KLCI opens higher, blue chips lead

KUALA LUMPUR (May 4): The FBM opened higher on Friday, lifted by gains at select blue chips.

The FBM KLCI rose 2.96 points to 1,586.13 at 9am.

Gainers led losers by 84 to 38 while 74 counters traded unchanged. Volume was 19.99 million shares valued at RM21.55 million.

Meanwhile, global stocks and crude oil fell on Thursday after data showing tepid growth in the U.S. services sector raised concerns about the economic recovery a day before a highly anticipated labor market report for April, according to Reuters.

Stocks turned lower, government debt pared losses and the U.S. dollar trimmed gains against the yen after the Institute for Supply Management said its services sector index fell to 53.5 in April from 56.0 the previous month, it said.

U.S. stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain plunged after poor results.

Slower-than-expected growth in the dominant U.S. services sector drove the day's trading. The retail sector dragged the market lower after several chains, including Target Corp and Gap Inc, fell after missing April sales estimates.

MIDF Research in a note Friday said bot its own and consensus FBM KLCI earnings growth for this year were expected to be at around mid-teens, i.e. 16.2% and 16.6% respectively, supported by (i) decent organic earnings growth performance, as well as (ii) absence of lumpy abnormal losses.

“Furthermore, we believe the current liquidity-driven rally has not yet ended despite recent difficulty of the KLCI to sustain itself above the 1,600 points levels,” it said.

The research house said that with the risk-on mood still prevailing on Wall Street, as attested by the main benchmark which is stealthily approaching its pre-2008 highs, it may eventually help the markets in this region to resume their upward momentum.

“Hence we expect to see further upside to the local market with an “encore rally” in the coming months.

“We reiterate both our year-high as well as year-end 2012 KLCI base case targets of 1,670 points and 1,600 points respectively,” it said.

On Bursa Malaysia, Aeon led the gainers and rose 40 sen to RM10.20, Petronas Dagangan and Top Glove gained 20 sen each to RM19.50 and RM4.70, Orient 12 sen to RM6.80, Petronas Chemicals 10 sen RM6.65, Genting eight sen to RM10.58, Lafarge Malayan Cement and MMC Corp up sen each to RM7.39 and RM2.78, and KLK six sen to RM23.78.



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KLCI rises 0.7% on positive external factors

KUALA LUMPUR (May 2): The FBM KLCI rose more than 0.7% on Wednesday, advancing in line with the firm gains at key regional markets following positive data coming out from the US.

Asian shares rose and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track while growth in Asian manufacturing improved broader sentiment, according to Reuters.

European shares were expected to open mixed, with most exchanges reopening after the May Day holiday on Tuesday. Financial spreadbetters predicted that major European markets, it said.

The FBM KLCI rose 0.75% to close 11.78 points higher at 1,582.39 on Wednesday, lifted by gains including at Genting-related counters.

Gainers beat losers by 458 to 281, while 288 counters traded unchanged. Volume was 1.33 billion shares valued at RM1.43 billion.

At the regional markets, the Shanghai Composite Index rose 1.76% to 2,438.44, Hong Kong’ Hang Seng Index added 1.02% to 21,309.08, Taiwan’s Taiex Jumped 2.33% to 7,676.81, South Korea’s Kospi gained 0.86% to 1,999.07, Japan’s Nikkei 225 was up 0.31% to 9,380.25 and Singapore’s Straits Times Index rose

On Bursa Malaysia, Genting was the top gainer and rose 32 sen to RM10.66, Aeon Credit added 30 sen to RM11, Aeon was up 29 sen to RM9.80, Orient 25 sen to RM6.67, Takaful 21 sen to RM4.17, Metrod,Tasek and Genting PLANTATION []s added 20 sen each to RM2, RM8.87 and RM9.60 respectively, Cybertowers 19. 5 sen to RM1.16 while Lafarge Malayan Cement was up 19 sen to RM7.38.

Naim Indah Corp was the most actively traded counter with 84.41 million shares done. The stock was up six sen to 51.5 sen.

Other actives included Utopia, Ariantec, Metronic, Astral Supreme, BIMB, AWC and Hubline.

Decliners included BAT, Shell, BLD Plantations, Y&G, Top Glove, Cepco, Milux MISC and JT International.



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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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KLCI down in early trade, slips below 1,590-level

KUALA LUMPUR (April 10): Shares on Bursa Malaysia fell in early trade on Tuesday with most investors staying on the side-lines given the weaker regional sentiment and a holiday-shortened trading week in Malaysia.

The FBM KLCI fell 2.84 points to 1,588.44 at 9.03am, weighed by losses at select blue chips.

Losers edged gainers by 59 to 47, while 100 counters traded unchanged. Volume was 27.05 million shares valued at RM13.07 million.

Wednesday is a public holiday in Malaysia in conjunction with the installation ceremony of the Yang DiPertuan Agong.

Meanwhile, Global stocks and crude oil fell on Monday as investors reacted to the surprisingly sharp slowdown in U.S. jobs growth reported last week, which raised concerns about the strength of the world's largest economy, according to Reuters.

Stocks on Wall Street and crude oil futures prices slid about 1% on the first trading day after the U.S. Labor Department reported the March jobs data. U.S. equity markets were closed on Friday for the Good Friday holiday, it said.

Among the aly decliners on Bursa Malaysia were Genting PLANTATION []s, Petronas Gas, Lafarge Malayan Cement, HLFG, Hong Leong Bank, Astino, Petronas Dagangan, Public Bank and Parkson.



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KLCI edges up in early trade in thin volume

KUALA LUMPUR (April 6): The FBM KLCI edged up in early trade on Friday, while regional markets eased with many bourses closed for the Good Friday and Easter weekend.

The FBM KLCI rose 0.67 of a point to 1,594.11 at 9.01am, liftedby elect ble chips.

Gainers led losers by 59 to 16, while 90 counters traded unchanged. Volume was 19.28 million shares valued at RM7.29 million.

Asian shares eased on Friday, when many markets were closed for the Easter holiday, as investors stayed on the sidelines ahead of key U.S. jobs data, avoiding risk after rising yields in weaker euro zone countries refuelled concern about Europe, according to Reuters.

Worries about Spain's rising bond yields were somewhat offset, however, by fresh U.S. data on Thursday that provided more evidence of a recovering labour market, raising the prospect for the non-farm payrolls report due later on Friday to be solid, it said.

Thursday's data showed U.S. jobless claims fell to the lowest level since April 2008, another positive news following a report on private-sector jobs earlier this week, boding well for the American government's widely watched monthly employment figures due on Friday, said Reuters.

Among the early gainers on Bursa Malaysia, BAT rose 70 sen to RM55.60, Petronas Dagangan added 14 sen to RM18.98, Favelle Favco roe seven sen to RM1.44, Lafarge Malayan Cement and Gopeng six sen each to RM7.13 an 78 sen, Takaful four sen to RM3.74, Hibiscus three sen to RM1.71, Ideal Jacobs 2.5 sen to 19.5 seb and Petra Energy two sen to RM1.08.

Naim Indah Corp was the most actively traded counter with 6.4 million shares done. The stock added half a sen to 49 sen.

Other actives included AirAsia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.

Decliners included Airasia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.



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KLCI ends week on positive note

KUALA LUMPUR (March 23): The FBM KLCI ended the week on a positive note, lifted by gains at select blue chips including Bat, Genting and Petronas Gas, bucking the regional markets

The KLCI closed 2.59 points higher at 1,585.83 but the broader market showed some weakness as losers beat gainers 520 to 282, while 317 counters traded unchanged. Volume was 2.0 billion shares valued RM1.41 billion.

Crude palm oil futures for the third month delivery rose RM80 per tonne to RM,3,422.

Meanwhile, world stocks held steady below this week's eight-month peak on Friday while the dollar fell broadly as concerns about growth in China and the euro zone and a renewed focus on sovereign debt problems in Italy and Spain kept investors cautious, according to Reuters.

At the regional markets, the Hong Kong Hang Seng Index fell 1.11% to 20,668.80, Japan’s Nikkei 225 lost 1.14% to 10,011.47, the Shanghai Composite Index fell 1.10% to 2,349.54, while South Korea’s Kospi gained 0.04% to 2,026.83 and Taiwan’s Taiex rose 0.21% to 8,076.61.

On Bursa Malaysia, Jaya Tiasa was up 61 sen to RM8.30, BAT 50 sen to RM53.80, Dutch Lady up 38 sen to RM30.98, Genting 24 sen to RM11, Chin Teck and MAHB up 20 sen each to RM9.30 and RM5.97, Petronas Gas 18 sen to RM16.70, Lipo 16 sen to RM1.20 and Lafarge Malayan Cement 14 sen to RM7.20.

Metronic was the most actively traded counter with 181.72 million shares done. The stock fell 4.5 sen to 21 sen.

Other actives included Ingenuity Solutions, Trinity, Ariantec, SAAG, Naim Indah Corp, Flonic, Astral Supreme and JCY.

Decliners on Friday included Ta Win Holdings, WSR shares and warrants, Kulim, S P Setia, Tasek, Milux, Mercury and Deleum.



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KLCI edges higher, lifted by bank stocks

KUALA LUMPUR (March 22): The FBM KLCI closed marginally higher on Wednesday, lifted by gains at select blue chips including Maybank, Public Bank, KLK, and BAT while trading volume surged to nearly 3.6 billion shares.

The 30-stock index rose 4.91 points to close at 1,582.53. Gainers beat losers by 384 to 339, while 270 counters traded unchanged. Volume was 3.59 billion shares valued RM1.79 billion following heavy transactions in penny stocks.

However, Asian shares eased on March, as concerns about China's slowing economy dampened the optimism generated by a brightening outlook for the U.S. economy that has been pushing equity markets higher since late last year, according to Reuters.

But financial spreadbetters predicted major European markets, it said.

At the regional markets, Japan’s Nikkei 225 fell 0.55% to 10.086.49, Hong Kong’s Hang Seng Index shed 0.15% to 20,856.63, South Korea’s Kospi lost 0.73% to 2,027.23, while the Shanghai Composite Index gained 0.06% to 2,378.20 and Taiwan’s Taiex rose 0.12% to 7,981.94.

Meanwhile, European stock index futures signalled gains on Wednesday, with stocks set to bounce back from the previous session's pull-back as investors bet U.S. housing data will give further evidence of economic recovery, eclipsing recent worries over Chinese growth, it said.

Among the gainers on Bursa Malaysia, BAT added 78 sen to RM53.20, PPB up 22 sen to RM16.78, Lafarge Malayan Cement, Sarawak Oil Palms and JTI up 17 sen each to RM7.25, RM6.70 and RM6.86 respectively.

Far East and Cepco added 15 sen each to RM7.40 and RM1.80, Metronic 14.5 sen to 25.5 sen, Tasco 12 sen to RM2.14 while Public Bank and KLK up two sen each to RM13.64 and RM23.43, while Maybank added one sento RM8.74.

Metronic was the most actively traded counter with 845.6 million shares done.

Other actives included Ariantec, Ingenuity Solutions, Focus, Tiger Synergy, Hubline, Asia-Bio, and Naim Indah Corp.

Decliners included Hartalega, Aeon Credit, Litrak, GAB, Gamuda, Kluang, United Malacca, SPMC, Allianz and MSM.



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KLCI advances, BAT, KLK higher

KUALA LUMPUR (March 20): Blue chips advanced in early trade on Tuesday, with BAT and KL Kepong among the top gainers, on mild fund-buying while the broader market reflected slight upward bias.

At 10.03am, the KLCI was up 4.16 points to 1,577.76. Turnover was 614.96 million shares valued at RM215 million. There were 205 gainers, 180 losers while 275 counters were unchanged.

HwangDBS Vickers Research said the KLCI may still range-bound between the immediate support and resistance levels of 1,555 and 1,580 for the moment.

“Meanwhile, continuing from where it left off in recent times, the list of most actively traded stocks would continue to be hogged by the second and third liners,” it said.

BAT was the top gainer, adding 22 sen to RM52.60, KLK 20 sen to RM23.52, Tasek 12 sen to RM8.70 and Petronas Gas 12 sen also to RM16.52 while Lafarge Cement added eight sen to RM7.16.



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FBM KLCI pares down gains on Friday noon

KUALA LUMPUR (March 16) : Malaysian stocks pared down earlier gains towards midday against cautious sentiment across Asian bourses as investors weigh China’s economic growth concerns versus improving sentiments in the US.

At 12.30pm, the FBM KLCI rose 1.31 points to 1,580.69 points, spurred by banking stocks. The index had earlier gained as much as 0.3% or 4.17 points to 1,583.55 during intr morning trade.

Turnover across Bursa Malaysia came to 1.38 billion shares worth some RM727 million. There were 329 gainers versus 286 decliners while 342 stocks were unchanged.

Top gainer THETA-WA rose 26 sen to 46 sen followed by United PLANTATION []s Bhd which added 22 sen to RM25.20.

Decliners include NESTLE (M) BHD [] which lost 30 sen to RM55.70 while LAFARGE MALAYAN CEMENT BHD [] was down 15 sen to RM7.15

Most active was METRONIC GLOBAL BHD []. The stock which received an unusual market activity query by regulators, jumped 56% or 4.5 sen to settle at 12.5 sen at lunch break with some 341 million shares done.

Analysts said Malaysian stocks may continue to trade sideways ahead of the weekend, as Asian equities consolidate seen due to weaker sentiment on China's economic growth prospects.

Among Asian indices, Australia’s S&P/ASX 200 declined 0.01% to 4,277.2 points, Taiwan’s Taiex fell 0.12% to 8,112.07 while South Korea’s Kospi was down 0.22% to 2,039.3. Hong Kong’s Hang Seng lost 0.23% to 21,303.6.

China stocks, however, rebounded following a sell down in recent days. The Shanghai Composite rose 0.35% to 2,382.15 points.

China’s outgoing premier Wen Jiabao had said on Wednesday that measures to curb property speculation must be maintained to prevent a real estate bubble which will be detrimental to the country’s economy. On Thursday, the Commerce Ministry announced that China’s foreign direct investment fell 0.9% to US$7.7 billion in February from a year earlier.

US Treasury Secretary Timothy Geithner said on Thursday the world’s largest economy is showing indications of early growth but still has to contend with tough challenges which require policymakers to undertake measures to generate jobs.



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Stocks to watch: Sin Heng Chan, Ramunia, MMC, asiaEP

KUALA LUMPUR (March 13) : Malaysian stocks could encounter downward pressure on Wednesday as investors turned cautious on the technical dynamics of the local market. Analysts believe any gains on the FBM KLCI could be stifled by profit taking amid a downside bias perception on the local benchmark.

In a note on Tuesday, Hong Leong Investment Bank Bhd research head Low Yee Huap said the research firm had changed its stance from positive to cautious as it foresees more profit taking consolidation in the local stock market.

Low said “the bears look stronger now” against a backdrop of weaker technical readings in the FBM KLCI.

On Tuesday, anticipation of better US retail sales numbers had spurred Asian stock markets and crude oil prices. Notable gainers include Hong Kong’s Hang Seng which rose 0.97% to close at 21,339.7 points and Australia’s S&P / ASX 200 which climbed 1.21% to 4247.62 while Taiwan’s Taiex was up 1.31% to 8031.51.

Malaysia’s FBM KLCI of 30 blue chip stocks which rose as much as 0.3% to an intraday high of 1569.15 points, however pared earlier gains to settle with a 0.73 point loss to 1564.02 points.

Stocks to watch on Wednesday include Sin Heng Chan (M) Bhd, RAMUNIA HOLDINGS BHD [], MMC CORPORATION BHD [],asiaEP Resources Bhd, Lafarge Malayan Cement Bhd , GEFUNG HOLDINGS BHD [] and YTL Corp Bhd.

Shares of Sin Heng Chan surged on Tuesday, prompting a query from Bursa Malaysia securities over the unusual market activity.

Its share price closed up 29.5 sen to RM1.10 with 8.48 million units done. However, the company said it was unaware of any reason for the unusual market activity.

Ramunia’s unit has secured a RM23.62 million contract from Aquaterra Energy Ltd to fabricate two wellhead support structures.

Gas Malaysia Bhd is seeking a further extension of six months until Oct 6 from the Securities Commission to complete the proposed listing exercise. MMC Corporation said Gas Malaysia had applied to the SC for its approval for the six-month extension.

West River Capital Sdn Bhd (WRC) has rejected TSM GLOBAL BHD []’s request for better offer terms including the price and this has seen the latter resolving to consider other offers.

TSM said WRC’s offer price would remain at RM1.25 per share.

asiaEP’s major shareholder Tian Ee Intertrade Sdn Bhd has made a requisition for an EGM following the company’s decision to terminate its planned private placement, the firm said in statement to Bursa Malaysia on Tuesday. asiaEP shares rose 0.5 sen to close at nine sen.

RHB Research Institute has upgraded LAFARGE MALAYAN CEMENT BHD [] from an underperform to market perform and revised upwards its fair value by 25% from RM5.94 to RM7.43. The research house has also raised its earnings forecast for the cement producer by between 3% and 21% for FY12 to FY14 period. Lafarge shares rose five sen to RM7.26.

Bahamas-based Golden Knights International Ltd emerged a a major shareholder in marble products manufacturer Gefung Holdings Bhd with a 5.11% stake. This follows Golden Knights’ acceptance of its entitlement from Gefung’s rights issue. Gefung shares added one sen to 17.5 sen

YTL Corp Bhd saw heavy trading after its unit YTL Communications Sdn Bhd was reported to be in the midst of implementing the 1Bestarinet project in government schools. The initiative involves the setting up of Internet access to enable virtual learning environment in public schools. Shares of YTL Corp were up two sen to RM1.68 with some 21 million shares done.



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KLCI pauses in line with regional markets

KUALA LUMPUR (March 12): The FBM KLCI slipped at mid-morning on Monday in line with the cautious sentiment at most regional markets.

Asian shares fell on Monday as investors paused to assess the effect of strong U.S. jobs data, which scaled back expectations for more easing ahead of this week's Federal Reserve meeting, while concerns over China's slowdown also weighed on sentiment, according to Reuters.

The FBM KLCI shed 0.90 of a point to 1,578.10 at 10am, weighed by losses at select blue chips.

Gainers led losers by 219 to 165, while 221 counters traded unchanged. Volume was 310.96 million shares valued at RM194.03 million.

At the regional markets, Japan’s Nikkei 225 was up 0.25% to 9,955.00, Hong Kong’s Hang Seng Index edged up 0.01% to 21,087.90, the Shanghai Composite Index added 0.09% to 2,437.29, , and Singapore’s Straits Times Index added 0.15% to 2,967.70, while South Korea’s Kospi fell 0.40% to 2,010.20, Taiwan’s Taiex was down 0.07% to 8,010.31.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Monday said The FBM KLCI lost 4.78 points and closed at 1,579.00 last Friday.

The weaker support areas for the FBM KLCI are in the 1,530 to 1,572 zone, he said.

“The next resistance levels of 1,579 and 1,597 may see heavy liquidation activities,” he said.

On Bursa Malaysia, decliners at mid-morning included Sunchirin that fell eight sen to RM1.40, Petronas Chemicals down sevens sen to RM6.77. Media Prima, KLK and Kulim lost six sen each to RM2.65, RM23.34 and RM4.20 respectively, whiel Bursa and Public Bankl fell four sen each to RM7.38 and RM13.70,

Naim Indah Corp was the most actively traded counter with 83.4 million shares done. The stock added six sen to 70.5 sen.

Other actives included HLS Corp, HWGB,Key West, and Hubline.

Gainers included Petrol One that rose 30 sen to RM1.15, Ekovest up 21 sen to RM2.78. Nice 15.5 sen to 51 sen, Tecnic 15 sen to RM3.85, Lafarge Malayan Cement and Bonia 12 sen each to RM7.37 and RM2.64, P.I.E 11 sen to RM4.75, UMW 10 aen to RM7.30 and NWP eight sen to 24 sen.



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Weak start for Bursa Malaysia’s first IPO of 2012

KUALA LUMPUR (Feb 23): Bursa Malaysia’s first initial public offer (IPO) for 2012, Sentoria Group Bhd, got off to a weak start, with the share price ending the morning session below its reference price of 87 sen.

The weak debut also reflected the cautious local and key regional markets as investors feared high oil prices would slow down global economic growth and also the continuing Euro zone debt crisis saga.

At 12.30pm, the FBM KLCI was down 1.08 points to 1,559.44. Turnover was 937.15 million shares valued at RM811.77 million. Declining stocks beat advancers 515 to 206 while 293 counters were unchanged.

All the key regional markets fell, with the exception of Japan where the Nikkei 225 rose 0.13% to 9,566.42.

Hong Kong’s Hang Seng Index fell 0.98% to 21.337.50, Shanghai’s Composite Index lost 0.05% to 2,402.30, Taiwan’s Taiex 0.71% to 7,945.15 and South Korea’s Kospi 1.12% to 2,006.01 while Singapore’s Straits Times Index shed 0.97% to 2,966.66.

At Bursa Malaysia, property developer Sentoria fell eight sen to 79 sen in active trade, with 21.62 million shares done. Its reference price was 87 sen, which was the placement price while the price offered to the public was 85 sen.

CIMB fell seven sen to RM7.17, dragging the KLCI down 1.23 points while HL Bank lost 12 sen to RM11.72 and Maybank one sen to RM8.70. Public Bank rose four sen to RM13.72.

AirAsia shed seven sen also to RM3.58, pushing the index down by 0.45 of a point. GENTING BHD [] lost four sen to RM10.80.

Among the PLANTATION []s, IOI’s decline of five sen, dragged the index down by 0.76 of a point. Batu Kawan fell 20 sen to RM18.60 and KLK 16 sen to RM23.48.

Lafarge fell 17 sen to RM7.20 and Boustead 16 sen to RM5.38 while SapuraCrest gave up 12 sen to RM4.88.

However, Axiata managed to support the index by 1.8 points when it rose nine sen to RM5.10. Tenaga added eight sen RM6.19, nuding the index by 1.02 points. United Plantations was the top gainer, up 54 sen to RM23.96, Hartalega 26 sen to RM8.23 and Oriental 25 sen to RM6.03.



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HDBSVR maintains Lafarge Cement fully valued at TP of RM6

KUALA LUMPUR (Feb 23): Hwang DBS Vickers Research is maintaining its fully valued recommendation on Lafarge Malayan Cement with a target price of RM6 pegged to 15 times 2012F PE (10% discount to its CONSTRUCTION [] sector average).

It said on Thursday that the dividends are supported by stable operating cash flow, substantial net cash position (RM244 million) and minimal capex requirements.

On the fourth quarter results, HDBSVR said the net profit was RM117 million (+46% on-year, +65% on-quarter).

The main factors were due to lower coal prices (Newcastle coal fell 6% on-quarter) and higher plant efficiency through lower maintenance costs, resulting in a 27% EBITDA margin vs 1Q11-3Q11’s 18-21%, and a lower corporate tax rate (18% vs 1Q11-3Q11’s 26%) after reversal of deferred tax.

HDBSVR said topline grew 6% on-year on higher cement prices (+9% in May 2011) and improved demand from higher construction activity, but mitigated by volatile rebates by smaller players.

“FY11 net profit beat our and consensus’ estimate by 13%. A 10 sen interim DPS was declared, taking FY11 dividends to 34sen and implying 91% full year payout.

“FY12 should be challenging for Lafarge, given: (i) enforcement of the Competition Act 2010 that is effective since January 2011; (ii) greater indirect pricing pressure as smaller players offer larger rebates; and (iii) potentially late kick-start of major infrastructure projects (awards for MRT tunneling works are expected in April 12, with civil works likely to start a year later),” said HDBSVR.



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Market cautious in early trade

KUALA LUMPUR (Feb 22): Blue chips edged lower in early trade on Wednesday as the rally seemed to have run out of steam with PLANTATION []s among the major decliners as investors took profit.

At 9.08am, the FBM KLCI fell 1.28 points to 1,562.50. Turnover was 124.26 million shares valued at RM40.44 million. There were 112 gainers, 90 losers and 154 stocks unchanged.

CIMB Research said in its market outlook that the rebound from Friday continues to be weak as the internal sports weakness. There are more losers compared to gainers in the past week suggesting that the rally is running out of steam.

The research house said the KLCI is still below the key resistance band of 1,560-1,565, where sellers have been strong.

“We continue to wait for a close below the 1,550 levels to confirm that the trend has reversed. For now, expect more sideways movement as the bullish momentum from the September lows grinds to a halt.

“A close below the 1,550 levels would likely send the index back towards 1,530 and 1,500 next,” said CIMB Research.

Among the decliners were plantations, with Harrisons down 26 sen to RM3.44, PPB 24 sen to RM17.40, Genting Plantations 23 sen to RM9.17 and IJM Plantations seven sen to RM3.28.

Eng Tek fell six sen to RM1.67 and Unisem five sen to RM1.42 on losses in the October-December quarter following the severe Thai floods last year.

Other decliners were Perwaja, down 14.5 sen to 76.5 sen, Petronas Dagangan 14 sen to RM17.96 and Lafarge Cement nine sen to RM7.15.



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LCI snaps two-day winning streak as select blue chips weigh

KUALA LUMPUR (Feb 15): The FBM KLCI snapped its two-day winning streak and closed lower on Wednesday, lagging its regional peers, weighed by losses at select blue chips.

The FBM KLCI fell 4.75 points to 1,561.30.

Gainers led losers by 433 to 385, while 346 counters traded unchanged. Volume was 2.31 billion shares valued at RM2.15 billion.

Meanwhile, regional markets rose on Wednesday as investors hoped Greece would deliver on a commitment to enact harsh reforms, while comments from China's central bank governor saying Beijing would continue to invest in euro zone government debt aided sentiment, according to Reuters.

Asian shares, including Shanghai, Hong Kong and Japan, also broke through key technical resistances, after Zhou Xiaochuan said Beijing remains confident in the euro and in the ability of euro zone members to solve their debt problems, it said.

The Shanghai Composite Index gained 0.94% to 2,366.70, Hong Kong’s Hang Seng Index added 2.14% to 21,365.23, Japan’s Nikkei 225 rose 2.30% to 9,260.34, Taiwan’s Taiex was up 1.54% to 8,005.24, South Korea’s Kospi added 1.13% to 2,025.32 while Singapore’s Straits Times Index added 0.81% to 3,011.68.

On Bursa Malaysia, Petronas Dagangan was the top loser and fell 56 sen to RM18.22; Hartalega lost 34 sen to RM7.92, Aeon 15 sen to RM7.70, Kossan and Carlsberg down 11 sen each to RM3.44 and RM9.45, Petronas Gas 10 sen to RM16.64, while Nestle, IGB, Hong Leong Bank and KLK fell eight sen each to RM55.40, RM2.67, RM11.62 and RM25.38 respectively.

Naim Indah Corp was the most actively traded counter with 268.3 million shares done. The stock rose four sen to 52 sen.

Other actives included TMS, Dataprep, Compugates, Tiger Synergy, Perisai, Emico, SAAG and KHSB.

Among the gainers, BAT added 70 sen to RM52.48, Amtek 27 sen to 50 sen, Kim Hin, SPB and Lafarge Malayan Cement up 16 sen each to RM1.44, RM3.74 and RM7.08 respectively, TSM 15 sen to RM1.47, while SapuraCrest added 12 sen to RM5.05.



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KLCI slips below 1,515-level at mid-day, select blue chips weigh

KUALA LUMPUR (Jan 31): The FBM KLCI slipped to below the 1,515-point level at the mid-day break on Tuesday, weighed by losses at select blue chips including Tenaga and PLANTATION []-related stocks.

The FBM KLCI fell 2.24 points to 1,511.31 at the mid-day break. Market breadth turned negative with losers leading gainers by 418 to 263, while 329 counters traded unchanged. Volume was 829.67 million shares valued at RM768.79 million.

The ringgit strengthened 0.43% to 3.0468 versus the US dollar; crude palm oil futures for the third month delivery fell RM19 per tonne to RM3,063, crude oil added 58 cents to US$99.36 while gold rose US$5.10 an ounce to US$1,735.18.

Meanwhile, Asian shares and the euro recovered earlier losses on Tuesday after Greek Prime Minister Lucas Papademos raised hopes for a deal to be reached this week to avoid a default, but markets were starting to worry that Portugal might need a second rescue, according to Reuters.

Japan’s Nikkei 225 added 0.40% to 8,827.91, Hong Kong’s Hang Seng Index was up 0.71% to 20,304.40, the Shanghai Composite Index gained 0.19% to 2,289.43, Taiwan’s Taiex added 0.24% to 7,425.48, South Korea’s Kospi was up 0.46% to 1,949.42, but Singapore’s Straits Times Index shed 0.40% to 2,876.84.

On Bursa Malaysia, BAT fell 54 sen to RM48.84, Hong Leong Bank 18 sen to RM11.32, MPI 17 sen to RM3.51, Asia File and Advanced Packaging 14 sen each to RM3.56 and RM1.18, JT International and Perstima 12 sen each to RM6.83 and RM3.78, Lafarge Malayan Cement 11 sen to RM6.67, Tenaga 10 sen to RM5.87 and Ta Ann nine sen to RM5.67.

Among plantation-related stocks, KLK fell six sen to RM25.66, while IOI Corp and Batu Kawan shed four sen each to RM5.36 and RM19.20.

Gainers included Glenealy, Malayan Flour Mills, Fima Corp, GAB, Coastal Contracts, Maxis, Mudajaya, Triplc, BLD Plantations and Shell, while the actives included DRB-Hicom, DBE Gurney, Axiata, TMS and DGSB.



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Lafarge shares change hands in internal restructuring

KUALA LUMPUR: Lafarge Malayan Cement Bhd saw 42.5% of its shares cross traded in an off-market deal as part of its internal restructuring.

Stock market data showed that 361.62 million shares were transacted at RM6.885 each at midday yesterday. A check with the company’s annual report indicated that its single largest shareholder Lafarge Cement UK plc owns that entire block of shares.

According to a source familiar with the company, the shares were moved to Associated International Cement Ltd (AIC), which is 100%-owned by Lafarge SA in France.

“It is an internal restructuring. It is to streamline the investments held by the UK companies. There is no point in having two companies holding the shares,” said the source.

According to Lafarge’s annual report, AIC holds 8.4% or 71.72 million shares. With the transfer, AIC will now hold about 50.9% stake, making it the single largest shareholder replacing Lafarge Cement UK.

Lafarge recently saw some changes in its boardroom where it appointed Bradley Peter Mulroney CEO and president, replacing Bi Yong So Chungunco, who had resigned.

According to an announcement to Bursa Malaysia on Jan 20, the company also appointed chief financial officer Chen Theng Aik to the position of executive director.

Lafarge shed one sen in thin trading to close at RM6.84 yesterday.



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Associated Intl Cement acquires 42.5% of Lafarge MCement under internal revamp

KUALA LUMPUR (Jan 26): Associated International Cement Ltd (AIC) acquired a 42.56% stake of LAFARGE MALAYAN CEMENT BHD [] (Lafarge MCement) on Thursday from Lafarge Cement UK Ltd.

A statement from Lafarge MCement on Thursday said AIC acquired the stake, comprising of 361.624 million shares, under an internal restructuring exercise via a direct business transaction on Bursa Malaysia.

Stock market data showed the 361.624 million shares were transacted at RM6.885 each.



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Lafarge MCement sees 42.5% stake crossed off-market at RM6.88 each

KUALA LUMPUR (Jan 26): LAFARGE MALAYAN CEMENT BHD [] saw a 42.5% crossed in an off-market deal at midday on Thursday.

Stock market data showed the 361.62 million shares were transacted at RM6.885 each.

According to the company’s annual report, the block of shares is owned by the single largest shareholder, Lafarge Cement UK PLC.

The company’s paid-up is 849.69 million shares.

The share price closed three sen lower at RM6.82 at midday.



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KLCI ends year of the Rabbit on a positive note

KUALA LUMPUR (Jan 20): The FBM KLCI closed higher on the final trading day of the Rabbit lunar year, in line with the positive close at key regional markets.

However, the for European stocks and the euro ran out of steam on Friday, with markets focused on debt talks between Greece and its private creditors that may prove the trigger for the next leg of the euro zone's debt crisis, according to Reuters.

The FBM KLCI closed 5.85 points higher at 1,522.66. Year-to-date, the index was up 1.34%.

Gainers beat losers by 512 to 249, while 301 counters traded unchanged. Volume was 1.65 billion shares valued at RM1.49 billion.

At the regional markets, Japan’s Nikkei rose 1.47% to 8,766.36, South Korea’s Kospi added 1.82% to 1,949.89, the Shanghai Composite Index up 1% to 2,319.12, Hong Kong’s Hang Seng Index gained 0.84% to 20,110.37 and Singapore’s Straits Times Index rose 1.36% to 2,849.38.

On Bursa Malaysia, KLK rose 70 sen to RM25.48, Hong Leong Industries up 24 sen to RM4.27, BLD PLANTATION []s and UMW 20 sen each to RM8.15 and RM7.10, Genting 16 sen to RM10.98, while Genting Plantations, TDM, Lafarge Malayan Cement, MPI and DKSH added 13 sen each to RM9.28, RM4.10, RM6.86, RM3.28 and RM1.98 respectively.

DBE Gurney was the most actively traded counter after it confirmed that it was in talks with a shareholder of CI Holding Bhd which includes a private placement exercise.

The stock fell half one sen to 12.5 sen with 169.3 million shares done, while its warrants fell half a sen to 7 sen with 57.7 million units done.

Other actives included TMS, Compugates, DVM, Flonic, Tiger Synergy and Utopia.

Decliners included BAT, Supermax, Bintulu Port, A-Rank, JT International, Shell, Atlan, KrisAssets and Harvest Court.



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