The Star Online: Business
The Star Online: Business |
- Coastal Contracts up on RM170m ships deal
- KLCI climbs nearly 9pts in early trade, CIMB leads
- RHB Research maintains Buy on Tune Ins, fair value RM2.15
| Coastal Contracts up on RM170m ships deal Posted: KUALA LUMPUR: Shares of Coastal Contracts rose to a high of RM2.75 in early Tuesday trade after it secured RM170mil in contracts for the sale of two ships. At 10.03am, it was up two sen to RM2.69. There were 518,200 shares done at prices ranging from RM2.69 to RM2.75. The FBM KLCI was up 10.23 points to 1,794.8. Turnover was 483.50 million shares valued at RM301.27mil. There were 317 gainers, 129 losers and 237 counters unchanged. Coastal Contracts secured contracts worth RM170mil which involved the sale of one anchor handling tug supply and one subsea support and maintenance vessel. The shipbuilder said including the new contracts, and after adjusting for revenue recognition from vessels delivered to buyers up to Aug 2012, it has about RM1.2bil worth of vessels sales orders awaiting delivery to customers up to 2014. |
| KLCI climbs nearly 9pts in early trade, CIMB leads Posted: KUALA LUMPUR: Malaysia's FBM KLCI shook over the initial losses on Tuesday to climb nearly nine points, with the next target at the psychological important 1,800 level again, amid a firm broader market. At 9.25am, the KLCI was up 8.89 points to 1,793.46. Turnover was 236.11 million shares shares valued at RM114.41mil. There were 206 gainers, 90 losers and 181 counters unchanged. Maybank KE Research said in its technical outlook that the resistance levels of 1,786 and 1,811 will cap market gains, whilst obvious support levels are at 1,767 and 1,784. It added the KLCI's recent swings are 1,826.22 (high), 1,723.74 (low) and 1,811.65 (high). It preferred to take a "Range Trading" stance on the index. "Firm buying support for the index came in at 1,766.70 recently. The index may be range bound today. It may creep up towards 1,800 again," said Maybank Research. Petronas Gas rose the most, adding 28 sen to RM21.20 and Petronas Daganagan gained 12 sen to RM28.80. Insurers were again among the top gainers, with Takaful up16 sen to RM8.99, reinsurer MNRB 11 sen to RM3.66. Among the banks, CIMB rose 10 sen to RM8.06 and AmBank seven sen to RM8.04. Small cap property players fell with Ibraco down 10 sen to RM1.50, Crescendo seven sen to RM3.01, KSL and Ken five sen each to RM2.05 and RM1.50. Top Glove gave up part of its gains from Monday to shed four sen to RM6.24. |
| RHB Research maintains Buy on Tune Ins, fair value RM2.15 Posted: KUALA LUMPUR: RHB Research is maintaining its forecasts for Tune Ins and fair value of RM2.15 derived from ascribing a target price-to-earnings (P/E) of 20 times to FY14 earnings per share (EPS). It said on Tuesday this was pending Tune Ins's H1, 2013 results due later this month. "We like the stock for its industry-beating earnings growth prospects. Future re-rating catalysts include: i) expansion into new markets, ii) overseas acquisitions, iii) more partnerships, and iv) a boost in take-up rates. Maintain Buy," it said. RHB Research said based on the latest passenger data from AirAsia (FV: MYR3.39), it expects Tune Ins's H1, 2013 online net earned premiums to reach RM45mil to RM50mil (Q1,2013: RM22.2mil). This should translate into an online net profit contribution of about RM25mil (Q1, 2013: RM11mil). It said the forecast was based on the assumption of a take-up rate of 26%-32%, ii) a 50% profit margin, and iii) online claims ratio being kept at about 4%. The AirAsia Group recently reported strong Q2, 2013 on-year passenger growth - AirAsia Indonesia, with 32.6%, AirAsia Thailand (25.1%), and AirAsia Malaysia (12.4%) - while AirAsia X (FV: MYR1.65) reported a commendable 24.2% growth over the same period. "Despite AirAsia's loss of potential business from Japan, Tune Ins is expected to see more contributions from fast-growing markets like China and Indonesia, and from new markets like Myanmar. The group is also committed to expand its market reach by having operations in as many as 18 markets by end-FY13. "More M&As of insurance licences may also materialise as AirAsia has presence in Brunei, South Korea and Taiwan. Also, contributions from its indirect partnership with Cebu Pacific Air are expected to flow in from H2, 2013," said RHB Research. |
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