,Surpassing expectations: The plantation sector was the clear winner for the quarter under review, with most companies reporting profits that exceeded expectations thanks to strong average selling prices of CPO. — Bloomberg
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THE recently concluded results season showed some sectors reporting profits exceeding or at least meeting with market expectations but on the whole, cautiousness continues to dominate going into the rest of the year, and even beyond.
The plantation sector was the clear winner for the quarter under review, according to Kenanga Research, with most companies reporting profits that exceeded expectations thanks to strong average selling prices of crude palm oil (CPO).
“Plantations stood out as all 11 stocks outperformed our expectations except for IOI Corp Bhd and PPB Group Bhd that came in within and United Malacca Bhd that came in below expectations,“ it tells clients in a report.
“Against our estimates, the plantations sector had an overwhelming 73% of stocks surpassing expectations,” Kenanga says, adding that the other two sectors that surprised positively were utilities and healthcare while sectors leading the misses were construction, gaming and consumer.
The banking sector – always one to be watched – also did relatively well with no major negative surprises.
Some banks even declared dividends higher than what the market was anticipating.
Thomas Yong, CEO at Fortress Capital Asset Management, (pic below) opines that on the whole, second-quarter corporate earnings for Malaysia came in largely within expectations.Fortress Capital Asset Management CEO Thomas Yong
“This is viewed positively considering the movement restrictions imposed as a result of the Covid-19 situation, as well as the political uncertainty.
“Overall, exporters benefited from external demand recovery but domestic-centric companies were affected by lower domestic consumption demand,“ Yong tells StarBizWeek.
He points out that risks associated with the banking sector were a concern for investors during the earlier part of the pandemic but so far, credit risks are perceived to have been well managed.
“Having said that, hiccups in delivering better earnings in the coming quarter due to the protracted movement restrictions are expected.
“In our view, the banking sector is a good proxy to any recovery of the broader economy going forward and the overall risk-reward profile is favourable, given the undemanding valuations of the sector,“ Yong adds.