FBMKLCI
1781.25pts +2.37pts (+0.13%)
Volume 1.362b Value 1.863b
1) The KLCI rebounded off the 200-MA support of (1780pts)
reaching a high of 1788.29 (+9.4pts) before easing to closed 2.37pts above parity after the US
market slipped for its 5th straight day amidst concern of sentiments in the
emerging markets. In the regional market, bourses were mixed with STI +0.68%
and SHCOMP +0.26% closing in positive territory while other major indices such
as NIKKEI -0.17%, HSI -0.07%, ASX -1.26% all closed in the red. In the local
scene, trades were choppy as foreign selling continued to take a toll out on
selective bluechips and 2nd liners but managed to close in positive territory
boosted by TENAGA +1.45%, MAYBANK+1.16%, TM +3.22%. Market breadth was positive
with gainers edging past gainers by 352 : 330. Futures closed at 1782.5 (1pt
premium).
2) Heavyweights:
TENAGA +1.45% RM11.16, MAYBANK +1.16% RM9.58, TM +3.22% RM5.44, MISC
+1.77% RM5.75, PETDAG +1.53% RM30.50, GENTING -2.69% RM10.10, CIMB -1.01%
RM6.84, SKPETRO -0.92% RM4.35.
3) DBT: GPACKET 44.496mil @ RM0.40 (6.445% PUC @ 11.2%
discount), NEXTNAT 24.150mil @ RM0.10 (1.903% PUC @ 25% premium), FOCUS 16mil @
RM0.10 (4.536% PUC), TITIJYA 2.5mil @ RM1.43 (3.4% discount).
4) Situational:-
TRC +0.93% RM0.54 - Kwasa Land Sdn Bhd, a wholly-owned
subsidiary of the Employee Provident Fund, named Pink Corner Sdn Bhd and TRC
Land Sdn Bhd as the first two winning bidders under the bumiputera
companies' category to develop its
MYR50.0b Kwasa Damansara township in Sungai Buloh, Selangor. Pink Corner
emerged as the highest bidder, quoting MYR13.1m or MYR70.0 per sq ft for a 4.3
acre (1.7ha) plot of land in Kwasa Damansara, while TRC Land was the highest
bidder for a 1.7 acre tract (0.7ha) at MYR6.1m or MYR82.0 per sq ft.
5) IGB REIT : FY12/13
Rev+274% RM430.7m Net+103% RM311.9m EPS 9.14s DPS 7.04s
Results in
line, ex-changes in FV on investment properties of RM105.
For FY yoy, revenue & net property income was
substantially higher due to the acquisition of investment properties by the
REIT which was completed on 20 Sept 2012. Hence, the corresponding period to
date only covered approximately 3.4 months while the current period covered the
full 12 months. The distributable income for the current period amounted to
RM241.1m of 7.04s per unit ( vs cons 6.8s), consisting of realized profit of
RM206.9m and the non cash adjustment from Manager fees in units totaling
RM28.8m. Qoq, revenue was 5.8% higher, mainly due to higher total rental income
in the current quarter. However, net property income was RM72.4m, 1.7% lower
mainly due to higher property costs in the current quarter. Despite the
cautious outlook projected by management, the group has strong growth potential
as both assets' rentals are at among the lowest average rates for landmark
malls in KL. We believe there is also more value to be unlocked from its
premium retail asset, The Gardens, as average rental rates are lower than Mid
Valley which is targeted at the mass segment. Both Mid Valley and The Gardens
have a two-year tenancy waiting list and occupancy has been consistently high
at 99%-100% since 2009; Hold.
6) Market: Expect a steadier market with a mild technical
bounce as emerging market currencies have stabilised after the turmoil of last
week and markets have also discounted for the Fed to taper another $10b in
their FOMC meeting over these 2 days.