FBMKLCI
1683.09pts -1.33pts
(-0.08%) Volume 2.332b Value RM1.966b
1) The KLCI broke its 3 day winning streak to close just
marginally below as the global market remain subdued before the US holiday
weekend. Regions were mixed as the NIKKEI +0.49%, ASX +0.33%, KOSPI +1.06%
closed higher while the HSI -0.04%, SHCOMP -0.34%, HSCEI -0.19% & STI
-0.02% erased earlier gain to close in the red. CONSTRUCTION +0.62% index
gained the most ground today boosted by
IJM+3%, KEURO +1.17%, CRESDBLD +5.0%, MITRA +0.82% while the INDUSTRIAL -0.26% index slipped, dragged by heavyweights
PCHEM -1.15%, PETGAS -0.26%, CMSB -1.93%. Market breadth was neutral with
fairly even gainers and losers at 425 : 439. Market future closed at 1682 (1pts
discount).
2) Heavyweights : CIMB -2.17% RM4.50, PCHEM -1.15%
RM6.84, GENM -1.59% RM4.31, AXIATA -0.32% RM6.16, MAYBANK +0.83% RM8.48,
SKPETRO +1.36% RM2.23, DIGI +0.58% RM5.14, TENAGA +0.14% RM13.60
3) DBT : NCB
251.195mil @ R<4.40 (53.41% PUC), YEN 20mil @ RM0.355 (16% PUC), SYCAL
11.3mil @ RM0.31, YINSON 1.7mil @ RM2.80
4) Situational:-
IFCA +736% RM1.02 - IFCA MSC Bhd, which has long been
synonymous with being a software provider, is set to enter the e-commerce space
with the launch of a new portal called property365.my (P365). Its chairman and
chief executive officer said the portal, which would seek to aggregate all the
new launches of major property players here, would allow its users to search
for these properties and complete an entire property buying process
online.
5) IHH: 9 mths 09/15 Rev+14% RM6.16b Net RM518.1m EPS
6.31s
Ex-Exceptional
items, results ahead of cons RM946m
For 9 months yoy, revenue & EBITDA was 14% & 13%
higher respectively. This was attributed to organic growth of existing
operations , the ramping up of Acibadem Atakent Hospital, Pantai Hospital
Manjung and Gleaneagles Kota Kinabalu. As a result of the robust EBITDA growth
and reversal of tax overprovision of RM15.2m, the group’s PATMI excluding
exceptional items was +27%. The group’s PATMI was +1% to RM518.1m as a result
of the recognition of RM355m exchange loss by Acibadem on the translation of
it’s non TL balances. On Parkway Pantai, revenue & EBITDA was +16% (+11%
& 10% respectively excluding SGD appreciation). Acibadem Holdings revenue
& EBITDA was +11% & 13%, growth attributable to existing hospital
operations as well as the 21 months old Acibadem Atakent Hospital. IMU Health
revenue was +4% while EBITDA was +6%. Qoq, overall revenue was -1% while EBITDA
-13%. Q3 is typically a slow quarter due to the summer months in Turkey and
long periods of holidays in Singapore, Malaysia, China and Turkey. We like IHH
for its strategic geographical footprints and well-structured growth in number
of beds, but we are also aware of its relatively rich valuation. The stock is
currently trading at PERs of 55x for FY15E and 45x for FY16E, which appear rich
as compared to its average net profit growth of 11% p.a. over FY15E and FY16E-
Hold.
6) Market : While the FBMKLCI could see further gains in
the near-term on the back of further strengthening of the ringgit & modest
crude oil recovery, we anticipate profit-taking activities to intensify as the
index approaches the 1700 points
resistance level.
