FBM30 1599.15 +4.91 pts (0.31%) Volume 1.3b Value RM1.88b
1) The KLSE, as with the regional markets, were lifted by
news from the EU Summit, as Euro-area leaders agreed to ease repayment rules
for emergency loans to Spanish banks & make it easier to recapitalize the
region's troubled lenders. Trading was fairly active on this last day of
1H2012. Technology +1.8% outperformed, MPI+3.1%, JCY+2%, UNISEM+1.5%. Market breath was positive, with gainers leading losers
473:271. Futures closed 1606 pts ( 6.85 pts prem).
2) Heavyweights : MHB+2.5% RM5.30, GENM+2.3% RM3.60,
BAT+1.6% RM56.00, MISC+1.5% RM4.61, UMW+1.4% RM9.13, YTL+1% RM2.02, IOI+1%
RM5.19, IJM-1.2% RM5.02, HLBANK-1.1% RM12.44, MRCB-1.1% RM1.75.
3) DBT : MPHB 13m @ RM3.36, OPENSYS 10.5m @ RM0.115,
HAPSENG 3m @ RM1.78.
4) Situationals :
KLCCP+7.9% RM 4.65 : after the Co announced it's intention
to explore a corporate structure, including a REIT or equivalent, in
order to optimize shareholders' value. With over RM13b prime KL real estate,
KLCCP could be repacking the assets under a REIT. Any proposal will be
subjected to authorities, the board and share-holders approval. If successful,
it would be the largest REIT in Malaysia with an asset size of about RM8b.
MUDAJAYA +1.1% RM2.73: MRT Corp announced that Package V3
of the MRT was being awarded to Mudajaya for RM816m. No official announcement
was made by Mudajaya on Bursa regarding this new contract as the official
letter of award has yet to be received. Package V3 received bids from 11
pre-qualified tenderers.
5) YINSON : Q1 04/2012 Rev+34% RM264.2m Net+49% RM10.7m
EPS 5.69s Results
55% ahead of cons FY RM27.6m
For Q1 yoy, higher Rev mainly attributable to increase in
volume of sales from transport, trading & marine transport business.
PBT+64%, a result of higher revenue & improved contributions from the 3
divisions mentioned. Operational profit from the Transport div +725% due to the
increase in demand from it's transport business, while earnings from the Marine
div +106% (fm RM2.4m to RM4.9m), mainly due to the acquisition of a new vessel
& full operation of vessels acquired during the previous FY. Qoq, PBT+73%,
due to increase in revenue & contribution from transport, trading &
marine segments, coupled with lower administrative expenses.
Ahead, Yinson's projects are mainly in Vietnam, largely
attributable to the close working relationship it has with Petrovietnam
Technical Services Corp (PTSC), a subsidiary of Vietnam's National Oil Company
Petrovietnam. This makes it a proxy for the opportunities from the burgeoning
Vietnamese market. We see strong EPS growth over the next 3 years (about 30%
CAGR) on the back of commencement of it's FSO & FPSO projects by FY14-15 - BUY.
6)
Market: to continue its bounce on positive news from Europe which will improve
shoert-term sentiment and reduce risk of contagion, but Malaysia, being a
defensive market, will lag regional markets.
