FBM30 1646.32
+0.96points (+0.06%) Volume
982.6mil Value 1,227mil
1) KLCI achieved 1650.42 (+5.06pts) a new high in morning
before paring its gain on concern China's economic slowdown will deepen amid
waning export demand while Japan GDP came in below estimates stocking fears of
a global slowdown. REITS was firmer let by CMMT+3%, SUNREIT+4% and
PAVREIT+1.5% ahead of IGB REIT pending listing in Sept.
Overall market was thinly traded as market breadth turned negative with
decliners outpacing gainers 422:321. Futures closed 1649pts (3 points
premium).
2) Heavyweights: DIGI+1.7% RM4.79, PETGAS+2.38% RM19.78,
MAXIS+1.95% RM6.78, GENM+2.06% RM3.46, PETDAG+2.78% RM22.96, AXIATA-1.67%
RM5.88, IOICORP-1.90% RM5.17, GENTING-1% RM8.88
3) DBT: GLOTEC 33mil @ RM0.06 (25% discount), SCOPE 6mil
@ RM0.30 (25% discount)
4) Situationals:
E&O-19% RM1.54: Share price fell after SC maintained
that SIME does not need to make a mandatory general Offer for shares in E&O
refuting claims from an online news portal last Friday. The judicial review
which is pending in court has been postponed to Oct 4th.
SILK+5.26% RM0.40: SILK announced contract extensions
from Petronas Carigali Sdn Bhd worth RM35.4mil for the provision of 2
AHTS.
5) DIALOG
FY JUNE 2012 Tover+35% RM1633m net+13.5% RM181.8m EPS7.67sen
Inline Cons(f) RM178.6m
FY Revenue increase 35% mainly due to full year
contributions of Fitzroy Engineering and commencement of operations by Langsat
Terminal (One) - Phase 3 in September 2011 and Langsat Terminal (Two) in
January 2012. Singapore operation however registered lower revenue due
to lesser works undertaken for its engineering & construction and plant
maintenance activities.
Qoq, Revenue and profit before tax increased by 19% and
14% respectively. The better performance was mainly attributable to higher
contributions from Engineering & Construction activities in Malaysia due to
ongoing development of Langsat Terminal Three and commencement of Pengerang
Terminal. The provision of Specialist Products & Services for International
operation also recorded better performance in the current reporting quarter.
Going forward, Earnings growth will be underpinned by
development in Pengerang Terminal and development and production of petroleum
under the Balai Cluster Small Field Risk Service Contract with its partners Roc
Oil and Petronas Carigali. HOLD
6) Market - Tight trading range to be maintained ahead of
next week's Raya holiday shortened week. Maintain BUY on Genting and Armada as
we feel recent negative news already priced in.