FBMKLCI
1774.92 -8.55 pts (-0.48%) Volume
1.773b Value RM2.069b
The KLCI fell in the earlier session weighed down by
banks as the index traded in negative territory throughout the day to close at
8.5pts below parity. The index is inline with the negative regional bourse
after Wallstreet closed below behind more worries of Fed scaling back QE
measures. In the Asian region, Japan's Nikkei tumbled 5% behind weaker yen.
Local market saw substantially lower volume today with more profit taking
causing the PROPERTY index to dip 1.4% lead by UEMLAND -1.95%, SPSETIA -1.86%,
SUNWAY -3.0%. Market breadth of the session was negative with losers surpassing
gainers by 537 : 305. Futures closed 1772.5 (2 pts discount)
2) Heavyweights : CIMB -1.05% RM8.42, MAXIS -2.47%
RM6.70, IOICORP -1.5% RM5.19, GENM-2.5% RM3.90, GENTING- 1.15% RM10.26, PBBANK
-0.47% RM16.86, DIGI +1.27% RM4.77, MAYBANK + 0.39% RM10.18
3) DBT : HARTA 10mil @ RM5.38 (1.362% PUC @ 4.8% discount),
PRDUREN 5.8mil @ RM1 (4.25% PUC @ 8% premium), STONE 4.003mil @ RM0.40 (9.5%
PUC)
4) Situational:-
DIGISTA +8.92% RM0.305 - News reported Digistar has
secured its first construction job for a RM250mil private financing initiative
(PFI) for a Government training centre in Malacca. In the tripartite joint
venture, Digistar, which has a 40% stake, is partnering a government-linked
entity, which holds a 30% stake, and another private construction company,
which holds 30%. Funding for the PFI, which is situated on a 40.47ha site in
Malacca, has been secured. Construction
work is supposed to commence before year-end and will be completed by early
2016. Thereafter, Digistar will operate and maintain the facility for the next
12 years, thus providing recurring income for the group.
5) SUNWAY : Q1 03/13 Rev+25% RM1021m Net+41% RM90.6m EPS 7.10s
Results in line with cons RM381m
The higher current quarter revenue +25% was mainly due to
higher property sales and construction revenue. As a result, the Group
registered a higher current quarter PAT. The Property segment reported revenue
+26% & PBT+36% in the current quarter, due to strong sales recorded for
some of the recently launched projects. It was also boosted by higher profit
contribution from the Singapore development projects. The Construction segment
recorded revenue +66% & PBT+230%. These were mainly driven by stronger
progress billings of infrastructure and building works, and stronger sales of
precast products. Qoq, Revenue-13%, PBT-35%, due to lower property sales and
property investment revenue, which was partly mitigated by higher construction
revenue. We continue to like Sunway for it's earnings quality, management track
record and future earnings visibility undoubtedly stand out. The company has
achieved an all-time high construction orderbook of MYR4.4bn and MYR2.3bn
unbilled sales ; BOW
6) Market: the broad market is generally expected to
consolidate its recent gains but selective index stocks may see month-end price
volatility on MSCI rebalancing/adjustments.