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Monday, March 29, 2010

KLCI, Glove Makers, SPK-Sentosa, Axiata

DJ MARKET TALK:Axiata May Rise;Raises $600M From Stk Sale Of Unit

Dow Jones] Axiata (6888.KU) may rise to test MYR3.94 (2-week high) after pricing sale of 20% stake in Indonesian unit PT XL Axiata (EXCL.JK) at IDR3,300/share; sale price was at higher end of guidance, raising $600 million for Axiata; offering was covered at 3-4 times, says Axiata chief executive Jamaludin Ibrahim; XL Axiata chief executive Hasnul Suhaimi says between 50%-80% of shares will be allocated to Indonesian investors, with the rest to foreign investors; offering includes 1.8% greenshoe option which could be sold within one month; dealers say pricing of sale at top end of indicative range may boost Axiata shares; "Axiata's original cost of investment in the shares was about MYR1.4 billion, which means they will make a gain of up to MYR600 million from the sale," dealer says. Axiata ended 0.5% lower at MYR3.80 Friday, XL's share prices closed at IDR3,500.

DJ MARKET TALK: SPK-Sentosa May Rise On Unit Abu Dhabi Contract

GMT [Dow Jones] SPK-Sentosa Corp. (1813.KU) may rise after unit Pembinaan SPK awarded AED29.9 million (about MYR27.1 million) contract by Aldar Properties for main works on Al Raha Gardens Community Retail Center development in Abu Dhabi; trader tips stock may rise to MYR0.41 (30-day moving average) vs Friday's close of MYR0.35 (+1.5%) says trader. SPK-Sentosa says project, which starts this month, will contribute positively to FY10 net profit, will be completed by December. Trader says contract decent size for firm; in 4Q09, SPK posted net profit of MYR6.5 million on revenue of MYR49.5 million; but reported FY09 loss of MYR13.3 million. Adds "this award will be important in helping company swing back into the black in 2010."

DJ MARKET TALK: KLCI Biased Up; Glove Makers May Gain; 1318 Cap

0048 GMT [Dow Jones] KLCI likely to remain rangebound with positive bias ahead of investment conference starting Tuesday, where PM Najib expected to unveil new measures to boost economic growth, attract foreign investors. "Investors will mostly stay on the sidelines today to wait for fresh leads from the conference. The anticipation that there will be some good news from the conference may help keep the market in positive territory for the fifth consecutive day," dealer says; tips KLCI in 1312-1318 range. TA Research says rubber glove makers like Supermax (7106.KU) and Latexx (7064.KU) expected to maintain uptrend on strong medical glove demand outlook following recent U.S. healthcare bill approval. KLCI ended +0.2% at 1315.14 Friday.

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