Stock Market

Target Prices / Fair Value Compilation for Astro Malaysia

AstroThe demand for the Astro Malaysia IPO was very good. The  institutional portion of the initial public offering has been  oversubscribed by more than 20 times. On the retail front, it was oversubscribed by 6.08 times. Astro Malaysia IPO is the third largest this year behind FGV and IHH.

Various research houses give early target or fair prices for Astro Malaysia ahead of the listing day on 19th October 2012. All of them generally targeted higher than IPO subscription prices of RM3.00 per share in the range of RM3.09 to RM3.53. The average figure is RM3.25 or 8.4% higher than IPO price.

The table below is the compilation of target price / fair value from various research houses.

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Target Prices / Fair Value for IGB REIT

The demand for the IGB REIT IPO was very good. The  institutional portion of the initial public offering has been  oversubscribed by more than 30 times and oversubscribed by 21.75 times by the Malaysian public. IGB REIT IPO is the forth largest this year behind FGV and IHH.

The dividend yield for the IGB REIT was likely to be 5.1% to 5.2% a year.

Various research houses give early target or fair prices for IGB REIT ahead of the listing day, tomorrow 21st September 2012. All of them generally targeted higher than IPO subscription prices of RM1.25 per share in the range of RM1.37 to RM1.45.

The table below is the compilation of target price / fair value from various research houses.

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World Best Performing Stock Market in 2011

Stock Exchange

Majority the stock market in the world does not performing well in 2011 with only 7 out of 51 stock markets showing an increase in the market capitalization.

This included Bursa Malaysia with 0.48% market capitalization. However, it is in the top 10 of the world’s best-performing stock market in 2011.

The top 2 world’s best-performing stock markets are Irish with 86 percent increase in market capitalization. Meanwhile, the worst stock exchanges are Cyprus and Athens stock exchanges, which decrease more than 40 percent.

The table below is world stock exchange rank for year 2011.

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New Dec 2011 FBM KLCI Component Stocks

Bursa

The FBM KLCI is a tradable index comprises of the 30 largest companies in the Bursa Malaysia by market capitalization. The index’s a component underwent a review on 8th December 2011

The prediction made earlier, was partly correct. Bumi Armada, UEM Land and AirAsia are joining the KLCI to replace PLUS, MISC and Gamuda. UEM Land’s inclusion is effective from 13th December while Bumi Armada and AirAsia will be part of the index from 19th December.

With Gamuda drop from the index, there is no longer any construction representative in the index. However, the inclusion of UEM Land into the index gives a property sector representation.

The table below is the new FBM KLCI component’s stock together with their sector, market capitalization (actual & adjusted) and weightage.

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2011 KLCI Component Second Revision & Top 50 Largest Company

Bursa

The FBM KLCI is a tradable index comprises of the 30 largest companies in the Bursa Malaysia by market capitalization. The index’s component stocks are due for second 2011 revision on 8th December.

Based on the recent data, PLUS and Gamuda are expected to drop from FBM KLCI components. PLUS will be dropped due to privatization.

On the other hand, Gamuda will be dropped because it is now the 37th largest company by market capitalization. This is because as per FTSE regulations, if the counter no longer in the top 35th, it should be dropped from the FBM KLCI.

Based on the table below, to replace PLUS and Gamuda, 3 most likely candidates are Nestle, AirAsia and Bumi Armada.

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