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Bursa Malaysia Daily Market Report - 11 April

Mohd Noordin
By Mohd Noordin
4 years ago
Bursa Malaysia Daily Market Report - 11 April

Ard, Mal, Commenda


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  1. Tuesday , 11 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. Malaysia Airports Holdings Berhad: Commendable 1Q17 Passenger Growth 2. Plantation Sector: Stocks Rebounded in March Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS & FSSTI) 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
  2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Tuesday, 11 April 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (10.04.2017) Volume (mil) +/-chg (RMmn) Main Market 2,043.3 -1223.4 1,905.3 Warrants 129.9 -118.8 15.1 ACE Market 1,473.0 -224.6 182.6 Bond 14.9 6.4 1.6 ETF 0.0 0.03 0.1 Total 3,661.1 2,104.7 Off Market 165.9 82.3 610.2 Value +/-chg -1186.4 -20.5 -73.7 0.1 0.05 455.8 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 DNEX CHINHIN SEG INARI BPURI LAFMSIA TNLOGIS Up Down 321 345 43 69 61 50 4 2 1 2 430 468 % chg % YTD chg 1,739.52 12,416.27 17,550.41 1,742.00 -2.20 2.91 43.39 -5.00 -0.13 0.02 0.25 -0.29 5.96 8.28 19.26 6.51 20,658.02 5,880.93 7,348.94 18,797.88 2,133.32 24,262.18 3,181.45 1,581.19 5,644.30 3,269.39 2,008.50 5,912.88 1.92 3.11 -0.43 133.25 -18.41 -5.12 4.18 -2.34 -9.19 -17.22 -19.83 50.42 0.01 0.05 -0.01 0.71 -0.86 -0.02 0.13 -0.15 -0.16 -0.52 -0.98 0.86 4.53 9.25 2.89 -1.66 5.27 10.28 10.44 2.48 6.56 5.34 2.00 4.36 Top 10 KLCI Movers Based on Mkt Cap. Off Market (mn) 130.0 10.0 8.4 8.0 5.8 1.0 1.0 Value/ Volume 0.93 0.12 0.12 0.11 1.32 0.57 3.68 @ @ @ @ @ @ @ (RM) 4.30 1.34 1.05 2.00 0.50 6.60 1.75 Exchange Rate USD/MYR 4.4360 0.0015 USD/JPY 111.25 0.5900 EUR/USD 1.058 -0.0051 Counter Mkt Cap. (RM’mn) MAYBANK 91,532 PBBANK 77,153 PCHEM 61,840 MAXIS 47,616 PETGAS 38,941 GENTING 34,536 MISC 32,586 GENM 31,120 IOICORP 28,862 HLBANK 28,033 Chg Vol. (RM) (mn) -0.01 8.02 -0.02 0.67 -0.05 3.71 -0.06 3.17 -0.02 2.32 -0.13 2.61 -0.01 1.51 -0.01 10.97 -0.04 3.24 -0.06 0.23 Commodities Futures Palm Oil (RM/mt) 4.44-2585.56 Crude Oil ($/Barrel) 111.25 58.96 Gold ($/tr.oz.) 1.06-1255.04 Important Dates JK GLAND - 2:1 Rights Issue - RI of up to 1,516.6m shares. JKGLAND 2 rights shares for every 1 existing share held, at an issue price of RM0.10 per rights share. Application Closed: 10/04/2017. LISTING ON: 21/04/2017. Bursa Malaysia shares slid lower on cautious trade Monday, in line with weaker regional markets as increased geopolitical tensions kept investors on the tenterhooks. The KLCI fell 2.2 points to close at 1,739.52, off an early high of 1,741.68 and low of 1,736.72, as losers beat gainers 468 to 430 on total turnover of 3.66bn shares worth RM2.1bn. Stocks are likely to remain range bound given the rising geopolitical concern abroad, as well as lack of positive catalysts locally. As for the index, immediate support is coming from 1,734 and 1,719, the rising 30 and 50day moving averages, with the 1,700 psychological level acting as stronger support. Immediate overhead resistance is at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing closely matching last week's high, with stronger hurdle from 1,782, the 76.4%FR of the 1,867 to 1,503 correction. Bearish technical momentum could force AFG shares down to re-test the lower Bollinger band (RM3.99) before attracting buyers again, while a rebound would meet initial resistance at the upper band (RM4.18) and the peak of 13/04/16 (RM4.37). Better support is at the 100-day da ma (RM3.84). MBSB shares could sell-off below the lower Bollinger band (RM1.16) before buying returns, while a recovery would encounter resistance from the 61.8%FR (RM1.33) and 76.4%FR (RM1.48). Stronger support is capped at the 100-day ma (RM1.06). News Bites • • • • • • • • • • • • • Mudajaya Group Berhad settlement with GE Power Services (Malaysia) Sdn Bhd and Alstom Power Systems in respect of outstanding claims relating to the construction of a coal fired power plant provide it with cash of RM60.0mn. Prasarana Malaysia Bhd will be raising up to RM6bn additional debt in a few weeks to fund its ongoing projects. Perak Corporation Berhad's subsidiary, Lumut Maritime Terminal Sdn Bhd, is acquiring three lots of industrial land and one lot of commercial land in Manjung from Perbadanan Kemajuan Negeri Perak for RM57.0mn. Eco World International Berhad announced the proposed acquisition of an 80% stake in Salcon Australia for AUD120k and it will also be required to repay a sum equivalent to 80% of total advances owed by the latter to Salcon Development. Rohas Tecnic Berhad announced the proposed acquisition of a 75% stake in HG Power Transmission Sdn Bhd for RM101.7mn. Advancecon Holdings Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for the latter to be its principal adviser, underwriter and placement agent for the company's proposed IPO exercise. Malaysia Airports Holdings Berhad's total network of airports registered a 9.1% YoY growth for March 2017 with 10.5mn passenger traffic. YGL Convergence Berhad has proposed a private placement of up to 20% of its total number of issued shares, which is expected to raise RM6.2mn, to embark on potential acquisitions and marketing activities. LPI Capital Bhd reported a 7.9% YoY increase in its 1QFY17 net profit to RM70.6mn. Datuk Seri Syed Ali Bin Tan Sri Abbas Alhabshee has resigned from his role as Chairman of Bright Packaging Industry Berhad due to his numerous and unavoidable commitments. Petronas has pitched an estimated US$1bn stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp, Thailand's PTT Exploration and Production and Japanese firms, sources familiar with the matter said. Bank of Japan Governor Haruhiko Kuroda reiterated the central bank's resolve to maintain its massive monetary stimulus until inflation is stably above its 2% target. The U.S. Federal Reserve could begin winding down its massive balance sheet sometime later this year in a shift that would make it less necessary to raise the official funds rate, a central banker said on Monday. 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. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
  3. TA Securities Tuesday , April 11, 2017 FBMKLCI: 1,759.52 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Brief Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Market View Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my Range Bound on Lingering Uncertainty Bursa Malaysia shares slid lower on cautious trade Monday, in line with weaker regional markets as increased geopolitical tensions kept investors on the tenterhooks. The KLCI fell 2.2 points to close at 1,739.52, off an early high of 1,741.68 and low of 1,736.72, as losers beat gainers 468 to 430 on total turnover of 3.66bn shares worth RM2.1bn. Immediate Supports from 1,734/1,719 Stocks are likely to remain range bound given the rising geopolitical concern abroad, as well as lack of positive catalysts locally. As for the index, immediate support is coming from 1,734 and 1,719, the rising 30 and 50-day moving averages, with the 1,700 psychological level acting as stronger support. Immediate overhead resistance is at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing closely matching last week’s high, with stronger hurdle from 1,782, the 76.4%FR of the 1,867 to 1,503 correction. Buy on Weakness AFG & MBSB Bearish technical momentum could force AFG shares down to re-test the lower Bollinger band (RM3.99) before attracting buyers again, while a rebound would meet initial resistance at the upper band (RM4.18) and the peak of 13/04/16 (RM4.37). Better support is at the 100-day da ma (RM3.84). MBSB shares could sell-off below the lower Bollinger band (RM1.16) before buying returns, while a recovery would encounter resistance from the 61.8%FR (RM1.33) and 76.4%FR (RM1.48). Stronger support is capped at the 100-day ma (RM1.06). Escalating Geopolitical Concern Weigh on Asian Markets Asian equities were mixed on Monday following news the U.S. Navy had redirected an aircraft-carrier group toward the Korean peninsula as concerns escalate about new weapons tests by North Korea. Japan's Nikkei share average rose on Monday as comments from a U.S. central banker lifted the dollar against the yen, bolstering exporter stocks, while rising U.S. yields helped financial stocks outperform. The Nikkei gained 0.7 percent to 18,797.88, bouncing back further from Friday's four-month low. Likewise, the Australian benchmark ASX 200 also edged up in choppy trade. The ASX 200 bounced 0.86 percent or 50.43 points to close at 5,912.90, driven by its materials and utilities sub-indexes which rose 2.08 percent and 1.19 percent respectively. Meanwhile, China stocks fell, as strong gains in listed companies that would benefit from the country's new economic zone were offset by weakness in other sectors after the securities regulator vowed to punish stingy "iron roosters". The Shanghai Composite declined 0.52 percent or 17.22 points to finish at 3,269.39, and the Shenzhen Composite fell 0.978 percent or 19.83 points to close at 2,008.5. Page 1 of 7
  4. TA Securities 11-Apr-17 A Member of the TA Group Dow Close Flat as Geopolitical Tensions Remain U .S. stocks ended a choppy session slightly higher on Monday as gains in energy shares offset losses in financials ahead of quarterly corporate earnings later this week. Geopolitical tensions added to the choppiness. U.S. Secretary of State Rex Tillerson said on Sunday the military strikes against Syria over its alleged use of chemical weapons were a warning to other nations, including North Korea, that "a response is likely" if they pose a danger. The S&P energy index, up 0.8 percent, was the day's best-performing S&P 500 sector, following gains in oil prices. West Texas Intermediate crude rose 1.6 percent to close above USD53 a barrel, the latest in a string of gains tied to last week’s U.S. airstrike in Syria and ongoing civil conflict in the oil-rich nation of Libya. The main focus this week is likely to be the U.S. corporate earnings season, with investors looking for solid company results to propel stocks higher. S&P 500 companies are forecast to report earnings growth of around 9 percent from the first quarter last year, according to FactSet. The Dow Jones Industrial Average was up 1.92 points, or 0.01 percent, to 20,658.02, the S&P 500 gained 1.62 points, or 0.07 percent, to 2,357.16 and the Nasdaq Composite added 3.11 points, or 0.05 percent, to 5,880.93. Page 2 of 7
  5. TA Securities 11-Apr-17 A Member of the TA Group News In Brief Corporate Petronas has pitched an estimated US $1bn (RM4.4bn) stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp, Thailand's PTT Exploration and Production and Japanese firms, sources familiar with the matter said. Citing sources, Reuters reported in February that Petronas was considering selling a stake of as much as 49% in the SK316 offshore gas block in Malaysia's Sarawak state. (Reuters) Eco World International Berhad announced the proposed acquisition of an 80% stake in Salcon Australia (PropCo) for AUD120k (RM399k). In addition, it will also be required to repay a sum equivalent to 80% of total advances owed by the PropCo to Salcon Development. Salcon Australia owns a 2,128m^2 parcel of prime land located in South Yarra, approximately 5.3km south-east of Melbourne’s central business district. The proposed development will be named Yarra One, comprising a 27 storey tower with 268 residential units complemented by a retail and office podium with the potential to deliver about AUD218mn (RM728mn) in GDV. (Bursa) Rohas Tecnic Berhad announced the proposed acquisition of a 75% stake in HG Power Transmission Sdn Bhd (HGPT) for RM101.7mn. HGPT is principally involved in engineering, procurement, construction and commissioning activities and providing turnkey solutions for high voltage transmission lines and substations. (Bursa) Mudajaya Group Berhad reached a settlement with GE Power Services (Malaysia) Sdn Bhd and Alstom Power Systems in respect of outstanding claims relating to the construction of a 1 x 1000 MW net coal fired power plant located at Tanjung Bin. The Project was completed and handed over to the client in March 2016. The Settlement will provide the group with cash of RM60.0mn that it can deploy towards new and existing projects. (Bursa) Prasarana Malaysia Bhd will be raising additional debt in a few weeks to fund its ongoing projects. These include the light rail transit line (LRT) three funding and existing projects that have been approved such as the upgrading works for the LRT lines. It will raise up to RM6bn for this round of funding. (The Star) Perak Corporation Berhad’s subsidiary, Lumut Maritime Terminal Sdn Bhd, is acquiring three lots of industrial land and one lot of commercial land in Manjung from Perbadanan Kemajuan Negeri Perak for RM57.0mn. It intends to hold the property as land bank with the view to develop and construct another port/terminal on the property to strengthen its port operations. (Bursa) Advancecon Holdings Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for the latter to be its principal adviser, underwriter and placement agent for the company’s proposed initial public offering (IPO) exercise. Proceeds from its IPO will be used to enhance its operations to take advantage of the upcoming growth in the construction sector, which will help it expands its current capabilities. (The Star) Malaysia Airports Holdings Berhad’s total network of airports registered a 9.1% YoY growth for March 2017 with 10.5mn passenger traffic. International passengers registered a 10.9% YoY growth at 4.7mn passengers in March, while domestic passengers grew by 7.7% YoY with 5.7mn passengers. The overall increase in passengers was contributed by growth in airline seats and an improvement in average load factors. (Bursa) YGL Convergence Berhad has proposed a private placement of up to 20% of its total number of issued shares. This is expected to raise RM6.2mn, which will allow the group to embark on potential acquisitions and marketing activities which will strengthen its current positioning as a regional company with its own core products and intellectual properties. (Bursa) Page 3 of 7
  6. TA Securities 11-Apr-17 A Member of the TA Group Datuk Seri Syed Ali Bin Tan Sri Abbas Alhabshee has resigned from his role as Chairman of Bright Packaging Industry Berhad due to his numerous and unavoidable commitments . (Bursa) Responding to an unusual market activity query, Willowglen MSC Berhad said there was no corporate development and it is not aware of any rumour or report that may account for the trading activity. (Bursa) LPI Capital Bhd reported a 7.9% YoY increase in its 1QFY17 net profit to RM70.6mn. Revenue increased 8.4% YoY to RM347.6mn. Its claims incurred ratio reduced from 43.1% to 39.8%, while its management expense ratio shaved off 0.9pp to 24.7%. Underwriting profits also rose by 16.8% YoY. (Bursa) Page 4 of 7
  7. TA Securities 11-Apr-17 A Member of the TA Group News In Brief Economy Global OECD Leading Index Rises Slightly in February The Organization for Economic Co-operation and Development said the leading index rose slightly in February , signaling stable growth momentum in the region. The composite leading indicator rose to 100.1 in February from 100.0 in January. Growth is expected to gain momentum in the United States, Canada, and Germany. Despite uncertainty related to Brexit, the index continues to point to tentative signs of growth gaining momentum in the UK. The indicator anticipates stable growth momentum in the euro area, particularly in France and Italy, and in Japan. For India, the CLI indicates easing growth momentum, while it suggests growth picking up in China. (RTT News) Global Finance Institutions Go to Bat for WTO Top global finance institutions defended the role of the World Trade Organization on Monday, countering a Trump administration challenge some fear could undermine decades of rules-based order. “A strong global trading system centered on the WTO remains critical,” the International Monetary Fund, World Bank and WTO said in a joint report prepared for the Group of 20 largest economies. “Trade does not need to be repressed, trade needs to be reinvigorated, trade rules need to be respected. the reinforcement that is the actual amazing phenomenon from the WTO needs to be reinforced, needs to be respected, needs to be complied with,” said IMF Managing Director Christine Lagarde at a conference presenting the report. “If anything, trade needs to be supported.” Trade helps increase productivity as well as competition, and consumers benefit by lower prices and gives access to a wider variety of products, she said about the report, which had already been commissioned before the U.S. elections last November. (The Wall Street Journal) Asia BOJ's Kuroda Repeats Resolve to Maintain Massive Stimulus Bank of Japan Governor Haruhiko Kuroda reiterated the central bank's resolve to maintain its massive monetary stimulus until inflation is stably above its 2% target. "Japan's economy continues to recover moderately as a trend. As for the outlook, it is expected to turn to a moderate expansion," Kuroda said in a quarterly meeting of the central bank's regional branch managers. Under a new policy framework launched in September last year, the BOJ now guides short-term interest rates at minus 0.1% and the 10-year Japanese government bond yield around zero percent through aggressive asset purchases. (The Star) Japan Current Account Surplus Exceeds Expectations Japan's current account surplus exceeded expectations in February. The current account surplus totaled JPY 2.81 trillion in February. The surplus was forecast to rise to JPY 2.51 trillion. The surplus advanced by 18.2% from the prior year. The current account logged surplus for the 32nd straight month. The visible trade surplus was JPY 1.08 trillion and the surplus in the primary income came in at JPY 1.98 trillion. Separately, Japan's current economic assessment as well as expectations weakened unexpectedly in March, survey results from the Cabinet Office revealed. The current conditions index fell to 47.4 in March from 48.6 in February. The score was forecast to fall to 49.8. This was the third consecutive fall. Any reading above 50 indicates optimism and a reading below 50 suggests pessimism. The outlook index declined to 48.1 from 50.6 in the prior month. The expected reading was 50.7. (RTT News) Australia Housing Finance Falls Unexpectedly in February The total number of owner occupied housing commitments in Australia declined unexpectedly in February, after rising in the previous three months, figures from the Australian Bureau of Statistics showed. Total number of owner occupied dwelling commitments dropped 0.5% month-over-month in February, reversing a 0.4% rise in January. Meanwhile, economists had expected a flat figure for the month. The value of owner occupied housing commitments, excluding alternations and addition, also fell 0.5% over the month, faster than the 0.2% decrease in January. The total value of investments Page 5 of 7
  8. TA Securities 11-Apr-17 A Member of the TA Group housing commitments slid notably by 5 .9% monthly in February, in contrast to a 4.6% climb in the prior month. (RTT News) U.S. Fed's Yellen Aims to Let 'Healthy' U.S. Economy Coast Along The Federal Reserve's plans to raise U.S. interest rates gradually are aimed at sustaining full employment and near-2% inflation without letting the economy overheat, Fed Chair Janet Yellen said. "I think we have a healthy economy now," Yellen said at an event at the University of Michigan's Ford School of Public Policy in Ann Arbor. Unemployment, at 4.5%, is now a little bit below the jobless rate that most Fed officials think signals full employment, and inflation is "reasonably close" to the Fed's 2% goal, she said. With the economy expected to continue to grow at a moderate pace, she said, the Fed is now shifting its focus. "Whereas before we had our foot pressed down on the gas pedal trying to give the economy all the oomph we possibly could, now allowing the economy to kind of coast and remain on an even keel -- to give it some gas but not so much that we are pressing down hard on the accelerator -- that’s a better stance of monetary policy," she said. "We want to be ahead of the curve and not behind it." In the U.S. Treasury bond market, yields were little changed after Yellen's remarks. The Fed raised rates in March for only the third time since the Great Recession, and most Fed officials expect the central bank to raise rates at least two more times this year. Yellen's comments largely echoed what she has said since then, and did not offer any new color on the timing of the rate hikes, or of the Fed's eventual reduction of its $4.5 trillion balance sheet. "We think a gradual path of increases in shortterm interest rates can get us to where we need to be, but we don’t want to wait too long to have that happen," she said. (The Wall Street Journal) Fed Could End Reinvestment Policy This Year - Fed’s Bullard The U.S. Federal Reserve could begin winding down its massive balance sheet sometime later this year in a shift that would make it less necessary to raise the official funds rate, a central banker said on Monday. Talking to reporters in Australia, St. Louis Federal Reserve President James Bullard said opinions differed within the Fed on ending its balance sheet reinvestment policy and it would take some time to agree on, but he felt it could start later in the year. Bullard emphasised that the central bank would not be actively selling assets from its $4.5 trillion balance sheet, but rather not replacing them as they mature. This could be well accommodated by markets, he said, and would put limited upward pressure on Treasury yields. Markets were wrong footed somewhat last week when minutes of the Fed’s last policy meeting showed policy makers were considering shrinking its assets later this year. New York Fed President William Dudley said that the Fed could begin shedding bonds from its portfolio as soon as this year. The comments temporarily pushed the dollar lower and raised yields on longer-dated bonds. Economists polled by Reuters and by the Fed itself had generally expected the process to start sometime next year. (The Star) Europe Eurozone Sentix Investor Confidence Highest Since 2007 Eurozone investor confidence strengthened to the highest level in almost a decade in April, survey data from Sentix showed Monday. The investor sentiment index climbed unexpectedly to 23.9 in April from 20.7 in March. The reading was forecast to fall to 20.2. This was the highest score since August 2007. The assessment of current situation as well as expectations strengthened in April. The current conditions index improved to 28.8 from 23.8. This was the fourth consecutive rise and reached its highest level since January 2008. Likewise, the expectations index came in at 19.3 versus 17.8 a month ago. (RTT News) Commodity Moody's Says Oil Prices to Range US$40 to US$60 Until 2018 Moody's Investors Service expects oil prices to range-bound and volatile with Brent and West Texas Intermediate (WTI) crude oil registering US$40 and US$60 a barrel until at least 2018. It said Asian integrated and upstream companies should see their profits rise, on the back of the accelerated recovery of their upstream earnings. “The improved oil price environment, as well as cost rationalisation, will provide an upside to earnings. In addition, we expect that upstream acquisitions will increase, based on the announced divestment plans of global oil & gas majors in Asia,” said a Moody's assistant vice president and analyst Rachel Chua. The outlook for the oil and gas sector was contained in its latest edition of the Page 6 of 7
  9. TA Securities 11-Apr-17 A Member of the TA Group Asia Oil & Gas Quarterly, a publication that examines the major credit trends in the oil & gas industry across Asia. The report said prices in the upper half of the oil price band of US$40 and US$60 would support increases in crude oil output, in particular, due to rising US shale oil production, where extraction costs have declined and the rig count has risen significantly. Moody's said the US onshore rig count has almost doubled from the trough level of 380 rigs in May 2016. (The Star) Share Buy-Back: 10 April 2017 Company UNIMECH Bought Back Price (RM) Hi/Lo (RM) 26,200 1.08 1.08/1.07 Total Treasury Shares 6,139,610 Source: Bursa Malaysia 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 7 of 7
  10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 10-Apr-17 2.05 2.52 6.09 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.36 2.04 5.12 0.98 0.55 1.21 10.8 22.7 17.7 15.8 23.8 27.6 19.0 11.1 34.5 13.0 10.6 22.1 5.8 3.6 1.8 7.7 3.6 3.0 2.44 2.70 7.00 -16.0 -6.7 -13.0 1.95 1.95 4.43 5.1 29.2 37.5 -3.8 17.8 33.3 4.10 3.40 5.40 6.10 15.80 9.20 22.10 4.70 8.50 1.26 0.93 1.27 1.32 0.66 0.93 0.80 1.27 0.70 35.8 29.4 46.4 50.6 101.3 73.7 136.6 49.0 36.4 37.7 33.1 50.6 55.6 109.8 82.8 140.4 51.7 38.2 11.3 9.8 10.6 10.8 13.5 12.2 14.6 10.7 26.6 10.7 8.7 9.7 9.8 12.4 10.9 14.2 10.1 25.3 3.7 2.8 3.3 3.7 3.0 5.6 2.8 2.3 3.5 3.7 2.8 3.7 4.1 3.0 5.6 2.9 2.3 3.5 4.37 2.92 5.03 5.83 14.00 9.20 20.28 5.39 10.00 -7.8 -1.4 -2.6 -6.2 -2.4 -2.3 -1.5 -2.8 -3.1 3.60 2.08 3.90 4.11 12.70 7.50 18.52 4.43 8.20 11.9 38.5 25.6 33.0 7.6 19.9 7.9 18.3 18.2 8.3 20.5 13.7 21.3 1.2 9.6 1.3 11.3 9.5 0.46 1.28 5.20 3.48 0.72 1.84 2.06 6.13 0.49 1.45 5.49 3.27 0.58 1.90 1.50 5.58 0.81 0.70 1.04 1.09 1.15 na 1.02 0.13 5.9 12.8 31.6 16.8 9.6 12.6 12.8 44.3 5.9 13.1 36.4 20.9 9.9 12.5 12.7 45.8 7.7 10.0 16.4 20.7 7.4 14.6 16.1 13.8 7.7 9.7 14.3 16.6 7.3 14.7 16.2 13.4 0.0 2.2 2.3 2.7 1.4 3.0 1.5 4.1 2.2 2.2 2.3 2.7 1.4 3.0 1.5 4.1 0.51 1.35 5.33 3.61 0.75 1.87 2.14 6.13 -10.8 -5.3 -2.4 -3.6 -4.7 -1.6 -3.7 0.0 0.36 0.78 4.59 3.07 0.41 1.42 1.41 5.02 26.4 64.1 13.3 13.4 76.5 29.6 46.1 22.1 4.6 21.9 8.8 8.7 24.3 8.2 19.1 4.3 1.99 2.00 0.47 15.4 15.6 12.9 12.8 5.0 5.0 2.40 -17.1 1.93 3.1 -1.0 15.00 18.26 15.41 21.08 0.57 0.58 69.6 93.1 77.5 21.5 101.9 19.6 19.4 17.9 4.6 4.6 5.1 5.0 15.20 18.74 -1.3 -2.6 12.38 13.62 21.2 34.1 7.8 11.5 2.39 7.60 24.00 80.00 2.94 1.83 4.60 0.98 2.23 9.59 26.14 83.60 3.76 2.74 4.17 1.10 0.46 0.33 0.34 0.38 0.47 0.69 0.46 0.56 6.5 35.9 102.6 288.8 22.3 25.1 12.7 9.3 7.5 40.5 124.5 313.3 24.7 25.3 15.8 12.8 36.8 21.2 23.4 27.7 13.2 7.3 36.2 10.6 31.7 18.8 19.3 25.5 11.9 7.2 29.2 7.7 0.8 3.9 2.6 3.5 5.1 4.4 1.0 5.1 0.9 5.0 3.1 3.8 5.8 4.4 1.1 5.1 3.00 9.58 27.00 81.80 3.08 2.04 4.70 1.07 -20.3 -20.7 -11.1 -2.2 -4.5 -10.3 -2.1 -8.2 2.11 7.30 20.10 74.12 1.92 1.43 4.14 0.78 13.3 4.1 19.4 7.9 53.3 28.0 11.0 25.6 -7.0 3.7 2.2 2.3 15.3 5.8 6.2 23.3 46.20 54.22 1.02 271.1 271.8 17.0 17.0 5.7 5.7 55.64 -17.0 40.31 14.6 4.6 9.27 5.49 10.34 6.10 1.34 1.26 45.0 25.7 50.9 27.9 20.6 21.4 18.2 19.7 0.5 1.5 0.6 1.6 9.90 5.81 -6.4 -5.5 7.50 4.17 23.6 31.6 16.7 21.5 2.92 0.12 3.81 0.10 0.72 1.27 22.1 0.2 24.6 0.3 13.2 60.8 11.8 39.7 5.5 0.0 6.5 0.0 3.42 0.13 -14.6 -7.7 2.86 0.05 2.1 140.0 -1.4 140.0 6.02 4.02 6.40 4.61 0.78 0.50 13.9 13.3 17.9 16.5 43.3 30.1 33.6 24.4 0.7 1.5 0.7 1.9 6.79 4.37 -11.3 -8.0 5.78 3.85 4.2 4.4 -5.2 -3.8 4.95 6.28 1.97 4.92 2.14 4.50 6.80 1.90 5.05 2.55 0.55 0.11 0.36 -0.21 0.29 18.2 35.8 16.2 26.6 4.3 21.2 40.5 18.2 30.2 7.1 27.2 17.5 12.2 18.5 49.9 23.3 15.5 10.8 16.3 30.3 1.7 2.9 2.5 2.7 0.5 1.9 3.2 2.8 3.1 0.8 5.03 7.07 2.88 5.45 2.68 -1.6 -11.2 -31.6 -9.7 -20.1 3.81 5.90 1.94 4.20 1.96 29.9 6.4 1.5 17.1 9.2 2.5 -4.7 -6.6 -8.0 -9.3 INDUSTRIAL SCIENTX SKPRES 7.50 1.30 8.50 1.75 0.54 0.50 75.3 8.8 83.0 13.7 10.0 14.7 9.0 9.5 2.8 3.4 3.2 5.3 7.61 1.44 -1.4 -9.7 5.75 1.12 30.4 16.1 11.9 0.8 MEDIA ASTRO MEDIA PRIMA STAR 2.68 1.20 2.38 3.20 0.85 1.95 1.03 0.68 0.59 13.3 7.7 15.0 14.5 8.0 15.8 20.2 15.5 15.9 18.5 15.1 15.0 4.7 5.2 7.6 4.9 5.3 7.6 3.01 1.52 2.70 -11.0 -21.1 -11.9 2.56 1.00 2.20 4.7 20.0 8.2 3.1 4.3 6.3 OIL & GAS EATECH MHB MISC PANTECH PCHEM SENERGY UMWOG UZMA 0.66 1.00 7.30 0.62 7.73 2.03 0.65 1.91 0.45 0.96 8.16 0.52 7.91 2.02 0.54 1.40 0.90 1.78 0.85 1.25 1.13 2.43 1.95 1.38 11.5 -0.4 50.6 3.7 34.7 5.2 -14.7 11.3 11.9 1.1 57.1 4.3 39.3 7.8 -12.4 12.2 5.7 na 14.4 16.7 22.3 38.8 na 16.9 5.5 89.6 12.8 14.4 19.7 26.0 na 15.6 0.0 0.0 4.1 2.4 2.5 0.5 0.0 0.0 0.0 0.0 4.1 2.8 2.5 0.5 0.0 0.0 1.23 1.34 9.00 0.64 7.80 2.09 1.04 2.04 -46.3 -25.4 -18.9 -2.4 -0.9 -2.9 -37.5 -6.4 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 48.3 19.0 6.1 42.5 29.9 57.4 7.4 46.9 6.5 9.3 -0.7 39.3 10.7 25.3 -25.7 12.4 BANKS & FINANCIAL SERVICES AFG 4.03 AFFIN 2.88 AMBANK 4.90 CIMB 5.47 HLBANK 13.66 MAYBANK 8.99 PBBANK 19.98 5.24 RHBBANK BURSA 9.69 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
  11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.03 3.20 4.59 24.46 9.34 6.40 1.53 3.88 3.93 22.75 8.24 7.52 1.75 0.44 1.06 0.94 1.26 0.50 6.3 13.7 18.7 111.8 30.8 32.7 11.1 15.7 21.1 119.1 35.3 34.5 32.0 23.4 24.5 21.9 30.4 19.5 18.3 20.3 21.8 20.5 26.4 18.5 2.5 2.2 2.2 2.2 2.4 2.5 2.5 2.5 2.6 2.4 3.0 2.7 2.52 3.70 4.81 25.50 9.55 6.51 -19.4 -13.5 -4.6 -4.1 -2.2 -1.7 1.31 3.14 4.07 22.62 7.10 5.53 55.0 1.9 12.8 8.1 31.5 15.7 31.0 -5.9 4.3 1.9 15.3 6.7 0.73 1.10 0.96 2.06 1.49 0.85 3.50 3.35 0.69 1.09 1.00 2.10 1.60 0.80 3.82 3.40 0.65 0.63 0.34 0.91 0.69 0.30 0.67 0.49 3.4 20.0 7.3 14.7 14.5 6.4 27.7 31.2 7.0 17.4 11.2 15.3 12.5 9.7 24.5 33.3 21.0 5.5 13.2 14.0 10.3 13.3 12.7 10.7 10.3 6.3 8.6 13.4 11.9 8.7 14.3 10.1 5.5 3.6 3.6 3.4 4.0 1.2 4.0 3.6 5.5 3.2 4.2 3.6 3.7 1.2 4.0 3.6 0.83 1.43 1.09 2.46 1.70 1.00 3.61 3.32 -12.7 -23.2 -11.9 -16.3 -12.4 -15.5 -3.0 0.0 0.68 1.05 0.91 1.85 1.34 0.69 2.80 2.84 6.6 4.8 5.5 11.5 11.2 22.5 25.0 16.7 4.3 -2.7 -4.0 5.7 4.2 5.6 11.8 10.6 1.72 1.62 1.79 1.78 0.53 0.61 8.9 8.1 10.1 8.5 19.4 20.0 17.0 19.0 5.2 5.6 5.9 5.8 1.84 1.72 -6.5 -5.8 1.57 1.43 9.6 13.3 0.0 5.9 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.27 24.00 19.68 13.70 1.51 1.45 20.19 19.64 17.19 1.81 0.71 0.77 0.78 1.02 0.59 6.9 98.4 89.4 133.8 8.8 8.3 102.3 91.6 132.7 10.6 18.3 24.4 22.0 10.2 17.3 15.3 23.5 21.5 10.3 14.3 5.5 3.0 3.2 4.2 6.6 4.6 3.2 3.3 2.9 6.6 1.80 25.70 22.66 14.90 1.64 -29.4 -6.6 -13.2 -8.1 -7.9 1.14 22.16 19.56 13.00 1.38 11.4 8.3 0.6 5.4 9.4 -7.3 0.8 -7.6 -1.4 1.3 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.10 5.10 6.34 6.33 5.25 4.90 5.95 6.95 1.27 0.97 0.72 0.68 17.0 20.8 25.1 21.4 17.9 21.1 25.4 22.3 30.0 24.5 25.3 29.5 28.4 24.2 24.9 28.4 1.7 4.1 3.2 3.0 1.8 4.1 3.2 3.2 5.99 5.19 6.49 6.90 -14.9 -1.7 -2.3 -8.3 4.11 4.31 5.36 5.81 24.1 18.3 18.3 9.0 8.1 5.6 6.0 6.4 TECHNOLOGY Semiconductor & Electronics IRIS 0.18 INARI 2.05 MPI 11.88 UNISEM 3.12 0.14 2.35 12.00 3.55 1.32 0.75 0.46 0.78 -1.1 10.4 84.3 26.9 0.8 12.4 96.6 29.1 na 19.8 14.1 11.6 21.8 16.6 12.3 10.7 0.0 2.0 1.9 3.8 0.0 2.4 1.9 3.8 0.24 2.13 12.22 3.30 -25.0 -3.8 -2.8 -5.5 0.10 1.28 6.86 2.12 80.0 59.9 73.2 47.2 63.6 23.5 60.3 32.2 3.08 7.25 3.02 7.68 1.17 1.45 40.3 9.8 41.9 10.2 7.6 73.7 7.4 71.3 1.3 1.4 1.6 1.4 3.30 7.30 -6.7 -0.7 1.88 5.76 63.8 25.9 34.5 19.6 1.85 4.03 1.88 4.51 0.84 0.68 15.4 19.3 21.5 17.4 12.0 20.9 8.6 23.2 3.0 3.6 3.8 3.2 1.85 4.59 0.0 -12.2 1.23 3.74 50.4 7.8 16.4 -6.3 PROPERTY GLOMAC HUAYANG IBRACO IOIPG MAHSING SNTORIA SPSETIA SUNWAY REIT SUNREIT CMMT TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 19.13 OCBC 9.65 UOB 21.97 PLANTATIONS WILMAR IFAR 3.52 0.51 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52week 52week FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 16.70 8.50 19.40 1.21 1.12 1.08 173.8 87.8 195.7 190.2 11.0 92.5 11.0 209.4 11.2 10.1 10.4 10.5 3.1 5.7 3.2 3.1 6.7 3.2 19.4 9.8 22.2 -1.5 -1.3 -0.8 14.63 8.84 17.41 30.8 17.5 26.2 10.3 8.2 7.7 3.45 0.51 0.91 1.10 28.9 3.9 31.1 4.3 11.3 11.9 2.3 1.9 2.6 2.1 4.0 0.6 -12.0 -15.1 2.96 0.44 18.9 14.8 -1.9 -3.8 12.2 12.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. 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 TA Securities Tuesday , 11 April 2017 FBM KLCI: 1,739.52 Sector: Transportation A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 TP: RM7.68 (+5.9%) Malaysia Airports Holdings Berhad Commendable 1Q17 Passenger Growth Last Traded: RM7.25 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* SELL Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my Passenger movement surged 10.5% in 1Q17 MAHB reported the total passenger movement for Mar-17, which increased by 10.6% YoY (11.5% MoM) to 8.1mn (see Figure 1) for Malaysia’s traffic. This was led by 12.4% (7.9% MoM) growth in the international segment (see Figure 3) and 9.0% (-14.4% MoM) growth in the domestic segment (see Figure 4). For the international segment, the growth was mainly derived from non-Asean traffic, which increased by 16.4% while the Asean traffic grew 8.4% YoY in March-17. Figure 1: Malaysia’s passenger movement surged 10.6% mn 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 - 15.0% www.taonline.com.my 1 Share Information 9 Bloomberg Code 2 Stock Code MAHB MK 5014 Main Market 1659.2 12029.2 1.0 7.30/5.76 2101.1 44.8 1.5 Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) Khazanah -36.7 EPF - 11.3 PNB - 7.2 10.0% 5.0% Forecast Revision 0.0% -5.0% International Domestic Mar-17 Jan-17 Nov-16 Sep-16 Jul-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Jul-15 May-15 Mar-15 Jan-15 -10.0% Growth Source: MAHB & TA Research On a cumulative basis, 1Q17 growth extended to 10.5% versus 9.2% in 2M17 for Malaysia’s traffic. This was again led by the increase in international traffic, which increased by 12.0% YoY, followed by the domestic segment which rose 9.0%. The commendable growth in the international passenger traffic can be attributed to increased inbound traffic on the backdrop of visa relaxation and ringgit depreciation. According to announcement, passenger traffic to and from 20 countries, including UK, New Zealand, Japan, Taiwan and Vietnam, registered more than 20% growth in 1Q17. ISG reported cumulative growth of -1.9% for 1Q17 Istanbul Sabiha Gokcen (ISG) airport recorded 4.1% (see Figure 2) increase in passenger movement in Mar-17, led by the domestic segment, which increased by 4.4% (see Figure 6) while the international segment grew 3.5% YoY (see Figure 5). With that, the cumulative 1Q17 growth recovered slightly to -1.9% from -5.1% a month ago. The first YoY growth after three months of contraction signals that the aftermath of military coup and terrorist attack in Istanbul could have been digested by the market already. Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating Financial Indicators Net Gearing (%) CFPs (sen) P/CFPS (x) ROE (%) NTA/Share (RM) Price/NTA (x) FY17 18.8 197.6 3.7 1.9 (4.8) nm FY18 14.5 58.5 12.4 1.9 (4.5) nm Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth MAHB 5.8 18.9 9.4 14.9 FBM KLCI 1.3 3.8 4.2 1.4 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 4 FY17 FY18 0.0 0.0 163.3 168.7 189.7 316.7 86.1 53.3 Buy (Downgraded)
  13. TA Securities 11-Apr-17 A Member of the TA Group Figure 2 : ISG recorded 4.1% increase in passenger traffic in Mar-17 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% 3500000 3000000 2500000 2000000 1500000 1000000 500000 0 International Domestic Growth Source: MAHB & TA Research Forecast Overall, the 1Q17 passenger growth of 10.5% in Malaysia is higher than our fullyear forecast of 4.8% and management growth target of 6.5%. However, we consider the growth to be on track as 2H17 growth is expected to moderate further due to high base effect. Meanwhile, for Istanbul operations, the 1Q17 growth of -1.9% is also on track with our growth expectation of 7.2% (management target of 7.2%) as 2H17 growth is expected to recover from the low base. Note that MAHB recorded passenger growth of 9.1% and -1.0% in 2H16 for its Malaysia and Istanbul operations respectively. FCFE valuation Rf Rm Beta CAPM Valuation We maintain our DCF valuation at RM7.68/share based on discount rate of 10.7%. Given the YTD price appreciation of 19.6%, we believe the market has largely factored in those re-rating catalysts, ie: 1) the concession extension of additional 35 years and possible change in airport tax and user fee structures, and 2) increasing interest from multinational companies to take part in Aeropolis development following the MoU between MAHB and Alibaba to set up regional eCommerce and Logistics Hub in KLIA Aeropolis. As such, we downgrade MAHB to Sell (from Buy previously). Figure 3: Malaysia Int. traffic surged 12.4% in Mar-17 mn 5.0 Pass. Movement (LHS) YoY growth (RHS) 25% 3% 8% 1.4 10.7% PV of future FCFE - Perpectual Sukuk Share outstanding (mn share) FCFE/share 13742.4 1000.0 1659.19 7.68 Figure 4: Malaysia Dom. Traffic surged 9.0% in Mar-17 mn 5.0 Pass. Movement (LHS) YoY growth (RHS) 20% 4.5 15% 4.0 10% 3.5 5% 4.5 4.0 3.5 0% Source: MAHB & TA Research Page 2 of 4 Jan-17 Oct-16 Jul-16 Apr-… Jan-16 Oct-15 Jul-15 Apr-… Jan-15 Oct-14 2.5 Jul-14 3.0 Jan-14 Jan-17 Oct-16 -10% Jul-16 Apr-… Jan-16 Oct-15 Jul-15 Apr-… Jan-15 Jul-14 Oct-14 Jan-14 2.5 Apr-… -5% Apr-… 3.0 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15%
  14. TA Securities 11-Apr-17 A Member of the TA Group 10 % 1200000 0% 1000000 Jan-17 Mar-17 Nov-16 -10% Jul-16 800000 Sep-16 Jan-17 1400000 Mar-17 Nov-16 Jul-16 Sep-16 Mar-16 May-16 Jan-16 Sep-15 Nov-15 Jul-15 Mar-15 May-15 Jan-15 500000 20% May-16 600000 1600000 Jan-16 700000 40% 30% Mar-16 800000 YoY growth (RHS) 1800000 Nov-15 900000 Pass. Movement (LHS) 2000000 Jul-15 1000000 2200000 Sep-15 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% YoY growth (RHS) May-15 Pass. Movement (LHS) 1100000 Jan-15 1200000 Figure 6: ISG’s Dom. segment surged 4.4% in Mar-17 Mar-15 Figure 5: ISG’s Int. segment surged 3.5% in Mar-17 Source: MAHB & TA Research Income Statement (RM'mn) FYE 31 Dec 2015 2016 2017F 2018F 2019F Revenue 3870.2 4172.8 4373.6 4613.6 4923.8 EBITDA 1656.6 1709.9 1711.0 1754.4 1836.5 Dep. & Amort. (901.7) (852.5) (870.2) (908.6) (952.6) EBIT 754.9 857.4 840.9 845.8 883.9 Net Financing Cost (741.9) (689.8) (669.6) (669.6) (718.0) Associate & JV 10.4 15.7 18.4 20.2 22.2 EI 22.5 (25.1) 0.0 0.0 0.0 PBT 23.5 208.5 189.6 196.4 188.1 Tax (5.8) (110.2) (26.4) (27.7) (26.5) PAT 40.9 70.4 163.3 168.7 161.6 Core Net Profit 18.5 95.5 163.3 168.7 161.6 Balance Sheet (RM'mn) FYE 31 Dec PPE Intangibles Others Non-current Assets 2015 364.1 17,842.4 1,208.8 19,415.3 2016 381.7 17,231.0 1,086.1 18,698.8 2017F 2018F 2019F 389.7 396.8 403.2 16,756.3 16,244.3 15,689.3 1,101.0 1,117.5 1,135.8 18,247.0 17,758.6 17,228.2 Inventories Trade Recb. Others Cash Current Assets 117.6 1,140.9 31.7 1,286.7 2,577.0 135.2 871.6 11.1 1,571.9 2,589.8 179.7 958.6 11.1 3,946.3 5,095.7 189.6 985.9 11.1 4,320.0 5,506.6 202.3 1,065.7 11.1 4,419.4 5,698.6 Core EPS (sen) EPS growth (%) PE (x) GDPS (sen) Dividend yield (%) Total Assets 21,992.3 21,288.6 23,342.7 23,265.2 22,926.8 Share Capital Share Premium Others Retained Earnings MI Total Equity 1,659.2 3,455.1 1,277.5 2,449.5 (0.8) 8,840.6 1,659.2 3,455.1 1,259.3 2,321.2 2.0 8,696.9 1,669.2 3,455.1 1,259.3 2,317.6 2.0 8,703.3 1,679.2 3,455.1 1,259.3 2,318.4 2.0 8,714.1 1,689.2 3,455.1 1,259.3 2,328.8 2.0 8,734.5 Borrowings Other Non-current Liabilities 5,500.0 5,427.7 10,927.7 5,386.1 5,439.8 10,825.9 5,386.1 5,439.8 10,825.9 5,386.1 5,439.8 10,825.9 4,386.1 5,439.8 9,825.9 Borrowings T. Payables and other Current Liabilites 398.3 1,825.7 2,224.0 193.6 1,572.1 1,765.8 193.6 3,619.9 3,813.5 193.6 3,531.6 3,725.2 1,000.0 3,366.3 4,366.3 Total Liabilities 13,151.7 12,591.7 14,639.4 14,551.1 14,192.3 NTA/share (RM) P/NTA (x) EV/EBITDAR (x) (5.4) nm 10.0 (5.1) nm 9.4 (4.8) nm 8.0 (4.5) nm 7.7 (4.1) nm 7.2 (0.6) (106.6) nm 8.5 1.2 6.3 396.8 114.4 10.0 1.4 6.6 4.5 109.4 10.0 1.4 6.2 (7.0) 117.6 12.0 1.7 Cash Flow (RM'mn) FYE 31 Dec PBT Dep. & Amort. Changes in WC Others CFO 2015 2016 2017F 45.9 183.3 189.6 902.3 852.6 870.2 (1576.7) (750.7) 2082.3 1306.4 1320.7 458.8 677.9 1605.9 3600.9 2018F 196.4 908.6 127.2 369.0 1601.2 2019F 188.1 952.6 120.0 291.5 1552.2 Capex Others CFI (50.0) (1166.2) (1216.2) (400.0) 0.0 (400.0) (400.0) 0.0 (400.0) (400.0) 0.0 (400.0) (400.0) 0.0 (400.0) Dividend Equity raised Net Borrowing Others CFF (116.8) (165.9) 1306.0 0.0 (426.7) (318.5) (1077.8) (689.8) (315.3) (1174.2) (166.9) 10.0 0.0 (669.6) (826.5) (167.9) 10.0 0.0 (669.6) (827.5) (202.7) 10.0 806.4 (718.0) (104.3) Change in Cash FCFE FCF/share (RM) (853.6) (1360.8) (0.8) 373.7 804.5 0.5 1047.9 1640.6 1.0 Key Assumptions FYE 31 Dec 2015 Total Passenger Growth (mn) 83.8 Aircraft move't ('000) 815.3 Eraman Sales/ pax (RM) 11.7 Total rental- KLIA & KLIA 2 226.9 1.3 (319.2) 568.3 10.0 1.4 31.7 2374.4 (546.3) 2715.8 (0.3) 1.6 2016 88.8 811.6 12.4 239.5 2017F 93.1 879.7 13.2 255.3 2018F 97.3 906.1 14.0 272.1 2019F 102.2 933.3 14.4 284.3 Ratios FYE 31 Dec Profitability EBITDA margin (%) Core profit margin (%) ROE (%) ROA (%) 2015 2016 2017F 2018F 2019F 42.8 0.5 0.2 0.1 41.0 2.3 1.1 0.4 39.1 3.7 1.9 0.7 38.0 3.7 1.9 0.7 37.3 4.3 2.4 0.9 Liquidity Current Ratio (x) Quick Ratio (x) 1.2 1.1 1.5 1.4 1.3 1.3 1.5 1.4 1.3 1.3 Leverage Net gearing (x) Interest Coverage (x) Interest Coverage (x) 0.52 2.2 2.2 0.46 2.5 2.5 0.19 2.6 2.6 0.14 2.6 2.6 0.11 2.8 2.6 Page 3 of 4
  15. TA Securities 11-Apr-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) 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. 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 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. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
  16. TA Securities A Member of the TA Group MENARA TA ONE , 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 SECTOR UPDATE Tuesday, April 11, 2017 FBM KLCI: 1,739.52 Sector: Plantation Underweight Plantation Sector Stocks Rebounded in March THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Angeline Chin Tel: +603-2167-9611 angelinechin@ta.com.my Stockpiles Rebounded Due to Higher Production and Imports MPOB’s March 2017 stockpiles came in higher than consensus estimates, mainly due to higher-than-expected production (+16.3% MoM) and imports (>100% MoM). Palm oil stockpile increased by 6.5% MoM to 1.55mn tonnes (-17.6% YoY), which was higher than market expectation of 1.46mn – 1.52mn tonnes. Exports increased by 14.3% YoY to 1.3mn tonnes while domestic usage decreased by 25% MoM to 205k tonnes. Production Recovered Sharply in March Production recovered sharply in March to 1.5mn tonnes, boosted by strong FFB yield of 1.33 tonnes/ha (+16.7% MoM, +20.9% YoY). The March’s production marked its strong 4th consecutive YoY growth of 20.1%, signalling palm oil production is making a seasonal recovery. The average yield in Sabah increased the most by 28.7% YoY to 1.39tonne/ha, this was followed by Sarawak (+21.2%) and Peninsular Malaysia (+16.1%). CPO futures (FCPO) for June delivery plunged RM68/tonne and closed at RM2593/tonne yesterday, reflecting bearish outlook for CPO prices. Exports Beat Market Expectations Exports surged 14.3% MoM to 1.3mn tonnes, boosted by strong demand from India and beat market expectation of 1.3mn tonnes. Markets expecting exports to be 1.18mn tonnes. China demand remained sluggish at 104k tonnes (+0.4% MoM, -27.1% YoY). The demand from India and Pakistan increased by 28.4% MoM and 11.3% MoM to 171k tonnes and 55k tonnes, respectively. We believe the surge was mainly due to restocking activities ahead of Ramadhan festival in June, which will be earlier this year. Besides, we believe the strong demand from India could be due to the strengthening of India Rupee against Ringgit. Note that India Rupee has strengthened by approximately 3% from last month and hit a five-year high of INRMYR0.0691 last Friday. We expect exports to India to remain strong in the next 2 months. Looking forward, Intertek and SocieteGenerale de Surveillance (SGS) estimate that palm oil exports for the first 10 days of April to increase by 20.9% and 24.8% to 307k and 312k tonnes, respectively. Bad News Surrounding USDA recently released its “Prospective Plantings Report”, suggesting that farmers could plant more soybeans and less corn this year, given expectations the crop would be relatively more profitable than corn in the coming year. Record soybean planted acres of 89.5mn acres are anticipated in 2017 (+7.3% YoY) while corn will be nearly 90mn acres (-4.3% YoY). The ample supply of soybean in the market is negative news for palm oil prices. Both soybean and CPO prices had already corrected significantly after USDA’s reports. The change in weather pattern is another important factor to watch out. Meanwhile, Members of the European Parliament (MEPs) calling for the phasing out of palm oil in biofuels by 2020 to curb deforestation could lead to lower demand for palm oil in EU. This is expected to raise CPO inventory and push CPO price in the future. Maintain Underweight Our Underweight recommendation on the Plantation sector remains due to the relatively pricey valuations compared with its Singapore and Indonesia peers. Re-rating catalysts include: 1) higher CPO price, 2) downward revisions in soybean production estimates, and 3) better-than-expected demand from China and India. We reiterate our Sell recommendations Page 1 of 4 www.taonline.com.my
  17. TA Securities 11-Apr-17 A Member of the TA Group on IOI , KLK, Sime Darby, FGV, Wilmar and IFAR due to pricey valuation. Meanwhile, IJMP and United Malacca are rated as BUYs. Figure 1: MoM Changes Figure 2: CPO Production (YoY Growth) Source: MPOB, TA Research Source: MPOB, TA Research Figure 3: Monthly Palm Oil Data '000 tonnes Production Stock Export Dom. Usage Import Mac-16 1,219 1,886 1,336 243 74 Feb-17 1,259 1,459 1,107 274 40 Mac-17 1,464 1,554 1,266 205 102 % MoM 16.3 6.5 14.3 (25.0) >100 % YoY 20.1 (17.6) (5.3) (15.4) 36.9 3M16 3,392 3,704 613 176 3M17 3,999 3,660 666 214 YoY % 17.9 (1.2) 8.8 21.2 Source: MPOB, TA Research Figure 4: Monthly Palm Oil Exports Data Mac-16 128 61 142 328 45 632 1,336 '000 tonnes EU-25 US China India Pakistan Others Total Feb-17 153 36 103 133 49 632 1,107 Mac-17 135 43 104 171 55 758 1,266 % MoM (12.1) 19.3 0.4 28.4 11.3 20.0 14.3 % YoY 4.8 (28.6) (27.1) (47.8) 21.8 20.0 (5.3) 3M16 522 168 300 769 131 1,814 3,704 3M17 425 115 374 444 151 2,150 3,660 Source: MPOB, TA Research Figure 5: Stock vs. CPO Price Source: MPOB, TA Research Figure 6: CPO Production Source: MPOB, TA Research Page 2 of 4 YoY % (18.7) (31.4) 24.8 (42.2) 15.5 18.5 (1.2)
  18. TA Securities 11-Apr-17 A Member of the TA Group Figure 7 : Malaysia Average FFB Yield Trend Figure 8: Oceanic Nino Index (ONI) Source: MPOB, TA Research *above the +0.5 anomaly for warm (El Nino) events *below the -0.5 anomaly for cold (La Niña) events Source: NOAA, TA Research Figure 9:CPO Differential to Gas Oil (In USD/ Tonne) Figure 10: MYR/USD Source: Bloomberg, TA Research Source: Bloomberg, TA Research Figure 11: Peers’ Comparison Table Call Price TP Company PER (RM) (RM) CY17 (x) CY18 (x) P/BV CY17 CY18 (x) (x) Dividend Yield CY17 CY18 (%) (%) CY17 (%) ROE CY18 (%) Malaysia (RM) IOI Corp KLK Sime Darby United Malacca FGV IJMP Sell Sell Sell Buy Sell Buy 4.59 24.46 9.34 6.40 2.03 3.20 3.93 22.75 8.24 7.52 1.53 3.88 23.7 21.5 28.3 19.0 32.0 21.0 21.9 20.3 25.5 17.9 18.3 19.0 3.6 2.3 1.7 0.8 1.3 1.7 3.4 2.2 1.7 0.8 1.2 1.6 2.4 2.3 2.5 2.7 2.5 2.4 2.6 2.4 2.9 2.8 2.5 2.7 15.8 11.1 6.3 4.1 3.9 7.8 16.0 11.1 6.7 4.3 6.6 8.3 Singapore (SGD) Wilmar IFAR Sell Sell 3.52 0.50 3.45 0.51 17.9 12.9 16.6 11.9 1.5 0.6 1.4 0.5 1.6 1.9 1.8 2.1 8.5 4.4 8.6 4.6 Source: Bloomberg, TA Research Page 3 of 4
  19. TA Securities 11-Apr-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. 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. For TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
  20. Tuesday , 11 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
  21. T e c h n i c a l TA Securities V i e w Tuesday , April 11, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Technical Stock Picks Malaysia FBM KLCI: 1,739.52 (-2.20, -0.13%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SAPURA ENERGY SUNCON UEMS WASEONG WCT Close 10-Apr 1739.52 2.88 4.03 4.90 5.10 5.47 5.10 5.20 9.27 5.49 6.02 4.59 1.27 6.34 8.99 1.22 5.24 9.34 13.70 6.33 4.03 3.08 0.40 0.80 0.46 4.31 1.83 1.49 1.28 1.68 2.88 2.27 1.37 1.12 1.72 1.61 2.03 1.84 1.25 0.90 2.06 Change (2.20) 0.00 0.00 0.05 0.06 0.01 0.01 0.05 -0.13 -0.01 0.00 -0.04 -0.01 -0.06 -0.01 0.00 -0.02 0.02 0.02 -0.05 -0.02 0.07 -0.01 0.01 0.01 -0.01 0.00 -0.01 -0.03 0.00 -0.02 0.03 0.03 -0.03 -0.01 -0.01 0.03 -0.01 -0.01 0.00 -0.02 Tel: +603-2167-9607 High Low 1,741.68 1,736.72 2.89 4.06 4.98 5.10 5.50 5.10 5.24 9.43 5.52 6.07 4.63 1.30 6.40 9.00 1.24 5.26 9.35 13.74 6.42 4.06 3.09 0.40 0.80 0.46 4.34 1.84 1.50 1.30 1.68 2.97 2.28 1.37 1.15 1.73 1.62 2.04 1.87 1.26 0.90 2.10 2.87 4.03 4.80 4.99 5.45 5.08 5.13 9.27 5.43 6.01 4.54 1.27 6.31 8.97 1.22 5.23 9.27 13.66 6.32 4.02 3.01 0.39 0.79 0.44 4.30 1.80 1.49 1.28 1.66 2.87 2.25 1.34 1.11 1.71 1.58 2.00 1.84 1.23 0.89 2.06 Bollinger Bands Lower Mid Upper 1,725.15 1,743.23 1,761.31 2.83 3.99 4.72 4.73 5.40 5.08 5.01 9.31 5.32 5.92 4.59 1.14 6.33 8.81 1.16 5.14 9.15 13.68 6.31 3.83 2.75 0.39 0.69 0.43 4.14 1.61 1.47 1.23 1.66 2.42 2.17 1.19 0.82 1.48 1.47 1.76 1.70 1.22 0.86 1.73 2.87 4.08 4.85 4.99 5.56 5.13 5.18 9.62 5.52 5.99 4.67 1.20 6.40 8.94 1.24 5.25 9.32 13.73 6.38 4.00 2.98 0.40 0.75 0.44 4.26 1.73 1.52 1.28 1.69 2.76 2.21 1.26 1.01 1.65 1.54 1.90 1.78 1.27 0.88 1.93 2.91 4.18 4.97 5.25 5.72 5.18 5.35 9.94 5.73 6.07 4.75 1.27 6.47 9.07 1.32 5.36 9.49 13.78 6.45 4.18 3.21 0.41 0.81 0.46 4.39 1.85 1.57 1.33 1.72 3.10 2.25 1.33 1.20 1.82 1.61 2.04 1.85 1.32 0.91 2.14 stsoo@ta.com.my www.taonline.com.my RSI Moving Averages 14d 10d 30d 50d 53.87 1,745.23 1,733.95 1,719.26 DMI DI + DI - ADX 27.69 20.50 33.61 Diff 7.19 65.54 48.06 56.55 59.61 50.61 48.53 55.31 43.15 52.43 51.01 42.71 65.56 42.87 61.70 49.62 53.48 57.54 48.89 48.25 49.52 61.12 45.53 63.29 56.36 55.67 66.71 44.60 55.51 48.16 71.44 62.91 73.11 65.05 63.85 63.09 63.95 63.12 50.55 55.66 66.57 21.08 14.01 21.55 29.18 24.63 14.96 20.04 15.04 20.80 21.31 16.69 31.31 12.77 22.27 20.03 17.16 20.25 13.11 18.84 18.58 23.59 12.70 29.49 26.47 18.05 30.00 20.77 26.91 15.76 40.83 29.28 42.77 43.14 32.51 35.42 28.23 23.24 22.96 25.60 26.60 9.54 (4.80) 0.84 11.11 4.01 (9.93) 1.32 (5.97) 2.83 4.35 (8.87) 23.06 (5.91) 5.45 1.52 0.82 (2.82) (6.93) 4.12 (2.79) 8.68 (2.71) 14.20 (0.72) 15.12 15.12 6.04 11.71 (9.56) 23.51 17.21 26.49 27.66 23.70 20.27 11.60 14.96 7.41 11.10 11.59 2.86 4.10 4.83 5.05 5.55 5.12 5.22 9.54 5.55 6.00 4.64 1.23 6.42 8.97 1.27 5.24 9.33 13.73 6.40 4.07 3.09 0.40 0.77 0.44 4.29 1.78 1.53 1.29 1.68 2.86 2.23 1.28 1.07 1.71 1.55 1.93 1.80 1.28 0.89 2.01 2.83 4.05 4.85 4.88 5.47 5.11 5.11 9.51 5.45 5.97 4.68 1.20 6.39 8.88 1.21 5.20 9.24 13.71 6.34 3.99 2.90 0.40 0.74 0.45 4.24 1.71 1.51 1.25 1.69 2.36 2.22 1.26 0.96 1.59 1.54 1.91 1.76 1.24 0.88 1.91 2.69 3.98 4.75 4.87 5.30 5.08 5.04 9.15 5.30 6.07 4.65 1.22 6.35 8.66 1.18 5.13 9.18 13.63 6.24 4.05 2.79 0.40 0.72 0.45 4.22 1.65 1.50 1.19 1.69 1.84 2.19 1.29 0.93 1.54 1.58 1.88 1.75 1.20 0.88 1.90 11.54 18.81 20.71 18.07 20.62 24.89 18.72 21.01 17.97 16.96 25.56 8.25 18.68 16.82 18.51 16.34 23.07 20.03 14.72 21.37 14.91 15.41 9.12 12.27 18.77 14.88 14.73 15.19 25.31 17.32 12.08 16.29 15.48 8.81 15.15 16.63 8.29 15.55 14.50 15.01 37.78 21.88 22.67 20.25 35.31 17.15 18.55 40.86 31.06 11.74 14.19 30.90 12.74 23.00 35.09 14.49 11.88 18.42 29.85 27.68 32.96 18.25 28.24 22.56 14.76 49.30 33.53 42.98 12.78 53.26 20.37 21.61 43.40 61.76 21.90 23.02 30.42 41.86 20.90 25.13 Line 7.01 0.05 0.03 0.03 0.07 0.06 0.01 0.05 0.05 0.06 -0.01 -0.01 0.00 0.01 0.09 0.02 0.03 0.06 0.02 0.04 0.02 0.09 0.00 0.02 0.00 0.03 0.05 0.00 0.03 0.00 0.31 0.01 0.01 0.06 0.06 0.01 0.03 0.03 0.02 0.01 0.06 MACD Signal Diff 9.69 (2.676) 0.06 0.04 0.03 0.07 0.09 0.02 0.06 0.13 0.09 -0.02 0.00 0.01 0.02 0.10 0.03 0.04 0.07 0.02 0.05 0.01 0.09 0.00 0.02 0.00 0.03 0.04 0.01 0.04 0.00 0.34 0.01 0.00 0.05 0.06 -0.01 0.02 0.02 0.03 0.00 0.04 (0.012) (0.014) (0.005) (0.003) (0.035) (0.010) (0.014) (0.081) (0.028) 0.011 (0.012) (0.006) (0.012) (0.018) (0.008) (0.011) (0.016) (0.007) (0.014) 0.010 (0.004) (0.000) 0.004 0.001 0.003 0.008 (0.006) (0.003) (0.002) (0.030) 0.004 0.014 0.017 0.004 0.014 0.015 0.007 (0.006) 0.001 0.021 DMI MACD Recent Signal BUY SELL DMI MACD Signal Change - BUY SELL BUY BUY BUY SELL BUY SELL BUY BUY SELL BUY SELL BUY BUY BUY SELL SELL BUY SELL BUY SELL BUY SELL BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY - SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY BUY BUY SELL SELL SELL SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. 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. Technical Comments : Buy on Weakness AFG & MBSB Bearish technical momentum could force AFG shares down to re-test the lower Bollinger band (RM3.99) before attracting buyers again, while a rebound would meet initial resistance at the upper band (RM4.18) and the peak of 13/04/16 (RM4.37). Better support is at the 100-day da ma (RM3.84). MBSB shares could sell-off below the lower Bollinger band (RM1.16) before buying returns, while a recovery would encounter resistance from the 61.8%FR (RM1.33) and 76.4%FR (RM1.48). Stronger support is capped at the 100-day ma (RM1.06). AFG Upper Middle RM4.03 (UNCH) BOLLINGER BANDS RM RM 4.18 4.08 10-day 30-day RM 3.99 50-day Lower DMI Recent Signal SELL 3.98 Recent Signal SELL Signal Change MBSB Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 4.10 RM 4.05 BOLLINGER BANDS RM RM RM DMI RM1.22 (UNCH) 1.32 1.24 1.16 BUY SIMPLE MOVING AVERAGES RM 1.27 RM 1.21 RM 1.18 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
  23. T e c h n i c a l TA Securities V i e w Tuesday , April 11, 2017 FBMKLCI: 1,739.52 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Stock Screen s Malaysia End Day Census of 10.04.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* 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 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 Stock Name Price TIGER SYNERGY BH LUSTER INDUSTRIE XOX BHD JKG LAND BHD SUMATEC RESOURCE HO WAH GENTING VIZIONE HOLDINGS MMAG HOLDINGS BH VSOLAR GROUP BHD NAIM INDAH CORP DGB ASIA BHD MQ TECHNOLOGY BH PUC FOUNDER MSC WINTONI GROUP BH CHINA AUTOMOBILE PWORTH SCOMI GROUP BHD PALETTE MULTIMED DAYA MATERIALS PERISAI PETROLEU FRONTKEN CORP JADI IMAGING SANICHI TECHNOLO PERAK TRANSIT BH NEXGRAM HOLDINGS HIAP HUAT HOLDIN INIX TECHNOLOGIE DIVERSIFIED GATE DIGISTAR CORP TECHNODEX BHD 0.06 0.12 0.11 0.13 0.08 0.07 0.14 0.06 0.13 0.12 0.06 0.06 0.14 0.05 0.03 0.20 0.20 0.08 0.09 0.07 0.25 0.08 0.09 0.25 0.06 0.14 0.09 0.06 0.21 0.17 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.04 0.10 0.10 0.11 0.07 0.06 0.11 0.05 0.09 0.09 0.03 0.04 0.10 0.03 0.02 0.17 0.17 0.06 0.07 0.06 0.23 0.07 0.07 0.21 0.04 0.10 0.07 0.04 0.19 0.15 0.05 0.12 0.10 0.12 0.07 0.06 0.12 0.05 0.12 0.11 0.05 0.05 0.13 0.04 0.03 0.19 0.19 0.07 0.08 0.07 0.25 0.08 0.08 0.24 0.05 0.12 0.08 0.05 0.20 0.16 0.06 0.13 0.11 0.13 0.08 0.07 0.14 0.06 0.15 0.13 0.06 0.06 0.17 0.05 0.03 0.21 0.20 0.08 0.10 0.07 0.27 0.08 0.09 0.28 0.06 0.14 0.10 0.07 0.21 0.17 65.76 61.15 58.83 56.58 51.54 55.04 61.28 62.91 59.93 59.04 69.12 59.74 59.16 51.63 52.64 64.40 57.21 62.17 59.35 54.01 57.92 58.27 62.37 61.10 60.38 67.30 55.36 63.55 58.07 54.61 0.05 0.12 0.10 0.12 0.07 0.06 0.13 0.05 0.13 0.11 0.05 0.05 0.14 0.04 0.03 0.19 0.19 0.08 0.09 0.07 0.25 0.08 0.09 0.26 0.05 0.13 0.09 0.06 0.20 0.16 0.05 0.11 0.10 0.12 0.07 0.06 0.12 0.05 0.11 0.10 0.04 0.05 0.12 0.05 0.03 0.17 0.18 0.07 0.08 0.07 0.24 0.07 0.08 0.23 0.05 0.12 0.08 0.05 0.20 0.16 0.05 0.10 0.10 0.13 0.08 0.06 0.12 0.05 0.10 0.10 0.04 0.05 0.11 0.05 0.03 0.15 0.18 0.07 0.08 0.07 0.23 0.07 0.08 0.20 0.04 0.11 0.08 0.05 0.19 0.15 Vol 75,908,500 50,443,700 42,691,200 42,354,900 29,850,800 26,896,300 23,632,000 20,258,100 18,201,300 15,770,700 12,617,500 11,465,400 10,718,300 9,501,400 9,282,200 9,211,700 8,923,800 8,773,700 7,720,000 7,606,400 6,976,800 6,804,900 6,525,100 6,485,200 5,859,900 5,720,700 5,685,200 5,452,700 5,286,900 5,117,600 20-day avg vol 13,286,140 38,718,260 20,418,460 17,857,140 21,471,760 22,027,380 22,167,860 6,030,615 16,532,700 32,789,020 7,681,625 14,049,450 41,897,880 1,734,565 9,671,075 48,508,880 10,803,030 4,541,580 16,836,150 7,272,480 18,378,210 2,306,370 16,605,890 11,717,840 14,065,710 5,095,690 5,563,995 8,144,795 23,734,860 7,002,385 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 mediumterm 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
  24. TA Securities A Member of the TA Group *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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name Price AMTEK HLDGS TFP SOLUTIONS TEKALA CORP BHD KOBAY TECHNOLOGY HO HUP CONSTR CO WIDETECH MALAYSI KEY ALLIANCE GRO SCANWOLF CORP BH N2N CONNECT BHD JERASIA CAP BHD WILLOWGLEN MSC B WATTA HLDG BHD BISON CONSOLIDAT OSK VENTURES INT REXIT BHD TA WIN HLDGS BHD ADV SYNERGY BHD PA RESOURCES BHD GOLDEN PHAROS 0.28 0.19 0.44 1.09 0.89 0.51 0.10 0.33 0.80 0.72 1.32 0.40 2.10 0.60 0.85 0.69 0.20 0.09 0.40 0.06 TIGER SYNERGY BH Raw data sourced from Bloomberg 20 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.21 0.11 0.33 0.81 0.75 0.39 0.04 0.28 0.71 0.61 0.74 0.36 1.83 0.46 0.62 0.53 0.14 0.06 0.29 0.04 0.25 0.14 0.36 0.90 0.79 0.44 0.06 0.30 0.75 0.65 0.94 0.38 1.92 0.52 0.71 0.59 0.16 0.07 0.33 0.05 0.28 0.18 0.40 1.00 0.84 0.50 0.08 0.32 0.78 0.68 1.14 0.40 2.02 0.58 0.80 0.66 0.18 0.08 0.38 0.06 60.35 62.93 72.11 85.23 77.05 67.53 80.15 61.88 67.58 69.24 91.19 59.52 74.89 79.01 79.63 69.14 71.95 65.93 70.24 65.76 0.25 0.15 0.37 0.93 0.80 0.46 0.07 0.30 0.74 0.65 1.00 0.38 1.94 0.55 0.73 0.58 0.16 0.08 0.34 0.05 0.24 0.14 0.36 0.90 0.79 0.44 0.06 0.30 0.74 0.65 0.91 0.38 1.92 0.50 0.69 0.59 0.15 0.07 0.33 0.05 0.25 0.13 0.36 0.91 0.80 0.44 0.05 0.30 0.73 0.64 0.87 0.38 1.89 0.49 0.68 0.52 0.14 0.07 0.32 0.05 Vol 41,000 2,120,000 2,901,000 1,432,200 11,914,800 32,500 129,120,300 1,101,500 1,658,900 1,743,300 10,665,300 179,600 1,066,000 1,087,100 6,352,400 2,875,600 50,813,800 4,500,500 629,300 75,908,500 20-day avg vol 2,235 146,540 255,715 129,395 1,114,315 3,225 13,558,550 120,020 181,795 211,990 1,323,815 22,625 143,460 161,695 963,345 437,965 8,167,030 751,440 107,985 13,286,140 *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. p [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name Price UMS HLDGS BHD GENTING BHD ASTRO MALAYSIA CI HOLDINGS BHD TEO SENG CAPITAL BERJAYA LAND KECK SENG MALAYS GOODWAY INTEGRAT SCOMI ENGINEERIN COMPLETE LOGIST PERWAJA HOLDINGS BERJAYA MEDIA BH KARAMBUNAI CORP PRG HOLDINGS BHD SHH RESOURCES HL BERTAM ALLIANCE COMINTEL CORP BH ONLY WORLD GROUP HB GLOBAL LTD CREST BUILDER HO 2.55 9.27 2.68 2.30 1.01 0.55 5.08 0.46 0.39 1.01 0.06 0.34 0.07 0.90 1.58 0.51 0.83 1.93 0.06 0.92 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 2.59 9.31 2.70 2.31 1.02 0.55 5.09 0.46 0.39 1.01 0.06 0.34 0.07 0.90 1.58 0.50 0.83 1.93 0.06 0.92 2.72 9.62 2.81 2.41 1.05 0.56 5.13 0.50 0.41 1.07 0.07 0.37 0.07 0.91 1.61 0.53 0.89 1.98 0.07 0.94 2.84 9.94 2.92 2.50 1.08 0.57 5.18 0.54 0.42 1.12 0.08 0.40 0.08 0.93 1.64 0.56 0.95 2.03 0.08 0.96 35.80 43.15 33.73 24.35 36.06 28.54 42.98 33.46 44.09 42.80 36.74 42.14 44.46 47.37 32.64 32.92 35.63 38.60 42.92 43.26 2.67 9.54 2.77 2.37 1.04 0.56 5.13 0.50 0.41 1.05 0.06 0.36 0.07 0.91 1.60 0.53 0.87 1.96 0.07 0.93 2.74 9.51 2.83 2.44 1.06 0.57 5.12 0.50 0.41 1.08 0.07 0.36 0.07 0.91 1.61 0.54 0.89 1.98 0.07 0.93 2.71 9.15 2.83 2.49 1.08 0.59 5.05 0.52 0.41 1.01 0.07 0.33 0.07 0.89 1.63 0.56 0.88 2.01 0.07 0.93 Vol 6,000 2,612,100 1,406,800 159,300 1,061,200 142,000 106,300 13,000 351,000 447,600 625,100 7,700 1,628,700 220,000 54,400 19,100 1,043,200 168,400 99,800 104,200 20-day avg vol 4,020 3,785,070 1,668,005 40,440 222,625 190,525 59,085 199,560 249,360 933,180 1,624,565 7,590 5,175,995 80,300 27,120 63,770 1,642,000 153,755 67,230 164,635 Raw data sourced from Bloomberg 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
  25. Tuesday , 11 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (HK) 3. Foreign Technical Stock Watch (FSSTI) 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
  26. T e c h n i c a l TA Securities V i e w Tuesday , April 11, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Australia ASX: 5,912.88 (+50.42, +0.86%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIELD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIRWAYS SIMS METAL MGMT Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Close Bollinger Bands RSI Moving Averages DMI MACD Change High Low 10-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff 5912.88 50.42 5912.90 5862.50 5685.96 5812.89 5939.82 64.75 5869.30 5790.76 5762.48 32.58 16.59 24.06 15.99 37.13 29.92 7.213 25.73 60.84 85.49 34.45 31.70 32.68 44.75 33.21 24.50 9.01 6.10 12.93 7.45 5.27 3.87 88.70 13.19 17.85 7.49 10.69 15.25 4.78 1.80 13.98 3.94 12.56 1.14 0.83 0.72 0.21 0.29 0.20 0.33 0.24 0.12 0.01 -0.01 0.04 0.14 0.07 0.02 0.77 0.17 0.38 0.07 -0.08 -0.02 0.03 0.04 -0.03 0.02 0.09 25.79 61.01 85.50 34.49 31.79 32.73 44.84 33.45 24.57 9.07 6.19 13.00 7.48 5.28 3.90 88.97 13.24 17.87 7.54 10.79 15.34 4.81 1.81 14.16 3.99 12.79 24.63 60.10 84.97 34.31 31.50 32.60 44.44 33.03 23.93 8.99 6.02 12.81 7.34 5.18 3.82 88.20 13.05 17.49 7.47 10.66 15.21 4.74 1.78 13.95 3.90 12.47 23.32 58.65 82.66 33.48 30.83 31.52 43.19 30.26 21.21 8.37 5.87 12.60 6.38 4.89 3.56 86.66 12.82 17.32 6.68 10.21 14.23 4.41 1.73 13.59 3.75 12.12 24.36 60.65 84.86 34.51 31.63 32.61 44.31 31.75 22.74 8.76 6.32 12.85 6.90 5.09 3.74 88.54 13.12 17.69 7.11 10.55 14.88 4.61 1.80 13.93 3.89 12.50 25.39 62.65 87.05 35.53 32.43 33.69 45.43 33.23 24.26 9.15 6.77 13.09 7.42 5.28 3.91 90.41 13.42 18.05 7.53 10.89 15.53 4.80 1.86 14.26 4.03 12.88 62.08 48.49 55.64 50.97 53.80 52.45 58.68 69.78 75.39 64.19 42.59 54.62 72.78 67.10 56.90 53.02 51.40 49.67 70.25 57.69 66.65 66.88 47.79 54.81 60.60 51.69 24.36 60.44 85.72 34.78 31.83 33.02 44.76 32.39 23.22 8.94 6.20 12.87 7.13 5.17 3.80 88.96 13.08 17.68 7.30 10.70 15.17 4.70 1.80 14.04 3.94 12.47 24.53 60.81 84.40 34.48 31.56 32.58 44.00 31.49 22.30 8.74 6.35 12.78 6.73 5.05 3.71 88.24 13.21 18.02 7.06 10.49 14.66 4.63 1.83 13.89 3.85 12.58 25.20 63.12 83.90 33.88 30.91 32.02 43.13 31.57 22.50 8.82 6.51 12.68 6.85 5.06 3.80 87.17 13.24 18.23 7.05 10.30 14.60 4.58 1.87 13.62 3.69 12.34 38.65 24.98 22.06 24.08 22.88 22.83 24.44 38.92 40.31 27.36 16.91 27.72 43.46 27.18 29.29 21.76 24.13 22.29 32.65 27.27 29.97 30.33 24.14 22.76 22.23 26.17 22.83 30.88 20.74 27.69 23.66 24.25 20.12 14.52 13.41 12.26 33.87 19.62 15.52 13.30 19.80 23.39 26.15 22.79 13.10 16.59 15.02 11.75 26.77 17.09 19.70 21.53 14.17 16.72 15.46 16.77 18.55 19.69 20.63 24.63 22.90 27.69 24.53 16.47 26.47 19.57 15.52 11.82 14.41 18.71 22.76 24.57 22.85 24.11 11.27 20.34 26.04 12.84 15.81 (5.90) 1.32 (3.61) (0.78) (1.42) 4.32 24.39 26.90 15.11 (16.96) 8.09 27.94 13.88 9.49 (1.64) (2.02) (0.50) 19.56 10.69 14.95 18.59 (2.63) 5.67 2.53 4.63 -0.08 -0.54 0.49 0.15 0.16 0.22 0.41 0.42 0.52 0.07 -0.09 0.06 0.16 0.06 0.01 0.36 -0.07 -0.17 0.11 0.12 0.20 0.04 -0.02 0.12 0.07 -0.01 -0.28 -0.74 0.50 0.23 0.23 0.27 0.46 0.24 0.30 0.03 -0.08 0.07 0.09 0.03 -0.01 0.47 -0.07 -0.20 0.07 0.12 0.17 0.03 -0.02 0.13 0.08 0.00 0.203 0.193 (0.015) (0.077) (0.068) (0.058) (0.055) 0.187 0.218 0.043 (0.006) (0.003) 0.064 0.022 0.020 (0.119) 0.003 0.027 0.045 0.004 0.030 0.016 0.004 (0.016) (0.010) (0.002) DMI MACD DMI MACD Recent Signal Signal Change BUY BUY BUY BUY SELL BUY BUY SELL SELL SELL SELL SELL SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL SELL BUY - BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL BUY SELL BUY SELL - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
  27. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIELD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIRWAYS SGM AU SIMS METAL MGMT EPS ($) Div Yield(%) PER(x) 52week Price % Chg Close Target Price % upside 25.76 28.21 9% 60.86 70.93 14% 4.65 3.38 9.8 13.5 4.418 3.283 69.80 41.51 1.60 85.31 84.01 -2% 5.64 5.84 15.1 14.6 4.968 5.100 86.65 69.22 3.52 34.44 34.05 -1% 2.41 2.51 14.3 13.7 5.412 5.404 35.39 27.57 5.64 31.71 31.15 -2% 2.39 2.43 13.3 13.1 5.093 5.159 32.44 22.11 4.24 32.72 32.27 -1% 2.41 2.46 13.6 13.3 5.972 5.850 33.63 23.90 6.68 44.68 43.46 -3% 2.61 2.63 17.2 17.0 4.942 5.018 46.06 38.62 6.03 33.24 33.09 0% 1.31 1.48 19.0 16.8 3.042 3.448 33.45 24.95 6.68 24.51 23.08 -6% 0.74 0.93 24.7 19.7 0.706 1.024 27.20 16.35 21.04 9.00 9.48 5% 0.33 0.36 20.4 18.8 2.844 2.900 11.14 8.21 -4.05 6.11 6.62 8% 0.86 0.51 5.3 9.0 5.385 3.273 7.27 2.70 3.74 12.94 13.64 5% 0.64 0.81 15.1 12.0 3.284 3.872 13.28 9.22 4.19 7.47 7.35 -2% 0.30 0.56 24.6 13.3 0.000 1.312 7.48 4.55 13.35 5.27 5.31 1% 0.36 0.37 14.8 14.1 5.503 5.750 5.96 4.39 4.56 3.88 4.39 12% 0.14 0.19 20.3 15.0 0.955 1.987 5.07 3.30 -3.61 88.93 88.37 -1% 6.16 6.36 14.4 14.0 4.778 4.987 90.93 61.05 2.08 13.19 13.79 4% 0.90 0.97 14.6 13.5 5.512 5.951 13.95 11.27 -2.44 17.84 16.75 -7% 1.05 1.13 17.1 15.8 2.976 3.229 19.49 12.04 0.90 7.52 7.98 6% 0.22 0.26 26.1 22.0 1.170 1.410 7.75 6.16 4.88 10.68 9.92 -8% 0.57 0.60 18.6 17.9 4.485 4.616 10.87 7.94 5.53 15.25 15.97 5% 0.61 0.65 18.8 17.6 2.800 3.134 16.66 13.62 2.01 4.77 4.82 1% 0.31 0.33 15.2 14.5 5.388 5.597 5.11 4.03 4.15 2017 2018 2017 2018 2017 2018 High Low YTD 1.51 1.26 12.8 15.3 3.439 3.028 27.96 16.25 2.79 1.80 1.89 5% 0.11 0.10 12.6 14.0 5.833 5.722 2.04 1.19 -1.64 13.98 13.31 -5% 0.55 0.60 19.2 17.4 1.896 2.003 14.33 8.63 12.20 3.94 4.39 10% 0.53 0.53 7.48 7.45 3.731 4.569 4.08 2.58 18.32 12.59 12.42 -1% 0.64 0.73 19.8 17.3 3.042 3.129 13.62 7.40 -1.87 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 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
  28. T e c h n i c a l TA Securities V i e w Tuesday , April 11, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Hong Kong HSI: 24,262.18 (-5.12, -0.02%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Close Name 10-Apr HANG SENG 24,262.18 HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA GALAXY 63.40 85.40 6.27 5.04 9.49 23.30 3.73 117.60 5.77 226.40 195.50 95.70 42.50 6.48 18.32 82.45 3.34 31.65 157.70 15.90 78.10 20.65 66.70 23.00 68.80 5.08 49.60 5.94 4.14 10.56 32.15 6.26 44.45 13.48 18.64 9.75 22.50 22.40 14.40 4.05 11.16 11.02 8.39 2.73 2.40 49.75 37.20 43.85 Change High Tel: +603-2167 9607 Lower (5.12) 0.15 (0.10) 0.04 0.03 (0.05) (0.25) 0.00 0.60 (0.01) (0.80) (0.40) 0.25 (0.35) (0.07) (0.02) 0.15 0.01 (0.10) 0.20 0.00 0.20 0.20 0.70 0.05 0.05 0.10 0.60 0.03 (0.02) (0.40) 0.20 (0.04) 0.70 (0.04) (0.24) 0.06 0.25 0.00 0.20 (0.02) (0.08) (0.04) (0.01) 0.04 0.00 0.10 (0.50) 0.55 24,314.66 24,215.54 63.65 85.80 6.29 5.07 9.57 23.55 3.76 117.60 5.82 228.40 196.40 96.40 42.95 6.57 18.58 82.50 3.35 31.85 158.30 15.90 78.35 20.90 67.35 23.30 68.90 5.10 49.60 5.96 4.18 10.96 32.15 6.33 44.45 13.62 19.22 9.76 22.75 22.80 14.56 4.10 11.38 11.06 8.47 2.78 2.40 49.80 37.90 43.90 63.25 85.20 6.21 5.02 9.41 23.15 3.71 116.10 5.74 225.40 194.50 95.45 42.40 6.44 18.28 81.85 3.32 31.55 157.20 15.80 78.00 20.50 65.95 22.90 68.35 5.01 49.00 5.89 4.09 10.50 31.75 6.19 43.70 13.40 18.50 9.64 22.30 22.30 14.20 4.02 11.12 10.96 8.36 2.68 2.38 49.30 37.10 43.00 RSI Bollinger Bands Low 23,835.47 62.64 82.70 6.20 5.00 8.77 23.11 3.72 111.94 5.62 215.18 191.90 94.99 41.83 5.75 15.65 77.27 3.22 31.49 156.68 14.80 76.74 19.96 65.98 21.46 66.29 4.92 45.30 5.91 3.86 9.52 31.62 6.20 41.58 13.10 17.27 9.53 20.97 21.25 13.75 3.67 10.98 10.87 8.29 2.70 2.31 48.53 33.62 38.48 Mid stsoo@ta.com.my Upper 14d 24,248.00 24,660.53 54.79 63.47 86.46 6.35 5.12 9.19 24.14 3.88 114.83 5.76 224.01 195.88 96.46 43.18 6.19 17.86 80.53 3.60 31.98 158.54 15.41 78.31 20.46 67.73 23.59 67.64 5.17 47.78 6.07 4.04 10.31 32.12 6.65 43.12 13.63 18.04 9.77 21.94 22.10 14.31 3.92 11.27 11.15 8.56 3.03 2.39 49.54 35.69 41.61 64.30 90.22 6.50 5.23 9.61 25.17 4.05 117.72 5.90 232.84 199.86 97.92 44.53 6.62 20.07 83.79 3.97 32.46 160.40 16.02 79.87 20.97 69.48 25.71 68.98 5.42 50.27 6.23 4.21 11.10 32.61 7.10 44.66 14.15 18.81 10.01 22.90 22.96 14.86 4.17 11.55 11.43 8.82 3.36 2.48 50.54 37.75 44.74 47.33 45.33 48.82 46.87 60.83 39.06 37.06 70.22 47.55 60.21 50.69 49.09 45.61 67.73 60.51 70.87 34.54 48.49 46.62 80.11 46.51 57.16 55.22 44.98 58.90 46.37 76.73 40.57 55.69 57.86 48.88 36.67 72.57 48.04 61.80 51.41 60.64 57.25 55.60 55.56 46.25 43.26 45.18 34.45 54.12 54.68 67.89 76.55 Moving Averages 10d 24,280.98 63.30 85.96 6.31 5.09 9.37 23.81 3.82 115.60 5.73 226.24 195.59 96.02 43.36 6.37 18.32 81.80 3.47 32.03 158.15 15.67 78.19 20.50 67.04 22.59 67.66 5.07 48.66 6.02 4.03 10.61 32.22 6.49 43.73 13.71 18.12 9.67 21.72 22.47 14.12 3.89 11.25 11.07 8.55 2.93 2.37 49.52 36.48 42.91 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 24,060.43 23,907.75 26.18 24.28 22.07 1.89 128.38 158.26 (29.883) BUY SELL - - 63.33 86.06 6.30 5.08 9.15 23.97 3.87 114.39 5.79 219.11 194.63 96.27 42.61 6.12 17.28 80.06 3.58 31.65 158.66 15.27 78.81 20.20 66.04 23.67 68.04 5.21 46.92 6.08 4.03 10.02 32.12 6.81 42.60 13.57 17.92 9.86 21.59 21.90 14.29 3.97 11.36 11.12 8.54 3.07 2.39 49.51 34.87 40.45 64.60 86.71 6.21 5.02 9.33 23.75 3.83 112.30 5.92 214.52 194.75 94.75 42.12 6.13 16.90 78.94 3.51 31.47 159.72 15.10 79.14 19.95 63.28 23.68 68.90 5.18 45.66 6.04 4.07 9.76 32.59 6.54 41.68 13.29 17.54 9.65 21.22 21.72 14.10 4.03 11.20 11.29 8.43 2.96 2.37 48.90 34.00 38.65 24.04 23.94 22.22 26.82 15.30 24.59 32.80 15.90 20.27 18.77 18.92 21.84 15.59 10.99 18.59 12.89 29.03 24.78 22.16 7.81 17.01 21.81 17.96 24.09 13.15 24.28 13.88 27.77 20.13 14.30 18.82 25.32 13.01 15.91 11.31 20.83 18.42 10.31 16.79 16.56 20.81 23.59 19.88 26.67 18.66 21.29 9.26 8.88 8.19 17.08 16.26 18.44 23.03 17.26 22.58 28.67 16.50 25.89 13.47 22.27 33.75 30.48 30.50 42.29 24.58 18.28 16.32 44.12 11.60 21.99 33.32 24.64 19.80 22.03 39.58 12.68 10.91 42.46 13.33 22.81 52.03 27.04 24.78 19.42 19.48 19.63 17.25 16.01 14.83 20.39 17.61 29.72 27.72 19.56 36.56 52.75 (0.81) (4.63) (2.83) (3.44) 14.08 (6.46) (12.96) 9.05 (0.85) 9.37 (0.72) (6.40) 4.75 20.67 14.71 13.20 (13.37) (8.93) (9.95) 18.69 0.64 4.76 4.15 (1.57) 8.11 (9.09) 15.92 (10.20) 8.22 10.61 (4.45) (9.77) 19.61 1.12 21.23 (3.35) 13.02 9.05 8.48 10.21 (1.82) (10.30) 0.61 (10.13) 13.66 1.13 20.00 20.64 -0.24 -0.17 0.01 0.01 0.06 -0.05 -0.03 1.32 -0.05 3.97 0.45 0.17 0.28 0.12 0.49 1.07 -0.06 0.18 -0.25 0.24 -0.26 0.20 0.89 -0.34 -0.06 -0.04 1.07 -0.03 0.01 0.30 -0.05 -0.10 0.72 0.10 0.28 -0.01 0.23 0.27 0.01 0.00 0.00 -0.06 0.03 -0.07 0.00 0.20 0.93 1.46 0.067 (0.168) (0.025) (0.021) 0.056 (0.138) (0.029) 0.142 0.008 (0.364) (0.100) (0.291) (0.173) 0.036 (0.039) 0.093 (0.049) (0.076) (0.087) 0.042 0.049 (0.043) (0.502) (0.075) 0.244 (0.018) 0.046 (0.024) 0.015 0.010 0.009 (0.067) 0.022 (0.055) 0.045 (0.020) (0.005) 0.003 (0.027) 0.028 (0.016) (0.004) (0.026) (0.058) (0.000) (0.060) 0.152 0.054 SELL SELL SELL SELL BUY SELL SELL BUY SELL BUY SELL SELL BUY BUY BUY BUY SELL SELL SELL BUY BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY SELL SELL BUY BUY BUY SELL BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY BUY SELL SELL SELL SELL BUY SELL BUY SELL SELL SELL BUY BUY SELL SELL SELL BUY SELL BUY SELL BUY BUY BUY SELL BUY SELL BUY SELL SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL BUY BUY BUY BUY - BUY - 23.22 19.31 19.39 23.38 29.39 18.13 19.84 24.94 19.43 28.14 18.19 15.44 20.35 31.66 33.30 26.10 15.67 15.85 12.21 26.49 17.65 26.57 22.12 22.53 21.26 15.19 29.80 17.57 28.35 24.91 14.38 15.55 32.62 17.03 32.53 17.47 31.43 19.36 25.27 26.77 19.00 13.28 20.49 16.53 32.33 22.42 29.26 29.52 -0.31 0.00 0.04 0.03 0.00 0.09 0.00 1.18 -0.06 4.34 0.55 0.46 0.45 0.09 0.53 0.98 -0.01 0.26 -0.17 0.20 -0.31 0.24 1.39 -0.27 -0.30 -0.02 1.02 0.00 0.00 0.29 -0.06 -0.03 0.70 0.16 0.23 0.01 0.23 0.27 0.03 -0.03 0.01 -0.05 0.06 -0.01 0.00 0.26 0.77 1.41 The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
  29. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 1880 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK EPS ($) PER(x) Div Yield(%) 52week Price % Chg Stock Name Close Target Price % upside 2017 2018 2017 2018 2017 2018 High Low YTD HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA LTD GALAXY 63.40 62.70 -1% 0.6 0.6 13.8 12.6 0.8 0.8 69.10 44.50 1.85 85.40 106.47 20% 5.7 6.1 13.4 12.5 3.1 3.3 99.30 80.30 3.89 6.27 7.55 17% 0.9 1.0 5.9 5.6 4.5 4.8 6.55 4.50 5.03 5.04 6.11 18% 0.8 0.8 5.7 5.4 4.7 4.9 5.27 3.82 9.49 11.09 14% 0.6 0.8 N/A 10.8 3.5 3.7 10.88 8.70 -2.16 23.30 28.29 18% 0.9 1.1 22.4 18.5 1.4 1.5 25.50 16.00 15.35 3.73 4.52 17% 0.6 0.6 5.8 5.4 4.7 5.0 4.08 2.90 8.43 117.60 129.67 9% 8.8 9.5 13.4 12.4 3.4 3.5 123.30 85.40 20.00 0.3 0.4 19.6 12.9 1.9 3.0 6.38 8.39 5.77 7.00 18% 4.86 -0.17 226.40 257.19 12% 6.1 7.7 32.8 26.0 0.3 0.4 230.20 152.20 19.35 195.50 197.21 1% 5.7 6.3 34.5 31.0 2.6 2.9 213.20 175.00 6.71 95.70 114.23 16% 9.2 10.0 10.4 9.5 3.0 3.3 103.90 80.60 8.87 42.50 44.95 56.63 25% 3.7 4.1 10.3 9.3 1.6 1.8 32.50 9.54 6.48 7.36 12% 0.4 0.5 12.9 11.3 3.9 4.4 6.57 4.96 17.82 18.32 19.12 4% 1.5 1.5 10.6 11.0 3.1 3.1 19.78 11.40 25.48 82.45 79.27 -4% 5.0 5.2 16.4 15.9 3.5 3.6 84.35 69.65 15.72 3.34 3.17 -5% 0.0 0.0 14.3 13.4 0.8 0.8 5.15 3.24 -2.05 31.65 35.85 12% 2.6 2.9 12.0 11.1 4.2 4.4 32.55 21.01 14.05 157.70 154.98 -2% 9.3 10.2 4.2 164.40 127.60 9.29 15.90 12.85 -24% 0.6 0.6 26.6 25.5 2.4 2.5 15.90 12.93 15.72 78.10 77.17 -1% 5.0 5.2 15.8 14.9 3.5 3.7 94.40 72.20 5.47 20.65 19.66 -5% 1.2 1.1 17.2 19.0 3.6 3.6 20.95 13.64 25.61 66.70 66.22 -1% 4.7 4.8 14.3 13.8 3.3 3.4 69.95 40.05 29.39 23.00 28.85 20% 3.2 3.6 7.1 6.3 3.7 4.2 27.85 20.15 11.92 68.80 74.22 7% 3.4 3.5 20.1 19.5 4.0 4.1 75.73 62.78 7.67 5.08 4.93 -3% 0.4 0.4 11.3 11.3 4.8 4.8 5.79 4.07 16.51 49.60 48.82 -2% 3.3 3.2 15.4 3.1 3.2 49.60 39.64 5.94 6.08 2% 0.9 0.9 5.9 5.6 4.6 4.8 6.44 4.46 5.88 4.14 4.62 10% 0.3 0.3 13.4 13.8 1.9 1.7 4.88 2.92 12.50 10.56 12.18 13% 0.2 0.4 40.8 22.7 0.8 1.4 11.20 7.70 16.94 32.15 25.72 -25% 2.2 1.8 14.7 18.2 2.9 2.6 34.75 26.35 8.25 6.26 5.89 -6% 0.0 0.2 N/A 38.9 0.0 1.2 7.62 5.34 2.79 44.45 39.58 -12% 1.6 1.6 28.0 27.2 7.4 2.5 44.50 35.53 17.90 13.48 13.64 1% 0.8 0.8 16.0 16.3 3.8 3.8 14.48 10.96 16.01 18.64 18.95 2% 0.6 0.7 29.3 25.2 1.1 1.2 19.22 13.29 21.04 17.0 15.1 15.5 4.0 20.24 9.75 11.22 13% 0.8 0.8 12.6 11.9 4.5 4.5 10.46 6.91 18.90 22.50 28.19 20% 2.8 3.2 8.1 7.0 3.5 4.1 23.85 16.50 29.01 22.40 24.74 13.3 3.3 3.6 24.95 18.80 14.40 14.78 3% 1.4 1.5 10.3 9.6 5.8 5.9 15.50 10.70 16.88 4.05 4.49 10% 0.2 0.2 18.1 16.6 0.3 0.5 4.45 2.25 26.56 11.16 10.03 -11% -0.1 0.8 13.50 10.00 9.41 11.02 12.35 11% 1.6 1.7 7.1 6.5 3.1 3.9 12.78 10.54 -0.72 8.39 9.10 8% 0.1 0.1 13.7 12.6 0.4 0.4 9.48 7.28 7.70 2.73 3.07 11% 0.0 0.0 43.9 14.1 0.4 0.5 3.35 2.31 11.43 2.40 2.45 2% 0.0 0.0 N/A N/A 0.0 0.0 3.00 2.00 49.75 56.69 12% 0.4 0.4 17.3 15.7 0.2 0.3 54.15 42.30 13.71 37.20 38.10 2% 0.2 0.2 24.6 22.0 0.7 0.7 39.30 24.60 10.39 43.85 43.16 -2% 1.6 1.8 26.9 24.9 1.1 1.3 43.90 21.73 30.55 9% 1.6 1.7 0.2 13.9 N/A 45.4 0.5 16.42 6.19 Note : The above data based on Bloomberg consensus. 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
  30. T e c h n i c a l TA Securities V i e w Tuesday , April 11, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 • Foreign Technical Stock Watch FSSTI: 3,181.45 (+4.18, +0.13%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI 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 Tel: +603-2167 9607 Close Bollinger Bands RSI Change High Low 10-Apr Lower Mid Upper 14d 3,181.45 4.18 3,182.44 3,170.18 3,119.74 3,161.05 3,202.37 60.19 3.89 19.13 9.65 21.97 66.78 3.52 7.77 3.69 1.07 6.96 7.63 10.21 2.30 0.19 10.27 41.50 3.50 45.40 0.37 3.67 1.96 1.98 3.14 1.87 2.63 2.84 3.67 0.51 1.15 0.01 0.12 (0.02) (0.01) 0.08 (0.02) 0.07 (0.06) 0.04 0.08 (0.03) 0.07 0.00 (0.00) (0.07) 0.31 (0.02) (0.71) 0.01 0.02 0.01 (0.01) (0.01) (0.01) (0.02) 0.00 (0.01) (0.01) (0.01) 3.90 19.18 9.70 22.04 66.78 3.55 7.77 3.74 1.09 6.98 7.66 10.21 2.32 0.19 10.33 41.50 3.52 45.99 0.38 3.68 1.96 1.99 3.17 1.88 2.65 2.86 3.69 0.52 1.18 3.87 18.92 9.62 21.89 65.13 3.50 7.65 3.67 1.04 6.88 7.61 10.12 2.30 0.19 10.23 41.22 3.48 45.29 0.37 3.63 1.94 1.98 3.14 1.87 2.61 2.83 3.67 0.51 1.14 3.86 18.64 9.49 21.49 64.07 3.47 6.92 3.61 0.97 6.64 7.46 9.88 2.05 0.18 10.10 38.61 3.49 43.61 0.37 3.60 1.85 1.92 3.09 1.83 2.46 2.81 3.65 0.51 1.09 3.93 19.08 9.64 21.86 65.70 3.56 7.41 3.68 1.01 6.83 7.63 10.09 2.25 0.19 10.33 41.02 3.55 44.85 0.38 3.68 1.91 1.95 3.16 1.88 2.56 2.87 3.69 0.52 1.13 3.99 19.51 9.80 22.23 67.34 3.64 7.90 3.75 1.05 7.02 7.80 10.30 2.45 0.21 10.56 43.43 3.61 46.09 0.39 3.76 1.98 1.99 3.23 1.92 2.66 2.92 3.72 0.54 1.17 43.81 53.20 52.35 58.92 59.47 41.65 73.11 54.81 74.03 57.92 50.91 58.18 61.52 39.29 55.44 55.33 43.28 57.07 39.52 52.18 54.78 59.23 44.84 53.30 63.98 44.31 48.06 36.82 60.16 stsoo@ta.com.my Moving Averages 10d 30d 50d DI + 3,176.82 3,149.86 3,124.50 26.14 DI 23.79 ADX 18.42 3.92 19.21 9.70 22.01 65.57 3.54 7.63 3.68 1.03 6.90 7.70 10.18 2.33 0.19 10.28 42.06 3.56 44.94 0.38 3.69 1.93 1.97 3.16 1.88 2.61 2.87 3.69 0.52 1.15 19.17 25.84 21.81 20.05 17.87 23.08 10.34 13.40 10.45 21.33 15.71 18.87 14.16 26.40 16.84 13.29 22.94 14.58 23.36 23.61 16.25 8.76 20.08 20.81 12.89 23.05 10.85 24.09 9.32 11.33 (2.90) -0.01 12.29 (1.27) 0.08 11.86 (3.87) 0.04 23.13 2.34 0.15 17.87 1.89 0.43 22.28 (8.72) -0.04 44.33 22.57 0.20 22.77 7.93 0.03 24.41 22.63 0.02 19.49 9.62 0.04 19.06 7.09 0.04 13.32 (0.54) 0.07 39.51 22.72 0.05 22.41 (11.60) -0.01 33.40 9.13 0.13 35.61 13.35 0.74 26.03 (6.37) 0.01 13.55 11.26 0.55 19.89 (8.46) -0.01 17.75 0.49 0.01 23.26 1.29 -0.01 18.46 8.22 0.01 13.05 (0.67) -0.01 29.72 9.57 0.02 19.71 12.92 0.04 12.57 (8.27) 0.00 21.71 3.30 0.01 10.17 (7.12) 0.00 44.53 17.96 0.03 3.93 19.05 9.60 21.75 65.54 3.58 7.26 3.66 1.00 6.89 7.59 10.04 2.20 0.20 10.14 40.45 3.53 44.53 0.38 3.67 1.94 1.95 3.19 1.90 2.54 2.87 3.69 0.52 1.11 3.93 18.92 9.58 21.46 64.59 3.69 7.07 3.59 0.99 6.72 7.58 9.98 2.16 0.20 9.84 39.55 3.51 43.44 0.40 3.59 1.98 1.96 3.19 1.76 2.50 2.86 3.66 0.53 1.02 16.27 24.57 17.94 22.39 19.76 14.36 32.90 21.33 33.09 30.96 22.80 18.33 36.88 14.79 25.98 26.65 16.57 25.84 14.89 24.10 17.54 16.98 19.41 30.38 25.81 14.77 14.15 16.97 27.27 DMI www.taonline.com.my Diff 2.35 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 17.40 17.97 (0.568) BUY SELL 0.00 0.09 0.04 0.17 0.43 -0.04 0.18 0.04 0.01 0.05 0.04 0.06 0.05 0.00 0.17 0.83 0.01 0.52 -0.01 0.03 -0.02 0.00 -0.01 0.04 0.03 0.00 0.01 0.00 0.04 (0.005) (0.012) (0.002) (0.015) (0.002) 0.008 0.019 (0.004) 0.004 (0.005) (0.005) 0.004 (0.000) (0.000) (0.041) (0.093) (0.009) 0.034 (0.001) (0.012) 0.013 0.003 (0.003) (0.012) 0.008 (0.005) (0.004) (0.001) (0.005) SELL SELL SELL BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY SELL BUY BUY SELL BUY SELL BUY BUY BUY SELL BUY BUY SELL BUY SELL BUY SELL SELL SELL SELL SELL BUY BUY SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY SELL SELL BUY SELL SELL SELL SELL BUY - SELL SELL - 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 four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
  31. INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. 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 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 Stock Name Close Target Price 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 3.89 4.24 19.13 9.65 YZJSGD SP YZJ % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 8% 0.2 0.3 16.0 15.1 4.6 4.8 4.36 3.59 6.58 19.44 2% 1.789 1.963 10.7 9.7 3.2 3.3 19.42 14.63 10.32 9.57 -1% 0.9 0.9 11.2 10.3 3.8 4.0 9.78 8.21 8.18 21.97 21.18 -4% 1.9 2.1 11.4 10.6 3.3 3.4 22.15 17.41 7.70 66.78 63.99 -0.04 4.1 4.4 16.3 15.2 2.4 2.5 67.27 52.42 20.87 3.52 3.86 9% 0.2 0.2 12.7 11.9 2.0 2.2 4.00 2.96 -1.95 7.77 7.43 -5% 0.4 0.4 19.8 19.1 2.5 2.5 7.79 5.79 22.75 3.69 4.06 9% 0.2 0.2 17.4 17.9 2.7 2.8 3.79 2.85 22.19 1.07 1.06 -1% 0.0 0.0 30.6 27.4 2.7 2.8 1.09 0.69 18.23 6.96 6.94 0% 0.5 0.6 13.8 12.6 3.1 3.4 7.23 5.10 20.21 7.63 7.90 3% 0.3 0.4 22.8 21.1 3.9 4.2 8.05 6.96 6.56 10.21 9.76 -5% 0.4 0.4 22.8 23.6 3.5 2.6 11.67 9.60 5.58 2.30 2.19 -5% 0.1 0.1 29.9 30.3 1.9 1.9 2.41 1.92 10.05 0.19 0.22 0.15 0.0 0.0 8.9 6.0 0.0 0.0 0.36 0.11 10.00 10.27 10.78 5% 0.6 0.7 16.0 14.8 1.5 1.5 10.65 7.86 24.03 41.50 41.25 -1% 2.8 3.0 15.0 14.0 0.8 0.8 43.78 27.35 25.00 3.50 3.19 -10% 0.2 0.2 22.9 22.9 4.9 4.7 4.13 3.45 -0.85 45.40 50.63 10% 2.2 2.5 14.5 13.2 1.9 2.1 46.23 31.60 10.11 0.37 0.39 5% 0.0 0.0 16.4 14.6 1.9 1.9 0.45 0.33 -13.95 3.67 3.62 -1% 0.2 0.2 21.2 20.3 4.2 4.4 3.78 3.01 13.62 1.96 1.99 2% 0.1 0.1 14.5 14.0 2.4 2.5 2.17 1.58 -0.51 1.98 2.13 7% 0.1 0.1 17.3 16.9 5.6 5.6 2.25 1.87 4.77 3.14 3.52 11% 0.2 0.3 13.2 10.9 2.9 3.3 3.38 2.44 10.18 1.87 1.65 -13% 0.1 0.1 35.9 26.6 1.4 1.7 2.09 1.22 35.14 2.63 2.94 11% 0.2 0.2 16.8 16.1 4.2 4.6 3.02 2.37 6.48 2.84 2.61 -9% 0.2 0.2 17.5 18.4 5.6 5.6 3.97 2.73 1.07 3.67 3.55 -3% 0.2 0.2 23.8 23.7 4.2 4.0 3.91 3.35 8.90 0.51 0.59 14% 427 500 11.2 9.5 14662 16406 0.60 0.44 -3.81 1.15 1.07 -7% 0.5 0.5 11.6 12.2 17.0 17.0 1.19 0.71 41.10 Note : The above data based on Bloomberg consensus. 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. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2