Bursa Malaysia Daily Market Report - 10 April

Transcription

1. Tuesday , 10 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1 . S e rb a D in a m ik H o l d in g s B h d : B re a k in g Gro u n d a t Pe n g e ra n g 2 . S ig n a t u re In t e rn a t io n a l Be rh a d : C h a lle n g in g O u t lo o k Bu t N o t W i th o u t H o p e s Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck W at ch , D ai l y Mon e y F lo w , D a il y St oc k Sc reen ( Loc al ) 2. D ai l y For ei gn T ech n i c al St o ck W a t ch ( F SS T I ) 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
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Daily Market Commentary Tuesday , 10 April 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (09.04.2018) Volume (mil) +/-chg (RMmn) Main Market 1,252.0 Warrants 598.5 ACE Market 367.4 Bond 1.3 ETF 0.0 LEAP 0.0 Total 2,219.1 Off Market 34.5 -108.2 -742.4 39.6 0.3 0.0 0.0 1,938.4 95.2 70.1 0.2 0.0 0.0 2,104.0 -124.5 89.1 Value Value/ +/-chg Volume Up Down 262.6 -517.5 17.0 0.0 -0.1 0.0 -54.1 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) 19.0 5.4 2.3 2.3 2.0 1.1 1.0 152 75 18 1 3 0 249 % chg % YTD chg 12.70 109.54 314.36 17.00 0.69 0.86 2.26 0.93 2.94 -0.44 -16.59 3.59 23,979.10 6,950.34 7,194.75 21,678.26 2,444.08 30,229.58 3,449.96 1,751.27 6,246.13 3,138.29 1,831.83 5,808.67 46.34 35.23 11.11 110.74 14.50 384.64 7.46 11.35 71.08 7.18 0.12 19.93 0.19 0.51 0.15 0.51 0.60 1.29 0.22 0.65 1.15 0.23 0.01 0.34 -2.99 0.68 -6.41 -4.77 -0.95 1.04 1.38 -0.14 -1.72 -5.11 -3.55 -4.23 3.00 0.29 9.70 1.25 1.03 0.24 1.34 Counter TENAGA PCHEM MAXIS HLBANK SIMEPLT PETGAS DIGI NESTLE GENTING MISC Mkt Cap. Chg (RM’mn) (RM) 89,976 67,840 45,223 38,253 37,541 36,013 35,221 35,081 34,100 31,827 Important Dates LPI - 1:5 Bonus Issue - BI of up to 66.4m shares. 1 bonus share for every 5 existing shares held. Ex-Date: 09/04/2018. Entitlement Date: 11/04/2018. LISTING ON: 12/04/2018. BURSA - 1:2 Bonus Issue - BI of up to 269.8m shares. 1 bonus share for every 2 existing shares held. Ex-Date: 10/04/2018. Entitlement Date: 12/04/2018. LISTING ON: 13/04/2018. 0.14 0.28 0.09 0.10 0.02 0.22 0.04 0.60 0.17 0.05 Blue chips are likely to stay range bound amid volatile external markets, while rotational plays increase in election-themed stocks. Immediate index resistance remains at the 50-day ma (1,850), next at the mid Bollinger band (1,853), 1,860, followed by the 2 Feb peak of 1,880. Supports will be from the lower Bollinger band (1,827), last Wednesday's low of 1,811, followed by the 100-day ma (1,807) and 6 Feb pivot low (1,795). A fresh daily MACD buy signal and bullish technical momentum on FGV implies good rebound potential towards the 38.2%FR (RM1.77), with a convincing breakout to target the 50%FR (RM1.91) and 61.8%FR (RM2.06) ahead. Key retracement support is from the 23.6%FR (RM1.60). KUB shares should rebound towards the 38.2%FR (43sen), with a confirmed breakout to aim for the 50%FR (47sen) and 61.8%FR (51sen) going forward, while key retracement support is from the 23.6%FR (38sen). News Bites Top 10 KLCI Movers Based on Mkt Cap. (RM) @ @ @ @ @ @ @ 434 191 73 3 1 0 702 1,849.71 12,885.80 14,222.52 1,849.00 Off Market DIALOG MUIPROP TOPGLOV HCK JHM BARAKAH YNHPROP 1.55 0.16 0.19 0.19 1.07 0.31 0.95 2.58 Bursa Malaysia shares rose on Monday, in line with firmer regional peers which ignored the US market correction on reduced trade tensions after the US President tweeted that China would drop its trade barriers and reach a deal on intellectual property. The KLCI climbed 12.7 points to close near session high at 1,849.71, off an early low of 1,833.14, as gainers led losers 702 to 249 on healthy total turnover of 2.22bn shares worth RM2.1bn. Vol. (mn) 8.33 6.76 1.54 0.57 1.04 0.56 3.72 0.30 1.50 1.76 • Gamuda Bhd's associate, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd, has started legal proceedings against Syarikat Bekalan Air Selangor Sdn Bhd for RM4.2bn owed. • Kumpulan Wang Persaraan (Diperbadankan) has ceased to be a substantial shareholder of WCT Holdings Bhd following the disposal of 7.0mn shares or a 0.5% stake in the group last week. • Fulle Technik Sdn Bhd has filed a suit against Felda Global Ventures Holdings Bhd's two subsidiaries, seeking RM23.4mn over a breach of contract involving the development of a prototype machine. • Ikhmas Jaya Group Bhd has bagged two construction projects with a combined value of RM257.7mn. • Dagang NeXchange Bhd's wholly-owned subsidiary has signed two memoranda of understanding to expand cross-border halal products trade across the Asean region, China and Taiwan. • Serba Dinamik Holdings Bhd is nearing the end of a discussion for a potential acquisition of a US firm and expects to conclude the deal this year. • Ireka Corporation Bhd has entered into agreements with Hankyu Hanshin Properties Corp to jointly develop the Rimbun Kasia project in Nilai, which will have a combined gross development value of over RM400mn. • Kumpulan Perangsang Selangor Bhd is partnering a China-based printing firm to produce offset carton boxes for the manufacturing sector. • Chinese state researchers and media have talked down the likely impact of U.S. trade measures on the world's second largest economy and described the Trump administration's posturing on trade as the product of an "anxiety disorder". • German exports fell unexpectedly by 3.2% MoM in February, a second consecutive decrease and the biggest fall since August 2015, when exports slid 6.1%. Exchange Rate USD/MYR 3.8715 0.000 USD/JPY 106.77 -0.250 EUR/USD 1.232 0.0045 Commodities Futures Palm Oil (RM/mt) 2,457.00 -41.00 Crude Oil ($/Barrel) 63.31 1.12 Gold ($/tr.oz.) 1,340.40 3.20 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. Tuesday , April 10, 2018 FBMKLCI: 1,849.71 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w Rotational Play on Election Stocks to Pick Up Bursa Malaysia shares rose on Monday, in line with firmer regional peers which ignored the US market correction on reduced trade tensions after the US President tweeted that China would drop its trade barriers and reach a deal on intellectual property. The KLCI climbed 12.7 points to close near session high at 1,849.71, off an early low of 1,833.14, as gainers led losers 702 to 249 on healthy total turnover of 2.22bn shares worth RM2.1bn. Resistance at 1,850/1,860; Support at 1,827 Blue chips are likely to stay range bound amid volatile external markets, while rotational plays increase in election-themed stocks. Immediate index resistance remains at the 50-day ma (1,850), next at the mid Bollinger band (1,853), 1,860, followed by the 2 Feb peak of 1,880. Supports will be from the lower Bollinger band (1,827), last Wednesday’s low of 1,811, followed by the 100-day ma (1,807) and 6 Feb pivot low (1,795). Bargain FGV & KUB A fresh daily MACD buy signal and bullish technical momentum on FGV implies good rebound potential towards the 38.2%FR (RM1.77), with a convincing breakout to target the 50%FR (RM1.91) and 61.8%FR (RM2.06) ahead. Key retracement support is from the 23.6%FR (RM1.60). KUB shares should rebound towards the 38.2%FR (43sen), with a confirmed breakout to aim for the 50%FR (47sen) and 61.8%FR (51sen) going forward, while key retracement support is from the 23.6%FR (38sen). Asian Markets Turn Higher as Trade Tensions Ease Asian shares crept higher on Monday, with most markets shrugging off steeper declines seen on Wall Street after a week largely dominated by U.S.-China trade developments. The stock moves came after President Donald Trump said in a tweet Sunday he expects China to lower trade barriers with the U.S. acting reciprocally on taxes. The next major hurdle will be a speech by Chinese President Xi at the Boao Forum on Tuesday. U.S. stocks came under pressure after President Donald Trump on Thursday said he had instructed U.S. trade officials to consider USD100 billion in additional tariffs on Chinese goods. Investors also appeared to be encouraged by news that North Korea has confirmed its readiness to discuss denuclearization of the Korean Peninsula with the U.S. Japanese stocks recovered from the previous session’s drop and edged higher on Monday, lifted by defensive shares. The Nikkei ended the day up 0.5 percent at 21,678.26, after losing 0.36 percent on Friday. South Korea's Kospi advanced 0.6 percent to end at 2,444.08. The technology sector closed mostly higher. Meanwhile, Australia's S&P/ASX 200 rose 0.35 percent to 5,808.70 as all of its subindexes, with the exception of energy, closed in the green. On the mainland, the Shanghai composite rose 0.26 percent to 3,139.33 and the Shenzhen composite held above the flat line to close 0.01 percent higher at 1,831.83. Page 1 of 7
4. 10-Apr-18 US Rally Nearly Erased in Final Hour on FBI raid of Trump 's Lawyer Wall Street’s major indexes rose on Monday as a softer stance by U.S. policymakers on China tariffs powered a rebound from last week’s selloff, but stocks pared much of their gains late in the session after a report that the Federal Bureau of Investigation raided the office of President Donald Trump’s lawyer. Amazon shares had risen as much as 2.3 percent before closing just 0.1 percent higher. Boeing gained as much as 2.7 percent before ending the session down 1.1 percent. At its session high, the Dow rose as much as 440.42 points. Meanwhile, the S&P 500 and Nasdaq gained as much as 1.9 percent and 2.3 percent, respectively. Stocks climbed after Trump’s new economic adviser Larry Kudlow told CNBC that the president may be open to forming an international coalition to grapple with trade issues involving China. Investors will look for further signs of China’s stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum economic conference on Tuesday. But stocks began paring gains late in the afternoon, a downward trend that accelerated after a report that the FBI had raided the New York office of Michael Cohen, Trump’s personal lawyer. The Dow Jones Industrial Average rose 46.34 points, or 0.19 percent, to 23,979.10, the S&P 500 gained 8.69 points, or 0.33 percent, to 2,613.16 and the Nasdaq Composite added 35.23 points, or 0.51 percent, to 6,950.34. Page 2 of 7
5. 10-Apr-18 News In Brief Corporate Gamuda Bhd 's associate, Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH), has started legal proceedings against Syarikat Bekalan Air Selangor Sdn Bhd (SYABAS) for RM4.2bn owed. The suit would not have any significant financial and operational impact on the group for the financial year ending 31 July 2018. (The Star) Comments: This is not unexpected as GAMUDA had earlier mentioned that SPLASH would commence legal proceedings against SYABAS following receipt of writs of summons filed by Tenaga Nasional Berhad and third party notices from Sungai Harmoni Sdn Bhd. While we think SPLASH has a strong case, it may take some time until the water restructuring in the state is completed before the long outstanding receivables issues could be resolved. No change to our earnings forecasts. Maintain BUY on GAMUDA with an unchanged target price of RM5.84. Kumpulan Wang Persaraan (Diperbadankan) has ceased to be a substantial shareholder of WCT Holdings Bhd following the disposal of 7.0mn shares or a 0.5% stake in the group last week. (The Edge) Fulle Technik Sdn Bhd has filed a suit against Felda Global Ventures Holdings Bhd's two subsidiaries, seeking RM23.4mn over a breach of contract involving the development of a prototype machine. (The Star) Ikhmas Jaya Group Bhd has bagged two construction projects with a combined value of RM257.7mn. The first amounting to RM58.7mn relates to demolition and substructure works in Jalan Ampang, Kuala Lumpur while the other amounting to RM199.0mn relates to upgrading works of Kajang Hospital in Selangor. (Bursa Malaysia) Dagang NeXchange Bhd‘s wholly-owned subsidiary, Global Market eCommerce Sdn Bhd, has signed two memoranda of understanding to expand cross-border halal products trade across the Asean region, China and Taiwan. (The Edge) Serba Dinamik Holdings Bhd is nearing the end of a discussion for a potential acquisition of a US firm and expects to conclude the deal this year. (The Edge) UCrest Bhd’s wholly-owned subsidiary, Palette System Sdn Bhd, has bagged two contracts amounting to RM6.0mn (USD1.6mn) for the development of digital platforms for Key Asic Pte Ltd. (Bursa Malaysia) Ireka Corporation Bhd (Ireka) has entered into agreements with Hankyu Hanshin Properties Corp to jointly develop the Rimbun Kasia project in Nilai. Hankyu Hanshin will take a 45% share in Meadowfield Sdn Bhd whilst Ireka will hold the remaining 55%. As a start, the joint venture will focus on the development of Dwi@Rimbun Kasia project consisting of 382 residential units in a 9-storey block and another parcel of land which will have 465 residential units in two blocks of 29 and 19-storeys developed on it. These projects will have a combined gross development value of over RM400mn. (Bursa Malaysia) Kumpulan Perangsang Selangor Bhd (KPS) is partnering a China-based printing firm to produce offset carton boxes for the manufacturing sector. The joint venture will operate from a factory in Johor Bahru that has a built-up area of 18,000 sq ft, with a total production capacity of 16mn pieces per year. Operations are expected to commence in the 2QCY18 and contribute to earnings henceforth. (The Edge) Page 3 of 7
6. 10-Apr-18 N e w s I n B r i e f Economy Asia Mustapa : 70 SMEs in DFTZ Scheme Generate RM52m Sales Seventy manufacturers participating in the Digital Free Trade Zone (DFTZ) SME Onboarding Programme have so far generated RM52.1 million in sales under the eTrade Outcome Assessment 2017, with exports worth RM18.1 million, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Mustapa said he was impressed to see that to date, 2,651 SMEs had come board the DFTZ platform from 1,970 SMEs last November. "Six months have passed since DFTZ went live in November 2017 and I am happy to note that the progress of the SMEs participating in the DFTZ platform has been encouraging in terms of marketing their products onto the world's stage. “This is despite our delayed start to move into the digital commerce, compared with China which has worked 10 years to achieve where they are now," he told a press conference after visiting the Kuala Lumpur International Airport (KLIA) Air Cargo Terminal 1 (KACT1) here on Monday. Mustapa said the DFTZ would be a game changer for Malaysia in striving to become an e-commerce hub and urged players on board to aggressively promote Malaysia, not only as a country to source for products, but also a tourist destination. (The Star) Bank of Japan Chief Warns of Trade-War Fallout Bank of Japan Gov. Haruhiko Kuroda opened his new five-year term with a warning about the impact of a U.S.-China trade fight, saying the world has become more connected and many countries could be affected. “As the world is becoming more globalized thanks to the development of information technology, mutual dependence is growing through global value chains” among both advanced and developing countries, Mr. Kuroda said at a news conference Monday evening. While avoiding comment on specific countries, Mr. Kuroda said a protectionist approach could backfire on a country by limiting imports it needs. President Donald Trump has threatened to hit China with tariffs on up to $150 billion of Chinese goods, and Beijing has threatened to respond in kind. The fight between the world’s two largest economies has raised concern in the No. 3 economy, Japan, because many Japanese manufacturers ship parts or equipment to China that is used to make goods exported to the U.S. (WSJ) Japan's Current-Account Surplus Makes an Easy Target for Trump Japan’s swelling current-account surplus in February may be good news for the country’s finances, but not so much for its relationship with the U.S. The current-account balance above 2 trillion yen is the sort of level that makes it easier for Japan to become the target of attacks from the U.S. amid a backdrop of increasing trade frictions. As trade tensions escalate between the U.S. and China, other countries with trade surpluses against the U.S. are nervously wondering who President Donald Trump may target next. And Trump has already put Japan on notice for what he sees as taking advantage of the U.S. While much of the current-account surplus is driven by Japan’s income from overseas -- including a significant chunk of investment in America, which Trump should welcome -- the trade surplus with the U.S. grew to a hefty 631 billion yen ($5.9 billion) in February. That’s up 3.4% from a year earlier amid strong exports of automobiles. Prime Minister Shinzo Abe is scheduled to meet Trump at his Mar-a-Lago club on April 17-18. (Bloomberg) Page 4 of 7
7. 10-Apr-18 Japan Consumer Confidence Remains Stable in March Japan 's consumer confidence held steady at the end of the first quarter, survey data from Cabinet Office showed. The seasonally adjusted consumer confidence index came in at 44.3 in March, unchanged from February. Meanwhile, economists had expected the index to rise to 44.5. The sub-index for livelihood fell marginally to 42.0 in March from 42.1 in the previous month. The component index for income growth slid to 42.6 from 43.1. At the same time, the gauge measuring willingness to buy durable goods rose to 43.3 from 43.2 and the employment index improved to 49.1 from 48.9. The survey was conducted among 8,400 households on March 15. (RTT) Chinese Government Advisers Expect Limited Economic Hit from US Trade Rift Chinese state researchers and media have talked down the likely impact of U.S. trade measures on the world's second largest economy and described the Trump administration's posturing on trade as the product of an "anxiety disorder". The comments from various government advisers came as U.S. President Donald Trump predicted on Sunday that China would make concessions in the face of rising trade tensions, though China has vowed to not back down in any trade war. The various statements referred to the trade spat between the world's two largest economies as Washington's reaction to China's fast economic growth. On Monday, a researcher with China's state planning agency said China's economy will see little impact from the trade dispute, as the country's vast domestic market can compensate for any external impact. "As China's economy is stable and improving...the China-U.S. trade friction will impact our economy, but the impact will be limited," Wang Changlin, a researcher at the National Development and Reform Commission, wrote in a post on the commission's official microblog account. Even with the U.S. tariffs, China can still reach its 2018 GDP growth target of around 6.5% and the impact on employment will be limited, Wang wrote. (The Star) United States U.S. Manufacturers Worry Tariffs Could Undermine Recovery Manufacturers are expressing trepidation that a burgeoning rebound in blue-collar jobs could be undermined by an all-out trade war with China. Manufacturing, long the sick patient in the U.S. economy as multinationals outsourced jobs, has added nearly 300,000 positions since the November 2016 election, increasing payrolls in 16 of the past 17 months. That included 22,000 positions last month. Overtime hours are up and orders are on the rise, making the current stretch among the strongest for the manufacturing sector in decades. Manufacturing executives and economists point to a range of factors supporting hiring and investment. They include strong global growth, elevated consumer and business confidence, a softer dollar supporting exports, a domestic housing rebound, and lower tax rates that are encouraging business investment. But manufacturers are voicing concerns about the downside of tariffs meant to help the industry compete with low-cost labor from China. The Trump administration has threatened to slap tariffs on $50 billion in products sent from China to the U.S., mostly intermediate goods and not finished consumer products, and on $100 billion more. (WSJ) Page 5 of 7
8. 10-Apr-18 Europe and Uni ted Kingdom Euro-Area Economy 's Soft Patch Starts to Rattle Investor Nerves Investors are losing faith in the strength of the euro-area economy after a string of numbers that fell short of expectations. A monthly report from research group Sentix said their view of the economy has turned negative for the first time since July 2016. It said the downward dynamic was “even more pronounced” for Germany, where separate data on Monday showed a sharp drop in exports in February. The sudden weakness comes after the best year for euro-area economy in a decade, and has been blamed on a number of exceptional factors from bad weather to bottlenecks constraining the ability to handle additional demand. There’s also the uncertainty surrounding the trade spat between U.S. President Donald Trump’s administration and China. “The good-weather period for the economy in the euro area is coming to an end,” said Patrick Hussy, managing director at Sentix GmbH in Frankfurt. In the latest salvo, China is evaluating the potential impact of a gradual yuan depreciation, people familiar with the matter said, as the country’s leaders weigh their options in the trade dispute. (Bloomberg) UK House Prices Gains Pick Up in March – Halifax House prices in the UK picked up at a surprisingly rapid clip in March, according to the latest analysis by lender Halifax. The index showed that prices rose by 2.7% in the three months to March, compared to the same period a year ago, and up from the 1.8% pace recorded in the three months to February. Prices also rose by 1.5% in March alone, well above the 0.2% gain expected by economists, though Halifax warns that monthly variations “can be volatile”. The average house price hit a record of £227,871 and mortgages are “at their most affordable level in a decade”, the report added. UK house prices, arguably one of the nation’s greatest obsessions, have been under pressure in an environment of slowly rising interest rates, crimped household finances and pockets of relative weakness in the nosebleed-inducingly pricey prime London market. Still, with rates of new home-building still slow relative to demand, few predict a sharp pullback. (Financial Times) German Exports Fall Most Since 2015 Germany's exports declined the most in more than two years in February amid fears of trade wars, data showed. Exports fell unexpectedly by 3.2% month-on-month in February, figures from Destatis revealed. This was the second consecutive decrease and the biggest fall since August 2015, when exports slid 6.1%. Shipments were forecast to rise 0.2%, reversing January's 0.4% decrease. At the same time, imports declined 1.3% on month after falling 0.2% in January. Economists had forecast imports to climb 0.5%. As the decline in exports exceeded the fall in imports, the trade surplus decreased to a seasonally adjusted EUR 19.2 billion from EUR 21.5 billion a month ago. (RTT) Page 6 of 7
9. 10-Apr-18 Share Buy-Back 09-April 2018 Company AMPROP BORNOIL CHINWEL E &O FIAMMA FIMACOR FITTERS GLOMAC HAIO INCKEN MALAKOF N2N NYLEX PECCA PRESTAR SIGN SYSCORP TEXCYCL TONGHER YILAI Bought Back 30,100 1,950,000 22,400 5,000 15,000 10,000 513,200 2,000 17,700 11,000 600,000 1,396,000 5,000 10,000 30,000 200,000 339,700 40,000 31,300 703,600 Price (RM) Hi/ Lo (RM) 0.670.655 0.08 1.62/1.58 1.44 0.49 1.97 0.39 0.50 4.84/4.74 0.69/0.685 0.88/0.875 0.81/0.78 0.73/0.705 1.14 0.85 0.50/0.49 0.23/0.225 0.68/0.67 2.84 0.72 0.68/0.65 0.08/0.07 1.62/1.58 1.44/1.42 0.49/0.46 1.97/1.96 0.41/0.385 0.50/0.49 4.84/4.72 0.69/0.68 0.88/0.86 0.815/0.78 0.73/0.705 1.15/1.14 0.85/0.835 0.50/0.48 0.23/0.215 0.68/0.67 2.91/2.68 0.72 Total Treasury Shares 17,263,200 128,746,000 4,962,200 27,713,747 24,025,000 4,422,600 46,133,200 6,912,300 9,165,688 17,551,800 60,133,000 11,172,600 6,696,124 3,753,300 7,777,200 11,607,100 4,433,800 1,713,050 2,942,900 11,182,108 Source: Bursa Malaysia 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 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 09-Apr-18 AUTOMOBILE BAUTO 2.14 2.33 8.9% Buy 2,480 0.50 12.1 19.0 17.7 11.3 5.1 5.4 2.47 -13.4 1.84 16.3 -2.7 MBMR 2.45 2.68 9.4% Hold 958 0.68 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 0.57 9.7 10.9 11.9 10.5 4.3 4.3 1.70 -32.4 1.13 1.8 -25.8 SIME 2.61 2.55 -2.3% Sell 17,750 1.56 13.2 16.4 19.8 15.9 1.3 1.6 3.06 -14.7 2.03 28.8 18.1 UMW 6.33 5.52 -12.8% Sell 7,395 1.45 28.6 40.2 22.1 15.7 2.2 3.2 6.98 -9.3 4.70 34.7 21.7 BANKS & FINANCIAL SERVICES ABMB 4.30 4.60 7.0% Buy 6,657 1.13 32.6 35.8 13.2 12.0 3.7 3.7 4.49 -4.2 3.62 18.8 5.4 AFFIN 2.38 2.40 0.8% Sell 4,624 0.93 22.2 23.9 10.7 9.9 3.4 3.4 2.98 -15.0 2.22 13.9 9.5 -15.2 AMBANK 3.74 4.70 25.7% Buy 11,273 1.43 38.1 44.4 9.8 8.4 4.8 4.8 5.70 -34.4 3.61 3.6 CIMB 7.02 8.60 22.5% Buy 64,763 1.60 58.2 59.9 12.1 11.7 4.1 4.3 7.39 -5.0 5.32 32.0 7.3 HLBANK 18.70 21.30 13.9% Buy 38,253 0.85 116.8 126.8 16.0 14.7 2.6 2.6 20.02 -6.6 13.52 38.3 10.0 MAYBANK 10.46 11.50 9.9% Buy 114,017 0.99 73.8 77.9 14.2 13.4 5.3 5.3 10.60 -1.3 8.92 17.3 6.7 PBBANK 23.94 27.30 14.0% Buy 92,444 0.71 153.3 166.5 15.6 14.4 2.4 2.5 24.12 -0.7 19.86 20.5 15.2 RHBBANK 5.17 6.10 18.0% Buy 20,732 1.46 54.3 59.0 9.5 8.8 2.9 2.9 5.61 -7.8 4.71 9.8 3.4 BURSA 10.48 11.80 12.6% Buy 8,450 0.90 43.9 45.0 23.9 23.3 3.4 3.4 7.65 -8.7 6.20 12.7 3.6 -24.9 Note: BURSA bonus issue of shares on the basis of 1 for 2. Ex-Target price RM7.04 BUILDING MATERIALS ANNJOO 2.90 4.34 49.7% Buy 1,517 1.23 43.5 46.3 6.7 6.3 7.5 8.5 3.98 -27.1 2.58 12.4 CHINHIN 1.09 1.39 27.5% Buy 606 1.00 11.4 11.1 9.6 9.8 5.9 5.2 1.49 -26.8 1.00 9.5 -9.9 CSCSTEL 1.34 1.70 26.9% Buy 495 0.78 17.4 17.9 7.7 7.5 7.0 7.1 2.05 -34.5 1.27 5.5 -13.0 ENGTEX 1.00 1.38 38.0% Buy 436 0.83 13.8 15.7 7.2 6.4 4.1 5.5 1.52 -34.2 0.96 4.2 -9.1 GADANG 0.87 1.69 95.4% Buy 572 1.22 14.2 18.1 6.1 4.8 3.5 3.5 1.37 -36.9 0.80 8.1 -22.1 GAMUDA 5.12 5.84 14.1% Buy 12,596 0.87 34.4 36.4 14.9 14.1 2.3 2.3 5.52 -7.2 4.58 11.8 3.2 IJM 2.66 2.96 11.3% Hold 9,650 1.26 13.7 18.6 19.4 14.3 3.6 3.6 3.60 -26.1 2.53 5.1 -12.8 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 0.31 0.45 45.2% Buy 215 1.37 4.8 4.6 6.4 6.7 4.8 4.8 0.73 -57.5 0.30 3.3 -31.1 SENDAI 0.95 0.79 -16.4% Sell 738 1.46 9.9 8.7 9.6 10.8 1.1 1.1 1.39 -32.0 0.68 39.0 9.2 SUNCON 2.01 2.65 31.8% Hold 2,597 0.68 14.7 16.4 13.7 12.2 4.0 4.5 2.64 -23.9 1.82 10.4 -19.9 WCT 1.21 1.50 24.0% Sell 1,702 1.09 11.3 10.8 10.7 11.2 2.5 2.5 2.48 -51.1 1.13 7.1 -25.3 LITRAK 5.51 6.26 13.6% Hold 2,909 0.35 45.6 47.1 12.1 11.7 4.5 4.5 6.15 -10.4 5.40 2.0 -0.7 CARLSBG 18.92 18.09 -4.4% Buy 5,820 0.71 87.8 91.8 21.6 20.6 4.5 4.7 21.00 -9.9 14.36 31.8 23.7 HEIM 20.80 21.64 4.0% Hold 6,284 0.40 93.0 101.6 22.4 20.5 3.6 3.8 23.04 -9.7 16.98 22.5 10.1 AEON 1.78 1.97 10.7% Buy 2,499 0.15 7.5 8.9 23.6 19.9 2.5 2.8 2.52 -29.4 1.45 22.8 1.1 AMWAY 7.50 8.59 14.5% Buy 1,233 0.50 48.3 49.9 15.5 15.0 5.3 5.5 8.10 -7.4 6.97 7.6 2.7 F&N 32.84 33.74 2.7% Buy 12,037 0.32 122.7 145.8 26.8 22.5 2.4 2.9 34.50 -4.8 23.40 40.3 21.6 CONSUMER Brewery Retail HUPSENG 1.03 1.25 21.4% Buy 824 0.38 5.7 5.9 18.1 17.4 5.8 5.8 1.28 -19.5 1.02 1.0 -5.5 JOHOTIN 0.93 1.48 59.1% Buy 289 1.12 11.1 11.7 8.4 7.9 6.5 7.0 1.76 -47.2 0.90 3.3 -23.1 NESTLE 149.60 129.90 -13.2% Sell 35,081 0.60 322.2 360.2 46.4 41.5 2.0 2.2 163.00 -8.2 79.80 87.5 45.0 PADINI 4.61 4.67 1.3% Sell 3,033 0.76 28.0 30.4 16.5 15.2 2.7 2.8 5.50 -16.2 2.91 58.5 -12.7 -33.0 POHUAT 1.20 1.78 48.3% Buy 264 0.55 20.1 23.1 6.0 5.2 5.0 6.7 2.07 -42.0 1.15 4.3 QL 5.01 5.41 8.0% Hold 8,128 0.64 13.3 15.5 37.6 32.3 0.9 0.9 5.11 -2.0 3.49 43.8 15.2 SIGN 0.50 0.92 85.9% Buy 113 0.74 6.6 8.7 7.5 5.7 5.1 7.1 1.07 -53.7 0.48 3.1 -29.8 23.58 34.72 47.2% Hold 6,733 1.57 170.8 168.8 13.8 14.0 6.8 6.8 47.48 -50.3 23.10 2.1 -41.1 GENTING 8.90 11.58 30.1% Buy 34,100 1.41 55.1 61.8 16.1 14.4 1.8 1.8 9.92 -10.3 8.47 5.1 -2.5 GENM 4.94 6.68 35.2% Buy 27,954 1.39 27.6 32.0 17.9 15.4 2.4 2.6 6.28 -21.4 4.59 7.6 -10.9 2.12 3.22 51.9% Buy 2,856 0.61 19.9 26.0 10.7 8.1 7.5 8.5 2.92 -27.4 2.06 2.9 -5.4 CCMDBIO 2.79 3.40 21.9% Buy 778 0.90 16.2 17.7 17.2 15.7 1.7 1.8 3.05 -8.5 1.97 41.6 10.3 IHH 6.05 6.40 5.8% Sell 49,850 0.71 11.9 15.0 50.9 40.5 0.5 0.6 6.33 -4.4 5.42 11.6 3.2 KPJ 0.87 1.13 29.9% Buy 3,666 0.58 3.9 4.3 22.3 20.0 2.5 2.8 1.14 -23.7 0.84 3.6 -10.3 HARTA 6.22 3.90 -37.3% Sell 20,600 1.09 12.6 14.4 49.5 43.2 1.2 1.4 6.49 -4.2 2.44 155.4 16.5 KOSSAN 7.47 9.73 30.3% Buy 4,777 0.61 37.4 42.1 20.0 17.8 2.5 2.8 8.79 -15.0 5.62 32.9 -7.9 SUPERMX 2.58 2.70 4.7% Buy 1,692 0.55 20.0 22.6 12.9 11.4 2.0 2.4 2.92 -11.6 1.69 52.7 29.0 TOPGLOV 9.85 12.20 23.9% Buy 12,576 0.62 35.3 42.7 27.9 23.1 1.5 1.8 10.44 -5.7 4.56 116.0 23.3 KAREX 0.79 0.93 18.5% Sell 787 0.76 1.8 3.0 44.3 25.9 0.6 1.0 2.26 -65.3 0.75 4.7 -39.6 SCIENTX 7.55 10.01 32.6% Buy 3,691 0.97 67.5 79.4 11.2 9.5 2.8 3.4 9.85 -23.4 7.42 1.8 -12.8 SKPRES 1.56 2.20 41.0% Buy 1,950 0.90 10.4 14.8 15.0 10.5 3.3 4.7 2.35 -33.6 1.25 24.8 -31.6 ASTRO 1.80 2.90 61.1% Buy 9,385 0.91 12.4 13.8 14.5 13.0 6.9 6.9 2.94 -38.8 1.77 1.7 -32.1 MEDIA PRIMA 0.33 0.45 36.4% Sell 366 1.37 -3.8 -1.7 na na 0.0 0.0 1.24 -73.4 0.33 1.5 -56.6 STAR 1.06 1.20 13.2% Sell 782 1.09 6.2 5.9 17.1 17.9 8.5 8.5 2.22 -52.2 1.06 0.0 -35.8 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves 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 0.38 0.69 84.0% Buy 659 1.73 4.0 4.3 9.4 8.7 2.7 2.7 0.69 -45.7 0.34 11.9 LCTITAN 6.06 7.60 25.4% Buy 13,774 na 56.3 60.9 10.8 10.0 4.1 4.5 6.53 -7.2 4.14 46.4 -22.7 28.9 MHB 0.72 0.81 12.5% Sell 1,152 1.44 0.5 1.7 149.9 43.2 0.0 0.0 1.16 -37.9 0.63 15.2 -12.7 MISC 7.13 7.00 -1.8% Sell 31,827 1.10 50.1 53.8 14.2 13.3 4.2 4.2 7.90 -9.7 6.73 5.9 -3.9 PANTECH 0.53 0.69 31.4% Buy 390 1.31 6.1 6.8 8.7 7.7 5.2 5.8 0.74 -29.1 0.51 2.9 -18.6 PCHEM 8.48 9.00 6.1% Hold 67,840 0.84 52.5 54.0 16.2 15.7 3.1 3.3 8.60 -1.4 6.80 24.7 10.1 SAPNRG 0.52 0.65 26.2% Buy 3,086 2.21 -5.0 -1.7 na na 0.0 0.0 2.10 -75.5 0.40 30.4 -27.5 SERBADK 3.00 4.15 38.3% Buy 4,406 na 27.7 31.6 10.8 9.5 3.0 3.3 3.68 -18.5 1.79 67.6 -7.4 UMWOG 0.25 0.39 59.2% Buy 2,013 2.09 0.4 1.2 64.2 21.1 0.0 0.0 0.68 -63.9 0.22 14.0 -19.7 UZMA 1.23 1.57 27.6% Hold 394 0.99 12.9 13.9 9.6 8.9 0.0 0.0 1.98 -37.9 1.18 4.2 -3.9 FGV 1.73 2.09 20.8% Buy 6,311 1.58 2.0 3.4 85.6 50.8 2.9 2.9 2.18 -20.6 1.51 14.6 2.4 IJMPLNT 2.24 2.23 -0.4% Sell 1,973 0.18 6.5 8.2 34.2 27.3 3.6 4.0 3.22 -30.4 2.19 2.3 -18.2 IOICORP 4.69 5.43 15.8% Buy 28,638 0.92 19.0 21.3 24.7 22.1 5.6 3.5 4.81 -2.5 4.21 11.5 5.9 KFIMA 1.44 1.89 31.3% Buy 406 0.68 13.7 13.8 10.5 10.4 6.3 6.3 1.96 -26.5 1.44 0.0 -8.3 KLK 25.58 27.76 8.5% Hold 27,242 0.64 107.6 116.0 23.8 22.1 2.1 2.2 25.78 -0.8 23.66 8.1 2.3 SIMEPLT 5.52 6.27 13.6% Buy 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 1.38 1.81 31.2% Buy 1,905 0.52 9.3 9.6 14.8 14.4 1.7 1.8 1.83 -24.6 1.37 0.7 -16.4 UMCCA 6.05 6.21 2.6% Sell 1,269 0.41 17.0 22.4 35.7 27.0 2.6 3.0 7.08 -14.5 5.97 1.3 -7.1 GLOMAC 0.50 0.40 -20.0% Sell 397 0.64 1.5 2.5 33.1 20.2 2.0 2.0 0.66 -24.1 0.45 11.1 -9.8 HUAYANG 0.47 0.58 24.7% Sell 164 0.87 0.7 3.4 70.1 13.7 1.1 1.1 1.14 -59.2 0.44 5.7 -23.8 IBRACO 0.59 0.80 36.8% Buy 290 na 7.2 10.7 8.1 5.5 5.1 6.8 0.98 -40.0 0.50 17.0 -28.2 IOIPG 1.54 2.00 29.9% Sell 8,479 0.86 16.3 15.7 9.4 9.8 3.9 3.9 2.22 -30.6 1.52 1.3 -16.8 MAHSING 1.09 1.59 45.9% Buy 2,646 0.87 11.8 11.3 9.2 9.7 6.0 6.0 1.64 -33.5 0.98 11.2 -24.8 SIMEPROP 1.42 1.51 6.3% Hold 9,657 na 7.5 7.5 18.9 19.0 2.8 2.1 1.78 -20.2 1.04 36.5 -20.2 SNTORIA 0.59 0.76 29.9% Buy 328 0.25 8.3 8.6 7.1 6.8 1.7 1.7 0.82 -28.5 0.56 4.5 -15.8 SPB 4.19 5.10 21.7% Hold 1,440 0.64 18.7 24.0 22.4 17.4 2.9 2.9 5.50 -23.8 4.14 1.2 -14.5 SPSETIA 2.81 3.73 32.7% Buy 10,552 0.95 19.8 19.4 14.2 14.5 4.3 4.3 4.38 -35.9 2.77 1.4 -29.8 SUNWAY 1.50 1.75 16.7% Hold 7,311 0.88 11.8 12.4 12.7 12.1 4.0 4.0 1.96 -23.4 1.38 8.4 -8.0 SUNREIT 1.53 1.87 22.2% Hold 4,506 0.88 10.0 10.7 15.3 14.3 6.6 7.0 1.90 -19.5 1.48 3.4 -19.5 CMMT 1.08 1.48 37.0% Buy 2,204 0.75 7.9 8.4 13.7 12.9 7.5 8.0 1.83 -41.0 0.98 10.2 -41.0 PLANTATIONS PROPERTY REIT POWER & UTILITIES MALAKOF 0.88 0.82 -6.3% Sell 4,323 0.99 6.7 7.2 13.2 12.1 8.0 8.0 1.30 -32.7 0.85 2.9 -10.7 PETDAG 25.30 24.08 -4.8% Sell 25,134 0.49 114.7 116.3 22.1 21.8 3.4 3.4 25.97 -2.6 20.81 21.6 5.2 PETGAS 18.20 19.46 6.9% Buy 36,013 0.82 99.3 100.0 18.3 18.2 3.8 3.8 19.80 -8.1 15.82 15.0 4.1 TENAGA 15.88 18.22 14.7% Buy 89,976 0.61 131.3 127.5 12.1 12.5 4.1 4.0 16.34 -2.8 13.62 16.6 4.1 YTLPOWR 0.96 1.16 21.5% Sell 7,572 0.96 8.5 8.7 11.3 10.9 5.2 5.2 1.50 -36.3 0.95 0.5 -26.0 TELECOMMUNICATIONS AXIATA 5.26 6.50 23.6% Buy 47,598 1.58 15.9 19.4 33.0 27.0 1.5 3.0 5.82 -9.6 4.54 15.9 -4.2 DIGI 4.53 5.15 13.7% Hold 35,221 1.04 19.7 20.4 23.0 22.3 4.3 4.5 5.19 -12.7 4.36 3.9 -11.2 MAXIS 5.79 6.05 4.5% Sell 45,223 1.11 25.2 25.0 23.0 23.1 3.5 3.5 6.60 -12.3 5.30 9.2 -3.7 TM 5.47 7.20 31.6% Buy 20,556 0.61 22.8 24.9 24.0 22.0 3.8 4.1 6.69 -18.2 4.90 11.6 -13.2 ELSOFT 2.38 3.30 38.7% Buy 655 0.98 13.1 15.0 18.1 15.9 3.9 4.4 2.95 -19.3 1.94 22.7 -11.9 IRIS 0.18 0.22 25.7% Buy 433 2.51 0.0 0.3 636.1 55.3 0.0 0.0 0.25 -28.6 0.14 29.6 -5.4 INARI 2.71 3.65 34.7% Buy 5,626 0.71 13.7 15.3 19.8 17.8 3.6 4.1 3.82 -29.1 1.89 43.7 -20.3 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 8.20 10.70 30.5% Buy 1,631 0.92 73.9 86.9 11.1 9.4 3.9 3.9 14.52 -43.5 8.08 1.5 -35.0 UNISEM 2.37 2.55 7.6% Hold 1,739 1.12 19.0 20.3 12.5 11.7 5.1 5.1 4.25 -44.2 2.25 5.3 -35.1 TRANSPORTATION Airlines AIRASIA 3.93 4.93 25.4% Hold 13,134 1.04 5.5 5.5 72.0 72.0 2.0 2.0 4.75 -17.3 2.89 36.0 17.3 AIRPORT 8.96 8.61 -3.9% Sell 14,866 1.09 18.0 18.8 49.9 47.7 1.5 1.1 9.45 -5.2 7.09 26.4 1.9 Freight & Tankers PTRANS 0.24 0.46 95.7% Buy 298 na 2.3 3.7 10.2 6.3 2.9 4.7 0.38 -38.5 0.21 12.4 -16.1 TNLOGIS 1.02 1.45 42.2% Buy 456 0.96 10.3 10.5 9.9 9.7 4.9 4.9 1.83 -44.4 0.99 3.0 -23.9 WPRTS 3.47 4.06 17.0% Buy 11,833 0.49 15.6 20.0 22.2 17.3 1.1 1.4 4.14 -16.2 3.12 11.2 -6.2 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 27.80 30.50 9.7% Buy 71,276 1.12 212.3 246.0 13.1 11.3 2.3 2.5 29.7 -6.4 18.65 49.1 11.9 OCBC 12.80 14.30 11.7% Buy 53,542 1.20 109.5 123.3 11.7 10.4 6.7 7.7 13.6 -6.0 9.49 34.9 3.3 UOB 27.65 27.80 0.5% Hold 45,930 1.16 216.8 244.1 12.8 12.8 2.9 2.9 29.0 -4.6 21.38 29.3 4.5 PLANTATIONS WILMAR 3.15 3.50 11.1% Buy 20,155 0.81 25.4 27.7 12.4 11.4 3.2 3.5 3.9 -18.6 2.97 6.1 1.9 IFAR 0.33 0.37 13.8% Buy 466 1.11 3.1 3.9 10.6 8.4 1.3 1.6 0.5 -36.9 0.32 3.2 -16.7 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. COMPANY UPDATE Tuesday , April 10, 2018 FBMKLCI: 1,849.71 Sector: Oil and Gas THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TP: RM4.15 (+38.3%) Serba Dinamik Holdings Bhd Last Traded: RM3.00 Breaking Ground at Pengerang Abel Goon Tel: +603-2072 1277 ext. 1641 BUY abelgoon@ta.com.my We attended the ground-breaking ceremony of Serba Dinamik's (Serba) Pengerang eco-Industrial Park (PeIP), yesterday officiated by YAB Dato Mohamed Khaled bin Nordin, Menteri Besar Johor. We reiterate our positive view on the development as we believe Serba is clinching the first mover advantage in setting up an O&M facility in Pengerang. We make no change to our earnings forecast. We only expect meaningful earnings contribution from Pengerang to materialise in 2021. Maintain BUY on Serba with unchanged TP of RM4.15 based on 15x CY18 PER. Refresher on the Pengerang Development Last year, Serba signed a Memorandum of Understanding (MoU) with Izin Budi and Perisind Samudra (subsidiaries of state-owned PIJ Holdings Sdn Bhd) to develop 132 acres of land in Pengerang Johor. The development will consist of 1) PeIP, the first O&M facility in Pengerang with various centres such as a plant turnaround village, MRO and IRM centre of excellence and technical vocational education and training city, 2) Pengerang International Commercial Centre (PICC) a commercial centre with Serba as an anchor tenant and 3) Pengerang Northshore Residence (PNR), consisting of residential properties to cater for workers in the area. The development is within the Pengerang Integrated Petroleum Complex and meant to serve the complex's needs on completion. Pengerang Development Timeline. During the ground-breaking ceremony, management revealed a rough timeline for PeIP and PICC but details were scant on PNR. According to Serba, after earthworks and land clearing are completed, construction will begin in 2QFY19. Subsequently, sale of properties will begin in 4QFY19, which will allow Serba to recoup some of its capex. Finally, construction of the first phase will be completed in 4Q20, and operations will commence thereafter. On the other hand, construction of PICC will begin in 4QFY19 and be completed in 4Q21. Thus, we believe the development will begin contributing meaningful earnings in 2021, following completion of PeIP. High Tech Maintenance Facility We note that Serba plans to adopt sophisticated technology when building the Industrial Park. Furthermore, on completion, the park is expected to achieve Industry 4.0 standards, being the first integrated maintenance facility with artificial intelligence in the region. For example, Dato Karim (Group CEO of Serba) highlighted that the park will have the first high-speed balancing equipment in the SEA region. He noted that from an engineering perspective, the equipment is not necessary. However, from an asset operator's perspective, carrying out a test on the high-speed balancer, which replicates actual utilisation, would be invaluable. Thus, we expect Serba to be at the forefront of the O&M business at Pengerang as it will likely achieve a higher level of efficiency. www.taonline.com.my Share Information Bloomberg Code SDH MK Stock Code 5279 Listing Main Market Share Cap (mn) 1,468.5 Market Cap (RMmn) 4,405.5 52-wk Hi/Lo (RM) 3.68/1.79 12-mth Avg Daily Vol ('000 shrs) 4,141 Estimated Free Float (%) 30.9 Beta n.a. Major Shareholders (%) Mohd Abdul Karim - 23.0 Abdul Kadier Sahib - 18.9 Awang Daud - 10.7 Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY18 FY19 0.0 0.0 406.2 463.4 385.0 453.0 106 102 Buy (Maintain) Financial Indicators Net Debt / Equity (x) ROA (%) ROE (%) NTA/Share (RM) Price/NTA (x) FY18 0.1 11.7 19.1 1.4 2.1 Share Performance (%) Price Change SDH 1 mth (8.8) 3 mth (11.8) 6 mth 20.0 12 mth 62.2 FY19 0.1 11.6 18.9 1.7 1.8 FBM KLCI 0.3 1.5 5.0 6.3 (12-Mth) Share Price relative to the FBMKLCI Source: Bloomberg Page 1 of 4
13. 10-Apr-18 VDP Established by Serba Besides the ground-breaking ceremony , Serba also signed a MoU to establish a vendor development programme (VDP) at PeIP. The programme will nurture SMEs, allowing them to grow. It is similar to Petronas’ VDP, which Serba was a part of previously. Besides that, the vendors will have to set up operations in PeIP, which would net Serba some rental income. Nevertheless, the vendors will be able to secure contracts from Serba and increase their competencies. We note that Serba has secured circa 20 companies for the VDP at this juncture. We also believe this is a crucial part of the agreement with the Johor government to allow Serba to develop the land, i.e. growing the local businesses and providing Johorians with jobs. Impact We maintain our earnings forecast. Valuation Maintain our TP of RM4.15 based on unchanged 15x CY18 PER. We continue to like Serba for its 1) global exposure, 2) aggressive expansion into the power and water industries, 3) major development in Pengerang and 4) robust orderbook expansion. We believe the Pengerang development will be a success and provide Serba with a long-term growth driver. Reiterate BUY. Figure 1. Expected Centres in PeIP Source: Company Figure 2. PeIP Cleared Land (Across the Lake) Source: Company Page 2 of 4
14. 10-Apr-18 Earnings Summary Income Statement Balance Sheet FYE 31 Dec (RMmn) 2016 2017 2018E Revenue 2,168.3 2,712.8 3,130.9 2019F 3,581.5 2020F 4,107.1 FYE 31 Dec (RMmn) 2017E 2018E 490.2 646.9 815.8 1,014.9 1,196.0 12.2 44.1 69.1 73.1 77.1 4.8 7.0 7.0 7.0 7.0 Non-current assets 507.2 697.9 891.8 1,094.9 1,280.0 PPE EBITDA 352.2 483.0 565.4 655.2 750.7 JV & Associates Depreciation (49.8) (68.9) (81.1) (100.9) (118.9) Others Net finance cost (35.0) (30.8) (32.1) (36.7) (43.5) 2016 2019F 2020F Associate & JV 0.0 (2.1) 1.0 4.0 4.0 Inventories 486.3 581.1 857.8 981.2 1,136.5 Forex & EI 0.6 (20.0) 0.0 0.0 0.0 Trade receivables 741.2 854.9 986.7 1,128.7 1,294.3 187.4 293.2 637.8 696.6 761.6 64.7 83.5 83.5 83.5 83.5 Current assets 1,479.6 1,812.7 2,565.7 2,890.0 3,275.9 TOTAL ASSETS 1,986.8 2,510.7 3,457.6 3,984.9 4,555.9 140.0 PBT 267.9 361.2 453.2 521.6 592.3 Cash and equivalents Taxation & Zakat (22.1) (54.7) (51.0) (58.7) (66.6) Others 0.3 3.5 4.0 0.5 0.5 MI Net profit 246.1 310.0 406.2 463.4 526.2 Core net profit 245.5 330.0 406.2 463.4 526.2 Per Share Data* LT Borrowings 16.2 84.7 103.2 121.6 Others 14.8 13.3 13.3 13.3 13.3 31.1 98.1 116.5 134.9 153.3 Core EPS (sen) 18.4 24.7 27.7 31.6 35.8 Non-Current liabilities DPS (sen) 0.0 6.8 9.0 10.0 12.0 Trade payables 501.0 369.3 426.2 487.5 559.1 BVPS NTA/Share (RM) (RM) 0.6 0.6 0.9 0.9 1.5 1.4 1.7 1.7 1.9 1.9 ST Borrowings Others 623.4 14.2 604.9 47.4 736.4 47.4 868.0 47.4 999.6 47.4 Current liabilities 1,138.6 1,021.5 1,210.0 1,402.9 1,606.0 Shareholders equity 809.2 1,386.7 2,130.7 2,447.2 2,797.2 7.9 4.4 0.3 817.1 1,986.8 1,391.1 2,510.7 2,131.1 3,457.6 Ratios FYE 31 Dec (RMmn) 2016 2017 2018E 2019F 2020F MI Valuations Core PER (x) 20.0 14.9 13.3 11.7 10.3 Div. Yield (%) 0.0 1.8 2.4 2.7 3.3 P/BV (x) 6.6 3.9 2.5 2.2 1.9 Cash Flow Statement FCF Yield (%) (2.2) (3.1) (1.7) 1.6 2.4 FYE 31 Dec (RMmn) Profitability ratios Total Equity TOTAL E&L 2,447.1 3,984.9 (0.6) 2,796.6 4,555.9 2017E 2018E 2019F Pretax profit 267.9 361.2 453.2 521.6 592.3 Depreciation 49.8 68.9 81.1 100.9 118.9 35.0 30.8 32.1 36.7 43.5 0.0 2.1 (1.0) (4.0) (4.0) EBITDA margin (%) 16.2 17.8 18.1 18.3 18.3 Net interest EBIT margin (%) 13.9 15.3 15.5 15.5 15.4 JV & Associate PBT margin (%) 12.4 13.3 14.5 14.6 14.4 Changes in WC 2016 (0.1) 2020F (304.7) (348.9) (351.5) (204.1) (249.4) (66.6) Core Net Margin (%) 11.3 12.2 13.0 12.9 12.8 Tax (22.1) (54.7) (51.0) (58.7) Core ROE (%) 30.3 23.8 19.1 18.9 18.8 Others 64.9 29.3 0.0 0.0 0.0 Core ROA (%) 12.4 13.1 11.7 11.6 11.5 Operational cash flow 90.8 88.8 162.9 392.4 434.7 (140.8) (237.9) (250.0) (300.0) (300.0) Current ratio (x) 1.3 1.8 2.1 2.1 2.0 Interest income 4.0 3.1 7.0 10.0 10.9 Quick ratio (x) 0.9 1.2 1.4 1.4 1.3 Investment in JV/Associate 0.0 (34.0) (24.0) 0.0 0.0 13.6 0.0 0.0 0.0 Liquidity ratios Capex Leverage ratios Equity/total liabilities (x) 0.7 1.2 1.6 1.6 1.6 Net debt / equity (x) 0.6 0.3 0.1 0.1 0.1 Growth ratios Others (105.8) Investing cash flow (242.7) (255.2) (267.0) (290.0) (289.1) Issue of shares 0.0 407.1 469.9 0.0 Share issue expense 0.0 0.0 0.0 0.0 0.0 Dividend paid 0.0 (69.4) (132.2) (146.9) (176.2) 0.0 Revenue (%) 25.1 15.4 14.4 14.7 Net borrowings 166.3 36.6 150.0 150.0 150.0 Core Net Profit (%) 34.4 23.1 14.1 13.6 Interest paid (39.0) (34.0) (39.1) (46.7) (54.4) Others 13.6 (59.1) 0.0 0.0 Key Assumptions Orderbook Replenishment *based on 1,468mn shares 3,700.0 4,000.0 4,200.0 0.0 Financial cash flow 140.9 281.2 448.7 (43.6) (80.6) Net cash flow Beginning Cash (11.0) 194.6 114.7 187.4 344.6 293.2 58.8 637.8 65.0 696.6 Forex End Cash 3.7 187.4 (8.9) 293.2 0.0 637.8 0.0 696.6 0.0 761.6 Page 3 of 4
15. 10-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 Tuesday, April 10, 2018, the analyst, Abel Goon, 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 4 of 4
16. COMPANY UPDATE Tuesday , April 10, 2018 FBMKLCI: 1,849.71 Sector: Consumer THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Signature International Berhad TP: RM0.92 (+86.0%) Last Traded: RM0.495 Challenging Outlook But Not Without Hopes Tan Kam Meng, CFA Tel: +603-2167 9605 BUY kmtan@ta.com.my The lingering effects of new cooling measure to freeze new luxury serviced apartments and condominiums in the Klang Valley, and the “wait-and-see” tactic adopted for property launch ahead of 14th general election in Malaysia are weighing on market sentiment and have dampened Signature’s order book to RM140mn. Management continues to believe the market outlook would remain challenging in 2H18 but not without hopes. At least, the recent drop in chipboard price in Malaysia would hold up margins. Valuation wise, the purchase of share by founders and company’s share-buyback activities suggest that the stock is undervalued. As such, we reiterate our Buy recommendation with an unchanged target price of RM0.92/share. www.taonline.com.my Share Information Bloomberg Code SIGN MK Stock Code SIGN (7246) Listing Main Market 229.1 Share Cap (mn) 113.4 Market Cap (RMmn) 0.3 Par Value (RM) 1.07/0.48 52-wk Hi/Lo (RM) 444.7 12-mth Avg Daily Vol ('000 shrs) 38.2 Estimated Free Float (%) 0.7 Beta (x) Major Shareholders (%) Tan Kee Chong (26.2%) Chooi Yeoy Sun (28.0%) RHB Asset Management (5.77%) Hope#1: Cost relief Chipboard price down. In the recent 2QFY18 results performance, management indicated that the revenue increase (+36.4% YoY) was associated with the surge in progress billing. This was in line with management previous guidance that two-third of the group’s order book would likely be recognised in FY18 based on the given project timeline. Meanwhile, the improvement in margins was mainly due to decrease in chipboard price on the back of excess supply in the market. Note that Signature’s 2QFY18 PBT margin improved by approximately 2%-pts YoY (+7%-pts QoQ) to 12.2% (see Figure 1). 12.0% 12.2% 10.7% 9.6% 60.0 10.0% 7.9% 50.0 8.0% 72.5 6.0% 4.0% 42.8 RM'mn 80.0 70.0 10.7% 52.3 49.3 40.0 5.4% 55.5 Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating 30.0 FY18 FY19 0.0 0.0 15.9 21.0 15.6 18.7 101.9 112.7 Buy (maintained) Financial Indicators Net Gearing (%) FCF/share (sen) P/CFPS (x) ROE (%) Figure 1 – PBT margin recovered in 2Q18 due to drop in chipboard price 14.0% Forecast Revision NTA/Share (RM) Price/NTA (x) Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY18 11.3 6.5 7.6 9.0 0.8 0.7 FY19 5.5 7.6 6.5 11.2 0.8 0.6 SIGN (17.5) (31.7) (41.4) (49.5) FBM KLCI 0.3 1.5 5.0 6.3 (12-Mth) Share Price relative to the FBMKLCI 20.0 40.7 2.0% 10.0 0.0% 0.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Source: Signature & TA Research To find out more about the chipboard price, we zoom in on the latest results performance of Mieco Chipboard and Heveaboard, who are the main suppliers Source: Bloomberg Page 1 of 4
17. 10-Apr-18 to Signature , and observe that both companies reported revenue contraction of 16.5% and 8.6% respectively in 4Q17. This coincided with ringgit strengthening in 4Q17 when the ringgit appreciated to average USDMYR4.1597 in 4Q17 from USDMYR4.4466 in 1Q17 (see Figure 2 & 3). In Mieco Chipboard’s results note, the company indicated the softening of global demand has caused the decrease of plainboard sales volume. Looking forward, we believe there could be a stronger export headwind for chipboard given that ringgit has appreciated further to average USDMYR3.9262 in 1Q18 and USDMYR3.8690 currently. This excess supply may compress local chipboard price, which would bode well for Signature’s future earnings. In other words, we believe the recovery in Signature’s PBT margin to 12% in 2QFY18 will continue to play out in 2HFY18. Hope#2: Housing market recovers after general election The development in housing market in Malaysia is very soft currently as developers put on hold their property launches and customers adopt wait-andsee attitudes. Management hopes to see silver lining in 2H18 when the 14th general election in Malaysia is over and we can put the election risk behind us. At the meantime, the group has total jobs worth RM140mn as at Feb-18, declined from RM150mn in Dec-17, which is sufficient to sustain for the next 3 quarters. Hope#3: Secure Battersea Jobs In London, the award of kitchen system package for Battersea development Phase 2A is in the offing. We understand that the 5 finalists, including Signature, have taken part in the project briefing held recently before a formal bid is made. Signature’s management and project teams are confident and hope to secure the project by 2018. According to management, the company has put in sufficient buffer to mitigate the foreign exchange risk arising from the mismatch of revenue and cost as payments for job are made in Pound and costs are in Euro. Unlocking Bandar Enstek land value Benchmarking to a recent transaction where Ajinomoto (M) Berhad proposed to acquire a piece of freehold land in Techpark@Enstek, measuring approximately 46.6acres, for RM86.1mn or RM42.40psf, Signature’s industrial land in the same location, measuring 38.9acres, is worth RM71.8mn. This is 41% higher than the purchase price RM50.8mn. Note that Signature has appointed property agents to sell the land. We believe the disposal proceeds would largely be used for debt repayment and dividend purposes if the disposal takes place in 2018. Forecast No change to our FY18-20 earnings projections. Valuation Maintain Buy on Signature with an unchanged target price of RM0.92, based on 12x CY18 EPS. Judging from the purchase of share by founders, Mr. Tan Kee Choong and Dato’ Chooi Yoey Sun, of 4mn each at 59-61sen and company’s recent share buyback activities (399,000 shares) at 49-61sen levels, we believe Signature is undervalued and the stock is poised for a recovery if the hopes highlighted above materialise. Page 2 of 4
18. 10-Apr-18 Figure 2 : Mieco Chipboard’s 4Q17 revenue contracted by 16.5% YoY 40.0% Rev. growth USDMYR 4.5 USDMYR Figure 3: 8.6% YoY 4.4 4.3 4.3 10.0% 4.2 10.0% 0.0% 4.1 5.0% 4 0.0% 3.9 -5.0% 3.8 -10.0% 3.7 -15.0% -30.0% -40.0% USDMYR 4.5 20.0% 20.0% -16.5% YoY USDMYR 25.0% 4.4 -20.0% Rev. growth 30.0% 30.0% -10.0% Heveaboard’s 4Q17 revenue contracted by 15.0% 4.2 4.1 4 3.9 -8.6% YoY 3.8 3.7 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Source: Mieco Chipboard, Heveaboard & TA Securities Profit and Los s (RM'mn) FYE J une Revenue COGS Gros s profit 2016 196.8 (138.6) 58.2 2017 205.3 (149.9) 55.4 2018F 227.0 (166.5) 60.5 2019F 245.6 (171.9) 73.7 2020F 251.0 (175.6) 75.4 EBITDA Depr. & Amor. Net fina nce cos t EI P BT Adj PBT Ta x MI Net profit Core profit E P S (s en) DP S (s en) 43.5 (3.0) (2.1) 23.5 62.0 38.5 (11.4) (2.8) 47.8 24.3 10.2 12.0 25.2 (2.5) (2.4) 5.0 25.3 20.3 (4.0) (0.9) 20.4 15.4 6.7 2.5 28.7 (3.5) (3.5) 0.0 21.8 21.8 (5.2) (0.7) 15.9 15.9 6.6 2.5 36.3 (4.4) (3.1) 0.0 28.8 28.8 (6.9) (0.9) 21.0 21.0 8.7 3.5 37.1 (4.4) (1.5) 0.0 31.2 31.2 (7.5) (0.9) 22.8 22.8 9.4 4.0 Cas h F low (RM'mn) FYE J une P BT Non- ca s h item Chg in working ca pita l Ta x Others CFO 2016 62.0 (37.7) (6.3) (13.0) 18.5 23.5 2017 25.3 (3.6) (14.4) (7.8) (1.0) (1.6) 2018F 21.8 3.5 0.6 (5.2) 0.0 20.6 2019F 28.8 4.4 (4.1) (6.9) 0.0 22.2 2020F 31.2 4.4 (0.8) (7.5) 0.0 27.3 Ca pex Others CFI (1.8) 52.7 50.8 (23.2) 1.6 (21.6) (5.0) 0.0 (5.0) (4.0) 0.0 (4.0) (3.0) 0.0 (3.0) Net Borrowing/Rpmt Dividend P a id Others CFF (3.4) (13.8) (3.6) (20.9) (5.2) (28.4) (6.0) (39.6) (5.0) (6.0) 0.0 (11.0) (4.0) (8.4) 0.0 (12.4) (3.0) (9.6) 0.0 (12.6) Key As s umptions (RM'mn) P roject revenue Reta il s a les New projects s ecured New bids 2016 141.8 55.0 120 - 2017 152.3 54.0 164 - 2018F 166.8 60.2 168 350 2019F 174.1 71.6 180 350 2020F 177.3 73.7 180 350 Balance S heet (RM'mn) FYE J une PPE Inves tment properties Others LT As sets 2016 36.3 35.6 1.0 73.0 2017 86.6 57.4 0.2 144.1 2018F 88.1 57.4 0.2 145.6 2019F 87.7 57.4 0.2 145.2 2020F 86.3 57.4 0.2 143.8 Inventories Tra de & other receivables Ca s h & Cas h equiva lent Others ST Ass ets 17.0 62.7 93.3 41.6 214.7 10.0 73.4 30.5 48.7 162.7 11.0 75.7 35.1 48.7 170.4 11.3 80.8 40.9 48.7 181.7 11.5 82.3 52.5 48.7 195.1 Total Ass ets 287.7 306.7 316.0 326.9 338.9 Tra de and other paya bles S T Borrowings Others ST Liabilities 55.3 3.7 41.9 100.9 52.5 4.9 15.9 73.2 56.2 4.9 15.9 77.0 57.6 4.9 15.9 78.4 58.5 4.9 15.9 79.3 LT Borrowings Others LT Liabilities 21.2 0.4 21.6 55.7 0.7 56.3 50.7 0.7 51.3 46.7 0.7 47.3 43.7 0.7 44.3 S ha re Cap Res erves Shareholder's Funds MI 60.1 100.6 160.7 4.5 60.1 111.8 171.8 5.4 60.1 121.7 181.7 6.0 60.1 134.3 194.3 6.9 60.1 147.4 207.5 7.8 Liabilities + Equities 287.7 306.7 316.0 326.9 338.9 2016 (32.8) 4.8 24.2 68.5 Net cas h 15.9 8.8 0.67 0.7 1.2 2017 (34.9) 7.4 5.1 (30.1) 0.2 9.3 5.2 0.72 0.7 5.9 2018F (0.4) 7.5 5.1 (20.5) 0.1 9.0 5.1 0.76 0.7 4.9 2019F 31.6 5.7 7.1 (10.7) 0.1 11.2 6.5 0.81 0.6 3.6 2020F 7.9 5.3 8.1 4.0 Net cas h 11.3 6.8 0.86 0.6 3.1 Ratios E P S Growth (% ) P E R (x) Div Yield (% ) Net ca s h (RMm) Net g earing (x) ROE (% ) ROA (% ) NTA (RM) P /NTA (x) E V/E BITDA (x) Page 3 of 4
19. 10-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 Tuesday, April 10, 2018, the analyst, Tan Kam Meng, 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 4 of 4
20. Tuesday , 10 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. D ai l y Te ch n ic a l St o ck s W at ch 2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch 3. D ai l y Mon e y F low of FB MK L CI 4. D ai l y S t o c k S c r e e n 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
21. Technical View Tuesday , April 10, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Malaysia FBM KLCI: 1,849.71 (+12.70, +0.69%) Chartist: Stephen Soo Close Name 9/Apr FBMKLCI 1849.71 Tel: +603-2167 9607 Change High Low 12.70 1,850.01 1,833.14 Bollinger Bands RSI stsoo@ta.com.my Moving Averages www.taonline.com.my DMI MACD DMI Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff 1,828.04 1,854.22 1,880.41 44.60 1,849.83 1,853.39 1,850.68 16.42 35.47 15.35 (19.05) (2.48) 1.47 (3.95) SELL MACD Recent Signal DMI MACD Signal Change SELL - - AFFIN 2.38 0.02 2.38 2.36 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 4.30 0.05 4.30 4.17 4.12 4.26 4.40 51.49 4.24 4.21 4.20 17.09 14.94 13.78 2.16 0.02 0.02 (0.00) BUY SELL - - AMBANK 3.74 0.05 3.74 3.68 3.67 4.00 4.32 33.17 3.87 4.05 4.26 8.83 36.32 32.57 (27.49) -0.14 -0.12 (0.02) SELL SELL - - AXIATA 5.26 0.00 5.27 5.18 5.22 5.40 5.58 36.00 5.39 5.41 5.48 9.68 27.80 31.36 (18.12) -0.04 -0.03 (0.02) SELL SELL - - CIMB 7.02 -0.04 7.05 6.96 7.00 7.19 7.38 44.71 7.13 7.19 7.14 10.18 40.95 28.64 (30.77) -0.02 0.01 (0.03) SELL SELL - - DIGI 4.53 0.04 4.54 4.43 4.42 4.62 4.82 38.26 4.57 4.68 4.76 8.22 27.15 28.70 (18.93) -0.08 -0.06 (0.02) SELL SELL - - GAMUDA 5.12 0.03 5.14 5.08 4.91 5.07 5.23 52.00 5.09 5.05 5.04 20.29 24.99 22.57 (4.70) 0.01 0.02 (0.01) SELL SELL - - GENTING 8.90 0.17 8.90 8.74 8.65 8.88 9.11 43.37 8.79 8.87 8.98 6.68 23.81 33.37 (17.13) -0.06 -0.05 (0.01) SELL SELL - - GENM 4.94 0.06 5.03 4.83 4.66 5.06 5.46 42.94 4.89 5.08 5.18 10.24 29.24 26.58 (18.99) -0.11 -0.09 (0.02) SELL SELL - - IHH 6.05 0.00 6.09 6.00 5.94 6.05 6.16 51.05 6.02 6.05 6.03 12.10 16.05 16.68 (3.95) 0.00 0.00 (0.01) SELL SELL - - IOICORP 4.69 -0.01 4.74 4.64 4.60 4.73 4.85 48.70 4.76 4.71 4.66 12.34 25.95 16.83 (13.61) 0.02 0.03 (0.01) SELL SELL - - MALAKOFF 0.88 0.01 0.88 0.86 0.85 0.88 0.90 42.79 0.88 0.88 0.90 13.97 21.19 18.40 (7.22) -0.06 -0.07 0.01 SELL BUY - - MAXIS 5.79 0.09 5.81 5.66 5.49 5.76 6.02 46.71 5.68 5.80 5.90 11.34 25.36 32.35 (14.01) -0.08 -0.07 (0.02) SELL SELL - - 10.46 -0.02 10.48 10.38 10.27 10.45 10.63 54.57 10.50 10.45 10.31 15.08 19.46 20.74 (4.38) 0.05 0.07 (0.02) SELL SELL - - MBSB 1.11 0.03 1.12 1.07 1.05 1.13 1.21 43.11 1.10 1.15 1.17 13.44 22.23 20.52 (8.79) -0.03 -0.02 (0.00) SELL SELL - - RHBBANK 5.17 0.07 5.24 5.10 5.12 5.28 5.45 40.69 5.22 5.31 5.31 9.01 31.51 22.24 (22.51) -0.03 -0.02 (0.02) SELL SELL - - SIME 2.61 0.01 2.63 2.59 2.54 2.62 2.69 46.23 2.60 2.64 2.71 12.11 28.08 25.78 (15.98) -0.02 -0.02 0.00 SELL BUY - - 15.88 0.14 15.90 15.74 15.44 15.80 16.16 47.50 15.90 15.75 15.75 22.83 21.68 21.70 1.15 0.05 0.06 (0.01) BUY SELL - SELL MAYBANK TENAGA TM 5.47 0.09 5.55 5.28 4.96 5.39 5.82 47.27 5.22 5.52 5.73 21.64 27.83 30.05 (6.18) -0.17 -0.17 (0.00) SELL SELL - - WPRTS 3.47 -0.03 3.48 3.46 3.44 3.54 3.64 46.53 3.51 3.56 3.56 8.26 19.95 24.18 (11.69) -0.03 -0.02 (0.01) SELL SELL - - AIRASIA 3.93 -0.03 3.98 3.93 3.85 4.04 4.23 42.14 4.00 4.16 4.15 15.40 26.54 25.14 (11.14) -0.06 -0.04 (0.02) SELL SELL - - AIRASIA X 0.37 0.01 0.38 0.36 0.35 0.39 0.42 38.57 0.37 0.40 0.40 10.84 30.64 23.06 (19.80) -0.01 -0.01 (0.00) SELL SELL - - ARMADA 0.81 0.00 0.82 0.80 0.81 0.83 0.86 40.58 0.83 0.84 0.84 11.73 22.86 15.11 (11.13) -0.01 0.00 (0.00) SELL SELL - - DIALOG 3.10 0.10 3.12 2.98 2.62 2.87 3.13 60.01 2.97 2.80 2.74 31.27 14.31 27.93 16.96 0.09 0.08 0.01 BUY BUY - - DNEX 0.38 0.02 0.40 0.34 0.35 0.41 0.46 30.10 0.39 0.42 0.44 11.35 37.86 25.13 (26.51) -0.02 -0.02 (0.01) SELL SELL - - ECO WORLD 1.01 -0.02 1.02 1.00 0.95 1.04 1.13 35.51 1.01 1.11 1.22 14.47 28.31 52.95 (13.84) -0.06 -0.07 0.01 SELL BUY - - EKOVEST 0.84 0.02 0.87 0.80 0.84 0.95 1.06 29.63 0.92 0.96 0.98 14.14 33.85 18.89 (19.71) -0.03 -0.02 (0.02) SELL SELL - - FGV 1.73 0.04 1.75 1.69 1.62 1.75 1.87 40.57 1.69 1.80 1.85 9.15 18.92 34.92 (9.77) -0.05 -0.05 0.00 SELL BUY - BUY GADANG 0.87 0.05 0.88 0.81 0.83 0.91 1.00 18.42 0.89 0.95 1.01 9.55 39.65 49.05 (30.10) -0.05 -0.04 (0.01) SELL SELL - - HIAP TECK 0.40 0.00 0.41 0.38 0.38 0.43 0.48 37.19 0.41 0.45 0.47 13.05 31.54 33.42 (18.50) -0.02 -0.02 (0.00) SELL SELL - - HIBISCUS 0.76 0.01 0.77 0.73 0.74 0.83 0.93 36.34 0.80 0.86 0.89 14.98 33.78 17.27 (18.80) -0.04 -0.03 (0.01) SELL SELL - - KUB 0.42 0.02 0.42 0.40 0.39 0.45 0.50 35.93 0.43 0.46 0.46 16.64 32.04 14.92 (15.40) -0.02 -0.01 (0.01) SELL SELL - - MALTON 0.83 0.03 0.83 0.77 0.75 0.84 0.93 42.07 0.81 0.87 0.90 17.82 25.22 15.20 (7.39) -0.03 -0.03 (0.00) SELL SELL - - MUDAJAYA 0.63 0.01 0.63 0.63 0.65 0.72 0.79 17.36 0.69 0.76 0.82 11.48 53.89 38.35 (42.41) -0.04 -0.04 (0.00) SELL SELL - - MRCB 1.00 0.02 1.02 0.97 0.91 0.98 1.06 46.31 0.96 1.01 1.06 21.59 30.36 22.62 (8.77) -0.03 -0.03 (0.00) SELL SELL - - SAPURA ENERGY 0.52 0.02 0.52 0.49 0.43 0.51 0.58 40.89 0.53 0.54 0.61 18.23 30.89 24.10 (12.66) -0.02 -0.03 0.01 SELL BUY - - SUNCON 2.01 -0.01 2.07 1.97 1.96 2.08 2.20 36.33 2.03 2.15 2.28 11.89 26.78 33.60 (14.89) -0.08 -0.08 0.00 SELL BUY - - UEMS 0.94 0.01 0.96 0.93 0.95 0.99 1.03 34.53 0.98 1.01 1.06 8.39 30.20 31.10 (21.81) -0.03 -0.02 (0.00) SELL SELL - SELL UMWOG 0.25 0.01 0.25 0.22 0.25 0.30 0.35 20.37 0.29 0.30 0.31 10.40 37.43 19.84 (27.03) -0.01 -0.01 (0.01) SELL SELL - - WASEONG 1.37 0.07 1.38 1.29 1.29 1.50 1.71 34.77 1.43 1.53 1.50 9.52 36.27 30.23 (26.76) -0.05 -0.02 (0.03) SELL SELL - - WCT 1.21 0.07 1.23 1.13 1.15 1.29 1.44 25.73 1.25 1.37 1.46 8.10 37.41 39.49 (29.31) -0.08 -0.07 (0.01) SELL SELL - - 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. 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 30-day 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 1 of 4
22. 10-Apr-18 Technical Comments : Bargain FGV & KUB A fresh daily MACD buy signal and bullish technical momentum on FGV implies good rebound potential towards the 38.2%FR (RM1.77), with a convincing breakout to target the 50%FR (RM1.91) and 61.8%FR (RM2.06) ahead. Key retracement support is from the 23.6%FR (RM1.60). KUB shares should rebound towards the 38.2%FR (43sen), with a confirmed breakout to aim for the 50%FR (47sen) and 61.8%FR (51sen) going forward, while key retracement support is from the 23.6%FR (38sen). FGV RM1.73 (+0.04) Z BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.85 1.74 1.62 10-day 30-day 50-day RM RM RM DAILY MACD DMI Recent Signal SELL Signal Change Recent Signal BUY Signal Change BUY KUB RM0.415 (+0.015) BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 0.49 0.44 0.39 10-day 30-day 50-day DMI Recent Signal Signal Change 1.69 1.79 1.85 SELL Recent Signal Signal Change RM RM RM DAILY MACD 0.42 0.45 0.45 SELL Page 2 of 4
23. 10-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 Tel: +603-2167 9607 Total Money Flow (RM'mn) stsoo@ta.com.my www.taonline.com.my CLOSING PRICE 2-Apr 3-Apr 4-Apr 5-Apr 6-Apr (A) Total 5D MF Prv. Chg FBMKLCI (0.5) 1.7 (15.4) (20.3) (15.1) (49.6) (4.8) 5.1 1,858 1,851 1,816 1,836 1,837 0.88 IN 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 0.0 (0.1) 0.3 (0.1) (0.3) 0.7 0.9 (0.5) (2.0) 0.1 (0.6) (0.1) (0.1) 7.4 (0.1) 0.0 (0.1) 9.8 0.1 (0.3) 0.3 (0.3) (0.3) 1.1 (0.1) (0.0) (0.1) (0.4) 0.0 0.2 (0.0) (0.0) 0.1 (0.0) 0.0 0.8 0.0 (0.0) (1.1) (0.1) (0.2) 0.0 (0.1) (0.2) 0.3 (1.9) (0.0) (0.7) 0.2 2.5 (0.9) (0.7) 0.1 (0.1) (5.2) (0.1) 0.0 (0.6) 14.0 0.1 (0.2) 0.3 (0.3) 0.4 (0.1) (0.1) (0.1) 0.1 (0.1) 0.0 0.1 0.5 (0.0) (0.0) (0.0) 0.3 (1.0) 0.4 0.0 (0.6) 0.1 (0.5) 0.0 (0.2) (0.3) (0.1) (5.2) (5.7) (1.7) 0.6 (0.4) 0.0 (2.9) (0.1) 0.1 (5.8) (0.3) (0.5) 3.9 2.0 0.1 (0.3) 0.3 (1.2) (0.3) (1.6) (0.1) (0.2) (0.4) (0.5) (0.0) (0.2) (0.6) 0.1 (0.2) (0.0) (0.6) (0.1) (0.0) (0.1) 0.1 (0.5) (0.5) 0.1 0.0 0.0 (0.2) (2.7) (2.3) (1.1) 0.3 (2.4) 0.5 0.3 0.4 (0.1) (4.0) (0.6) (0.2) (3.7) (0.5) 0.2 0.1 0.3 0.0 (0.3) 0.8 (0.5) (0.1) (0.1) (0.5) 0.0 (0.0) (0.5) 0.0 0.1 (0.0) 0.2 (1.0) (0.1) 0.0 (0.9) (0.2) (0.2) 0.1 (0.1) (0.2) 0.0 1.8 (2.0) (2.0) (0.5) 4.0 0.4 0.1 0.1 (0.0) (6.1) (0.3) (0.3) (1.0) 1.0 0.8 0.0 0.3 (0.5) (0.1) (2.5) 0.0 (0.2) (0.1) (0.6) (0.0) 0.0 (0.3) (0.0) 0.0 (0.0) (0.3) (1.0) 0.6 0.1 (0.6) (0.2) (0.5) 0.2 (0.5) (0.5) (0.1) (8.3) (9.3) (4.5) 0.1 1.8 0.1 (3.8) 0.5 (0.1) (13.7) (1.4) (1.0) (1.5) 26.3 1.2 (0.7) 1.5 (2.3) (0.6) (2.3) (0.8) (0.5) (0.6) (2.1) 0.0 0.1 (1.0) 0.1 0.1 (0.0) (0.5) (2.3) 0.9 (0.0) (3.2) (0.8) (1.8) 0.0 0.2 0.3 (0.0) 2.5 3.5 0.7 (0.3) (2.0) 0.4 3.2 0.4 (0.2) 1.8 (0.3) 0.4 (7.6) (2.5) 0.1 0.4 0.0 1.2 0.1 2.3 (0.4) 0.1 0.3 (0.0) 0.1 0.1 0.1 (0.0) 0.2 0.0 0.8 (0.9) (0.1) 0.1 (1.0) 0.3 0.3 0.0 (0.1) (0.2) 0.2 4.5 0.3 (0.9) (0.8) 6.5 (0.1) (0.2) (0.2) 0.0 (2.1) 0.3 (0.2) 2.7 1.5 0.6 (0.0) 0.0 (0.5) 0.1 (3.3) 0.5 (0.1) 0.0 (0.1) (0.1) 0.0 0.2 (0.1) (0.0) 0.0 (0.5) (0.1) 0.7 0.0 0.3 (0.0) (0.3) 2.40 4.16 3.90 5.38 7.20 4.65 5.17 8.80 4.90 6.05 4.78 0.89 5.70 10.52 1.10 5.29 2.64 16.20 5.06 3.56 3.93 0.38 0.84 3.15 0.40 1.02 0.96 1.68 0.90 0.42 0.85 0.44 0.86 0.73 0.99 0.55 2.06 1.00 0.32 1.45 1.22 2.41 4.25 3.87 5.38 7.20 4.58 5.15 8.77 4.85 6.08 4.78 0.89 5.68 10.52 1.14 5.31 2.61 15.86 5.12 3.42 3.93 0.38 0.84 3.00 0.38 1.02 0.94 1.69 0.90 0.41 0.82 0.44 0.83 0.71 0.96 0.55 1.97 1.01 0.31 1.45 1.20 2.33 4.18 3.61 5.26 6.90 4.40 4.85 8.68 4.59 5.90 4.67 0.85 5.39 10.34 1.03 5.15 2.55 15.70 4.93 3.45 3.93 0.35 0.81 2.94 0.34 1.01 0.82 1.66 0.83 0.37 0.71 0.39 0.74 0.67 0.86 0.51 1.99 0.95 0.29 1.25 1.15 2.39 4.28 3.81 5.25 7.01 4.38 4.97 8.84 4.89 6.03 4.71 0.86 5.53 10.48 1.11 5.24 2.60 15.82 5.13 3.48 3.93 0.37 0.82 2.99 0.36 1.00 0.83 1.71 0.84 0.38 0.77 0.41 0.80 0.66 0.92 0.52 1.99 0.96 0.24 1.31 1.18 2.36 4.25 3.69 5.26 7.06 4.49 5.09 8.73 4.88 6.05 4.70 0.87 5.70 10.48 1.08 5.10 2.60 15.74 5.38 3.50 3.93 0.36 0.81 3.00 0.36 1.03 0.82 1.69 0.82 0.40 0.75 0.40 0.80 0.62 0.98 0.50 2.02 0.94 0.24 1.30 1.14 (0.03) (0.03) (0.12) 0.01 0.05 0.11 0.12 (0.11) (0.01) 0.02 (0.01) 0.01 0.17 0.00 (0.03) (0.14) 0.00 (0.08) 0.25 0.02 0.00 (0.01) (0.01) 0.01 (0.01) 0.03 (0.01) (0.02) (0.03) 0.02 (0.02) (0.01) 0.01 (0.04) 0.05 (0.02) 0.03 (0.02) 0.00 (0.01) (0.04) IN IN IN IN IN IN OUT OUT IN IN IN IN OUT OUT IN IN OUT OUT IN IN OUT IN IN OUT IN OUT IN OUT OUT IN IN OUT IN IN IN OUT IN IN OUT IN IN Name (B) Cur. Chg 2-Apr 3-Apr 4-Apr 5-Apr 6-Apr Chg (A+B) DMF 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 3 of 4
24. 10-Apr-18 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No Name 2-Apr Tel: +603-2167 9607 Total Money Flow (RM'mn) 3-Apr 4-Apr 5-Apr Total stsoo@ta.com.my 6-Apr 5D MF (A) Prv. Chg (B) Cur. Chg 2-Apr 3-Apr www.taonline.com.my CLOSING PRICE 4-Apr 5-Apr (A+B) 6-Apr Chg DMF FBMKLCI (0.5) 1.7 (15.4) (20.3) (15.1) (49.6) (4.8) 5.1 1,858 1,851 1,816 1,836 1,837 0.88 IN 1 MAYBANK 7.4 (5.2) (5.8) (4.0) (6.1) (13.7) 1.8 (2.1) 10.52 10.52 10.34 10.48 10.48 0.00 OUT 2 PBBANK (5.6) 1.9 4.0 (5.2) (0.2) (5.1) (9.2) 5.1 23.90 23.96 23.90 23.94 23.94 0.00 OUT 3 TENAGA 9.8 14.0 2.0 (0.5) 1.0 26.3 (2.5) 1.5 16.20 15.86 15.70 15.82 15.74 (0.08) OUT 4 CIMB (0.3) (1.9) (5.2) (2.7) 1.8 (8.3) 2.5 4.5 7.20 7.20 6.90 7.01 7.06 0.05 IN 5 PCHEM (6.5) (1.1) 1.4 (0.2) (5.2) (11.6) (1.5) (5.1) 8.29 8.25 8.17 8.16 8.20 0.04 OUT 6 IHH 0.1 (0.9) 0.0 0.5 0.4 0.1 0.4 (0.1) 6.05 6.08 5.90 6.03 6.05 0.02 IN 7 AXIATA (0.1) 0.3 (0.1) (0.2) 0.0 (0.1) (0.0) 0.2 5.38 5.38 5.26 5.25 5.26 0.01 IN 8 MAXIS (0.1) (0.1) 0.1 (0.1) (0.0) (0.1) (0.2) 0.0 5.70 5.68 5.39 5.53 5.70 0.17 OUT 18.70 18.66 17.98 18.70 18.60 5.53 5.54 5.51 5.50 5.50 9 HLBANK (0.1) 0.4 (1.2) 0.5 (0.7) (1.1) 1.7 (1.3) 10 SIME PLT 0.0 0.1 (0.2) (1.3) (1.1) (2.6) (1.1) 0.2 (0.10) IN 0.00 OUT 11 DIGI 0.7 (0.0) (5.7) (2.3) (2.0) (9.3) 3.5 0.3 4.65 4.58 4.40 4.38 12 NESTLE (0.9) (8.8) (2.3) 1.0 0.2 (10.9) 3.3 (0.8) 154.60 150.00 149.00 149.00 4.49 0.11 IN 149.00 0.00 13 PETGAS 0.2 (0.5) (0.1) (0.0) (0.1) (0.6) 0.1 (0.1) 17.98 17.98 17.90 17.98 17.98 0.00 IN IN 14 GENTING (0.5) 0.2 0.6 0.3 (0.5) 0.1 (0.3) (0.8) 8.80 8.77 8.68 8.84 8.73 (0.11) OUT 15 MISC 0.1 0.1 (0.6) (0.3) (0.2) (0.8) 0.3 0.1 7.02 7.00 7.07 7.04 7.08 0.04 IN 16 IOI CORP (0.6) (0.7) (2.9) 0.3 0.1 (3.8) 3.2 (0.2) 4.78 4.78 4.67 4.71 4.70 (0.01) IN 17 GENM (2.0) 2.5 (0.4) (2.4) 4.0 1.8 (2.0) 6.5 4.90 4.85 4.59 4.89 4.88 (0.01) IN 18 KLK (1.9) (0.9) (0.6) (1.4) (0.2) (5.0) (0.7) 1.2 25.56 25.56 25.48 25.50 25.56 0.06 IN 19 PETDAG 0.1 0.1 (0.3) 2.6 (1.5) 1.0 2.9 (4.1) 24.70 24.70 24.68 24.60 24.66 0.06 OUT 20 HAP SENG 0.0 0.1 (0.2) 0.1 0.1 0.1 0.3 (0.1) 9.75 9.77 9.70 9.80 9.77 (0.03) IN 21 HLFG (0.0) 0.0 (0.1) 0.3 (0.2) 0.0 0.3 (0.4) 18.78 18.80 18.10 19.00 18.96 (0.04) OUT 22 PPB (1.1) (1.5) 1.0 (1.6) (0.3) (3.5) (2.6) 1.3 19.04 19.02 19.00 18.78 18.76 (0.02) OUT 23 TM 0.1 0.1 0.1 0.2 0.8 1.2 0.1 0.6 5.06 5.12 4.93 5.13 5.38 0.25 IN 24 RHBBANK 0.0 0.0 (0.5) (0.2) (0.3) (1.0) 0.4 (0.2) 5.29 5.31 5.15 5.24 5.10 (0.14) IN 25 PMETAL 0.3 1.5 (1.9) (0.5) (3.9) (4.6) 1.4 (3.5) 4.36 4.34 4.19 4.18 3.85 (0.33) OUT 26 SIME (0.1) (0.6) 3.9 (3.7) (1.0) (1.5) (7.6) 2.7 2.64 2.61 2.55 2.60 2.60 0.00 OUT 27 YTLCORP 0.0 (0.1) (0.3) 0.0 (0.0) (0.3) 0.3 (0.1) 1.35 1.35 1.31 1.39 1.43 0.04 IN 28 KLCCS 0.3 3.1 0.3 0.2 (0.0) 3.9 (0.0) (0.2) 7.09 7.05 6.98 7.00 7.00 0.00 OUT 29 AMBANK 0.3 (0.2) (0.3) 0.0 (0.2) (0.5) 0.3 (0.2) 3.90 3.87 3.61 3.81 3.69 (0.12) IN 30 ASTRO (0.1) (0.0) 0.0 0.1 0.3 0.3 0.1 0.2 1.99 1.92 1.95 1.91 1.81 (0.10) IN 29.1 (3.3) 25.8 19.4 (19.8) (0.5) 24.1 (22.4) 1.7 6.1 (26.4) (20.3) 8.6 (23.8) (15.1) 87.3 (95.7) (8.3) 19 (11) 15 (15) 15 (15) 13 (17) 10 (20) (RM'mn) INFLOW OUTFLOW NET FLOW Daily Trading Participation COMPANIES INFLOW OUTFLOW Date Retail Institution Foreign Total 2-Apr 3-Apr 4-Apr 5-Apr 6-Apr 25.8% 21.0% 23.2% 22.1% 20.0% 62.5% 57.6% 50.5% 59.4% 40.1% 11.7% 21.4% 26.3% 18.5% 39.9% 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. 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 Tuesday, April 10, 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 4 of 4
25. Technical View Tuesday , April 10, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Stock Screen Malaysia End Day Census of 09.04.2018 Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily 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. [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 HENGYUAN REFINING CO BHD 9.06 6.52 8.03 9.54 51.38 7.19 7.48 9.25 10.98 2 FAR EAST HOLDINGS BHD 9.20 8.39 8.99 9.58 52.83 9.11 9.18 8.95 9.07 13,566,200 26,400 4,049,105 2,440 3 SHANGRI-LA HOTELS (MAL) BHD 5.50 4.58 5.17 5.77 67.23 5.52 5.41 5.11 5.07 256,000 182,270 4 NPC RESOURCES BHD 2.00 1.75 1.97 2.20 51.32 1.95 1.91 1.96 2.07 5,000 400 5 MAXIS BHD 5.79 5.50 5.75 5.99 50.78 5.60 5.68 5.80 5.90 1,536,200 1,279,770 6 GHL SYSTEMS BERHAD 1.22 0.98 1.19 1.40 50.00 1.10 1.10 1.27 1.34 561,400 414,715 7 MISC BHD 7.13 6.94 7.11 7.28 53.77 7.04 7.06 7.01 7.10 1,764,800 946,650 8 INNITY CORP BHD 0.77 0.55 0.73 0.90 53.98 0.79 0.79 0.69 0.68 10,000 8,090 9 QL RESOURCES BHD 5.01 4.86 4.99 5.12 54.36 5.05 5.04 4.96 4.91 1,820,300 1,224,245 10 GAMUDA BHD 5.12 4.92 5.07 5.23 53.78 5.05 5.09 5.05 5.04 7,086,700 5,111,270 11 RIVERVIEW RUBBER ESTATES BHD 3.60 3.48 3.59 3.70 47.60 3.57 3.59 3.66 3.68 10,000 2,890 12 ENRA GROUP BHD 2.65 2.54 2.64 2.74 48.46 2.60 2.61 2.67 2.79 6,000 5,050 13 KHIND HOLDINGS BERHAD 1.91 1.72 1.86 1.99 49.19 1.91 1.90 1.90 2.00 48,500 10,050 14 GABUNGAN AQRS BHD 1.69 1.48 1.62 1.77 52.80 1.63 1.59 1.69 1.77 2,331,000 1,211,555 15 MALAYSIAN RESOURCES CORP BHD 1.00 0.91 0.98 1.06 49.19 0.94 0.96 1.01 1.06 22,377,300 10,986,240 16 CAELY HOLDINGS BHD 1.08 0.82 0.98 1.14 55.78 1.07 0.98 0.99 1.01 1,654,600 1,322,710 17 TRANSOCEAN HOLDINGS BHD 0.62 0.51 0.59 0.67 52.36 0.58 0.58 0.62 0.61 20,000 2,175 18 PINEAPPLE RESOURCES BHD 0.44 0.37 0.43 0.49 52.91 0.42 0.43 0.42 0.41 19,000 2,670 19 MULTI-USAGE HOLDINGS BHD 0.58 0.51 0.57 0.63 51.36 0.56 0.56 0.57 0.59 7,000 4,525 20 SMIS CORP BHD 0.48 0.37 0.45 0.52 52.32 0.46 0.43 0.47 0.50 20,800 11,030 21 LBS BINA GROUP BHD 0.93 0.85 0.91 0.97 50.70 0.87 0.88 0.95 0.98 1,792,900 691,410 22 PANSAR BHD 1.25 0.88 1.08 1.29 79.16 1.20 1.15 1.00 0.85 7,541,700 4,017,635 23 SAPURA RESOURCES BHD 0.79 0.74 0.78 0.82 49.45 0.77 0.77 0.80 0.82 110,100 24,385 24 PELIKAN INTERNATIONAL CORP 0.74 0.68 0.73 0.77 50.04 0.72 0.72 0.75 0.77 172,600 40,660 25 PLENITUDE BHD 1.42 1.36 1.40 1.45 52.35 1.41 1.41 1.40 1.43 215,400 87,945 26 PAVILION REAL ESTATE INVEST 1.42 1.34 1.39 1.44 54.60 1.40 1.39 1.38 1.42 1,111,200 821,015 27 Y&G CORP BHD 0.98 0.92 0.96 1.00 52.75 0.96 0.96 0.96 0.96 103,700 5,555 28 PUC BHD 0.26 0.15 0.21 0.27 57.74 0.25 0.22 0.22 0.23 76,161,000 44,549,190 29 RHONE MA HOLDINGS BHD 0.86 0.82 0.85 0.88 49.48 0.85 0.85 0.87 0.88 372,000 105,940 30 IPMUDA BERHAD 0.90 0.81 0.86 0.92 56.05 0.84 0.85 0.85 0.83 74,000 12,015 Raw data sourced from Bloomberg *Note: To qualify in this list above, 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 charts to spot accumulation (volume growth) or breakout patterns. 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. Page 1 of 2
26. *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. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/ SELL guide) No Stock Name Price RSI Bollinger Band Moving Average Lower Middle Upper 14-day 5-day 10-day 30-day 50-day 25.30 24.48 24.77 25.06 63.87 24.67 24.71 24.88 24.85 8.48 8.05 8.21 8.38 67.17 8.21 8.22 8.14 8.10 3 PETRONAS GAS BHD 18.20 17.75 17.93 18.12 61.23 17.96 17.89 17.79 4 IMASPRO CORP BHD 1.95 1.78 1.84 1.90 75.79 1.84 1.85 1.83 5 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.27 0.25 6 RAPID SYNERGY BHD 5.87 5.56 5.70 5.84 70.25 5.74 7 TA ANN HOLDINGS BERHAD 3.25 2.95 3.09 3.23 61.90 8 SIN HENG CHAN (MALAYA) BHD 0.60 0.48 0.53 0.59 60.66 9 WIDETECH (MALAYSIA) BHD 0.63 0.52 0.57 0.62 10 MUI PROPERTIES BERHAD 0.27 0.22 0.24 11 ACME HOLDINGS BHD 0.38 0.29 0.33 12 PAN MALAYSIA HOLDINGS BHD 0.16 0.13 13 RED SENA BHD 0.47 14 BIO OSMO BHD 0.05 15 OSK VENTURES INTERNATIONAL 16 WOODLANDOR HOLDINGS BHD 1 PETRONAS DAGANGAN BHD Vol 20-day avg vol 568,400 590,210 6,764,100 6,364,850 17.82 561,400 488,520 1.82 115,900 14,560 0.23 NA 14,500 725 5.70 5.69 5.69 48,100 57,175 3.15 3.09 3.16 3.19 125,000 233,290 0.53 0.53 0.54 0.56 38,100 2,405 61.50 0.58 0.57 0.55 0.51 19,200 1,045 0.26 60.03 0.25 0.24 0.24 0.25 1,585,000 1,342,540 0.38 64.28 0.34 0.34 0.33 0.34 62,300 12,870 0.14 0.15 64.28 0.14 0.14 0.14 0.14 4,835,700 1,602,960 0.46 0.47 0.47 58.94 0.47 0.47 0.47 0.47 129,500 2,508,085 0.04 0.05 0.05 55.36 0.04 0.05 0.05 0.05 1,035,500 1,311,185 0.63 0.59 0.61 0.63 57.38 0.61 0.61 0.61 0.61 185,000 81,420 0.61 0.55 0.58 0.61 59.75 0.58 0.58 0.57 0.58 9,100 1,585 17 FIBON BHD 0.60 0.50 0.55 0.60 58.18 0.54 0.55 0.56 0.58 1,000 6,380 18 RIMBUNAN SAWIT BHD 0.32 0.31 0.32 0.32 48.19 0.32 0.32 0.32 0.33 109,000 322,435 19 EA HOLDINGS BHD 0.04 0.03 0.04 0.04 53.03 0.04 0.04 0.04 0.04 13,889,700 4,779,275 20 JASA KITA BHD 0.14 0.12 0.13 0.14 58.35 0.13 0.13 0.13 0.13 210,600 231,305 2 PETRONAS CHEMICALS GROUP BHD 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 Upper RSI Moving Average 14-day 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 BRITISH AMERICAN TOBACCO BHD 23.58 23.75 26.67 29.58 17.87 25.00 25.97 27.24 29.16 390,800 258,475 2 BERTAM ALLIANCE BHD 0.20 0.25 0.38 0.50 18.08 0.34 0.37 0.39 0.40 995,000 130,445 3 TONG HERR RESOURCES BERHAD 2.79 2.84 3.22 3.59 19.67 3.02 3.15 3.37 3.63 94,100 55,835 4 SCIENTEX BHD 7.55 7.60 8.10 8.60 31.64 7.90 8.13 8.23 8.34 879,800 270,795 5 CHIN TECK PLANTATIONS BHD 7.20 7.25 7.58 7.91 38.47 7.42 7.50 7.62 7.66 7,000 1,845 6 MESINIAGA BHD 1.03 1.07 1.23 1.39 30.44 1.13 1.17 1.24 1.25 40,000 10,410 7 PINTARAS JAYA BHD 3.00 3.04 3.25 3.46 18.49 3.14 3.21 3.38 3.54 1,182,600 50,025 8 TEO GUAN LEE CORP BHD 0.94 0.97 1.15 1.33 22.56 1.02 1.09 1.21 1.27 5,000 1,190 9 ASIA KNIGHT BHD 0.24 0.27 0.32 0.38 29.52 0.31 0.33 0.34 0.34 52,100 6,460 10 ORIENTAL INTEREST BHD 2.07 2.10 2.20 2.30 34.51 2.16 2.18 2.24 2.31 6,900 2,920 11 UOA REAL ESTATE INVESTMENT 1.37 1.40 1.48 1.55 21.84 1.46 1.46 1.50 1.53 30,700 28,260 12 MINTYE BHD 0.84 0.87 0.99 1.11 22.47 0.90 0.95 1.00 1.02 4,800 3,965 13 SUNGEI BAGAN RUBBER (M) 3.33 3.36 3.48 3.61 36.70 3.44 3.47 3.49 3.47 5,000 3,990 14 C.I. HOLDINGS BERHAD 1.90 1.93 2.04 2.15 31.09 1.97 2.01 2.04 2.08 2,000 5,675 15 DAYANG ENTERPRISE HLDGS BHD 0.75 0.77 0.82 0.86 36.09 0.80 0.81 0.81 0.79 1,348,700 1,709,265 16 OKA CORP BHD 1.30 1.32 1.40 1.47 26.61 1.36 1.38 1.42 1.47 119,600 103,670 17 FAVELLE FAVCO BHD 2.42 2.44 2.53 2.61 30.09 2.49 2.52 2.55 2.59 126,000 45,410 18 LATITUDE TREE HOLDINGS BHD 3.29 3.31 3.56 3.80 19.70 3.43 3.50 3.63 3.79 26,000 64,835 19 ANALABS RESOURCES BHD 2.04 2.06 2.09 2.13 27.34 2.07 2.08 2.10 2.11 41,000 48,910 20 TAFI INDUSTRIES BHD 0.32 0.34 0.39 0.44 24.60 0.36 0.37 0.40 0.41 10,000 950 Raw data sourced from Bloomberg 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. As of Tuesday, April 10, 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 2 of 2
27. Tuesday , 10 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only As i an Te ch n ic al R ep o r ts 1. Fore i gn Te ch n i ca l St o c k W at ch ( F SS T I ) 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
28. Technical View Tuesday , April 10, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Singapore FSSTI: 3,449.96 (+7.46, +0.22%) Chartist: Stephen Soo Stock Name Close 9-Apr FSSTI Tel: +603-2167 9607 Bollinger Bands Change High Low 3,449.96 7.46 3,456.81 3,413.90 3,347.37 3,463.88 3.40 (0.02) 3.41 3.39 3.31 DBS 27.80 0.14 28.05 27.30 OCBC 12.80 0.04 12.86 12.58 UOB 27.65 0.28 27.68 JARDINE M. 61.57 (0.35) 3.15 (0.01) HK LAND 6.90 CAPLAND 3.61 GENSP KEPPEL Upper Moving Averages 30d 3,580.39 48.70 3,411.47 3.41 3.50 52.66 26.44 27.87 29.29 12.31 13.04 13.77 27.08 26.39 27.82 29.26 62.00 61.35 60.64 62.26 3.18 3.12 3.11 3.19 (0.03) 7.00 6.87 6.81 0.00 3.63 3.58 3.52 1.14 0.00 1.15 1.13 7.72 0.02 7.76 7.65 SGX 7.28 (0.03) 7.31 7.22 7.19 SIA 11.09 0.08 11.14 11.02 10.60 FNN 2.13 (0.01) 2.16 2.12 2.08 NOBLE 0.06 0.00 0.07 0.06 0.04 WILMAR Mid RSI 14d 10d SINGTEL Lower stsoo@ta.com.my www.taonline.com.my DMI 50d DI + DI - ADX MACD Diff Line DMI MACD Signal Diff Recent Signal 3,475.99 3,476.76 14.83 31.21 26.55 (16.37) -24.10 -18.55 (5.55) SELL SELL 3.38 3.39 3.41 20.17 21.33 19.87 (1.16) -0.01 -0.01 0.00 SELL BUY 49.63 27.25 28.15 27.76 17.63 31.83 27.38 (14.20) -0.24 -0.15 (0.09) SELL SELL 46.37 12.71 13.11 12.95 11.09 33.79 29.11 (22.70) -0.13 -0.07 (0.07) SELL SELL 47.93 27.20 27.89 27.59 18.66 31.10 22.12 (12.44) -0.23 -0.10 (0.12) SELL SELL 63.88 46.93 61.79 62.53 62.67 22.61 23.24 10.70 (0.63) -0.23 -0.25 0.02 SELL BUY 3.27 48.95 3.16 3.19 3.15 17.81 27.24 15.13 (9.43) -0.01 0.00 (0.01) SELL SELL 6.91 7.01 50.57 6.89 6.92 6.98 19.07 20.45 10.12 (1.38) -0.02 -0.03 0.01 SELL BUY 3.62 3.72 50.14 3.58 3.61 3.63 15.18 20.65 16.37 (5.47) -0.01 -0.01 (0.00) SELL SELL 1.05 1.10 1.16 52.84 1.08 1.12 1.19 22.68 25.78 36.01 (3.10) -0.03 -0.03 0.01 SELL BUY 7.57 7.76 7.94 46.49 7.71 7.79 7.99 16.38 30.67 17.44 (14.29) -0.07 -0.07 (0.00) SELL SELL 7.42 7.66 42.59 7.32 7.46 7.61 9.51 31.40 29.75 (21.90) -0.09 -0.08 (0.01) SELL SELL 10.95 11.30 52.72 10.80 10.98 11.06 17.14 19.65 23.21 (2.51) -0.06 -0.06 0.01 SELL BUY 2.22 2.36 32.40 2.16 2.26 2.34 9.18 35.65 45.25 (26.47) -0.06 -0.06 (0.00) SELL SELL 0.10 0.17 22.48 0.08 0.12 0.16 11.39 38.72 34.94 (27.33) -0.03 -0.03 (0.00) SELL SELL CITY DEV 12.87 (0.01) 12.95 12.74 12.61 13.13 13.65 48.00 12.91 13.00 12.94 13.36 27.39 22.26 (14.03) -0.03 0.02 (0.05) SELL SELL JARDINE S. 38.32 0.07 38.52 38.03 37.61 38.90 40.20 44.15 38.42 38.96 38.95 15.08 18.61 16.92 (3.53) -0.20 -0.16 (0.04) SELL SELL SG PRESS 2.50 (0.03) 2.54 2.49 2.43 2.50 2.57 50.87 2.49 2.53 2.57 15.57 20.86 22.08 (5.29) -0.02 -0.03 0.01 SELL BUY JARDINE C&C 35.50 0.98 35.58 34.70 33.42 34.75 36.08 42.72 34.37 35.44 36.72 9.99 23.79 48.21 (13.80) -0.65 -0.79 0.14 SELL BUY GOLDEN AGRI 0.35 0.00 0.35 0.34 0.34 0.35 0.36 41.38 0.35 0.35 0.36 12.31 9.74 15.03 2.58 0.00 0.00 0.00 BUY BUY SG TECH 3.62 0.03 3.63 3.58 3.41 3.52 3.62 60.07 3.55 3.48 3.42 20.67 14.90 21.28 5.77 0.05 0.04 0.00 BUY BUY OLAM INT 2.38 0.04 2.39 2.33 2.25 2.35 2.45 53.28 2.32 2.32 2.27 25.74 27.56 26.87 (1.82) 0.00 0.02 (0.02) SELL SELL CAP TRUST 2.07 0.00 2.08 2.06 2.03 2.06 2.09 54.50 2.06 2.04 2.04 17.88 15.65 9.75 0.01 0.01 0.00 BUY BUY SEMBCORP 3.08 0.01 3.10 3.04 3.02 3.07 3.12 46.36 3.06 3.09 3.20 20.23 25.10 11.46 (4.87) -0.03 -0.04 0.01 SELL BUY SEMCORP M. 2.18 0.04 2.20 2.13 2.00 2.13 2.26 47.94 2.18 2.12 2.30 22.12 29.10 18.57 (6.98) -0.01 -0.02 0.01 SELL BUY CMFT DELGRO 2.08 0.00 2.09 2.06 1.98 2.03 2.08 58.69 2.04 2.02 2.04 26.02 15.26 15.57 10.76 0.01 0.00 0.01 BUY BUY STARHUB 2.28 (0.05) 2.33 2.26 2.25 2.37 2.49 37.51 2.32 2.40 2.55 15.89 30.28 47.78 (14.39) -0.07 -0.07 0.01 SELL BUY SIA ENG 3.21 0.02 3.22 3.17 3.14 3.21 3.27 42.95 3.18 3.23 3.27 18.73 22.92 27.33 (4.19) -0.02 -0.02 (0.00) SELL SELL IFOOD AGRI 0.33 0.01 0.33 0.32 0.32 0.32 0.33 39.00 0.32 0.33 0.35 16.43 20.22 23.18 (3.79) -0.01 -0.01 0.00 SELL BUY YZJ 1.19 0.03 1.19 1.14 1.12 1.25 1.39 32.77 1.20 1.31 1.38 7.12 31.39 40.64 (24.26) -0.07 -0.06 (0.01) SELL SELL 2.23 The table above 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. Page 1 of 3
29. 10-Apr-18 Corporate News : Wilmar’s stock valuation could be boosted this year with improved clarity on the IPO of its China business, which has been delayed until 2H19. Earnings are likely to improve on stronger soybean crush margins thanks to crop damage in Argentina. – Bloomberg. Technical Comments: Any further correction on Wilmar shares should be attractive to accumulate on weakness for rebound potential towards the 61.8%FR (SGD3.41) and 76.4%FR (SGD3.64), followed by stronger upside hurdle from the peak of 26/01/17 (SGD4.00). Crucial support cushioning downside is found at the low of 29/09/15 (SGD2.46). WILMAR INTERNATIONAL SGD3.15 (-0.01) BOLLINGER BANDS Upper Middle Lower SGD SGD SGD SIMPLE MOVING AVERAGES 3.26 3.18 3.10 10-day 30-day 50-day DMI Recent Signal SGD SGD SGD 3.15 3.18 3.14 DAILY MACD SELL Recent Signal SELL Page 2 of 3
30. 10-Apr-18 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 30-day 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. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR YZJSGD Stock Name 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 SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Target Price % upside EPS ($) PER(x) Div Yield(%) 2017 2018 2017 2018 2017 2018 52week Price High % Chg Low YTD 3.40 4.14 18% 0.2 0.2 13.9 13.9 6.0 5.3 3.97 3.30 -4.76 27.80 31.15 11% 2.2 2.5 12.4 11.0 4.3 4.5 29.71 18.65 11.87 12.80 14.40 11% 1.1 1.2 11.6 10.4 3.3 3.6 13.61 9.49 3.31 27.65 30.52 9% 2.3 2.6 11.9 10.7 3.6 3.9 28.99 21.38 4.54 61.57 66.37 7% 4.6 4.9 13.5 12.6 2.7 3.0 68.11 59.73 1.35 3.15 3.61 13% 0.2 0.2 12.5 11.4 2.4 2.7 3.87 2.97 1.94 6.90 7.88 12% 0.4 0.4 15.9 15.6 3.0 3.1 7.89 6.72 -1.99 3.61 4.28 16% 0.2 0.2 16.3 15.8 3.3 3.4 3.88 3.42 2.27 1.14 1.45 21% 0.1 0.1 18.4 17.8 3.1 3.2 1.41 1.02 -12.98 7.72 9.02 14% 0.5 0.6 14.3 13.2 3.4 3.6 8.92 6.16 5.03 7.28 8.14 11% 0.3 0.4 21.0 19.7 4.1 4.4 8.50 7.10 -2.15 11.09 11.74 6% 0.6 0.6 18.6 19.3 3.0 2.8 11.50 9.66 3.94 2.13 2.83 25% 0.1 0.1 21.3 19.4 2.6 2.6 2.66 2.11 -17.44 -68.00 0.06 NA NA 0.2 0.2 NA 0.2 0.0 78.1 1.89 0.06 12.87 14.58 12% 0.7 0.7 18.4 17.7 1.3 1.3 13.60 9.95 3.04 38.32 42.75 10% 3.1 3.4 12.4 11.3 0.9 0.9 46.48 37.50 -3.18 2.50 2.54 2% 0.1 0.1 18.8 18.8 5.5 5.3 3.48 2.41 -5.66 35.50 43.45 18% 2.3 2.5 11.9 10.8 2.6 2.8 48.50 33.48 -12.71 0.35 0.35 1% 0.0 0.0 16.4 16.4 1.4 1.4 0.41 0.34 -6.76 3.62 3.98 9% 0.2 0.2 20.6 19.1 4.3 4.5 3.86 3.16 11.04 2.38 NA NA 0.1 0.2 16.4 15.4 2.4 2.4 2.50 1.87 17.24 2.07 2.24 7% 0.1 0.1 17.3 18.5 5.3 5.4 2.17 1.92 -2.82 3.08 3.60 14% 0.2 0.3 14.0 11.5 2.7 3.2 3.60 2.89 1.65 2.18 2.18 0% 0.0 0.1 66.1 41.1 1.0 1.2 2.81 1.55 18.48 2.08 2.25 7% 0.1 0.1 15.2 14.8 5.0 5.1 2.80 1.89 5.05 2.28 2.39 5% 0.1 0.1 17.8 18.7 6.8 6.7 2.99 2.26 -20.00 3.21 3.74 14% 0.2 0.2 21.4 20.1 4.4 4.4 4.16 3.08 2.56 0.33 0.42 22% 423.4 510.0 8.0 6.7 NA NA 0.52 0.32 -16.67 1.19 1.47 19% 0.6 0.6 9.6 9.7 17.7 17.7 1.74 1.06 -19.05 Note: The above data is based on Bloomberg consensus 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 Tuesday, April 10, 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