FBM30 1570.94 -5.29 pts ( -0.34%) Volume 670.9m Value RM1.13b
1) Trading on the KLSE was subdued, with the index moving
sideways for the morning session before falling in the afternoon to close at
day low of 1570.94 on late selling .
Sentiment was cautious as Spain's credit rating was cut while economic reports
in the US & Europe added to concern that the global economy was slowing.
Investors generally stayed away, ahead of the Greek election this weekend . The
broader market was negative, with losers edging gainers 381:267. Futures closed
1569 pts (1.94 pts disc).
2) Heavyweights: MISC-3% RM3.91, BOUSTEAD-1.9% RM5.08,
DIGI-1.2% RM4.05, GENM-1.2% RM3.40, CIMB-0.5% RM7.47, MAYBANK-0.3% RM8.70,
YTL+1.06% RM1.91, UMW+0.8& RM8.39, PBBANK+0,3% RM13.70.
3) DBT: TEBRAU 222m @ RM0.76 ( 33.1% PUC, buyer Iskandar
Waterfront Holdings SB, seller Kump Prasarana Rakyat Johor SB); MBL 9m @ RM1,
PUNCAK 5.9m @ RM1.30.
4) Situationals:
PENERGY+8%( RM1.35), PERDANA +12.3%( RM0.595) : after
news reports said that Waseong Corp & little known Pan Sarawak Holdings
SB have emerged as the front runners to acquire a strategic 26.9% stake in the
Co. Perdana Petroluem Bhd is the current owner of the strategic block. It has
given CIMB the mandate to sell the block of shares in April 2012 under a
bidding exercise that expires tomorrow.
PRTASCO +3.7%( RM0.985) : after Co's director Datuk Mohd
Ibrahim Mohd Nor raised his equity stake to 26.8% , emerging as the single
largest shareholder of the company. He acquired 44.6m shares @ RM1.20 on Monday
( at a 26% premium to stock's closing price of 95s). The stock has gained some
6.7% YTD.
5) Topglove: Q3 05/12
Rev+13% RM1.71b Net+59%
RM138.7m EPS 26.5s Div 7s
Results 13% above FY cons RM164.2m
For Q3 FY08/12, Topglove registered a record highest ever
quarterly sales revenue amount of RM603m.. For the 9-mths period, the
significant increase in sales revenue was attributable to an improvement in
sales volume on the back of higher demand for gloves from both the developed
& emerging markets. PBT improved on more favorable operating environment
which saw the easing of key raw material latex price ( -14%, from RM8.80/kg in
9mths FY2011 to RM7.56/ kg in 9mths FY2012) as well as strengthening of the USD
against the MYR. Qoq, Rev+9.9%, PBT-7.4%.
The group currently has 22 factories, 442 glove
production lines with a production capacity of 38.5bn pieces of gloves pa.
Ahead, Co expects latex & nitrile costs to continue to trend lower on
anticipated reduction in demand from downstream tyre makers, while problems in
the Euro zone has impacted demand prospects for commodities, including crude
oil. Nevertheless, global demand for gloves is expected to remain strong &
resilient, especially resulting from needs of the healthcare industry.
Board declared a first single tier dividend of 7s (net)
for the quarter, payable on July 19 -
With global demand-supply normalizing, we can anticipate a sustained
period of rosy earnings growth, on the back of softer latex prices &
stronger USD. Utilization rate is at 70%, near it's all time low. Returning demand
may push this to 80%, with prospects of better margins. Trading at just 16x for
FY08/2012. The sectors is showing signs of a recovery after several challenging
quarters in the past. Prefer Supermax for cheaper valuation and better
liquidity.
6) Pharmaniaga
As at 11 June 2012, the public shareholding spread of
Pharmaniaga stood at 25.76% which is in compliance with the public shareholding
spread. In view of this compliance, Bursa Securities has today informed that
trading in Pharmaniaga Shares will resume with effect from 9.00 a.m. on Friday,
15 June 2012. +ve especially with the listing of IHH around the corner.
7) Market - Greece is the word. All eyes on the elections
this Sunday. Jitters will continue especially with Spanish bond yields
touching 7%. With the uncertain back drop, the KLCI will continue to
drift on thin volumes.
