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22 May 2015
US markets closed higher with the Nasdaq ending near record high levels. Similarly, European stocks climbed following stronger Euro and European Central Bank's minutes of meeting indicating continuous quantitative easing.

Back home, the FBM KLCI tumbled 15.07 points to 1795.04 points. Following the bullish performance in the US, the KLCI might stage a rebound with support seen at 1780 points. Investors will be eyeing Bank on Japan's monetary policy decision after its meeting today.

Stocks to watch are: a) MRCB, the group saw its 1QFY15 net profit surged 20 times yoy following the completion of the sale of Platinum Sentral and higher topline contribution from all of its business units; b) Oriental Food Industries, the group has proposed a bonus issue of 60 million new shares on the basis of one bonus share for every one existing share to entitled shareholders; c) Scomi, the group returned to the black in its 4QFY15 results with a net profit of RM22.75 million due to the turnaround in its transport solutions division; d) Alam Maritim, the group’s 1QFY15 net profit down by 45% yoy on lower average utilisation rate of offshore support vessels (OSV) and lower revenue from the offshore installation & construction (OIC) segment, e) Perdana Petroleum, the group's 1QFY15 net profit plunged 60.8% yoy mainly due to lower vessel utilisation resulting from slower work orders/contracts from oil majors which had been affected by the decline in crude oil prices; f) Econpile, the group has bagged a piling and substructure contract for a commercial development in Petaling Jaya, worth RM26.7 million.
21 May 2015
US markets ended mixed after coming off record highs as the Federal Reserve meeting minutes reinforce investor expectation of a rate hike in the second half of the year. Meanwhile, European stocks closed higher with slight pressure from concern on Greece.

On the local market, the FBMKLCI closed flat after adding 0.39 points to 1810.11 points. We expect the benchmark index to remain sideways below the resistance of 1830 points due to lack of positive catalyst. Asian markets will be eyeing China's PMI data later this morning to gauge market direction.

Stocks to watch are: IFCA MSC, the group has proposed to acquire Indonesia-based PT IFCA Consulting Indonesia (PICI) for RM32 million. PICI is principally engaged in the provision of turnkey business solutions and mainly distributes IFCA’s computer software to the property sector in Indonesia; Affin Holdings, the group’s 1QFY15 net profit slumped 79% yoy due to higher loan impairment and overhead expenses; CIMB, the group’s 1QFY15 net profit plunged 45.6% yoy due to higher corporate loan provisions from Indonesia; Deleum, the group’s 1QFY15 net profit fell 15.6% yoy on the back of lower contributions from its oilfield services segment and maintenance, repair and overhaul (MRO) segment.
20 May 2015
US stocks were mixed with the Dow extending its record high ahead of the release of Federal Reserve meeting minutes later today. Meanwhile, European markets jumped on European Central Bank's pledge on continuous quantitative easing.

Back home, the FBM KLCI bucked regional trend after tumbling 13.78 points to 1809.72 points, reversing Monday's gains. Asian markets could be lifted after Japan's first quarter GDP came above expectations. We expect the KLCI to move sideways below its resistance of 1830 points.

Stocks to watch are: Axiata, Padini, Tune Insurance, Ho Hup, Boustead Plantations, Star Publications, Econpile following their quarterly results announcements yesterday; WCT, after the group has decided to postpone its RM2b REIT to next year due to cautious market sentiment this year; Construction counters, the government will table the 11th Malaysian Plan (11MP) to Parliament tomorrow as builders are expected to be the major beneficiaries.
19 May 2015
US stocks climbed with the Dow and S&P hitting new highs after ignoring concerns on Greece and rising bond yields. Similarly, European markets ended higher after Greece stated its intention to enter into a new agreement with creditors by month-end.

On the local market, the FBM KLCI rose 11.58 points to 1823.50 points following a last minute spike. Following the optimism in global markets, we expect the KLCI to test the resistance of 1830 points with potential profit taking from the recent upward rebound.

Stocks to watch are: a) Amcorp Properties, the group announced that it has signed a 21-year renewable energy power purchase agreement (REPPA) with Tenaga Nasional Bhd; b) Scan Associates, the group is now classified as a Guidance Note 3 (GN3) company, following the High Court’s dismissal of the latter’s application to halt the classification today; c) Maybank, the group is exiting from Papua New Guinea (PNG) by hiving off its entire equity stake in Maybank (PNG) Ltd and Mayban Property (PNG) Ltd (MPPL) for RM418 million; d) Cahya Mata Sarawak, the group’s 1QFY15 net profit was 47.6% yoy higher mainly on strong contributions from construction materials and trading, cement, and construction and road maintenance; e) Malton, the group has received a letter of award for a RM208 million worth of contract to build one block of Royale Pavilion Hotel, which is located along Jalan Bukit Bukit Bintang and Jalan Raja Chulan; f) PJBumi, the group has signed three shipbuilding contracts worth RM44.46 million with Fast Boat Industries Sdn Bhd.
18 May 2015
Market Thoughts

US markets closed mixed with the S&P extending its record high despite lower economic data on consumer sentiment and industrial production. Meanwhile, European stocks ended lower after weaker US economic data and higher euro currency.

On the local market, the FBM KLCI continued its upward rebound after gaining 4.37 points to 1811.92 points. Due to the lack of catalyst, we expect the KLCI to consolidate and trend sideways below the resistance of 1830 points.

Stocks to watch are: a) Amway, the group reported a 40.1% yoy hike in its 1QFY15 net profit thanks to higher sales before the implementation of the GST; b) Choo Bee Metal, the group saw its 1QFY15 net profit risen by 32.5% yoy on stronger demand and better prices following dealers stocking up ahead of the implementation of the GST, stronger demand of steel from the construction industry, and improved average selling prices; c) Malakoff, the group has issued a statement denying it was considering buying the power assets of debt-laden 1MDB; d) Tenaga Nasional, the group said that it will consider buying a stake in 1MDB unit Edra Global Energy Bhd if the opportunity arises.
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Unit Price As At: 22-05-2015
Apex Fund NAV (RM)
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