FBMKLCI
1776.16 +2.00pts (+0.11%)
Volume 2.215b Value 1.609b
1) The KLCI snapped its 4-day long slump after the US
market closed better overnight on the back of an unexpected drop in jobless
claims that has over shadowed concerns of the budget ceiling. In the regional
market, better China industrial data boosted sentiments as HSI +0.35% and
SHCOMP 0.20% both closed in positive territory albeit thinner volume before the
long holiday next week. In the local market, Finance stocks were actively traded
with MAYBANK +0.92%, AMBANK+1.90%, PBBANK +0.56% and CIMB +0.38% leading the
FINANCE +0.53% index. Market breadth was positive with gainers beating losers
by 401 : 356. Futures closed 1775pts (1pt discount)
2) Heavyweights : MAYBANK +0.92% RM9.86, GENM +2.40%
RM4.26, PBBANK +0.56% RM17.78, AMBANK +1.90% RM7.49, GENTING +0.77% RM10.42,
CIMB +0.38% RM7.77, UMW -3.49% RM12.16, TM -1.50% RM5.23
3) DBT : BJFOOD 3.5mil @ RM1.66 (1.326% PUC), BKOON
3.263mil @ RM0.12 (1.179% PUC @ 23% discount), MNC 3mil @ RM0.25 (3.175% PUC)
4) Situational:-
MRCB + 1.34% RM1.51 - is mulling the divestment of its
30% stake in the Duta-Ulu Kelang Expressway (DUKE). It is understood that MRCB
is seeking valuation of between RM180.0m and RM200.0m for its 30% stake in
Duke, which has started to generate a healthy cash flow and has met its
internal rate of returns.
IREKA +4.65%
RM0.90 - Ireka Corp Bhd's wholly owned subsidiary, Ireka Engineering and
Construction Sdn Bhd has secured a RM249.5m contract from Urban DNA Sdn Bhd. The
company said the contract is for the construction and completion of
superstructure works for the development of serviced residences and a hotel.
The contract period shall be 39 months, commencing on 1st Oct, with a
completion date on 31st Dec 2016.
5) CRESCENDO: HY07/13 Rev RM157.7m (parity), Net+103%
RM43.9m EPS 22.03s
Results ahead, making up 58% of cons RM76.2m
For 6 months yoy, revenue was flat but the group's PBT+82%, higher
profit was mainly due to the change in sales mix with higher contribution from
high margin industrial property sales. Segmental wise, profit from Property
development & construction +84%, Manufacturing & trading +62% while Management
services +26%. Qoq, PBT+44% again mainly contributed by sales of higher margin
properties. Ahead, Johor property is expected to remain stable especially
Iskandar Malaysia. Group will continue to focus on the development of
industrial, residential & commercial properties. The unrecognized revenue
from the total committed property sales as at July 2013 stood at RM106.
FY14E-FY15E dividend yields are c4.5%-5.6%, should offer some buffer to
downside risks. We continue to like Crescendo as it is uniquely positioned as
an industrial and mass housing developer in Johor, a market with demand growth
that should outshine the Klang Valley and Penang.
6) Market: with the exception of potential month-end and
quarter-end activities, the market is likely to maintain its existing
consolidation pattern.
