Bursa Malaysia Daily Market Report - 23 April

Transcription

1. Monday , 23 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1 . Da ily M a rk e t C o m m e n ta r y 2 . We e k ly S t ra t e g y 3 . We e k ly T e c h n ic a l O u t lo o k Fu nd a me n tal Rep o r ts 1 . Ba n k i n g S e c t o r : F o r e ig n I n f lo w s 2 . Br i t i s h A m e ric a n T o b a c c o ( M a la ys ia ) Be rh a d : U n d e rv a lu e d D iv i de n d P l a y Te ch n ic al R ep o rt s 1 . We e k ly T e c h n ic a l S to c k Wa tc h 2 . Da ily M o n e y F lo w o f T e c h n ic a l S to c k W a tc h FBMKLCI 3 . T o p 1 4 S to c k P ic k s f o r G E 1 4 4 . We e k ly A c e M a r k e t S to c k W a tc h 5 . We e k ly S m a l l C a p S to c k Wa tc h 6 . We e k ly S to c k Sc re e n 7 . We e k ly F o re ig n Sto c k W a tc h (A U S , H K , F S S T I & U S ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
2. Daily Market Commentary Monday , 23 April 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (20.04.2018) Volume (mil) +/-chg (RMmn) Main Market 1,523.1 Warrants 536.8 ACE Market 365.4 Bond 9.1 ETF 0.9 LEAP 0.0 Total 2,435.2 Off Market 89.8 -133.9 -14.8 60.6 6.9 -0.1 0.0 1,987.6 114.8 57.0 1.1 1.2 0.0 2,161.7 -14.9 68.6 -532.2 6.6 -0.3 0.7 -0.4 0.0 36.6 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP April Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA (mn) 166 71 29 4 2 0 272 406 190 67 3 2 0 668 % chg % YTD chg Stock-wise, while banking and utility blue chips like Affin Holdings, Alliance Bank, DiGi.com and TM should see increased profit-taking interest on further strength, bargain hunting interest should return to cushion downside on lower liners such as EcoWorld, Hiap Teck, UEM Sunrise and WCT Holdings. -0.39 -0.51 -0.96 -0.34 5.06 1.75 -12.67 5.83 24,462.94 7,146.13 7,368.17 22,162.24 2,476.33 30,418.33 3,573.38 1,801.28 6,337.70 3,071.54 1,778.34 5,868.78 -201.95 -91.93 39.25 -28.94 -9.77 -290.11 -25.35 6.34 -18.21 -45.83 -36.30 -12.22 -0.82 -1.27 0.54 -0.13 -0.39 -0.94 -0.70 0.35 -0.29 -1.47 -2.00 -0.21 -1.04 3.52 -4.16 -2.65 0.36 1.67 5.01 2.71 -0.28 -7.12 -6.37 -3.24 News Bites Top 10 KLCI Movers Based on Mkt Cap. 0.42 0.14 0.10 4.50 0.59 5.09 7.15 1.70 0.40 Counter PBBANK TENAGA CIMB MAXIS HLBANK SIMEPLT DIGI NESTLE GENTING IOICORP Trend indicators on the FBM KLCI have improved considerably following last week's surge to test record highs, but short-term overbought momentum, specifically on the daily and weekly slow stochastics indicators, suggests that a profit-taking pullback is required to neutralize overbought technical conditions. Meantime, oil & gas stocks may continue to outperform given the stubbornly high global crude oil prices lifted by rising geopolitical risks from the Syrian conflict, potential Iran trade sanctions renewal next month and robust demand from China. Immediate uptrend supports on pullbacks are from the rising 10 and 30day moving averages at 1,874 and 1,861 respectively, followed by the 50day ma (1,855). Looking ahead, a convincing breakout above the 1,896 high should aim for 1,921, the 123.6% Fibonacci Projection (FP) of the Dec 2017 low (1,708) to the 1,880 peak, with next target at 1,946, the 138.2%FP. -7.43 -67.41 -143.95 -6.50 (RM) @ @ @ @ @ @ @ @ @ 1.30 0.21 0.16 0.12 1.44 0.00 0.89 0.76 1,887.75 13,168.54 14,890.96 1,889.00 Off Market BJASSET 44.8 AEM 18.5 CONNECT-PA 11.6 ATLAN 4.0 ZECON 3.0 QL 2.0 MISC 1.7 BJFOOD 1.4 ACOSTEC 1.3 Review & Outlook Value Value/ +/-chg Volume Up Down Mkt Cap. Chg (RM’mn) (RM) 93,448 90,203 67,346 45,848 39,685 37,541 35,221 34,706 33,948 29,188 -0.04 -0.08 -0.01 -0.01 -0.20 -0.08 -0.12 -0.30 -0.19 -0.01 Vol. (mn) 5.02 12.39 18.44 1.02 0.90 4.85 11.21 0.21 2.74 2.78 Important Dates AEMULUS - 1:4 Bonus Issue - BI of up to 109.7m shares. 1 bonus share for every 4 existing shares held. LISTING ON: 23/04/2018. AKNIGHT - 6:1 Rights Issue - RI of 348.8m shares together with 174.4m free detachable warrants. 6 rights shares together with 3 warrants for every 1 existing share held, at an issue price of RM0.10 per rights share. Trading of Rights: 18/04 - 24/04/2018. Application Closed: 03/05/2018. LISTING ON: 17/05/2018. • Bank Negara foreign exchange reserves rose US$2.2bn during the first two weeks of April to US$110bn, its highest level in three years, and is sufficient to finance 7.7 months of retained imports and 1.1 times the short-term external debt. • Malayan Banking Berhad obtained approval from Bank Negara Malaysia to acquire Permodalan Nasional Bhd's fund management firms, namely Amanah Mutual Bhd and Singapore Unit Trusts Ltd, for RM51mn cash. • Yinson Holdings Bhd and Japan's Sumitomo Corp plan to jointly pursue and collaborate in the leasing and operation of floating production storage and offloading and floating storage and offloading projects worldwide. • UMW Holdings Bhd's RM2bn perpetual sukuk was rated A1 by RAM Ratings Services Bhd, thanks to an improvement in its operating performance and financial profile. The ratings agency also reaffirmed its AA2 rating on the group's RM2bn Islamic MTN programme. • Top Glove Corp Bhd is proposing a 1-for-1 bonus issue involving up to 1.3bn new shares to reward shareholders and plans to issue up to USD300mn worth of bonds to repay Top Glove's bank borrowings. • Sinotop Holdings Bhd plans to purchase between 60% and up to the entire equity stake in Asianmax Corp Sdn Bhd, a construction unit controlled by its major shareholder Datuk Justin Soo, for as much as RM165mn. • Daya Materials Bhd is in discussions with many parties, including Siem Offshore Rederi AS, to formulate a plan to regularise its financial condition. • Sona Petroleum Bhd announced that it will be distributing the remaining monies held in its cash trust account, a cash equivalent of 1.15 sen per share, on April 30, 2018. • CIMB Thai Bank Public Co Ltd, a 94.11% subsidiary of CIMB Group Bhd, saw net profit for its 1QFY18 rise 39.3% YoY to THB168.9mn from THB121.2 mn. • AMMB Holdings Bhd confirmed that it settled its civil suit with Alliance Bank Malaysia Bhd for the alleged misappropriation of sensitive information via the latter's ex-employees. • Tek Seng Holdings Bhd is appealing against a March 22 court decision requiring its wholly-owned subsidiary Wangsaga Industries Sdn Bhd to pay Tenaga Nasional Bhd RM5.1mn in arrears. • Japan's consumer prices excluding fresh food rose 0.9% YoY in March versus a 1% YoY rise in February. • OPEC and Russia said they would keep a tight grip on crude oil output for the rest of the year, and perhaps into next. Exchange Rate USD/MYR 3.8975 0.007 USD/JPY 107.74 0.320 EUR/USD 1.229 -0.0059 Commodities Futures Palm Oil (RM/mt) 2,416.00 8.00 Crude Oil ($/Barrel) 68.34 0.12 Gold ($/tr.oz.) 1,336.30 -11.20 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
3. Monday , April 23, 2018 FBMKLCI: 1,887.75 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Strategy Market View, News in Brief: Corporate, Economy, and Share Buybacks Kaladher Govindan Tel: +603-2167 9609 kaladher@ta.com.my www.taonline.com.my M a r k e t V i e w FBMKLCI Could Undergo Healthy Consolidation The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) managed to push above 1,880 to challenge record highs last week, largely helped by a surge in heavyweight oil & gas counters as global oil markets firmed following top OPEC member Saudi Arabia’s outlook that prices may top USD100 a barrel, and fears the US may re-impose trade sanctions on Iran next month. However, profit-taking interest on small caps forced a pullback on Friday, given the absence of follow-through buying momentum ahead of the weekend. For the week, the local benchmark advanced another 19.28 points, or 1.03 percent to 1,887.75, with Petronas Dagangan (+RM2.12), Petronas Gas (+58sen), PPB Group (+52sen), Hong Leong Bank (+50sen) and HLFG (+38sen) dominating gains. Average daily traded volume and value retraced to 2.61 billion shares and RM2.33 billion last week, compared to the 3.32 billion shares and RM2.51 billion average respectively the previous week. At 1,896.03, the FBMKLCI almost surpassed the all-time high of 1896.23 last week before retreating. Although momentum indicators are showing profit taking bias in the immediate term, the healthy consolidation is necessary for the benchmark index to trend higher, especially immediately succeeding the 14th GE, presuming there is no change in the power base. A jubilant mood could easily cause the 1,900 barrier to be broken before testing 1,950 level. Continued up trend in crude oil prices could solidify the positive trend due to its contribution in reducing budget deficit and its high correlation with ringgit’s strength. A decision by the US to repeal the waiver on Iran’s oil sanction when it expires on 12 May will be a strong catalyst for the crude oil to break pass the USD80 per barrel level as that will affect at least a quarter of the estimated 2.5 million barrels per day that is shipped in February 2018 versus average 2.1 million barrels per day in 2017. About 62% of the 777 million barrels of crude that it shipped in 2017 went to buyers in Asia (mainly China and India) and the rest to Europe. It currently produces around 3.8 million barrels per day and is hoping to increase it to 4.7 million barrels per day by 2022. Despite these short-term drivers, stretched valuation may emerge as potential setback post14th GE rally. As it is, FBMKLCI is trading at a consensus calendar year 2019 price-toearnings ratio of 15.7x versus regions’ 14.8x (Thailand 14.7x, Indonesia 14.5x and Philippines 15.1x) and has outperformed all regional markets year-to-date. Thus, foreign funds could be tempted to sell and shift to undervalued regional markets post 14th GE rally. Besides, a check on ringgit’s performance post last four general elections since 1990 (excluding 1999 and 2004 when the ringgit was pegged) generally showed weakness, which vindicates foreign liquidation pressure. Besides that, concerns about trade war could return strongly post-election. The United States’ decision last week to impose a ban on American companies selling parts and software to ZTE for seven years caused a furore in China. China’s swift retaliation by requiring America’s Qualcomm Inc. to reapply for approval for its acquisition of Netherland’s NXP Semiconductors NV reassures investors that the trade war is here to stay. So far, Qualcomm has received approval from eight of nine required global regulators to finalise the acquisition. China’s clearance is the only one pending. Conditions can turn ugly in the not so distant future, potentially in June. This is after the expiry of 60 days public consultations period for the US to impose higher tariff on USD150 billion worth of imports from China. Hopefully, both economic superpowers start to engage on negotiations prior to that, which can delay the implementation time frame or mellow down the current hard stance. Page 1 of 7
4. 23-Apr-18 Economic data wise , the advance estimate of US first quarter GDP is due this Friday. Actual annual rate of growth could come in lower than consensus forecast of 2.1% and fourth quarter 2017’s 2.9% due to softer private consumption, private investment and exports. However, based on historical data, a weaker performance in the quarter is a norm before a much stronger growth in the following quarter. As such, a weaker data not necessarily points to dovish expectations about the future, especially from the Fed. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia www.ta.com.my Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 Page 2 of 7
5. 23-Apr-18 N e w s I n B r i e f Corporate Malayan Banking Berhad obtained approval from Bank Negara Malaysia to acquire Permodalan Nasional Bhd ’s fund management firms, namely Amanah Mutual Bhd and Singapore Unit Trusts Ltd, for RM51mn cash. (The Edge) Yinson Holdings Bhd and Japan's Sumitomo Corp plan to jointly pursue and collaborate in the leasing and operation of floating production storage and offloading and floating storage and offloading projects worldwide. Both companies have entered into a 10-year, binding Memorandum of Understanding for the purpose. Separately, Yinson said Sumitomo has participated in 26% equity in Yinson Production (West Africa) Pte Ltd through a Japanese consortium which is nearing completion. (Bursa Malaysia) UMW Holdings Bhd’s RM2bn perpetual sukuk was rated A1 by RAM Ratings Services Bhd, thanks to an improvement in its operating performance and financial profile. The ratings agency also reaffirmed its AA2 rating on the group’s RM2bn Islamic MTN programme. (The Edge) Top Glove Corp Bhd is proposing a 1-for-1 bonus issue involving up to 1.3bn new shares to reward shareholders. The group also plans to issue up to USD300mn worth of bonds to repay Top Glove's bank borrowings. (Bursa Malaysia) Comment: We view the exercise positively as the bonus issue will further increase trading liquidity. Meanwhile, we see the bond sale as a replacement for the USD310mn loan it recently took. This gives Top Glove more time to repay the loans along with lower interest rate. Maintain buy on Top Glove with an unchanged TP of RM12.20/share. AMMB Holdings Bhd confirmed that it settled its civil suit with Alliance Bank Malaysia Bhd for the alleged misappropriation of sensitive information via the latter's exemployees. The suit was reported to have named key personnel within AmBank Group's business banking division, and brought into question the near-term direction of the up-andcoming unit that was slated to spearhead the bank's growth in the coming years. (The Edge) Tek Seng Holdings Bhd is appealing against a March 22 court decision requiring its wholly-owned subsidiary Wangsaga Industries Sdn Bhd to pay Tenaga Nasional Bhd RM5.1mn in arrears. (Bursa Malaysia) Sinotop Holdings Bhd plans to purchase between 60% and up to the entire equity stake in Asianmax Corp Sdn Bhd, a construction unit controlled by its major shareholder Datuk Justin Soo, for as much as RM165mn. It inked a binding term sheet with Soo “to explore and negotiate further” with Soo for the stake buy. (Bursa Malaysia) Daya Materials Bhd is in discussions with many parties, including Siem Offshore Rederi AS, to formulate a plan to regularise its financial condition. As at the date of this announcement, it has not entered into any agreement with any party in relation to the regularisation plan. The statement was issued in response to a local daily's report that Siem Offshore Rederi would emerge as Daya Material's largest shareholder with more than a 20% stake if the latter can undertake the successful implementation of a regularisation plan. (Bursa Malaysia) Page 3 of 7
6. 23-Apr-18 Sona Petroleum Bhd announced that it will be distributing the remaining monies held in its cash trust account on April 30 , 2018. The amount to be distributed will be a cash equivalent of 1.15 sen for every share held in the company. Sona failed to convince shareholders of the viability of the USD25mn (RM100.8mn) Stag Oilfield acquisition in Australia. (Bursa Malaysia) CIMB Thai Bank Public Co Ltd, a 94.11% subsidiary of CIMB Group Bhd, saw net profit for its 1QFY18 rise 39.3% YoY to THB168.9mn from THB121.2mn. CIMB Thai attributed its earnings to an 8.1% growth in operating income and a 4.5% drop in provisions, offset by 10.6% increase in operating expenses. (The Edge) Page 4 of 7
7. 23-Apr-18 N e w s I n B r i e f Economy Asia Malaysia ’s Forex Reserves Rise to US$110bil, Highest Since March 2015 Bank Negara foreign exchange reserves rose US$2.2bil during the first two weeks of April to US$110bil, its highest level in three years. The reserves position was sufficient to finance 7.7 months of retained imports and was 1.1 times the short-term external debt. The main components of the international reserves were foreign currency reserves (US$103.2bil), International Monetary Fund reserves position (US$800mil), special drawing rights (US$1.2bil), gold (US$1.6bil) and other reserve assets (US$3.2bil). (The Star) Japan's March Inflation Dip Doesn't Signal Reversal of Trend While Japan’s key price gauge ticked down in March, the inflation trend remains intact as Bank of Japan Governor Haruhiko Kuroda begins his second term. Consumer prices excluding fresh food rose 0.9% in March from a year earlier, versus a 1% rise in February. The result was expected by economists surveyed by Bloomberg. Japanese Inflation Slips as Kuroda Begins New Term at BOJ. The latest reading heralds a soft patch but not a reversal of the price trend. Although it’s far from the BOJ’s 2% target, inflation excluding fresh food will be anchored above 1% over the coming months. Some further softness is likely in the months ahead, as the yen’s recent appreciation starts taking hold from May or June, slowing the rise in food prices. Food and energy prices are supporting CPI right now, adding that the BOJ will have no choice but to keep delaying its projected timing for reaching 2%. In fact, stabilizing core inflation above 1 percent will be a challenge, he said. (Bloomberg) Japan's Tertiary Activity Index Unchanged In February Japan's tertiary industry activity showed no variations in February, in line with expectations, data from the Ministry of Economy, Trade and Industry showed Friday. On a monthly basis, the tertiary industry activity index remained flat in February after a 0.4 percent decrease in January. Among the individual components of the survey, activity was up for transportation industry, postal service, finance industry, insurance industry, business related services, medical care, electricity, gas, heat supply, water supply industry, retail trade and item rental business. Meanwhile, activity was down for wholesale trade, information and communication industry, real estate business and lifestyle-related services. On a yearly basis, the tertiary activity index rose at a slower rate of 0.8 percent in February, following a 1.4 percent gain in January. (RTT) United States White House Sets Aside Skepticism, Backs Funding Increase for World Bank The Trump administration is backing a $13 billion increase in funding for the World Bank, putting aside its skepticism of the big government-backed institutions that manage the global economy, in part because it wants the World Bank as a counterweight to China’s growing international influence. The change, which will allow the bank to increase lending to poor-country clients, comes after what European and other officials described as difficult negotiations over tough terms demanded by the U.S. One official described the agreement as “touch and go,” and many doubted it would happen. U.S. Treasury Secretary Steven Mnuchin said Saturday that the increase in funding would allow the World Bank to shift resources to poorer borrowers and away from countries better able to finance their own development objectives. “There are reforms that they’re making that we think are quite significant along with the increased funding request,” Mr. Mnuchin told a news conference. The capital boost could help make it a stronger counterweight to Chinese-lending, including from the Beijing-led Asian Infrastructure Investment Bank, which is growing rapidly. President Donald Trump has repeatedly signaled a suspicion of multilateral institutions and initiatives, including the World Trade Organization which attempts to settle disputes in global trade. (WSJ) Page 5 of 7
8. 23-Apr-18 Steel Tariffs Likely to Lead to U .S. Job Losses U.S. tariffs on steel imports are likely to cost the American economy jobs. Although it is difficult to say exactly how many jobs will be affected, given the history of protecting industries with import tariffs, it can be conclude that the 25% steel tariff is likely to cost more jobs than it saves. The new tariffs are likely to lead to a net loss in U.S. employment, at least in the short to medium run. The Trump administration in March launched global tariffs on steel and aluminum, although imports from some countries have been exempted. The administration has threatened other protectionist moves as well, including tariffs on $150 billion worth of Chinese imports. The New York Fed economists sought to take stock of how the new steel tariffs could affect hiring and firing in the U.S. Many economists have said the tariffs won’t have much of a positive impact for the U.S., and the Fed post bolsters that view. While U.S. steel output has been “fairly stable” over a long period, employment in the sector has been in a long-running decline as workers have become more productive. (WSJ) Europe and Unite d Kingdom Germany PPI Inflation Accelerates Slightly In March Germany's producer price inflation accelerated for the first time in six months in March, though marginally, figures from Destatis showed. Producer price inflation rose to 1.9% in March from February's 14-month low of 1.8%. The rate was forecast to increase to 2.0%. Excluding energy, producer prices were 1.7% higher than last year and they gained 0.1% from the previous month. Intermediate goods were 2.3% more expensive in March than a year ago. The price index for energy grew 2.4% and those of consumer goods climbed by 1.4%. On a monthly basis, producer prices edged up 0.1% from February, when it dropped by 0.1%. Prices were expected to rise by 0.2%. (RTT) Commodity OPEC and Russia Back Continued Oil Cuts, Drawing Trump Ire A group of some of the world’s biggest crude producers said they would keep a tight grip on output for the rest of the year, and perhaps into next, capitalizing on the success so far of a risky bet they made 18 months ago to throttle back and lift oil prices. Senior officials from OPEC, Russia and other big producers gathered and said they were happy with a deal they put in place to 2016 to limit production and erase what was then a large glut of stored oil sloshing around the world. As the meeting ended, President Donald Trump weighed in via Twitter, appearing to respond to comments telegraphed from officials here in which they applauded the pact and pledged to stick with it for now. Mr. Trump in a tweet called oil prices “artificially Very High” and drew wider attention to the economic and geopolitical stakes stemming from recently climbing crude prices sparked in part by the deal. On Friday, Brent crude futures, the international benchmark, hit its highest price since November 2014, settling up 0.4% at $74.06 a barrel. The pact has largely worked: The members of the Organization of the Petroleum Exporting Countries and big non-OPEC producers, led by Russia, have stuck to eliminating 2% of the world’s production, as measured at the time. That has helped erase the glut. Amid rising demand from healthy economic growth in the U.S., Europe and Asia, the pact has also helped lift international oil prices to today’s relatively lofty levels above $70 a barrel. Page 6 of 7
9. 23-Apr-18 On Friday , Officials from Saudi Arabia and Russia signaled that they were happy with the results, but weren’t finished yet. Saudi Arabian Oil Minister Khalid al-Falih said “it’s not mission accomplished.” His Russian counterpart Alexander Novak said Moscow was committed to “100%” compliance related to its part of the cutbacks. He said the producers in the pact “need to extend [the] partnership” through next year. Mr. Novak had previously signaled Russia was content with today’s higher prices, leading some observers to speculate he might push to exit from the pact when it expires at the end of the year. Russian producers have pressured the Kremlin to let them open their taps. Mr. Falih signaled moderation in continuing cutbacks. He said producers that were part of the pact won’t keep cutting output “indefinitely.” And he said any new production regime next year shouldn’t “shock the market.” Mr. Falih also took aim at Mr. Trump, telling reporters at the meeting “there is no such thing as an artificial price.” (WSJ) Share Buy-Back: 20 April 2018 Company AMPROP FIMACOR GRANFLO HAIO INCKEN JCBNEXT KOMARK MALAKOF PRESTAR RCECAP SIGN SNTORIA SUNWAY SYSCORP TEXCYCL Bought Back Price (RM) Hi/Lo (RM) 15,000 30,000 50,000 10,000 15,100 10,000 68,300 45,600 30,000 25,000 240,000 50,000 750,000 173,000 30,000 0.67 1.98/1.97 0.215/0.21 4.98/4.93 0.685/0.675 1.65 0.18 0.89 0.88 1.38/1.36 0.53/0.52 0.625/0.615 1.57/1.55 0.25/0.245 0.67 0.675/0.665 1.98/1.97 0.215/0.20 5.02/4.92 0.685/0.675 1.65 0.18/0.175 0.90/0.89 0.88/0.86 1.40/1.36 0.53/0.52 0.625/0.615 1.58/1.55 0.25/0.24 0.67/0.65 Total Treasury Shares 17,673,200 4,524,900 9,423,900 9,191,588 17,767,600 287,100 7,528,000 60,178,600 7,807,200 14,315,625 13,407,100 8,000,800 47,226,462 5,051,800 1,920,950 Source: Bursa Malaysia TA RESEARCH – Remisiers’ Briefing Topic: Weekly Market Outlook Speaker: Mr.Kaladher/ Mr.Stephen Soo Venue: Level 8, Ex-Food Court, Menara TA One Date: 23 April 2018 (Monday) Time: 12.40pm Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia www.ta.com.my Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 Page 7 of 7
10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD 20-Apr-18 AUTOMOBILE BAUTO 2.24 2.33 4.0% Buy 2,597 0.55 12.1 19.0 18.5 11.8 4.9 5.1 2.47 -9.3 1.84 21.7 1.8 MBMR 2.45 2.68 9.4% Hold 958 0.70 24.7 26.9 9.9 9.1 2.4 2.9 2.60 -5.8 2.01 21.9 11.4 PECCA 1.15 1.62 40.9% Buy 212 0.64 9.7 10.9 11.9 10.5 4.3 4.3 1.70 -32.4 1.13 1.8 -25.8 SIME 2.80 2.55 -8.9% Sell 19,042 1.64 13.2 16.4 21.2 17.1 1.2 1.5 3.06 -8.5 2.03 38.2 26.7 UMW 6.15 5.52 -10.2% Sell 7,185 1.42 28.6 40.2 21.5 15.3 2.3 3.3 6.98 -11.9 4.70 30.9 18.3 BANKS & FINANCIAL SERVICES ABMB 4.48 4.60 2.7% Sell 6,936 1.11 32.6 35.8 13.7 12.5 3.6 3.6 4.49 -0.2 3.62 23.8 9.8 AFFIN 2.52 2.40 -4.8% Sell 4,896 0.93 22.2 23.9 11.3 10.5 3.2 3.2 2.98 -15.0 2.22 13.9 9.5 AMBANK 3.88 4.70 21.1% Buy 11,695 1.56 38.1 44.4 10.2 8.7 4.6 4.6 5.70 -31.9 3.61 7.5 -12.0 CIMB 7.30 8.60 17.8% Buy 67,346 1.57 58.2 59.9 12.5 12.2 4.0 4.1 7.39 -1.2 5.65 29.2 11.6 HLBANK 19.40 21.30 9.8% Buy 39,685 0.87 116.8 126.8 16.6 15.3 2.5 2.5 20.02 -3.1 13.72 41.4 14.1 MAYBANK 10.72 11.50 7.3% Buy 116,978 1.01 73.8 77.9 14.5 13.8 5.1 5.1 10.72 0.0 9.10 17.8 9.4 PBBANK 24.20 27.30 12.8% Buy 93,448 0.68 153.3 166.5 15.8 14.5 2.4 2.5 24.30 -0.4 19.90 21.6 16.5 RHBBANK 5.38 6.10 13.4% Buy 21,574 1.56 54.3 59.0 9.9 9.1 2.8 2.8 5.61 -4.1 4.71 14.2 7.6 BURSA 7.50 7.04 -6.1% Buy 6,047 0.89 29.2 30.0 25.7 25.0 4.8 4.8 7.65 -2.0 6.31 18.8 11.2 ANNJOO 3.00 4.34 44.7% Buy 1,605 1.25 43.5 46.3 6.9 6.5 7.2 8.3 3.98 -24.6 2.80 7.1 -22.3 CHINHIN 1.11 1.39 25.2% Buy 618 0.93 11.4 11.1 9.7 10.0 5.7 5.1 1.49 -25.5 1.00 11.6 -8.3 CSCSTEL 1.35 1.70 25.9% Buy 499 0.87 17.4 17.9 7.7 7.5 6.9 7.1 2.05 -34.0 1.27 6.3 -12.3 ENGTEX 1.01 1.38 36.6% Buy 440 0.89 13.8 15.7 7.3 6.4 4.1 5.4 1.52 -33.6 0.96 5.2 -8.2 GADANG 0.85 1.69 100.0% Buy 559 1.35 14.2 18.1 6.0 4.7 3.6 3.6 1.37 -38.3 0.80 5.6 -23.9 GAMUDA 5.11 5.84 14.3% Buy 12,572 0.84 34.4 36.4 14.8 14.0 2.3 2.3 5.52 -7.4 4.58 11.6 3.0 IJM 2.75 2.96 7.6% Hold 9,976 1.40 13.7 18.6 20.0 14.8 3.5 3.5 3.60 -23.6 2.53 8.7 -9.8 BUILDING MATERIALS CONSTRUCTION KAB 0.24 0.38 59.6% Buy 8 na 31.4 37.3 0.7 0.6 4.3 5.1 0.33 -28.8 0.20 17.5 -21.7 PESONA 0.32 0.45 42.9% Buy 219 1.52 4.8 4.6 6.5 6.8 4.8 4.8 0.73 -56.8 0.30 5.0 -30.0 SENDAI 0.94 0.79 -16.0% Sell 734 1.49 9.9 8.7 9.5 10.7 1.1 1.1 1.39 -32.4 0.68 38.2 8.7 SUNCON 2.19 2.65 21.0% Hold 2,830 0.80 14.7 16.4 14.9 13.3 3.7 4.1 2.64 -17.0 1.86 17.7 -12.7 WCT 1.16 1.50 29.3% Sell 1,632 1.15 11.3 10.8 10.3 10.7 2.6 2.6 2.48 -53.1 1.13 2.7 -28.4 LITRAK 5.69 6.26 10.0% Hold 3,004 0.38 45.6 47.1 12.5 12.1 4.4 4.4 6.15 -7.5 5.40 5.4 2.5 CARLSBG 19.20 18.09 -5.8% Buy 5,906 0.71 87.8 91.8 21.9 20.9 4.5 4.6 21.00 -8.6 14.36 33.7 25.5 HEIM 20.90 21.64 3.5% Hold 6,314 0.47 93.0 101.6 22.5 20.6 3.6 3.8 23.04 -9.3 17.24 21.2 10.6 AEON 2.00 1.97 -1.5% Buy 2,808 0.33 7.5 8.9 26.6 22.4 2.3 2.5 2.52 -20.6 1.45 37.9 13.6 AMWAY 7.60 8.59 13.0% Buy 1,249 0.54 48.3 49.9 15.7 15.2 5.3 5.4 8.10 -6.2 6.97 9.0 4.0 F&N 34.90 33.74 -3.3% Buy 12,792 0.54 122.7 145.8 28.4 23.9 2.3 2.7 35.80 -2.5 23.40 49.1 29.3 CONSUMER Brewery Retail HUPSENG 1.09 1.25 14.7% Buy 872 0.41 5.7 5.9 19.1 18.4 5.5 5.5 1.28 -14.8 1.02 6.9 0.0 JOHOTIN 0.96 1.48 54.2% Buy 298 1.18 11.1 11.7 8.6 8.2 6.3 6.8 1.76 -45.5 0.90 6.7 -20.7 NESTLE 148.00 129.90 -12.2% Sell 34,706 0.58 322.2 360.2 45.9 41.1 2.0 2.2 163.00 -9.2 81.00 82.7 43.4 PADINI 4.64 4.67 0.6% Sell 3,053 0.83 28.0 30.4 16.6 15.3 2.7 2.8 5.50 -15.6 3.10 49.8 -12.1 -30.7 POHUAT 1.24 1.78 43.5% Buy 273 0.54 20.1 23.1 6.2 5.4 4.8 6.5 2.07 -40.1 1.15 7.8 QL 5.14 5.41 5.3% Hold 8,339 0.67 13.3 15.5 38.5 33.1 0.9 0.9 5.24 -1.9 3.54 45.3 18.2 SIGN 0.53 0.92 73.6% Buy 120 0.88 6.6 8.7 8.0 6.1 4.7 6.6 1.07 -50.5 0.48 10.4 -24.8 24.86 34.72 39.7% Buy 7,098 1.31 170.8 168.8 14.6 14.7 6.4 6.4 46.48 -46.5 22.62 9.9 -37.9 GENTING 8.86 11.58 30.7% Buy 33,948 1.37 55.1 61.8 16.1 14.3 1.8 1.8 9.92 -10.7 8.47 4.6 -2.9 GENM 5.17 6.68 29.2% Buy 29,255 1.49 27.6 32.0 18.8 16.2 2.3 2.5 6.28 -17.7 4.59 12.6 -6.7 2.10 3.22 53.3% Buy 2,829 0.56 19.9 26.0 10.6 8.1 7.6 8.6 2.84 -26.1 2.06 1.9 -6.3 CCMDBIO 2.86 3.40 18.9% Buy 798 0.85 16.2 17.7 17.6 16.1 1.6 1.7 3.05 -6.2 1.97 45.2 13.0 IHH 6.12 6.40 4.6% Sell 50,426 0.69 11.9 15.0 51.5 40.9 0.5 0.6 6.33 -3.3 5.42 12.9 4.4 KPJ 0.88 1.13 29.1% Buy 3,687 0.68 3.9 4.3 22.4 20.1 2.5 2.8 1.14 -23.2 0.84 4.2 -9.8 HARTA 6.30 7.80 23.8% Sell 20,865 0.97 12.6 14.4 50.1 43.7 1.2 1.4 6.64 -5.1 2.45 157.7 18.0 KOSSAN 7.13 9.73 36.5% Buy 4,559 0.48 37.4 42.1 19.1 17.0 2.6 2.9 8.79 -18.9 5.62 26.9 -12.1 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves SUPERMX 2.92 2.70 -7.5% Buy 1,915 0.57 20.0 22.6 14.6 12.9 1.8 2.1 3.01 -3.0 1.69 72.8 46.0 TOPGLOV 10.00 12.20 22.0% Buy 12,768 0.52 35.3 42.7 28.3 23.4 1.4 1.7 10.44 -4.2 4.56 119.3 25.2 KAREX 0.79 0.93 18.5% Sell 787 0.81 1.8 3.0 44.3 25.9 0.6 1.0 2.26 -65.3 0.75 4.7 -39.6 SCIENTX 7.70 10.01 30.0% Buy 3,765 0.95 67.5 79.4 11.4 9.7 2.7 3.4 9.85 -21.8 7.45 3.4 -11.1 SKPRES 1.43 2.00 39.9% Buy 1,788 0.93 10.4 13.1 13.8 10.9 3.6 4.5 2.35 -39.1 1.25 14.4 -37.3 ASTRO 1.94 2.90 49.5% Buy 10,115 0.96 12.4 13.8 15.6 14.0 6.4 6.4 2.94 -34.0 1.75 10.9 -26.8 MEDIA PRIMA 0.32 0.45 40.6% Sell 355 1.38 -3.8 -1.7 na na 0.0 0.0 1.20 -73.3 0.32 1.6 -57.9 STAR 1.08 1.20 11.1% Sell 797 1.16 6.2 5.9 17.4 18.2 8.3 8.3 2.22 -51.3 1.06 1.9 -34.5 INDUSTRIAL MEDIA
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD OIL & GAS DNEX 0.40 0.69 74.7% Buy 694 1.93 4.0 4.3 9.9 9.2 2.5 2.5 0.69 -42.8 0.34 17.9 -18.6 LCTITAN 6.33 7.60 20.1% Buy 14,388 na 56.3 60.9 11.2 10.4 3.9 4.3 6.53 -3.1 4.14 52.9 34.7 MHB 0.80 0.81 1.3% Sell 1,280 1.42 0.5 1.7 166.6 48.0 0.0 0.0 1.03 -22.3 0.63 28.0 -3.0 MISC 7.20 7.00 -2.8% Sell 32,139 1.05 50.1 53.8 14.4 13.4 4.2 4.2 7.90 -8.9 6.73 7.0 -3.0 PANTECH 0.58 0.78 35.7% Buy 428 1.43 6.2 6.9 9.3 8.3 4.9 5.3 0.74 -22.3 0.51 12.7 -10.9 PCHEM 8.48 9.00 6.1% Hold 67,840 0.89 52.5 54.0 16.2 15.7 3.1 3.3 8.61 -1.5 6.80 24.7 10.1 SAPNRG 0.76 0.84 11.3% Buy 4,524 2.84 -5.0 -1.7 na na 0.0 0.0 2.02 -62.6 0.40 91.1 6.3 SERBADK 3.38 4.15 22.8% Buy 4,964 na 27.7 31.6 12.2 10.7 2.7 3.0 3.68 -8.2 1.79 88.8 4.3 UMWOG 0.29 0.39 34.5% Buy 2,383 2.54 0.4 1.2 75.9 25.0 0.0 0.0 0.68 -57.3 0.22 34.9 -4.9 UZMA 1.42 1.57 10.6% Hold 454 1.26 12.9 13.9 11.0 10.2 0.0 0.0 1.90 -25.3 1.18 20.3 10.9 FGV 1.72 2.09 21.5% Buy 6,275 1.67 2.0 3.4 85.1 50.5 2.9 2.9 2.18 -21.1 1.51 13.9 1.8 IJMPLNT 2.37 2.23 -5.9% Sell 2,087 0.21 6.5 8.2 36.2 28.9 3.4 3.8 3.22 -26.4 2.19 8.2 -13.5 IOICORP 4.78 5.43 13.6% Buy 29,188 0.95 19.0 21.3 25.1 22.5 5.5 3.5 4.81 -0.6 4.21 13.7 7.9 KFIMA 1.46 1.89 29.5% Buy 411 0.73 13.7 13.8 10.7 10.6 6.2 6.2 1.96 -25.5 1.44 1.4 -7.0 KLK 25.50 27.76 8.9% Hold 27,157 0.65 107.6 116.0 23.7 22.0 2.1 2.2 25.98 -1.8 23.80 7.1 2.0 SIMEPLT 5.52 6.27 13.6% Hold 37,541 na 19.6 20.0 28.2 27.7 2.5 2.9 6.00 -8.0 4.58 20.5 -8.0 TSH 1.35 1.81 34.1% Buy 1,864 0.46 9.3 9.6 14.5 14.1 1.8 1.8 1.82 -25.8 1.35 0.0 -18.2 UMCCA 6.10 6.21 1.8% Sell 1,279 0.39 17.0 22.4 36.0 27.3 2.6 3.0 7.08 -13.8 5.97 2.1 -6.3 GLOMAC 0.50 0.40 -20.0% Sell 397 0.66 1.5 2.5 33.1 20.2 2.0 2.0 0.66 -23.6 0.45 11.1 -9.8 HUAYANG 0.47 0.58 24.7% Sell 164 0.94 0.7 3.4 70.1 13.7 1.1 1.1 1.14 -59.2 0.44 5.7 -23.8 IBRACO 0.62 0.80 29.0% Buy 308 na 7.2 10.7 8.6 5.8 4.8 6.5 0.93 -33.0 0.50 24.0 -23.9 IOIPG 1.58 1.92 21.5% Buy 8,700 0.97 14.9 14.7 10.6 10.8 3.8 3.8 2.22 -28.8 1.50 5.3 -14.6 MAHSING 1.06 1.59 50.0% Buy 2,573 0.88 11.8 11.3 9.0 9.4 6.1 6.1 1.64 -35.4 0.98 8.2 -26.9 SIMEPROP 1.40 1.51 7.9% Hold 9,521 na 7.5 7.5 18.6 18.7 2.9 2.1 1.78 -21.3 1.04 34.6 -21.3 SNTORIA 0.62 0.76 23.6% Buy 344 0.31 8.3 8.6 7.4 7.2 1.6 1.6 0.82 -24.8 0.56 9.8 -11.5 SPB 4.30 5.10 18.6% Hold 1,478 0.68 18.7 24.0 22.9 17.9 2.8 2.8 5.50 -21.8 4.14 3.9 -12.2 SPSETIA 3.10 3.73 20.3% Buy 11,641 1.07 19.8 19.4 15.7 16.0 3.9 3.9 4.38 -29.3 2.77 11.9 -22.5 SUNWAY 1.57 1.75 11.5% Hold 7,651 0.98 11.8 12.4 13.3 12.6 3.8 3.8 1.96 -19.8 1.46 7.7 -3.7 SUNREIT 1.60 1.87 16.9% Hold 4,712 1.05 10.0 10.7 16.0 15.0 6.3 6.7 1.90 -15.8 1.48 8.1 -15.8 CMMT 1.18 1.48 25.4% Buy 2,408 0.90 7.9 8.4 14.9 14.1 6.9 7.3 1.83 -35.5 0.98 20.4 -35.5 PLANTATIONS PROPERTY REIT POWER & UTILITIES MALAKOF 0.90 0.82 -8.4% Sell 4,421 1.04 6.7 7.2 13.5 12.3 7.8 7.8 1.27 -29.5 0.85 5.3 -8.7 PETDAG 27.60 24.08 -12.8% Sell 27,419 0.61 114.7 116.3 24.1 23.7 3.1 3.2 28.08 -1.7 20.81 32.6 14.8 PETGAS 18.60 19.46 4.6% Buy 36,804 0.88 99.3 100.0 18.7 18.6 3.7 3.8 19.80 -6.1 15.82 17.6 6.4 TENAGA 15.92 18.22 14.4% Buy 90,202 0.62 131.3 127.5 12.1 12.5 4.1 4.0 16.34 -2.6 13.72 16.0 4.3 YTLPOWR 0.92 1.16 26.1% Sell 7,295 0.94 8.5 8.7 10.9 10.5 5.4 5.4 1.50 -38.7 0.92 0.5 -28.7 TELECOMMUNICATIONS AXIATA 5.45 6.50 19.3% Buy 49,319 1.61 15.9 19.4 34.2 28.0 1.5 2.9 5.82 -6.4 4.54 20.0 -0.7 DIGI 4.53 5.15 13.7% Buy 35,221 0.93 19.6 20.2 23.1 22.4 4.3 4.5 5.19 -12.7 4.36 3.9 -11.2 MAXIS 5.87 5.95 1.4% Sell 45,848 1.05 24.9 24.8 23.6 23.7 3.3 3.3 6.60 -11.1 5.30 10.8 -2.3 TM 5.50 7.20 30.9% Buy 20,669 0.64 22.8 24.9 24.1 22.1 3.7 4.1 6.69 -17.8 4.90 12.2 -12.7 ELSOFT 2.47 3.30 33.6% Buy 680 0.95 13.1 15.0 18.8 16.5 3.7 4.3 2.95 -16.3 2.10 17.6 -8.5 IRIS 0.17 0.22 29.4% Buy 420 2.48 0.0 0.3 618.0 53.7 0.0 0.0 0.25 -30.6 0.14 25.9 -8.1 INARI 1.77 2.43 37.3% Buy 5,512 0.58 9.1 10.2 19.4 17.4 5.6 6.2 2.55 -30.5 1.32 34.4 -21.9 TECHNOLOGY Semiconductor & Electronics Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report. MPI 8.26 10.70 29.5% Buy 1,643 1.06 73.9 86.9 11.2 9.5 3.9 3.9 14.52 -43.1 8.08 2.2 -34.5 UNISEM 2.29 2.55 11.4% Hold 1,680 1.16 19.0 20.3 12.1 11.3 5.2 5.2 4.25 -46.1 2.25 1.8 -37.3 TRANSPORTATION Airlines AIRASIA 3.80 4.93 29.7% Hold 12,700 0.83 41.1 41.1 9.3 9.3 2.1 2.1 4.75 -20.0 2.89 31.5 13.4 AIRPORT 9.00 8.61 -4.3% Sell 14,933 1.12 18.0 18.8 50.1 47.9 1.4 1.1 9.45 -4.8 7.25 24.1 2.4 Freight & Tankers PTRANS 0.26 0.46 80.4% Buy 323 na 2.3 3.7 11.1 6.9 2.7 4.4 0.38 -33.2 0.22 14.5 -8.9 TNLOGIS 1.10 1.45 31.8% Buy 501 0.99 10.3 10.5 10.7 10.5 4.5 4.5 1.79 -38.7 0.99 11.1 -17.9 WPRTS 3.40 4.06 19.4% Buy 11,594 0.40 15.6 20.0 21.8 17.0 1.1 1.4 4.06 -16.3 3.12 9.0 -8.1 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52week 52week % Chg High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 29.59 30.50 3.1% Buy 75,865 1.13 212.3 246.0 13.9 12.0 2.2 2.4 30.0 -1.2 18.89 56.6 19.1 OCBC 13.73 14.30 4.2% Buy 57,426 1.18 109.5 123.3 12.5 11.1 6.7 7.7 13.8 -0.4 9.61 42.9 10.8 UOB 29.69 27.80 -6.4% Hold 49,311 1.17 216.8 244.1 13.7 13.7 2.7 2.7 29.9 -0.7 21.41 38.7 12.2 PLANTATIONS WILMAR 3.21 3.50 9.0% Buy 20,539 0.89 25.4 27.7 12.6 11.6 3.1 3.4 3.9 -17.1 2.97 8.1 3.9 IFAR 0.32 0.37 15.6% Buy 459 1.06 3.1 3.9 10.5 8.3 1.3 1.7 0.5 -37.9 0.32 1.6 -17.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
12. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Outlook FBM KLCI: 1,887.75 (+19.28, +1.03%) Chartist : Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Pullback Needed to Neutralize Overbought Momentum The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) managed to push above 1,880 to challenge record highs last week, largely helped by a surge in heavyweight oil & gas counters as global oil markets firmed following top OPEC member Saudi Arabia’s outlook that prices may top USD100 a barrel, and fears the US may re-impose trade sanctions on Iran next month. However, profit-taking interest on small caps forced a pullback on Friday, given the absence of follow-through buying momentum ahead of the weekend. For the week, the local benchmark advanced another 19.28 points, or 1.03 percent to 1,887.75, with Petronas Dagangan (+RM2.12), Petronas Gas (+58sen), PPB Group (+52sen), Hong Leong Bank (+50sen) and HLFG (+38sen) dominating gains. Average daily traded volume and value retraced to 2.61 billion shares and RM2.33 billion last week, compared to the 3.32 billion shares and RM2.51 billion average respectively the previous week. The local benchmark index closed at a fresh near four-year high Monday, helped by late strength in key index heavyweights, but the broader market were mixed on profit-taking due to increased geopolitical tensions from the US-led airstrikes in Syria over the weekend. The KLCI ended up 10.29 points at the day’s high of 1,878.76, off an early low of 1,876.21, but losers edged gainers 518 to 409 on total turnover of 2.67bn shares worth RM2.06bn. Gains in oil & gas heavyweights Petronas Dagangan (+70sen) and Petronas Gas (+54sen) lifted the local blue-chip benchmark to close at a new near four-year high the next day, while small caps consolidated on profit-taking interest. The KLCI added 1.73 points to close at 1,880.49, off an early low of 1,873.09 and high of 1,885.12, but losers again edged gainers by 506 to 424 on higher turnover of 3.09bn shares worth RM2.79bn. Blue chips eased lower Wednesday due to profit-taking interest, diverging from firmer regional markets which responded to a strong start in the US corporate earnings season. The KLCI slipped 1.17 points to close at 1,879.32, off an early high of 1,884.84 and low of 1,873.11, as losers trumped gainers 617 to 285 on slower turnover of 2.33bn shares worth RM1.97bn. Core index heavyweights surged late session the subsequent day, while oil & gas related stocks bounced back on firmer global oil markets following top OPEC member Saudi Arabia’s view that prices may top USD100 a barrel, and fears the US may re-impose trade sanctions on Iran next month. The index was up 15.86 points for a record closing high of 1,895.18, off an early low of 1,883.65, as gainers led losers 505 to 374 on improved trade totaling 2.51bn shares worth RM2.68bn. Profit-taking forced the local benchmark to pullback from a record high early Friday, given the absence of follow-through buying from the previous session and weak market breadth. The index slid 7.43 points to end the week at 1,887.75, off an early high of 1,896.03 and low of 1,883.82, as losers beat gainers 668 to 272 on moderate trade totaling 2.43bn shares worth RM2.16bn. Page 1 of 3
13. 23-Apr-18 Trading range for the blue-chip benchmark index shrank to 28 .82 points last week, compared to the wide 40.48-point range the previous week, as profit-taking checked the strong surge to re-visit record highs. For the week, the FBM-EMAS Index edged 39.02 points or 0.3 percent higher to 13,168.54, but the FBM-Small Cap Index dipped 236.15 points, or 1.56 percent to 14,890.96, as profit-taking interest forced small cap stocks to stage retracement. Due to last week’s surge, the daily slow stochastic momentum indicator for the FBM KLCI is deep in overbought territory but is hooking down following last Friday’s pullback (Chart 1), while the weekly indicator hooked back up for a mild buy signal in the overbought zone. The 14-day Relative Strength Index (RSI) hooked down for a reading of 61.09 after last Friday’s dip from record highs, but the 14-week RSI retained its hook-up with a robust reading of 65.89. Chart 1 Meantime, the daily Moving Average Convergence Divergence (MACD) trend indicator registered bullish expansion above the zero line, while the weekly MACD indicator’s signal line re-hooked upwards to renew upside momentum (Chart 2). As for the 14-day Directional Movement Index (DMI) indicator, the +DI and –DI lines expanded positively on a rising ADX line, suggesting a return to up-trend mode. Chart 2 Page 2 of 3
14. 23-Apr-18 Conclusion Trend indicators on the FBM KLCI have improved considerably following last week ’s surge to test record highs, but short-term overbought momentum, specifically on the daily and weekly slow stochastics indicators, suggests that a profit-taking pullback is required to neutralize overbought technical conditions. Meantime, oil & gas stocks may continue to outperform given the stubbornly high global crude oil prices lifted by rising geopolitical risks from the Syrian conflict, potential Iran trade sanctions renewal next month and robust demand from China. Immediate uptrend supports on pullbacks are from the rising 10 and 30-day moving averages at 1,874 and 1,861 respectively, followed by the 50-day ma (1,855). Looking ahead, a convincing breakout above the 1,896 high should aim for 1,921, the 123.6% Fibonacci Projection (FP) of the Dec 2017 low (1,708) to the 1,880 peak, with next target at 1,946, the 138.2%FP. Stock-wise, while banking and utility blue chips like Affin Holdings, Alliance Bank, DiGi.com and TM should see increased profit-taking interest on further strength, bargain hunting interest should return to cushion downside on lower liners such as EcoWorld, Hiap Teck, UEM Sunrise and WCT Holdings. Chart 3 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 3 of 3
15. SECTOR UPDATE Monday , April 23, 2018 FBMKLCI: 1,887.75 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Overweight Banking Sector (Maintained) Foreign Inflows Li Hsia Wong Tel: +603-2167 9610 liwong@ta.com.my www.taonline.com.my Last week, the FBM KLCI achieved a historic high. Consistent with previous GE years, we also believe that the boost in foreign flows was partly driven by positive sentiments fuelled by the upcoming polls. Banking stocks benefited from the foreign flows as prices and trading volumes accelerated last week. Impressively, we note that foreign investors have been shifting some focus to banks, which boast more superior and stable asset quality such as Public Bank and Hong Leong Bank. Foreign shareholding levels for these two stocks consistently strengthened, rising to new highs of 39.5% and 12.5% respectively. Going forward, we observe that foreign investors did trim their positions in most of the banking stocks post GE13. The downward trend lasted between 6 and 12 months before buying gradually resumed. Nevertheless, we believe the impact from a longer-than-expected outflow should be cushioned by the more sanguine outlook for the banking sector. With that, we reiterate our OVERWEIGHT stance on the banking sector. FBM KLCI Hit Historic High Last week, the FBM KLCI achieved a historic high. According to news reports, in addition to more positive newsflows such as higher crude oil prices and reduced external trade war tensions, foreign buying spurred excitement in the market. Consistent with previous GE years, we also believe that the boost in foreign inflows are driven by positive sentiments fuelled by the upcoming polls. Banking stocks benefited from the foreign flows as prices and trading volumes accelerated last week. HLBB, Large Sized Banks Outperformed In the past 24 months, the three largest banks in Malaysia outperformed in KLCI. Among the mid-sized players, only Hong Leong Bank staged encouraging performance while RHB Bank traded mostly within and AMMB below. Meanwhile, the smaller players mostly traded in line with the broader market. Figure 1: Performance of Large Banks vs. KLCI Source: Bloomberg, TA Research Page 1 of 5
16. 23-Apr-18 Figure 2 : Performance of Mid-Sized Banks vs. KLCI Source: Bloomberg, TA Research Figure 3: Performance of Smaller Banks vs. KLCI Source: Bloomberg, TA Research Foreign Shareholding Level Increased We believe that the boost in foreign inflows have helped spur share prices. We observe favourite foreign plays such as Maybank and CIMB have seen gradual increases in their foreign shareholding levels to historical highs of 22.5% (for Maybank) and 29.6%. To recap, CIMB registered its lowest level of 25.6% in July 2016. Impressively, we note foreign investors shifting some focus to banks, which boast more superior and stable asset quality such as Public Bank and Hong Leong Bank. Foreign shareholding levels for these two stocks consistently strengthened, rising to new highs of 39.5% and 12.5% respectively. Among the mid and smaller-sized banks, RHB Bank, Alliance Bank and Affin Bank’s foreign shareholding levels stood little changed while AMMB saw some of its investors exiting. We believe the foreign selling were impacted by disruptions due to corporate exercises such as M&A, high level of impairments, weak net interest margin (NIM) and softer loans due to portfolio rebalancing efforts as well as negative newsflows such as issues relating to 1MDB. Additionally, news that AMMB could be excluded from the KLCI in the upcoming review likely weakened sentiments further and dented the perception of AMMB among its investors. Page 2 of 5
17. 23-Apr-18 Figure 4 : Foreign Shareholding Levels (%) Public Bank Maybank (monthly) 30% 45% 25% 40% 20% 35% 15% 30% 30.0% 10% Mar-18 Jan-17 Aug-17 Jun-16 Apr-15 Nov-15 Sep-14 Jul-13 Feb-14 Dec-12 11% Sep-12 35.0% Oct-11 12% May-12 40.0% Mar-12 13% Mar-11 HLBB 45.0% Sep-11 Jan-10 CIMB Mar-11 0% Aug-10 20% Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 5% Sep-10 10% 25% 9% 25.0% 8% 20.0% 7% Mar-17 Mar-17 Sep-17 Sep-16 Sep-16 Mar-18 Sep-15 Mar-15 Mar-15 Mar-16 Sep-14 Sep-14 Sep-15 Mar-14 Mar-14 Mar-16 Sep-13 Mar-13 Sep-13 AMMB (Excl. ANZ) 6% Mar-10 Jan-18 May-17 Jan-16 Sep-16 May-15 Jan-14 Sep-14 May-13 Jan-12 Sep-12 May-11 Jan-10 Sep-10 15.0% RHB Bank (Excl. Aabar) Mar-10 Sep-17 Sep-16 Mar-17 Sep-15 Mar-16 Sep-14 Mar-15 Sep-13 Mar-14 Sep-12 Mar-13 Sep-11 Mar-12 Sep-10 Mar-11 ABMB (Excl. Temasek) Affin Bank (Excl BEA) 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 3.40% 3.30% 3.20% 3.10% 3.00% Mar-18 Feb-18 Jan-18 Dec-17 Nov-17 Oct-17 Sep-17 Aug-17 Jul-17 Jun-17 May-17 Apr-17 Feb-17 Mar-17 Jan-18 Sep-16 May-17 Jan-16 Sep-14 May-15 Jan-14 Sep-12 May-13 Jan-12 May-11 Sep-10 Jan-10 2.90% Jan-17 Mar-10 20% Mar-18 22% Sep-17 24% Sep-12 26% Mar-13 28% Mar-12 30% Sep-11 32% Mar-11 34% Sep-10 16% 14% 12% 10% 8% 6% 4% 2% 0% 36% Source: Companies, Bursa, TA Research Valuations Still Reasonable Trading at FY18 PBV value of 1.3x, we find that the sector’s valuation is still reasonable. While concerned that we could see a reversal in foreign funds post the GE, we observe that foreign investors did trim their positions in most of the banking stocks post GE13. The downward trend lasted between 6 and 12 months before buying gradually resumed. We believe the impact from a longer-than-expected outflow should be cushioned by a more sanguine outlook for the banking sector. Underpinned by opportunities from stronger topline growth (from improvement in loan expansion and stable margin, improvement envisaged in overseas operations along with healthy pipeline of capital market activities), and stable asset quality, we forecast the sector’s ROE to improve, going forward. Page 3 of 5
18. 23-Apr-18 Figure 5 : ROE (%) Source: Companies, TA Research OVERWEIGHT reiterated We reiterate our OVERWEIGHT stance on the banking sector. Warranting potential upwards earnings revisions for the sector are: 1) business loans accelerating post GE on the back of improvement in optimism, and 2) continued resilience in asset quality as many Malaysian banks do not expect the MFRS 9 to have material impact to the bottomline and capital positions. Muting growth prospects, we foresee potential easing in consumer loans as car sales and the property market are expected to remain dull. In terms of stock picks, we reaffirm our BUY recommendation on Maybank, CIMB, Public Bank, Hong Leong Bank, RHB Bank and AMMB due to total upside in excess of 12%. However, we reduce Alliance Bank to Sell as recent upside in the share price has narrowed total upside to less than 7%. Sell maintained on Affin. Peers Comparison Price TP Capital upside Mkt Cap FY17 Profit growth FY18 FY19 FY17 PER FY18 (RM) (RM) (%) RM mil (%) (%) (%) (x) (x) Maybank CIMB 10.72 7.30 11.50 8.60 7.3% 17.8% BUY BUY 116,196 67,346 11.5 25.6 (x) 6.8 20.0 5.6 2.9 15.5 15.0 14.5 12.5 13.7 12.2 Public Bank 24.20 27.30 12.8% BUY 93,448 Hong Leong AMMB 19.40 3.88 21.30 4.70 9.8% 21.1% BUY BUY 39,683 11,695 5.1 8.2 8.6 17.1 15.8 14.5 12.7 1.7 11.4 (13.3) 8.6 16.4 18.5 8.8 16.6 10.2 15.3 8.7 FY19 RHB Bank 5.38 6.10 13.4% BUY 21,574 16.0 11.7 8.6 11.1 9.9 9.1 Alliance 4.48 4.60 2.7% SELL 6,935 (1.9) (1.3) 9.8 13.5 13.7 12.5 Affin 2.52 2.40 -4.8% SELL 4,896 (10.0) 3.4 7.6 11.7 11.3 10.5 45,222 11.4 9.1 6.8 13.9 13.1 12.1 Simple average FY17 P/BV FY18 FY19 FY17 ROE FY18 FY19 FY17 ROA FY18 FY19 FY17 Div yield FY18 (x) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) Maybank CIMB 1.5 1.4 1.5 1.3 1.4 1.2 10.6 9.6 10.7 10.8 10.6 10.4 1.0 0.9 1.0 1.0 1.0 1.0 5.1% 3.4% 5.1% 4.0% 5.1% 4.1% Public Bank 2.5 2.3 2.1 15.3 15.2 15.1 1.4 1.5 1.5 2.5% 2.6% 2.7% Hong Leong AMMB 1.7 0.7 1.6 0.7 1.5 0.7 9.8 8.5 10.2 7.0 10.4 7.8 1.1 1.0 1.2 1.1 1.3 0.9 2.3% 4.5% 2.3% 4.6% 2.3% 4.6% FY19 RHB Cap 1.0 0.9 0.8 8.7 9.1 9.1 0.8 0.9 1.0 2.8% 2.8% 2.8% Alliance 1.3 1.3 1.2 10.8 10.1 10.6 0.9 0.9 0.9 3.6% 3.6% 3.6% Affin 0.6 0.6 0.6 5.9 5.8 6.3 0.6 0.6 0.6 3.2% 3.2% 3.2% Simple average 1.3 1.3 1.2 Source: TA Research, Bursa Malaysia, Bloomberg 9.9 9.9 10.0 1.0 1.0 1.0 3.4% 3.5% 3.6% Page 4 of 5
19. 23-Apr-18 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) (THIS PAGE IS INTENTIONALLY LEFT BLANK) Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the analyst, Wong Li Hsia, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
20. COMPANY UPDATE Monday , April 23, 2018 FBMKLCI: 1,887.75 Sector: Consumer THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* British American Tobacco (Malaysia) Berhad TP: RM34.72 (+39.7%) Last Traded: RM24.86 Undervalued Dividend Play Damia Othman Buy Tel: +603-2167-9602 damia@ta.com.my We believe British American Tobacco (Malaysia) Berhad shares are undervalued at current levels therefore upgrading our call from Hold to Buy with an unchanged target price of RM34.72/share. Reasons for the upgrade are i) BAT shares are trading at a steep discount at a threeyear historical trailing PER of 23x; and ii) attractive dividend yield of >6.0%. Overview of BAT Share Price Movement BAT share price has declined by 37.9% YTD mainly due to i) negative sentiment on the stock as illicit cigarettes market share continues to increase; and ii) earnings decline in FY17 by 28.4% YoY to RM512.1mn. Currently illicit cigarettes market share is standing at 58.3% (+5.6%-pts YoY). In the face of growing threat of illicit cigarettes, BAT has strategically maintained its leading market share within the tobacco domestic market over the past two years. Initiatives include i) restructuring of operations by closing down its manufacturing facilities and start importing products from its sister company; ii) introduction of Rothmans brand to cater to the growing ValueFor-Money segment; and iii) effective costs management across the organisation. In FY17, BAT’S market share within the legal domestic market increased by 1.4% YoY to 54.6%. Share Price is Undervalued As of last Friday, BAT share price closed at RM24.86/share with a trailing PER of 14x based on FY17 EPS. Note that the last time the counter reached this level was in 4Q of 1999 where the trailing PER was 32x by then. Moreover, we find that the current share price is at a large discount to the historical threeyear trailing PER mean of 23x. www.taonline.com.my Share Information Bloomberg Code Stock Code Listing Share Cap (mn) Market Cap (RMmn) 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) British American Tobacco Pls Aberdeen Employee Provident Fund ROTH MK 4162 Main Market 285.5 7,097.5 46.48/22.62 312.4 41.7 1.31 50 5.01 5.01 Forecast Revision Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY18 FY19 0.0 0.0 487.7 482.0 531.5 571.3 91.8 84.4 Hold (Upgraded) Financial Indicators Net debt/equity (%) ROE (%) ROA (%) NTA/Share (RM) Price/ NTA (x) FY18 82.8 118.1 46.4 2.2 11.1 FY19 75.9 110.0 44.6 2.3 10.6 Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth BAT (12.2) (24.2) (41.6) (46.6) FBM KLCI 1.2 2.7 8.4 7.5 Figure 1 : Historical 3-Year Trailing PER Mean of 23x (12-Mth) Share Price relative to the FBMKLCI 29.0 27.0 PER (x) 25.0 +1 STD Mean 23.0 21.0 -1 STD 19.0 17.0 Source: Bloomberg Mar-18 Jan-18 Nov-17 Jul-17 Sep-17 May-17 Jan-17 Mar-17 Sep-16 Nov-16 Jul-16 May-16 Jan-16 Mar-16 Sep-15 Nov-15 Jul-15 May-15 Jan-15 Mar-15 15.0 Source: Various, TA Securities Page 1 of 5
21. 23-Apr-18 As such , we strongly believe the market has priced in all the relevant noises in the industry and the company, including: 1) growing illicit trade; 2) dropped out of FBMKLCI; 3) continuous selling pressure from institutional investors; 4) reducing earnings margins from change in portfolio mix. In fact, we believe the market has overplayed the risk factors and could possibility miss out: 1) BAT’s ability to maintain 80% dividend policy remains intact, and 2) the company is expected to benefit from ringgit strengthening. Low Dividend in The Past BAT has a dividend policy of 80% but the group’s dividend payout was at an average of 102% in the past three financial years. We believe the company is able to maintain the dividend policy as the corporate restructuring, i.e.: plant shutdown and worker layoff, has provided the group with much flexibility and agility. Prudently, we project BAT to declare a dividend payout of 94% (160 sen/share) in FY18 which translates to a dividend yield of 6.1%. This is attractive at 2.1%-pts higher than 10-year Malaysian government bond. Figure 2 : Higher Dividend Yield vs 10 Year Malaysian Government Bond 7.50 6.6 5.50 6.5 6.5 6.1 6.50 6.1 5.6 5.3 % 4.5 4.50 3.5 3.50 3.0 2.9 2.4 2.50 1.50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 10Yr MGS Yield BAT Dividend Yield Source: Various, TA Securities 1QFY18 Outlook Besides its ability to maintain its dividend policy, we believe BAT would benefit from ringgit strengthening given that products are now fully imported from Indonesia and Singapore. For 1Q18, we project BAT to report quarterly profit of RM100mn to RM130mn, representing a YoY growth of 10%. This would be underpinned by higher revenue of estimated RM900.0mn stemming from 1) ringgit strengthening; 2) growing market share within the Aspiring Premium Segment and Value-For-Money segments. Impact We make no change in earnings forecasts. Recommendation Overall, we believe the risk-return trade-off is favourable to investors after share price corrected by 37.9% YTD. As such, we upgrade our call from Hold to Buy with unchanged target price of RM34.72/share based on DCF valuation (WACC: 6.7%, g: 2.0%). This implies a three-year forward PER average of 17x to reflect i) 80% dividend policy; ii) attractive dividend yield; and iii) main beneficiary from strengthening in MYR to USD. Page 2 of 5
22. 23-Apr-18 Figure 3 : Illicit Cigarettes Market Share Remain a Threat to BAT 60.0 59.0 Illicit market share (%) 50.0 58.0 56.1 58.3 52.8 40.0 36.3 36.1 2010 2011 30.0 34.5 35.7 2012 2013 36.9 33.7 20.0 10.0 0.0 2014 2015 2016 1Q17 2Q17 3Q17 4Q17 Source: Company, TA Securities Page 3 of 5
23. 23-Apr-18 Earnings Summary (RMmn) INCOME STATEMENT BALANCE SHEET FYE Dec 31 (RMmn) 2016 Revenue EBIT 2017 2018E 2019F 2020F FYE Dec 31 (RMmn) 3,756.4 3,002.3 2,944.3 3,003.2 3,093.3 919.0 650.6 644.1 636.7 655.8 Computer software 6.5 19.4 - - - Goodwill (intangible) EI D&A (12.6) (5.8) (3.5) (4.6) (5.7) Subsidiaries Net finance cost (10.5) (11.4) (10.8) (10.8) (9.6) Deferred tax assets Reported PBT Taxation Core net profit 2016 PPE 2018E 2019F 2020F 27.6 34.8 46.4 56.7 66.0 1.7 1.5 1.5 1.5 1.5 411.6 411.6 411.6 411.6 411.6 27.2 2017 37.7 37.7 - - 37.7 37.7 908.5 639.2 633.4 625.9 646.2 Investment property - - - - - (187.2) (146.6) (145.7) (144.0) (148.6) Non Current Assets 468.1 485.6 497.2 507.5 516.9 714.8 512.1 487.7 482.0 497.6 Core EPS (sen) 250.3 179.3 170.8 168.8 174.3 Inventories 214.9 236.6 232.1 236.7 243.8 GDPS (sen) 278.0 169.0 160.0 160.0 160.0 Receivables 342.2 303.7 297.9 303.8 312.9 Tax recoverable 24.0 6.6 6.6 6.6 6.6 Cash and equivalents 33.1 11.6 16.0 25.6 9.1 CASH FLOW STATEMENT FYE Dec 31 (RMmn) PBT 2016 908.5 2017 639.2 2018E 633.4 2019F 625.9 2020F 646.2 Assets held for sale 96.6 0.4 0.4 0.4 0.4 Derivatives instruments 16.7 - - - - 727.6 558.9 552.9 573.1 572.8 Total Assets 1,195.7 1,044.6 1,050.1 1,080.6 1,089.7 Share capital 142.8 142.8 142.8 142.8 142.8 Current Assets Adjustments for: D&A 12.6 5.8 3.5 4.6 5.7 Finance costs 10.5 11.4 10.8 10.8 9.6 Others Operating profit (101.7) - - - - 829.9 656.3 647.6 641.3 661.5 Change in working capital 21.4 (111.1) 5.1 (5.2) (7.9) Inventories 19.5 (21.7) 4.6 (4.6) (7.1) Receivables (92.4) 38.5 5.9 (6.0) (9.1) 94.3 (127.9) (5.3) 5.4 8.3 (244.8) (128.9) (145.7) (144.0) (148.6) 606.5 372.4 507.0 492.2 504.9 Payables Tax CFO generated Acquisition & capex (15.0) 11.1 (1.8) (1.8) (1.8) (1.8) Retained earnings 459.5 241.2 272.0 297.1 337.9 Total Equity 613.4 382.1 413.0 438.1 478.8 Borrowings - - - - - Deferred income - - - - - Deffered tax liabilities 2.6 - - - - Post employment benefits - - - - - Non Current Liabilities 2.6 - - - - (14.4) (23.9) Disposal 1.4 9.9 - - - Borrowings 130.0 378.0 358.0 358.0 318.0 Interest income 2.2 1.5 - - - Payables 404.7 276.8 271.4 276.8 285.2 Others 259.1 93.2 - - - Taxation 42.3 5.3 5.3 5.3 5.3 CFI generated 248.3 80.7 2.8 2.4 2.4 2.4 2.4 579.7 662.4 637.1 642.5 610.8 1,195.7 1,044.6 1,050.1 1,080.6 1,089.7 (15.0) (15.0) Cash flow hedge reserve (15.0) (15.0) (15.0) Others Current Liabilities Net borrowing - 248.0 Borrowings repayment (175.0) - (20.0) - (40.0) Dividend paid (665.3) (711.0) (456.8) (456.8) (456.8) Interest paid (10.5) (11.4) (10.8) (10.8) Others CFF (used) Net change in cash - - Total Equity and Liabilities (9.6) RATIOS - - - - - FYE Dec 31 (RMmn) (850.8) (474.3) (487.6) (467.6) (506.4) 4.0 (21.3) 4.4 9.6 (16.5) 2018E 2019F 2020F PER (x) 2016 9.8 14.4 2017 14.6 14.7 14.3 P/NTA (x) 9.1 11.2 11.1 10.6 10.5 Dividend yield (%) 11.2 6.8 6.4 6.4 6.4 ROE (%) 117.6 128.9 118.1 110.0 103.9 Cash at 1 January (139.9) (135.9) (157.1) (152.7) (143.1) ROA (%) 60.3 47.2 46.4 44.6 45.7 Cash at 31 December (135.9) (157.1) (152.7) (143.1) (159.6) EBIT margin (%) 24.5 21.7 21.9 21.2 21.2 Net margin (%) 19.2 16.4 16.6 16.0 16.1 Sales growth (%) (18.0) (20.1) (1.9) 2.0 3.0 EBIT growth (%) (25.9) (29.2) (1.0) (1.2) 3.0 Net profit growth (%) (20.7) (31.7) (1.0) (1.2) 3.2 Page 4 of 5
24. 23-Apr-18 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the analyst, Damia Othman, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
25. Monday , 23 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. Weekly Technical Stock Watch 2. Daily Money Flow of Technical Stock Watch 3. Technical Stock Watch a. FBMKLCI 4. Top 14 Stock Picks for GE14 5. Weekly Ace Market Stock Watch 6. Weekly Small Cap Stock Watch 7. Weekly Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
26. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Stock Watch Malaysia Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my AFFIN RM2.52 BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 2.57 2.39 2.20 10-day 30-day 50-day RM RM RM DMI BUY Recent Signal Signal Change ABMB BUY RM4.48 BOLLINGER BANDS RM RM RM SIMPLE MOVING AVERAGES 4.45 4.28 4.10 10-day 30-day 50-day BUY Recent Signal Signal Change DMI Recent Signal Signal Change 2.47 2.37 2.39 DAILY MACD Recent Signal Signal Change Upper Middle Lower www.taonline.com.my RM RM RM 4.33 4.28 4.22 DAILY MACD BUY Page 1 of 9
27. 23-Apr-18 DIGI RM4 .53 BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 4.73 4.57 4.40 10-day 30-day 50-day RM RM RM DMI DAILY MACD Recent Signal Signal Change BUY Recent Signal Signal Change TM RM RM RM SIMPLE MOVING AVERAGES 5.73 5.36 4.99 10-day 30-day 50-day BUY BUY Recent Signal Signal Change DMI Recent Signal Signal Change BUY RM5.50 BOLLINGER BANDS Upper Middle Lower 4.55 4.61 4.70 RM RM RM 5.50 5.44 5.63 DAILY MACD BUY Page 2 of 9
28. 23-Apr-18 ECO WORLD RM1 .12 BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.13 1.04 0.96 10-day 30-day 50-day RM RM RM DMI DAILY MACD Recent Signal Signal Change BUY Recent Signal Signal Change HIAP TECK RM RM RM SIMPLE MOVING AVERAGES 0.45 0.41 0.37 10-day 30-day 50-day DMI Recent Signal Signal Change BUY RM0.395 BOLLINGER BANDS Upper Middle Lower 1.08 1.06 1.13 RM RM RM 0.41 0.42 0.45 DAILY MACD SELL Recent Signal Signal Change BUY Page 3 of 9
29. 23-Apr-18 UEM SUNRISE RM0 .92 BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.02 0.97 0.91 10-day 30-day 50-day RM RM RM DAILY MACD DMI Recent Signal Signal Change SELL Recent Signal Signal Change WCT HOLDINGS RM RM RM SIMPLE MOVING AVERAGES 1.36 1.23 1.10 10-day 30-day 50-day DMI Recent Signal Signal Change SELL RM1.16 BOLLINGER BANDS Upper Middle Lower 0.95 0.98 1.02 RM RM RM 1.19 1.27 1.38 DAILY MACD SELL Recent Signal Signal Change BUY Page 4 of 9
30. 23-Apr-18 Close Name 20 /Apr FBMKLCI 1887.75 Change High Low (7.43) 1,896.03 1,883.82 Bollinger Bands RSI Moving Averages DMI MACD DMI MACD DMI MACD Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change 1,826.31 1,861.00 1,895.68 65.28 1,869.34 1,859.49 1,854.83 32.71 19.11 14.24 13.60 8.43 4.53 3.91 BUY BUY - - AFFIN 2.52 0.01 2.52 2.49 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.02 BUY BUY - - ABMB 4.48 0.00 4.48 4.39 4.10 4.28 4.45 60.67 4.33 4.28 4.22 23.00 8.75 19.50 14.24 0.05 0.03 0.01 BUY BUY - - AMBANK 3.88 -0.04 3.95 3.81 3.67 3.91 4.15 46.00 3.91 3.98 4.13 16.84 27.44 26.76 (10.59) -0.05 -0.08 0.02 SELL BUY - - AXIATA 5.45 0.00 5.46 5.42 5.23 5.38 5.54 55.01 5.36 5.39 5.44 16.06 16.05 22.32 0.01 -0.01 -0.02 0.02 BUY BUY - - CIMB 7.30 -0.01 7.33 7.28 6.96 7.17 7.38 60.60 7.19 7.19 7.16 20.55 24.76 28.14 (4.21) 0.03 0.01 0.02 SELL BUY - - DIGI 4.53 -0.12 4.70 4.52 4.40 4.57 4.73 53.60 4.55 4.61 4.70 22.70 14.75 26.28 7.95 -0.03 -0.05 0.02 BUY BUY - - GAMUDA 5.11 -0.06 5.20 5.06 4.96 5.11 5.26 56.62 5.13 5.09 5.05 20.54 22.00 14.36 (1.46) 0.02 0.02 0.00 SELL BUY SELL - GENTING 8.86 -0.19 9.08 8.86 8.65 8.88 9.12 55.90 8.97 8.92 8.91 14.21 16.41 26.19 (2.20) 0.03 0.00 0.03 SELL BUY - - GENM 5.17 0.03 5.19 5.12 4.68 4.98 5.28 53.52 5.06 5.07 5.12 26.21 15.33 22.84 10.88 0.01 -0.04 0.04 BUY BUY - IHH 6.12 0.02 6.13 6.05 5.96 6.05 6.14 54.29 6.08 6.06 6.05 14.38 11.79 11.49 2.59 0.01 0.01 0.01 BUY BUY BUY - IOICORP 4.78 -0.01 4.80 4.74 4.69 4.76 4.84 58.85 4.76 4.74 4.70 12.95 17.71 17.85 (4.75) 0.02 0.02 0.00 SELL BUY - - MALAKOFF 0.90 -0.01 0.90 0.89 0.86 0.89 0.92 53.39 0.90 0.88 0.90 19.28 16.27 18.52 3.01 -0.01 -0.03 0.02 BUY BUY - - MAXIS 5.87 -0.01 5.91 5.76 5.52 5.76 5.99 54.98 5.82 5.78 5.86 16.79 19.51 24.29 (2.72) 0.00 -0.02 0.02 SELL BUY - - 10.72 0.04 10.72 10.62 10.39 10.53 10.67 64.29 10.56 10.48 10.40 23.67 13.25 17.87 10.42 0.07 0.06 0.01 BUY BUY - - MBSB 1.15 -0.01 1.16 1.13 1.05 1.12 1.19 53.31 1.14 1.14 1.16 23.36 12.65 21.96 10.71 0.00 -0.01 0.01 BUY BUY - - RHBBANK 5.38 -0.03 5.41 5.34 5.10 5.27 5.44 57.70 5.30 5.30 5.30 17.03 19.84 21.98 (2.82) 0.02 0.00 0.02 SELL BUY - - SIME 2.80 -0.01 2.85 2.77 2.48 2.68 2.87 65.15 2.75 2.66 2.68 23.47 19.49 18.34 3.98 0.04 0.02 0.02 BUY BUY - - 15.92 -0.08 16.00 15.88 15.60 15.90 16.20 58.31 15.90 15.83 15.77 16.47 13.83 15.95 2.63 0.05 0.05 0.00 BUY BUY - BUY MAYBANK TENAGA TM 5.50 -0.08 5.60 5.49 4.99 5.36 5.73 53.92 5.50 5.44 5.63 23.15 19.55 18.05 3.60 -0.02 -0.06 0.05 BUY BUY BUY - WPRTS 3.40 -0.13 3.51 3.39 3.31 3.47 3.63 54.85 3.41 3.50 3.55 18.77 18.07 30.69 0.69 -0.04 -0.04 0.00 BUY BUY BUY BUY AIRASIA 3.80 0.02 3.80 3.72 3.80 4.00 4.19 35.19 3.93 4.10 4.14 11.72 31.20 28.30 (19.48) -0.08 -0.06 (0.02) SELL SELL - - AIRASIA X 0.39 -0.01 0.40 0.38 0.35 0.38 0.41 51.20 0.38 0.39 0.40 25.29 21.61 18.28 3.68 0.00 0.00 0.00 BUY BUY - - ARMADA 0.84 -0.02 0.87 0.83 0.78 0.85 0.92 49.96 0.87 0.85 0.85 25.40 26.48 18.95 (1.07) 0.01 0.01 0.00 SELL BUY - - DIALOG 3.15 0.03 3.15 3.09 2.82 3.03 3.25 62.20 3.11 2.94 2.83 22.44 14.47 30.44 7.97 0.09 0.10 (0.00) BUY SELL - - DNEX 0.40 -0.01 0.41 0.40 0.35 0.39 0.44 50.04 0.39 0.40 0.42 20.03 24.65 17.33 (4.62) -0.01 -0.01 0.00 SELL BUY - - ECO WORLD 1.12 0.01 1.13 1.11 0.96 1.04 1.13 54.75 1.08 1.06 1.16 26.76 14.53 37.49 12.23 -0.01 -0.03 0.02 BUY BUY - - EKOVEST 0.83 -0.03 0.86 0.82 0.79 0.90 1.02 39.26 0.87 0.93 0.95 17.87 25.82 16.19 (7.95) -0.03 SELL SELL - - FGV 1.72 -0.06 1.79 1.72 1.60 1.76 1.91 48.12 1.82 1.77 1.83 19.39 14.72 31.47 4.66 0.01 -0.03 (0.00) -0.01 0.01 BUY BUY - - GADANG 0.85 -0.02 0.87 0.85 0.83 0.89 0.95 39.34 0.88 0.91 0.96 18.12 24.99 30.89 (6.87) -0.02 -0.03 0.01 SELL BUY - - HIAP TECK 0.40 -0.01 0.41 0.39 0.37 0.41 0.45 44.58 0.41 0.42 0.45 16.87 25.26 25.01 (8.39) -0.01 -0.01 0.00 SELL BUY - - HIBISCUS 0.90 -0.05 0.94 0.90 0.72 0.84 0.95 60.50 0.86 0.85 0.88 27.89 23.13 15.06 4.76 0.01 -0.01 0.02 BUY BUY - - KUB 0.42 -0.01 0.42 0.41 0.40 0.43 0.46 43.41 0.43 0.44 0.45 21.94 27.30 10.98 (5.35) -0.01 -0.01 0.00 SELL BUY - - MALTON 0.82 0.00 0.82 0.80 0.77 0.82 0.87 44.09 0.83 0.84 0.88 18.82 20.34 9.67 (1.53) -0.01 -0.02 0.00 SELL BUY - - MUDAJAYA 0.66 -0.03 0.67 0.66 0.63 0.70 0.76 42.96 0.68 0.72 0.78 29.00 35.15 26.78 (6.15) -0.02 -0.03 0.01 SELL BUY - - MRCB 1.03 -0.01 1.04 1.02 0.90 1.00 1.09 54.12 1.03 1.00 1.04 23.22 18.93 15.53 4.30 0.00 -0.01 0.01 BUY BUY - - SAPURA ENERGY 0.76 -0.04 0.79 0.75 0.40 0.60 0.80 71.07 0.67 0.56 0.60 34.82 17.87 28.22 16.95 0.05 0.02 0.03 BUY BUY - - SUNCON 2.19 0.00 2.22 2.15 1.92 2.10 2.29 53.46 2.17 2.11 2.22 23.78 20.49 25.06 3.28 0.00 -0.02 0.02 BUY BUY - - UEMS 0.92 -0.01 0.93 0.92 0.91 0.97 1.02 37.07 0.95 0.98 1.02 10.37 27.08 36.06 (16.71) -0.02 SELL SELL - - UMWOG 0.29 -0.01 0.30 0.29 0.24 0.29 0.34 51.21 0.29 0.30 0.31 25.00 22.95 16.05 2.05 0.00 -0.02 (0.00) -0.01 0.00 BUY BUY - - WASEONG 1.48 0.00 1.49 1.45 1.28 1.43 1.58 52.47 1.42 1.48 1.50 23.51 25.57 24.99 (2.06) -0.02 -0.03 0.00 SELL BUY - BUY WCT 1.16 -0.01 1.18 1.15 1.10 1.23 1.36 33.18 1.19 1.27 1.38 12.25 27.35 36.06 (15.10) -0.06 -0.06 0.01 SELL BUY - - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 9
31. 23-Apr-18 LIST OF RECOMMENDED BUY STOCKS FROM JAN 2018 TO CURRENT Stock AAX AIRASIA AXIATA AXIATA BINA PURI BUMI ARMADA BUMI ARMADA DIALOG DIALOG DIGI DNEX DNEX ECO WORLD ECO WORLD ECO WORLD EKOVEST EKOVEST EKOVEST EKOVEST FGV FGV GADANG GADANG GADANG GADANG GENM GENM GENTING GENTING HIAP TECK HIAP TECK HIBISCUS HIBISCUS KIMLUN CORP KIMLUN CORP KKB ENGINEERING KKB ENGINEERING KKB ENGINEERING KUB KUB MALAKOFF MALTON MALTON MRCB MRCB MRCB MUDAJAYA MUDAJAYA MUDAJAYA MUDAJAYA MUDAJAYA NAIM NAIM RHBBANK SAPURA ENERGY SAPURA ENERGY SAPURA ENERGY SAPURA ENERGY SAPURA ENERGY SUNCON SUNCON TM TM TM TM UEM SUNRISE UEM SUNRISE UEM SUNRISE UEM SUNRISE UMWOG UMWOG UMWOG UMWOG UMWOG WCT HLGS WCT HLGS WCT HLGS WESTPORTS REC Date 15-Mar 15-Mar 30-Jan 14-Mar 9-Jan 15-Feb 21-Feb 15-Feb 21-Feb 6-Apr 28-Mar 5-Apr 9-Jan 23-Jan 18-Apr 24-Jan 8-Feb 28-Feb 12-Apr 29-Mar 10-Apr 26-Jan 13-Feb 28-Feb 13-Apr 2-Feb 13-Mar 2-Feb 13-Mar 30-Mar 18-Apr 28-Mar 5-Apr 13-Feb 1-Mar 16-Jan 14-Feb 1-Mar 29-Mar 10-Apr 17-Jan 30-Mar 12-Apr 3-Jan 23-Jan 4-Apr 16-Jan 9-Feb 14-Feb 2-Mar 13-Apr 9-Feb 1-Mar 7-Feb 5-Jan 18-Jan 23-Feb 16-Mar 11-Apr 19-Jan 26-Jan 30-Jan 7-Feb 14-Mar 6-Apr 3-Jan 24-Jan 4-Apr 17-Apr 5-Jan 18-Jan 23-Feb 16-Mar 11-Apr 19-Jan 8-Feb 17-Apr 17-Jan Total funds invested * Total unrealised profit/(loss) Return BUY Price 20-Apr-18 Price 0.42 4.16 5.68 5.45 0.37 0.82 0.85 2.66 2.68 4.38 0.41 0.34 1.40 1.44 1.11 1.09 0.96 1.01 0.90 1.69 1.73 1.18 1.05 1.07 0.88 5.51 5.30 9.63 8.99 0.42 0.41 0.84 0.71 2.15 2.15 1.00 0.92 0.96 0.44 0.42 0.96 0.81 0.84 1.16 1.21 0.96 0.91 0.88 0.87 0.86 0.70 1.04 1.01 5.16 0.71 0.81 0.70 0.49 0.54 2.48 2.59 6.12 5.97 5.71 5.13 1.10 1.20 1.01 0.94 0.36 0.38 0.33 0.32 0.28 1.65 1.56 1.19 3.45 0.39 3.80 5.45 5.45 0.28 0.84 0.84 3.15 3.15 4.53 0.40 0.40 1.12 1.12 1.12 0.83 0.83 0.83 0.83 1.72 1.72 0.85 0.85 0.85 0.85 5.17 5.17 8.86 8.86 0.40 0.40 0.90 0.90 2.18 2.18 0.95 0.95 0.95 0.42 0.42 0.90 0.82 0.82 1.03 1.03 1.03 0.66 0.66 0.66 0.66 0.66 0.95 0.95 5.38 0.76 0.76 0.76 0.76 0.76 2.19 2.19 5.50 5.50 5.50 5.50 0.92 0.92 0.92 0.92 0.29 0.29 0.29 0.29 0.29 1.16 1.16 1.16 3.40 Change (+/-) (0.04) (0.36) (0.23) 0.00 (0.09) 0.02 (0.01) 0.49 0.47 0.15 (0.02) 0.06 (0.28) (0.32) 0.01 (0.26) (0.13) (0.18) (0.07) 0.03 (0.01) (0.34) (0.21) (0.23) (0.04) (0.34) (0.13) (0.77) (0.13) (0.03) (0.02) 0.06 0.19 0.03 0.03 (0.05) 0.03 (0.01) (0.03) (0.01) (0.06) 0.00 (0.03) (0.13) (0.18) 0.07 (0.25) (0.22) (0.21) (0.20) (0.04) (0.09) (0.06) 0.22 0.05 (0.06) 0.06 0.27 0.22 (0.29) (0.40) (0.62) (0.47) (0.21) 0.37 (0.18) (0.28) (0.09) (0.02) (0.07) (0.09) (0.04) (0.03) 0.01 (0.49) (0.40) (0.03) (0.05) 145,965 (6,760) -4.63% % (8.33) (8.65) (4.05) 0.00 (24.32) 2.44 (1.18) 18.42 17.54 3.42 (3.66) 16.18 (20.00) (22.22) 0.90 (23.85) (13.54) (17.82) (7.78) 1.78 (0.58) (28.39) (19.52) (21.03) (3.98) (6.17) (2.45) (8.00) (1.45) (5.95) (3.66) 7.19 26.06 1.40 1.40 (5.00) 3.26 (1.04) (5.68) (1.19) (6.77) 0.62 (2.98) (11.21) (14.88) 7.29 (27.47) (25.00) (24.14) (23.26) (5.71) (8.65) (5.94) 4.26 6.34 (6.79) 7.86 54.08 39.81 (11.69) (15.44) (10.13) (7.87) (3.68) 7.21 (16.36) (23.33) (8.91) (2.13) (19.44) (23.68) (12.12) (9.38) 3.57 (29.70) (25.64) (2.52) (1.45) ST Upside Targets ** MT 0.41 0.44 4.30 4.47 5.55 5.99 5.55 5.99 0.34 0.37 0.99 1.03 0.99 1.03 3.28 3.44 3.28 3.44 4.64 4.75 0.46 0.51 0.46 0.51 1.20 1.32 1.20 1.32 1.20 1.32 1.02 1.14 1.02 1.14 1.02 1.14 1.02 1.14 2.06 2.23 2.06 2.23 1.02 1.08 1.02 1.08 1.02 1.08 1.02 1.08 5.32 5.54 5.32 5.54 9.33 9.92 9.33 9.92 0.44 0.48 0.44 0.48 0.98 1.06 0.98 1.06 2.25 2.42 2.25 2.42 1.01 1.14 1.01 1.14 1.01 1.14 0.47 0.51 0.47 0.51 0.98 1.05 0.88 0.96 0.88 0.96 1.14 1.22 1.14 1.22 1.14 1.22 0.73 0.80 0.73 0.80 0.73 0.80 0.73 0.80 0.73 0.80 1.10 1.20 1.10 1.20 5.59 6.00 0.91 1.07 0.91 1.07 0.91 1.07 0.91 1.07 0.91 1.07 2.26 2.43 2.26 2.43 5.77 5.95 5.77 5.95 5.77 5.95 5.77 5.95 1.08 1.14 1.08 1.14 1.08 1.14 1.08 1.14 0.32 0.36 0.32 0.36 0.32 0.36 0.32 0.36 0.32 0.36 1.40 1.50 1.40 1.50 1.40 1.50 3.78 3.91 LT 0.50 4.68 6.43 6.43 0.40 1.07 1.07 3.60 3.60 4.85 0.58 0.58 1.40 1.40 1.40 1.28 1.28 1.28 1.28 2.52 2.52 1.15 1.15 1.15 1.15 5.82 5.82 10.50 10.50 0.51 0.51 1.17 1.17 2.59 2.59 1.25 1.25 1.25 0.56 0.56 1.18 1.14 1.14 1.30 1.30 1.30 0.87 0.87 0.87 0.87 0.87 1.34 1.34 6.25 1.23 1.23 1.23 1.23 1.23 2.60 2.60 6.09 6.09 6.09 6.09 1.18 1.18 1.18 1.18 0.39 0.39 0.39 0.39 0.39 1.66 1.66 1.66 4.02 ST 6.49 13.16 1.83 1.83 21.43 17.86 17.86 4.13 4.13 2.43 16.46 16.46 7.14 7.14 7.14 22.89 22.89 22.89 22.89 19.77 19.77 20.71 20.71 20.71 20.71 2.90 2.90 5.30 5.30 11.39 11.39 9.50 9.50 3.21 3.21 6.32 6.32 6.32 13.25 13.25 9.50 7.98 7.98 10.68 10.68 10.68 10.61 10.61 10.61 10.61 10.61 15.79 15.79 3.90 20.53 20.53 20.53 20.53 20.53 3.20 3.20 4.91 4.91 4.91 4.91 17.39 17.39 17.39 17.39 10.34 10.34 10.34 10.34 10.34 20.69 20.69 20.69 11.18 % Upside MT 14.29 17.63 9.91 9.91 32.14 22.62 22.62 9.21 9.21 4.86 29.11 29.11 17.86 17.86 17.86 37.35 37.35 37.35 37.35 29.65 29.65 27.81 27.81 27.81 27.81 7.16 7.16 11.96 11.96 21.52 21.52 18.44 18.44 11.01 11.01 20.00 20.00 20.00 22.89 22.89 17.32 17.79 17.79 18.45 18.45 18.45 21.21 21.21 21.21 21.21 21.21 26.32 26.32 11.52 41.72 41.72 41.72 41.72 41.72 10.96 10.96 8.18 8.18 8.18 8.18 23.91 23.91 23.91 23.91 24.14 24.14 24.14 24.14 24.14 29.31 29.31 29.31 15.00 LT 29.87 23.16 17.98 17.98 42.86 27.38 27.38 14.29 14.29 7.06 46.84 46.84 25.00 25.00 25.00 54.22 54.22 54.22 54.22 46.51 46.51 36.09 36.09 36.09 36.09 12.57 12.57 18.51 18.51 29.11 29.11 30.73 30.73 18.81 18.81 31.58 31.58 31.58 34.94 34.94 31.84 39.88 39.88 26.21 26.21 26.21 31.82 31.82 31.82 31.82 31.82 41.05 41.05 16.17 62.91 62.91 62.91 62.91 62.91 18.72 18.72 10.73 10.73 10.73 10.73 28.26 28.26 28.26 28.26 34.48 34.48 34.48 34.48 34.48 43.10 43.10 43.10 18.24 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from January 2018 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Page 6 of 9
32. 23-Apr-18 Daily Money Flow of Technical Stock Watch Malaysia Chartist : Stephen Soo No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 39 40 41 Name Tel: +603-2167 9607 Total Money Flow (RM'mn) stsoo@ta.com.my (A) Total 5D MF Prv. Chg (B) Cur. Chg www.taonline.com.my CLOSING PRICE 13-Apr 16-Apr 17-Apr 18-Apr 19-Apr Chg (A+B) DMF 13-Apr 16-Apr 17-Apr 18-Apr 19-Apr FBMKLCI (9.8) (1.9) 9.6 (33.4) (3.1) (38.5) (43.0) 30.3 1,868 1,879 1,880 1,879 1,895 15.86 OUT AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA DIALOG DNEX ECO WORLD EKOVEST FGV GADANG HIAP TECK HIBISCUS KUB MALTON MUDAJAYA MRCB SAPURA ENERGY SUNCON UEMS UMWOG WASEONG WCT 0.1 (0.1) (2.2) 0.4 (1.5) 0.0 4.7 0.1 (3.6) (2.3) 0.5 0.1 (0.1) 12.9 (0.4) 0.1 1.0 (0.9) 0.0 0.1 0.0 0.3 1.3 (0.3) (0.1) (0.1) (0.0) 0.4 0.1 0.1 0.9 (0.0) 0.0 (0.0) (0.1) (0.4) 0.6 (0.3) (0.5) 0.0 (0.2) 0.0 0.6 (0.1) (0.0) 0.9 (1.5) 2.2 0.1 2.1 (0.3) 2.6 0.0 0.1 (4.4) (0.3) (0.0) 0.3 (2.1) (0.1) 0.0 0.0 0.1 (0.5) (0.1) (0.1) (0.1) (0.1) (0.1) 0.1 (0.1) 0.3 (0.0) (0.0) (0.0) (0.3) (1.0) 0.0 (0.2) (0.5) 0.0 (0.1) 0.0 0.3 (0.1) 4.1 (0.6) (5.5) 0.8 (0.1) 23.8 0.1 0.5 0.0 (0.3) (4.5) 0.2 0.7 (0.1) 1.2 (0.1) (1.0) 0.0 1.0 0.1 0.3 0.0 (0.0) 0.0 0.4 0.1 (0.0) (0.2) 0.0 (0.0) 0.0 (0.5) (1.1) 0.3 (0.2) (1.3) (0.0) (0.1) 0.0 0.3 0.0 (0.1) 1.4 2.0 (3.0) 2.5 0.3 (1.2) 0.1 (0.2) 0.9 (36.2) (0.3) 0.1 (1.0) (6.0) 0.0 (0.2) (2.3) (0.2) (0.9) (0.9) 0.0 0.0 0.1 (0.3) 0.0 (0.0) (0.4) 0.0 0.1 (0.0) (0.1) (0.4) 0.2 (0.1) (1.0) (0.1) (0.2) (0.1) 0.1 (0.0) 0.5 (4.4) (5.9) (1.6) 1.2 4.4 2.7 0.2 (0.1) 0.4 (1.4) 0.3 (0.7) 0.7 (3.0) (1.4) (0.3) (0.3) 0.3 0.0 (4.2) (0.1) 0.0 (0.1) (0.6) (0.0) 0.0 (0.8) (0.0) 0.0 (0.0) (0.4) (5.1) 0.0 (0.4) 0.1 0.3 (0.2) 0.1 1.2 (2.4) 4.8 (4.2) (10.9) 3.1 3.8 27.1 (1.1) 3.9 (0.1) 1.0 (33.6) (0.5) 0.2 0.9 (10.7) (1.5) (1.4) (2.5) 1.4 0.1 (5.3) (0.2) (0.0) 0.0 (0.2) 0.2 (0.1) (0.3) 0.0 0.1 (0.0) (1.4) (8.0) 1.1 (1.2) (3.2) 0.3 (0.8) 0.0 0.1 0.2 (4.3) 2.0 7.5 (3.7) 2.6 (23.5) (1.3) (0.4) (0.2) 1.2 (31.7) (0.4) (0.6) (0.9) (7.2) 0.2 0.8 (2.3) (1.2) (1.0) (1.3) 0.0 0.0 0.1 (0.8) (0.1) (0.0) (0.2) (0.0) 0.1 (0.0) 0.4 0.7 (0.1) 0.1 0.3 (0.0) (0.2) (0.1) (0.3) (0.0) 0.6 (5.8) (8.0) 1.4 (1.3) 4.0 3.9 0.1 0.1 (0.5) 34.9 0.5 (0.8) 1.7 3.0 (1.4) (0.2) 2.0 0.6 0.9 (3.3) (0.1) (0.0) (0.2) (0.2) (0.0) 0.0 (0.5) (0.0) (0.0) (0.0) (0.4) (4.7) (0.2) (0.3) 1.1 0.4 0.1 2.50 4.24 4.00 5.39 7.21 4.48 5.12 8.96 5.08 6.12 4.79 0.90 5.83 10.54 1.15 5.33 2.80 15.88 5.42 3.34 0.00 0.39 0.94 3.12 0.41 1.10 0.90 1.88 0.90 0.42 0.92 0.44 0.83 0.70 1.05 0.74 2.19 0.94 0.30 1.47 1.20 2.49 4.32 4.00 5.43 7.24 4.54 5.12 8.91 5.30 6.10 4.79 0.91 5.80 10.60 1.15 5.38 2.80 15.94 5.63 3.34 0.00 0.39 0.92 3.13 0.42 1.10 0.88 1.87 0.89 0.40 0.92 0.43 0.83 0.71 1.04 0.77 2.17 0.95 0.32 1.44 1.19 2.52 4.30 3.95 5.44 7.30 4.64 5.10 9.00 5.12 6.09 4.77 0.91 5.79 10.62 1.16 5.40 2.78 15.94 5.50 3.34 3.88 0.40 0.91 3.09 0.41 1.11 0.87 1.84 0.89 0.41 0.90 0.43 0.83 0.71 1.03 0.77 2.19 0.94 0.30 1.38 1.19 2.52 4.40 3.90 5.38 7.30 4.57 5.13 9.07 5.17 6.08 4.79 0.90 5.82 10.60 1.16 5.38 2.79 15.92 5.40 3.40 3.89 0.40 0.86 3.12 0.40 1.10 0.86 1.81 0.87 0.41 0.88 0.43 0.83 0.70 1.03 0.73 2.18 0.93 0.30 1.35 1.17 2.51 4.48 3.92 5.45 7.31 4.65 5.17 9.05 5.14 6.10 4.79 0.90 5.88 10.68 1.16 5.41 2.81 16.00 5.58 3.53 3.78 0.39 0.86 3.12 0.41 1.11 0.86 1.78 0.87 0.41 0.94 0.42 0.82 0.69 1.04 0.79 2.19 0.93 0.30 1.48 1.17 (0.01) 0.08 0.02 0.07 0.01 0.08 0.04 (0.02) (0.03) 0.02 0.00 0.00 0.06 0.08 0.00 0.03 0.02 0.08 0.18 0.13 (0.11) (0.01) (0.01) 0.00 0.01 0.01 (0.01) (0.03) (0.01) 0.00 0.06 (0.01) (0.01) (0.01) 0.01 0.06 0.01 (0.01) 0.01 0.13 0.00 OUT OUT IN OUT OUT OUT OUT IN OUT IN OUT OUT IN IN IN OUT IN OUT OUT IN OUT OUT OUT OUT OUT IN OUT OUT OUT IN OUT OUT IN OUT IN OUT OUT OUT IN IN OUT Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 9
33. 23-Apr-18 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No Name 13-Apr Tel: +603-2167 9607 Total Money Flow (RM'mn) 16-Apr 17-Apr 18-Apr stsoo@ta.com.my Total 19-Apr 5D MF (A) (B) Prv. Chg Cur. Chg www.taonline.com.my 13-Apr 16-Apr CLOSING PRICE 17-Apr 18-Apr (A+B) 19-Apr Chg DMF FBMKLCI (9.8) (1.9) 9.6 (33.4) (3.1) (38.5) (43.0) 30.3 1,868 1,879 1,880 1,879 1,895 15.86 OUT 1 MAYBANK 12.9 (4.4) (4.5) (36.2) (1.4) (33.6) (31.7) 34.9 10.54 10.60 10.62 10.60 10.68 0.08 IN 2 PBBANK (6.5) (1.4) (2.9) 1.8 (1.0) (10.1) 4.7 (2.8) 23.98 24.04 23.98 24.00 24.24 0.24 IN 3 TENAGA (0.9) (2.1) 1.2 (6.0) (3.0) (10.7) (7.2) 3.0 15.88 15.94 15.94 15.92 16.00 0.08 OUT 4 CIMB (1.5) 0.9 (0.6) 1.4 (4.4) (4.2) 2.0 (5.8) 7.21 7.24 7.30 7.30 7.31 0.01 OUT 5 PCHEM 0.3 1.0 (8.7) 1.7 (2.1) (7.8) 10.4 (3.8) 8.40 8.45 8.51 8.45 8.48 0.03 IN 6 IHH (2.3) (0.3) 0.1 (1.2) 2.7 (1.1) (1.3) 3.9 6.12 6.10 6.09 6.08 6.10 0.02 IN 7 AXIATA 0.4 (0.0) 4.1 (0.1) 0.5 4.8 (4.3) 0.6 5.39 5.43 5.44 5.38 5.45 0.07 OUT 8 MAXIS (0.1) 0.1 (0.3) 0.9 0.4 1.0 1.2 (0.5) 5.83 5.80 5.79 5.82 5.88 0.06 IN 9 HLBANK 0.4 0.2 0.2 0.1 0.5 1.4 (0.1) 0.4 18.90 18.88 18.86 19.26 19.60 0.34 IN 10 SIME PLT (2.1) (0.9) (0.8) 0.2 0.3 (3.3) 1.0 0.1 5.59 5.64 5.60 5.60 5.60 0.00 IN 11 DIGI 0.0 (1.5) (5.5) 2.0 (5.9) (10.9) 7.5 (8.0) 4.48 4.54 4.64 4.57 4.65 0.08 OUT 12 NESTLE (1.3) 0.6 (1.2) (0.3) 1.0 (1.2) 0.8 1.3 149.00 149.10 148.00 148.00 148.30 0.30 IN 13 PETGAS (0.5) 0.3 (0.5) 0.1 0.2 (0.4) 0.6 0.0 18.02 18.00 18.54 18.52 18.58 0.06 IN 14 GENTING 0.1 0.1 (0.1) 2.5 1.2 3.8 2.6 (1.3) 8.96 8.91 9.00 9.07 9.05 (0.02) IN 15 MISC (0.1) 0.1 0.3 (0.1) 0.4 0.5 (0.4) 0.5 7.00 7.04 6.99 6.99 7.13 0.14 IN 16 IOI CORP 0.5 2.6 0.5 0.1 0.2 3.9 (0.4) 0.1 4.79 4.79 4.77 4.79 4.79 0.00 OUT 17 GENM (3.6) 2.1 23.8 0.3 4.4 27.1 (23.5) 4.0 5.08 5.30 5.12 5.17 5.14 (0.03) OUT 1.7 (3.3) 0.0 25.56 25.58 25.54 25.50 25.54 0.04 OUT 18 KLK (2.4) (0.0) 3.6 0.3 0.3 19 PETDAG (0.6) 0.4 (0.2) 0.6 1.1 1.4 0.7 0.6 25.48 26.08 26.78 26.86 27.70 0.84 IN 20 HAP SENG (0.1) 0.0 (1.1) 0.1 0.0 (1.0) 1.2 (0.1) 9.73 9.75 9.75 9.74 9.75 0.01 IN 21 HLFG 0.1 0.1 0.1 0.1 0.2 0.7 0.0 0.1 19.26 19.28 19.26 19.20 19.60 0.40 IN 22 PPB (2.2) (1.2) 0.7 (0.5) 0.5 (2.7) (1.1) 0.9 18.50 18.60 18.64 18.62 19.10 0.48 OUT 23 TM 0.0 (0.1) (0.1) 0.0 (1.4) (1.5) 0.2 (1.4) 5.42 5.63 5.50 5.40 5.58 0.18 OUT 0.2 (0.6) (0.8) 5.33 5.38 5.40 5.38 5.41 0.03 OUT IN 24 RHBBANK 0.1 (0.0) 0.7 0.1 (0.7) 25 PMETAL (0.0) 0.8 1.8 (0.3) 2.4 4.7 (2.1) 2.7 4.75 4.83 4.99 5.03 5.23 0.20 26 SIME 1.0 0.3 (0.1) (1.0) 0.7 0.9 (0.9) 1.7 2.80 2.80 2.78 2.79 2.81 0.02 IN 27 YTLCORP 0.3 0.1 (0.0) (0.0) (0.6) (0.2) 0.0 (0.5) 1.44 1.45 1.43 1.44 1.48 0.04 OUT 28 KLCCS 0.3 0.2 (0.3) (0.1) 0.3 0.4 0.2 0.4 7.21 7.25 7.28 7.28 7.45 0.17 IN (2.4) 0.2 (0.0) 4.00 4.00 3.95 3.90 3.92 0.02 IN 0.4 0.1 1.98 2.00 1.95 1.95 2.00 0.05 IN 29 AMBANK (2.2) (0.1) (0.1) 0.0 (0.0) 30 ASTRO (0.1) 0.1 (0.3) 0.1 0.3 0.2 16.3 (26.1) (9.8) 10.0 (11.9) (1.9) 37.0 (27.3) 9.6 12.5 (45.9) (33.4) 17.4 (20.4) (3.0) 93.2 (131.7) (38.5) 13 (17) 18 (12) 12 (18) 19 (11) 20 (10) (RM'mn) INFLOW OUTFLOW NET FLOW COMPANIES INFLOW OUTFLOW Daily Trading Participation Date Retail 13-Apr 16-Apr 17-Apr 18-Apr 19-Apr 23.3% 25.0% 22.4% 22.7% 19.6% Institution Foreign 55.7% 53.1% 50.9% 52.2% 53.8% 21.0% 21.9% 26.7% 25.1% 26.6% Total 100% 100% 100% 100% 100% Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 8 of 9
34. 23-Apr-18 Top 14 Stock Picks for GE14 Malaysia Chartist : Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: This is a new weekly technical product. The table below displays our top 14 stock picks for this GE14 season. We have chosen these stocks based on price momentum and chart patterns which showed very good recovery potential pre and post GE14 on a base case scenario for a comfortable win by the incumbent BN coalition. The lower table shows the Bloomberg consensus price targets and other key fundamental statistics. No. Bloomberg Ticker Stock Name 20-Apr-18 Price Upside Targets ST MT % Upside LT ST MT LT Stop Reward loss ratio CALL 1 DSTN MK Equity Destini Bhd 0.45 0.56 0.67 0.73 25.84 50.56 64.04 0.39 2.09 BUY 2 DNEX MK Equity Dagang NeXchange Bhd 0.40 0.51 0.58 0.69 29.11 46.84 74.68 0.33 1.77 BUY 3 DSON MK Equity Datasonic Group Bhd 0.97 1.10 1.20 1.30 13.40 23.71 34.02 0.76 0.62 BUY 4 EKO MK Equity Ekovest BHD 0.83 1.02 1.14 1.28 22.89 37.35 54.22 0.78 3.80 BUY 5 FGV MK Equity Felda Global Ventures Holdings Bhd 1.72 2.06 2.23 2.52 19.77 29.65 46.51 1.60 2.83 BUY 6 ICB MK Equity Iris Corp Bhd 0.17 0.24 0.27 0.29 41.18 58.82 70.59 0.13 1.75 BUY 7 JOH MK Equity Johan Holdings Bhd 0.24 0.34 0.40 0.45 41.67 66.67 87.50 0.21 3.33 BUY 8 KUBM MK Equity KUB Malaysia BHD 0.42 0.51 0.56 0.64 22.89 34.94 54.22 0.37 2.11 BUY 9 MALT MK Equity Malton Bhd 0.82 1.15 1.30 1.45 41.10 59.51 77.91 0.70 2.91 BUY 10 MRC MK Equity Malaysian Resources Corp Bhd 1.03 1.22 1.30 1.40 18.45 26.21 35.92 0.85 1.06 BUY 11 PRES MK Equity Prestariang Bhd 1.52 1.86 2.02 2.21 22.37 32.89 45.39 1.19 1.03 BUY 12 SAPE MK Equity Sapura Energy Bhd 0.76 0.91 1.07 1.23 20.53 41.72 62.91 0.60 1.00 BUY 13 UEMS MK Equity UEM Sunrise Bhd 0.92 1.14 1.22 1.37 23.91 32.61 48.91 0.90 11.00 BUY 14 ZEC MK Equity Zecon Bhd 0.59 0.73 0.78 0.86 24.79 33.33 47.01 0.53 2.64 BUY Notes: No. Bloomberg Ticker Upside Targets are derived from Fibonacci levels Forecast Upside Targets Reward ratio = (ST-SP)/(SP-SL) ST = Short Term (one month) where ST = Short Term upside target MT = Medium Term (three months) SP = current Share Price; SL = Stop loss level LT = Long Term (above six months) Stock Name Destini Bhd Target Close Price 0.45 0.74 % upside 40% EPS (RM) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 0.04 0.04 12.71 10.60 na na 0.78 0.39 -14.42 1 DSTN MK Equity 2 DNEX MK Equity Dagang NeXchange Bhd 0.40 0.64 38% 0.04 0.04 9.9 9.0 1.8 2.0 0.69 0.34 -18.56 3 DSON MK Equity Datasonic Group Bhd 0.97 1.63 40% 0.07 0.08 14.9 12.6 0.0 0.0 1.38 0.77 -16.38 4 EKO MK Equity Ekovest BHD 0.83 1.37 39% 0.07 0.10 12.2 8.6 0.0 0.0 1.47 0.78 -10.27 5 FGV MK Equity Felda Global Ventures Holdings Bhd 1.72 2.12 19% 0.05 0.06 33.1 26.9 0.0 0.0 2.18 1.51 1.78 6 ICB MK Equity Iris Corp Bhd 0.17 0.22 23% na 0.00 na 56.7 0.0 0.0 0.25 0.14 -8.11 7 JOH MK Equity Johan Holdings Bhd 0.24 na na na na na na 0.0 0.0 0.40 0.21 -38.46 8 KUBM MK Equity KUB Malaysia BHD 0.42 na na na na na na 0.0 0.0 0.63 0.37 6.41 9 MALT MK Equity Malton Bhd 0.82 na na na na na na 0.0 0.0 1.94 0.74 -12.83 10 MRC MK Equity Malaysian Resources Corp Bhd 1.03 1.23 16% 0.05 0.05 22.4 19.4 1.7 1.7 1.55 0.86 -8.04 11 PRES MK Equity Prestariang Bhd 1.52 2.21 31% 0.13 0.17 11.8 9.2 3.2 3.4 2.43 1.19 0.00 12 SAPE MK Equity Sapura Energy Bhd 0.76 0.86 12% -0.01 0.03 na na 0.4 0.5 2.02 0.40 6.34 13 UEMS MK Equity UEM Sunrise Bhd 0.92 1.16 21% 0.06 0.06 16.7 16.1 1.5 1.6 1.36 0.92 -11.54 14 ZEC MK Equity Zecon Bhd 0.59 na na na na na na 0.0 0.0 0.81 0.54 -14.60 Note: The above data is based on Bloomberg consensus. Sources: Bloomberg, TA Securities Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 9 of 9
35. Technical View Monday , April 23, 2018 Weekly Ace Market Stock Watch Malaysia Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Ace Market Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The following table is derived from the 109 Ace Market counters currently listed in Bursa Malaysia. This recommendation is based on combination of fundamental and technical analysis. List of 20 Ace Market Stocks Current No Code Name Market Cap (RM) Closing Price (RM) Price to Book Ratio EPS (RM) PE Ratio (%) Operating Return on Revenue Net Income Net Income Margin (%) Assets (%) (RMmn) (RMmn) Growth (%) 2Q17 3Q17 2Q17 3Q17 2016 2017 2Q17 3Q17 2Q17 3Q17 2Q17 3Q17 2016 2017 2016 2017 47,480,147 0.245 0.53 0.46 0.000 0.000 na na -13.28 -2.16 -29.34 -28.44 52.64 61.82 -33.90 -33.91 na -0.03 MMAG [S] 65,288,686 0.250 0.84 0.81 -0.012 -0.012 na na -3.94 -4.06 -14.09 -12.09 56.85 68.24 -18.72 -21.43 24.22 -14.46 XOX [S] 103,070,679 0.080 0.72 0.54 0.001 0.004 na 35.00 2.15 4.95 -11.01 -6.89 36.82 37.51 -9.58 2.15 1,365.79 122.45 SMTRACK [S] 19,722,071 1 0140 STERPRO [S] 2 0034 3 0165 4 0169 5 0020 NETX [S] 6 0017 7 0025 8 0094 9 0109 10 0153 11 0072 0.125 0.07 0.20 -0.059 -0.004 na na -119.86 -7.49 -6.30 -17.08 0.19 2.55 -8.75 na 11.41 na 97,836,333 0.030 0.39 0.76 0.000 0.001 na 55.56 -11.32 49.35 -29.66 -33.69 4.87 3.82 -8.31 1.08 30.23 112.97 M3TECH [S] 70,114,658 0.080 0.15 0.73 -0.001 -0.001 na na 7.94 3.58 -10.03 -9.30 10.97 10.18 -5.93 -6.97 -35.79 -17.58 LNGRES [S] 45,979,047 0.155 0.58 0.57 0.004 0.004 na 17.41 7.09 2.53 -4.19 2.57 14.52 15.72 -5.20 2.57 2.31 149.41 INIX [S] 18,986,569 0.075 0.55 0.55 0.092 -0.088 na na 105.62 -66.11 -31.14 -5.22 0.02 0.00 -4.96 -8.16 -10,257.13 -64.45 SCBUILD 30,907,716 0.030 1.19 0.92 0.000 0.000 na na 2.24 2.84 -10.86 -5.85 4.50 5.72 -3.97 -0.99 40.96 75.02 OVERSEA 47,290,425 0.180 0.68 0.66 0.009 -0.005 na 128.95 11.68 -8.06 -3.55 -2.65 19.09 12.22 -3.09 0.46 620.78 114.87 AT [S] 43,348,815 0.075 0.49 0.41 -0.036 0.002 na na -145.09 10.55 -5.35 -9.36 4.42 5.19 -2.54 -9.05 456.74 -256.00 -4,081.18 12 0026 0.090 0.98 0.90 0.000 -0.004 85.59 na 0.48 -16.57 1.00 -3.14 6.48 7.95 0.51 -20.43 -55.94 13 0131 NOVAMSC [S] 71,740,295 DGSB [S] 122,028,938 0.080 0.90 0.75 0.001 0.000 16.18 42.31 7.49 2.78 3.62 1.88 24.58 20.64 1.40 0.42 -72.70 -70.32 14 0133 SANICHI [S] 33,452,931 0.105 0.28 0.38 0.000 -0.008 9.90 na -1.55 -62.82 1.28 -1.21 6.12 9.63 3.78 -3.42 26.41 -190.40 GENETEC [S] 45,783,390 38.78 15 0104 16 0010 1.320 0.58 0.49 -0.017 -0.064 11.17 na 6.33 -6.66 0.58 -2.96 19.80 4.41 -4.03 -1.14 -191.41 407,863,906 0.170 0.69 0.45 -0.010 -0.001 na na -12.67 3.51 0.12 -2.12 128.10 145.14 6.05 -292.14 127.62 -4,927.16 17 0096 18 0060 NEXGRAM [S] 75,288,179 SKH [S] 49,899,757 0.070 0.31 0.40 -0.003 0.000 8.20 na -58.93 6.30 1.74 -5.98 25.18 13.64 11.49 -16.19 65.44 -240.93 0.080 0.60 0.50 0.001 0.002 na 35.71 1.90 2.87 na na na na na 1.55 na 19 0152 DGB 59,169,000 na 0.110 0.20 0.52 0.000 0.002 na 510.20 0.10 291.10 na na 0.39 na na 0.05 na IRIS [S] 20 0154 EAH [S] 139,143,920 0.035 0.87 0.75 0.000 0.000 na 34.09 -75.37 -12.26 na na na na na 3.29 na Source: Bloomberg This list is sorted first by the lowest price-to-book ratio from the 109 stocks listed in the Bursa Malaysia Ace Market sector which had reported third quarter results. na na INTERPRETATION OF FUNDAMENTAL INDICATORS: Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also sometimes known as a Market-to-Book ratio. The calculation can be performed in two ways, but the result should be the same each way. Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Page 1 of 2
36. Support & Resistance – Ace Market No. 1 Stock Stock Code Name Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward SL S2 S1 13/Apr R1 R2 R3 Ratio 0140 STERPRO [S] 0.18 0.20 0.22 0.250 0.31 0.35 0.38 2.00 Call SOS RSI Volume (mn Shares) Stochastics today 5d-avg 20d-avg %K %D 42.92 0.100 0.121 0.228 40.0 41.1 2 0034 MMAG [S] 0.17 0.19 0.21 0.250 0.27 0.30 0.33 0.50 SOS 80.56 52.561 33.132 9.202 100.0 91.7 3 0165 XOX [S] 0.05 0.06 0.07 0.080 0.09 0.10 0.11 1.00 SELL 43.69 2.639 5.136 6.894 50.0 50.0 4 0169 SMTRACK [S] 0.08 0.10 0.12 0.140 0.18 0.23 0.28 2.00 BOW 43.17 0.026 0.722 2.518 87.5 68.5 5 0020 NETX [S] 0.01 0.02 0.02 0.030 0.05 0.06 0.07 2.00 BOW 44.04 2.325 3.924 10.545 50.0 66.7 6 0017 M3TECH [S] 0.06 0.07 0.08 0.095 0.11 0.13 0.15 1.00 BOW 46.74 1.717 2.700 2.783 80.0 66.7 7 0025 LNGRES [S] 0.11 0.12 0.13 0.155 0.17 0.19 0.21 0.60 BOW 47.13 0.194 0.708 0.840 50.0 55.6 8 0094 INIX [S] 0.02 0.04 0.06 0.075 0.12 0.14 0.16 3.00 BOW 48.85 0.505 0.882 1.167 60.0 66.7 9 0109 SCBUILD 0.01 0.02 0.02 0.030 0.05 0.06 0.07 2.00 BOW 50.97 0.090 0.651 1.045 50.0 50.0 10 0153 OVERSEA 0.10 0.12 0.14 0.180 0.20 0.23 0.26 0.50 BOW 50.61 0.055 0.032 0.018 100.0 83.3 11 0072 AT [S] 0.04 0.05 0.06 0.085 0.10 0.12 0.14 0.60 BOW 55.87 1.838 0.835 0.812 80.0 82.2 12 0026 NOVAMSC [S] 0.02 0.04 0.06 0.095 0.12 0.14 0.16 0.71 BOW 44.41 0.345 1.147 1.299 75.0 75.0 13 0131 DGSB [S] 0.02 0.04 0.06 0.080 0.10 0.12 0.14 1.00 SELL 45.11 1.071 15.338 8.597 66.7 55.6 14 0133 SANICHI [S] 0.06 0.08 0.10 0.125 0.14 0.15 0.16 0.60 BOW 65.74 5.538 3.094 1.260 90.0 80.0 15 0104 GENETEC [S] 0.90 1.04 1.18 1.320 1.40 1.53 1.75 0.57 SOS 48.02 0.013 0.005 0.053 77.8 80.9 16 0010 IRIS [S] 0.12 0.14 0.16 0.185 0.22 0.25 0.28 1.40 BOW 52.79 21.556 15.297 14.681 80.0 60.0 17 0096 NEXGRAM [S] 0.02 0.03 0.04 0.060 0.07 0.08 0.09 0.50 BOW 64.77 8.496 69.333 49.088 75.0 75.0 18 0060 SKH [S] 0.06 0.07 0.08 0.095 0.12 0.14 0.16 1.67 BOW 56.97 83.961 72.115 45.348 62.5 66.7 19 0152 DGB 0.06 0.08 0.10 0.115 0.15 0.16 0.18 2.33 SELL 35.70 1.173 8.114 12.998 25.0 41.7 20 0154 EAH [S] 0.01 0.02 0.03 0.045 0.06 0.07 0.08 1.00 BOW 57.78 12.423 10.700 5.672 100.0 66.7 No. Stock Stock Call RSI Code Name SL S2 S1 20/Apr R1 R2 R3 Ratio 0140 STERPRO [S] 0.18 0.20 0.22 0.245 0.31 0.35 0.38 2.60 2 0034 MMAG [S] 0.17 0.19 0.21 0.250 0.27 0.30 0.33 0.50 SOS 3 0165 XOX [S] 0.05 0.06 0.07 0.080 0.09 0.10 0.11 1.00 SELL 4 0169 SMTRACK [S] 0.05 0.08 0.10 0.125 0.15 0.18 0.23 1.00 BOW 35.30 0.034 0.082 1.419 50.0 69.0 5 0020 NETX [S] 0.01 0.02 0.02 0.030 0.05 0.06 0.07 2.00 BOW 44.04 17.085 4.092 6.389 50.0 50.0 6 0017 M3TECH [S] 0.05 0.06 0.07 0.080 0.11 0.13 0.15 3.00 BOW 36.76 2.648 0.734 2.572 20.0 46.7 7 0025 LNGRES [S] 0.11 0.12 0.13 0.155 0.17 0.19 0.21 0.60 BOW 47.93 0.521 0.566 0.639 50.0 50.0 1 Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward SOS Volume (mn Shares) Stochastics today 5d-avg 20d-avg %K %D 0.127 0.097 0.150 0.0 20.0 80.56 9.417 21.933 14.411 90.0 93.3 44.19 1.793 5.344 5.691 50.0 58.3 41.61 8 0094 INIX [S] 0.02 0.04 0.06 0.075 0.12 0.14 0.16 3.00 BOW 48.00 0.308 1.958 1.491 42.9 52.4 9 0109 SCBUILD 0.01 0.02 0.02 0.030 0.05 0.06 0.07 2.00 BOW 50.97 0.030 0.276 0.712 50.0 50.0 10 0153 OVERSEA 0.10 0.12 0.14 0.180 0.20 0.23 0.26 0.50 BOW 50.52 0.208 0.077 0.034 85.7 85.7 11 0072 AT [S] 0.04 0.05 0.06 0.075 0.10 0.12 0.14 1.67 BOW 41.86 1.317 0.504 0.773 40.0 53.3 12 0026 NOVAMSC [S] 0.02 0.04 0.06 0.090 0.12 0.14 0.16 1.00 SOS 39.94 0.608 0.355 1.170 50.0 72.2 13 0131 DGSB [S] 0.02 0.04 0.06 0.080 0.10 0.12 0.14 1.00 SELL 47.22 7.539 4.171 8.395 75.0 65.0 14 0133 SANICHI [S] 0.06 0.08 0.10 0.105 0.14 0.15 0.16 7.00 BOW 48.24 1.200 3.815 1.924 40.0 54.5 15 0104 GENETEC [S] 0.90 1.04 1.18 1.320 1.40 1.53 1.75 0.57 SOS 48.02 0.003 0.003 0.042 80.0 79.3 16 0010 IRIS [S] 0.12 0.14 0.16 0.170 0.22 0.25 0.28 5.00 BOW 42.54 19.246 21.730 16.070 0.0 33.3 17 0096 NEXGRAM [S] 0.02 0.03 0.04 0.070 0.07 0.08 0.09 0.00 SOS 74.06 90.249 37.460 42.906 100.0 100.0 18 0060 SKH [S] 0.05 0.06 0.07 0.080 0.11 0.12 0.14 3.00 BOW 43.40 5.745 60.058 52.217 25.0 25.0 19 0152 DGB 0.06 0.08 0.10 0.110 0.15 0.16 0.18 4.00 SELL 36.23 1.783 2.732 7.637 0.0 33.3 20 0154 EAH [S] 0.01 0.02 0.03 0.035 0.06 0.07 0.08 5.00 BOW 45.66 1.581 6.963 7.067 0.0 16.7 Sources: Bloomberg, TA Securities Legend: Reward Ratio = (R1 - CP)/ (CP - S1) where CP = Current Price Call: BUY = outright BUY at current price BOW = Buy on weakness towards S1 TBUY = Trading or Speculative BUY at current price LTBUY = Long-Term BUY at current price SELL = outright SELL at current price SOS = Sell on strength towards R1 NEUTRAL = sideline, not attractive to buy or sell TP = Take Profit Upgrade in price levels shaded dark green and bold Downgrade in price levels lightly shaded RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions. RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period. %K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter. Page 2 of 2
37. 3131 Technical View Monday , April 23, 2018 Weekly Small Cap Stock Watch Malaysia Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Small Cap Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The following is derived from the complete listing of Main Market stocks of more than 800 counters currently in Bursa Malaysia. This recommendation is based on combination of fundamental and technical analysis. List of 19 Small Cap Stocks Current Closing Price to Book No Code Name Market Cap Price (RM) (RM) Ratio EPS (RM) PE Ratio (%) Operating Return on Revenue Net Income Margin (%) Assets (%) (RMmn) (RMmn) 2Q17 3Q17 2Q17 3Q17 2016 2017 2Q17 49.59 -298.45 -191.45 9.80 1 7382 GLBHD [S] 124,423,786 0.500 0.06 0.09 0.00 0.00 2.27 2 6998 0.140 0.15 0.16 0.00 0.00 na na 1.64 BINTAI 53,204,916 3Q17 0.49 2Q17 3Q17 2Q17 -3.43 -1.78 6.04 Net Income (%) 3Q17 2016 2017 2016 2017 0.93 70.08 2.63 1,715.32 -96.25 -2.20 116.88 121.41 -36.08 -11.68 -697.50 67.64 3 4057 ASIAPAC [S] 170,273,418 0.145 0.20 0.18 0.00 0.00 2.55 21.11 12.83 13.23 5.49 3.74 28.27 47.73 73.85 8.82 -80.39 -88.06 4 7315 0.190 0.24 0.18 0.00 0.00 17.54 59.19 9.62 10.71 5.75 5.04 4.39 4.50 1.83 0.51 na -71.92 2.55 3.47 -8.72 AHB [S] 49,291,142 5 2429 TANCO [S] 89,322,729 0.110 0.16 0.21 -0.01 -0.01 na na 6 6068 35,107,021 0.275 0.29 0.21 -0.13 -0.01 na 26.42 7 2097 EASTLND [S] 36,850,196 0.195 0.33 0.22 -0.01 -0.01 na PCCS [S] -3.24 -3.77 -11.44 41.38 -31.17 4.03 -7.93 -8.33 168.24 130.51 -10.26 -9.24 41.28 9.94 na -25.96 -28.86 -1.81 -2.52 6.04 7.54 -4.78 na -154.58 na -449.33 197.59 na na na na na -7.10 na na 8 2208 PTGTIN [S] 127,957,462 0.315 0.22 0.23 -0.01 0.00 na na 9 8486 LIONFIB [S] 177,704,851 0.540 0.23 0.23 0.00 0.00 na 8.81 10 3395 BJCORP 1,974,617,567 0.300 0.22 0.23 0.03 0.00 na 11.95 11 5145 SEALINK 72,500,000 0.135 0.21 0.25 -0.01 -0.05 na na 12 7014 YLI [S] -349.72 -13.79 -5.29 -0.52 2.29 -45.16 -40.77 158.10 209.24 -387.20 14.75 -287.32 103.81 10.12 0.76 -1.01 -22.70 -136.60 -7.62 -1.02 2,257.13 2,168.23 -177.22 149.29 -119.90 184.24 -10.23 40.39 13.86 -56.66 na -652.53 na 44,216,845 0.310 0.34 0.26 0.05 -0.01 na 9.17 -5.07 -1.19 1.37 1.89 40.79 26.26 -2.03 5.18 -267.27 355.05 13 4359 TURIYA [S] 43,458,401 0.160 0.34 0.27 0.00 0.00 19.05 na 10.26 44.61 -0.23 -0.04 5.58 5.86 1.91 -1.45 55.65 14 4758 ANCOM 136,637,405 0.575 0.25 0.27 0.00 0.05 na 9.74 4.32 5.13 -0.40 0.77 15 5657 PARKSON [S] 661,667,936 0.430 0.34 0.28 0.07 -0.03 na na -3.96 -1.13 -1.11 -1.28 1,038.27 1,027.95 -95.74 -120.90 -305.48 -26.28 16 4235 LIONIND [S] 1,089,302,504 1.010 0.21 0.28 0.08 0.07 na 7.81 7.98 9.15 -20.68 -16.27 596.54 697.72 -796.48 105.31 -212.56 113.22 -3.74 -7.07 17 3778 MELEWAR [S] 58,635,930 0.210 0.42 0.28 -0.19 -0.08 9.18 na -18.50 18 4596 SAPRES [S] 131,224,000 0.780 0.43 0.29 -0.02 0.70 70.10 1.29 -24.11 767.59 -1.29 19 9113 SANBUMI [S] 49,802,247 0.160 0.22 0.30 0.00 0.00 na na na -10.46 -8.77 409.68 331.67 -6.99 -175.77 17.47 -422.71 349.87 -9.75 146.90 151.77 8.23 -78.22 127.87 -1,049.94 17.17 10.65 11.39 2.71 100.34 -88.51 3,598.38 -8.57 10.51 13.55 -10.62 -5.87 -19.07 -44.72 Source: Bloomberg This list is sorted first by the lowest price-to-book ratio from the Main Market which had reported third quarter results and excludes the FBM100 stocks. INTERPRETATION OF FUNDAMENTAL INDICATORS: Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also sometimes known as a Market-to-Book ratio. Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Page 1 of 2
38. Support & Resistance – Small Cap No. Stock Stock Code Name Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward SL S2 S1 13/Apr R1 R2 R3 Ratio Call 1 7382 GLBHD [S] 0.30 0.35 0.40 0.470 0.54 0.60 0.66 1.00 SELL 2 6998 BINTAI 0.10 0.11 0.12 0.145 0.18 0.19 0.20 1.40 3 4057 ASIAPAC [S] 0.08 0.10 0.12 0.145 0.16 0.18 0.20 4 7315 AHB [S] 0.12 0.14 0.16 0.195 0.22 0.24 0.26 5 2429 TANCO [S] 0.06 0.07 0.08 0.115 0.12 0.14 6 6068 PCCS [S] 0.15 0.18 0.20 0.240 0.26 7 2097 EASTLND [S] 0.10 0.12 0.14 0.165 8 2208 PTGTIN [S] 0.26 0.28 0.30 0.325 9 8486 LIONFIB [S] 0.40 0.44 0.49 10 3395 BJCORP 0.22 0.24 11 5145 SEALINK 0.10 12 7014 YLI [S] 13 4359 14 4758 RSI Volume (mn Shares) Stochastics today 5d-avg 20d-avg %K 32.17 0.045 0.013 0.020 0.0 0.0 BOW 52.06 0.077 0.060 0.059 80.0 71.1 0.60 BOW 46.70 0.898 1.043 1.133 66.7 50.0 0.71 SELL 45.58 0.010 0.264 0.263 66.7 77.8 0.16 0.14 BOW 52.32 0.073 0.055 0.138 100.0 75.0 0.31 0.35 0.50 SOS 44.03 0.050 0.472 0.968 80.0 83.3 0.20 0.22 0.24 1.40 SOS 47.63 0.734 3.240 5.780 50.0 45.8 0.36 0.40 0.43 1.40 SELL 45.45 0.007 0.003 0.037 75.0 58.3 0.575 0.62 0.66 0.70 0.53 BOW 41.21 0.001 0.014 0.027 93.8 59.9 0.26 0.305 0.32 0.34 0.36 0.33 BOW 45.65 2.320 11.548 15.768 77.8 69.3 0.11 0.12 0.140 0.15 0.16 0.17 0.50 BOW 50.30 0.138 0.061 0.300 60.0 60.0 0.15 0.20 0.24 0.300 0.34 0.38 0.42 0.67 BOW 40.87 0.010 0.004 0.040 50.0 16.7 TURIYA [S] 0.10 0.12 0.14 0.160 0.21 0.22 0.24 2.50 SOS 33.66 0.102 0.045 0.022 16.7 19.4 ANCOM 0.35 0.40 0.44 0.535 0.60 0.66 0.74 0.68 BOW 57.00 0.094 0.319 0.313 78.6 73.8 15 5657 PARKSON [S] 0.32 0.36 0.40 0.415 0.47 0.51 0.56 3.67 BOW 42.57 0.309 0.468 0.372 63.6 57.6 16 4235 LIONIND [S] 0.72 0.80 0.90 1.030 1.10 1.16 1.28 0.54 BOW 50.06 0.947 2.531 2.173 81.1 79.9 17 3778 MELEWAR [S] 0.14 0.16 0.18 0.205 0.25 0.29 0.32 1.80 BOW 47.33 0.227 0.310 0.164 33.3 33.3 18 4596 SAPRES [S] 0.59 0.67 0.72 0.800 0.85 0.93 1.01 0.62 BOW 53.17 0.003 0.033 0.030 60.0 44.2 19 9113 SANBUMI [S] 0.09 0.12 0.14 0.160 0.20 0.23 0.26 2.00 BOW 44.05 0.003 0.042 0.116 18.2 24.2 Call RSI No. Stock Stock Code Name Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward SL S2 S1 20/Apr R1 R2 R3 Ratio 1 7382 GLBHD [S] 0.30 0.35 0.40 0.500 0.54 0.60 0.66 0.40 SELL 2 6998 BINTAI 0.10 0.11 0.12 0.140 0.18 0.19 0.20 2.00 3 4057 ASIAPAC [S] 0.08 0.10 0.12 0.145 0.16 0.18 0.20 0.60 4 7315 AHB [S] 0.12 0.14 0.16 0.190 0.22 0.24 0.26 5 2429 TANCO [S] 0.06 0.07 0.08 0.110 0.12 0.14 6 6068 PCCS [S] 0.18 0.20 0.23 0.275 0.31 7 2097 EASTLND [S] 0.10 0.12 0.14 0.195 8 2208 PTGTIN [S] 0.26 0.28 0.30 0.315 9 8486 LIONFIB [S] 0.40 0.44 0.49 10 3395 BJCORP 0.22 0.24 11 5145 SEALINK 0.10 12 7014 YLI [S] 13 4359 14 Volume (mn Shares) %D Stochastics today 5d-avg 20d-avg %K %D 45.42 0.036 0.010 0.018 60.0 70.0 BOW 46.91 0.035 0.007 0.048 60.0 80.0 BOW 46.95 2.525 1.442 1.190 50.0 50.0 1.00 SELL 42.92 0.023 0.191 0.247 28.6 53.0 0.16 0.33 BOW 48.62 0.027 0.090 0.114 75.0 66.7 0.35 0.39 0.78 SOS 61.17 4.373 0.120 0.542 92.9 69.5 0.22 0.24 0.26 0.45 SOS 56.99 6.147 9.247 5.354 71.4 73.8 0.36 0.40 0.43 3.00 SELL 42.39 0.010 0.003 0.020 25.0 50.0 0.540 0.62 0.66 0.70 1.60 BOW 35.53 0.001 0.020 0.024 33.3 59.7 0.26 0.300 0.32 0.34 0.36 0.50 BOW 44.38 2.533 4.951 12.552 50.0 65.5 0.11 0.12 0.135 0.15 0.16 0.17 1.00 BOW 47.08 0.116 0.047 0.151 40.0 53.3 0.15 0.20 0.24 0.310 0.34 0.38 0.42 0.43 BOW 46.02 0.020 0.012 0.022 100.0 66.7 TURIYA [S] 0.10 0.12 0.14 0.160 0.21 0.22 0.24 2.50 BOW 33.66 0.025 0.003 0.020 16.7 16.7 4758 ANCOM 0.40 0.44 0.50 0.575 0.60 0.66 0.74 0.33 BOW 65.00 0.092 0.348 0.314 76.2 77.5 15 5657 PARKSON [S] 0.32 0.36 0.40 0.430 0.47 0.51 0.56 1.33 SOS 50.91 0.261 0.255 0.334 81.8 84.8 16 4235 LIONIND [S] 0.72 0.80 0.90 1.010 1.10 1.16 1.28 0.82 BOW 47.20 2.120 2.370 2.410 63.6 77.0 17 3778 MELEWAR [S] 0.14 0.16 0.18 0.210 0.25 0.29 0.32 1.33 BOW 49.44 0.130 0.143 0.174 60.0 60.0 18 4596 SAPRES [S] 0.59 0.67 0.72 0.780 0.85 0.93 1.01 1.17 SOS 46.31 0.104 0.006 0.029 0.0 66.7 19 9113 SANBUMI [S] 0.09 0.12 0.14 0.160 0.20 0.23 0.26 2.00 BOW 44.86 0.013 0.045 0.054 22.2 25.6 Sources: Bloomberg, TA Securities Legend: Reward Ratio = (R1 - CP)/ (CP - S1) Where CP = Current Price Call: BUY = outright BUY at current price BOW = Buy on weakness towards S1 TBUY = Trading or Speculative BUY at current price LTBUY = Long-Term BUY at current price SELL = outright SELL at current price SOS = Sell on strength towards R1 NEUTRAL = sideline, not attractive to buy or sell TP = Take Profit Upgrade in price levels shaded dark Green and bold Downgrade in price levels lightly shaded RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions. RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period. %K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter. Page 2 of 2
39. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Stock Screen Malaysia End Day Census of 20.04.2018 Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band.This report also includes the top 20 overbought, and top 20 oversold stocks. *Note: To qualify in the list below, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective daily charts to spot accumulation (volume growth) or breakout patterns. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL) No Stock Name Price Bollinger Band RSI Moving Average Lower Middle Upper 14-day 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 BRITISH AMERICAN TOBACCO BHD 24.86 21.65 24.77 27.88 45.61 23.40 23.46 25.81 27.38 321,800 448,325 2 HARTALEGA HOLDINGS BHD 6.30 5.73 6.24 6.75 54.23 6.46 6.44 6.07 5.93 2,227,000 3,287,945 3 SERBA DINAMIK HOLDINGS BHD 3.38 2.95 3.30 3.64 52.40 3.43 3.29 3.34 3.39 2,268,700 3,544,570 4 CAHYA MATA SARAWAK BHD 4.10 3.60 3.98 4.36 51.91 4.13 4.09 4.03 4.12 949,300 752,975 5 TELEKOM MALAYSIA BHD 5.50 4.99 5.36 5.74 50.82 5.51 5.50 5.44 5.63 1,519,000 1,959,080 6 PRESS METAL ALUMINIUM HOLDIN 5.11 3.94 4.63 5.33 58.83 4.97 4.72 4.74 5.07 15,174,800 8,660,505 7 SAM ENGINEERING & EQUIPMENT 6.45 5.97 6.31 6.66 49.63 6.48 6.34 6.45 6.65 18,100 24,090 8 LOTTE CHEMICAL TITAN HOLDING 6.33 5.70 6.11 6.51 58.40 6.22 6.22 6.15 5.84 2,560,200 2,206,610 9 PETRONAS CHEMICALS GROUP BHD 5,920,780 8.48 8.08 8.34 8.61 61.05 8.46 8.44 8.27 8.18 5,556,600 10 MAXIS BHD 5.87 5.52 5.76 6.00 54.29 5.82 5.82 5.78 5.86 1,016,400 952,400 11 GABUNGAN AQRS BHD 1.78 1.47 1.68 1.90 57.83 1.80 1.77 1.67 1.75 1,215,500 1,831,430 12 CAELY HOLDINGS BHD 1.13 0.81 1.03 1.25 55.41 1.07 1.07 1.00 1.01 4,536,100 2,532,275 13 SP SETIA BHD 3.10 2.74 2.98 3.21 53.29 3.09 2.99 3.05 3.13 1,102,300 1,497,275 14 DIALOG GROUP BHD 3.15 2.84 3.05 3.26 64.18 3.12 3.11 2.94 2.83 13,665,700 13,027,310 15 AEON CO (M) BHD 2.00 1.66 1.88 2.10 67.31 2.01 1.95 1.85 1.75 2,363,600 1,941,045 19.64 18.49 19.12 19.74 62.11 19.32 19.23 19.06 18.94 17 CIMB GROUP HOLDINGS BHD 7.30 6.95 7.17 7.39 59.63 7.27 7.19 7.19 18 AXIATA GROUP BERHAD 5.45 5.23 5.38 5.54 55.01 5.42 5.36 19 SIME DARBY BERHAD 2.80 2.49 2.69 2.88 63.39 2.80 2.75 20 RHB BANK BHD 5.38 5.10 5.28 5.45 55.30 5.38 21 DATASONIC GROUP BHD 0.97 0.75 0.90 1.04 56.02 0.98 22 SAPURA ENERGY BHD 0.76 0.40 0.61 0.82 65.30 23 DENKO INDUSTRIAL CORP BHD 1.65 1.38 1.55 1.72 24 LAFARGE MALAYSIA BHD 4.45 3.99 4.25 4.50 19.40 18.12 18.79 26 PMB TECHNOLOGY BHD 4.41 3.70 27 IHH HEALTHCARE BHD 6.12 16 HONG LEONG FINANCIAL GROUP 25 HONG LEONG BANK BERHAD 100,500 163,140 7.16 18,437,100 13,504,900 5.39 5.44 6,956,700 2,049,255 2.66 2.68 7,577,400 12,755,430 5.30 5.30 5.30 1,782,800 1,020,000 0.93 0.92 0.96 2,177,000 2,655,875 0.76 0.67 0.56 0.60 197,623,800 209,711,500 58.54 1.60 1.56 1.57 1.65 601,600 827,050 52.69 4.23 4.16 4.40 4.70 534,000 535,830 19.45 60.86 19.10 18.91 18.78 18.70 899,100 505,970 4.08 4.46 60.44 4.28 4.11 4.11 4.13 59,200 65,730 5.96 6.05 6.15 56.11 6.10 6.08 6.06 6.05 3,772,800 3,340,240 3,453,165 28 YTL CORP BHD 1.47 1.31 1.40 1.50 58.23 1.45 1.44 1.41 1.42 2,837,300 29 LINGKARAN TRANS KOTA HLDGS 5.69 5.48 5.60 5.72 55.01 5.60 5.58 5.63 5.68 41,400 33,045 30 AFFIN BANK BHD 2.52 2.32 2.43 2.54 62.48 2.51 2.46 2.43 2.44 230,200 262,050 Raw data sourced from Bloomberg INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. Page 1 of 3
40. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No Stock Name Price Bollinger Band RSI Moving Average Lower Middle Upper 14-day 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 FRASER & NEAVE HOLDINGS BHD 34.90 32.18 33.20 34.22 78.49 33.25 33.04 32.72 31.77 1,055,100 2 FAR EAST HOLDINGS BHD 11.10 8.32 9.50 10.68 76.75 10.06 9.71 9.17 9.17 23,700 591,545 4,870 3 PETRONAS DAGANGAN BHD 27.60 23.48 25.45 27.42 85.14 26.58 25.89 25.12 25.09 377,100 653,845 4 PANASONIC MANUFACTURING MALA 34.92 33.71 34.28 34.85 61.48 34.36 34.27 34.28 34.19 20,800 24,920 5 UNITED PLANTATIONS BHD 28.60 27.95 28.25 28.55 63.32 28.36 28.28 28.23 28.30 15,700 101,280 6 IJM PLANTATIONS BHD 2.37 2.17 2.25 2.32 65.66 2.27 2.26 2.26 2.28 6,100 63,395 7 PUBLIC BANK BERHAD 24.20 23.82 23.99 24.16 73.50 24.05 24.01 23.73 23.23 5,015,000 4,630,645 8 ENCORP BHD 0.63 0.47 0.53 0.59 64.62 0.53 0.53 0.55 0.61 42,800 20,020 9 TIONG NAM LOGISTICS HOLDINGS 1.10 1.00 1.04 1.07 63.02 1.04 1.04 1.05 1.08 25,800 77,990 10 ASIA KNIGHT BHD 0.22 0.10 0.15 0.19 67.33 0.16 0.14 0.15 0.15 1,997,700 216,394 11 JERASIA CAPITAL BHD 0.42 0.37 0.39 0.40 58.65 0.39 0.39 0.40 0.43 36,000 59,755 12 MALAYAN BANKING BHD 10.72 10.38 10.54 10.71 66.37 10.61 10.56 10.48 10.40 8,122,800 15,409,410 13 BOX-PAK (MALAYSIA) BERHAD 1.13 1.05 1.08 1.12 53.59 1.09 1.09 1.11 1.17 11,300 6,130 14 IRE-TEX CORP BHD 0.23 0.12 0.17 0.21 69.64 0.19 0.17 0.18 0.16 28,077,600 5,268,295 15 HUP SENG INDUSTRIES BHD 1.09 1.02 1.05 1.08 62.77 1.06 1.05 1.06 1.07 205,000 144,635 16 WIDETECH (MALAYSIA) BHD 0.63 0.52 0.57 0.62 61.50 0.58 0.57 0.55 0.51 19,200 995 17 BOILERMECH HOLDINGS BERHAD 0.72 0.65 0.68 0.71 56.50 0.68 0.67 0.71 0.73 532,900 262,165 18 PAOS HOLDINGS BHD 0.44 0.38 0.40 0.43 54.77 0.41 0.41 0.41 0.43 5,000 2,795 19 NEW HOONG FATT HOLDINGS BHD 3.42 3.21 3.31 3.41 63.40 3.35 3.32 3.31 3.31 3,000 17,415 0.27 0.20 0.24 0.27 59.57 0.23 0.23 0.25 0.27 4,608,700 542,275 20 PCCS GROUP BERHAD Raw data sourced from Bloomberg *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No Stock Name Price Bollinger Band Lower Middle RSI Upper 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 KOSSAN RUBBER INDUSTRIES 7.13 7.17 7.55 7.92 30.33 7.46 7.52 7.69 8.00 116,100 423,525 2 MALPAC HOLDINGS BERHAD 0.99 1.02 1.12 1.22 15.24 1.08 1.09 1.15 1.20 600 380 3,445 3 SUIWAH CORP BHD 2.14 2.17 2.23 2.29 28.84 2.19 2.22 2.31 2.42 2,000 4 ORIENTAL INTEREST BHD 2.04 2.07 2.19 2.30 36.86 2.15 2.18 2.23 2.30 100 2,160 5 DAIBOCHI PLASTIC & PACKAGING 2.18 2.20 2.28 2.36 37.38 2.27 2.28 2.32 2.31 11,900 73,610 6 TAFI INDUSTRIES BHD 0.30 0.32 0.38 0.45 21.41 0.36 0.37 0.40 0.41 10,000 800 64,470 7 IQ GROUP HOLDINGS BHD 1.27 1.28 1.38 1.47 30.65 1.35 1.35 1.40 1.46 60,100 8 CONCRETE ENGINEERING PRODS 1.35 1.36 1.41 1.46 35.97 1.39 1.40 1.43 1.46 6,000 755 9 IGB BHD 2.91 2.92 2.97 3.03 32.87 2.97 2.97 2.99 3.03 11,900 891,715 0.78 0.79 0.85 0.91 18.33 0.81 0.83 0.89 1.00 100 3,450 10 PLS PLANTATIONS BHD 11 HAP SENG PLANTATIONS HLDGS 2.40 2.41 2.44 2.48 30.12 2.43 2.44 2.47 2.50 48,300 57,530 12 WOODLANDOR HOLDINGS BHD 0.54 0.55 0.58 0.61 40.86 0.58 0.58 0.58 0.58 10,000 5,455 13 FIBON BHD 0.48 0.49 0.55 0.61 38.86 0.53 0.55 0.56 0.58 1,000 2,980 14 ARK RESOURCES BHD 0.31 0.31 0.38 0.45 14.99 0.33 0.35 0.39 0.43 500 25 15 GUNUNG CAPITAL BHD 0.37 0.37 0.38 0.40 42.15 0.39 0.38 0.39 0.39 1,600 21,425 16 PELANGI PUBLISHING GROUP BHD 0.47 0.47 0.51 0.54 40.11 0.49 0.50 0.51 0.51 9,000 16,750 17 MK LAND HOLDINGS BHD 0.17 0.17 0.18 0.19 30.27 0.17 0.18 0.18 0.20 619,700 417,445 18 TEX CYCLE TECHNOLOGY 0.65 0.65 0.68 0.70 38.98 0.67 0.67 0.69 0.72 45,000 39,920 19 PLB ENGINEERING BERHAD 1.69 1.69 1.73 1.78 41.68 1.72 1.72 1.74 1.77 2,700 3,430 20 SERSOL BHD 0.16 0.15 0.16 0.17 39.62 0.16 0.16 0.16 0.16 90,000 360,935 Raw data sourced from Bloomberg *Note: The list below is the 20 most overbought of the 1000 over Bursa Malaysia listed stocks with 14-day RSI above 80. It is generally a bearish or SELL list, especially if the readings approach 90. Caveat: The list consists of fundamentally sound stocks, and hence are long-term BUY or HOLD stocks. Page 2 of 3
41. TOP 20 OVERBOUGHT STOCKS (Generally BEARISH short-term, but are LONG-TERM BUY or HOLD) No Stock Name Bollinger Band Price 1 IMASPRO CORP BHD 2 PETRONAS DAGANGAN BHD Lower Middle RSI Upper 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 2.09 1.72 1.92 2.12 86.01 2.06 1.96 1.87 1.85 10,000 36,520 27.60 23.48 25.45 27.42 85.14 26.58 25.89 25.12 25.09 377,100 653,845 3 MMAG HOLDINGS BHD 0.25 0.12 0.20 0.27 80.56 0.25 0.22 0.19 0.18 9,416,700 14,410,610 4 PANSAR BHD 1.26 1.07 1.21 1.34 79.73 1.26 1.25 1.12 0.99 2,447,900 3,268,220 34.90 32.18 33.20 34.22 78.49 33.25 33.04 32.72 31.77 1,055,100 591,545 0.39 0.12 0.25 0.39 78.06 0.34 0.28 0.25 0.22 8,393,900 9,259,215 11.10 8.32 9.50 10.68 76.75 10.06 9.71 9.17 9.17 23,700 4,870 5.87 5.16 5.55 5.94 75.85 5.73 5.65 5.29 5.19 2,000 226,230 5 FRASER & NEAVE HOLDINGS BHD 6 ASDION BHD 7 FAR EAST HOLDINGS BHD 8 SHANGRI-LA HOTELS (MAL) BHD 9 MWE HOLDINGS BERHAD 1.66 1.58 1.63 1.68 75.55 1.66 1.65 1.57 1.46 376,000 241,160 10 NEXGRAM HOLDINGS BHD 0.07 0.04 0.06 0.07 74.06 0.06 0.06 0.05 0.05 90,249,100 42,906,040 4,630,645 24.20 23.82 23.99 24.16 73.50 24.05 24.01 23.73 23.23 5,015,000 12 HEKTAR REAL ESTATE INVESTMEN 11 PUBLIC BANK BERHAD 1.23 1.14 1.19 1.23 70.64 1.22 1.20 1.18 1.20 73,800 119,010 13 IRE-TEX CORP BHD 0.23 0.12 0.17 0.21 69.64 0.19 0.17 0.18 0.16 28,077,600 5,268,295 1,917,020 14 CAPITALAND MALAYSIA MALL TRU 1.18 1.02 1.10 1.18 69.20 1.13 1.12 1.07 1.09 3,778,400 15 CCK CONSOLIDATED HOLDINGS BH 1.45 1.24 1.35 1.45 68.56 1.39 1.38 1.33 1.29 866,500 869,430 16 MUI PROPERTIES BERHAD 0.31 0.21 0.27 0.33 68.37 0.30 0.29 0.25 0.25 2,597,000 2,558,795 17 KUMPULAN PERANGSANG SELANGOR 1.39 1.19 1.31 1.43 67.66 1.40 1.35 1.28 1.29 37,700 247,165 18 ASIA KNIGHT BHD 0.22 0.10 0.15 0.19 67.33 0.16 0.14 0.15 0.15 1,997,700 216,394 19 AEON CO (M) BHD 2.00 1.66 1.88 2.10 67.31 2.01 1.95 1.85 1.75 2,363,600 1,941,045 20 AXIS REAL ESTATE INVESTMENT 1.38 1.20 1.31 1.41 67.13 1.37 1.34 1.28 1.30 77,000 841,345 Raw data sourced from Bloomberg *Note: The list below is the 20 of the most oversold of the 1000 over Bursa Malaysia listed stocks with 14-day RSI close to and below 30, the level below which is considered oversold. It is generally a short-term bullish or BUY list for technical rebound gains, especially if the readings are below 20. Caveat: The list consists of fundamentally weak stocks, and hence could be an AVOID list. TOP 20 OVERSOLD STOCKS (Generally BULLISH short-term, but AVOID fundamentally weak stocks) No Stock Name Price Bollinger Band Lower Middle RSI Upper 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 ARK RESOURCES BHD 2 MALPAC HOLDINGS BERHAD 0.31 0.31 0.38 0.45 14.99 0.33 0.35 0.39 0.43 500 25 0.99 1.02 1.12 1.22 15.24 1.08 1.09 1.15 1.20 600 380 3 BLD PLANTATION BHD 4 SLP RESOURCES BHD 8.01 7.99 8.09 8.19 15.51 8.03 8.06 8.14 8.23 20,000 3,500 1.01 0.86 1.14 1.42 17.25 1.02 1.01 1.25 1.43 8,000 26,565 5 PLS PLANTATIONS BHD 6 TSH RESOURCES BHD 0.78 0.79 0.85 0.91 18.33 0.81 0.83 0.89 1.00 100 3,450 1.35 1.33 1.41 1.50 18.80 1.37 1.38 1.46 1.52 95,300 61,380 7 WZ SATU BHD 8 ISKANDAR WATERFRONT CITY BHD 9 TAFI INDUSTRIES BHD 0.60 0.52 0.67 0.81 19.90 0.59 0.61 0.72 0.76 91,500 160,525 0.75 0.54 0.95 1.36 21.15 0.80 0.82 1.12 1.20 3,538,600 5,001,690 800 10 TEO GUAN LEE CORP BHD 11 LONDON BISCUITS BHD 12 PINTARAS JAYA BHD 13 MEDIA PRIMA BHD 14 YTL POWER INTERNATIONAL BHD 15 BENALEC HOLDINGS BHD 16 VERSATILE CREATIVE BHD 0.30 0.32 0.38 0.45 21.41 0.36 0.37 0.40 0.41 10,000 0.93 0.91 1.12 1.33 22.30 0.96 1.04 1.18 1.25 1,600 580 0.47 0.46 0.52 0.57 22.90 0.49 0.50 0.53 0.55 255,400 317,360 3.02 2.90 3.14 3.38 23.81 3.05 3.05 3.22 3.42 4,000 109,900 0.32 0.30 0.36 0.42 23.98 0.33 0.34 0.39 0.45 976,500 3,460,385 7,036,095 0.92 0.90 0.99 1.08 24.51 0.95 0.97 1.03 1.08 10,253,500 0.30 0.29 0.32 0.35 24.68 0.31 0.31 0.33 0.35 444,600 649,320 0.48 0.47 0.53 0.60 24.81 0.50 0.51 0.56 0.57 368,900 353,600 17 SERN KOU RESOURCES BHD 18 SUBUR TIASA HOLDINGS BHD 19 YFG BHD 0.56 0.49 0.61 0.74 26.34 0.56 0.57 0.67 0.72 10,000 59,035 0.92 0.89 0.99 1.09 26.68 0.92 0.95 1.04 1.12 4,800 18,860 0.01 0.00 0.02 0.04 27.18 0.01 0.01 0.02 0.02 29,266,200 20 AMVERTON BHD 1.01 0.94 1.09 1.23 27.85 1.02 1.03 1.14 1.24 3,600 4,665 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 3 of 3
42. Monday , 23 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only Fo re i gn Te ch n ic al R e p o rt s 1. Fore i gn Te ch n i ca l St o c k W at ch ( A US ) 2. Fore i gn Te ch n i ca l St o c k W at ch ( HK ) 3. Fore i gn Te ch n i ca l St o c k W at ch ( F SS T I ) 4. Fore i gn Te ch n i ca l St o c k W at ch ( U S) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
43. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Stock Watch Australia Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my WOODSIDE PETROLEUM AUD31.42 BOLLINGER BANDS Upper Middle Lower AUD AUD AUD 31.06 29.89 28.71 SIMPLE MOVING AVERAGES 10-day 30-day 50-day AUD AUD AUD DMI BUY Recent Signal BOLLINGER BANDS AUD AUD AUD 9.48 9.00 8.51 BUY AUD9.38 ORIGIN ENERGY SIMPLE MOVING AVERAGES 10-day 30-day 50-day DMI Recent Signal 30.40 29.52 29.73 DAILY MACD Recent Signal Upper Middle Lower www.taonline.com.my AUD AUD AUD 9.08 8.93 8.91 DAILY MACD BUY Recent Signal BUY Page 1 of 5
44. 23-Apr-18 OIL SEARCH AUD7 .84 BOLLINGER BANDS Upper Middle Lower AUD AUD AUD SIMPLE MOVING AVERAGES 7.79 7.37 6.96 10-day 30-day 50-day AUD AUD AUD BUY Recent Signal DMI 7.54 7.29 7.35 DAILY MACD Recent Signal QANTAS AIRWAYS BUY AUD6.01 BOLLINGER BANDS SIMPLE MOVING AVERAGES Upper AUD 6.14 10-day AUD 5.99 Middle Lower AUD AUD 5.96 5.78 30-day 50-day AUD AUD 5.96 5.75 DMI Recent Signal DAILY MACD SELL Recent Signal SELL Page 2 of 5
45. 23-Apr-18 WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the top 30 ASX 200 Index component stocks , weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Name AS X 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WES TPAC BANKING AUST AND NZ BANK NATL AUST BANK WES FARMERS WOODSIDE PETRO NEWCREST MINING WES TFIE LD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIR WAYS SIMS METAL MGMT Close Bollinger Bands RSI Moving Averages DMI Change High Low 19-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff 5868.78 -12.22 5887.00 5862.70 5733.62 5822.67 5911.71 51.65 5843.30 5866.06 5891.90 26.97 20.07 13.30 6.90 30.86 80.53 72.06 28.59 26.72 28.37 41.50 31.42 19.99 8.76 4.63 9.89 9.38 4.30 6.00 104.80 13.63 19.05 7.84 8.90 13.96 3.91 2.83 16.90 6.01 15.77 -0.06 -0.89 -0.34 0.00 0.01 0.04 0.18 0.36 -0.12 -0.02 -0.08 0.03 -0.14 -0.02 0.00 0.35 -0.05 0.12 0.07 -0.03 -0.07 -0.04 -0.04 -0.33 0.08 -0.13 30.98 81.58 72.57 28.79 26.92 28.62 41.67 31.49 20.14 8.79 4.71 9.99 9.52 4.44 6.04 105.19 13.70 19.19 7.91 8.98 13.99 3.95 2.92 17.04 6.05 15.98 30.68 80.23 71.93 28.44 26.52 28.24 41.22 31.03 19.91 8.72 4.63 9.83 9.36 4.28 5.95 104.25 13.59 18.98 7.77 8.88 13.77 3.91 2.80 16.78 5.92 15.72 27.75 70.60 71.36 28.31 26.14 28.12 40.85 28.77 19.47 8.38 4.17 9.43 8.50 4.31 4.94 100.46 13.26 17.45 6.95 8.64 13.84 3.90 2.23 16.87 5.78 13.72 29.28 75.80 72.94 28.89 26.97 28.68 41.56 30.02 19.91 8.65 4.48 9.69 9.01 4.83 5.69 103.37 13.50 18.35 7.40 8.84 14.05 3.99 2.53 17.32 5.96 14.81 30.82 81.00 74.51 29.46 27.81 29.24 42.27 31.26 20.34 8.91 4.79 9.94 9.52 5.34 6.43 106.29 13.75 19.26 7.86 9.04 14.26 4.08 2.82 17.76 6.14 15.89 66.83 65.28 36.99 35.52 36.17 38.07 48.89 70.30 45.36 54.66 52.48 55.22 62.43 14.52 74.53 56.36 54.07 63.53 68.43 54.58 45.12 36.70 73.69 40.36 56.22 58.52 29.81 77.73 73.01 28.93 26.80 28.63 41.39 30.53 20.03 8.76 4.51 9.72 9.14 4.63 5.95 103.89 13.59 18.75 7.60 8.90 14.08 3.97 2.65 17.31 5.99 15.05 29.13 75.65 73.99 29.21 27.40 29.07 41.68 29.61 20.03 8.63 4.57 9.75 8.95 4.99 5.44 104.09 13.59 18.42 7.31 8.85 14.12 4.03 2.46 17.48 5.96 15.12 29.57 77.09 74.54 29.69 27.75 29.26 41.45 29.68 20.80 8.66 4.78 9.99 8.92 5.10 5.26 103.53 13.51 18.44 7.35 8.76 14.13 4.03 2.39 17.46 5.76 15.78 38.59 37.40 15.59 17.52 16.90 18.57 21.65 29.72 25.55 29.21 26.50 22.72 31.52 3.66 41.89 20.35 21.30 30.92 32.46 23.15 22.69 15.79 42.02 22.77 22.51 28.17 19.17 18.72 30.11 26.05 25.87 23.55 19.15 9.97 26.26 22.96 22.10 18.82 19.93 47.73 10.42 18.54 15.82 13.38 14.45 15.70 26.31 27.47 12.81 34.79 19.08 22.14 17.13 23.49 24.26 17.79 27.16 15.68 11.11 26.22 18.12 21.87 24.40 21.48 16.72 54.00 42.00 11.54 15.21 23.29 22.70 19.55 10.72 14.25 33.14 13.53 19.17 23.82 19.42 18.68 (14.52) (8.53) (8.97) (4.98) 2.50 19.74 (0.71) 6.25 4.40 3.90 11.59 (44.07) 31.47 1.81 5.48 17.55 18.01 7.45 (3.62) (11.68) 29.21 (12.02) 3.44 6.03 MACD DMI MACD Line Signal Diff Recent Signal -12.02 -24.82 12.796 BUY BUY 0.32 1.02 -0.70 -0.28 -0.34 -0.25 -0.14 0.39 -0.16 0.03 -0.04 -0.03 0.13 -0.20 0.23 0.24 0.02 0.17 0.13 0.05 -0.04 -0.04 0.11 -0.06 0.04 -0.04 0.06 0.21 -0.70 -0.30 -0.36 -0.24 -0.12 0.21 -0.26 0.01 -0.09 -0.09 0.05 -0.15 0.22 0.01 -0.01 0.06 0.07 0.05 -0.04 -0.03 0.07 -0.04 0.06 -0.27 0.256 0.811 (0.002) 0.011 0.021 (0.017) (0.020) 0.177 0.108 0.019 0.050 0.059 0.074 (0.054) 0.009 0.236 0.026 0.106 0.058 (0.000) (0.001) (0.007) 0.037 (0.018) (0.018) 0.221 BUY BUY SELL SELL SELL SELL BUY BUY SELL BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY SELL BUY BUY SELL SELL BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 3 of 5
46. 23-Apr-18 Fundamentals of Foreig n Technical Picks Bloomberg Stock Name Ticker BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIE LD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIR WAYS SGM AU SIMS METAL MGMT EPS ($) PER(x) Div Yield(%) 52week Price Close Target % upside Price 2017 2018 2017 2018 2017 2018 High Low % Chg YTD 30.86 80.53 72.06 28.59 26.72 28.37 41.50 31.42 19.99 8.76 4.63 9.89 9.38 4.30 6.00 104.80 13.63 19.05 7.84 8.90 13.96 3.91 2.83 16.90 6.01 15.77 31.13 81.36 80.19 33.33 30.39 32.63 42.14 33.27 22.23 9.66 5.15 11.03 9.77 5.37 5.79 105.77 13.97 17.78 7.96 8.53 15.46 4.51 2.67 16.51 6.58 16.66 1.66 4.85 5.60 2.45 2.34 2.26 2.42 1.55 0.37 0.35 0.40 0.55 0.60 0.35 0.34 7.18 0.79 0.93 0.25 0.53 0.65 0.33 0.18 0.64 0.61 0.99 1.47 4.32 5.86 2.48 2.42 2.47 2.47 1.56 0.88 0.38 0.37 0.66 0.76 0.37 0.38 7.58 0.97 1.12 0.29 0.55 0.71 0.35 0.13 0.72 0.64 1.09 14.2 12.7 12.9 11.7 11.4 12.5 17.2 15.5 41.3 19.4 8.8 13.9 15.6 12.4 13.6 14.6 17.3 20.5 24.5 16.7 16.6 11.8 12.0 20.3 9.8 16.0 16.1 14.3 12.3 11.5 11.1 11.5 16.8 15.5 17.4 17.9 9.5 11.5 12.3 11.7 12.1 13.8 14.0 17.1 20.5 16.1 15.0 11.2 16.4 18.0 9.5 14.5 3.772 3.848 6.020 6.684 6.022 6.979 5.234 3.994 0.805 3.014 4.665 3.650 0.373 6.837 0.417 4.827 5.319 2.588 1.467 5.022 3.395 6.829 5.795 1.911 2.346 3.329 3.156 3.253 6.205 6.842 6.186 6.912 5.313 3.883 1.226 3.151 4.795 4.317 2.154 7.070 1.167 5.144 5.576 3.060 1.722 5.124 3.775 7.084 4.876 2.065 2.413 3.564 32.16 82.73 87.74 35.30 32.95 34.09 45.02 34.59 24.27 9.77 6.07 13.62 9.78 5.49 6.20 107.68 15.24 21.39 8.13 9.79 16.78 4.98 2.96 18.36 6.53 18.05 22.06 56.72 71.45 28.32 26.21 28.01 39.52 27.85 19.26 7.28 4.18 9.41 6.71 4.28 2.87 82.28 12.43 16.91 6.15 7.52 13.71 3.91 1.67 13.46 3.96 11.37 4.36 6.23 -10.31 -8.80 -7.03 -4.06 -6.57 -3.96 -12.40 -7.69 -5.12 -7.40 -0.42 -17.15 10.09 5.19 -1.66 5.25 0.64 4.58 -9.47 -12.72 16.46 3.68 19.25 0.00 1% 1% 10% 14% 12% 13% 2% 6% 10% 9% 10% 10% 4% 20% -4% 1% 2% -7% 1% -4% 10% 13% -6% -2% 9% 5% Note: The above data is based on Bloomberg consensus Page 4 of 5
47. 23-Apr-18 LIST OF RECOMMENDED BUY STOCKS FROM JUNE 2017 TO CURRENT Stock AMCOR LTD AMCOR LTD AUSTRALIA & NZ BANK BHP BILLITON BHP BILLITON BHP BILLITON COCA-COLA AMMATIL FORTESCUE NATIONAL AUSTRALIA BANK NEWCREST MINING OIL SEARCH OIL SEARCH OIL SEARCH ORIGIN ENERGY ORIGIN ENERGY QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QBE INSURANCE QBE INSURANCE RIO TINTO RIO TINTO RIO TINTO SIMS METAL STOCKLAND STOCKLAND STOCKLAND STOCKLAND SUNCORP GROUP WESFARMERS WESTFIELD CORP WESTFIELD CORP WESTFIELD CORP WESTPAC BANKING WESTPAC BANKING WESTPAC BANKING WESTPAC BANKING WOODSIDE WOODSIDE WOODSIDE REC BUY Date Price 7-Nov 12-Sep 12-May 3-Nov 6-Sep 26-May 9-Nov 7-Mar 7-Dec 31-May 15-Sep 28-Apr 19-Apr 31-Jan 17-Apr 16-Mar 21-Nov 16-Feb 4-Jan 24-Jan 22-Aug 8-Sep 4-Apr 28-Feb 11-Oct 16-Jan 29-Nov 16-May 18-Jan 25-Aug 1-Aug 3-Oct 28-Aug 23-Feb 14-Nov 6-Jul 22-Mar 5-Apr 16-Nov 8-Feb 12-Apr Total funds invested * Total unrealised profit Return 20-Apr-18 Price 13.96 14.89 15.56 29.30 27.35 27.62 24.50 8.15 4.81 29.46 21.17 6.78 7.30 7.77 9.43 9.23 5.99 5.77 3.47 3.38 10.43 10.76 68.75 60.01 62.49 13.61 4.28 4.68 4.72 4.38 12.89 40.73 7.85 7.41 9.01 32.45 31.12 34.32 28.77 30.89 31.60 30.44 13.96 26.72 30.86 30.86 30.86 8.90 4.63 28.37 19.99 7.84 7.84 7.84 9.38 9.38 6.01 6.01 6.01 6.01 9.89 9.89 80.53 80.53 80.53 15.77 3.91 3.91 3.91 3.91 13.63 41.50 8.76 8.76 8.76 28.59 28.59 28.59 28.59 31.42 31.42 31.42 Change (+/-) (0.93) (1.60) (2.58) 3.51 3.24 6.36 0.75 (0.18) (1.09) (1.18) 1.06 0.54 0.07 (0.05) 0.15 0.02 0.24 2.54 2.63 (0.54) (0.87) 11.78 20.52 18.04 2.16 (0.37) (0.77) (0.81) (0.47) 0.74 0.77 0.91 1.35 (0.25) (3.86) (2.53) (5.73) (0.18) 0.53 (0.18) 0.98 pct ST (6.25) (10.28) (8.81) 12.83 11.73 25.96 9.20 (3.74) (3.70) (5.57) 15.63 7.40 0.90 (0.53) 1.63 0.33 4.16 73.20 77.81 (5.18) (8.09) 17.13 34.19 28.87 15.87 (8.64) (16.45) (17.16) (10.73) 5.74 1.89 11.59 18.22 (2.77) (11.90) (8.13) (16.70) (0.63) 1.72 (0.57) 3.22 803,520 54,720 6.81% 15.64 15.64 31.37 34.41 34.41 34.41 9.58 5.04 30.68 20.49 8.36 8.36 8.36 9.78 9.78 6.53 6.53 6.53 6.53 10.58 10.58 83.16 83.16 83.16 16.32 4.24 4.24 4.24 4.24 15.24 46.06 9.21 9.21 9.21 31.48 31.48 31.48 31.48 31.57 31.57 31.57 Upside Targets MT LT 16.07 16.78 16.07 16.78 33.61 37.00 36.43 38.07 36.43 38.07 36.43 38.07 10.07 10.86 5.45 5.90 31.20 32.00 21.77 23.05 9.02 9.42 9.02 9.42 9.02 9.42 10.90 11.60 10.90 11.60 7.44 8.00 7.44 8.00 7.44 8.00 7.44 8.00 11.42 12.11 11.42 12.11 88.08 92.06 88.08 92.06 88.08 92.06 18.05 19.77 4.40 4.78 4.40 4.78 4.40 4.78 4.40 4.78 16.46 17.21 48.26 49.62 9.95 11.14 9.95 11.14 9.95 11.14 33.54 35.39 33.54 35.39 33.54 35.39 33.54 35.39 33.46 39.59 33.46 39.59 33.46 39.59 ST 12.03 12.03 17.40 11.50 11.50 11.50 7.64 8.86 8.14 2.50 6.63 6.63 6.63 4.26 4.26 8.65 8.65 8.65 8.65 6.98 6.98 3.27 3.27 3.27 3.49 8.44 8.44 8.44 8.44 11.81 10.99 5.14 5.14 5.14 10.11 10.11 10.11 10.11 0.48 0.48 0.48 % Upside MT 15.11 15.11 25.79 18.05 18.05 18.05 13.15 17.71 9.98 8.90 15.05 15.05 15.05 16.20 16.20 23.79 23.79 23.79 23.79 15.47 15.47 9.38 9.38 9.38 14.46 12.53 12.53 12.53 12.53 20.76 16.29 13.58 13.58 13.58 17.31 17.31 17.31 17.31 6.49 6.49 6.49 LT 20.20 20.20 38.47 23.36 23.36 23.36 22.02 27.43 12.80 15.31 20.15 20.15 20.15 23.67 23.67 33.11 33.11 33.11 33.11 22.45 22.45 14.32 14.32 14.32 25.36 22.25 22.25 22.25 22.25 26.27 19.57 27.17 27.17 27.17 23.78 23.78 23.78 23.78 26.00 26.00 26.00 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from June 2017 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
48. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Stock Watch Hong Kong Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my LI FUNG HKD3.90 BOLLINGER BANDS Upper Middle Lower HKD HKD HKD SIMPLE MOVING AVERAGES 4.26 3.95 3.65 10-day 30-day 50-day HKD HKD HKD DMI 3.91 4.02 3.97 DAILY MACD Recent Signal SELL Recent Signal BOLLINGER BANDS HKD HKD HKD SIMPLE MOVING AVERAGES 14.23 13.31 12.40 10-day 30-day 50-day DMI Recent Signal HKD HKD HKD 13.00 13.50 13.23 DAILY MACD SELL CITIC LTD SELL HKD12.46 CATHAY PACIFIC AIRWAYS Upper Middle Lower www.taonline.com.my Recent Signal SELL HKD11.38 Page 1 of 5
49. 23-Apr-18 BOLLINGER BANDS Upper Middle Lower HKD HKD HKD SIMPLE MOVING AVERAGES 11 .65 11.19 10.73 10-day 30-day 50-day HKD HKD HKD DMI DAILY MACD Recent Signal BUY Recent Signal COSCO SHIPPING HKD HKD HKD SIMPLE MOVING AVERAGES 7.26 6.77 6.28 10-day 30-day 50-day DMI Recent Signal BUY HKD6.48 BOLLINGER BANDS Upper Middle Lower 11.36 11.27 11.28 HKD HKD HKD 6.64 6.93 7.16 DAILY MACD SELL Recent Signal SELL Page 2 of 5
50. 23-Apr-18 WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the 45 HKSE Hang Seng Index component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Clos e Name 20-Apr Change High RSI Bollinger Bands Low Lower Mid Upper 14d Moving Averages 10d 30d DMI 50d DMI MACD DI + DI - ADX HANG S E NG 30,382.59 (325.85) 30,848.47 30,355.79 29,502.84 30,510.54 31,518.24 51.19 30,471.17 30,725.22 30,761.51 21.21 25.95 13.93 HS B C CH MOB ILE CCONB ICB C CNOOC CH LIF E B OC S HK P R OP P E TR O CH TE NCE NT HKS E CK HUTCHIS ON P ING AN S INOP E C COR P CH S HE NHUA CLP LI & F UNG B OC HK HS BANK HK&CH GAS S WIR E HL P R OP WHAR F CH OV LAND P OWE R AS S E TS HE NDE R S ON B OCOMM CH COAL CH UNICOM B K E AS IA E S P R IT MTR S INO LAND CH R E S NE W WOR LD CH R E S LAND CH ME R CHANT CH R E S P OWE R ALCOR P CATHAY CITIC COS CO F IH MOB ILE LTD GE NHK AIA S ANDS CHINA GALAXY 76.90 73.05 8.04 6.78 12.86 21.70 4.17 123.10 5.85 399.00 260.20 92.90 81.40 7.49 19.30 80.90 3.90 38.90 193.60 16.18 77.15 18.20 25.40 26.00 58.95 50.10 6.22 3.17 10.36 33.40 2.37 43.40 13.14 34.55 11.30 28.55 17.18 14.44 5.01 12.46 11.38 6.48 1.39 1.44 68.10 43.95 69.45 0.60 0.25 (0.14) (0.11) (0.38) (0.20) (0.05) (1.70) (0.09) (6.80) (0.20) (0.80) (0.35) (0.21) (0.46) (0.30) (0.02) (0.25) (0.50) (0.04) (1.65) (0.16) (0.20) (0.60) (0.30) (0.30) (0.08) (0.05) (0.14) (0.10) (0.08) (0.05) (0.20) (0.60) (0.08) (0.65) (0.22) (0.08) (0.14) (0.02) (0.16) (0.03) (0.10) 0.00 (0.60) (0.70) (1.20) 77.65 73.50 8.18 6.92 13.16 22.15 4.26 124.80 5.93 406.80 264.80 93.55 83.00 7.68 19.88 81.40 3.92 39.20 196.30 16.28 78.35 18.38 25.60 26.50 59.30 50.70 6.31 3.23 10.48 33.75 2.47 43.75 13.40 35.15 11.50 28.95 17.40 14.66 5.08 12.58 11.56 6.53 1.49 1.44 69.30 44.95 71.30 76.50 72.60 8.02 6.75 12.82 21.55 4.15 123.00 5.85 398.40 259.00 92.60 81.20 7.47 19.24 80.90 3.88 38.75 193.20 16.16 76.90 18.18 25.35 25.85 58.85 50.10 6.21 3.15 10.32 33.25 2.33 43.35 13.10 34.35 11.24 28.35 17.14 14.36 4.91 12.40 11.34 6.44 1.38 1.44 67.80 43.85 69.15 72.62 70.26 7.80 6.55 10.68 21.11 4.11 122.01 5.19 379.98 247.30 90.03 76.78 6.47 18.48 78.93 3.65 36.08 178.81 16.00 77.40 17.95 25.58 25.93 57.24 49.97 6.11 2.99 9.33 30.77 2.25 42.07 12.64 33.27 10.96 27.72 16.86 13.98 3.99 12.40 10.73 6.28 1.44 1.40 64.98 40.92 68.36 75.05 72.44 8.11 6.75 11.82 21.93 4.22 126.63 5.49 417.80 259.56 93.43 83.09 7.11 19.76 80.18 3.95 38.22 186.68 16.20 79.61 18.44 26.74 27.46 61.55 51.43 6.24 3.17 9.96 32.35 2.64 42.90 13.13 35.18 11.32 28.98 17.61 14.26 4.54 13.31 11.19 6.77 1.67 1.44 68.02 43.10 70.88 77.48 74.62 8.42 6.94 12.97 22.75 4.33 131.25 5.80 455.62 271.82 96.82 89.40 7.76 21.04 81.43 4.26 40.36 194.54 16.40 81.83 18.93 27.90 28.98 65.86 52.89 6.37 3.35 10.59 33.93 3.03 43.73 13.63 37.09 11.67 30.23 18.36 14.54 5.09 14.23 11.65 7.26 1.91 1.49 71.05 45.29 73.39 52.87 49.52 51.69 54.49 73.47 43.36 48.71 42.89 67.10 41.61 45.94 47.78 45.03 74.38 45.67 59.90 48.14 57.75 64.66 59.87 48.29 46.17 31.70 42.83 33.85 40.20 52.76 46.88 61.31 59.03 26.49 55.76 51.15 53.96 47.23 53.02 42.82 62.26 67.38 32.25 57.94 36.21 21.33 45.17 53.81 56.96 51.98 75.23 73.16 8.05 6.74 12.15 21.78 4.19 126.73 5.57 407.98 259.14 92.19 82.31 7.40 19.51 80.54 3.91 37.73 189.28 16.17 79.14 18.38 26.26 27.13 59.59 51.19 6.24 3.13 10.23 32.49 2.47 43.11 13.20 35.85 11.39 29.03 17.47 14.20 4.78 13.00 11.36 6.64 1.59 1.44 68.94 43.57 70.82 75.60 72.23 8.19 6.81 11.64 22.35 4.26 127.47 5.45 430.03 268.01 94.87 84.16 6.87 20.40 79.74 4.02 38.63 186.81 16.05 79.61 18.55 27.51 27.57 61.99 51.50 6.26 3.31 9.85 32.75 2.77 42.84 13.42 34.43 11.52 28.73 17.83 14.13 4.57 13.50 11.27 6.93 1.80 1.46 67.44 43.66 70.28 77.37 73.32 8.21 6.83 11.57 22.89 4.29 127.46 5.49 432.04 272.14 96.63 84.29 6.66 21.27 78.86 3.97 38.69 187.04 15.69 78.28 18.72 28.18 27.76 61.44 51.18 6.30 3.44 10.06 32.92 2.90 42.35 13.43 32.61 11.60 28.87 18.06 13.88 4.67 13.23 11.28 7.16 1.96 1.52 65.67 43.62 68.72 20.80 20.26 20.35 22.84 40.08 14.06 18.53 22.12 40.07 16.68 21.07 20.63 18.27 37.38 15.84 25.31 23.38 25.31 28.10 22.74 14.22 17.87 13.44 18.63 17.58 14.83 19.30 21.76 25.98 21.62 12.67 22.58 22.14 24.27 18.84 23.08 14.98 21.82 37.87 11.64 20.81 12.76 6.42 20.33 27.96 24.84 22.02 25.39 19.78 21.74 20.56 14.59 20.83 19.82 28.36 16.65 32.81 25.72 26.52 24.70 13.01 22.36 13.11 29.50 19.54 15.44 9.86 18.21 18.26 33.80 24.38 28.26 23.21 22.25 26.06 21.02 16.85 32.71 17.54 22.47 17.54 22.26 19.18 25.81 15.45 21.60 26.53 14.80 34.33 42.32 19.39 20.91 19.18 21.23 25.18 15.53 10.76 9.46 19.04 29.66 9.25 14.25 18.68 26.73 17.83 23.03 13.73 31.87 24.96 23.98 18.39 17.14 16.73 36.56 12.23 15.22 27.29 10.78 29.04 14.11 9.47 29.18 14.82 16.76 41.49 15.02 18.85 30.92 15.46 14.84 20.59 7.19 23.58 23.06 15.24 NA 59.69 17.11 19.44 14.44 12.13 Diff Line (4.73) -125.80 (4.59) 0.48 (1.39) 2.28 25.49 (6.77) (1.29) (6.23) 23.42 (16.13) (4.65) (5.89) (6.43) 24.36 (6.52) 12.20 (6.12) 5.76 12.66 12.88 (3.99) (0.40) (20.36) (5.75) (10.68) (8.38) (2.95) (4.30) 4.96 4.77 (20.04) 5.03 (0.33) 6.73 (3.42) 3.90 (10.83) 6.37 16.27 (14.89) 6.01 (21.57) (35.90) 0.94 7.06 5.66 0.79 -0.41 -0.04 -0.05 -0.03 0.34 -0.37 -0.04 -0.80 0.06 -10.28 -4.33 -1.38 -0.93 0.27 -0.56 0.52 -0.05 -0.23 1.38 0.12 -0.17 -0.14 -0.72 -0.37 -0.93 -0.24 -0.02 -0.10 0.11 -0.05 -0.17 0.18 -0.10 0.81 -0.09 0.06 -0.27 0.08 0.08 -0.22 0.04 -0.21 -0.13 -0.02 0.81 0.15 0.36 Signal -154.12 -0.80 -0.18 -0.06 -0.03 0.17 -0.43 -0.03 -0.63 0.02 -9.35 -5.03 -1.52 -0.89 0.23 -0.60 0.46 -0.04 -0.41 0.22 0.15 0.13 -0.15 -0.67 -0.24 -0.58 -0.09 -0.02 -0.12 0.04 -0.26 -0.16 0.11 -0.13 1.03 -0.12 0.09 -0.28 0.08 0.00 -0.08 -0.01 -0.20 -0.13 -0.03 0.87 -0.11 0.72 Diff 28.32 0.39 0.15 0.00 0.01 0.17 0.06 (0.00) (0.17) 0.05 (0.93) 0.70 0.14 (0.04) 0.03 0.04 0.06 (0.01) 0.18 1.16 (0.03) (0.30) 0.01 (0.05) (0.12) (0.35) (0.15) 0.00 0.02 0.07 0.21 (0.00) 0.07 0.03 (0.22) 0.03 (0.03) 0.01 0.00 0.08 (0.14) 0.05 (0.01) (0.01) 0.01 (0.06) 0.26 (0.36) MACD Recent S ignal SELL BUY SELL BUY SELL BUY BUY SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL BUY SELL BUY BUY BUY SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY SELL BUY SELL BUY SELL BUY SELL BUY BUY SELL BUY SELL SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY SELL BUY BUY BUY SELL BUY BUY SELL SELL BUY SELL SELL SELL SELL BUY BUY BUY BUY SELL BUY BUY SELL BUY SELL BUY BUY BUY SELL BUY SELL SELL BUY SELL BUY SELL INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 3 of 5
51. 23-Apr-18 Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HS BC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC S HK P ROP P E TRO CH TE NCE NT HKS E CK HUTCHIS ON P ING AN S INOP E C CORP CH S HE NHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS S WIRE HL P ROP WHARF CH OV LAND P OWE R AS S E TS HE NDE RS ON BOCOMM CH COAL CH UNICOM BK E AS IA E S P RIT MTR S INO LAND CH RE S NE W WORLD CH RE S LAND CH ME RCHANT CH RE S P OWE R ALCORP CATHAY CITIC COS CO FIH MOBILE LTD GE NHK AIA S ANDS CHINA LTD GALAXY Close Target Price % upside 76.90 73.10 8.05 6.78 12.86 21.70 4.17 123.00 5.85 399.00 260.20 92.85 81.40 7.49 19.30 81.00 3.89 38.95 194.10 16.18 77.00 18.20 25.45 26.00 58.95 50.15 6.23 3.17 10.36 33.35 2.36 43.45 13.14 34.55 11.26 28.50 17.14 14.40 5.00 12.46 11.38 6.48 1.39 1.44 68.10 43.95 69.45 83.74 91.17 10.57 8.65 14.43 30.05 5.34 153.11 6.71 521.33 318.71 120.17 107.52 8.38 25.71 83.84 4.52 44.93 189.60 14.09 91.10 22.05 30.35 33.84 68.96 56.64 7.16 4.25 13.41 29.16 3.43 43.81 15.24 35.43 13.93 34.86 23.18 17.00 5.59 14.62 N/A 8.90 2.27 N/A 77.42 50.80 79.70 8% 20% 24% 22% 11% 28% 22% 20% 13% 23% 18% 23% 24% 11% 25% 3% 14% 13% -2% -15% 15% 17% 16% 23% 15% 11% 13% 25% 23% -14% 31% 1% 14% 2% 19% 18% 26% 15% 11% 15% N/A 27% 39% N/A 12% 13% 13% EPS ($) PER(x) Div Yield(%) 52week Price 2017 2018 2017 2018 2017 2018 High Low % Chg YTD 0.7 5.7 1.1 0.9 1.0 1.4 0.6 10.4 0.3 8.9 7.8 10.2 5.5 0.6 2.3 5.5 0.0 3.1 11.3 0.6 4.6 1.1 2.3 3.7 3.7 3.0 1.0 0.3 0.3 2.0 -0.5 1.8 1.0 0.7 0.8 3.5 1.7 1.5 0.2 0.3 1.7 0.1 0.0 NA 0.5 0.3 2.9 0.8 5.8 1.2 0.9 1.1 1.7 0.7 11.2 0.3 11.8 8.9 10.8 6.4 0.6 2.2 5.0 0.0 3.4 12.5 0.6 5.5 1.0 2.4 4.4 3.6 3.8 1.0 0.3 0.5 2.2 0.1 1.9 0.8 0.8 0.9 4.1 1.7 1.7 0.3 1.0 1.8 0.1 0.0 NA 0.5 0.3 3.2 13.7 10.3 6.1 6.3 10.0 12.2 5.5 11.8 15.6 35.7 33.4 9.1 11.8 10.9 6.7 14.7 18.4 12.6 17.1 27.6 16.7 17.0 11.1 7.0 16.0 17.0 5.2 8.1 28.6 16.7 N/A 24.3 13.0 40.2 14.7 8.1 9.9 9.9 22.3 N/A 6.9 10.1 N/A N/A 18.3 22.1 23.7 12.9 10.0 5.6 5.8 9.8 10.5 5.0 11.0 14.3 27.0 29.2 8.6 10.1 10.6 6.9 16.3 14.6 11.4 15.5 26.2 14.0 17.6 10.4 6.0 16.2 13.2 4.9 8.3 17.9 15.0 35.4 22.5 16.4 32.9 12.7 6.9 9.8 8.4 16.0 12.1 6.2 9.1 59.5 N/A 16.3 19.2 21.4 0.7 3.9 4.0 3.8 3.8 2.2 4.5 3.6 2.9 0.2 2.7 3.3 1.9 5.6 4.6 3.7 0.7 3.8 3.8 2.3 3.2 4.1 3.1 3.7 5.7 3.5 4.6 2.8 1.1 2.8 0.0 2.7 6.8 0.7 4.2 4.2 5.8 6.1 0.0 0.7 3.3 0.5 0.0 NA 0.2 0.6 1.2 0.7 3.9 4.3 4.2 3.8 2.6 4.8 3.9 3.0 0.3 3.1 3.5 2.3 5.8 4.5 3.7 0.8 4.3 4.2 2.5 3.9 4.2 3.2 4.3 4.9 3.6 5.0 2.6 1.9 3.0 0.2 2.7 4.2 0.9 4.3 5.0 4.6 6.0 0.3 2.6 3.4 0.6 0.0 NA 0.3 0.6 1.4 86.00 86.29 9.39 7.64 13.26 28.20 4.96 139.60 6.66 476.60 306.00 108.90 98.85 7.76 25.75 85.50 4.47 42.15 197.50 16.58 82.55 21.80 34.00 32.20 67.61 56.00 7.13 4.31 13.24 36.00 6.12 47.75 14.60 38.00 13.00 34.45 26.02 16.36 7.55 14.82 12.80 9.95 2.72 2.47 72.10 49.35 73.85 61.80 69.65 5.91 4.83 8.45 21.10 3.57 112.50 4.68 231.60 188.50 90.25 41.65 5.40 14.90 75.05 2.75 30.57 153.00 13.82 71.85 17.28 23.96 21.50 55.74 42.95 5.47 3.03 9.20 30.55 2.30 40.55 12.06 18.18 9.37 19.86 17.02 12.82 3.43 10.20 10.66 6.34 1.38 1.40 49.00 33.25 38.83 -3.81 -7.82 11.67 7.63 14.62 -11.61 8.33 -5.60 7.34 -1.82 8.59 -5.35 0.00 30.72 -4.89 1.31 -9.09 -1.77 -0.05 5.48 6.36 -4.71 -5.56 3.38 -2.31 -2.52 7.24 -10.20 -1.70 -1.33 -43.30 -5.24 -2.07 23.17 -3.92 23.70 -16.09 -0.82 -10.55 2.81 0.89 -20.30 -41.18 -16.76 2.10 8.67 11.49 Note: The above data is based on Bloomberg consensus Page 4 of 5
52. 23-Apr-18 LIST OF RECOMMENDED BUY STOCKS FROM FEBRUARY 2017 TO CURRENT Stock AIA GROUP AIA GROUP AIA GROUP AIA GROUP AIA GROUP AIA GROUP BANK OF CHINA BANK OF CHINA BANK OF CHINA CATHAY PACIFIC CHINA COAL ENERGY CHINA LIFE CHINA LIFE CHINA LIFE CHINA LIFE CHINA PETROLEUM CHINA PETROLEUM CHINA RESOURCES BEER CHINA UNICOM CNOOC CNOOC COSCO COSCO COSCO GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT ICBC PETROCHINA PETROCHINA PING AN PING AN PING AN POWER ASSETS SANDS CHINA LTD SANDS CHINA LTD SANDS CHINA LTD SANDS CHINA LTD REC BUY Date Price 9-Mar 12-Oct 13-Sep 24-Mar 17-Jan 13-Apr 6-Apr 6-Jan 4-Apr 19-Apr 7-Sep 27-Oct 5-Oct 30-Aug 13-Jan 21-Feb 1-Nov 20-Jan 14-Feb 17-May 10-Mar 8-Feb 20-Dec 7-Feb 1-Mar 3-Jan 8-Nov 20-Sep 15-Feb 5-Dec 23-Mar 26-Jul 7-Jul 20-Apr 14-Mar 28-Mar 13-Mar 12-Dec 9-May 22-Feb Total funds invested * Total unrealised profit Return 20-Apr-18 Price 64.70 59.75 59.65 50.20 46.45 70.30 3.77 3.50 4.26 12.52 3.86 24.95 23.90 24.90 21.35 6.42 5.73 14.52 9.94 9.23 8.89 7.74 8.02 7.95 68.50 60.20 55.80 52.40 37.85 6.02 5.53 4.90 54.40 41.90 41.75 67.00 46.80 39.65 34.40 31.75 68.10 68.10 68.10 68.10 68.10 68.10 4.17 4.17 4.17 12.46 3.17 21.70 21.70 21.70 21.70 7.49 7.49 34.55 10.36 12.86 12.86 6.48 6.48 6.48 69.45 69.45 69.45 69.45 69.45 6.78 5.85 5.85 81.40 81.40 81.40 58.95 43.95 43.95 43.95 43.95 Change (+/-) 3.40 8.35 8.45 17.90 21.65 (2.20) 0.40 0.67 (0.09) (0.06) (0.69) (3.25) (2.20) (3.20) 0.35 1.07 1.76 20.03 0.42 3.63 3.97 (1.26) (1.54) (1.47) 0.95 9.25 13.65 17.05 31.60 0.76 0.32 0.95 27.00 39.50 39.65 (8.05) (2.85) 4.30 9.55 12.20 1,201,350 271,920 22.63% pct ST 5.26 75.43 13.97 75.43 14.17 75.43 35.66 75.43 46.61 75.43 (3.13) 75.43 10.61 4.59 19.14 4.59 (2.11) 4.59 (0.48) 13.52 (17.88) 3.56 (13.03) 23.65 (9.21) 23.65 (12.85) 23.65 1.64 23.65 16.67 7.80 30.72 7.80 137.95 36.05 4.23 11.12 39.33 13.78 44.66 13.78 (16.28) 7.08 (19.20) 7.08 (18.49) 7.08 1.39 78.13 15.37 78.13 24.46 78.13 32.54 78.13 83.49 78.13 12.62 7.38 5.79 6.04 19.39 6.04 49.63 87.60 94.27 87.60 94.97 87.60 (12.01) 63.32 (6.09) 48.48 10.84 48.48 27.76 48.48 38.43 48.48 Upside Targets MT LT 82.42 85.55 82.42 85.55 82.42 85.55 82.42 85.55 82.42 85.55 82.42 85.55 5.00 5.68 5.00 5.68 5.00 5.68 14.52 15.92 3.95 4.34 25.40 27.60 25.40 27.60 25.40 27.60 25.40 27.60 8.71 9.29 8.71 9.29 40.25 42.86 11.93 13.24 14.04 16.00 14.04 16.00 8.18 8.86 8.18 8.86 8.18 8.86 82.73 86.44 82.73 86.44 82.73 86.44 82.73 86.44 82.73 86.44 7.66 7.94 6.66 7.27 6.66 7.27 98.85 110.09 98.85 110.09 98.85 110.09 67.60 71.89 50.47 52.51 50.47 52.51 50.47 52.51 50.47 52.51 ST 10.76 10.76 10.76 10.76 10.76 10.76 10.07 10.07 10.07 8.51 12.30 8.99 8.99 8.99 8.99 4.14 4.14 4.34 7.34 7.15 7.15 9.26 9.26 9.26 12.50 12.50 12.50 12.50 12.50 8.85 3.25 3.25 7.62 7.62 7.62 7.41 10.31 10.31 10.31 10.31 % Upside MT 21.03 21.03 21.03 21.03 21.03 21.03 19.90 19.90 19.90 16.53 24.61 17.05 17.05 17.05 17.05 16.29 16.29 16.50 15.15 9.18 9.18 26.23 26.23 26.23 19.12 19.12 19.12 19.12 19.12 12.98 13.85 13.85 21.44 21.44 21.44 14.67 14.84 14.84 14.84 14.84 LT 25.62 25.62 25.62 25.62 25.62 25.62 36.21 36.21 36.21 27.77 36.91 27.19 27.19 27.19 27.19 24.03 24.03 24.05 27.80 24.42 24.42 36.73 36.73 36.73 24.46 24.46 24.46 24.46 24.46 17.11 24.27 24.27 35.25 35.25 35.25 21.95 19.48 19.48 19.48 19.48 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from February 2017 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
53. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Stock Watch Singapore Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my KEPPEL CORP SGD8.21 BOLLINGER BANDS Upper Middle Lower SGD SGD SGD SIMPLE MOVING AVERAGES 8.01 7.78 7.56 10-day 30-day 50-day SGD SGD SGD BUY Recent Signal DMI SINGAPORE AIRLINES SGD SGD SGD BUY SGD10.77 BOLLINGER BANDS SIMPLE MOVING AVERAGES 11.10 10.86 10.62 10-day 30-day 50-day SELL Recent Signal DMI Recent Signal 7.83 7.78 7.85 DAILY MACD Recent Signal Upper Middle Lower www.taonline.com.my SGD SGD SGD 10.91 10.94 10.97 DAILY MACD BUY Page 1 of 5
54. 23-Apr-18 SEMBCORP INDUSTRIES SGD3 .24 BOLLINGER BANDS Upper Middle Lower SGD SGD SGD SIMPLE MOVING AVERAGES 3.16 3.09 3.01 10-day 30-day 50-day SGD SGD SGD DMI DAILY MACD Recent Signal BUY Recent Signal SEMBCORP MARINE SGD SGD SGD SIMPLE MOVING AVERAGES 2.32 2.20 2.08 10-day 30-day 50-day BUY Recent Signal DMI Recent Signal BUY SGD2.32 BOLLINGER BANDS Upper Middle Lower 3.11 3.08 3.14 SGD SGD SGD 2.23 2.16 2.24 DAILY MACD BUY Page 2 of 5
55. 23-Apr-18 WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the revamped 30 SGX FTSE Straits Times Index component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Stock Name Close 20-Apr Change High Low FS S TI 3,573.38 (25.35) 3,596.54 3,560.21 Lower Bollinger Bands Mid Upper 3,340.70 3,456.20 RSI 14d 3,571.71 66.46 10d Moving Averages 30d 50d 3,496.05 3,475.87 Diff Line MACD Signal Diff 3,471.80 29.67 19.13 22.30 10.55 18.30 0.16 18.14 BUY BUY DI + DI - DMI ADX DMI MACD Recent Signal 3.41 (0.02) 3.43 3.40 3.33 3.38 3.44 55.27 3.39 3.40 3.39 23.12 20.67 16.81 2.45 0.00 -0.01 0.01 BUY BUY DBS 29.59 (0.32) 29.95 29.45 26.26 27.88 29.49 69.55 28.46 28.08 28.14 34.41 17.81 21.49 16.59 0.33 0.08 0.25 BUY BUY OCBC 13.73 (0.01) 13.78 13.61 12.28 12.92 13.57 66.18 13.09 13.08 13.00 29.39 20.48 26.87 8.91 0.09 -0.01 0.10 BUY BUY UOB 29.69 (0.09) 29.87 29.53 26.23 27.78 29.33 69.88 28.29 28.00 27.74 38.34 17.29 17.93 21.04 0.32 0.09 0.24 BUY BUY J ARDINE M. 61.96 0.39 61.96 61.03 60.92 61.61 62.29 47.42 61.46 62.02 62.20 21.19 28.12 12.02 (6.93) -0.30 -0.29 (0.01) SELL SELL S INGTE L WILMAR 3.21 0.00 3.23 3.18 3.10 3.17 3.23 56.14 3.17 3.18 3.15 20.28 18.48 14.23 1.80 0.00 0.00 0.00 BUY BUY HK LAND 7.03 (0.04) 7.06 7.01 6.77 6.98 7.18 55.45 7.06 6.96 6.96 22.31 14.42 15.97 7.89 0.04 0.02 0.01 BUY BUY CAP LAND 3.73 (0.04) 3.77 3.71 3.51 3.62 3.74 64.42 3.67 3.64 3.61 26.70 15.95 14.48 10.75 0.02 0.01 0.02 BUY BUY GE NS P 1.19 0.00 1.21 1.18 1.03 1.12 1.21 59.98 1.16 1.12 1.16 22.91 18.29 23.51 4.62 0.01 0.00 0.01 BUY BUY 3.86 KE P PE L 8.21 0.14 8.30 7.95 7.56 7.78 8.01 61.36 7.83 7.78 7.85 23.81 19.95 13.82 0.02 -0.02 0.04 BUY BUY S GX 7.56 (0.03) 7.62 7.53 7.19 7.38 7.58 59.41 7.42 7.43 7.48 18.90 20.12 26.40 (1.22) 0.00 -0.04 0.04 SELL BUY S IA 10.77 (0.11) 10.91 10.75 10.62 10.86 11.10 48.65 10.91 10.94 10.97 15.54 23.59 21.67 (8.05) -0.04 -0.04 0.00 SELL BUY FNN 2.08 (0.01) 2.09 2.08 2.06 2.14 2.23 32.61 2.12 2.19 2.26 24.03 20.78 33.87 3.25 -0.05 -0.05 0.00 BUY BUY NOBLE 0.11 (0.00) 0.12 0.10 0.04 0.09 0.13 50.16 0.10 0.10 0.14 32.70 22.85 32.90 9.86 -0.01 -0.01 0.01 BUY BUY CITY DE V 12.66 (0.19) 12.79 12.62 12.48 12.84 13.20 49.91 12.74 13.00 12.85 18.55 21.01 25.69 (2.47) -0.07 -0.07 (0.01) SELL SELL J ARDINE S . 38.28 (0.13) 38.49 38.08 37.93 38.48 39.02 47.24 38.51 38.81 38.71 14.20 19.46 14.05 (5.26) -0.13 -0.13 0.00 SELL BUY 2.69 (0.06) 2.75 2.68 2.38 2.53 2.69 74.05 2.57 2.53 2.56 34.94 10.71 23.00 24.22 0.03 0.00 0.03 BUY BUY J ARDINE C&C 35.24 (0.38) 35.60 35.09 33.66 34.80 35.95 53.35 35.25 34.97 35.90 13.31 17.93 34.06 (4.62) -0.12 -0.30 0.19 SELL BUY GOLDE N AGRI 0.35 0.01 0.35 0.34 0.34 0.35 0.35 39.16 0.34 0.35 0.35 6.62 12.14 16.17 (5.52) 0.00 0.00 0.00 SELL BUY S G TE CH 3.65 (0.03) 3.68 3.64 3.46 3.59 3.72 63.44 3.64 3.55 3.47 21.91 15.00 23.12 0.05 0.05 0.00 BUY BUY OLAM INT 2.29 (0.02) 2.31 2.29 2.25 2.34 2.43 47.10 2.35 2.35 2.29 19.27 24.06 16.29 (4.79) 0.01 0.01 (0.01) SELL SELL CAP TRUS T 2.10 (0.02) 2.12 2.09 2.03 2.07 2.12 65.29 2.09 2.07 2.04 16.96 12.14 10.87 0.02 0.01 0.00 BUY BUY S E MBCORP 3.24 0.08 3.26 3.13 3.01 3.09 3.16 56.74 3.11 3.08 3.14 23.73 17.13 9.89 6.60 0.00 -0.01 0.01 BUY BUY S E MCORP M. 2.32 0.05 2.34 2.24 2.08 2.20 2.32 55.55 2.23 2.16 2.24 24.60 22.62 11.80 1.97 0.02 0.01 0.01 BUY BUY CMFT DE LGRO 2.19 (0.05) 2.24 2.18 1.95 2.09 2.22 73.55 2.14 2.07 2.04 33.79 8.75 29.94 25.04 0.04 0.03 0.02 BUY BUY SELL BUY S G PRE S S S TARHUB 6.92 4.81 2.30 (0.02) 2.31 2.29 2.25 2.31 2.37 43.35 2.30 2.35 2.44 17.10 22.82 35.99 (5.73) -0.04 -0.05 0.01 S IA E NG 3.22 (0.01) 3.24 3.22 3.16 3.19 3.23 54.37 3.21 3.21 3.25 21.81 13.61 17.63 0.00 -0.01 0.01 BUY BUY IFOOD AGRI 0.32 0.00 0.33 0.32 0.32 0.32 0.33 41.87 0.32 0.32 0.33 13.99 14.03 13.57 (0.03) 0.00 0.00 0.00 SELL BUY YZJ 1.21 (0.03) 1.26 1.21 1.14 1.20 1.27 49.30 1.20 1.24 1.32 17.00 20.86 33.62 (3.86) -0.03 -0.04 0.01 SELL BUY 8.19 INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 3 of 5
56. 23-Apr-18 Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name Close Target Price % upside ST DBS OCBC UOB JM WIL HKL CAP L GE NS KE P S GX S IA FNN NOBL CIT JS S PH J CNC GGR S TE OLAM CT S CI S MM CD S TH S IE IFAR YZJ S GD S INGTE L DBS OCBC UOB J ARDINE M. WILMAR HK LAND CAP LAND GE NS P KE P P E L S GX S IA FNN NOBLE CITY DE V J ARDINE S . S G P RE S S J ARDINE C&C GOLDE N AGRI S G TE CH OLAM INT CAP TRUS T S E MBCOR P S E MCOR P M. CMFT DE LGRO S TARHUB S IA E NG IFOOD AGRI YZJ 3.41 4.14 29.59 SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 18% 0.2 0.2 14.3 14.0 6.0 5.3 3.97 3.30 -4.48 31.44 6% 2.2 2.5 13.2 11.7 4.1 4.2 29.95 18.77 19.07 13.73 14.52 5% 1.1 1.2 12.4 11.2 3.1 3.3 13.78 9.51 10.82 29.69 30.84 4% 2.3 2.6 12.7 11.5 3.4 3.6 29.90 21.41 12.25 61.96 66.27 0.06 4.6 4.9 13.6 12.6 2.7 2.9 68.11 59.73 1.99 3.21 3.64 12% 0.2 0.2 12.9 11.6 2.4 2.6 3.87 2.97 3.88 7.03 7.88 11% 0.4 0.4 16.2 15.9 3.0 3.1 7.89 6.72 -0.14 3.73 4.26 13% 0.2 0.2 16.8 16.3 3.2 3.2 3.88 3.42 5.67 1.19 1.45 18% 0.1 0.1 19.5 18.6 2.9 3.0 1.41 1.02 -9.16 8.21 9.29 12% 0.5 0.6 15.4 14.2 3.2 3.3 8.92 6.16 11.70 7.56 8.15 7% 0.3 0.4 21.8 20.4 4.0 4.2 8.50 7.10 1.61 10.77 11.80 9% 0.6 0.6 18.0 18.7 3.1 2.9 11.50 9.66 0.94 2.08 2.83 27% 0.1 0.1 20.8 18.9 2.6 2.6 2.66 2.04 -19.38 0.11 NA NA 0.2 0.2 NA 0.4 0.0 47.6 1.62 0.06 -47.50 12.66 14.63 13% 0.7 0.7 18.1 17.4 1.3 1.4 13.60 10.02 1.36 38.28 42.75 0.10 3.1 3.4 12.4 11.2 0.9 0.9 46.48 37.50 -3.28 2.69 2.52 -7% 0.1 0.1 20.2 19.6 5.1 4.9 3.42 2.41 1.51 35.24 42.60 17% 2.3 2.5 11.8 10.7 2.6 2.8 48.50 33.48 -13.35 0.35 0.35 -1% 0.0 0.0 17.8 16.6 1.4 1.7 0.41 0.34 -5.41 3.65 4.02 9% 0.2 0.2 20.6 19.1 4.2 4.4 3.86 3.16 11.96 2.29 NA NA 0.1 0.2 15.8 14.8 2.4 2.5 2.50 1.87 12.81 2.10 2.23 6% 0.1 0.1 18.1 17.5 5.2 5.3 2.17 1.92 -1.41 3.24 3.59 10% 0.2 0.3 15.1 12.3 2.5 2.9 3.60 2.89 6.93 2.32 2.26 -3% 0.0 0.1 72.5 45.5 0.9 1.1 2.81 1.55 26.09 2.19 2.27 4% 0.1 0.1 16.0 15.6 4.7 4.8 2.80 1.89 10.61 2.30 2.32 1% 0.1 0.1 17.8 19.0 6.8 6.6 2.99 2.26 -19.30 3.22 3.74 14% 0.2 0.2 21.5 20.1 4.3 4.4 4.16 3.08 2.88 0.32 0.42 24% 423.4 510.0 8.0 6.6 NA NA 0.52 0.32 -17.95 1.21 1.47 18% 0.6 0.6 9.7 9.8 17.4 17.4 1.74 1.06 -17.69 Note: The above data is based on Bloomberg consensus Page 4 of 5
57. 23-Apr-18 LIST OF RECOMMENDED BUY STOCKS FROM JANUARY 2017 TO CURRENT Stock CAPITALAND CAPITALAND CAPITALAND CAPITALAND CAPITAMALL TRUST CAPITAMALL TRUST CITY DEVELOPMENTS CITY DEVELOPMENTS CITY DEVELOPMENTS COMFORTDELGRO DBS DBS GENTING SPORE GENTING SPORE GOLDEN AGRI-RESOURCES KEPPEL CORP KEPPEL CORP SEMBCORP INDUSTRIES SEMBCORP MARINE SINGTEL SINGTEL SINGTEL SINGTEL SINGTEL SINGTEL S 'PORE AIRLINES S'PORE AIRLINES S'PORE AIRLINES S'PORE EXCHANGE S'PORE TECHNOLOGIES S'PORE TECHNOLOGIES WILMAR INT'L WILMAR INT'L REC BUY Date Price 27-Feb 7-Feb 16-Nov 19-Jan 13-Oct 5-Jan 8-Dec 4-Oct 7-Mar 5-Apr 4-Jan 26-Apr 1-Mar 6-Apr 1-Mar 27-Mar 20-Jul 24-Feb 8-Aug 15-Mar 9-Feb 10-Nov 24-Aug 21-Apr 12-Jan 8-Mar 21-Sep 25-Jul 29-Mar 15-Dec 14-Sep 1-Jun 10-Apr Total funds invested * Total unrealised profit Return 20-Apr-18 Price 3.63 3.61 3.53 3.12 2.06 1.93 12.32 11.44 9.63 2.62 25.88 19.20 1.15 1.08 0.38 7.78 6.54 3.36 1.64 3.40 3.40 3.76 3.74 3.74 3.79 10.83 10.13 10.24 7.71 3.21 3.57 3.54 3.15 3.73 3.73 3.73 3.73 2.10 2.10 12.66 12.66 12.66 2.19 29.59 29.59 1.19 1.19 0.35 8.21 8.21 3.24 2.32 3.41 3.41 3.41 3.41 3.41 3.41 10.77 10.77 10.77 7.56 3.65 3.65 3.21 3.21 Change (+/-) 0.10 0.12 0.20 0.61 0.04 0.17 0.34 1.22 3.03 (0.43) 3.71 10.39 0.04 0.11 (0.03) 0.43 1.67 (0.12) 0.68 0.01 0.01 (0.35) (0.33) (0.33) (0.38) (0.06) 0.64 0.53 (0.15) 0.44 0.08 (0.33) 0.06 195,110 22,120 11.34% Upside Targets pct ST MT LT 2.75 4.09 4.23 4.34 3.32 4.09 4.23 4.34 5.67 4.09 4.23 4.34 19.55 4.09 4.23 4.34 1.94 2.25 2.35 2.41 8.81 2.25 2.35 2.41 2.76 13.65 14.49 15.18 10.66 13.65 14.49 15.18 31.46 13.65 14.49 15.18 (16.41) 2.21 2.31 2.52 14.34 32.17 33.83 35.17 54.11 32.17 33.83 35.17 3.48 1.23 1.41 1.58 10.19 1.23 1.41 1.58 (7.89) 0.40 0.43 0.46 5.53 8.78 9.48 9.93 25.54 8.78 9.48 9.93 (3.57) 3.52 3.84 4.23 41.46 2.37 2.73 3.08 0.29 3.60 3.73 3.84 0.29 3.60 3.73 3.84 (9.31) 3.60 3.73 3.84 (8.82) 3.60 3.73 3.84 (8.82) 3.60 3.73 3.84 (10.03) 3.60 3.73 3.84 (0.55) 11.67 12.15 12.46 6.32 11.67 12.15 12.46 5.18 11.67 12.15 12.46 (1.95) 7.70 7.96 8.23 13.71 3.86 4.15 4.28 2.24 3.86 4.15 4.28 (9.32) 3.41 3.64 4.00 1.90 3.41 3.64 4.00 ST 9.65 9.65 9.65 9.65 7.14 7.14 7.82 7.82 7.82 0.91 8.72 8.72 3.36 3.36 14.29 6.94 6.94 8.64 2.16 5.57 5.57 5.57 5.57 5.57 5.57 8.36 8.36 8.36 1.85 5.75 5.75 6.23 6.23 % Upside MT 13.40 13.40 13.40 13.40 11.90 11.90 14.45 14.45 14.45 5.48 14.33 14.33 18.49 18.49 22.86 15.47 15.47 18.52 17.67 9.38 9.38 9.38 9.38 9.38 9.38 12.81 12.81 12.81 5.29 13.70 13.70 13.40 13.40 LT 16.35 16.35 16.35 16.35 14.76 14.76 19.91 19.91 19.91 15.07 18.86 18.86 32.77 32.77 31.43 20.95 20.95 30.56 32.76 12.61 12.61 12.61 12.61 12.61 12.61 15.69 15.69 15.69 8.86 17.26 17.26 24.61 24.61 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from January 2017 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
58. Technical View Monday , April 23, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Weekly Technical Stock Watch United States Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my COCA-COLA CO USD44.31 BOLLINGER BANDS Upper Middle Lower USD USD USD SIMPLE MOVING AVERAGES 45.22 43.74 42.26 10-day 30-day 50-day USD USD USD BUY Recent Signal DMI WALMART INC USD USD USD BUY USD87.89 BOLLINGER BANDS SIMPLE MOVING AVERAGES 88.76 86.86 84.96 10-day 30-day 50-day DMI Recent Signal 44.26 43.78 43.82 DAILY MACD Recent Signal Upper Middle Lower www.taonline.com.my USD USD USD 86.70 87.27 90.42 DAILY MACD SELL Recent Signal BUY Page 1 of 5
59. 23-Apr-18 MERCK & CO USD58.64 BOLLINGER BANDS Upper Middle Lower USD USD USD SIMPLE MOVING AVERAGES 59.59 55.65 51.71 10-day 30-day 50-day USD USD USD DMI DAILY MACD Recent Signal BUY Recent Signal PFIZER INC USD USD USD SIMPLE MOVING AVERAGES 36.88 35.72 34.56 10-day 30-day 50-day SELL Recent Signal DMI Recent Signal BUY USD36.53 BOLLINGER BANDS Upper Middle Lower 57.16 55.44 55.23 USD USD USD 36.09 35.99 35.85 DAILY MACD BUY Page 2 of 5
60. 23-Apr-18 WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the 30 NYSE Dow Jones Industrial Average component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Stock Name DOW J ONE S Close Change High 19-Apr 24,664.89 -83.18 24,762.48 Bollinger Bands RSI Moving Averages DMI Lower Mid Upper 14d 10d 30d 50d DI + 24,557.03 23,501.40 24,204.63 24,907.85 53.14 24412.51 24,436.35 24,609.62 20.33 DI 22.78 ADX 20.37 Diff (2.44) MACD DMI MACD Line Signal Diff Recent Signal -13.21 -122.26 109.053 SELL BUY IBM 3M CHE VRON CATE RPILLAR MCDONALDS UNITE CH BOE ING E XXON MOBIL J &J P&G COCA-COLA WAL-MART TRAVE LE RS DOWDUPONT GOLDMAN J PMORGAN AME X ME RCK WALT DIS NE Y VE RIZON HOME DE POT UTD HE ALTH AT&T MICROS OFT CIS CO INTE L PFIZE R GE NIKE VIS A AIG BANK OF AME RICA BP CITIGROUP LV S ANDS MS WE LLS FARGO FACE BOOK INC-A APPLE INC ALIBABA GRP-ADR 147.70 218.85 123.71 155.70 159.53 123.85 340.64 79.42 127.55 74.95 44.31 87.89 136.59 66.53 254.17 111.72 102.37 58.64 100.89 48.43 177.08 235.76 34.82 96.11 44.56 52.22 36.53 13.99 65.73 123.96 55.18 30.18 43.67 70.28 73.84 54.70 51.54 168.10 172.80 181.39 146.62 217.03 123.22 153.98 158.79 123.16 337.50 78.81 126.89 74.22 44.02 86.58 135.67 66.20 252.83 109.50 99.05 58.42 100.22 48.39 175.78 234.80 34.81 95.35 44.44 51.62 36.28 13.63 64.99 123.15 54.46 29.54 43.52 69.10 73.83 53.34 50.49 165.20 172.66 179.52 35.59 26.50 12.24 22.08 24.11 26.32 23.16 13.40 29.56 38.31 21.12 25.28 26.72 21.20 24.22 25.20 17.23 18.83 22.07 17.58 18.76 13.80 23.35 15.02 17.49 23.39 18.66 21.52 27.89 17.78 23.15 25.73 14.34 21.56 17.94 21.48 30.03 18.60 24.66 24.88 16.74 27.89 21.47 19.51 14.00 27.52 23.85 22.90 27.24 25.66 12.33 25.36 22.90 20.20 20.06 20.07 16.02 21.16 16.78 21.16 25.30 18.92 13.51 12.55 20.09 13.92 13.37 19.11 8.40 14.83 30.89 28.96 30.65 22.70 13.51 16.48 34.07 17.42 10.92 20.10 (16.44) (9.06) 17.38 1.01 (5.91) (11.53) (5.36) 13.20 (14.48) (25.48) 0.48 (6.64) (12.67) 2.93 (7.23) (6.47) 21.73 15.48 (3.94) 7.60 2.83 15.42 (3.88) 7.20 5.32 3.13 (0.58) 4.48 (7.54) 2.11 (3.10) (12.91) 25.06 (3.04) 10.82 (2.21) (12.25) 3.52 (1.53) (1.06) -0.60 -3.06 1.98 0.44 0.58 -1.22 0.31 0.87 -0.40 -0.61 0.19 -0.79 -0.69 -0.24 -1.17 -0.58 0.43 0.98 -0.49 -0.01 -1.01 2.55 -0.31 0.90 0.23 0.82 0.14 -0.15 0.13 0.57 -0.50 -0.33 0.93 -0.72 0.15 -0.46 -1.30 -1.44 0.80 -2.13 -1.09 -0.67 -0.11 -0.25 -2.28 -0.95 -0.36 0.20 -0.17 -3.25 -0.20 0.32 0.12 -1.53 0.17 2.40 7.22 -0.28 -0.32 -0.19 -2.77 -0.64 -0.39 -0.33 -0.07 -1.39 0.04 0.33 -0.47 -0.52 0.72 0.65 0.14 1.30 -0.58 1.44 1.15 1.74 -5.04 -1.29 149.18 219.27 125.00 156.32 162.06 125.56 342.31 79.81 128.26 75.72 44.46 88.04 137.51 67.83 256.16 111.86 102.95 59.32 101.56 48.96 179.70 238.27 35.27 97.07 44.95 52.96 36.69 14.06 66.30 124.72 55.27 30.24 43.99 70.61 75.00 54.83 51.61 168.33 175.39 183.63 Low 146.46 211.51 109.83 140.45 155.21 121.50 315.71 71.51 124.88 75.69 42.26 84.96 134.96 61.46 245.56 106.95 88.34 51.71 98.29 46.43 170.51 209.59 34.56 86.86 40.23 48.16 34.56 12.70 63.98 115.86 52.88 29.07 38.55 67.08 68.62 52.06 50.18 150.96 163.92 166.70 153.22 217.02 116.97 148.03 160.18 124.09 329.17 75.77 128.64 77.90 43.74 86.86 137.29 64.86 252.72 110.06 93.15 55.65 100.34 47.71 175.01 224.09 35.33 91.95 42.62 51.08 35.72 13.31 66.60 120.16 53.99 29.91 41.51 69.42 71.42 53.51 51.82 160.91 171.32 177.64 159.98 222.52 124.11 155.61 165.15 126.68 342.63 80.03 132.40 80.11 45.22 88.76 139.63 68.26 259.88 113.18 97.95 59.59 102.38 48.98 179.50 238.60 36.10 97.04 45.02 54.00 36.88 13.92 69.21 124.45 55.10 30.74 44.46 71.76 74.22 54.95 53.45 170.86 178.72 188.59 39.93 46.35 67.29 58.47 47.14 44.85 54.60 64.23 43.87 31.26 53.79 49.72 45.72 50.24 48.01 50.84 69.90 64.46 48.04 52.51 50.66 60.42 40.47 59.06 58.79 54.53 56.49 55.11 45.79 57.57 53.34 48.29 68.72 47.94 55.87 52.24 41.89 52.55 49.49 51.28 154.41 216.45 119.77 149.84 161.75 123.33 332.77 77.48 129.61 77.96 44.26 86.70 137.05 65.98 254.69 110.78 94.00 57.16 100.75 47.99 174.57 228.49 35.32 93.52 43.03 51.71 36.09 13.34 67.01 121.29 53.90 30.00 42.78 70.07 72.03 53.47 51.59 164.28 173.77 175.53 154.92 223.36 116.49 150.21 159.68 125.91 332.22 75.34 129.91 78.28 43.78 87.27 138.46 66.24 257.32 111.91 94.02 55.44 101.30 47.94 176.20 224.64 35.85 92.74 43.38 51.19 35.99 13.66 66.46 121.31 54.50 30.68 40.80 70.96 72.61 54.87 53.38 167.19 173.40 183.08 154.72 227.42 114.97 152.02 159.22 127.64 339.45 75.69 129.97 79.21 43.82 90.42 138.85 68.11 258.96 112.86 94.84 55.23 102.62 48.37 179.33 225.44 36.15 92.39 43.26 49.53 35.85 14.04 66.50 121.07 56.24 31.08 40.28 72.72 72.79 54.92 55.31 171.74 172.38 183.68 19.15 17.44 29.62 23.09 18.20 14.79 17.80 26.60 15.08 12.83 21.60 18.64 14.05 24.13 17.00 18.73 38.96 34.31 18.13 25.19 21.60 29.23 19.47 22.22 22.80 26.52 18.08 26.00 20.36 19.88 20.05 12.82 39.40 18.51 28.76 19.26 17.78 22.13 23.13 23.82 -0.35 -4.15 1.08 -1.01 0.55 -1.51 -1.68 0.29 -0.47 -0.55 0.07 -1.25 -0.68 -0.85 -1.67 -0.75 -0.47 0.48 -0.78 -0.20 -1.77 0.74 -0.30 0.28 -0.11 0.64 0.01 -0.29 0.25 -0.03 -0.82 -0.39 0.72 -0.99 -0.32 -0.58 -1.40 -3.16 0.17 -3.16 (0.252) 1.089 0.909 1.451 0.033 0.292 1.994 0.585 0.063 (0.056) 0.128 0.452 (0.013) 0.606 0.500 0.170 0.900 0.501 0.295 0.195 0.753 1.808 (0.001) 0.621 0.336 0.179 0.123 0.149 (0.124) 0.605 0.315 0.058 0.205 0.264 0.471 0.119 0.100 1.728 0.637 1.030 SELL SELL BUY BUY SELL SELL SELL BUY SELL SELL BUY SELL SELL BUY SELL SELL BUY BUY SELL BUY BUY BUY SELL BUY BUY BUY SELL BUY SELL BUY SELL SELL BUY SELL BUY SELL SELL BUY SELL SELL SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 3 of 5
61. 23-Apr-18 Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name IBM MMM CVX CAT MCD UTX BA XOM J NJ PG KO WMT TRV DWDP GS J PM AXP MR K DIS VZ HD UNH T MS F T CS CO INTC PFE GE NKE V AIG BAC BP C LVS MS WF C FB AAP L BABA UN UN UN UN UN UN UN UN UN UN UN UN UN US US UN UN UN UN UN UN US UN UW UW UW UN UN US US US US US US US US US US US US IBM 3M CHE VRON CATE RP ILLAR MCDONALDS UNITE CH BOE ING E XXON MOBIL J &J P &G COCA-COLA WAL-MAR T TRAVE LE R S DOWDUP ONT GOLDMAN S ACHS J P MORGAN AME X ME RCK WALT DIS NE Y VE RIZON HOME DE P OT UTD HE ALTH AT&T MICROS OF T CIS CO INTE L P F IZE R GE NIKE INC VIS A INC AIG BANK OF AME RICA BP CITIGROUP LV S ANDS MS WE LLS F ARGO F ACE BOOK INC AP P LE INC ALIBABA GRP Close Target Price % upside 147.70 218.85 123.71 155.70 159.53 123.85 340.64 79.42 127.55 74.95 44.31 87.89 136.59 66.53 254.17 111.72 102.37 58.64 100.89 48.43 177.08 235.76 34.82 96.11 44.56 52.22 36.53 13.99 65.73 123.96 55.18 30.18 43.67 70.28 73.84 54.70 51.54 168.10 172.80 181.39 171.32 246.07 135.98 178.46 186.88 147.63 390.28 86.14 146.32 86.27 49.80 104.78 145.47 82.42 273.63 121.71 108.43 67.42 121.11 55.74 210.94 273.22 41.13 104.52 48.34 54.97 40.03 16.85 71.56 140.69 68.50 34.69 45.90 84.29 81.12 61.19 61.32 215.86 193.03 226.82 14% 11% 9% 13% 15% 16% 13% 8% 13% 13% 11% 16% 6% 19% 7% 8% 6% 13% 17% 13% 16% 14% 15% 8% 8% 5% 9% 17% 8% 12% 19% 13% 5% 17% 9% 11% 16% 22% 10% 20% EPS ($) PER(x) Div Yield(%) 52week Price 2017 2018 2017 2018 2017 2018 High Low % Chg YTD 13.83 10.54 6.37 9.16 7.58 7.07 14.09 4.73 8.12 4.18 2.10 4.96 10.66 4.09 22.64 8.88 7.22 4.18 7.09 4.52 9.44 12.62 3.47 3.67 2.60 3.56 2.95 0.95 2.29 4.41 5.37 2.55 2.77 6.44 3.33 4.67 4.61 8.62 11.41 33.08 14.12 11.46 6.55 10.52 8.23 7.82 16.77 4.80 8.57 4.49 2.27 5.26 11.37 4.86 24.30 9.79 8.01 4.42 7.69 4.65 10.17 14.26 3.51 3.94 2.88 3.81 3.05 1.07 2.70 5.21 5.92 2.90 2.91 7.39 3.63 5.10 5.15 10.57 12.99 41.27 10.7 20.8 19.4 17.0 21.1 17.5 24.2 16.8 15.7 17.9 21.1 17.7 12.8 16.3 11.2 12.6 14.2 14.0 14.2 10.7 18.8 18.7 10.0 26.2 17.2 14.7 12.4 14.7 28.8 28.1 10.3 11.9 15.8 10.9 22.2 11.7 11.2 19.5 15.1 34.4 10.5 19.1 18.9 14.8 19.4 15.8 20.3 16.6 14.9 16.7 19.6 16.7 12.0 13.7 10.5 11.4 12.8 13.3 13.1 10.4 17.4 16.5 9.9 24.4 15.5 13.7 12.0 13.1 24.3 23.8 9.3 10.4 15.0 9.5 20.3 10.7 10.0 15.9 13.3 27.6 4.2 2.5 3.6 2.1 2.6 2.3 2.0 4.0 2.8 3.7 3.5 2.4 2.2 2.5 1.3 2.2 1.4 3.3 1.7 4.9 2.3 1.3 5.8 1.8 2.8 2.2 3.8 3.4 1.2 0.7 2.5 2.0 5.5 2.1 4.1 2.0 3.2 0.0 1.6 0.0 4.4 2.6 3.7 2.1 2.7 2.5 2.3 4.2 3.0 4.0 3.8 2.5 2.3 2.6 1.4 2.6 1.5 3.4 1.8 5.1 2.7 1.4 5.9 1.9 3.2 2.4 4.0 3.6 1.3 0.7 2.7 2.6 5.6 2.6 4.2 2.4 3.5 0.0 1.8 0.0 171.12 259.77 133.86 173.18 178.68 139.21 371.51 89.30 148.32 94.67 48.61 109.98 150.51 77.08 275.29 119.33 102.95 66.41 116.09 54.77 207.60 250.79 40.56 97.24 46.15 54.36 39.43 30.54 70.25 126.88 67.30 33.05 44.62 80.70 79.84 59.38 66.31 195.32 183.50 206.20 139.14 189.94 102.56 92.98 132.64 109.11 175.48 72.16 121.35 74.22 42.20 73.13 113.77 59.29 209.66 81.64 75.98 52.83 96.20 42.82 144.26 166.65 32.55 65.15 30.36 33.24 31.67 12.73 50.35 89.90 52.42 22.07 33.83 57.55 56.33 40.43 49.27 142.27 141.16 111.48 -3.73 -7.02 -1.18 -1.19 -7.31 -2.92 15.51 -5.05 -8.71 -18.43 -3.42 -11.00 0.70 -6.59 -0.23 4.47 3.08 4.21 -6.16 -8.50 -6.57 6.94 -10.44 12.36 16.34 13.13 0.86 -19.83 5.08 8.72 -7.39 2.24 3.90 -5.55 6.26 4.25 -15.05 -4.74 2.11 5.20 Note: The above data is based on Bloomberg consensus Page 4 of 5
62. 23-Apr-18 LIST OF RECOMMENDED BUY STOCKS FROM JUNE 2017 TO CURRENT Stock REC Date AIG ALIBABA ALIBABA APPLE INC APPLE INC APPLE INC APPLE INC AT &T INC AT&T INC AT&T INC AT&T INC BANK OF AMERICA BANK OF AMERICA BANK OF AMERICA BANK OF AMERICA BP PLC BP PLC BP PLC BP PLC CHEVRON CORP CHEVRON CORP CHEVRON CORP CISCO SYSTEMS CITIGROUP CITIGROUP CITIGROUP CITIGROUP COCA-COLA COCA-COLA EXXOM MOBIL EXXOM MOBIL FACEBOOK FACEBOOK GENERAL ELECTRIC HOME DEPOT IBM CORP INTEL CORP JOHNSON & JOHNSON JOHNSON & JOHNSON JPMORGAN CHASE LAS VEGAS LAS VEGAS LAS VEGAS LAS VEGAS 3M CO MERCK & CO MERCK & CO MERCK & CO MERCK & CO MERCK & CO MERCK & CO MERCK & CO MICROSOFT MORGAN STANLEY MORGAN STANLEY NIKE INC NIKE INC NIKE INC PFIZER INC PFIZER INC PFIZER INC PFIZER INC PROCTER & GAMBLE PROCTER & GAMBLE UNITED TECH CORP UNITED TECH CORP UNITEDHEALTH VERIZON VERIZON VISA WAL-MART WAL-MART WALT DISNEY WALT DISNEY WALT DISNEY WALT DISNEY WELLS FARGO BUY Price 25-May 21-Mar 5-Apr 27-Sep 21-Sep 2-Aug 9-May 14-Mar 9-Jan 13-Dec 26-Oct 15-Nov 19-Sep 18-Apr 5-Jan 8-Feb 14-Sep 9-Mar 11-Apr 14-Feb 7-Nov 20-Jul 16-May 28-Mar 13-Sep 6-Jul 19-Jan 27-Feb 18-Jan 7-Feb 16-Nov 13-Jul 11-May 5-Dec 8-Mar 19-Jul 30-Aug 6-Feb 19-Apr 22-Jun 21-Nov 7-Sep 3-May 7-Feb 4-Apr 28-Feb 27-Dec 28-Nov 31-Oct 25-Apr 23-Mar 18-Apr 11-Jul 3-Oct 1-Jun 4-Oct 17-Aug 4-Apr 17-Jan 23-Aug 20-Apr 28-Mar 24-Jan 25-Oct 6-Sep 3-Aug 19-Oct 22-Feb 14-Nov 28-Dec 21-Feb 19-Apr 1-Mar 13-Feb 17-Oct 18-May 23-May 62.60 107.25 172.07 153.14 156.07 150.05 153.01 37.39 38.25 38.10 33.49 26.24 24.70 22.81 22.95 40.00 35.99 33.31 42.78 113.29 117.04 104.46 34.23 68.28 68.79 68.45 57.39 44.03 46.82 78.35 81.21 158.90 150.29 17.76 178.58 154.00 34.73 130.39 121.82 87.12 67.08 63.26 59.19 51.98 216.33 54.72 56.34 54.93 54.71 62.14 63.50 59.27 69.98 48.92 41.74 51.47 58.54 55.56 36.60 33.15 33.61 34.18 88.31 86.98 111.21 120.35 205.23 47.96 44.75 114.02 94.11 87.57 103.16 103.39 98.13 106.31 53.01 20-Apr-18 Price 55.18 181.39 181.39 172.80 172.80 172.80 172.80 34.82 34.82 34.82 34.82 30.18 30.18 30.18 30.18 43.67 43.67 43.67 43.67 123.71 123.71 123.71 44.56 70.28 70.28 70.28 70.28 44.31 44.31 79.42 79.42 168.10 168.10 13.99 177.08 147.70 52.22 127.55 127.55 111.72 73.84 73.84 73.84 73.84 218.85 58.64 58.64 58.64 58.64 58.64 58.64 58.64 96.11 54.70 54.70 65.73 65.73 65.73 36.53 36.53 36.53 36.53 74.95 74.95 123.85 123.85 235.76 48.43 48.43 123.96 87.89 87.89 100.89 100.89 100.89 100.89 51.54 Change (+/-) (7.42) 74.14 9.32 19.66 16.73 22.75 19.79 (2.57) (3.43) (3.28) 1.33 3.94 5.48 7.37 7.23 3.67 7.68 10.36 0.89 10.42 6.67 19.25 10.33 2.00 1.49 1.83 12.89 0.28 (2.51) 1.07 (1.79) 9.20 17.81 (3.77) (1.50) (6.30) 17.49 (2.84) 5.73 24.60 6.76 10.58 14.65 21.86 2.52 3.92 2.30 3.71 3.93 (3.50) (4.86) (0.63) 26.13 5.78 12.96 14.26 7.19 10.17 (0.07) 3.38 2.92 2.35 (13.36) (12.03) 12.64 3.50 30.53 0.47 3.68 9.94 (6.22) 0.32 (2.27) (2.50) 2.76 (5.42) (1.47) pct ST (11.85) 69.13 5.42 12.84 10.72 15.16 12.93 (6.87) (8.97) (8.61) 3.97 15.02 22.19 32.31 31.50 9.18 21.34 31.10 2.08 9.20 5.70 18.43 30.18 2.93 2.17 2.67 22.46 0.64 (5.36) 1.37 (2.20) 5.79 11.85 (21.23) (0.84) (4.09) 50.36 (2.18) 4.70 28.24 10.08 16.72 24.75 42.05 1.16 7.16 4.08 6.75 7.18 (5.63) (7.65) (1.06) 37.34 11.82 31.05 27.71 12.28 18.30 (0.19) 10.20 8.69 6.88 (15.13) (13.83) 11.37 2.91 14.88 0.98 8.22 8.72 (6.61) 0.37 (2.20) (2.42) 2.81 (5.10) (2.77) 57.93 184.44 184.44 179.34 179.34 179.34 179.34 37.43 37.43 37.43 37.43 34.08 34.08 34.08 34.08 44.61 44.61 44.61 44.61 125.63 125.63 125.63 46.07 74.70 74.70 74.70 74.70 46.54 46.54 83.55 83.55 176.02 176.02 14.61 186.74 162.64 55.26 139.11 139.11 124.32 78.57 78.57 78.57 78.57 223.16 59.69 59.69 59.69 59.69 59.69 59.69 59.69 100.77 58.70 58.70 72.72 72.72 72.72 39.12 39.12 39.12 39.12 84.20 84.20 128.23 128.23 250.79 49.73 49.73 129.83 92.90 92.90 103.20 103.20 103.20 103.20 55.17 Upside Targets MT LT 60.17 206.20 206.20 188.25 188.25 188.25 188.25 38.95 38.95 38.95 38.95 35.96 35.96 35.96 35.96 48.76 48.76 48.76 48.76 133.85 133.85 133.85 47.90 80.66 80.66 80.66 80.66 48.60 48.60 86.38 86.38 195.32 195.32 15.80 194.73 167.24 57.62 148.28 148.28 133.43 87.33 87.33 87.33 87.33 237.15 62.37 62.37 62.37 62.37 62.37 62.37 62.37 105.28 61.74 61.74 75.52 75.52 75.52 40.22 40.22 40.22 40.22 88.19 88.19 137.70 137.70 277.82 52.49 52.49 134.50 109.98 109.98 106.25 106.25 106.25 106.25 60.80 62.95 227.95 227.95 195.45 195.45 195.45 195.45 40.84 40.84 40.84 40.84 37.84 37.84 37.84 37.84 51.34 51.34 51.34 51.34 147.60 147.60 147.60 50.85 86.65 86.65 86.65 86.65 50.65 50.65 89.88 89.88 214.61 214.61 19.27 207.60 182.79 59.97 157.45 157.45 137.51 92.76 92.76 92.76 92.76 259.78 66.80 66.80 66.80 66.80 66.80 66.80 66.80 109.78 68.54 68.54 80.05 80.05 80.05 41.11 41.11 41.11 41.11 94.64 94.64 147.16 147.16 294.55 56.95 56.95 139.16 120.52 120.52 110.01 110.01 110.01 110.01 65.85 ST 4.98 1.68 1.68 3.78 3.78 3.78 3.78 7.50 7.50 7.50 7.50 12.92 12.92 12.92 12.92 2.15 2.15 2.15 2.15 1.55 1.55 1.55 3.39 6.29 6.29 6.29 6.29 5.03 5.03 5.20 5.20 4.71 4.71 4.43 5.46 10.12 5.82 9.06 9.06 11.28 6.41 6.41 6.41 6.41 1.97 1.79 1.79 1.79 1.79 1.79 1.79 1.79 4.85 7.31 7.31 10.63 10.63 10.63 7.09 7.09 7.09 7.09 12.34 12.34 3.54 3.54 6.38 2.68 2.68 4.74 5.70 5.70 2.29 2.29 2.29 2.29 7.04 % Upside MT 9.04 13.68 13.68 8.94 8.94 8.94 8.94 11.86 11.86 11.86 11.86 19.15 19.15 19.15 19.15 11.66 11.66 11.66 11.66 8.20 8.20 8.20 7.50 14.77 14.77 14.77 14.77 9.68 9.68 8.76 8.76 16.19 16.19 12.94 9.97 13.23 10.34 16.25 16.25 19.43 18.27 18.27 18.27 18.27 8.36 6.36 6.36 6.36 6.36 6.36 6.36 6.36 9.54 12.87 12.87 14.89 14.89 14.89 10.10 10.10 10.10 10.10 17.67 17.67 11.18 11.18 17.84 8.38 8.38 8.50 25.13 25.13 5.31 5.31 5.31 5.31 17.97 LT 14.08 25.67 25.67 13.11 13.11 13.11 13.11 17.29 17.29 17.29 17.29 25.38 25.38 25.38 25.38 17.56 17.56 17.56 17.56 19.31 19.31 19.31 14.12 23.29 23.29 23.29 23.29 14.31 14.31 13.17 13.17 27.67 27.67 37.74 17.24 23.76 14.84 23.44 23.44 23.08 25.62 25.62 25.62 25.62 18.70 13.92 13.92 13.92 13.92 13.92 13.92 13.92 14.22 25.30 25.30 21.79 21.79 21.79 12.54 12.54 12.54 12.54 26.27 26.27 18.82 18.82 24.94 17.59 17.59 12.26 37.13 37.13 9.04 9.04 9.04 9.04 27.76 VISA INC* = Share price adjusted for 1-to-4 stock split on 19/03/2015. Total funds invested * Total unrealised profit Return 6,057,820 482,870 7.97% Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from June 2017 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Monday, April 23, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5