FBM30 1652.25
+2.46points (+0.15%) Volume
1,353mil Value 1,622.6mil
1) KLCI was firmer after returning from long weekend as
index was supported by gains in selected heavyweights led by MAYBANK and UMW. Index reached a high of 1655.39pts before easing as
regionals were weaker after Japan reported a wider than expected trade deficit
and investors await developments from a euro-area finance ministers meeting
this week. Market breadth was marginally positive with gainers edging losers 399:379.
Futures closed 1649pts (3points discount).
2) Heavyweights: MAYBANK+1.55% RM9.19, UMW+3.61% RM10.32,
PETDAG+2.77% RM23.00, PETGAS+1.14% RM19.50, TENAGA+0.59% RM6.84, DIGI-0.41%
RM4.91, CIMB-0.64% RM7.81, GENM-2.58% RM3.40
3) DBT: INGENS 6mil @ RM0.42 (3.7% premium), KASSET
1.5mil @ RM9.10, ARMADA 1.4mil @ RM3.75 (2% premium)
4) Situationals:
TAANN-2.22% RM4.40: Share price fell after 2Q result fell
75% yoy to RM13mil. Results were weaker yoy on the back of lower FFB output and
higher effective tax rates. The lower ffb output is seasonally low in 1h and
the group expects to post significantly stronger numbers in 2h12. The Timber division broke even in 2Q as profits from its
log division continue to offset losses from its plywood division. Log exports
volume & prices picked up strongerly (+24%) vs Q1.
AMEDIA+9.64% RM0.91: Amedia stk price rose 9% to close at RM0.910 after announcing its plans to expand its reach onto trains and
taxis once its fully rolls out its digital terrestrial television broadcasting
(DTTB) system by the end of the year. The co has invested RM50m into installing
the DTTB system which will enable it to broadcast live programmes as well as
advertisements on over 1,800 busses and eventually into trains and taxis.
5) BOUSTEAD
1H JUNE 2012
Tover +30% RM4.95bn Net -32%
RM245.4m EPS 18.2sen
In line with cons(f) RM493m
Excluding the gain of RM95 million in the previous year
resulting from the disposal of plantation assets, net earning were down 7%
YOY due to the lower crude palm oil
prices and a slowdown in the maritime sector which had impacted the Heavy
Industries Division largely on losses from the heavy engineering and chartering
segments. This was however offset to a certain extent by the Pharmaceutical
Division with a pre-tax profit of RM55.0 million for the first half
representing a jump of 52%. Profits were driven by Pharmaniaga Berhad which saw
higher sales volume to the Government sector coupled with the improvement in
operational efficiencies in both its domestic and overseas businesses.
Lower Plantation Division contribution was due to lower
commodity prices and a decline in crop production to contribute a lower pre-tax
operating profit of RM112.4 million. The cumulative FFB crop totalling 523,048
MT was 5% short of last year achieving average palm oil price of RM3,168 per
MT,or 8% lower against last year corresponding period's average of RM3,441 per
MT.
The Property Division reported a pre-tax profit of RM55.6
million for the 6-month period compared with RM36.2 million for the same period
last year. This represents a year on year growth of profit of 53% which was
attributable to the disposal of a vacant land during the 1st quarter of the
year.
The company declared an interim div of 7.5sen bringing 1H
payout to 15sen. Assuming CPO prices remain steady around current levels,
Boustead remains an attractive yield conglomerate at 5.5%.
6) Market - Continued rotational play into higher beta
names. Buy laggards Gamuda, IJM, KSL.
