1) The KLCI slipped further into negative territory led
by the weaker US market overnight that sagged after Fed Reserve pegged weaker
growth outlook to the economy despite delaying the tapering of QE till next
year. The sentiments from the west saw an overspill effect on regional bourses
as NIKKEI- 1.20%, SHCOMP -0.87%, HSI -0.42%, all closed lower today. In the
local market, most of the CI bluechips stocks traded in the red as persistent
selling pressure blanketed the index, biggest losers among the bluechips were
UMW -2.73%, HLFG -2.57%, CIMB -1.71%. Market breadth was negative as losers
outpaced gainers by 457 : 327. Futures closed at 1808pts (1pt premium).
2) Heavyweights FBMKLCI
1806.85 -10.53pts (-0.58%)
Volume 1.881b Value 2.197b: CIMB -1.71% RM7.47, GENTING
-1.09% RM10.88, PBBANK -0.54% RM18.30, MAYBANK -0.61% RM9.76, UMW -2.73%
RM12.80, SKPETRO -1.47% RM4.00, IHH -1.43% RM4.13, TENAGA +0.53% RM9.43.
3) DBT : IJM 10.413mil @ RM5.8096, TROP 3.850mil @
RM1.44, CWORKS 3.75mil @ RM0.175 (3.40% PUC).
4) Situational:-
PERDANA +0.99% RM2.04 - Perdana Petroleum Bhd (PPB)'s
wholly owned subsidiary Intra Oil Services Bhd has received from Alam Maritim
(M) Sdn Bhd an extension to provide one workboat for a year until Oct 8,
2014.The extended contract is valued at about RM28.5 million and is expected to
contribute positively to the revenue and earnings of PPB for the 2013 financial
year (FY13) ending Dec 31 and FY14.
5) TNB
FYE 08/2013
Tover +3.6% RM37.13bn Net +4.8%
RM4.63bn EPS 82.8sen
Excl forex, in
line with cons(f) RM4.18bn
Demand growth for the year grew 3.8% in Pen Msia as full
year net b4 forex RM4.12bn forex gain of RM602.7m. A major factor in
profitability was the lower average coa pxl down to USD83.6/mt vs USD103.6/mt
last year.
Net profits of RM4.12bn includes RM1.12bn fuel cost
compensation. Fuel cost after netting off compensation fell 1.8% largely due to
coal factor, less RM1.45bn.
Company announced a final div of 15sen taking full year
payout to 25sen or 55% of free cashflow.
Major projects for capacity increase are on schedule with
Janamanjung 1000MW coming online by Mar 2015. Strong price performance YTD of
36% is reflected in the highest foreign shareholding of 26.6% in the past few
years.
Despite the strong run up, valuation remains cheap
relative to the other core blues. BOW
6) Market - A pull back to the 1800pts likely ahead of a
holiday shortened week next week and renewed jitters over Fed tapering before
Mar 2014.