FBM 1607.35
-3.48pts (-0.22%) Volume 728.7mil
Value RM1,275mil
1) KLCI snapped its 3 days winning streak weighted by
PCHEM and IHH as regional also closed off its highs as investors remained
sideline while US fiscal cliff remains unresolved. Markets open higher after
HSBC China PMI showed improvement in China's economy as index rose to 50.5 in
November, its first expansion in 13 months. Markets were lightly traded as
volume fell below 1bn with market breadth being negative as decliners outpaced
advancers 394:278. Future closed 1601 (6.35 points discount).
2) Heavyweights: PCHEM-4.87% RM5.66, IHH-5.17% RM3.30,
MAYBANK-0.33% RM9.02, IOICORP-0.6% RM4.93, AXIATA-0.34% RM5.90, BAT+4.3%
RM55.50, UMW+1.88% RM10.82, PBBANK+0.26% RM15.56
3) DBT: BJCORP 40mil @ RM0.55 (0.9% PUC, 2.6% discount),
NEXTNAT 30mil @ RM0.115 (5% PUC), IGB 10mil @ RM2.51 (3.7% Premium)
4) Situational:
PERISAI-2.70% RM1.08: PERISAI announced a corporate
exercise with EOC Ltd to buy a 51% stake of Emas Victoria for US$89.25mil
(RM271.81mil).
Perisai also proposed to sell a 50% stake in SJR Marine
Ltd for US$37mil. The deal would be satisfied via RM51 in cash, issuance of 144.66mil new shares of RM0.10
each in Perisai at an issue price of
RM1.10 with the balance purchase consideration of the
proposed acquisitions being set off against the disposal consideration from the
proposed disposal.
5) GLOMAC
1H 10/2012 Tover
+8.7% RM285.5m Net -3.7% RM49.09m 6.7sen
in line with cons(f) RM97.6m
The higher turnover for the period mainly contributed by
projects in Glomac Damansara, Saujana Rawang, Bandar Saujana Utama, and
Reflection Residences. Marginally higher margins were recorded for the on going
Glomac Damansara, Saujana Rawang and Bandar Saujana Utama developments however
a higher tax rate dragged net earnings lower. Despite the current slow down
experienced by most property developers, Glomac looks equipped to weather the
slowdown with its strong balance sheet of RM330m cash and minimal borrowings
equating to 48sen/share and an outstanding GDV of RM5.7bn. HOLD.
6) Market - Lack luster market to continue as investors
wait on a definitive agreement on the US Fiscal cliff and domestic election
concerns continues to loom over.
