KAF 3Q profit doubles on non-operating gains

KUALA LUMPUR (April 23) : KAF-Seagroatt & Campbell Bhd’s third quarter net profit more than doubled from a year earlier as the stockbroking firm registered higher non-operating gains which mitigated the impact of lower revenue and higher operating expenses.

In a statement to the exchange on Monday, KAF said net profit came to RM8.62 million in the quarter to February 29, 2012 versus RM4 million a year earlier. Revenue fell 15% to RM7.18 million from RM8.45 million.

“There is no net gain on disposal of unquoted investments, which are mainly private debts securities, for the current financial period to date. There was no sale of PROPERTIES [] during the period.

“Particulars on the purchase or disposal of quoted securities are not provided, as the activities of the group comprises principally of stockbroking and related services,” said debt-free KAF which had a cash pile of RM93.97 million as at February 29 this year.

Cumulative nine-month net profit fell 31% to RM12.87 million from RM18.64 million a year earlier while revenue was down 7% to RM21.34 million from RM23.01 million. The company said barring any unforeseen circumstances, its performance for the current financial year will be line with the local stock market.



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BAT 1Q net profit up 8.93% to RM194.51m

KUALA LUMPUR (April 23): BRITISH AMERICAN TOBACCO (M) [] Bhd net profit for the first quarter ended March 31, 2012 rose 8.93% to RM194.51 million from RM178.56 million a year earlier, due to absence of the one-off impact on merchandising assets from change in accounting policy in Q4’ 2011 (RM15 million), as well as lower marketing expenses due to timing of brand activities.

It said on Monday that revenue for the quarter rose 5.1% to RM1.04 billion from RM992.15 million in 2011.

The company declared a first interim dividend of 65 sen per share, tax exempt under the single-tier system amounting to RM185.59 million in respect of the financial year ending Dec 31, 2012.

Earnings per share rose to 68.1 sen from 62.5 sen a year earlier.

On its prospects, BAT said it continued to show growth momentum behind its portfolio of brands, increasing market share by 1.4 percentage point year to date as compared to 2011 full year.

“Dunhill in particular continues with its commendable performance as displayed last year, and with the recent new product launch in April 2012, the Group is confident that it will take Dunhill into greater heights.

“Nevertheless, the threat of illicit trade is still prevalent with illicit incidence of 36.1% recorded for full year 2011 Illegal Cigarettes Study commissioned by CMTM,” it said.

BAT said that supported by a strong portfolio of products it was relatively optimistic on its outlook for 2012.



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KLCI struggles but stays above 1,580-level

KUALA LUMPUR (APRIL 23): The FBM KLCI struggled to remain above the important 1,580-level on Monday after having succumbed more than 8 points to fall below the 1,590-level.

Asian shares trended lower as political developments in France and the Netherlands raised fears about the region's commitment to tackle its ongoing debt crisis, according to Reuters.

The FBM KLCI lost 8.05 points to close at 1,583.80, weighed by losses including at CIMB, Genting, BAT, Tenaga, Telekom and RHB Capital.

Europe's top shares opened lower on Monday on the political concerns, but attention was expected to switch to the economy, with euro zone manufacturing activity indicators due out later after data from China showed some signs of recovery in factory output but not enough to prevent the sector contracting, said Reuters.

At the regional markets, Hong Kong’s hang Seng Index lost 1.84% to 20,634.39, Singapore’s Straits Times Index lost 1.11% to 2,961.18, the Shanghai Composite Index fell 0.76% to 2,388.59, Taiwan’s Taiex was down 0.35% to 7,481.09, and Japan’s Nikkei 225 shed 0.20% to 9,542.17, whiel South Korea’s Kospi edged down 0.10% to 1,972.63.

Among the major losers on Monday, BAT fell 98 sen to RM55.540, Aeon and Jaya Tiasa fell 21 sen each to RM9.20 and RM9.76, Genting 18 sen to RM10.62, Boustead 17 sen to RM5.28, Bumi Armada and CSL 16 sen each to RM4.31 and RM1.49, Warisan and Nestle down 14 sen each to RM2.34 and RM55.84, while Subur Tiasa fell 13 sen to RM2.95.

Other decliners included CIMB and Telekom that fell five sen each to RM7.50 and RM5/37, whiel RHB Capital and Tenaga lost four sen each to RM7.39 and RM6.48.

Araiantec was the most actively traded counter with 396.6 million shares done. The stock gained two sen to 24 sen.

Other actives included Metronic, Asral Supreme, Focus, Naim Indah Corp, JCY and Jotech.

Advancing stocks included Petronas Dagangan, Aeon Credit, United PLANTATION []s, Dutch Lady, Kencana, SapuraCrest, Manulife, Litrak and BIntulu Port.



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Bintulu Port among top gainers, 15 sen dividend closely watched

KUALA LUMPUR (April 23) : BINTULU PORT HOLDINGS BHD [] emerged as one of the top gainers across the exchange on Monday, possibly, in anticipation of the port operator’s proposed final dividend of 15 sen a share.

The stock rose as much as 1.4% or 10 sen to RM7.30 as at 3.22pm. The firm plans to reward shareholders with a final dividend of 15 sen a share comprising two single-tier payouts of 7.5 sen each for financial year ended December 31, 2011.

The dividends, if approved by shareholders at the company’s annual general meeting on May 11, will bring total dividends for the year to 37.5 sen which translates into a yield of 5.1% based on the stock’s latest price.

The ex and entitlement dates for the final payout falls on May 11 and 15 respectively.



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Sime KLCI top decliner, trades ex-dividend

KUALA LUMPUR (April 23) : Conglomerate SIME DARBY BHD [], which trades ex-dividend on Monday, lost as much as 1% to become the top decliner among the 30 FBM KLCI stocks.

Sime Darby shares fell nine sen to RM9.70 before trading higher at RM9.76 at lunch break with some four million shares changing hands.

The company plans to pay an interim single-tier dividend of 10 sen a share for financial year ending June 30, 2012. The final lodgement date falls on Wednesday.



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Kencana, SapuraCrest rally ahead of trading suspension

KUALA LUMPUR (April 23) : Shares of KENCANA PETROLEUM BHD [] and SAPURACREST PETROLEUM BHD [] rose on news that trading of both stocks will be suspended beginning May 2 to facilitate the capital repayment exercises by the oil and gas support service providers.

The capital repayment is in conjunction with the merger of both firms under a new listed entity SapuraKencana Petroleum Bhd.

Kencana shares climbed as much as 4% or 13 sen to RM3.33, a record high since the company’s listing in December 2006. The stock traded lower at RM3.29 at lunch break with some 5.1 million shares changing hands.

SapuraCrest added as much as 3% or 14 sen to RM5.04 before settling lower at RM5 with 331,900 shares done.

In separate statements to the exchange on Monday, SapuraCrest and Kencana said the trading suspension will take place until the delisting of both firms from the exchange. The ex-date for the capital repayment falls on May 4 while the entitlement date is on May 8.



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KLCI slips below 1,590-level at mid-day break

KUALA LUMPUR (APRIL 23): The FBM KLCI slipped below the psychologically crucial 1,590-point mark at the mid-day break on Monday, in line with the regional markets that trended lower.

The FBM KLCI fell 6.70 points to 1,585.15 at 12.30pm, weighed by losses including at Genting, KLK and BAT.

Market breadth turned negative with 457 losers, 180 gainers and 288 counters trading unchanged. Volume was 851.34 million shares valued at RM575.77 million.

The Ringgit strengthened 0.04% to 3.0633 versus the greenback, crude palm oil futures for the third month delivery rose RM2 per tonne to RM3,502, crude oil fell 14 cents per barrel to US$103.74 while gold shed 50 cents an ounce to US$1,642.43.

Asian shares and the euro steadied on Monday after the IMF secured new funding to prevent the contagion of the euro zone's debt crisis, with investors turning to Chinese data to gauge the market's resilience to risk, according to Reuters.

Markets will return their focus to economic data and policy events this week, starting with a flash reading of China's manufacturing activity for April from HSBC due at 0230 GMT and the euro zone's manufacturing activity report later in the session, it said.

At the regional markets, Japan’s Nikkei 225 was dowbn 0.14% to 9,547.76, Hong Kong’s Hang Seng Index lost 0.60% to 20,884.30, the Shanghai Composite Index sged 0.17% to 2,402.72, Taiwan’s Taiex fell 0.64% to 7,458.85, South Korea’s Kospi slipped 0.13% to 1,972.06 and Singapore’s Straits Times Index was down 0.26% to 2,986.61.

On Bursa Malaysia, BAT was the top loser and fell RM1.04 to RM55.44, KLK lost 22 sen to RM23.90, Warisan down 17 sen to RM2.31, Genting fell 14 sen to RM10.66, Subur Tiasa 12 sen to RM2.96, Jaya Tiasa and CSL down 11 sen each to RM9.86 and RM1.54, whiel S P Setia, Hong leong bank and Bursa fell 10 sen each to RM3.87, RM12.34 and RM6.75 respectively.

The actives included Ariantec, Metronic, astral Supereme, Jotech, Focus, Asia Media and Nextnation, while the gainers included United PLANTATION []s, Aeon Credit, Auto V, Dutch lady, AIC, Lafarge Malayan cement, Bintulu Port, SapuraCrest, Aeon and Ta Ann.



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Sunway falls 1.6%, AmResearch cuts earnings, TP

KUALA LUMPUR (April 23) : Sunway Bhd shares fell 1.6% after analysts slashed their earnings forecast and fair value for the stock in anticipation of weaker property sales.

The stock fell four sen to RM2.48 as at 12.24pm after AmResearch Sdn Bhd reduced its new property sales forecast for Sunway by between 20% and 25% for financial years ending December 31, 2012 and 2013, hence, a 4% to 5% slash in core net profit estimates during the period.

“Property sales target is a challenge.” analyst Nik Ikhwan Nik Mahmood wrote in a note.

The research house has, therefore, reduced its fair value for Sunway by 5% to RM2.70 from RM2.85 with a “hold” call.



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Cypark plans Myanmar entry by 2013

PETALING JAYA: CypARK RESOURCES BHD [] sees Myanmar as a lucrative market with abundant opportunities and hopes to enter the market by 2013, said Daud Ahmad group chief executive officer.

"The importance of Myanmar cannot be underestimated. It has a big population which means big waste, that also means it has a very high shortage of power," he said after the groups annual general meeting here today.

Speaking on Monday after the company's AGM, Daud told The Edge Financial Daily that the group was in the midst of conducting technical studies in the country on how to tackle its waste management issues.

The group are also conducting feasibility studies on a possible solar power plant, as the country has more solar hours compared to Malaysia.

Cypark is due to start generating 10 MW power from another three of its solar farms in Port Dickson, Negeri Sembilan, Johor and Perlis by June this year.



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ECM Libra Research initiates coverage on Lion Industries with Strong Buy call

KUALA LUMPUR (April 23): ECM Libra Investment Research has initiated coverage on Lion Industries Holdings Bhd at RM1.37 with a strong Buy recommendation and target price of RM2.16.

In a note Monday, the research house said the share price had fallen 37% from its previous peak of RM2.16, reflecting the bearish sentiment faced by the local steel industry, marked by deteriorating earnings reported by its peers like Masteel, Kinsteel and Perwaja over the past few quarters in CY11.

ECM Libra said the company has managed to revamp its balance sheet from being highly geared in FY06 (101%) to one with a net gearing of 3% at end-2QFY12, thus adding 58% to its NAV/share over the period.

“However, we think this accretion to shareholders’ funds has been overlooked as the stock trades at only 0.3x P/B, which is a steep discount to its peer average P/B of 0.6 times.

“Therefore, we feel that the stock deserves to be re-rated to RM2.16, based on sur sum-of-parts valuation, implying a forward FY13 P/B of 0.5 times,’” it said.



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Maybank IB Research maintains Buy on Gamuda, Target price RM4.10

KUALA LUMPUR (April 23): Maybank Investment Bank Bhd Research has maintained its Buyrating on GAMUDA BHD [] at RM3.57 with a target price of RM4.10 and said the MMC-Gamuda JV's MYR8.28 billion win for the KVMRT Sg Buloh-Kajang (SBK) tunnelling works has enhanced Gamuda’s earnings visibility into 2017, and should provide for earnings growth, at least, into FY13-14.

“We raise our earnings forecasts marginally which have earlier imputed MYR3 billion job win potential for FY12. Our MYR4.10 RNAV-based target price is unchanged.

“Trading at just 12.3 times one-year forward earnings (16 times mean), the stock is undervalued. Maintain Buy,” it said on Monday.



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Carlsberg trades at record high on dividends

KUALA LUMPUR (April 23) : CARLSBERG BREWERY MALAYSIA BHD [] rose as much as 1.7% to a record high on Monday morning as investors chased the stock in anticipation of the company’s dividends.

Carlsberg shares, among the top gainers, climbed 20 sen to RM11.70 before trading lower at RM11.60 at 10.29am. About 107,000 shares changed hands.

The brewer has proposed a final payout of 67.5 sen a share comprising a 65.5 sen dividend less tax and a tax-exempt portion of two sen for financial year ended December 31, 2011 (FY11). The stock will trade ex-dividend on May 2 and the final lodgement date is on May 4.

The dividend requires shareholders’ consent at the company’s annual general meeting this Thursday. Should Carlsberg proceed with the final payout, its total dividends for FY11 will come to 72.5 sen a share, translating into a yield of 6.25% based on its latest stock price.



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KLCI in volatile trade on global weakness, local pre-election sentiment

KUALA LUMPUR (April 20) : Malaysian stocks exhibited volatility on the first trading day of the week as the stock benchmark erased gains and sank into the red on Monday morning.

Analysts said global economic data and Malaysia’s pre-election sentiment could curb gains across the FBM KLCI. Crucial global highlights this week include potential indications of further quantitative easing by US policymakers, and China’s monetary policy, results from which, will influence the direction of global financial markets.

“Downside pressure remains for the FBM KLCI,” TA Securities Holdings Bhd wrote in a note.

“Against the backdrop of mixed economic data, it remains to be seen whether the Federal Reserve will provide any clue on a third quantitative easing when the policy makers start a two-day meeting tomorrow. Signs of another round of liquidity injection will drive up equity markets and the opposite could trigger some profit-taking pressure,” TA added.

At 9.59am, the FBM KLCI fell 9.24 points to 1,582.61. Across the exchange, some 424 million shares worth RM208 million were traded, leading to 160 gainers versus 263 decliners.

Top gainers DUTCH LADY MILK INDUSTRIES BHD [] added 38 sen to RM35.26 while Panasonic Manufacturing Malaysia Bhd was up 30 sen to RM22.30.

Among decliners, BRITISH AMERICAN TOBACCO (M) [] Bhd fell 76 sen to RM55.72 while KUALA LUMPUR KEPONG BHD [] was down 22 sen to RM23.90.

Most active was Ariantec Global Bhd which rose one sen to 23 sen with some 13 million shares done.

Among Asian bourses, Japan’s Nikkei 225 rose 0.2% to 9,580.16 points, South Korea’s Kospi was down 0.32% to 1,968.34, while Australia’s S&P/ ASX 200 declined 0.33% to 4,352.2.



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MIDF Research maintains Neutral on UOA Development, TP RM1.57

KUALA LUMPUR (April 23): MIDF Research has maintained its Neutral rating UOA Development Bhd with an unchanged target price of RM1.57 after the company said it was disposing its investment PROPERTIES [] in Bangsar South.

UOA development (UOA) has offered to sell a 14-storey office building at Bangsar South to DKLS Industries Berhad at a total consideration of RM93.8 milion.

The 14 storey building is currently vacant and is part of The Horizon Phase 2, Bangsar South development.

“Valuation: We have made a slight adjustment to our forecast for FY12 and FY13 due to the one off disposal gain.

“Nevertheless, we are maintaining our NEUTRAL recommendation for UOA with target price of RM1.57. The one off gain will not affect our target price as we are ascribing PER of 7X against FY12 normalised EPS of 22.4sen.” said MIDF Research on Monday.



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KLCI retreats in early trade, blue chips weigh

KUALA LUMPUR (April 23): The FBM KLCI retreated in early trade on Monday, weighed by losses including at Genting, Maybank and BAT.

At 9.05am, the FBM KLCI shed 1.46 points to 1,590.39.

Gainers led losers by 111 to 54, whil 103 counters traded unchanged. Volume was 109.93 million shares valued at RM38.11 million.

Asian shares and the euro steadied on Monday after the IMF secured new funding to prevent the contagion of the euro zone's debt crisis, with investors turning to Chinese data to gauge the market's resilience to risk, according to Reuters.

The contagion risk of Europe's debt problems was reduced slightly when the International Monetary Fund secured $430 billion to boost its firepower in case Europe's debt woes worsen and spill over to peripheral economies, it said.

Other factors that would play a crucial part in influencing investor sentiment this week are the policy-setting meeting of the U.S. central bank's Federal Open Market Committee, as well as earnings releases from several bellwethers. The most important will likely be Apple Inc , which reports after the market close on Tuesday.

A slowly improving U.S. jobs market and reasonably solid growth at the start of the year brightened the economic outlook and cut chances the Fed will conduct another round of bond purchases, according to a Reuter’s poll last week.

With the Fed monitoring a healing but still fragile economy, the statement expected on Wednesday will be closely watched by investors, said Reuters.

On Bursa Malaysia in early trade on Monday, among the major deciners were BAT, Genting Asas, Affin, Mah Sing, P.I.E and Telekom.

RHB Research Institute Sdn Bhd in a note Monday said that in the absence of domestic catalysts and a possible massive Bersih 3.0 rally on 28 Apr, the FBM KLCI was likely to face further consolidation amid the moderating technical readings and dwindling volume.

“Immediate resistance levels are historical high at 1,609, followed by weekly upper Bollinger band of 1622. Immediate supports are 1,579 (50-d SMA) to1,588 (30-d SMA) levels. A break below 1,579 is likely to trigger more selldown towards YTD low at 1,549,” it said.



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DRB-Hicom says has not decided to sell Lotus

KUALA LUMPUR (April 23): DRB-HICOM BHD [] said it has not decided to sell Lotus Group, and that the conglomerate was currently undertaking an operations audit on Lotus Group, as part of its governance exercise.

“Contrary to reports that Lotus Group would be put under administration, DRB-HICOM is still supporting Lotus Group, both financially and management wise,” the company said in a statement dated April 21 lodged on Bursa Malaysia Securities on Monday.

“DRB-HICOM has not decided to sell Lotus Group and do not know the source of the speculation about selling Lotus Group to a Chinese party i.e Youngman.

“As of today, DRB-HICOM has identified one of PROTON’s Senior Management personnel to take up a position in Lotus Group in an effort to strengthen its management,” said DRB-Hicom.



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TRC Synergy fair value cut by RHB Research to 85 sen

KUALA LUMPUR (April 23): RHB Research Institute Sdn Bhd has cut its fair value for TRC Synerygy Bhd to 85 sen from 96 sen.

In note Monday, the research house maintained its outperform rating on the stock and said TRC had reiterated that it was going all-out for work packages for the Sg Buloh-Kajang (SBK) Line of Klang Valley MRT project but will stick with its stance of not unduly compromising on margins.

The research house said that in the immediate term, TRC does not expect significant expansion in CONSTRUCTION [] margins as construction earnings will predominantly be underpinned by two key contracts, i.e. LRT line extension and Brunei airport that command relatively lower margins.

“In a brighter note, the recent soft launch of TRC’s gated and guarded property project called Ukay Tropika in the Ulu Klang area with a GDV of RM90m was a runaway success, it said.

“FY12-14 net profit forecasts cut by 8-14%, having reflected lower blended construction EBIT margins of 6.6-7.4% (8.6-8.8% previously), partially cushioned by contribution from Ukay Tropika.

“Fair value is reduced by 12% from RM0.96 to RM0.85. Maintain Outperform,” it said.



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Stocks to watch: MMC Corp, Gamuda, Destini Prima, building materials

KUALA LUMPUR (April 21): Stocks on Bursa Malaysia could trade range bound next week as investor sentiment remains edgy with the global economic outlook situation still remaining hazy at best, underpinned by the disappointing U.S. economic data last week stirring doubts about the strength of the recovery of the economic giant.

However, the local market could see some excitement over developments from the Klang Valley Mass Rapid Transit's (MRT) project, which could spur activities for building materials players as well.

Among the stocks that could be in focus are MMC Corp Bhd, GAMUDA BHD [] and Destini Prima Bhd.

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 last 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.

Destini Prima Bhd, which was formerly known as SATANG HOLDINGS BHD []) has secured a two-year contract worth RM7.90 million from the Ministry of Defence Malaysia.

The company said on April 20 that its wholly owned unit Destini Prima Sdn Bhd (formerly known as Satang Jaya Sdn Bhd) had entered into a contract with MinDef to supply Anti-Tank Ammunition 40mm Rocket Propelled Grenade (RPG) for the arm for a period of two (2) years commencing from 30 April 2012 to 31 March 2013.

On thee outlook for the local market, MIDF Research head of equity Syed Muhammed Kifni said that the extended streak of net purchases of Bursa-listed shares by foreign investors that began in mid-February came to an end in the second week of April.

Subsequently, he said there was a waning strength of average foreign net purchases which conceivably underlies the difficulty of the FBM KLCI to sustain itself above the 1,600 points levels during the past weeks.

The ember of Euro debt crisis which recently re-flared in Spain may have offered the fundamental excuse for some investors to turn ‘risk-off’, he said.

Nonetheless, Syed Muhammed said still healthy internal factors helped provide a backstop against the feeble external dynamics.

“Hence the local market undercurrent is expected to remain positive and the benchmark index should again attempt to knock against the psychological 1,600 points ceiling in the coming days.

“Moreover the US Fed is anticipated to keep the key rates unchanged during its midweek meeting, thus we expect the FBM KLCI to continue trading range bound this week between its immediate technical support and resistance of 1,580 points and 1,610 points respectively,” he said.



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