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31 July 2015
US markets were mixed after second quarter GDP came slightly below expectations. Meanwhile, European stocks closed higher following encouraging corporate earnings announcements.

On the local market, the FBM KLCI was flat after ending 0.93 points higher at 1699.92 points. We expect sideways movement between support and resistance of 1685 and 1740 points respectively.

Stocks to watch are: a) Muhibbah Engineering, the group has bagged a contract worth RM158.2 million from Toyo Thai Malaysia Sdn Bhd for civil, concrete and buildings works for offsite areas of the steam cracker complex for the refinery and petrochemicals integrated development (RAPID) project in Pengerang, Johor; b) Unisem, the group’s 2QFY15 net profit surged 189% yoy to RM31.38 million due to a change in product mix and higher utilisation rates; c) Tenaga Nasional, the group’s 3QFY15 net profit more than halve to RM789.4 million compared to a year ago due to the recognition of the imbalance cost pass through (ICPT) tariff rebates during the quarter; d) Pestech, the group is teaming up with China's Shandong Electrical Engineering & Equipment Group (SDEE) to explore the power infrastructure market in Cambodia; e) Seacera, the group said that MAHB has terminated the RM152 million contract with its 60%-owned subsidiary SPAZ Sdn Bhd in relation to the proposed Malaysia Airports Academy at the KL International Airport in Sepang, Selangor; f) KAF-Seagrott & Campbell, following the KAF Investment Bank Bhd making a mandatory general offer (MGO) to the group at RM2.70 per share.
30 June 2015
US markets ended higher after the Federal Reserve maintained interest rate and rebound in oil prices. Similarly, European stocks climbed after encouraging corporate results.

On the local market, the FBM KLCI closed flat after shedding 0.71 points to 1698.99 points. Following the positive performance in the US and Europe, we expect the KLCI to stage a rebound with immediate resistance seen at 1740 points.

Stocks to watch are: a) XiDeLang, the group plans to acquire Jinjiang Yangsen Garments Co Ltd to expand its business to include the manufacturing of apparels; b) Datasonic, the group is eyeing to capture 50% of Malaysia's payment card-renewal market by the end of next year; c) MBSB and DRB-Hicom, as the media reported that the former is on track to obtaining a full-fledged Islamic banking licence with plans under way for a merger with Bank Muamalat, which is the subsidiary of the latter.
29 July 2015
Market Thoughts

US stocks closed higher yesterday as oil price stabilised and fears receded on China stock rout. Similarly, European markets ended higher as investors awaited for corporate earnings and Federal Reserve Policy Meeting.

Back to local market, the FBM KLCI lost 10.06 points or 0.59% to end slightly below 1700 points amid overnight losses in overseas markets and announcement of cabinet reshuffle. We expect the benchmark index to trend sideways, hover around 1700 level with our support level at 1670 points as tepid sentiment still weigh on the market.

Stocks to watch are: a) Malaysia Marine and Heavy Engineering, the group’s 2QFY15 net profit tumbled 55% yoy to RM18.03 million on lower income from its O&G structure construction unit; b) Fajarbaru, the group expects a double-digit growth in its earnings and revenue starting from the financial year FY17, driven by upcoming property launches and strong unbilled order book from its construction segment; c) Only World, the group is acquiring a 60% stake in Escaperoom Holdings Sdn Bhd (EHSB) for RM5.4 million as part of its expansion strategy and long-term objectives of becoming a market leader in the leisure and hospitality industry; d) Caring Pharmacy, the group’s 4QFY15 net profit more than doubled to RM2.63 million compared to a year ago, contributed by new store openings and revenue growth from existing outlets.
28 July 2015
US markets declined with the Dow hitting a 6-month low after Shanghai Composite Index tumbled 8% and lower commodity prices. Similarly, European bourses slumped after the selldown in Chinese markets and concern over economic growth.

On the local bourse, the FBM KLCI dropped 11 points to 1709.76 points. Following the bearish sentiment, we expect the KLCI to remain under foreign selling pressure and could test the immediate support level of 1705 points.

Stocks to watch are: a) Destini, the group has signed a collaboration agreement with AirAsia to act as a maintenance, repair and overhaul (MRO) services provider for the airline company; b) Mieco Chipboard, the group's single largest shareholder Purnama Kuantum Sdn Bhd (Purnama Kuantum) has ceased to be a substantial shareholder in the company on termination of Conditional Letter of Agreement dated Jan 21 this year; c) UEM Edgenta, the group has tied up with Resource Data Management Ltd's (RDM UK) unit Resource Data Management Asia Sdn Bhd (RDM Asia) to form a joint venture (JV) company to offer energy management services, together with remote monitoring and control solutions; d) London Biscuits, the group said that it is not considering a merger and acquisition (M&A) with its subsidiary, Khee San Bhd; e) Melati Ehsan, the group's 3QFY15 net profit fell 87.6% yoy due to lower operating profit from all segments of the group.
27 July 2015
US markets plunged following disappointing corporate earnings and concern on global economic growth. Similarly, European stocks declined in mixed earnings and slump in commodity prices.

On the local market, the FBM KLCI closed 1.68 points lower at 1720.76 points last Friday after recovering from an intra-day low of 1712.49 points. Following the bearish performance in the US and Europe, we expect the KLCI's lackluster performance to continue with support at 1705 points.

Stocks to watch are: a) Pensonic, the group returned to the black with a net profit of RM12.6 million for its 4QFY15 results, compared with a net loss of RM1.64 million a year earlier, thanks to higher export sales and property disposal gains; b) TMC Life, the group’s 4QFY15 net profit increased 48.5% yoy to RM3.98 million, on higher revenue contributed by higher patient load; c) Coastal Contracts, the group has bagged contracts worth RM130 million for the sale of two units of offshore support vessels (OSVs) and six units of low-end vessels; d) Datasonic, the group said that it has submitted three proposals to the Home Affairs Ministry in relation to the Malaysian Passport and Information and Communications Technology (ICT) Solutions and that talks are still on-going; e) Axiata, the group plans to invest US$2.6 million (RM9.9 million) for a 70% stake in WSO2 Telco Inc, which will offer mobile Internet and fulfilment-exchange services to mobile telecommunication network operators.
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