FBMKLCI
1845.32 +1.54pts (+0.08%)
Volume 2.064b Value 1.838b
1) The KLCI broke a 4 day losing streak in the later
session after selective bluechips namely, AMBANK, IHH, GENTING, propelled the
index from a 6pts day low. This was inline with the better US market. In the
local market, NIKKEI +1.13% scaled closer to a 5 year high following the
strengthening of USD overnight; SHCOMP +0.35% gained momentum today as monetary
easing boosted banking stocks. In the local market, FINANCIAL index was the
only outperformer today gaining +0.21% after AMBANK+2.08%, MAYBANK +0.30%, HLFG
+1.03%, CIMB +0.28%. Market breadth was negative today as losers beat gainers
by 506 : 309. Futures closed at 1839 (6 pts discount).
2) Heavyweights : AMBANK+2.08% RM6.86, IHH+1.00% RM5.01,
GENTING +0.63% RM9.46, MAYBANK +0.30% RM10.00, PBBANK +0.21%@ RM19.00,
SIME-1.19% RM9.11, BAT -1.26% RM70.30, TENAGA -0.32% RM12.34.
3) DBT : VERSATL 27.66mil @ RM0.55 (25% PUC @ 6.7%
discount), NIHSIN 23.66mil @ RM0.30 (10% PUC @ 35.5% discount), SCOPE 4mil @
RM0.25 (20.7% discount).
4) Situational:-
GUNUNG +4.07% RM0.895 - Gunung Capital Bhd's 70.0%-owned
subsidiary, Gunung Hydropower Sdn Bhd, has received two duly executed Renewable
Energy Power Purchase Agreements (REPPAs) from Tenaga Nasional Bhd. Gunung
Capital said the REPPAs have been executed for GHSB's 10 MW installed capacity
small hydropower site at Pulau Tengah, Chenderoh, and a similar capacity site
in Pulau Temelong, Temelong, both in Sungai Perak. Both REPPA's are for a
Feed-In-Tariff (FiT) concession period of 21 years for electricity generated
from GHSB's small hydropower sites at a
FiT rate of 24 sen per kilowatt hour.
5) AEONCR : 6 mths 08/14 Rev+34% RM410.2m Net+23%
RM103.7m EPS 72.02s Div 27.4s
Result in
line with FY cons of RM213.2m
For 6 months yoy, higher revenue was mainly recorded in
the auto financing operations. The financing receivables was 35% higher in
current period while NPL ratio was at 2.65%, compared to 1.64% last year. Other
operating income was +38%, mainly contributed by increase in bad debts
recovered and AEON Big Loyalty processing fee. PBT of RM139m was 22.8% higher.
Average funding cost was marginally higher due to higher funding cost for new
long term funding. Ooq, there were no material change in PBT. Group also
declared an interim single tier dividend of 27.4s ( cons FY 55.8s) - Due to a
weaker consumer sentiment and higher percentage of current year receivables and
a more challenging business environment, we reckon that the growth in gross
financing receivables will inevitably slow down substantially. Also likely that
the trend of interest margin compression will continue, and expect other
operating incomes to decline marginally in FY15 inline with a lower total
transaction growth assumption; Hold.
6) Market : More cautious trading expected as trend
appears to be still bearish. In view of the lack of catalysts and uncertainties
over global and local monetary policies, we believe that the index could
continue its sideways range-bound trading between 1844 and 1861 points for the
week.
