Company Update
- The rights to purchase Allianz ICPS will start trading on 9 Jul and will cease trading at 5pm 16 Jul. We estimate the rights will trade at an estimated price of 61 sen.
- Based on our estimates of 35% and the assumption that the ICPS are worth the same as the ordinary shares, together with the 1.2x dividend payout for the ICPS, we believe the ICPS should trade at a premium of 20% from the ordinary share, or at RM4.55 after neutralizing the yield impact. This implies that the rights could trade up to RM1.37.
- We are maintaining our earnings forecast while adjusting our fair value after taking into account: 1) the fully diluted EPS after adjusting for ICPS; 2) the rollover of our base valuation year to FY11. Our new fair value for Allianz is RM5.32
RHB Equity 360° - 9 July 2010 (Allianz, Banks, KNM, LPI; Technical: Magna Prima)
Showing posts with label CapitaMalls. Show all posts
Showing posts with label CapitaMalls. Show all posts
Friday, July 9, 2010
Thursday, July 8, 2010
Mandarin Version - Market Technical Reading : Surpassing the 10-day SMA Will Confirm A Technical Rebound...-08/07/2010
Local Market Leads:
♦ The local bourse edged higher for a second day on Wednesday, recouping its earlier losses which were triggeredby the weaker-than-expected US overnight performance.
♦ US major gauges pared down most of its gains after the US service sector expanded at a slowest pace since Feb. This has renewed concerns on the health of the US economy.
♦ As a result, broad-based profit-taking activities happened across the regional markets, with an exception ofSHComp index (+0.49%). Hang Seng and Nikkei 225 dropped 1.13% and 0.63% each yesterday.
♦ Nevertheless, thanks to the late push-up, the FBM KLCI added 4.67 pts or 0.36% to 1,311.75, led by freshbuying momentum on Sime (+14sen) and Genting (+11sen).
♦ Although there were slight bargain-hunting activities, with rotational plays seen on selective lower liners, turnover reduced to 540m shares from 622m shares a day earlier. Market breadth turned negative, as losers outpacing gainers by 307 to 275.
Mandarin Version - Market Technical Reading : Surpassing the 10-day SMA Will Confirm A Technical Rebound......
♦ The local bourse edged higher for a second day on Wednesday, recouping its earlier losses which were triggeredby the weaker-than-expected US overnight performance.
♦ US major gauges pared down most of its gains after the US service sector expanded at a slowest pace since Feb. This has renewed concerns on the health of the US economy.
♦ As a result, broad-based profit-taking activities happened across the regional markets, with an exception ofSHComp index (+0.49%). Hang Seng and Nikkei 225 dropped 1.13% and 0.63% each yesterday.
♦ Nevertheless, thanks to the late push-up, the FBM KLCI added 4.67 pts or 0.36% to 1,311.75, led by freshbuying momentum on Sime (+14sen) and Genting (+11sen).
♦ Although there were slight bargain-hunting activities, with rotational plays seen on selective lower liners, turnover reduced to 540m shares from 622m shares a day earlier. Market breadth turned negative, as losers outpacing gainers by 307 to 275.
Mandarin Version - Market Technical Reading : Surpassing the 10-day SMA Will Confirm A Technical Rebound......
CapitaMalls Malaysia Trust : Public Issue of 22m New Units & Offer For Sale Of 764.5m Existing Units - 08/07/2010
CapitaMalls Malaysia Trust (CMMT) is a pure retail real estate investment trust (REIT) based in Malaysia with three assets valued at RM2.13bn comprising Gurney Plaza in Penang, part of Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor (see Table 2). In FY12/09, CMMT reported RM134.3m net property income on RM191.1m gross revenue.
CapitaMalls Malaysia Trust : Public Issue of 22m New Units & Offer For Sale Of 764.5m Existing Units -08/07...
CapitaMalls Malaysia Trust : Public Issue of 22m New Units & Offer For Sale Of 764.5m Existing Units -08/07...