FBM30 1544.21
+8.17points (+0.53%) Volume
1,277mil Value 1,935mil
1) Markets recovered some losses from yesterday with KLCI
reaching its day's high of 1552.25 (+16.21pts) following positive economic data
in the US. However index pared its gains after midday with regions turning
negative as concerns remains in Eurozone following news of ECB temporarily
stopping lending to undercapitalized Greek banks. Broader market remained positive with gainers leading
losers 472:279. Futures closed 1534 (10 points discount).
2) Heavyweights: TENAGA+1.94% RM6.29, CIMB+0.98% RM7.25,
GENM+2.56% RM3.60, AXIATA+0.75% RM5.35, IOICORP+1.02% RM4.95, AMMB+1.63%
RM6.23, PCHEM+0.94% RM6.46, SIME-0.63% RM9.48
3) DBT: SKPETRO 50mil @ RM2.07 (1% PUC), HAPSENG 50mil @
RM1.73 (2.3% PUC. 4.8% premium)
4) Situationals:
SCOMI+2.13% RM0.24: Company entered into a conditional
share sale agreement with AOS Orwell Limited for the disposal of its
100% equity interest in Scomi Nigeria Pte Ltd and 2% equity interest in
Oiltools Africa Limited for a total cash consideration of USD39.77 million
(RM123.9mil). The proposed disposal is expected to result in a gain on disposal
of approximately RM34.4mil.
5) JCY
1H Mar 2012 Tover
+35.7% RM1.135bn Net RM325.5m EPS 15.92sen 50% above cons(f) RM434m Better ASP as a result of shortage in HDD mechanical
components after Oct 2011 Thai floods coupled with favorable exchange rates and
higher volumes shipped during the period saw earnings jump substantially YOY.
Profitability also improved on the back of efficient
product mix and continued efficiency cost management. Output will also be improved with the
commissioning of their new Suzhou plant.
The abnormally high ASP is expect to be maintained in the
near future as the supply disruption could still take some time to normalize
according to an independent industry consultant as vendors with approximately
180m units of pre flood levels will take another 2 qtrs to catch up. The company declared an interim div of 3sen bringing 1H
payout to 5sen and in line with guidance of 11 sen full year.
6) Market - No change from recent views with uncertainty
to continue surrounding the fate of Greece in the Euro but levels especially
towards the 1525pts level on the KLCI compelling for a technical bounce trade.
BOW MISC