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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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Brokers Report: SAPURAKENCANA - Reaffirmed By Contract Replenishments

Retain OUTPERFORM with an unchanged target price (TP) of RM1.90 SapuraKencana Petroleum’s (SAKP) wholly-owned subsidiaries have been awarded a combined value of c.USD300m (c.RM1.3bn) worth of contracts. The awards are for the engineering and construction (E&C) and drilling divisions. The Group’s orderbook wins to-date stands at RM5.5bn for FY17F. We continue to maintain our estimates however due to these new contracts being part of the replenishment for FY18 onwards, coupled with the nature of the contracts in which revenue is recognised on a progress billing cycle or call-out basis for instance. Our  Outperform  view on SAKP is nonetheless reaffirmed with an unchanged TP of  RM1.90  based on our blended SOP valuation. PETRONAS Carigali Sdn.  Bhd (PCSB) award. For a duration of 2 years and to be performed on a call-out basis, the Group secured a contract for the provision of underwater services located at the offshore waters of Peninsular M...
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Brokers Report: Kuala Lumpur Kepong - Steady Outlook

Retain NEUTRAL with a higher target price (TP) of RM24.90 We had a meeting with Kuala Lumpur Kepong (KLK)’s management recently and came away with a steady view on the company’s outlook. Despite seeing strong CPO price performance, we think current valuation remains unattractive at 23x forward PER. Hence, we maintain our  Neutral  call but with a higher  TP  of  RM24.90  (up from RM23.46) after rolling over our valuations to FY18. A rebound in FFB production.  After experiencing an 8.1% drop in FY16 FFB production, the company expects to see a recovery in FY17 with a 3-5% growth. The growth will mainly come from Kalimantan Tengah, which has seen a dip for 2 consecutive years. Malaysian production may be struggling to see a recovery due to a lagged effect of El Nino’s impact last year. Targeting a steady production cost.  Despite expecting an increase in fertiliser and labour expenses, the company targets to keep its prod...
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