MORNING CALL 4/10/23 - video Dailymotion

Skip to player Skip to main content Skip to footer

10/3/2023

RHB is moved by FM Global Logistics promising outlook

Category

Transcript

Display full video transcript

00:00 On this first Wednesday of October, we are looking at FM Global Logistics Holdings, where

00:06 RHB is keeping its buy call but adjusted its target price from 79 cent to 68 cent, saying

00:11 that it is a slow start but it has a promising outlook.

00:15 Overall, vessel capacity or supply continues to trend higher than demand amidst the slow

00:19 cargo market and incoming new building deliveries.

00:22 The overcapacity of ocean vessels should continue to keep a lid on freight rates from rising.

00:27 RHB actually expects a soft first half of FY24, in line with its cautious view on the

00:32 country's first half 2023 trade performance.

00:36 RHB expects the current market dynamics to continue to weigh down on FM's international

00:41 businesses.

00:42 But nevertheless, its domestic businesses such as third-party logistics, warehousing

00:46 and supporting services should continue to bolster the group's earnings.

00:51 As revision that it has put forward, RHB actually lowers its FY24 earnings by 4.6% based on

00:57 the aforementioned factors.

01:00 According to Bloomberg, only RHB covers it.

01:02 So based on its lower TP of 68 cent, this implies a possible upside of 19% from its

01:07 current levels.

01:08 It closed yesterday at 57 cent.

01:11 [Music]

Recommended

1:51

Up next

MORNING CALL:2/2/23

2/1/2024

6:06

NEWS: JF Tech’s Foong Wei Kuong named EY Entrepreneur of the Year

12/18/2023

1:33

MORNING CALL:18/12/23

12/17/2023

6:50

EVENING 5: Low value goods sales tax kicks in Jan 1

12/15/2023

3:19

Jalan Jalan Old Pudu

12/15/2023

1:39

MORNING CALL:15/12/23

12/14/2023

6:43

EVENING 5: Tenaga names Megat Jalaluddin as next president and CEO

12/14/2023

1:40

MORNING CALL:14/12/23

12/13/2023

7:37

EVENING 5: Sime Darby CFO Mustamir takes the helm at UMW

12/13/2023

1:34

MORNING CALL: 13/12/23

12/12/2023

6:55

EVENING 5: PM Anwar shakes up Cabinet

12/12/2023

1:05

NEWS: DAP not the biggest winner in Cabinet rejig, says Loke

12/12/2023

1:18

NEWS: Ramkarpal voluntarily vacated position, says Loke

12/12/2023

0:34

NEWS: Dr Dzul’s experience needed in MoH

12/12/2023

1:13

NEWS: PM splits Communications and Digital Ministry

12/12/2023

0:52

NEWS: EPF CEO confirmed as finance minister II

12/12/2023

10:15

NEWS: Amir Hamzah in, V Sivakumar out in Cabinet rejig

12/12/2023

2:09

MORNING CALL: 12/12/23

12/11/2023

7:03

EVENING 5: EPF CEO tipped to be finance minister II

12/11/2023

2:01

EDGE WEEKLY: No quick solution to old-age poverty ‘time bomb’

12/11/2023

5:43

NEWS: Matrix Concepts shoots for the stars

12/11/2023

1:21

MORNING CALL:11/12/23

12/10/2023

7:01

EVENING 5: YTL Power strikes deal with NVIDIA

12/8/2023

1:59

NEWS: Pacific Senior Living launches Acacia

12/8/2023

0:51

Former Aide Claims She Was Asked to Make a ‘Hit List’ For Trump

9/27/2023