FBMKLCI
1798.46 +0.33pts (+0.02%)
Volume 1.496b Value 2.034b
1) The KLCI saw choppy trading today before closing just
above parity inline with the US market that closed flattish overnight. In the
regional market, SHCOMP +0.82% led the Asian region into the green as it
climbed for the first time in 5 days after the China central bank reassured
investors that China is moving ahead with reform plans including liberalization
of deposit rates and a more flexible yuan regime. In the local market, most of
the MSCI stocks continue to correct after the rebalancing yesterday DIALOG
+3.41%, GENM +3.17%, GTRONIC -1.88%, BJTOTO +3.37%, SCIENTEX -1.40%. Market
breadth was negative with losers beating gainers by 470 : 301. Futures closed
1800.5 (2pts premium)
2) Heavyweights:
AXIATA -1.04% RM6.66, MAXIS -0.14% RM7.03, MAYBANK -0.41% RM9.55, PETDAG
-1.74% RM30.50, TENAGA -0.50% RM9.80, GENTING +2.38% RM10.30, GENM +3.17%
RM4.23, SKPETRO +2.15% RM4.27.
3) DBT: GPRO 13mil @ RM0.01 (4.727% PUC @ 83.4%
discount), THPLANT 3.75mil @ RM1.8630, TMS 3mil @ RM0.07
4) Situational:-
PRDUREN +4.95% RM1.06 - Perduren's biggest shareholder TS
Law Group Sdn Bhd has proposed a conditional takeover offer to acquire the
remaining 107.61m shares owned by other stakeholders of the company in a deal
that could fetch up to RM118.37m. The offerors - Tan Sri Law Tien Seng and wife
Puan Sri Saw Geok Ngor have made a RM1.10 per share conditional takeover offer
to acquire all the remaining ordinary shares of RM1 each in Perduran (excluding
Perduren shares which are held as treasury shares). The offer price is an 8.9%
premium over Perduren's closing price yesterday as the shares gained 5.5 sen to
end at RM1.01. The offerors jointly control 26m shares or 19.27% in the
property investment holding company while the Treasury stake stands at 1.29m
shares or a 0.96% stake.
5) Mudajaya
9mth 9/2013 Tover
-11% RM1.2bn Net -33%
RM128.3m EPS 23.65 sen
5% below cons(f) RM180.2m
The changes in
revenue and PBT were attributable to the following segments of the Group:-
Construction segment : The revenue and PBT decreased to RM995.1 million and
RM151.1 million in the nine months period ended 30 September 2013 as compared
to the previous corresponding period of RM1,205.1 million and RM227.3 million
respectively. This was mainly due to the tapering off in equipment components
delivery of the Equipment Procurement contract for the 4 x 360MW coal-fired
power plant at Chhattisgarh, India in the current period as compared to the
previous corresponding period.
Manufacturing segment : The revenue and PBT increased
from RM36.1 million and RM1.4 million in the previous corresponding period to
RM47.0 million and RM2.4 million respectively for the nine months period ended
30 September 2013. This was mainly due to higher volume of manufacturing
activities in the current period.
Trading segment : The nine months period ended 30
September 2013 reported an increase in revenue and PBT to RM114.3 million and
RM3.5 million respectively, as compared to RM84.0 million in revenue and RM2.3
million in PBT in the previous corresponding period. Revenue and PBT increased
due to higher trading activities generated from sale of construction materials.
Property development segment : This segment reported
increased in revenue and PBT of RM45.1 million and RM8.1 million respectively
for the nine months period ended 30 September 2013 as compared to revenue of
RM26.8 million and PBT of RM4.2 million in the previous corresponding period.
The increase in sales and PBT reported for the nine months period ended 30 Sept
2013 were mainly attributable to higher sales of new properties launched
recently
Other than the local projects, the Group is also
considering overseas opportunities especially in the power and water-related
projects. The Group is currently working on a wind farm project in the
Philippines which will likely to be implemented in 2014.
The Group is planning to launch some property development
in the Klang Valley in the near future. One of the up-coming project is the
mixed property development on a 6-acres piece of land nearby Tropicana Golf
& Country Resort.
Counter continues to underperform the market despite
securing its coal supply agreement in India. Next immediate milestone will be
the commissioning of the power plants in 2H 2014.
6) Market - Current range bound trading to continue.
Trading Idea; New listing Titijaya today debuted with a closing price of RM.167
or 11% above IPO. At these levels the property developer is trading at a
discount to its peers at 6.7x forward PE with possible high profile land
banking transactions in the pipeline. Immediate target RM1.98.