KLCI closes higher, lifted by CIMB and select blue chips

KUALA LUMPUR (March 29): The FBM KLCI closed higher on Thursday, lifted by select blue chips including CIMB, Genting, Hong Leong Bank and BAT but the broader market was cautious.

The 30-stock index added 1.69 points to 1585.44. Gainers trailed losers by 260 to 462, while 353 counters traded unchanged. Volume was 1.50 billion shares valued at RM1.39 billion.

Asian shares fell for a second successive day on Thursday as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter, according to Reuters.

The Shanghai Composite Index fell 1.43% to 2,252.16, Hong Kong’s Hang Seng Index lost 1.32% to 20,609.39, Taiwan’s Taiex fell 2.06% to 7,872.66, South korea’s Kospi fell 0.85% to 2,014.41 while Singapore’s Straits Times index fell 0.28% to 3,007.44.

However, European stocks pared early losses and rose on Thursday, bouncing off a three-week low as rallying mining shares offset losses in the energy sector, where Total extended its slide, hit by worries over a gas leak in the North Sea, said Reuters.

On Bursa Malaysia, Warisan TC gained 20 sen to RM2.70, Aeon up 19 sen to RM9.40, BAT 18 sen to RM56.52, Hong Leong Bank 16 sen to RM12.38, Jaya Tiasa and Litrak added 15 sen each to RM8.38 and RM4.10. Toyo Ink rose 12 sen to RM1.58, WCT and Crescendo 11 sen each to RM2.50 and RM1.92, and Shell 10 sen to RM10.20.

Other gainers included CIMB that rose 10 sen to RM7.60, Genting four sen to RM11.14, Genting Malaysia two sen to RM3.89.

Decliners included Dutch lady, BLD PLANTATION []s, RHB Capital, GAB, Batu Kawan, SMPC, Bursa, United Plantations and Kossan.

The actives included Ariantec, Naim Indah Corp, Metronic, SuperComnet, Focus, Ingeuity Solutions, Key West and ManagePay.



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Market Commentary

The FBM KLCI index gained 0.64 points or 0.04% on Friday. The Finance Index fell 0.09% to 14104 points, the Properties Index dropped 0.49% to 1046.09 points and the Plantation Index rose 0.19% to 8629.54 points. The market traded within a range of 4.77 points between an intra-day high of 1582.00 and a low of 1577.23 during the session.

Actively traded stocks include NICORP, SUMATEC, LEESK, KEYWEST, SUMATEC-WA, CSL, SILKHLD, HWGB, WINSUN and TMS. Trading volume decreased to 1306.73 mil shares worth RM1367.01 mil as compared to Thursday’s 1769.37 mil shares worth RM1763.28 mil.

Leading Movers were TENAGA (+13 sen to RM6.39), MAYBANK (+2 sen to RM8.74), GENM (+3 sen to RM3.89), KLK (+14 sen to RM23.40) and TM (+2 sen to RM5.23). Lagging Movers were DIGI (-3 sen to RM4.02), AIRASIA (-3 sen to RM3.63), HLBANK (-10 sen to RM12.28), AXIATA (-1 sen to RM5.13) and PETGAS (-8 sen to RM16.70). Market breadth was negative with 369 gainers as compared to 388 losers. -- JF Apex Securities Bhd



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KLCI lags key regional markets’ recovery

KUALA LUMPUR (March 8): Key regional markets racked up gains of up to more than 2% on Thursday, as investors’ sentiment was boosted by hopes that Greece could avert a default and positive news on the US economy.

However, the FBM KLCI lagged the regional markets and managed to close up only 3.53 points or 0.22% to 1,578.36, after falling 15.08 points – the worst loss for this year – on Wednesday. Turnover was 1.77 billion shares valued at RM1.76 billion. Advancing counters beat decliners 415 to 336 while 339 stocks were unchanged.

Reuters reported that in Europe, indications are major banks and pension funds are likely to take part in the Greek deal, easing concerns about a chaotic default. But some hedge funds and Greek pension funds are still holding out, injecting uncertainty before the deadline expires later in the day.

Greece aims to persuade 90% of creditors to take part in the bond swap. With two-thirds acceptance or more it may be able to trigger collective action clauses (CAC) to force bondholders to accept losses, an event that would have knock-on effects for banks but has largely been priced-in.

Among the key regional markets, the Nikkei 225 rose 2.01% to 9,768.96, Hang Seng Index 1.32% to 20,900.70, Shanghai Composite Index 1.06% to 2,420.28, Taiwan’s Taiex 1.03% to 7,984.56, South Korea’s Kospi 0.94% to 2,000.76 and Singapore’s Straits Times Index 1.96% to 2,970.38.

At Bursa Malaysia, penny stocks fell in active trade as traders decided to stay on the sidelines. Recent leaders Naim Indah Corp and HWGB fell in active trade while recent IPO China Stationery Ltd continued to lose ground.

Naim Indah fell 2.5 sen to 63 sen with 360 million shares done. clarified on Thursday there was no proposal from new major shareholder Datuk Raymond Chan Boon Siew to inject new development projects into the company.

CSL lost 10 sen to RM1 on continued selling as the allure of the second listing on Bursa Malaysia, which would have brought Chnia stocks back into focus, seemed to have faded. Its IPO price was 95 sen when it was listed on Feb 24 and it rose to a high of RM1.39 on Feb 28.

Mild buying of blue chips saw Tenaga adding seven sen to RM6.26, CIMB five sen to RM7.36 and Sime four sen to RM9.84. Their gains pushed the KLCI up by 2.34 points. Genting added six sen to RM10.80 and Genting Malaysia three sen to RM3.86.

PLANTATION []s rose on firmer crude palm oil prices, which rose RM34 to RM3,293, the highest since Feb 28. PPB added 16 sen to RM16.90, Sungai Bagan 12 sen to RM3, Far East and United Plantations 10 sen each to RM7.40 and RM24.50. However, Batu Kawan fell six sen to RM18.64.



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Market Commentary

The FBM KLCI index gained 5.44 points or 0.34% on Monday. The Finance Index increased 0.53% to 14204.47 points, the Properties Index dropped 0.05% to 1065.4 points and the Plantation Index down 0.19% to 8661.77 points. The market traded within a range of 8.59 points between an intra-day high of 1594.72 and a low of 1586.13 during the session.

Actively traded stocks include TMS , NICORP, GOCEAN, KHSB, CSL, DRBHCOM-CF, DRBHCOM, COASTAL-CA, DRBHCOM-CG and YTL. Trading volume decreased to 1448.66 mil shares worth RM1760.84 mil as compared to Friday’s 1630.35 mil shares worth RM1934.59 mil.

Leading Movers were CIMB (+15 sen to RM7.48), GENTING (+16 sen to RM10.76), TENAGA (+6 sen to RM6.31), PBBANK (+6 sen to RM13.76) and MMCCORP (+9 sen to RM2.84). Lagging Movers were YTL (-4 sen to RM1.74), KLK (-18 sen to RM23.40), GENM (-3 sen to RM3.87), AXIATA (-1 sen to RM5.16) and PETCHEM (-1 sen to RM6.89). Market breadth was negative with 391 gainers as compared to 414 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index gained 12.92 points or 0.83% on Wednesday. The Finance Index increased 0.69% to 14017.35 points, the Properties Index up 1.22% to 1052.71 points and the Plantation Index rose 0.34% to 8651.77 points. The market traded within a range of 16.25 points between an intra-day high of 1573.75 and a low of 1557.50 during the session.

Actively traded stocks include YTL, CSL, IFCAMSC, KEYWEST, ECOFIRS, COMPUGT, MUIPROP, NICORP, DBE and TIGER. Trading volume increased to 1942.34 mil shares worth RM2693.55 mil as compared to Tuesday’s 1727.59 mil shares worth RM1588.57 mil.

Leading Movers were YTL (+17 sen to RM1.75), SIME (+12 sen to RM9.69), AXIATA (+7 sen to RM5.17), TENAGA (+8 sen to RM6.28) and GENM (+11 sen to RM3.91). Lagging Movers were PETCHEM (-10 sen to RM6.70) and BAT (-10 sen to RM52.20). Market breadth was positive with 535 gainers as compared to 297 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index gained 0.27 points or 0.02% on Monday. The Finance Index increased 0.37% to 13913.15 points, the Properties Index dropped 0.18% to 1038.48 points and the Plantation Index down 0.22% to 8612.06 points. The market traded within a range of 7.58 points between an intra-day high of 1565.87 and a low of 1558.29 during the session.

Actively traded stocks include NICORP, CSL, FOCUS-WB, HARVEST-WA, ENVAIR, ASIAEP, IFCAMSC, HARVEST, PDZ and GOCEAN. Trading volume decreased to 1642.24 mil shares worth RM1633.98 mil as compared to Friday’s 1695.08 mil shares worth RM1941.07 mil.

Leading Movers were CIMB (+8 sen to RM7.14), YTL (+4 sen to RM1.54), TM (+7 sen to RM5.15), AMMB (+8 sen to RM6.11) and RHBCAP (+20 sen to RM7.86). Lagging Movers were GENM (-6 sen to RM3.81), IOICORP (-3 sen to RM5.40), PBBANK (-4 sen to RM13.62), SIME (-3 sen to RM9.57) and MAYBANK (-2 sen to RM8.75). Market breadth was negative with 327 gainers as compared to 455 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index lost 3.26 points or 0.21% on Wednesday. The Finance Index fell 0.01% to 13949.99 points, the Properties Index dropped 0.44% to 1044.25 points and the Plantation Index down 0.91% to 8666.2 points. The market traded within a range of 6.31 points between an intra-day high of 1565.25 and a low of 1558.94 during the session.

Actively traded stocks include TMS, GOCEAN, IFCAMSC, GPACKET-WA, NICORP, INGENS, FOCUS, MTRONIC, GEFUNG and COMPUGT. Trading volume increased to 2230.80 mil shares worth RM1937.12 mil as compared to Tuesday’s 1894.51 mil shares worth RM1747.28 mil.

Leading Movers were GENTING (+10 sen to RM10.84), TM (+10 sen to RM5.03), TENAGA (+4 sen to RM6.11), RHBCAP (+23 sen to RM7.78) and DIGI (+1 sen to RM4.01). Lagging Movers were IOICORP (-10 sen to RM5.34), PPB (-50 sen to RM17.14), CIMB (-5 sen to RM7.24), GENM (-7 sen to RM3.87) and KLK (-36 sen to RM23.64). Market breadth was negative with 302 gainers as compared to 541 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index gained 3.42 points or 0.22% on Monday. The Finance Index increased 0.38% to 13915.54 points, the Properties Index dropped 0.11% to 1045.59 points and the Plantation Index down 0.01% to 8820.75 points. The market traded within a range of 5.29 points between an intra-day high of 1562.60 and a low of 1557.31 during the session.

Actively traded stocks include GOCEAN, PDZ, PERISAI, NICORP, WINSUN, COMPUGT, SERNKOU, WIJAYA-WA, AT and FOCUS. Trading volume decreased to 1864.17 mil shares worth RM1610.89 mil as compared to Friday’s 2265.97 mil shares worth RM1941.98 mil.

Leading Movers were MAYBANK (+5 sen to RM8.61), BAT (+138 sen to RM53.90), YTL (+4 sen to RM1.51), SIME (+4 sen to RM9.63) and GENTING (+6 sen to RM10.70). Lagging Movers were TENAGA (-7 sen to RM6.04), DIGI (-3 sen to RM3.99), AXIATA (-1 sen to RM5.00), PETGAS (-6 sen to RM16.44) and GENM (-1 sen to RM3.94). Market breadth was negative with 349 gainers as compared to 469 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index gained 6.66 points or 0.43% on Friday. The Finance Index increased 0.66% to 13863.47 points, the Properties Index up 0.08% to 1046.78 points and the Plantation Index rose 0.30% to 8821.29 points. The market traded within a range of 6.24 points between an intra-day high of 1559.92 and a low of 1553.68 during the session.

Actively traded stocks include PDZ, COMPUGT, GPA, DIALOG-WA, NICORP, TIGER, EXTOL, PERISAI, GOCEAN and IPOWER. Trading volume increased to 2265.97 mil shares worth RM1941.98 mil as compared to Thursday’s 2185.22 mil shares worth RM1972.18 mil.

Leading Movers were TENAGA (+11 sen to RM6.11), MAYBANK (+6 sen to RM8.56), GENTING (+12 sen to RM10.64), SIME (+5 sen to RM9.59) and PBBANK (+6 sen to RM13.70). Lagging Movers were DIGI (-2 sen to RM4.02), MAXIS (-2 sen to RM5.75), GENM (-1 sen to RM3.95), PPB (-4 sen to RM17.66) and MMHE (-3 sen to RM5.41). Market breadth was positive with 511 gainers as compared to 304 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index lost 10.81 points or 0.69% on Thursday. The Finance Index fell 0.60% to 13771.94 points, the Properties Index dropped 0.78% to 1045.94 points and the Plantation Index down 0.77% to 8794.57 points. The market traded within a range of 9.74 points between an intra-day high of 1559.08 and a low of 1549.34 during the session.

Actively traded stocks include NICORP, MUIPROP, COMPUGT, TMS, WINSUN, TIGER, KBUNAI, HIBISCS-WA, MUIIND and TAKASO. Trading volume decreased to 2185.22 mil shares worth RM1972.18 mil as compared to Wednesday’s 2309.57 mil shares worth RM2145.93 mil.

Leading Movers were GENM (+1 sen to RM3.96), TM (+1 sen to RM4.84), MAXIS (+1 sen to RM5.77) and UMW (+1 sen to RM6.84). Lagging Movers were TENAGA (-13 sen to RM6.00), PBBANK (-12 sen to RM13.64), DIGI (-6 sen to RM4.10), SIME (-7 sen to RM9.54) and KLK (-58 sen to RM24.80). Market breadth was negative with 239 gainers as compared to 668 losers. -- JF Apex Securities Bhd



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Market Commentary

The FBM KLCI index gained 3.23 points or 0.21 percent on Tuesday. The Finance Index increased 0.54 percent to 13902.7 points, the Properties Index dropped 0.58 percent to 1051.13 points and the Plantation Index down 0.49 percent to 8881.55 points. The market traded within a range of 5.29 points between an intra-day high of 1566.12 and a low of 1560.83 during the session.

Actively traded stocks include NICORP, COMPUGT, TMS, HIBISCS-WA, AGLOBAL, SAAG, JCY, PERISAI, TIME and COASTAL-CA. Trading volume decreased to 2546.67 mil shares worth RM2258.05 mil as compared to Monday’s 2661.46 mil shares worth RM2119.19 mil.

Leading Movers were CIMB ( 15 sen to RM7.31), GENM ( 5 sen to RM3.94), PBBANK ( 4 sen to RM13.98), MAXIS ( 6 sen to RM5.80) and SIME ( 3 sen to RM9.64). Lagging Movers were KLK (-52 sen to RM25.46), TENAGA (-6 sen to RM6.13), YTL (-4 sen to RM1.48), AIRASIA (-8 sen to RM3.68) and TM (-6 sen to RM4.81). Market breadth was negative with 321 gainers as compared to 581 losers. -- JF Apex Securities Bhd



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CIMB Research has technical sell on Genting Malaysia at RM3.89

KUALA LUMPUR (Feb 14): CIMB Equities Research has a technical sell on Genting Malaysia at RM3.89 at which it is trading at a FY13 price-to-earnings of 13.4 times and price-to-book value of 1.9 times.

It said on Tuesday that Genting Malaysia tested the resistance trend line for the fourth time in the past year and the half.

“The market thinks that this line is important and so are we. The sharp fall since the final test has been sharper than the rest, which is likely an early indication that price could reverse further,” it said.

CIMB Research said the MACD and RSI sports bearish divergence signals, which suggests that the bulls are getting tired. The recent gap at RM3.94-RM4.01 could potentially be a good level to lock in gains.

“Failure to fill up this gap would be detrimental to the stock.

“The key support at RM3.78 is likely to give way soon. A break below would see prices fall towards RM3.17 next,” it said.



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The FBM KLCI index lost 3.66 points or 0.23% on Friday. The Finance Index increased 0.27% to 13859.41 points, the Properties Index up 0.63% to 1064.06 points and the Plantation Index down 0.52% to 8878.28 points. The market traded within a range of 5.35 points between an intra-day high of 1564.66 and a low of 1559.31 during the session.

Actively traded stocks include TEBRAU, MTRONIC, COMPUGT, KHSB, AGLOBAL, TMS, TIMECOM, EXTOL, WINSUN and DBE. Trading volume increased to 3354.88 mil shares worth RM2811.66 mil as compared to Thursday’s 3314.40 mil shares worth RM2974.84 mil.

Leading Movers were MAYBANK (+5 sen to RM8.52), GENM (+5 sen to RM3.90), PBBANK (+4 sen to RM14.00), AXIATA (+2 sen to RM4.99) and AIRASIA (+6 sen to RM3.78). Lagging Movers were TENAGA (-19 sen to RM6.11), IOICORP (-13 sen to RM5.47), GENTING (-16 sen to RM10.30), YTL (-3 sen to RM1.48) and SIME (-3 sen to RM9.67). Market breadth was positive with 566 gainers as compared to 371 losers. -- JF Apex Securities Bhd



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Genting M’sia falls on postponement of Florida bill

KUALA LUMPUR: Genting Malaysia Bhd’s stock fell close to 5% yesterday after news that the Florida legislature had postponed a vote on a bill to expand casino gambling in the state. However, analysts are still bullish on the company’s prospects.

Genting Malaysia fell 4.99% or 20 sen to RM3.81 on a volume of 24.04 million shares, while its parent, Genting Bhd, lost 4.55% or 50 sen to close at RM10.50 with 12.48 million shares traded yesterday.

The postponement of the vote by a Florida’s House of Representatives committee has stalled Genting Malaysia’s plan to build a US$3.8 billion (RM11.4 billion) 5,200-room casino resort overlooking Miami’s Biscayne Bay.

But RHB Research and CIMB Research are still maintaining their “outperform” recommendations on the stock, with target prices of RM4.20 and RM4.80 respectively.

Both RHB Research and CIMB Research said yesterday that the postponement of the vote does not mean that casino gaming in Florida is completely ruled out.

RHB Research added that there are still other avenues for the company to explore in order to get the project approved by lawmakers.

The local research house stated that it does not expect any financial impact from the postponement of the bill as Genting Malaysia’s management had told the research firm that the US$3.8 billion for the casino resort will not be spent unless the casino law is approved.

CIMB Investment, in a report yesterday, said that even if the bill does not go through, the buildings or landbank could still be used for non-gaming purposes since tourism is a huge business in Florida. If this were the case, the project’s development period should be considerably longer at around 10 to 15 years, it added.

Genting Malaysia has already bought nearly US$450 million worth of property for its project in Florida.

RHB Research said there is little chance that lawmakers will approve the sensitive bill this year, being an election year, while CIMB Research said it expects a retooled casino bill to make a comeback in the 2013 legislative sessions.

RHB Research said, according to state records, the Genting group contributed US$629,529 in the final seven months of 2011 to Florida lawmakers, parties and political committees, including US$385,000 to the state Republican Party, which controls the Legislature and the governor’s office.


This article appeared in The Edge Financial Daily, February 9, 2012.



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Hitch in Miami gaming law approval for Genting Malaysia

Genting Malaysia Bhd (Feb 8, RM3.81)
Maintain outperform with fair value RM4.20: Genting Malaysia’s plans to build a US$3.8 billion (RM11.4 billion) 5,200-room resort overlooking Miami’s Biscayne Bay have stalled with the postponement of the vote on a bill to expand casino gambling by a Florida House of Representatives committee. What this means is that there is little chance that lawmakers will approve this sensitive bill this year, being an election year.

According to news reports, Jessica Hoppe, vice-president of Resorts World Miami, said the company had not decided on its next plan of action, which could include taking the issue directly to voters.

According to state records, the Genting group contributed US$629,529 in the final seven months of 2011 to Florida lawmakers, parties and political committees, including US$385,000 to the state Republican Party, which controls the legislature and the governor’s office.

While this may be disappointing news, we believe the game is not over for Genting Malaysia’s Miami project, as it is just a postponement of the vote and not a vote against casino gaming completely.

In addition, there are still other avenues for the company to explore in order to get the project approved by lawmakers. As management has assured us that the US$3.8 billion will not be spent unless the casino law is approved, we do not expect there to be any financial impact from this delay.

Risks include: (i) a slower than expected global and regional economic recovery, which could affect domestic sentiment and visitor arrivals; (ii) lifting of domestic subsidies for food and transport costs, which would lower disposable income; and (iii) intensifying competition from regional players.

We make no change to our forecasts. Our sum-of-parts-based fair value remains at RM4.20 and we maintain our “outperform” recommendation on the stock. — RHB Research Institute, Feb 8


This article appeared in The Edge Financial Daily, February 9, 2012.



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Malaysian market sees record volume, KLCI at 6-month high

KUALA LUMPUR (Feb 8): Trading volume on Bursa Malaysia surged to a record 4.39 billion units on Wednesday, driven by strong speculative trading in penny stocks while the FBM KLCI hit a six-month high of 1,553 as it played catch-up with regional peers.

At the close, the KLCI was up 14.41 points or 0.94%, aided by late buying of Tenaga, to 1,553.18 – the highest since Aug 2, 2011. Turnover was 4.39 billion shares valued at RM3.29 billion units. There were 593 gainers, 322 losers and 293 stocks unchanged.

Regional markets also put up a strong performance, with Japan’s Nikkei 225 up 1.10% to 9,015.59, Hong Kong’s Hang Seng Index rose 1.54% to 21,018.40, Shanghai’s Composite Index added 2.43% to 2,347.53.

Taiwan’s Taiex added 2.11% to 7,869.91, South Korea’s Kospi 1.12% to 2,003.73 and Singapore’s Straits Times Index 0.83% to 2,982.20.

In Europe, Britain's top share index rose in early deals with miners led up by metal prices and UK banks rallying as Citigroup kept its bullish stance on the sector, while the expectations of a Greek debt deal lingered in the background.

London's blue chip index rose 12.37 points, or 0.2% to 5,902.36 by 0932 GMT, pushing ahead after consolidating recent gains over the previous two trading days.

At Bursa Malaysia, the market got off to a staring start after an extended weekend, as speculators and investors were also quick to rush in to pick up riskier assets.

Among the index-linked stocks, Tenaga was the top mover performer, pushing the KLCI up by 4.99 points when it climbed 39 sen to RM6.38 while Sime Darby added 22 sen to RM9.68, pushing the index up by 3.12 points.

Among the banks, Public Bank rose 20 sen to RM13.96, CIMB 11 sen to RM7.11 and Maybank eight sen to RM8.41, pushing the KLCI up by a cumulative 5.59 points.

PPB was the top performer, rising 52 sen to RM17.72, Petronas Dagangan and Batu Kawan 50 sen each to RM18.86 and RM19.90. Hartalega added 33 sen to RM7.98.

Naim Indah jumped 31 sen to 49 sen with 267.36 million units done on expectations of a new major shareholder. Bursa Malaysia, which will announce its results on Thursday, added 30 sen to RM7.50.

Compugates was the most active with 451.47 million units done, prompting a query from the Bursa Malaysia Securities. It rose 3.5 sen to 12.5 sen.

GENTING BHD [] fell the most, down 50 sen to RM10.50 and Genting Malaysia 20 sen to RM3.81. RHB Research Institute said it was maintaining its Outperform recommendation on Genting Malaysia and its sum-of-parts fair value of RM4.20.

F&N was down 30 sen to RM17.30 after announcing lower first quarter earnings.



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Genting Malaysia dips on US casino delay

Genting Malaysia Bhd, owner of Resorts World Casino New York City, fell to a one-week low in Kuala Lumpur trading after the Florida legislature postponed a vote on a bill to expand casino gambling in the state.

The stock dropped as much as 2.2 per cent to RM3.92, the lowest intraday level since Jan 31. It traded at RM3.93 at 12:03 pm local time. Its parent Genting Bhd, which controls Asia’s second-biggest casino operator by market value, lost as much as 1.6 per cent. They were the top two worst performers on the FTSE Bursa Malaysia KLCI Index, which gained 0.9 per cent.

Genting Malaysia’s plan to build a US$3 billion casino resort overlooking Miami’s Biscayne Bay stalled when a Florida House of Representatives committee delayed a vote on the bill, leaving little chance for lawmakers to approve the issue before the end of the legislative session March 9.

“This is a negative surprise,” Loke Wei Wern, an analyst at CIMB Group Holdings Bhd, wrote in a report today. “This regulatory roadblock does not mean that casino gaming in the state is completely ruled out. But it does mean a longer wait for Genting Malaysia and other gaming companies hoping to penetrate Florida.” Loke kept her “outperform” rating with a price estimate of RM4.80.

Its Florida project, known as Resorts World Miami, would include four hotels, two residential towers and a 3.6 acre rooftop lagoon on land it agreed to buy from Miami Herald newspaper’s publisher McClatchy Co. in May, Genting Malaysia said on Sept 15. A casino would be included if Florida’s legislature and governor approve, it said.

The project’s development period may take “considerably longer” should the state’s legislature vote against the bill, CIMB’s Loke said. “The gaming element is still the project’s key appeal and we expect a retooled casino bill to make a comeback in future legislative sessions.” -- Bloomberg



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RHB Research: Game not over for Genting Malaysia’s Miami project

KUALA LUMPUR (Feb 8): RHB Research Institute is maintaining its Outperform recommendation on Genting Malaysia and maintains is sum-of-parts fair value of RM4.20.

It said on Wednesday that Genting Malaysia’s plans to build a US$3.8 billion 5,200-room resort overlooking Miami’s Biscayne Bay has stalled, as a Florida House of Representatives committee postponed a vote on a bill to expand casino gambling.

“While this may be disappointing news, we believe the game is not over for Genting Malaysia’s Miami project. Management has assured us that the US$3 billion will not be spent unless the casino law is approved, we do not expect there to be any financial impact from this delay,” it said.



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KLCI surges to 1,550 in early trade, Sime leads

KUALA LUMPUR (Feb 8): Blue chips surged in early trade on Wednesday with the FBM KLCI surging to 1,550, propelled by gains in Sime Darby.

At 9.04am, it was up 12.15 point to 1,550.92. Turnover was 182.53 million shares valued at RM93.60 million. There were 273 gainers, 45 losers and 127 stocks unchanged.

Sime rose 31 sen to Rm9.77, BAT 30 sen to Rm50, KLK 22 sen to RM25.12 and Tradewinds 22 sen to RM10.44. PetDag added 14 sen to Rm18.50 and DiGi 13 sen to RM4.24.

Naim Indah Corp jumped 14.5 sen to 32.5 sen after its major shareholder, Crest Energy Sdn Bhd is said to be in discussions with various parties to dispose of the shares.

However, F&N fell 98 sen to RM16.62 after its 1Q earnings fell 61% to RM41.74 million RM107.08 million a year ago, due to the absence of contribution from the Coca-Cola business.

It said earnings were also impacted by the different timing in the accounting of operating losses in Thailand due to the severe floods last year and recovery under its business interruption insurance policy.

GENTING BHD [] fell 12 sen to RM10.88 and Genting Malaysia lost 8.0 sen to RM3.93 after a bill that would have ushered in the largest gambling expansion in Florida history was withdrawn by its legislative sponsor last Friday.

The bill, which proponents said could lead to 100,000 new jobs for the state, faced a probable defeat at its first stop - the House Business and Consumer Affairs Subcommittee, according to Reuters.



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HDBSVR sees KLCI lacking market direction

KUALA LUMPUR (Feb 8): HwangDBS Vickers Research said the FBM KLCI could see a lack of market direction when trading resumes on Wednesday but Genting Malaysia could see trading interest after the latest development over its casino venture in Florida.

“On the chart, the bellwether may swing sideways with a marginal downward bias, with its immediate support level pegged at 1,530,” it said in its market outlook.

HDBSVR said during the closure of the Malaysian stock exchange on Monday and Tuesday, regional peers posted a mixed performance.

Over the two-day period, Singapore was up 1.4%, Japan (+1.0%) and Korea (+0.5%) chalked up gains but Indonesia (-1.5%), China shares listed in Hong Kong (-0.9%) and Hong Kong (-0.3%) lost grounds. Meanwhile, Wall Street showed little changes with key U.S. equity indices closing between -0.1% and +0.2% since last Friday.

HDBSVR said stocks that may be of added interest include: (a) Genting Malaysia, as its casino venture plan in Florida in the U.S. could be disrupted by last Friday’s withdrawal of a casino gambling bill by its legislative sponsor; (b) Coastal Contracts, after a business weekly reported that it plans to penetrate into the upstream segment of Indonesia’s oil & gas sector; and (c) The Media Shoppe, which may secure a RM21m contract to design, supply and commission passenger information and closed-circuit television systems.



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