FBM30 1643.00
-1.60 points (-0.1%) Volume
1,221mil Value 1,718mil
1) KLCI was marginally lower as investors too opportunity
to lock in profits following recent record rally. Regional markets were also
lower after US reported weaker job numbers overnight and China's pledged to
keep property curbs stoking fears of slower global economic growth. Mid-size property names saw buying interest led by
MKLAND+11%, YTLLAND+9%, E&O+3%. Market breadth was negative with
losers edging gainers 410:376. Futures closed 1647pts (4points
premium).
2) Heavyweights: AXIATA-1.67% RM5.89, MAYBANK-0.46%
RM8.74, PCHEM-1.06% RM6.52, CIMB-0.25% RM7.88, PETDAG-1.21% RM21.18,
TENAGA+1.19% RM6.83, BAT+2.12% RM57.92, YTL+1.58% RM1.93
3) DBT: SCN 10mil @ RM0.125 (5% PUC, 11% discount),
SKPETRO 3mil @ RM2.43
4) Situationals:
JTIASA-4.37% RM8.54: Share price fell following the
additional listing of 42.04mil new shares from the private placement that was
priced at RM7.90 per share. This represents 15% of the PUC prior to
placement.
MKLAND+11.5% RM0.34: Among the top gainers after company
chairman Tan Sri Mustapha Kamal Abu Bakar was quoted MKLAND has a
2,800 ha of landbank on which 114,000 houses can be built and will focus on
Selangor, Perak and Kedah. MKLAND will build 2,300 houses valued at RM500 million in the next two years with focus in
affordable houses.
5) CMMT
1H JUNE 2012 Tover
+30% RM142.78m Net +25.8m RM97.55m DPU 4.2sen
37% above
cons(f) RM141.55m
For the quarter under review, CMMT achieved net property
income of RM48.8 million, an increase of 19.6% from the RM40.8
million for 2Q 2011, on the back of higher rental reversions from new and
renewed leases, as well as the full quarter contribution from East Coast Mall,
which was acquired on 14 November 2011.
The forecast for retail sales remains at 6.0% this year,
and shopper traffic increase by 2.0%
year-on-year for 2Q 2012 at their malls.With the addition of East Coast Mall,
the portfolio achieved an increase of 19.6% in Net Property Income - the fourth
consecutive quarter of double-digit growth. This was underpinned by strong
rental reversions of 7.3% in the first half of this year. Occupancy also remained nearly full at 99.0% for the
quarter.
On the capital management front, CMMT has received
approval from the Securities Commission of Malaysia on 6 June 2012 to establish
a 20-year Medium Term Note Programme of up to RM3.0 billion in nominal value.
With the programme in place, CMMT now has another avenue of capital to tap for
our growth.
The annualised DPU of 8.45 sen translates to an
annualised distribution yield of 5.3%, based on CMMT's closing price of RM1.57.
HOLD
6) Market - Medium term sentiment remains bullish with
current rotation into major laggard Construction Sector. Expect buying today in
IJM/GAmuda to spillover into other builders, Sunway, Muhibbah, Fajar, Mudajaya