FBMKLCI
1842.93 -12.13pts (-0.65%) Volume 1.585b Value RM1.891b
1) The KLCI closed at its day low after selective
heavyweight slumped in the afternoon namely SKPETRO, TENAGA, PCHEM, SIME. Broad
market was also weaker before the beginning of the 2 day FOMC meeting tonight
where investors will look for clues of the next rate hike, ASX -1.85%, HSCEI
-0.76%, HSI -0.15%, STI -0.17% all closed lower while SHCOMP +0.01% closed
flat. In the local scene, INDUSTRIAL products lost the most grounds today
weighed by PCHEM -2.40%, PETGAS -0.17%, LAFMSIA -0.30% while interest pick up
in 2h amongst selective penny names namely, MMSV +4.13%, MPAY +6.55%, KNM
+2.43%, HOVID +4.08%. Market breadth was neutral with even losers and gainers
410 : 407. Futures closed at 1845 (2 pts premium).
2) Heavyweights : SKPETRO -5.00% RM2.66, TENAGA -0.95%
RM14.46, PCHEM -2.40% RM6.08, SIME -1.40% RM9.12, CIMB -1.14% RM6.04, PBBANK
-0.50% RM19.70, AXIATA -1.01% RM6.83, MAYBANK -0.42%.
3) DBT: BJLAND 6.5mil @ RM0.705, ASIAPLY 6.0mil @ RM0.43
(6.82% PUC), DOLMITE 3mil @ RM0.36
4) Situational:-
AIRPORT -0.74% RM6.70 - Malaysia Airports Holdings Bhd's
(MAHB) unit, Malaysia Airports Consultancy Services Middle East LLC, has
secured a RM23.6m contract at the New Doha International Airport (NDIA) in
Qatar. A formal contract will be entered into between the parties by May 1,
said MAHB. The letter of award, received on March 31, is for the provision of
facility management services for NDIA project office, NDIA mock-up warehouse
and associated facilities at the NDIA Steering Committee project office in Doha.
5) TAMBUN : Q1 03/15 Rev+16% RM130.4m Net+18% RM29.9m EPS 7.1 Div 6.7s
Results
in line, making up 26% of cons RM116.7m
Yoy, the improvement in revenue was mainly contributed by
residential & commercial properties in Pearl City, Simpang Empat which
accounted for c54% of total revenue in the segment for the quarter. Revenue
from Property Development & Management +18% while Construction &
project management -69%. The lower revenue in the latter was due to lower
recognition rate. Qoq, revenue was +18% while PBT was +17.5%. The higher
revenue and PBT were due to higher sales achieved from newly launched projects,
namely Raintree Park 1 & Pearl Avenue 2, and higher work progress from
on-going projects compared to the previous quarter. As at end March 2015, the
group achieved an average take up rate of 87.3%
from on-going projects, with a total GDV of RM1.2b, and unbilled sales
of cRM443m. These should contribute positively to the group's earnings for the
next 2-3 years; Accumulate, we expect sales to pick up in FY15, as approvals
come in. Newly launched projects in Pearl City remain strong, signaling
products at the right pricing and location will still sell.
6) Market : With the lack of fresh catalysts &
lacklustre sentiment post GST implementation, we reckon that it will be a quiet
week ahead of the long holidays. We expect the key index to continue trading
within immediate support of 1840 to 1870 points with downside-bias.
