FBM KLCI
1769.16pts +2.44pts
(+0.14%) Volume 2.11b
Value RM2.072b
1) Yesterday sell off gave investors a buying opportunity
as index touched a high of 1773.53 (+6.81pts) before easing ahead of weekend to
close at key support level of 1769pts. Midcaps continued to outshined bluschips
as the property index (+1.76%) outperformed led by TAGB +8.3%, MAHSING+4.1% and
DIJACOR +6.09% while the TECH sector rose 2.9% boosted by JCY +6.6%, GTRONIC
+4.47%, UNISEM +3.2%. Regional markets were positive after Japan's GDP
accelerated to 0.9% from 0.3% beating estimates of 0.7% and speculation of
Chinese government will accelerate economic reforms. Market breadth was
positive with gainers thumping losers by 588 : 271. Futures closed 1766 (3pts
discount).
2) Heavyweights: GENTING +1.7% RM10.76, IOICORP +1.3%
RM5.14, HLBANK 1.85% RM14.30, AMBANK 1.259% RM7.24, PETGAS +0.6% RM22.04,
PETDAG +1.29% RM25.12, PBBANK -0.599 RM16.60, GENM -1.55% RM3.81
3) DBT: REDTONE- LA 37.8mil @ RM0.19 (15.2% PUC), E&O
8.35mil @ RM1.98 (0.735% PUC), CRESNDO2.56m @ RM3.10 (3.887% PUC @ 6.1%
discount) DIJACOR 2.258mil @ RM1.70 (2.3% discount).
4) Situational;
EPMB +7.5% RM 0.86 - EP Manufacturing Bhd has terminated its
proposed acquisition of Maju Expressway Sdn Bhd (MESB) the concession owner of
MEX. As such, MESB will refund the security deposit free from interest to EPMB
and withdraw all applications made to the authorities in relation to the deal.
EPMB said that the termination of acquisition agreement will not have any
material effects on its net assets per share and EPS for FY 13 ending in Dec.
5) Petra Energy
1Q Mar 2013
Tover -30% RM92.4m Net -70%
RM2.2m EPS 1sen
Cons(f) RM31.7m
For the current quarter under review, the Group recorded
revenue of RM92.4 million, a decrease by 29.6% compared with RM131.3 million
reported in the corresponding quarter of the preceding year.
The lower profits was mainly due to lower contribution
from Integrated Brown Field Maintenance and Engineering Services Segment.
The reduction was principally due to lower utilization of
vessels for Top-side Major Maintenance/Hook-up, Construction and Commissioning
(TMM/HuCC) contract with Sarawak Shell Berhad & Sabah Shell Petroleum Co.
Ltd The segment recorded loss before
taxation of RM7.3 million as compared with profit before taxation of RM3.1
million in the corresponding quarter of preceding year, in line with lower
utilization of vessels during the current quarter and completion of prior
year's contracts as outlined above.
Onshore Civil Engineering Services Segment recorded
profits before taxation of RM13.0 million for the current quarter due to
recognition of final settlement and contract closure for Kumang project.
Design, Fabrication, Supply and Installation Services Segment
The segment revenue for the current quarter increased by RM4.3 million or 63.3%
mainly due to higher activities performed in both Fabrication and Boilers
division during the current quarter.
Despite the increase in revenue, the segment recorded loss
before taxation for the current quarter primarily due to lower margin
contribution from Boilers division.
-ve but expected as the company kitchen sinks its Boilers
activity and prepares its Brownfield division for the new Pan Malaysian Hucc
tenders. Earnings will largely depend on its tender success with guidance of
between RM1.5bn-2.5bn contract wins. The X factor remains its RSC agreement
with Coastal Energy which will see first oil by August this year.
6) Market - Rotational plays to continue on medium to
small caps as the KLCI consolidates around the 1750-1800pts levels.
