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Strategy Affin IB Research raises end-2014 KLCI target to 1,980 points
by Cals Mon 23 Dec 2013, 09:50
Strategy Affin IB Research raises end-2014 KLCI target to 1,980 points
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Monday, 23 December 2013 08:42
KUALA LUMPUR (Dec 23): Affin IB Research has maintained its Overweight rating on the FBM KLCI and raised its end 2014 target to 1,980 points (from 1,900 points previously) and said the FBM KLCI continued to re-rate in 2013 on declining ERP, although at 16x 2014 PE, much of the PE multiple re-rating was likely behind it.
In a strategy note Monday, the research house said market returns for 2014 would thus be underpinned by earnings growth driven by firmer corporate profit margins and higher CPO prices.
“At a 2014 KLCI EPS growth of 12.3% and 7.3% for 2015, and a higher PE multiple of 16x, our end Dec 2014 KLCI target is raised to 1980.
“Our investment themes for 2014 are: 1) stronger growth in developed markets - Technology, Rubber Gloves and transport (Ports, Shipping); 2) Fed tapering and increased volatility on high foreign portfolio holdings and expensive valuations - defensive healthcare at risk; 3) moderation in domestic demand growth as a result of fiscal consolidation and subsidy rationalisation - negative on consumer discretionary (Auto) and Property; 4) ETP exposure vide construction and O&G; and 5) tourism for Visit Malaysia Year 2014,” it said.
Affin IB Research said key stock picks for 2014 were Maybank, Tenaga, MISC, Bumi Armada, Gamuda, AirAsia, Kossan, Alam Maritim, Globetronics and Inari Amertron.
“Our 5 least preferred are Petronas Gas, UMW O&G, Lafarge, MAS and Star,” it said.
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com
Monday, 23 December 2013 08:42
KUALA LUMPUR (Dec 23): Affin IB Research has maintained its Overweight rating on the FBM KLCI and raised its end 2014 target to 1,980 points (from 1,900 points previously) and said the FBM KLCI continued to re-rate in 2013 on declining ERP, although at 16x 2014 PE, much of the PE multiple re-rating was likely behind it.
In a strategy note Monday, the research house said market returns for 2014 would thus be underpinned by earnings growth driven by firmer corporate profit margins and higher CPO prices.
“At a 2014 KLCI EPS growth of 12.3% and 7.3% for 2015, and a higher PE multiple of 16x, our end Dec 2014 KLCI target is raised to 1980.
“Our investment themes for 2014 are: 1) stronger growth in developed markets - Technology, Rubber Gloves and transport (Ports, Shipping); 2) Fed tapering and increased volatility on high foreign portfolio holdings and expensive valuations - defensive healthcare at risk; 3) moderation in domestic demand growth as a result of fiscal consolidation and subsidy rationalisation - negative on consumer discretionary (Auto) and Property; 4) ETP exposure vide construction and O&G; and 5) tourism for Visit Malaysia Year 2014,” it said.
Affin IB Research said key stock picks for 2014 were Maybank, Tenaga, MISC, Bumi Armada, Gamuda, AirAsia, Kossan, Alam Maritim, Globetronics and Inari Amertron.
“Our 5 least preferred are Petronas Gas, UMW O&G, Lafarge, MAS and Star,” it said.
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