The Star Online: Business
The Star Online: Business |
- Affin Research maintains "Buy" on Gamuda
- KLCI rebounds, Petronas Gas, Genting up
- BIMB Research sees Malaysian equities rebounding
| Affin Research maintains "Buy" on Gamuda Posted: 13 Jun 2013 06:20 PM PDT Published: Friday June 14, 2013 MYT 9:21:00 AMKUALA LUMPUR: Affin Research is maintaining its "Buy" call on Gamuda Bhd with a target price of RM5.29. Affin said Gamuda had on June 13 announced that it accepted TPPT Sdn Bhd's RM620mil offer in relation to the proposed acquisition of 724.3 acres of land in Rawang, Selangor. "Funding for the proposed acquisition is not an issue given its high cash reserves and low net gearing at RM1.7bn and 0.1 times respectively as at Jan 31, 2013 and good profits from its construction and property divisions," it said. Affin added Gamuda intends to duplicate its success in Kota Kemuning,Bandar Botanic and Horizon Hills, and to develop the land into a premiere residential and commercial enclave. "Given the increasing scarce supply of land in the Klang Valley and the intended development, we believe the acquisition price of RM19.65 per sq ft is fair," it said. Affin said Gamuda is confident of the long-term prospects of the property development business in Malaysia and the proposed acquisition is in line with its plans to spend RM3bil in the next three years to increase its land bank in a few major cities.
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| KLCI rebounds, Petronas Gas, Genting up Posted: 13 Jun 2013 06:13 PM PDT Published: Friday June 14, 2013 MYT 9:13:00 AMKUALA LUMPUR: Malaysia's blue chips opened firmer on Friday, staging a rebound from Thursday's sell-off, as investors scouted for battered down but fundamentally strong stocks like Petronas Gas and Genting Bhd. At 9am, the FBM KLCI was up 6.27 points to 1,749.14. Turnover was 32.06 million shares valued at RM20.24mil. There were 175 gainers, 23 losers and 58 counters unchanged. Petronas Gas rose 46 sen to RM21.30, Genting Bhd and UMW 10 sen each to RM10.44 and RM14.24 while UEM Land added nine sen to RM3.21. Sime Dary rose eight sen to RM9.54. F&N was the top loser, down 52 sen to RM18.38 on profit taking after Thursday's sharp gains. Top Glove fell nine sen to RM6.26 and Petronas Dagangan eight sen to RM24.94. RHB Cap lost four sen to RM8.57, MPHB three sen to RM3.65and TM two sen to RM5.40.
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| BIMB Research sees Malaysian equities rebounding Posted: 13 Jun 2013 05:56 PM PDT Published: Friday June 14, 2013 MYT 8:56:00 AMKUALA LUMPUR: BIMB Securities Research expects Malaysian equities to rebound on Friday after it was oversold on Thursday as investor sentiment should perk up on the firmer overnight close on Wall Street. The research house said the local market was affected by strong sell-off in regional market as well where the FBM KLCI lost 32.25 points or 1.82% to end at 1,742.87 dragged down mostly by banking stocks. "Trading participation shows net buying from local retail and institutions while foreign institutions were net sellers. "The volatility in local market remains high but we believe the local market was oversold yesterday and expect to rebound today with immediate resistance at 1,745/50 while support at 1,740/35," it said. Over on Wall Street, the S&P 500 marking its best day in five months, bolstered by upbeat economic data and a late session report that eased worries about the Federal Reserve's monetary policy. The DJIA and S&P500 rose 1.21% and 1.48% respectively to finish at 15,176.08 and 1,636.36 respectively.
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