FBMKLCI
1769.22 -5.7 pts (-0.32%) Volume
2.224b Value RM3.448b
1) The KLCI rebounded in the morning on hopes of the Fed
will continue monetary easing following weaker economic data in US overnight.
However markets pared its gains led by HSI and SHCOMP as investors remains
cautious ahead of China PMI data tomorrow. Index were hit down at the close led
by losses in CIMB, TENAGA and IOICORP. Market breadth for the day was mixed
with gainers edging losers just marginally at 436:422. Futures closed 1776 (7
pts premium)
2) Heavyweights : CIMB-1.66% RM8.28, TENAGA-1.18% RM8.35,
IOICORP-1.73% RM5.10, GENTING-1.36% RM10.12, PETGAS-1.02% RM21.24, KLK-1.03%
RM21.18, PBBANK+0.3% RM16.96, MAXIS+0.9% RM6.76
3) DBT : SUNWAY 12mil @ RM4 (0.928% @ 4% discount),
WINSUN 7.5mil @ RM0.12 (2.5% PUC @ 25% discount), MTRONIC RM6.95mil @ RM0.11
(1.09% PUC)
4) Situational:-
SCOPE -13.33% RM0.26 - Shareholders present at the EGM of
Matang Holdings this morning voted against the
deal to inject the company's cash and assets into a loss making listed
company, SCOPE industries. Parties present at the meeting rejected the
Matang-Scope reverse takeover deal by show of hands after an intense debate on
the resolution that finally ended in declaration that the deal was officially
off.
5) Results:
MUHIBAH : Q1 03/13 Rev-8% RM386.2m Net+20% RM19.8m EPS 4.87s
Results in line with cons RM81.8m
Yoy, the Concession division made commendable
contribution ( RM11.6m - 38% of PBT), especially with the increased airport
passenger arrivals for it's operations in Cambodia. As at May 2013, the total
outstanding secured OB in hand stands at RM2.08b with orders up to 2016,
comprises of RM1.24b from Infrastructure Construction div, RM645m from Cranes
div and RM196m from Shipyard div. Qoq, group recorded a PBT of 29.9m versus a
loss before tax of RM125m in the preceding quarter, mainly due to the full
provision for the remaining net exposure of debts due from Asia Petroleum Hub
SB amounting to RM245m during Q4 2012.
With the completion of the GE13, more infrastructure
projects are expected to be rolled out via the ETP program in the near
term.Trading at PE of 7.2x FY12/13, we continue to like Muhibah, given the
positive sentiment likely for the stock as it moves forward from the APH issue
; BOW.
SIME DARBY: Q3 03/13
Rev+2% RM33.8b Net-22%
RM2.39b EPS 39.77s
Results trails cons RM 3.43b by 7%
For 9 mths yoy, Revenue was marginally higher by 2% but
PBT declined by 24% ( PAT -22%). This was largely on account of lower earnings
from all business segments, except Motor. Contribution from Plantation fell by
33% due mainly to lower ASP of CPO realized ( RM2338/ton vs RM2881/ton).
However, FFB production was higher by 8.6% with Malaysia & Indonesia
registering 1.4% & 22% higher production respectively. Property earnings
-1.2% due to the lower recognition from 2 mature townships in the Klang Valley,
which are at their tail end of development & coupled with deferred launches
in other townships. The Industrial division -5.6%, due largely to lower
equipment & product sales in the mining sector in the Australasia. Motor
division +10% as all regions recorded higher performances except Singapore.
Qoq, Revenue -3.6%, while PBT -7.5%. Property, Motors & Others recorded
improved earnings while Plantation, Industrial and Energy & Utilities
recorded lower earnings. Ahead, the group's core businesses are expected to
remain resilient due their inherent fundamentals & favorable economic
climate in the Asia Pacific region. But CPO prices should continue to remain
sluggish.
As expected, no dividend was announced. Despite the
earnings miss, the strong liquidity in the local market is likely to limit
share price downside. Trading at PE of 16.5x for FY06/13 - HOLD.
6) Market: The KLCI index is likely to rebound after the
MSCI rebalancing, while the broad market continued to be range-bound barring
further volatility from the global currency and bond markets.