FBM30 1591.85
-4.77 points (-0.33%) Volume
1,631mil Value 1,475.5mil
1) Market was generally weaker in line with the regionals
after US reported disappointing economic data overnight stirring doubts about
the strength of the recovery. Anticipation of upcoming general election also
weighed on the local sentiment as key heavyweights saw selling pressure led by UEMLAND-3%, PCHEM-2%, CIMB-1% with index being marked down at close. Broader
market was negative with decliners leading gainers 364:317. Futures closed
1587.5 (4 points discount).
2) Heavyweights: PCHEM-2.09% RM6.56, CIMB-1.05% RM7.55,
GENTING-1.1% RM10.80, TENAGA-1.06% RM6.52, GENM-1.82% RM3.78, IOICORP-0.37%
RM5.34, BAT+2.69% RM56.48, KLK-1.34% RM24.12
3) DBT: MPAY 6mil @ RM0.23 (3.3% PUC), YINSON 2.8mil @
RM1.70 (1.5% PUC, 5% discount), FABER 1.5mil @ RM1.60 (11% discount)
4) Situationals:
TAANN+0.9% RM6.56: TAANN has proposed to undertake a one
for five bonus issue of up to 61.79mil shares. It is expected to
complete the exercise by 2Q of this year.
HIBISCS-WA+6% RM1.24:
company announced the Warrants-A exercise period has commenced from the date of completion of the
Qualifying Acquisition which is 18 April 2012. Warrants-A holders are now
entitled to exercise their rights to subscribe for the Company's shares at the
exercise price of RM0.50 up to its expiring date of 24 July 2014. HIBISCS-WA is
in the money and trades at a 12% discount to HIBISCS of RM1.98.
5) CCB 1Q Mar 2012 Tover
+6% RM161.7m Net +7% RM8.4m EPS 8.31sen
Better sales numbers due to unit sales increase of 9% YOY
with Mercedes-Benz trading operating earnings +11%. These numbers were also
aided by the consolidation of Lowe Motors S/B in May 2011. Net earnings include
a net dividend income of RM2.8m received from Daimler AG in respect of its
investment in Mercedes Benz Msia S/B. Contribution from the after sales
operations also improved following the reintroduction of third year warranty
servicing for vehicles sold since Jan 2010.
The balance of the year remains challenging due to the
intense competition in the luxury market and new BNM lending guidelines.
6) Market - Cautious stance to continue with domestic
issue of a GE and uncertainty over European debt crisis keeping investors
sidelined.
