FBM30 1579.69
+0.34points (+0.02%) Volume
1,455mil Value 1,461.4mil
1) KLCI ended mixed, paring its early morning gains
before finding some support to rebound from its low of 1577.71 (-1.64pts) as
local market continued to buck the regionals which rose after Federal Reserve's
comment that it will keep its very accommodative monetary policies to maintain
growth. Property-0.71% fell the most on expected slowdown in the sector as big
names UEMLAND-2%, SPSETIA-2%, SUNWAY-3% paced the losers. Broader market stayed
negative with losers outpacing advancers 453:253. Futures closed 1574.5 (5
points discount).
2) Heavyweights: DIGI+2.53% RM4.06, AIRASIA+2.11% RM3.38,
ARMADA+0.48% RM4.22, GENTING-0.96% RM10.36, PBBANK-0.44% RM13.66, YTL-1.2%
RM1.64, PETGAS-0.47% RM16.86
3) DBT: YINSON 6.2mil @ RM1.70 (3.3% PUC, 4.5% discount),
CBWORKS 6mil @ RM0.10 (33% discount), MTOUCHE 3.5mil @ RM0.50 (6.5%
discount)
4) Situationals:
SEG-4.97% RM1.72: Share price fell after Navis Capital
Partners Ltd made unconditional cash offer to privatize SEG international Bhd
(SEG). The private equity firm made an unconditional offer through its
investment firm Pinnacle Heritage Solutions Sdn Bhd at RM1.714 per share and RM1.214 per warrant. The general offer is made together
with SEGI's MD Datuk Seri Clement Hii where combined holding is 57.62%.
5) MAHB
1Q Mar 2012 Tover
+6.5% RM657.7m Net +6.9% RM102.7m EPS 9.2sen
10% below cons(f) RM455m Included in the airport operations' revenue was
construction revenue recognised in relation to the construction of klia2 and
expansion of Penang International Airport of RM146.6 million, 9.7% lower than
RM162.4 million recognised in the same period in the previous year. The
improvement in revenue for the current quarter for airport ops was mainly
contributed by a positive growth of 18.1% or RM37.1 million from aeronautical
revenue which was mostly derived from passenger service charges and landing
charges driven by higher passenger and aircraft numbers and the implementation
of new rates. However, the increase in revenue from passenger service charges
was negated by lower MARCS PSC as the Group is no longer entitled to claim for
MARCS PSC. Passenger movements for the current quarter under review were 6.5%
higher than the corresponding period last year, in which the international and
domestic passenger movements increased by 6.5% and 6.4% respectively. Passenger
movements at KLIA-LCCT and KLIA- Main Terminal were higher by 11.6% (international: +15.1%, domestic: +9.6%) and 2.6%
(international:+4.5%, domestic: -4.2%) respectively. Included in PBT was RM6.6
million profit from construction of klia2 and Penang International Airport
recognised upon adoption of IC12: Service Concession Arrangement effective in
previous year (31 March 2011: RM 7.3 million). Excluding the construction
profit, PBT increased by 10% or RM13.4 million. The favourable PBT variance was
attributed to the positive growth in revenue and lower share of associate
losses.
Share of associate losses was lower primarily due to
higher profit recorded by GMR Male International Airports ("GMIA")
and lower loss from Istanbul Sabiha Gokcen International Airport . Total cost
increased by 15.6% or RM44.2 million due to the increase in staff cost and
utilities.
Higher staff costs are mainly due to annual increments,
additional recruitment and the impact of adjustments arising from the
finalisation of Non-Executive - 6th Collective Agreement ("CA6") in
October 2011.
Increase in utilities was mainly attributable to higher
passenger movements.
The scheduled opening of KLIA 2 on April 2013 will
initially impact bottom line with increase cost but also provide future top
line growth in line with increased tourist arrivals without the complications
that airlines face dealing with fluctuating oil prices.
6) Market - Current trading conditions to continue.
Stocks sold down to attractive levels for a trading buy on expected technical
bounce include GENTING, IJM, SUNWAY, BSTEAD