FBMKLCI 1620.93
-7.00pts (-0.43%)
Volume 765.37mil Value RM929.78mil
1) KLCI opened marginally higher before drifting lower
over the course of the day as investors choose to take profit ahead of
impending GE13. Index closed at day's low and were dragged down by banks led by
CIMB, MAYBANK and PBBANK. Regionals ended mixed after US posted weaker
Industrial production while Europe's growth outlook remains a concern. Market
breadth was negative with decliners almost doubling gainers 399:209. Future
closed 1615.5 (5.5points discount)
2) Heavyweights: CIMB-1.13% RM7.00, MAYBANK-0.45% RM8.87,
PBBANK-0.38% RM15.96, IOICORP-0.81% RM4.88, AXIATA-0.48% RM6.27, DIGI-0.63%
RM4.77, GENTING-0.61% RM9.78, KLK-1.02% RM21.28
3) DBT: BJASSET 16.4mil @ RM0.83 (1.47% PUC, 4.6%
discount), ILB 3mil @ RM0.90 (1.685% PUC)
4) Situational:
PHARMA-0.13% RM7.80: Company recorded a net loss of
RM7.93 million for the 4QFY12 due to goodwill impairment of a subsidiary and
amortisation of rights to supply in relation to its acquisition of Idaman
Pharma Manufacturing Sdn Bhd. Company also proposed a share split of every one
existing share into two shares and a bonus issue on the basis of one bonus
share for every 10 subdivided share held by the shareholder after the share
split.
5) MUDAJAYA
FYE DEC 2012 Tover
+22.9% RM1.65bn Net +2.6% RM237.1m 43.5sen
7% below cons(f) RM255.5m
The higher turn over recorded this year is mainly attributable to its
construction segment which recorded a revenue of RM1.42bn +20% 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. Construction
PBT however was lower at RM269.3m in the current year as compared to RM274.6
million in the previous corresponding period, mainly due to lower profit margin
projects recognised in the current period.Contribution to PBT from other divisions remains small,
manufacturing RM2.5m, trading RM3.9m, property development RM8.5m.
The stock will continue to languish until the
commissioning of their Indian power plants which has been a major drag in news
flow. Construction sector is also likely to continue to be underweighted until
clarity from the 13th GE.
6) Market - Underperformance against regional markets to
continue as most local funds remain sidelined ahead of the 13th GE. Range bound
trading to continue btw 1600-1650pts.
