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Tuesday, April 6, 2010

KLCI, Maybank, Salcon

DJ MARKET TALK: KLCI May Extend Winning Streak To 11 Sessions

0030 GMT [Dow Jones] KLCI may extend its winning streak to 11 sessions; blue chips expected to lead gains after U.S. shares climbed to 18-month highs overnight. Stronger MYR amid improved risk appetite, bullish technical signals also expected to boost investor confidence, dealers say; last time benchmark index gained for 11 days straight was in August 1994. TA Research says KLCI's close above 1340 yesterday signals "a bullish breakout which should boost upside momentum toward 1354 before more significant profit-taking emerge." Support tipped at yesterday's low of 1339. KLCI ended +0.4% at 1341.75

DJ MARKET TALK: HwangDBS Raises Maybank To Buy; MYR9.00 Target

0139 GMT [Dow Jones] STOCK CALL: HwangDBS Vickers Research upgrades Maybank (1155.KU) to Buy from Hold, raises target price to MYR9.00 from MYR7.30; Maybank well positioned to benefit from interest rate hikes as it has one of lowest cost deposits ratio among banks, says analyst Sue Lin Lim. With solid domestic franchise, especially for hire-purchase and mortgages, alongside improved prospects in Indonesia, where no further provisions expected for BII (BNII.JK), Maybank's loans growth expected at 12-15% over FY10-12, above industry average of 8-9%; revises up FY10-12 earnings forecast by 1-8%. "Maybank remains an attractive laggard big cap," Lim says; Notes shares trading at 1.9X 2010 book value vs 2.2X for rival CIMB (1023.KU).

DJ MARKET TALK: OSK Research Starts Salcon At Buy, MYR0.81 Target

0124 GMT [Dow Jones] STOCK CALL: OSK Research starts Salcon (8567.KU) at Buy, with target price of 81 sen; water engineering and construction company's orderbook stood at MYR1.2 billion as at end-2009, of which MYR576 million still outstanding. "With its current tender book at MYR1.5 billion, Salcon is poised to secure jobs worth MYR300-MYR450 million this year, based on its historical success rate of 20%-30%," says analyst Vincent Lim; adds, construction and engineering division revenue to increase 35.5% in FY10. Tips orderbook to be enlarged further in FY11 as company increases presence overseas in Thailand, Vietnam, India, Sri Lanka. In wastewater business, Salcon, now has eight concessions, mainly in China; expected to secure more China concessions in next 2-3 years, Lim says. Salcon down 0.7% at 71.5 sen.

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