Strategy MIDF Research reaffirms KLCI year-end 2014 target of 1,900 points
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Strategy MIDF Research reaffirms KLCI year-end 2014 target of 1,900 points
Strategy MIDF Research reaffirms KLCI year-end 2014 target of 1,900 points |
Business & Markets 2014 |
Written by Surin Murugiah of theedgemalaysia.com |
Monday, 12 May 2014 09:31 KUALA LUMPUR (May 12): MIDF Research has reaffirmed its FBM KLCI year-end 2014 baseline target of 1,900 points, with the upper and lower bounds at 1,980 points and 1,840 points respectively. In a strategy Monday, MIDF Research head of equity Syed Muhammed Kifni said he was rather sanguine on the likelihood of the FBM KLCI’s forward earnings to eventually catch-up with the price-led expectation, supported by prospects of (i) gentler yet still robust domestic growth momentum, and (ii) supportive external economic conditions. Furthermore, we reiterate our view that the FBM KLCI is expected to remain on its secular upward trajectory at least in the medium-term. “Having said that, there are factors that may put a cap to the market upside going forward, namely (i) the prevailing above mean valuation, (ii) the lack of foreign net liquidity into the market, and (iii) market ‘expectation’ of a hike in the OPR later this year. “Thus we reaffirm our rather modest FBM KLCI year-end 2014 baseline target of 1,900 points, with the upper and lower bounds at 1,980 points and 1,840 points respectively,” he said. |
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