Lagenda Properties Bhd (LAGENDA) is a Perak-based property developer and has ventured into the affordable housing segment since 2018. Their on-going two major affordable housing township developments are (i) Bandar Baru Setia Awan Perdana in Sitiawan, Perak and (ii) Lagenda Teluk Intan in Teluk Intan, Perak which has a combined development area of 2,000 acres and 20,000 affordable homes.

The FBM KLCI slipped for another session as the key index succumbed to selling pressure in selected banking heavyweights. However, we believe the local bourse is poised for mild recovery as bargain hunting activities emerged in the previous session. Nevertheless, any rebound may be capped as investors may stay cautious ahead of the potential recession worries.

The FBM KLCI tumbled as the plantation, telecommunication, and banking heavyweights continued its negative tone amid the persisted bearish sentiment on the global front. We observed that the 5-day foreign net selling stood at RM753.9m. With Wall Street sliding deeper into a bear market, we believe the local bourse is likely to witness heightened volatility on the back of worries over the global economic downturn.

Focus Point Holdings Bhd (FOCUSP) is registered in Malaysia Book of Records as the largest optical retail chain store in Malaysia and also the first and only optical retail chain store to be listed in Bursa Malaysia. FOCUSP operates 180 outlets nationwide and Brunei that are supported more than 230 eye care professionals.

The FBM KLCI tumbled as persistent risk-off undertone, coupled with foreign fund outflow (5-day cumulative stood at RM562.5m) led to a broad-based selldown on the local bourse. While the cautious sentiment is likely to continue, we may see milder selling pressure as investors could pick up undervalued stocks and trade ahead of the tabling of the Budget 2023 in October 2022.

The FBM KLCI tumbled on the back of weaker sentiment which caused a selldown globally triggered by the ongoing hawkish tone by the Fed. As investors continued to price in more aggressive interest rate hike going forward, we believe the local bourse is likely to stay cautious and remain downward bias. Meanwhile, investors may watch for Malaysia’s inflation rate to gauge the upcoming OPR outlook by the BNM.

The FBM KLCI slumped, taking cues from the global stock markets prior to the US FOMC meeting. As investors digested the 75-basis point interest rate hikes and the US Fed’s signals more hawkish tone into end-2022, global sentiment should remain tepid at least over the near term. Nevertheless, bargain hunting activities may emerge in selected sectors as traders may shift their focus to the Budget 2023 beneficiaries.

Asia File Corporation Berhad (ASIAFLE) started off since 1980s and is now evolved into a leading file manufacturer with Europe being its core market, followed by Malaysia, leveraging on its manufacturing facilities in Malaysia and Europe as well as a series of reputable brand names and patented products. Its consumer ware division has grown from RM0.3m to RM48.6m in less than 5 years is eyeing for new products launch and overseas expansion. We initiate coverage on ASIAFLE with a HOLD call and fair value of RM1.86, based on 10.0x P/E pegged to its forward FY23f EPS of 18.6 sen.