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Strategy MIDF Research maintains KLCI end-2014 target of 1,900 points
by Cals Tue 08 Jul 2014, 08:53
| Strategy MIDF Research maintains KLCI end-2014 target of 1,900 points |
| Business & Markets 2014 |
| Written by MIDF Research |
| Tuesday, 08 July 2014 08:47 KUALA LUMPUR (July 8): FBM KLCI valuation remains elevated vis-à-vis its regional peers as well as against other international markets. Downward revisions in earnings estimate so far this year have pushed market valuation higher due to the lack of negative price feedback. It seems that investors are anticipating upward-biased earnings revisions going forward. But despite the investors’ seeming optimism, the prevailing reality is that earnings continued to disappoint so far this year. With tepid earnings growth levels and coupled with the already high valuation, we foresee rather limited fundamental impetus for the FBM KLCI to chart substantially higher ground. Thus we reiterate our FBM KLCI 2014 year-end target of 1,900 points, which is equivalent to 17.0x PER multiple of 2014 earnings. |
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