FBMKLCI 1640.74
-5.48pts (-0.33%)
Volume 788.3mil Value RM1,601mil
1) KLCI fell for 3 consecutive days weighted down by key
heavyweights led by BAT, UMW, PETGAS as investors remain cautious ahead of
upcoming elections. Regionals recovered from early morning weakness on bargain
hunting of stocks that was heavily sold down. Property+0.8% continued to
outperform led by Johor related names such as UEMLAND+3%, TEBRAU+9%, KSL+1%.
Market breadth were slightly negative with decliners edging advancers 343:322.
Future closed 1640 (1point discount)
2) Heavyweights: BAT-4.35% RM59.88, UMW-3% RM12.96,
PETGAS-1.79% RM18.62, PPB-2.07% RM12.28, HLFG-3.05% RM14.62, IHH-1.71% RM3.45,
IOICORP-0.63% RM4.72, AXIATA+0.47% RM6.39
3) DBT: IGBREIT 5mil @ RM1.335 (4.6% discount), DIGI
3.78mil @ RM4.5942
4) Situational:
MBF+13.16% RM1.72: Major shareholder, Tan Sri Dr Ninian
Mogan Lourdenadin, has raised the takeover offer of its shares to RM1.70 and
70sen for warrants in a bid to take MBF private. Minority shareholders who have
accepted the previous offer will receive another 20sen per share to match the
new offer.
5) SP SETIA
1Q Jan 2013 Tover
+40% RM687.5m Net +25% RM92.9m EPS 4.6sen
20% below
cons(f) RM467.8m
Revenue increased by 40%, while the PAT increased by 25%.
The increase in revenue is mainly contributed from higher revenue recognition
from residential and commercial properties in the Klang Valley and Johor Bahru
as a result of higher overall Group sales achieved since FY2011. PBT margins
are, however lower than that recorded in 1Q2012. This is due to a gradual
change in product mix with a higher percentage of profit now contributed
through sales of high rise developments in the current quarter as opposed to
landed properties during the same quarter in the preceding year.
Ongoing projects which contributed to the profit and
revenue achieved include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk
at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, KL Eco City
at Jalan Bangsar, Bukit Indah, Setia Indah, Setia Tropika, Setia Eco Cascadia,
Setia Business Park II and Setia Eco Gardens in Johor Bahru and Setia Pearl
Island, Setia Vista and Setia Greens in Penang.
As at 28 February 2013, total Group Sales for the first
four months of the current financial year has hit RM2.02 Billion. FY2013 began
very strongly for the Group with the launch of its iconic Battersea Power
Station (40% JV) development with a 95% take-up rate for the Phase 1 residential
apartments being achieved to date. The JV targets to conclude the signing of
the relevant sale and purchase agreements with purchasers of the apartment
units by April 2013 and is expected to contribute strongly to the Group's sales
for the current financial year.
Apart from Battersea Power Station, the Group has also
launched three other projects during the first four months of the current
financial year. These are Setia Eco Glades in Cyberjaya, Setia EcoHill in
Semenyih and Eco Sanctuary in Singapore. The Group is confident of achieving
its RM5.5 billion sales target for FY2013.
HOLD
6) Market - Despite the cautious mood, the firm undertone
driven by Msia's relative cheaper valuations vs the region continues to hold
the market. Laggards worth accumulating include, Genting Msia, OSK, CIMB, WCT.