MMC-Gamuda JV secures RM8.28 billion MRT job

KUALA LUMPUR (April 20): The MMC Corp Bhd-GAMUDA BHD [] joint venture (JV) has accepted the RM8.28 billion Klang Valley Mass Rapid Transit's (MRT) underground works package.

In separate statements to the exchange on Friday, MMC and Gamuda said their equally-owned JV entity MMC Gamuda KVMRT (T) Sdn Bhd had secured the contract from Mass Rapid Transit Corp Sdn Bhd (MRT Corp) on Thursday.

"The underground works package comprises the design and CONSTRUCTION [] of tunnels, seven underground stations and other associated works in connection therewith for an approximate length of 9.5km traversing from Semantan north portal to Maluri south portal.

"The articles of agreement between MRT Corp and the JV shall be executed in due course," MMC and Gamuda said.



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March CPI up 2.1% y-o-y to 104.5

KUALA LUMPUR (April 20): The consumer price index for March rose 2.1% year-on-year (y-o-y) to 104.5 from 102.4 a year earlier, due mainly to increases in the food and non-alcoholic beverages and non-food indices.

In a statement Friday, the Department of Statistics Malaysia said that for the January to March period the index was up 2.3% y-o-y.

On a month-on-month basis, the March index was unchanged from the prior month, it said.

The index for Food & Non-Alcoholic Beverages and Non-Food for the month of March 2012 showed increases of 2.9 and 1.7% respectively as compared to the same month in 2011, it said.

For the period January to March 2012, the index for Food & Non-Alcoholic Beverages and Non-Food increased by 3.6% and 1.7% respectively.

Compared with the previous month, the index for Food & Non-Alcoholic Beverages and Non-Food remained unchanged at 106.7 and 103.5 respectively, it said.



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UOA to sell office tower to DKLS for RM94m

KUALA LUMPUR (April 20): UOA Development Bhd, a property developer and builder, plans to sell its 14-storey office tower in Bangsar to DKLS INDUSTRIES BHD [] for RM93.8 million.

In a statement to the exchange on Friday, UOA said the disposal allows the firm to unlock the value of the property located along Jalan Kerinchi here. Proceeds from the sale will finance the company's working capital needs, it said.

The selling price translates into 1.4 times the book value of RM68 million for the commercial real estate, UOA said. The seller said it expects to register an estimated disposal gain of RM19.97 million from the sale.



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KLCI ends lower, but hangs on above 1,590-level

KUALA LUMPUR (April 20): The FBM KLCI extended its losses to close lower on Friday, as external factors weighed on investor sentiment and dragged stocks lower.

The index fell 4.77 points to close at 1,591.85, weighed by losses including at Petronas Chemicals, Genting, RHB Capital and CIMB.

Market breadth was negative with 364 losers, 317 gainers and 361 counters unchanged. Volume was 1.63 billion shares valued at RM1.48 billion.

Meanwhile, Asian shares fell and commodity-linked currencies such as the Australian dollar slipped on Friday after disappointing U.S. economic data stirred doubts about the strength of the recovery, according to Reuters.

Renewed worries on the euro zone debt crisis also kept riskier assets under pressure, as a better-than-feared Spanish bond auction failed to allay concerns that Spain may follow Greece, Ireland and Portugal in needing an international bailout, it said.

A weekend featuring a potentially rocky meeting of the International Monetary Fund, which is seeking to boost its funds to help contain Europe's problems, and the first round of a French presidential election have heightened the nervousness, said Reuters.

At the regional markets, Japan’s Nikkei 225 was down 0.28% to 9,561.23, Taiwan’s taiex lost 1.52% to 7,507.15, South Korea’s Kospi fell 1.26% to 1,974.65 and Singapore’s Straits Times Index xx

Meanwhile, the Shanghai Composite Index rose 1.19% to 2,406.86 and Hong Kong’s Hang Seng Index edged up 0.07% to 21,010.64.

On Bursa Malaysia, Aeon fell 19 sen to RM9.41, Manulife and Petronas Chemicals fell 14 sen each to RM3.22 and RM6.56, MISC down 13 sen to RM5.03, Genting and Bursa fell 12 sen each to RM10.80 and RM6.85, while SAM Engineering, Litrak, Lafarge Malayan Cement and Kian Joo fell 10 sen each to RM3.55, RM4, RM7.21 and RM2.04 respectively.

Ariantec was the most actievely traded counter with 436.8 million shares done. The stock rose 4.5 sen to 22 sen.

Other actives included Metronic, Focus, Naim indah Corp, CSL, Astral Supreme, AWC and SuperComNet.

Gainers included BAT, Dutch Lady, Aeon Credit, KLK, Jaya Tiasa, Panasonic, Country View, Carlsberg, CBIP and GAB.



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Bank Negara foreign reserves up US$100m to USD135.8b

KUALA LUMPUR (April 20): Bank Negara Malaysia’s international reserves as at April 13 rose US$100 million to US135.8 billion from US$135.7 billion as at March 30.

In a statement Friday, Bank Negara said the reserves position was sufficient to finance 9.5 months of retained imports and is 4 times the short-term external debt.



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Oldtown shares at record high

KUALA LUMPUR (April 20) : Oldtown Bhd shares rose 4% to reach its highest since the coffee manufacturer and café operator’s listing in July 2011 after Alliance Research Sdn Bhd initiated coverage on the stock.

Shares of Oldtown climbed six sen to RM1.57 before erasing gains to trade in the red at RM1.50 at 2.41pm. Some 3.6 million shares changed hands.

Alliance analyst Ian Wan expects Oldtown’s earnings to rise at a three-year compound annual growth rate of 26% in anticipation of its café chain and production capacity expansion.

“We initiate coverage on Oldtown with a buy recommendation and target price of RM1.69, based on its 12-month forward price-to-earnings ratio of 13 times,” Wan wrote in a note.

The analyst said Oldtown is also a “good yield play” by virtue of its projected dividend yields of between 4% and 6.6% for financial years ending December 31, 2012 to 2014. This assumes a payout ratio of 50%.



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SEMI: N. American semicon equipment makers post March book-to-bill ratio of 1.13

KUALA LUMPUR (April 20): North America-based manufacturers of semiconductor posted $1.48 billion in orders in March 2012 (3-month average basis) and a book-to-bill ratio of 1.13, according to the US-based Semiconductor Equipment Manufacturers Industry association (SEMI).

A book-to-bill of 1.13 means that $113 worth of orders were received for every $100 of product billed for the month.

In its March Book-to-Bill Report released on April 19, SEMI said the 3-month average of worldwide bookings in March 2012 was $1.48 billion.

“The bookings figure is 10.7% higher than the final February 2012 level of $1.34 billion, and is 6.4% below the $1.58 billion in orders posted in March 2011,” it said.

The report also stated that the 3-month average of worldwide billings in March 2012 was $1.31 billion.

However, the billings figure was 0.9% less than the final February 2012 level of $1.32 billion, and was 20.9% less than the March 2011 billings level of $1.66 billion, it said.

SEMI president and chief executive officer Denny McGuirk said that the equipment orders continued to increase and have improved to the highest reported value since July 2011.

"The semiconductor equipment market outlook has strengthened since the beginning of the year as reflected in the increasing bookings rate,” he said.

Meanwhile, RHB Research Institute Sdn Bhd said on Friday that this was the second consecutive month of book-to-bill above parity as equipment orders in Mar grew by 10.7% month-on-month (Feb: 12.6% m-o-m) to US$1.48 billion.

“Moreover, on year-on-year basis, Mar orders decline of 6.4% y-o-y narrowed from a decline of 16.2% in Feb.

“The positive capex momentum data supports our view that the industry is on track for stronger recovery expected to commence in the 2H2012,” it said.

RHB Research has a Neutral recommendation on the semiconductor sector.



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Bursa down 1%, CIMB cuts TP on flat profit growt

KUALA LUMPUR (April 20) : BURSA MALAYSIA BHD [] shares fell as much as 1% after analysts slashed their target prices for the exchange operator after it reported flat profit growth in the first quarter.

Bursa declined seven sen to RM6.90 before settling higher at RM6.93 at lunch break.

CIMB Investment Bank Bhd analyst Winson Ng wrote in a note that the research firm has slashed its fair value for Bursa by 5% from RM7.65 to RM7.28. “Given our cautious stance on the equity market, we now value Bursa at a 20% discount to its five-year average price-to-earnings ratio (PER) instead of 15%, which reduces our target PER from 25.5 times to 24 times.

“We remain neutral on the stock as it is expected to perform in line with the market,” Ng said.

Bursa said net profit rose 0.7% to RM40.77 million in the quarter ended March 31, 2012 from RM40.49 million a year earlier while revenue fell 4.8% to RM110.52 million from RM116.11 million. Revenue declined due to less trading income from the securities and derivatives market, it said.



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Ta Ann gains on share dividend

KUALA LUMPUR (April 20) : Timber firm TA ANN HOLDINGS BHD [] climbed as much as 3.7% as investors chased the stock to capitalise on its proposed share dividend.

Shares of Ta Ann added 24 sen to RM6.74 before settling lower at RM6.65 at lunch break on Friday.

Ta Ann plans to undertake a bonus share issue on the basis of one bonus unit for every five existing shares in the company. It said the exercise, to be completed by the second quarter of this year, will involve up to 61.8 million new shares, hence, an expanded issued base for the company upon completion.

Ta Ann had cash of RM180.44 million as at December 31 last year against debt obligations of RM449.44 million, translating into net debt of RM269 million.



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KLCI stays below 1,600-level at mid-day break, global woes weigh

KUALA LUMPUR (April 20); The FBM KLCI stayed in negative territory at the mid-day break on Friday in line with generally weaker performance at regional markets.

The FBM KLCI was down a marginal 1.14 points to 1,595.48 at 12.30pm, weighed by losses including at Genting and RHB Capital and CIMB.

Gainers trailed losers by 242 to 313, while 322 counters traded unchanged. Volume was 950.42 million shares valued at RM600.85 million.

The ringgit weakened 0.12% to 3.0693 versus the greenback, crude palm oil futures for the third month delivery fell RM16 per tonne to RM3,461, crude oil gaind 34 cents per barrel to US$102.61 while gold added US$1 an ounce to US$1,643.93.

Asian shares fell and commodity-linked currencies such as the Australian dollar slipped on Friday after disappointing U.S. economic data stirred doubts about the strength of the recovery, according to Reuters.

Renewed worries on the euro zone debt crisis also kept riskier assets under pressure, as a better-than-feared Spanish bond auction failed to allay concerns that Spain may follow Greece, Ireland and Portugal in needing an international bailout, it said.

At the regional markets, Japan’s Nikkei 225 fell 0.35% to 9,555.17, Hong Kong’s Hang Seng Index was down 0.24% to 0.24% to 20,944.10, the Shanghai Composite Index shed 0.60% to 2,392.92, Taiwan’s Taiex fell 1.12% to 7,537.58, South Korea’s Kospi lost 1.25% to 1,974.93 and Singapore’s Straits Times Index was down 0.20% to 3,002.14.

On Bursa Malaysia, Manulife was the top loser in the morning session and fell 14 sen to RM3.22, Batu Kawan and genting fell 10 sen each to RM18.80 and RM10.82, RHB Capital fell nine sen to RM7.43, Mentiga 7.5 sen to 68.5 sen, while SAM Engineering, Pintaras, S P Setia, Guan Chong and CIMB fell seven each to RM3.58, RM2.96, RM3.81, RM2.85 and RM7.56 respectively.

Ariantec was the most actively traded counter with 325.08 million shares traded. The stosk rose six sen to 23.5 sen.

Other actives included Metronic, Focus, CSL, SuperComNet, Astral Supreme, AWC and Utopia.

Gainers included BAT, Aeon Credit, KLK, Panasonic, Country View, Jaya Tiasa, Dutch Lady, Far East, Ta Ann and CBIP.



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Aeon Credit up 4% on stronger earnings, dividends

KUALA LUMPUR (April 20) : AEON CREDIT SERVICE (M) BHD [] gained as much as 4% after the company announced stronger earnings and more dividends for shareholders.

The stock added 36 sen to RM9.10 before trading lower at RM9.06, placing the stock among top gainers across the exchange on Friday.

Aeon Credit said on Thursday net profit rose 51% to RM95.61 million in financial year ended February 20, 2012 (FY12) from RM63.43 million a year earlier. Revenue climbed 28% to RM344.27 million from RM269.61 million.

The company said its results have improved as it secured more financing business, registered growth in its insurance operations, and recorded gains from the sale of unquoted investments.

The company plans to reward shareholders with a final single-tier dividend of 16.8 sen a share which requires shareholders’ consent. The proposed dividend brings Aeon Credit’s total payout to 30 sen a share in FY12, translating into a yield of 3% based on its latest share price.



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Brite-Tech up 4%, restates FY11 PAT

KUALA LUMPUR (April 20) : BRITE-TECH BHD [] shares rose as much as 4% on Friday morning after the water-treatment specialist said its audited profit after tax for financial year ended December 31, 2011 more than doubled following accounting adjustments for fair value gains in its investment PROPERTIES [].

The stock was up 0.5 sen to 13.5 sen at 10.34am with 30,000 shares done.

In a statement to the exchange on Wednesday, Brite-Tech said the audited figure came to RM3.05 million, a substantial 116% deviation from the unaudited figure of RM1.42 million announced last February.



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China Stationery erases gains, up 5% in early trade

KUALA LUMPUR (April 20) : China Stationery Ltd shares rose as much as 5% on Friday morning before erasing gains to trade in the red after regulators queried the firm on the unusual trading patterns of the company’s shares.

The stock added eight sen to RM1.71 before trading lower at RM1.54 at 10.18am. China Stationery, one of the most-actively traded, saw some 20 million shares done,

In its response to Bursa Malaysia’s query, China Stationery said it is not aware of any factors contributing to the rise in the price and volume of the stock.

The firm also said it has no plans to declare an interim dividend and undertake a dual listing in Hong Kong.



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Malaysian stocks ease on global weakness

KUALA LUMPUR (April 20) : Malaysians stocks fell on Friday morning in tandem with regional peers following a weaker overnight close across US markets. Global markets had reacted negatively to less-optimistic employment updates in the US, and rising yields for Spain government bonds.

Analysts said external factors could have the upper hand in dictating the FBM KLCI, prompting the anticipation of a further decline in the 30-stock benchmark.

“External headwinds will probably persist to push down our Malaysian bourse today,” HwangDBS Vickers Research Sdn Bhd wrote in note.

At 10am, the FBM KLCI fell 2.52 points to 1,594.1. Across the exchange, some 257 million shares worth RM148 million were traded, leading to 163 gainers versus 167 decliners.

Top gainers KUALA LUMPUR KEPONG BHD [] added 36 sen to RM24.16, while JAYA TIASA HOLDINGS BHD [] was up 32 sen to RM10.

Among decliners, GENTING BHD [] fell 12 sen to RM10.80 while HONG LEONG INDUSTRIES BHD [] was down 10 sen to RM4.12.

Most active was Ariantec Global Bhd which rose 1.5 sen to 19 sen with some 42 million shares done.

Among Asian bourses, Japan’s Nikkei 225 fell 0.44% to 9,545.96 points, South Korea’s Kospi was down 1.25% to 1,974.93, while Australia’s S&P/ ASX 200 declined 0.17% to 4,355.4.



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RHB Research positive on KPJ Healthcare’s Sarawak hospital plan with Naim

KUAL LUMPUR (April 20): RHB Research has an Outperform rating on KPJ HEALTHCARE BHD [] with a fair value RM5.69 and said it was positive on KPJ entering into a JV agreement with Naim Land, a 100%-subsidiary of Naim Holdings to construct and operate a hospital in Miri, Sarawak.

KPJ would own 70% of the while Naim Land would hold 30% upon completion of the deal.

The research house said on Friday that this was in line with KPJ’s plan to open at least 2 new hospitals per annum (p.a.).

“KPJ’s hospitals are currently operating at high occupancy rate of 70-75% and thus there is a need to add capacity. KPJ will fund its equity portion of RM13.7m via internally-generated funds.

“No change to forecasts which had earlier assumed sufficient capex of RM200 million p.a,” it said.



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KLCI opens lower, blue chips weigh

KUALA LUMPUR (April 20): The FBM KLCI opened lower on Friday, in line with the weaker overnight close a Wall Street and gloomier global economic outlook that weighed on most key regional markets.

U.S. stocks fell for a second day on Thursday as labor market data showed more signs of weakness, according to Reuters.

It said a late bounce cut the Dow's and the S&P 500's losses almost in half. adding that Apple shares, down 3.4 percent, also contributed to the day's losses, as did renewed concerns about Europe's finances. Apple closed at $587.44.

The FBM KLCI shed 0.40 of a point to 1,596.22 at 9am, weighed by losses at blue chips including banking stosks, Genting and Axiata.

Gainers edged losers by 61 to 32, while 76 counters traded unchanged. Volume was 13.58 million shares valued at RM9.28 million.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients April 20 said the FBM KLCI declined 2.24 points to close at 1,596.62 on Thursday.

“Its resistance areas of 1,596 and 1,609 will cap market gains, whilst the weaker support areas are located at 1,580 and 1,594,” he said.

Among the early decliners were Hong Leong Bank, AMMB, BLD Plntations, Genting, Axiata, Guan Chong, Genting Malaysia, YTL Corp and Gamuda.



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Maybank IB Research maintains Buy on Ta Ann, target price RM9

KUALA LUMPUR (April 20): Maybank Investment Bank Bhd Researh has maintained its Buy rating on TA ANN HOLDINGS BHD [] at RM6.50 with a target price of RM9, and said Ta Ann's proposed 1-for-5 bonus issue not only helped to improve liquidity but it would “recapitalise” its share base as its seeks to achieve sustainable growth in the long run.

In a note Friday, the research house said the stock continues to trade at an attractive 10.9x 2013 PER, with low EV/planted ha of ~MYR42,600 (43% discount to industry average).

“It is also poised to deliver a 15% 3-year net profit CAGR. Maintain Buy and MYR9.00 TP on 15x 2013 PER. Ta Ann is our top pick among the PLANTATION [] stocks,” it said.



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CIMB Research maintains Trading Buy on Ann Joo, target price RM1.65

KUALA LUMPUR (April 20): CIMB Research has maintained its Trading Buy call on Ann Joo Resources at RM2.04 with a target price of RM2.39 and said it felt more positive about the company’s 2H12 prospects as CONSTRUCTION [] of mega projects should gain traction then.

In a note Friday, CIMB Research said a minimum wage policy will have limited direct impact on EPS and management is making good progress in its Petronas steel tender.

“A contract with Petronas to supply high-grade steel for its oil and gas projects could boost our FY12 pretax profit estimate by up to 30%.

“We maintain our Trading Buy call and target price basis of 11.3x CY13 P/E. Uncertainty about its blast furnace is why Ann Joo is not an outperform,” it said.



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CIMB Research maintains Outperform on CMMT, target price RM1.65

KUALA LUMPUR (April 20): CIMB Research has maintained its Outperform recommendation on CapitaMalls Malaysia Trust (CMMT) at RM1.38 with a target price of RM1.65.

In a note Friday, CIMB Research said that at 25% of the research house’s our full-year estimate CMMT’s 1Q12 results were within expectations, helped by the first full quarter of contribution from East Coast Mall, asset enhancement initiatives for Gurney Plaza and higher rental rates for renewed leases.

“We continue to use DDM to value CMMT. The stock remains an Outperform as it is well-supported by attractive yields of >6%. CMMT is our top pick among the REITs.

“Rerating catalysts are 1) a potential >23% increase in NLA for East Coast Mall, and 2) asset enhancement initiatives,” it said.



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Stocks to Watch Bursa, China Stationery, UMW, CMMT, Naim

KUALA LUMPUR (April 19): Economic and political factors, besides weakening technical indicators, could dictate the direction of Malaysian stocks on Friday, as investors evaluate the impact of global economic data against domestic pre-election sentiment.

Analysts said the on-going European debt crisis and slower growth in China, apart from the anticipation of Malaysia's coming general election, could lead to persistent selling pressure in the FBM KLCI.

The FBM KLCI of 30 stocks erased earlier gains to finish in the red at 1,596.62, down 2.24 points on Thursday.

Stocks to watch on Friday are BURSA MALAYSIA BHD [], China Stationery Ltd, UMW HOLDINGS BHD [], Capitamalls Malaysia Trust (CMMT) and Naim Holdings Bhd.

Bursa posted flat profit growth in the first quarter (1Q), as the stock exchange operator's lower operating expenses mitigated the impact of less revenue during the period. Bursa said its net profit rose 0.7% to RM40.77 million in the quarter ended March 31, 2012 from RM40.49 million a year earlier, while revenue fell 4.8% to RM110.52 million from RM116.11 million.

Regulators have queried China Stationery on the unusual trading patterns of the company's shares. The company said it was not aware of any factors contributing to the rise in the price and volume of the stock. China Stationery also said it had no plans to declare an interim dividend nor undertake a dual listing in Hong Kong.

AmResearch Sdn Bhd had raised its earnings forecast for UMW, an automotive and oil and gas support services entity, by up to 25% for financial years ending Dec 31, 2012 to 2014. AmResearch also revised upwards its target price for the stock by 31% to RM8.90 from RM6.80, and upgraded the shares to a "buy" from "hold".

CMMT's 1Q net profit rose 10% from a year earlier, as the retail-based Real Estate Investment Trust (REIT) registered higher revenue, following the inclusion of the East Coast Mall in Kuantan to the group's portfolio. CMMT said net profit came to RM34.44 million against RM31.44 million previously, while revenue was up 36% to RM71.4 million from RM52.68 million.

Real estate developer and builder Naim is diversifying into the healthcare business via a collaboration with KPJ HEALTHCARE BHD []. Both Naim and KPJ will set up a joint venture company on 30% and 70% basis respectively to construct and operate a hospital in Miri, Sarawak.



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