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Thursday, April 8, 2010

KLCI, Halex, Hong Leong, Sunway, CPO

DJ MARKET TALK: KLCI Down 0.9% Midday; 1329 Support Eyed
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0446 GMT [Dow Jones] KLCI down 0.9% at 1332.70 as broad-based profit-taking snaps market's 12-day winning streak; dealers say market taking cue from weaker U.S., regional markets. "After moving up without any stop for over 2 weeks, the market just ran out of steam. There were no positive catalysts externally and locally either," dealer says. Tips index to test 1329 support (April 2 low) in near-term. Volume at 493 million, in line with recent daily average; decliners beat gainers 3 to 1. Blue chips mostly lower, with CIMB (1023.KU) down 2.6% at MYR14.26, Tenaga (5347.KU) down 0.6% at MYR8.45, Maxis (6012.KU) down 0.8% at MYR5.28; Sunway City (6289.KU) bucked the trend, +2.2% at MYR3.78 on plans to set up biggest REIT in Malaysia.


DJ MARKET TALK: AmResearch Ups Hong Leong Bank Target To MYR9.70
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0359 GMT [Dow Jones] STOCK CALL: AmResearch raises Hong Leong Bank (5819.KU) target to MYR9.70 from MYR8.90 pegged to fair P/BV of 2X, based on revised ROE of 16.1% FY10F for the enlarged group, assuming the takeover of EON Capital (5266.KU) goes through. Notes, apart from existing all-cash offer of MYR7.30/EON Capital share, HLBB may also alternatively offer 85% cash (or MYR6.20 cash) and MYR1.10 in the form of new 0.12 HLBB shares valued at current market price of MYR8.90/share as requested by EON Capital's board. "The takeover would still be value enhancing and positive for HLBB as it reduces the burden of a larger rights issue later, which at the same time, serves as a goodwill gesture to selected major shareholders of EON Cap," says AmResearch. Keeps at Buy. Stock last down 0.6% at MYR8.83.

DJ MARKET TALK: HwangDBS Ups Sunway City To Buy; MYR4.70 Target
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0322 GMT [Dow Jones] STOCK CALL: HwangDBS Vickers Research raises Sunway City (6289.KU) to Buy from Hold, with higher target price of MYR4.70 vs MYR3.10 previously; this after Sunway City unveiled plans to inject 8 properties into REIT. House estimates REIT assets at MYR3.5 billion, with average 7% yield; says sale of assets to REIT may generate proceeds of MYR560 million, which could be redeployed for landbank acquisitions, new property investments. "We do not discount the possibility of special dividends to reward shareholders." Sunway City last +2.7% at MYR3.80.


DJ MARKET TALK: Charts Tip Halex As Short-Term Buy - Maybank
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0239 GMT [Dow Jones] STOCK CALL: Maybank Research rates agriculture chemical product maker Halex (5151.KU) as Short-Term Buy based on charts. "Halex is in a fledgling uptrend, confirmed by the positive crossovers on its technical indicators and potential Golden Cross on the 19- and 50-day moving averages," says chartist Lee Cheng Hooi; thinks Halex has great potential to reach resistance and target levels of MYR0.76, MYR0.83 and MYR0.91, after hitting recent all-time low of MYR0.625 with firm bullish divergence signals. Tips support at MYR0.63 with stop-loss at MYR0.61. Stock last down 2.2% at MYR0.655.


DJ Malaysia End-March Palm Oil Stocks Likely Down 5%-6% -Trade
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KUALA LUMPUR (Dow Jones)--Malaysia's palm oil inventories in March may have declined 5%-6% to around 1.68 million-1.70 million metric tons despite strong growth in production, as export demand for palm oil also improved, trade participants and plantation company executives said Thursday.

Crude palm oil futures have fallen 3.2% since March 1 under the weight of rising production. Plantation company executives said March crude palm oil output rose 7%-16% from the previous month.

However, end-March inventory numbers will likely decline because production may not be high enough to meet consumption, a senior trading executive based in Kuala Lumpur said.

The Malaysian Palm Oil Board is due to report output, exports and palm stocks data on Monday. CPO production was estimated at 1.16 million tons in February, while palm oil inventories at end-February were at 1.78 million tons, the MPOB said.

Export estimates by two cargo surveyors showed rising exports for March. Intertek Agri Services said shipments rose 12.1% to 1.35 million tons, while SGS (Malaysia) Bhd. said exports were up 7.7%, also at 1.35 million tons.

Analysts said March output rose significant on month because February was a shorter month and harvesting activities had spilt over to March, but growth reported by company executives came in a wide range from 7%-16%.

"Output at our palm estates has shown a single-digit increase (in March)," Lee Oi Hian, chief executive at Malaysia-based listed plantation company Kuala Lumpur Kepong Bhd. (2445.KU) said.

CPO production is likely to improve further in April, but the rise won't be "too much, as yields would be affected by the El Nino-induced dry spell in the second half of 2009," a Malaysia-based planter said. A prolonged dry spell lasting two successive months normally affects future yields.

Some trading executives put palm oil imports from Indonesia between 70,000 and 80,000 tons. Shipments from the world's largest palm oil-producing nation have likely risen due to a rush to ship out the oil to avoid a higher export tax effective in April.

An official at Indonesia's Ministry of Trade said last month that it would raise the palm oil export tax to 4.5% this month from 3%.

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