FBMKLCI 1767.13 -5.93 pts (-0.33%) Volume
1,617m Value RM2.24b
1) KLCI fell for third day running as investors sentiment
remained weak inline with the regional that saw Nikkei falling 3.3% on stronger
yen while HSI and SGX fluctuated near overnight levels after Chinese government
signalled it will tolerate slower growth. Index were weighted by CIMB, GENTING
and IOI which fell 1% while Properties+2.5% led by UEMLAND+2.5%, IJMLAND+6.5%,
SUNWAY+& and HUAYANG+7% which were heavily sold down last week. Market
breath turned positive, with gainers leading decliners 4898:341. Futures closed
1759.5 (7.5 pts discount).
2) Heavyweights : CIMB-1.18% RM8.41, GENTING-1.36%
RM10.16, IOICORP-1.14% RM5.19, MAYBANK-0.4% RM10.04, PCHEM-0.76% RM6.48,
MAXIS-0.86% RM6.90, AXIATA+0.58% RM6.96, TENAGA+0.48% RM8.35
3) DBT : COMPUGT 6.6mil @ RM0.07, PRTASCO 4.0mil @ RM1.20
(1.25% PUC)
4) Situational;
MPHB-9.8% RM3.51: share price fell to a low of RM3.47 or
11% after going ex-offer today. MPHB will be offering for sale 715mil shares in
MPHB Capital to MPHB shareholders. MPHP Cap will be housing the non gaming
assets.
5) NAIM
1Q Mar 2013
Tover +37% RM128.9m Net +155%
RM41.2m EPS 17.4sen
22% above
Cons(f) RM98m
The higher revenue was mainly due to higher property
revenue which resulted in an improved bottom line via higher progress in
construction of development property sold. The Property segment achieved
revenue of RM68.5 million, 62.7% higher than the
RM42.1 million achieved in the first quarter of 2012.
This was mainly contributed by higher units of properties sold from existing
properties under construction with sales value exceeding RM79 million during
the period resulting in a contribution of RM18.2m.
The other main contributor was its construction arm with
RM10.9m and Dayang RM19.3m
Improvement in the performance of associates from the
effect of share of reclassification of available-for-sale ("AFS")
revaluation reserve to profit or loss on remeasurement of an AFS investment as
an equity accounted investment by an associate helped add RM11m under
associates.
Future prospects remain strong with the Property segment
e supported by a solid market demand for its new projects located at its
existing established townships in Miri which registered good take-up rates in
new project launches and its first commercial project in Bintulu comprising
street mall and sovo units launched in 2013. While Dayang will play a more
significant role with its big contact wins recently. Trading still at only 7.5x
PE multiple, we continue to like NAIM and recommend accumulation
6) Market - Choppy markets to continue but we remain
medium term bullish on the back on loose monetary global conditions. Stocks at
attractive levels incl Genting, SIME, RHBCap, MISC, Mudajaya.
