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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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Brokers Report: TRC - Above Expectations

Maintain BUY recommendation with target price (TP) of RM0.50



TRC Synergy delivered a much improved earnings performance in 3QFY16, due to improved margins and FX translation gains which bolstered its net profit to RM15.1m (+77.6% YoY, +251.2 QoQ). YTD, it registered 9MFY16 net of RM20.7m (-3.7% YoY). Stripping out FX gains (of c.RM7m), it registered net profit of RM8.1m during the quarter, or YTD net profit of RM13.7m, slightly above expectations or constituting c.78% of our full year estimates. FY16 earnings were adjusted upwards by c.40%, to account primarily for FX gains. Outstanding orderbook is estimated at c.RM1bn, driven by jobs such as Pan Borneo Highway (30% stake: contract value is RM1.31bn). Maintain Trading Buy and RM0.50 TP, pegged at PER multiple of c.10x of our FY17 EPS.
  • Outstanding order book at estimated RM1bn. With no new jobs secured in 3QFY16, the Group’s outstanding orderbook is estimated at c.RM1bn. To recap, key job wins among others include development of new Kuala Lumpur Air Traffic Control Centre, jobs from MRT Corp and Pan Borneo Highway. Main on-going jobs are the Kelana Jaya LRT extension project, MRT1, and KL Eco City building contracts. Separately, one of the packages secured from MRT Corp was terminated yesterday. Further to the termination letter, TRC had initiated the negotiation and discussion with the MRT Corp’s Project Delivery Partner on the consequences of the termination and to ascertain the final quantum of compensation payable to TRC. The negotiation is still ongoing. The contract sum is small at only RM74.4m, and hence we believe will not have any material effect on earnings. Going forward, jobs in the pipeline, among others include LRT3, MRT2 rail links and Pan Borneo Sabah.
  • Ara Damansara property development project. The long awaited Ara Damansara property project is now believed to be at the last stages of finalization, which consists of service apartments, hotel, office block and retail mall. The first launch is expected by 1QCY2017 and the expected GDV is c.RM1bn. We understand that the first phase is estimated to be c.RM300m.


Source: PublicInvest Research - 29 November 2016
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