FBM30 1554.94 +3.82 pts ( 0.25%) Volume
735.9m Value 897.6m
1) Firmer Asian bourses ( on signs of the Greek
population favoring to remain in the Euro, fears over the Spanish Banking
System) helped to lift the KLCI which opened near it's day low of 1544.6 pts,
before creeping up through the session to close just off day high at 1554.94
pts . Market breath was positive, with gainers edging losers 412 to 276 in thin trade. Futures closed 1552.5 ( 2.4 pts disc).
2) Heavyweights: CIMB +1%, MAYBANK +0.5%, AXIATA -0.6%,
DIGI +1.3%, GENTING +0.7%, PCHEM +2%, TENAGA -0.2%, SIME+0.1%, MAXIS +0.8%.
3) DBT: Rexit 6.6m @ 0.29, SEG 5.3m @ 1.73, Masteel 3.8m
@ 0.99
4) Situationals:
MPHB -0.6% : as Co said it has no plans to go big in real
estate, but will continue with it's JV development projects with BRDB. The JV
can easily generate more than RM4.5b in GDV ( both companies are planning to
jointly develop about 268 ha in Mimaland, Rawang & Penang). MPHB had last
week proposed to inject it's non-gaming asset ( including insurance,
stock-broking & hotel investments) into a SPV & list on the main market
of Bursa.
5) MUDAJAYA
1Q MAR 2012 Tover
+97% RM440.5m, Net +90% RM89.3m 13.6sen 48% above cons(f) RM240m
The increase in revenue and PBT were attributable to the
Construction segment. Revenue of RM404.4 million in the three months period
ended 31 March 2012 increased substantially as compared to the previous
corresponding period of RM187.0 million. This was mainly due to the delivery of
major equipment components of the Equipment Procurement contract for the 4 x
360MW coal-fired power plant at Chhattisgarh, India. The PBT increased to
RM91.6 milllion in the current quarter as compared to RM51.8 million in the
previous corresponding period was mainly due to higher construction activities
in the current quarter. The manufacturing, trading and property segments remain
profitable but insignificant to the group if compared to construction. The company declared an interim div of 4sen.
Trading at only 6x PE based on cons(f) and one of the
lowest in the sector, the risk of further delays in signing a coal supply
agreement for its IPP looks priced in. BOW
6) Market - Technical bounce expected to continue with
markets remaining resilient despite concerns over Spain's Banking system. The
domestic market could also be further boosted by the PM's key note address at
Invest Malaysia this week which traditionally has included significant policy
statements.