
Meanwhile, other major industries such as banks, construction, and utilities will announce their performance next week, marking the final week of the corporate earnings season.
Rubber glove manufacturers - such as Hartalega ( $HARTA (5168.MY)$ ), Top Glove ( $TOPGLOV (7113.MY)$ ), and Kossan Rubber Industries ( $KOSSAN (7153.MY)$Facing higher raw material costs, as well as foreign exchange losses from unhedged receivables and forward contracts.
The planting industry is going against the trend.
The technology sector was the worst-performing industry in the previous quarter, disappointing once again this quarter with 67% of companies underperforming.
Lian Chang International pointed out that, in addition to exchange rate issues, this industry also faces challenges of weak demand recovery in electrical components services, communication, and automotive sectors.
However, research institutions added that the planting industry performed well against the odds, thanks to the rise in crude palm oil prices driven by supply shortages.
Source of information: Nanyang Siang Pau
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