FBMKLCI 1631.54
+6.08pts (+0.37%)
Volume 827.3mil Value RM1,646mil
1) KLCI opened on a weaker note touching a low of 1619.3
(-6.16pts) before recovering to close near day's high on buying interest seen
in TENAGA, PCHEM and CIMB. Regional were mixed after positive housing numbers
in US were offset by news of Cyprus parliament rejecting the controversial bank
deposit tax. Construction+1.7% and Property+1.3% continue to set the pace in
local market with market breadth staying positive with advancers leading losers
358:290. Future closed 1627 (4.5points discount)
2) Heavyweights: TENAGA+2% RM7.14, PCHEM+2.08% RM6.38,
CIMB+0.84% RM7.17, MAYBANK+0.55% RM9.12, YTL+2.52% RM1.63, UEMLAND+6.02%
RM2.64, GENTING-1.54% RM9.61, IOICORP-1.7% RM4.62
3) DBT: SHANG 98mil @ RM3.35 (22.27% PUC matched Temasek
stake, 18.5% discount), CIHLDG 46.5mil @ RM1.04 (32.75% PUC matched Johari bin
Abdul Ghani stake)
4) Situational:
MAXIS unch: Maxis fell to a low of RM6.45 after current
chief executive officer Sandip Das, whose tenure expires on June 30, has sought
an early release from office. The board had agreed to his request and he will
relinquish his post as CEO and director with effect from April 15.
5) GLOMAC
9mths Jan 2013
Tover +9% RM445.3m Net +10.7%
RM70.3m EPS 10.3sen
3% below
cons(f) RM96m
The Group recorded an increase in revenue by 9% compared to
previous corresponding period mainly contributed by projects in Glomac
Damansara, Saujana Rawang and Bandar Saujana Utama. The Group's Profit Before Tax decreased by 5% compared to
previous corresponding period mainly due to one-off recognition in previous
period on disposal gain on sale of investment in Thailand but PAT was higher
due to lower MI. Main projects to contribute in this qtr were Glomac Damansara
and Glomac Cyberjaya.
Despite possessing a sizeable landbank of 870 acres, the
company remains undergeared at 0.12x which allows it to further strengthen its
landbank. Current favourable interest rate environment will continue to fuel
demand especially for landed properties. Hold
6) Market - Evidence of underlying strength in the market
highlighted by the 0.7% gain in the finance index today indicates that barring
a shock in the 13th GE results, the KLCI is set to trend higher. We continue to
recommend a buy on weakness in anticipation of this outcome.
