KLCI’s lacklustre Q1 results see research houses trim earnings forecast FMTNews FMTBusiness
Kenanga Research is projecting full-year FBM KLCI earnings to contract by 1.2% from +10.5%, and lowered its end-2023 target to 1,480 points from 1,610 points.
Interestingly, the local bourse’s attractiveness, or lack thereof, was highlighted by economy minister Rafizi Ramli last Saturday. This was largely due to downward revisions for heavyweights like Petronas Chemicals Bhd, Sime Darby Plantations Bhd, Malayan Banking Bhd and CIMB Group Holdings Bhd. “As the US Fed is anticipated to pause either in the upcoming June or later July meeting, we can thenceforth expect to see some recovery in both the valuation and earnings expectation of banking stocks,” MIDF said.
“The twin effects of slower demand and rising input costs could significantly impact corporate earnings for the rest of the year,” he warned.Nonetheless, MIDF expects to see some improvement in both the valuation and earnings expectation of commodity-related stocks post-Fed pause.
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