KUALA LUMPUR (June 4): Westports Holdings Bhd will replace Felda Global Ventures Holdings Bhd (FGV) in the list of 30 FBM KLCI constituent stocks come June 22.
In a joint statement today, Bursa Malaysia Bhd and FTSE Russell said the FBM KLCI reserve list that comprises the five highest ranking non-constituents of the index by market capitalisation, are IJM Corp Bhd, YTL Power International Bhd, Gamuda Bhd, Malaysia Airports Holdings Bhd and Hap Seng Consolidated Bhd.
The reserve list will be used in the event that one or more constituents are deleted from the benchmark index in accordance with the index ground rules during the period up to the next semi-annual review on Dec 3, 2015.
The Edge Financial Daily had on May 18, quoting analysts, reported that FGV (fundamental: 1.15; valuation: 1.4) is likely to be removed from the list as the stock has shed almost two-thirds of its market value since its June 2012 initial public offering (IPO).
FGV was selected an index constituent in December 2012 at a time when its market capitalisation stood at some RM19 billion. Its market capitalisation was RM7.1 billion.
Meanwhile, Bursa and FTSE Russell also announced that seven new constituents will be added to FTSE Bursa Malaysia Mid 70 Index. They are FGV, Sunway Real Estate Investment Trust, Press Metal Bhd, Eco World Development Group Bhd, Karex Bhd, Pharmaniaga Bhd and Hume Industries Bhd.
Two new constituents, namely IOI Properties Group Bhd and Bumi Armada Bhd, will also be added to FTSE Bursa Malaysia Hijrah Shariah Index.
FGV's counter closed up one sen or 0.51% at RM1.96 apiece today, compared with its IPO price of RM4.55 per share.
Westports, on the other hand, saw its share price moving on an uptrend since mid-2014. It has risen 28.86% year-to-date to close at RM4.42 apiece today. Its market cap stands at RM14.7 billion.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)