FBM30 1551.12
+2.87points (+0.19%) Volume
875.5mil Value 1,182.5mil
1) KLCI traded within a 5 point band as investors stayed
on the sidelines with positive comments from
Italian Prime Minister Mario Monti regarding Greece staying in Euro
offset by worries china banks lending is slumping and business conditions are
deteriorating, putting pressure on the government to ease monetary policy to
avert a deeper economic slowdown. Broader market was positive with advancers
outpacing decliners 432:266. Futures closed 1549 (2 points discount).
2) Heavyweights: AIRASIA+4.05% RM3.60, YTLPOWR+1.81%
RM1.69, MAYBANK+0.35% RM8.53, UMW+104% RM7.79, GENTING-0.4%
RM9.95, IOICORP-0.4% RM4.95, TENAGA-0.3% RM6.52, HLBANK-0.82% RM12.10
3) DBT: GPRO 17mil @ RM0.05 (47% discount), HWGB 16mil @
RM0.30 (22% discount), PATIMAS 10mil @ RM0.07
4) Situationals:
SKPETRO+2.87% RM2.15: Share price jumped to high of
RM2.21 after it has received confirmation from Petronas a one year extension
for the umbrella integrated transport & offshore facilities contract. The
extension is worth about RM1.3bn.
5) UEMLAND
1Q Mar 2012 Tover
+61.8% RM303.7m Net RM54.2m EPS 1.2 sen 29%
below cons (f) RM302m
The higher revenue in the current quarter as compared to
the preceding year corresponding quarter mainly due to contribution from the
Group's development from East Ledang, Nusa Bayu, Nusa Idaman, MK28 and Quintet
as well as sale of inventories from Dutamas and Meridin. Its ongoing projects
have an unbilled sales of RM1.85 billion as at 31 March 2012.The revenue and profits from these future billings will
be recognized substantially over 2012 and 2013.
The quarterly numbers are substantially lower than annualized
consensus numbers due to fewer strategic land sales as well as lower
development revenue recognised in the current period. We expect it to catch up
in the subsequent quarters and meet its forecast for the full year. HOLD
6) Market - Signs of Germany coming to a potential
compromise on common liability for soverign debt involving a European
redemption fund that would help govts scale back outstanding debt to below 60%
of economic output in return for constitutional commitments on economic reform could
help alleviate an immediate exit of Greece from the Eurozone. The matter will
be further discussed on June 13. +ve with markets set for a significant
technical rebound.
