FBMKLCI 1674.04
+6.47 pts (+0.39%) Volume 917.2m
Value RM2.07b
1) The KLSE bucked regional trends, which were weighed
down by the deepening European debt crisis, poor US home sales & tighter
rules by Chinese regulators on wealth management products. The index traded in
positive territory throughout the day, with strong participation in
institutional names, AXIATA, AIRASIA, CIMB, TENAGA, GENM. All sectors advanced
with the exception of Construction – 0.1%, dragged down MRCB-2.9%. Market
breath was positive, with gainers edging losers 393:287. Futures closed 1673
pts ( 1.04 pts disc).
2) Heavyweights:AIRASIA+3.2% RM2.86, AXIATA+1.7% RM6.62,
GENM+1.9% RM3.67, IHH+2.2% RM3.68, TENAGA+1.1% RM7.20, AMMB+1.7% RM6.54,
CARLSBERG-1.3% RM13.66, MRCB-2.7% RM1.45, YTL-1.8% RM1.64.
3) DBT: ASTRO 38.3m @ RM2.91, ABFMY1 21.3m @ RM1.10,
HUBLINE 17m @ RM0.06.
4) Situationals:
SCIENTEX +1.3% RM3.86 : after posting a net profit of
RM25.6m in Q2 period ended Jan 2012, compared with RM20.2m in the same previous
period. Revenue rose 26%, as the company reaped it’s maiden contribution from
the businesses of newly acquired GW Plastics Holdings Bhd. The rise was due to
higher demand from Scientex’s stretch film from export markets, and food &
beverage packaging sales from Great Wall Plastics Bhd & GW Packaging SB.
5)Perisai- on it’s proposed acquisition of (i) 51% equity
interest in Emas Victoria (L) Bhd (“Emas Victoria”) for a purchase
consideration of USD89,250,000 (ii) 51% equity interest in Victoria Production
Services Sdn Bhd (“Victoria Production”) for a purchase consideration of RM51,
proposed Emas Victoria Acquisition & Proposed disposal of 50% equity
interest in SJR Marine (L) Limited (“SJR Marine”) for a disposal consideration
of USD37,000,000 to be satisfied via the following:(a) RM51 in cash (b)
Issuance of 144,661,250 new ordinary shares of RM0.10 each in Perisai at an
issue price of RM1.10 per Perisai Share and (c) The balance purchase
consideration of the Proposed Acquisitions will be set off against the disposal
consideration of the Proposed Disposal; Management announced it has entered
into a 2nd supplemental agreement to vary certain terms & conditions in
relation to the proposal. The rationale of the Revised Proposal is to allow the
eligibility to register the Enterprise 3 with the relevant shipping registry
after completion of the Proposals as well as to facilitate the implementation
of the Proposals in a timely manner.
The variations under the Second Supplemental Agreement
will not have any material effect on the issued and paid-up capital,
shareholding structure, earnings, net asset and gearing of the Perisai Group –
Neutral.
6) Market: with the major bourses closed for Good Friday
and after the KLCI recent rally, the market is expected to take a breather
tomorrow. However, the end-of-quarter activities may create additional
volatility towards the close.
