FBMKLCI
1728.64pts -9.55pts (-0.55%)
Volume 1.599b Value RM2.852b
1) Weaker US market overnight saw KLCI gapped down and
touched a low of 1723.74 (-14.45pts) before recovering marginally after China's
central bank said they will closely monitor the money market rate and keep it
at reasonable levels. Regionals saw a sharper recovery with HSI and SHCOMP
recovering from intraday low of -1.4% and -5.6%. In the local market, BANKING
-1.12% stocks weighed the index down CIMB -0.98%, MAYBANK -1.38%, HLBANK
-2.18%, PBBANK -0.83%; while the PLANTATION +0.87% index gained behind better
export numbers lead by BKAWAN +7.78%, IOICORP +0.77%, GENP +2.81%, HSPLANT
+5.29%. Market breadth was generally negative with losers surpassing gainers by
531 : 258. Futures closed 1730.5 pts (2 pts premium)
2) Heavyweights : MAYBANK -1.38% RM10.00, SKPETRO -3.98%
RM3.86, PBBANK -0.83% RM16.66, CIMB -0.98% RM8.05, HLBANK -2.18% RM13.44,
GENTING -0.8% RM9.92, YTL -1.83% RM1.61, BAT +2.25% RM58.30
3) DBT : CAMRES 4.213mil @ RM 0.19 (2.17% PUC @ 10.5%
discount), PENERGY 3mil @ RM1.85 (0.93% PUC @ 10.8% discount), PERWAJA 1.2mil @
RM0.40
4) Situational:-
TENAGA +0.12% RM8.20, SIME +0.32% RM9.43 - Tenaga Nasional Bhd has entered into a
shareholders agreement with Sime Darby Bhd to establish a joint venture (JV)
undertaking biogas project development from agricultural waste product. This is
inline with the national agenda in promoting renewable energy to support the
current shortage of gas supply and aging power plant, it is the intention of
both Sime Darby Plantation and TNB Energy to develop renewable energy plants
using biogas converted from palm oil mill effluent with the objective of
selling the electricity generated to the national grid.
5) Cresendo
1Q 4/2013
Tover -18% RM71.05m Net +47.5%
RM18m 9.2sen
5% below cons(f) RM75.4m
Revenue for the current quarter decreased 18% from RM71.0
million as compared to RM85.7 million for the corresponding quarter in last
year. The decrease in revenue was mainly due to lower sales in construction
services from the completion of external construction contracts which were
actively carried out in last year. However PAT increased 47%, attributed by
higher properties sales compounded by higher sales of high margin property
especially industrial property during the quarter.
The unrecognised revenue from the total committed
property sales as at 30 April 2013 is RM133 million.
The company's strategic industrial park will continue to
benefit from the spill over of Singaporean light-medium manufacturers looking
for a cheaper alternative in Iskandar. Trading at prospective PE of 7.7x and
forecast yield of 5%, we continue to recommend
accumulate on weakness.
6) Market - Choppy conditions to continue although some
trading value is beginning to emerge. With the recent swift sharp falls we are
expecting a short term technical bounce. Trading ideas to capitalise on this
movements include, Tebrau, Naim, Perdana, Huayang, E&O.
