FBMKLCI 1627.35
+5.27pts (+0.32%)
Volume 850.48mil Value RM1,412mil
1) KLCI continued its recovery, closing at day's high
after reversing morning losses as gains were led by banks (MAYBANK, PBBANK) and
telcos (TM, DIGI). Regional markets were also positive despite China's HSBC PMI
dipping to 50.4 in Feb its four month low and HK government doubled a sales
tax. Market breadth stayed positive as gainers led decliners 326:295. Future
closed 1624 (3.35points discount)
2) Heavyweights: MAYBANK+0.89% RM9.15, TM+2.11% RM5.32,
PBBANK+0.51% RM15.82, DIGI+0.66% RM4.58, KLK+1.16% RM20.84, PCHEM+0.64% RM6.25,
PCHEM+0.64% RM6.25, CIMB+0.28% RM7.07, AXIATA-0.31% RM6.35
3) DBT: KASSETS 64.5mil @ RM0.048 (12.38% PUC, 12%
discount), EDUSPEC 60.485mil @ RM0.005 (15.78% PUC, 25% discount)
4) Situational:
SPSETIA-3.9% RM3.19: Shares of SPSetia came under selling
pressure Monday after the completion of private placement of new shares, which
represented 15 percent of its enlarged paid up capital or 320.7 million new
shares were listed Monday at RM 2.94, a steep discount to current market price.
5) Parkson: HY12/12 Rev+4% RM1.767b Net-32% RM133.3m EPS
12.29s Div 10s
Results trails
consensus RM373m by 29%.
For 6 months ended 12/12, the Group's Retailing Division
registered a growth of 3%, improvement mainly attributable to new stores'
contribution & SSSG in Malaysia (4%) & Indonesia (7%). Sales growth in
Parkson China & Parkson Vietnam, on the other hand, were adversely impacted
by the slowed economic growth, resulting in weaker consumer spending and
negative SSSG of -2% (China) & -7% (Vietnam). In addition, the late arrival
of the Lunar New Year in the current year delayed some consumer spending to the
next quarter, when compared to 2011. Together with initial losses of new
stores, a lower profit was recorded for the current quarter & financial
y-t-d compared with LY. Qoq, Rev+11%, PBT+26%, due to increased festival retail
buying arising from the year end holidays & promotion periods. Ahead, the
retail operations across China, Malaysia & Vietnam are expected to benefit
from the surge in consumer spending during the Chinese New Year festivities -
Hold.
6) Market: relief rally on the back of speculation that
parliament dissolution will be delayed for 2 weeks but the bounce is likely to
be weak with resistance at KLCI 1630-1635 levels.
