The Edge Best Call Awards 2019
(Published in Capital, The Edge Malaysia Weekly, on December 30, 2019 - January 05, 2020)
UOB Kay Hian Research analyst Keith Wee Teck Keong’s call on Bursa Malaysia Bhd
Investors who sold when UOB Kay Hian’s Keith Wee downgraded Bursa Malaysia from “hold” to “sell” on July 23, 2018, would have been spared the heartache of the 21% price slide to as low as RM5.82 on May 28 this year.
While the downgrade was on an unchanged target price of RM6.72, his was the first “sell” call on the exchange operator. Wee only trimmed his target price to RM6.50 on July 31, after cutting earnings forecasts when 2Q2018 earnings came in below expectations owing to lower listing revenue and higher staff costs.
The RM7.39 stock price when he cut his recommendation to “sell” was only 2.7% shy of the RM7.588 reached on Oct 1 this year, before it skidded back to RM6.11 at the time of writing.
A notable mention also goes to TA Research’s Wong Li Hsia, who cut her call to “sell” from “buy” on July 31, 2018, with a target price of RM8.07 when the stock was fetching RM7.36. Theirs were the only two “sell” recommendations at the time, with seven analysts having a “buy” while five others said “hold”.
Wee is now among four analysts with a “sell” call on Bursa. His target price is no longer the most bearish, despite being trimmed to RM5.64 on Oct 30 this year. Nine houses have a “hold” call while three say “buy”.
Excerpt from https://www.theedgemarkets.com/article/edge-best-call-awards-2019