FBMKLCI
1766.07 -7.93 pts
(-0.45%) Volume 2.44b
Value RM2.52b
1) KLCI fell for 2nd day running as investors continue to
lock in profits from gains post-election rally that brought the Index to an
all-time high of 1826pts. Broader market showed resilience with mid-cap names
seeing healthy gains led by ALAM+4.5%, PERISAI+9%, NAIM+8.5%, and E&O+7.7%.
Regional market retreated after China CPI rose 2.4% in April which was more
than consensus 2.3%. Market breadth was positive with gainers leading decliners
by 556:214. Futures closed 1773pts (7pts premium).
2) Heavyweights : CIMB -3.03% RM8.31, MAYBANK -1.77%
RM9.98, PBBANK -0.83% RM16.62, GENTING-0.92% RM10.80, AXIATA -0.57% RM6.95,
PETGAS -0.97% RM20.30, IOICORP +4.1% RM5.33, SIME +0.64% RM9.51.
3) DBT : LUSTER-LA 36mil @ RM0.05, HUAYANG 2.5mil @
RM2.27 (1.2% PUC @ 1.3% discount), CRESNDO 2mil @ RM2.90 (1.02%PUC @ 2.7%
discount)
4) Situationals:
KLCC+5.93% RM7.68 - Malaysia's first stapled REIT that
bundles existing shares of KLCC Property and units of KLCC REIT rose upon
lifting from its suspension. Its REIT status enhances its net profits via tax
exemption. The yield now stands at 3.23% for FY13 according to consensus
estimates.
CIMB-3% RM8.31: Share price fell after new shares
totalling 183,075,800 or 2.4% of enlarged shares issued was listed today. These
shares were issued via the dividend reinvestment scheme at price of RM6.30 per
share.
5) MAXIS
1Q Mar 2013
Tover +4% RM2.33m Net -17%
RM475m EPS 6.3sen
12% below Cons(f) RM2.15bn
Group's revenue grew by 4% for the current period on the
back of higher revenue from all business segments. The Group's EBITDA, however,
was 1% or RM11 million lower driven by higher sales and marketing costs,
staff-related costs, and other operating expenses resulting in EBITDA margin
decline of 2.6% points to 48.2%.Bottom line was further affected by higher net
financing, and amortisation costs of RM8 million and RM20 million, respectively
resulting in net numbers falling 17% YOY.
Mobile services revenue recorded a 2% or RM51 million
year-on-year growth largely driven by higher device sales, mobile internet
usage and wholesale revenue. Total non-voice revenue as a percentage of total
mobile revenue stands at 47.8%, an increase of 2.2% points over the same period
last year.
Postpaid and Prepaid ARPUs decreased by RM4 and RM2
respectively mainly due to lower usage whilst Wireless Broadband ARPU remained
relatively stable at RM65.
Enterprise fixed services revenue increased by RM18
million or 40% mainly due to higher volume from leased lines, satellite
transmission and managed services.
Home services recorded revenue growth of RM9 million
year-on-year on the back of a higher Home Fibre Internet subscription base.
However, the EBITDA loss was largely due to start-up costs and higher operating
cost.
Going forward, the
Group is focusing in bringing more value to its existing customers whose needs
are growing across data and internet, over and above their traditional voice
and SMS requirements. The Group will leverage on its existing mobile
subscription leadership position and seed the market with new and exciting
smart devices including those enabled with 4G LTE (launched 1 Jan 2013).
The strategic partnership between Maxis and Astro, which
was launched on 30 April 2013, to exclusively develop and co-market unique
consumer offers combining Astro B.yond IPTV and Astro On-The-Go services on
Maxis' fixed and wireless platforms, is expected to further enhance the
integrated proposition to its customers.
The company announced an interim div of 8sen and is
committed to payout 40sen this year which will yield an attractive 5.7% but the
sustainability of this payout remains in question as competition continues to
eat into its mobile margins, hence going forward a lot is dependant on its fix
line broad band segment.
6) Market - KLCI current consolidation around the 1750pts
to continue before resuming the upward trend towards an immediate target of
1820pts.
