FBMKLCI
1811.92 +4.37pts (+0.24%) Volume
1.746b Value RM1.845b
1) KLCI recovered from low of 1802.02 (-5.5pts) before late
buying near close of TNB, PCHEM and MAYBANK ensured index closed at day’s high.
Regions were firmer led by stronger tone from the US market overnight as HSI+2%
on bets an exchange link with Shenzhen will start soon while NIKKEI+0.8%,
ASX+0.6%. China+1.6% on concerns IPO could drain funds from secondary market.
Industrial Products+0.9% outperformed boosted by PCHEM+2.7%, LAFMSIA+2.7% and
HARTA+1.7%. Market breadth was positive as gainers inched losers by 411 : 358.
Futures closed at 1805.5 (6.5pts discount).
2) Heavyweights : TENAGA+1.1% RM14.04, PCHEM+2.76% RM6.33,
MAYBANK+0.43% RM9.32, BAT+1.85% RM64.92, IOICORP+0.95% RM4.25, GENTING-3.26% RM8.90,
CIMB-0.67% RM5.96, AXIATA-0.6% RM6.75
3) DBT: XINGHE 72.667mil @ RM0.005 (3.09% PUC @ 92%
discount), TOPGLOV 32.153mil @ RM5.17 (5.18% PUC @ 7.3% discount), YNHPROP
6.736mil @ RM2.0229 (5% Premium), YINSON 2.75mil @ RM2.90 (5.8% discount),
BARAKAH 2mil @ RM0.85.
4) Situational:-
MALAKOF+0.00% RM1.80 – Malakoff the biggest IPO since 2013
ended at IPO price of RM1.80 with 313m shares traded to top the volume list.
The company has six power plants in Malaysia with 5,346 megawatts of effective
capacity and owns about 690 megawatts of net power production capacity
overseas. Malakoff plans to increase its power generation capacity to 10,000
megawatt by 2020. It has set a target dividend payout ratio of at least 70
percent of net income starting January 2015.
5) Pintaras
9mths 03/2015
Tover +39.5% RM195.6m Net +20.8%
RM40.5m EPS 25.1sen
11% below cons(f) RM60.6m
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PBT grew by 18% to
RM53.8million as compared to the previous corresponding period of
RM45.7million which had included a non-cash employee benefits cost under ESOS
of RM4.0million. Excluding the additional employee benefits cost, the
percentage growth achieved was 8% for the respective period.
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Revenue from construction
division increased by about 47% to RM168.2million as compared to
RM114.8million last year. Despite the substantial increase in revenue, PBT
improved by 10% to RM45.5million as compared to the previous corresponding
period of RM41.3million. This was primarily due to lower margins from a
number of current challenging projects wear executing and a very much higher
depreciation charge of RM12.4million which is 38% increase as compared
to previous corresponding period of RM9.0.
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Sales from manufacturing
division increased by 8% to RM27.4million as compared to previous
corresponding period of RM25.4million. However,PBT was 6% lower at
RM4.5million YOY.The decline in profit was mainly due to a combination of
factors which included competitive pricing, higher material and operating
costs.
Current order book remaining
is at the low end of its regular range and the company will be looking to
tender for contracts possible from the 11th Msia Plan.
Fairly valued at the moment
(11.2x PE) with uncertain contract win despite tender book of RM2bn.
6) Market – Rotation in mid
caps particularly the tech sector benefiting from weaken RM. KLCI to trade
range bound next week btw 1800-1830pts.
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