RHB Research unveils top 20 small-cap ‘jewels’

PETALING JAYA: RHB Research has unveiled the top 20 Malaysian small-cap “jewels” for 2024 across nine sectors, with 16 of the stocks listed on the Main Market.

Four technology stocks are part of the list. These are Oppstar Bhd, Cloudpoint Technology Bhd, QES Group Bhd and TT Vision Holdings Bhd.

Under the industrial products and services sector, five counters are featured – AWC Bhd, Engtex Group Bhd, MCE Holdings Bhd, Supercomnet Technologies Bhd and YBS International Bhd.

As for the construction sector, Inta Bina Group Bhd, Kimlun Corp Bhd and Muhibbah Engineering (M) Bhd are featured.

The list of 20 “jewels” also include three stocks in the consumer products and services space – Ablegroup Bhd, Karex Bhd and Shangri-La Hotels (M) Bhd.

The other counters on the list are New Hoong Fatt Holdings Bhd (auto and autoparts); PA Resources Bhd (basic materials); UMediC Group Bhd (healthcare); Deleum Bhd (oil and gas) and Avaland Bhd (real estate).

RHB Research said the top 20 small-cap stock picks boast an average market capitalisation of RM545mil and a return on equity of 11.2%.

It also noted that the previous 2023 edition of the Top 20 Small-Cap Jewels had outperformed the broad market, delivering a holding period return of 46.4% and outperforming the FBM KLCI and FBM Small Cap’s returns of 13% and 21.4%, respectively.

“The past year has been marked by unprecedented challenges yet, amid the economic uncertainties and geopolitical tensions, the resilience of the capital market has shone through.

“Against the backdrop of a better economic outlook in 2024, a stable political environment, accompanied by stronger fund flows into the emerging markets amidst the peak of the US Federal Funds rate, domestic-listed stocks have undergone a remarkable rally – leading Malaysia to emerge as one of the best-performing markets in Asean,” it said.

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