The Star Online: Business
The Star Online: Business |
- KLCI opens in the red
- RHB Research maintains Magnum fair value at RM3.89
- Trading ideas: Tanjung Offshore, KNM, Encorp
| Posted: KUALA LUMPUR: The FBM KLCI opened lower at the start of Friday trading on mild profit taking of banks and selected stocks which had notched gains when the 30-stock index hit record highs earlier this week. The KLCI opened down 2.21 points to 1,806.21. However, it managed to reduce the losses and by 9.11am, it was down 0.47 of a point to 1,807.95. Turnover was 63.54 million shares valued at RM43.20mil. There were 98 gainers, 96 losers and 145 counters unchanged. JF Apex Research expected the KLCI to remain range bound above 1,800 after slipping 1.58 points to 1,808.42 on Thursday. "Asian stocks are poised for a second session of losses on Friday, brushing aside modest overnight gains from Wall Street as attention turns to corporate earnings results from around the region," it said. Allianz was the top loser, down 15 sen to RM9.82 while RHB Cap shed five sen to RM8.50. Maxis and Public Bank foreign eased four sen each to RM7.06 and RM17.24. Plantations were mixed after the crude palm oil futures for third month delivery fell to the lowest since 2009 on rising supplies concerns. PPB and Riverview fell 10 sen each to RM15.10 and RM4.06 but United Plantations rose 48 sen to RM27 with just 100 shares done. BAT added 26 sen to RM60.50 and GAB gained 12 sen to RM18.30 but Carlsberg fell four sen to RM14.90. Puncak Niaga's warrants, Puncak-WB jumped 19 sen to RM1.70 when they started trading on Friday. |
| RHB Research maintains Magnum fair value at RM3.89 Posted: KUALA LUMPUR: RHB Research is maintaining a fair value of RM3.89 for Magnum. It said on Friday there were no changes to its sum-of-parts based fair value at RM3.89 or RM3.40 after it goes ex-capital repayment of 49 sen per share on Aug 2 as it had previously excluded its insurance and property arm from its valuation. RHB Research expected Magnum's 2QFY13 revenue from its number forecasts operator (NFO) operations to hover around RM670mil to RM720mil. Assuming a normalised prize payout ratio of 68%, it believed Magnum's core earnings would fall within RM60mil to RM70mil range. The research house said there was Magnum's associated telco unit U-Mobile was planning for an IPO by end-2013 with an indicative market cap of RM4bil to RM5bil. "This could result in a one-off gain on disposal of MYR29.8m-MYR93.1m, which we deem positive for its share price. "Our net profit forecasts now stand at RM258.6mil to RM281.7mil for FY13F-FY15F with DPS of 14.4sen-15.7sen pegging dividend payout ratio of 80%. "We are downgrading our call to Neutral following the recent run-up in share price. Magnum now trades at 19.4 times FY14 P/E at par with other NFO operators in the country," it said. |
| Trading ideas: Tanjung Offshore, KNM, Encorp Posted: KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects Tanjung Offshore, KNM and Encorp to be among the companies which could see trading interest on Thursday. It said Tanjung Offshore was reportedly looking to undertake a major fund-raising exercise comprising a bond issue and share placement to acquire a controlling stake in a foreign oil & gas firm. As for KNM, it disposed of its loss-making entities in Brazil for RM12 cash. HDBSVR said Encorp bagged a RM114mil contract to construct a business centre in Cyberjaya, Selangor On the market outlook, it said sentiment could be cautious mood and profit-taking activity could cap the Malaysian bourse performance for the time being. "On the chart, the benchmark FBM KLCI will probably move sideways with a marginal downward bias ahead. Its key support line is presently seen at the psychological mark of 1,800," it said. HDBSVR said regional equities were expected to be wobbly in view of concerns over premature tapering of the quantitative easing programme by the US Federal Reserve. "Essentially, sentiment in Asia may still be restrained although leading stock indices on Wall Street ended up between 0.1% and 0.7% last night," it pointed out. |
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