FBMKLCI
1716.81 -14.87 (-0.86%)
Volume 1.650b Value RM2.083b
1) The KLCI closed at its day low dragged by TENAGA
-1.72%, TM -4.34%, IHH -2.93% inline with the weaker US market overnight after
Greece's bailout proposal was turned down by the IMF. Region bourses were
broadly lower as the SHCOMP-3.5% led in losses following concerns of more
margin clampdown by the banks, HSI fell -0.95%, ASX -0.95% while the NIKKEI
-0.46%. Local stocks faced selling pressure as the CONSTRUCTION -1.23% weighed
by IJM -1.87%, GAMUDA -1.81%, MUDAJYA -2.92%. Market breadth was negative as losers
beat gainers by 552 : 292. Futures closed at 1717pts (parity).
2) Heavyweights : TENAGA -1.72% RM12.56, TM -4.34%
RM6.60, IHH -2.93%, IOICORP -1.97% RM3.97, GENM -2.11% RM4.17, MISC -1.96%
RM8.00, ASTRO -3.24% RM2.98, CIMB -0.53% RM5.57.
3) DBT: AIM
10.998mil @ RM0.19 (4.13% PUC), KRETAM 8.426mil @ RM0.36, LCHEONG 5.6mil @
RM0.19 (8.48% PUC).
4) Situational:-
DESTINI 0.00% RM0.67 - Destini Bhd has entered into a HOA
with three parties to buy Destination Marine Services Sdn Bhd (DMS), involved in
boat building, ship repair and marine-related engineering services, for RM90
million. The acquisition is a gateway to further increase its range of products
and diversify its supply of lifeboat segment by venturing into the supply,
testing and commissioning of paramilitary boats and its related MRO services to
a different market segment. The purchase
consideration will be satisfied via new shares at 70 sen each in Destini and/or
cash. Under the HOA, Destini will also be given a profit guarantee of RM10 million
for 2015 and RM15 million for 2016 to Destini, arising from the project.
Pending the completion of the proposed acquisition, DMS will proceed to award a
sub-contract from its project to Destini.
5) GAMUDA : announced that the Housing Development Board
of Singapore had on 23 June 2015 accepted the tender submitted jointly by
Gamuda with Evia Real Estate Pte Ltd ("Evia") and Maxdin Pte Ltd
("Maxdin") to acquire a piece of leasehold land measuring
approximately 12,154.6 square meters at the tender price of SGD 345.86m via a
joint venture company which shall be incorporated on the basis of 50% (Gamuda):
20% (Evia): 30% (Maxdin) ("JVCo"). Gamuda's participation in JVCo
shall be via Gamuda's wholly owned subsidiary, Gamuda (Singapore) Pte Ltd. The
Land is a vacant parcel of leasehold land measuring approximately 12,154.6
square meters with a lease tenure of 99 years, which shall commence on the date
of full payment of the tender price. The Land is located in Toa Payoh,
Singapore. The current type of allowable development on the Land is condominium
or flats or with written approval, a combination of flats and strata landed
houses (serviced apartments are not allowed). The Purchase Consideration will
be satisfied by JVCo in cash and bank borrowings; +ve, the acquisition and proposed Toa Payoh
Development represent an excellent opportunity for the Group to make its maiden
presence in Singapore and to participate in a development which is
strategically located in a matured residential area. It is also one of Singapore's
choice locations in view of its proximity to MRT lines and stations. The
Proposed Toa Payoh Development is expected to contribute positively to the
future earnings and thereby improve shareholders' value over the medium to
long-term.
6) Market : The marginally bullish bias from yesterday
was short lived. All in, we maintain our view that the key index will trend
sideways within 1705-1750 points this week, with half yearly closing activities
to feature.