Bursa Malaysia Daily Market Report - 12 January

Transcription

1. Tuesday , 12 January, 2021 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1. 2. 3. 4. M CO Rei nt r o d uc e d i n Si x St at e s: F B M KL CI T ar get M a in t ain e d M al a y si a n E c o n om y: MC O 2 .0 in H i gh R isk A rea s; Aw ai t in g for M ore D et ai ls M al a y si a n E c o n om y: I PI D ec re as es Fu rt h er in No vemb er 2 0 2 0 Pl a n t at i o n Sec t o r: St ockp i les Fe l l L ess Th an Ma rket E x p e ct at ion s Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck W at ch , D ai l y Mon e y F lo w , D a il y St oc k Sc reen ( Loc al ) 2. D ai l y For ei gn St oc k W a t ch (F S ST I ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
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Daily Market Commentary Tuesday , 12January 2021 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (11.01.2021) Volume (mil) +/-chg (RMmn) Main Market 3,587.7 Warrants 626.8 ACE Market 2,409.7 Bond 0.2 ETF 0.4 LEAP 0.2 Total 6,625.0 Off Market 140.0 -2017.5 -76.2 -1314.8 -0.5 0.3 0.1 4,378.3 99.1 1,082.2 0.0 0.9 0.1 5,560.7 139.3 97.4 -1182.7 -1.7 -420.4 0.0 0.6 0.0 93.7 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP January 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 Review & Outlook Value Value/ +/-chg Volume Up Down 1.22 0.16 0.45 0.20 2.20 0.27 0.84 0.70 287 142 47 4 7 3 490 % chg % YTD chg 1,617.25 11,548.48 14,923.59 1,617.50 -15.94 -88.97 23.15 -13.00 -0.98 -0.76 0.16 -0.80 -0.61 -1.81 -4.12 -0.77 31,008.69 13,036.43 6,798.48 28,139.03 3,148.45 27,908.22 2,983.90 1,536.49 6,382.94 3,531.50 2,375.86 6,697.16 -89.28 -165.55 -74.78 0.00 -3.73 30.00 -9.29 0.05 125.10 -38.61 -43.64 -60.71 -0.29 -1.25 -1.09 0.00 -0.12 0.11 -0.31 0.00 2.00 -1.08 -1.80 -0.90 1.31 1.15 5.23 2.53 9.57 2.49 4.93 6.01 6.75 1.68 2.00 1.67 364 210 73 0 2 1 650 Bursa Malaysia shares ended lower on Monday, pressured by profit-taking and unwinding of economic recovery plays amid high expectations of an impending movement lockdown order forced by the surging local COVID19 transmissions.The FBM KLCI lost 15.94 points, or 1 percent, to close at 1,617.25, after swing between opening high of 1,627.22 and low of 1,607.53, as losers beat gainers 650 to 490 on total turnover of 6.62bn shares worth RM5.56bn. Stocks should stay range bound with mild downward bias given caution over the economic impact from the proposed MCO measures, with economic recovery plays likely to be muted. Immediate overhead resistance for the index remains the mid-Bollinger band at 1,640, with next hurdle from 1,680, and tougher resistance from the 21-month peak of 1,695. Chart supports are at 1,601, the 50-day moving average, followed by 1,574, the 50%FR of the 1,452 to 1,695 upswing, and then the 100-day moving average at 1,560. Affin shares should continue to weaken on profit-taking pressure given the bearish technical momentum, before stronger retracement supports from the 50%FR (RM1.56) and 38.2%FR (RM1.48) cushion downside, while rebound upside is seen capped by the 76.4%FR (RM1.72) and June 2020 peak (RM1.87). Likewise, ABMB should slide further on profit-taking and bearish momentum, with key chart supports from the June 2020 peak (RM2.48) and 100-day ma (RM2.43) capping downside, while upside is likely restricted by the 138.2%FP (RM2.86) and 150%FP (RM2.98). News Bites • Led by lower output of commodity, Malaysia's industrial Production Index decreased further by 2.2% YoY to 114.0 points in November 2020, as compared with the 0.5% YoY decline registered in the previous month. • Prime Minister Tan Sri Muhyiddin Yassin yesterday announced that MCO will be reintroduced in six states - namely Melaka, Johor, Penang, Selangor and Sabah and the federal territories of Kuala Lumpur, Labuan and Putrajaya. • Malayan Banking Bhd and Public Bank Bhd has joined other financial services providers in offering loan and financing relief assistance for customers who have been affected by the recent floods in several states. Top 10 KLCI Movers Based on • Hartalega Holdings Bhd's chairman Kuan Kam Hon purchased of Off Market Mkt Cap. 300,000 shares from the open market last Friday at RM11.25 or for a (mn) (RM) total of RM3.4mn. After the purchase of the shares, his direct stake in Counter Mkt Cap. Chg Vol. the nitrile glove maker increased to 0.77% while indirect stake remains (RM’mn) (RM) (mn) WIDAD 117.00 @ 0.69 at 48.32%. MAYBANK 92,067 -0.21 11.17 LUSTER 20.00 @ 0.18 • Ramsay Sime Darby Health Care Sdn Bhd has picked arrangers for an PBBANK 78,730 -0.06 4.98 TOPGLOV 2.0 @ 6.43 initial public offering in Malaysia that could raise about US$300mn, TENAGA 58,416 -0.28 4.99 according to people with knowledge of the matter. • Bursa Malaysia Bhd is operating as usual despite another COVID-19 PCHEM 58,400 -0.26 3.32 positive case among its staff. TOPGLOV 51,586 -0.07 98.39 • AirAsia Group Bhd is not looking to switch to ordering aircraft from IHH 49,152 -0.01 1.65 plane maker Boeing despite cancelling orders from Airbus last year, its HARTA 41,885 -0.28 21.18 chief executive officer Tan Sri Tony Fernandes said. CIMB 40,089 -0.07 15.79 • Malaysian Rating Corporation Bhd has affirmed its ratings on Berjaya Land Bhd's tranches of debt notes totalling RM650mn with a stable MAXIS 39,897 -0.10 1.79 outlook. HLBANK 39,192 -0.10 0.67 • HLT Global Bhd has proposed to acquire the remaining 45% stake in glove making unit HL Rubber Industries Sdn Bhd for RM90mn via the issuance of 90mn new shares at RM1 each. Exchange Rate Commodities Futures • Hubline Bhd has been awarded a contract to provide aircraft and USD/MYR 4.052 0.022 Palm Oil (RM/mt) 3,680.00 -20.00 helicopters for the flying doctor service, medical evacuation service and other ancillary health services to the Sarawak State Department of Crude Oil (Brent) 55.70 -0.66 USD/JPY 104.110 0.220 Health for a total contract sum of RM 63.2mn. Gold ($/tr.oz.) 1,843.80 -6.10 EUR/USD 1.217 -0.007 • Advanceon Holdings Bhd has entered into two separate deals to design, USD/CNY 6.477 0.012 build and maintain solar energy generating systems at two factories, each in Rawang, Selangor and Seremban, Negeri Sembilan. • Three shareholders of Asia Media Group Bhd are seeking to replace four of the company's existing directors with new ones. Important Dates • China's official consumer price index rose to 0.2% in December from a KPOWER - 1:3 Bonus Issue - Issuance of 150.8m free warrants. year earlier, from minus 0.5% in November. 1 warrant for every 3 existing shares held. • President-elect Joe Biden's plan to pass a multitrillion-dollar economic stimulus package early in his administration faces challenges in a closely Ex-Date: 12/01/2021. Entitlement Date: 13/01/2021. divided U.S. Senate, with a potential impeachment trial for Donald LISTING ON: 26/01/2021. Trump that could add to delays. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
3. Tuesday , January 12, 2021 FBMKLCI: 1,617.25 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w Downward Bias on MCO Caution Bursa Malaysia shares ended lower on Monday, pressured by profit-taking and unwinding of economic recovery plays amid high expectations of an impending movement lockdown order forced by the surging local COVID-19 transmissions. The FBM KLCI lost 15.94 points, or 1 percent, to close at 1,617.25, after swing between opening high of 1,627.22 and low of 1,607.53, as losers beat gainers 650 to 490 on total turnover of 6.62bn shares worth RM5.56bn. Supports at 1,601/1,574; Resistance at 1,640/1,680 Stocks should stay range bound with mild downward bias given caution over the economic impact from the proposed MCO measures, with economic recovery plays likely to be muted. Immediate overhead resistance for the index remains the mid-Bollinger band at 1,640, with next hurdle from 1,680, and tougher resistance from the 21-month peak of 1,695. Chart supports are at 1,601, the 50-day moving average, followed by 1,574, the 50%FR of the 1,452 to 1,695 upswing, and then the 100-day moving average at 1,560. Take Profit on Affin & ABMB Affin shares should continue to weaken on profit-taking pressure given the bearish technical momentum, before stronger retracement supports from the 50%FR (RM1.56) and 38.2%FR (RM1.48) cushion downside, while rebound upside is seen capped by the 76.4%FR (RM1.72) and June 2020 peak (RM1.87). Likewise, ABMB should slide further on profit-taking and bearish momentum, with key chart supports from the June 2020 peak (RM2.48) and 100-day ma (RM2.43) capping downside, while upside is likely restricted by the 138.2%FP (RM2.86) and 150%FP (RM2.98). Asian Markets Subdued on Trump Impeachment Proceeding Asian markets traded mostly lower Monday as traders weighed President-elect Joe Biden’s push for huge fiscal aid to fight the impact of the pandemic and impeachment inquiry against Donald Trump. Traders continued to be cheered by prospects that the incoming administration of President-elect Joe Biden will pump more aid into the U.S. economy, a move that will help Asia and other export-driven nations. President-elect Joe Biden is due to announce plans for “trillions” in new relief bills this week, much of which will be paid for by increased borrowing. However, sentiment turned cautious as investors were keeping a wary eye on U.S. politics as pressure grew to impeach President Donald Trump and as they looked ahead to the first batch of quarterly earnings results from major companies due later this week. The Shanghai composite declined 1.08% to 3,531.50 while the Shenzhen component shed 1.331% to 15,115.38. South Korea’s Kospi, which jumped nearly 10% in the first trading week of the year, shed earlier gains seen during the session and closed 0.12% lower at 3,148.45. Elsewhere, the S&P/ASX 200 in Australia declined 0.9% to close at 6,697.20. Japanese markets were closed for a national holiday. Page 1 of 8
4. 12-Jan-21 Wall Street Ends Lower On Political Turmoil in Washington Wall Street slipped from record levels on Monday as investors weighed the impact of potential impeachment proceedings against President Trump . The Dow Jones Industrial Average lost 89.28 points, or 0.29%, to 31,008.69, the S&P 500 dipped 25.07 points, or 0.66%, to 3,799.61, and the Nasdaq Composite dropped 165.54 points, or 1.25%, to close at 13,036.43. Concerns about developments in Washington weigh on stocks as House Democrats introduced an article of impeachment against President Donald Trump for inciting the mob attack at the Capitol. After the siege of the U.S. Capitol building by Trump supporters last week, Democrats are concerned about additional incitement by the president in his final days in office. House Speaker Nancy Pelosi said the lower chamber would push for Trump’s impeachment if Vice President Mike Pence and the current administration’s cabinet balked at removing the president through the 25th Amendment. Meanwhile, investors are expecting guidance on the extent to which executives see a rebound in 2021 earnings and the economy from results and conference calls from JP Morgan, Citi and Wells Fargo Friday. Shares of Twitter fell 6.3% on concern that the social-media company may face a backlash from regulators or users after it banned Mr. Trump’s personal account, citing the risk of further incitement of violence. Facebook shares lost 3.6% while Apple dropped 2.1%. (TH E RE M AINI N G O F T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K ) Page 2 of 8
5. 12-Jan-21 N e w s I n B r i e f Corporate Malayan Banking Bhd is offering Flood Relief Assistance to ease the financial burden of its individual and small and medium enterprise /corporate customers who are affected by the floods in several states in the country. The bank said the assistance is designed to address the challenges faced by the flood victims and will include, among others, deferment of financing/loan payment, a reduction in monthly instalment or extension of repayment tenure. (The Edge) Public Bank Bhd has joined other financial services providers in offering loan and financing relief assistance for customers who have been affected by the recent floods in several states. The bank said this includes deferment of monthly instalments for loan and financing of up to six months on a request basis, and it is applicable to loan and financing facilities such as house financing, hire purchase and credit cards for individual customers, as well as small and medium enterprise loan and financing. (The Star) Hartalega Holdings Bhd’s chairman Kuan Kam Hon signalled his faith in his company with the direct purchase of 300,000 shares from the open market last Friday. He purchased the shares at RM11.25 or for a total of RM3.4mn. After the purchase of the shares, his direct stake in the nitrile glove maker increased to 0.77%. He also has an indirect stake of 48.32%. (The Star) Ramsay Sime Darby Health Care Sdn Bhd has picked arrangers for an initial public offering in Malaysia that could raise about US$300mn, according to people with knowledge of the matter. The mandates follow Malaysian conglomerate Sime Darby Bhd’s earlier discussions with potential advisers for spinoff plans of the health care unit that it jointly owns with Australia’s largest private hospital operator Ramsay Health Care Ltd. (The Edge) Bursa Malaysia Bhd is operating as usual despite another COVID-19 positive case among its staff. The group assured that there is no disruption to its critical and support functions of the exchange, and its business continuity management plan is in place to ensure the smooth functioning of operations in the event of such incidents. (The Star) AirAsia Group Bhd is not looking to switch to ordering aircraft from plane maker Boeing despite cancelling orders from Airbus last year, its chief executive officer Tan Sri Tony Fernandes said. He said on a panel at the Reuters Next conference that the airline and Airbus ‘love each other’ and are ‘joined at the hip’. (The Star) Malaysian Rating Corporation Bhd has affirmed its ratings on Berjaya Land Bhd’s (BLand) (Not Rated) two tranches of debt notes totalling RM650mn with a stable outlook. This comprises Bland’s RM500mn medium-term notes (MTN) programme guaranteed by Danajamin Nasional Bhd (Danajamin) at AAA(fg) and RM150mn MTN programme guaranteed by OCBC Bank (Malaysia) Bhd (OCBC) at AAA(bg). The affirmed ratings reflect the unconditional and irrevocable guarantees provided by Danajamin and OCBC. (The Star) HLT Global Bhd (Not Rated) has proposed to acquire the remaining 45% stake in glove making unit HL Rubber Industries Sdn Bhd (HLRI) for RM90mn via the issuance of 90mn new shares at RM1 each. The group is expected to benefit from the proposed acquisition from both financial and operational perspectives. For the 10-month ended 31 October 2020, HLRI recorded an unaudited profit after tax of RM32.6mn on the back of a revenue of RM125.3mn. (The Star) Page 3 of 8
6. 12-Jan-21 Hubline Bhd (Not Rated) has been awarded a contract to provide aircraft and helicopters for the flying doctor service, medical evacuation service and other ancillary health services to the Sarawak State Department of Health for a total contract sum of RM 63.2mn. The contract is for a duration of 48 months, from 1 January 2021 to 31 December 2024, and throughout the period is expected to contribute positively towards the group’s earnings. (Bursa Malaysia) Advanceon Holdings Bhd (Not Rated) has entered into two separate deals to design, build and maintain solar energy generating systems at two factories, each in Rawang, Selangor and Seremban, Negeri Sembilan. Both projects are for a period of 21 years. The project in Rawang is expected to commence in the first quarter of 2021, while the project in Seremban is scheduled to start in the second quarter of 2021. (The Star) Three shareholders of Asia Media Group Bhd (Not Rated) are seeking to replace four of the company’s existing directors with new ones. Chow Zee Neng, Sim Ah Yoke and Datuk Chu Boon Tiong, who collectively own at least 10% of the company’s shares, have written to the board of Asia Media to give notice of their intention to move resolutions to effect the proposed board changes at an extraordinary general meeting on 18 February 2021. They are seeking to remove existing directors Datuk Prof Raja Munir Shah Raja Mustapha, Datuk Kang Hua Keong, and Chua Yeong Lin, and replace them with Chu, Matthew Chan, Tan Vei Teck and Loi Chee Fong. (The Edge) (TH E RE M AINI N G O F T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K ) Page 4 of 8
7. 12-Jan-21 N e w s I n B r i e f Economy Malaysi a Malaysia Reinstates MCO in 5 States , 3 FTs Amid Surging Covid-19 Cases The government has reinstated the Movement Control Order (MCO) in the states of Penang, Selangor, Melaka, Johor and Sabah as well as the federal territories (FT) of Kuala Lumpur, Putrajaya and Labuan for a two-week period starting Jan 13. In a national address, Prime Minister Tan Sri Muhyiddin Yassin said these states and federal territories are considered high-risk areas following a risk assessment as well as the evaluation of health services by the Ministry of Health (MoH). MoH will continue to undertake risk assessments to decide whether the MCO should end or be extended, before the two-week period is up. The ban on interstate travel will also be reinstated, the prime minister said. Under the MCO, social activities and gatherings, including weddings, conferences, religious processions and sports are also not allowed. Movement is limited to a 10-km radius and is only allowed for the purchase of groceries from the nearby supermarket or grocery store. The government will allow five essential economic sectors to operate, namely the manufacturing, construction, service, trade and distribution, and agriculture and commodities sectors. (The Edge) Malaysia's IPI Contracts for Second Straight Month in November 2020 Malaysia’s Industrial Production Index (IPI) declined for the second consecutive month, after recording a 2.2% year-on-year contraction in November 2020, due to a significant decrease of 15.4% in the IPI’s mining component, while electricity output fell 2.5%. In a statement, the Department of Statistics Malaysia (DOSM) said the IPI’s manufacturing segment grew 2%. The manufacturing-sector output based on a year-on-year comparison grew by 2% in November 2020 after recording a growth of 2.4% in October 2020. The major sub-sectors contributing to the growth in the manufacturing sector were electrical and electronics products (8.3%), transport equipment and other manufactures (6.5%), and petroleum, chemical, rubber and plastic products (2%). Separately, Malaysia’s manufacturing sales grew 2.1% year-on-year to RM119.9bn in November 2020, said the Department of Statistics Malaysia (DOSM). On a monthly basis, the sales value went down by 1.7%. The year-on-year growth in sales value during the month was driven by the increase in transport equipment and other manufactured products (10.5%), electrical and electronics products (5.3%), and food, beverages and tobacco products (5.1%). (The Edge) Unemployment Rate Up Slightly to 4.8% in November 2020 Malaysia’s unemployment rate rose by a marginal 0.1 percentage point month-on-month to 4.8% in November 2020 with 764,400 unemployed persons, the Department of Statistics Malaysia said. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the Conditional Movement Control Order implemented during the month, which saw economic activities continuing to operate with adherence to strict standard operating procedures, resulted in a small decrease in employment while the unemployment rate was slightly higher compared with the previous month. Among others, this may be due to job losses and cancellation or freezing of new hires. Mohd Uzir said the number of unemployed persons rose by 2.2% or 16,200 persons to 764,400 in November (October 2020: 748,200 persons). The actively unemployed — defined as persons who are available for work and are actively looking for work — went up by 2.3% to 637,700 persons (October 2020: 623,100 persons). Likewise, the inactively unemployed or discouraged group who believed there were no jobs available increased by 1.3% to 126,700 persons (October 2020: 125,100 persons). (The Edge) Page 5 of 8
8. 12-Jan-21 CPO Stocks Down 19 .2% in December 2020 — MPOB Malaysia's crude palm oil (CPO) stocks slumped 19.2% to 583,761 tonnes in December 2020, from 722,451 tonnes in November, the Malaysian Palm Oil Board (MPOB) said. Processed palm oil stocks shrank by 18.85% month-on-month to 681,120 tonnes during the month, compared with 839,307 tonnes in the preceding month, the board said in its monthly report on the palm oil industry performance for December 2020. During the month under review, CPO production slid 10.59% m-o-m to 1.33mn tonnes from 1.49mn tonnes previously, while palm kernel output was 11.41% lower at 310,204 tonnes from 350,144 tonnes in November 2020. Palm oil exports gained 24.66% to 1.62mn tonnes in December 2020 versus 1.3mn tonnes in the previous month, while oleochemical exports slipped by 5.91% to 246,844 tonnes from 262,392 tonnes previously. Meanwhile, biodiesel exports in the month under review jumped 111.34% to 42,913 tonnes, compared with 20,305 tonnes in November 2020, while palm kernel oil exports added 58.64% to 145,551 tonnes from 91,747 tonnes in the preceding month. Exports of palm kernel cake decreased 22.75% to 168,208 tonnes in December 2020 from 217,753 tonnes in November 2020. (The Edge) Asia China Consumer Inflation Turned Positive in December on Higher Food Prices China’s headline consumer inflation recovered in December after dropping into negative territory in the previous month for the first time in 11 years. China’s official consumer price index (CPI) rose to 0.2% in December from a year earlier, from minus 0.5% in November, according to data released by the National Bureau of Statistics (NBS). This was above with the median results of a Bloomberg survey of analysts which had predicted a rise to zero percent. November’s reading was the lowest level since October 2009, when it also reached minus 0.5%. Ahead of New Year’s Day and the Spring Festival, consumer demand increased, and animal feed costs also rose, with higher feed costs putting upwards pressure on meat prices. The improvement in CPI was led by food prices, which posted a rise of 1.2% in December compared to a year earlier, a reversal from the 2.0% decline in November. The price of pork – a staple meat on Chinese dinner tables – rose 6.5% in December compared to November, up from the decline of 6.5% a month earlier. Compared to a year earlier, pork prices were still down 1.3% in December, but this was a strong improvement from the 12.5% drop in November. China’s core consumer inflation rate, excluding food and energy, stood at 0.4% in December, down from 0.5% in November. Non-food prices rose to zero percent in December, up from minus 0.1% the previous month. (SCMP, Bloomberg) Australia Retail Sales Rise 7.1% as Melbourne Trade Resumes Australian household spending jumped in November as the southeastern state of Victoria was released from lockdown and consumers took advantage of discounts during annual Black Friday sales. Retail sales advanced 7.1% from a month earlier, compared with the 7% gain forecast by economists and the 7% reported in late December as the preliminary figure, data from the Australian Bureau of Statistics (ABS) showed. The gain was driven by Victoria - up 22.4% - as Melbourne stores were able to trade for a full month, the ABS said. Excluding Victoria, sales rose 2.6%. The release of new games consoles and Apple’s new iPhones added to sales in household goods and other retailing, while Black Friday sales contributed to the increase across a number of industries, the ABS said in a statement. Australia's economy has been recovering rapidly since Covid-19 restrictions were lifted in Victoria and its state capital, Melbourne, with consumer confidence and hiring surging. The data precede a recent outbreak in Sydney and isolated cases in other states, however. Online sales made up 11% of total retail turnover in November, up from 10.4% in October, the ABS said. (The Straits Times) Page 6 of 8
9. 12-Jan-21 United States Biden ’s Go-Big Stimulus Plans Set Up Fresh Fight in Senate President-elect Joe Biden’s plan to pass a multitrillion-dollar economic stimulus package early in his administration faces challenges in a closely divided U.S. Senate, with a potential impeachment trial for Donald Trump that could add to delays. Biden is set to release his proposals -- the price tag for which has yet to be unveiled -- on Thursday. The package will feature a range of support for state and local authorities long blocked by Republicans, a bump in direct payments to US$2,000 and expanded unemployment benefits, along with funding for vaccine distribution, school re-opening, tax credits, rental relief and aid to small businesses. Parts of last month’s US$900bn aid bill start running out in mid-March, and may not prove enough to forestall an economic contraction this quarter as the coronavirus continues to surge and wreak record deaths. Failure to win congressional approval by then could wallop equities, which climbed to a record last week amid expectations the Democrats’ coming Senate majority would unleash major new stimulus. Investors turned more cautious Monday, with the S&P 500 Index retreating. The stakes underscore the risk of proceeding with outgoing President Trump’s impeachment. The Senate isn’t coming back until Jan. 19, and an impeachment trial by law pushes to the top of calendar. House Democrats are considering passing an impeachment article this week. Some Democrats have urged withholding it from the Senate indefinitely to allow the stimulus bill to jump ahead of impeachment in the legislative timetable. No decision has been announced. (Bloomberg) Eurozone & Uni ted Kingdom Eurozone Investor Morale Rises on Vaccine Euphoria – Sentix Investor morale in the euro zone rose more than expected in January, hitting its highest level since February due to growing confidence about a successful vaccination strategy to tackle the coronavirus pandemic, a survey showed. Sentix’s index for the Eurozone climbed into positive territory for the first time in almost a year, reaching 1.3 from -2.7 in December. A Reuters poll had pointed to a reading of 0.7. The expectations index rose to an all-time high of 33.5 from 29.3 while the current situation index came in at -26.5, its highest level since March and compared to -30.3 in December. In a statement, Sentix said the overall index reading was surprising given the far-reaching restrictions on economic activity. Now that more vaccines have been approved, investors apparently expect a quick implementation of the vaccination strategy and thus a definitive end to the economic and personal freedom restrictions. Sentix surveyed 1,168 investors from Jan. 7 to Jan. 9. (Reuters) Page 7 of 8
10. 12-Jan-21 N e w s I n B r i e f Share Buy-Back Share Buy-Back :11 January 2021 Company Total Treasury Shares 7,173,400 3,330,800 214,200 7,035,000 66,804,100 7,057,200 38,019,200 31,614,900 Bought Back Price (RM) Hi/Lo (RM) 70,000 96,400 214,200 100,000 350,100 5,000 10,000 37,000 0.675/0.67 17.90/17.74 1.35/1.34 0.52 0.47 1.77 0.71 0.30 0.675/0.67 17.90/17.74 1.40/1.34 0.535/0.515 0.49/0.465 1.77/1.71 0.71/0.695 0.30/0.295 HAIO 8,000 2.16/2.06 2.16/2.05 10,703,888 KFIMA 10,000 1.89/1.88 1.91/1.87 3,766,600 APPASIA BKAWAN CHINHIN CJCEN DSONIC FIMACOR GKENT GLOMAC MITRA 423,700 0.24 0.245/0.235 10,147,949 MYEG 21,000,000 1.77/1.76 1.82/1.75 58,164,700 PANTECH 100,000 0.40 0.405/0.385 4,126,393 PENSONI 94,000 0.41/0.405 0.42/0.405 1,274,300 RANHILL 80,000 0.85 0.845/0.825 8,196,926 TCHONG 10,000 1.17/1.15 1.17/1.15 19,839,000 TROP 260,400 0.875/0.86 0.875/0.86 10,313,643 UNIMECH 23,600 1.36/1.34 1.36/1.34 2,328,910 YTL 4,000,000 0.69/0.68 0.695/0.665 46,172,950 YTLPOWR 1,000,000 0.69 0.695/0.665 50,602,631 Source: Bursa Malaysia (TH E RE M AINI N G O F T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 8 of 8
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) Beta EPS (sen) PER (X) FY21 FY22 FY21 Div Yield (%) 52weeks 52weeks % Chg FY22 FY21 FY22 High Price % Chg Low Price % Chg YTD 11-Jan-21 AUTOMOBILE BAUTO 1.38 1.64 18.8% Buy 1,603 1.17 9.4 15.9 14.6 8.7 4.4 9.2 2.07 -33.3 0.94 47.6 MBMR 3.17 4.08 28.7% Buy 1,239 1.15 45.3 46.3 7.0 6.8 7.3 7.3 4.08 -22.3 2.50 26.8 -4.8 -6.5 PECCA 1.58 1.88 19.0% Buy 273 0.85 12.2 13.5 12.9 11.7 5.1 5.1 1.70 -7.1 0.68 134.1 -4.2 SIME 2.28 2.66 16.7% Buy 15,510 0.79 15.3 16.2 14.9 14.1 4.7 5.0 2.58 -11.6 1.55 46.8 -1.3 UMW 3.42 2.44 -28.7% Sell 3,996 1.81 26.6 35.7 12.8 9.6 1.2 1.5 4.43 -22.8 1.65 107.3 0.6 BANKS & FINANCIAL SERVICES ABMB 2.71 3.70 36.5% Buy 4,195 1.15 26.0 32.9 10.4 8.2 3.0 3.7 3.06 -11.4 1.48 83.1 -6.9 AFFIN 1.64 2.50 52.4% Buy 3,411 1.10 22.7 25.5 7.2 6.4 3.0 4.3 2.04 -19.6 1.25 31.2 -10.9 AMBANK 3.34 4.50 34.7% Buy 10,052 1.06 36.0 42.6 9.3 7.8 2.4 3.6 3.96 -15.7 2.80 19.3 -8.5 CIMB 4.04 5.10 26.2% Buy 40,089 1.17 29.0 40.6 13.9 10.0 3.7 5.0 5.23 -22.8 2.90 39.3 -6.0 HLBANK 18.08 23.00 27.2% Buy 39,192 1.13 119.0 131.6 15.2 13.7 2.2 2.5 19.68 -8.1 11.70 54.5 -0.7 MAYBANK 8.19 10.80 31.9% Buy 92,067 0.93 63.4 74.6 12.9 11.0 5.5 6.1 9.01 -9.1 6.96 17.7 -3.2 PBBANK 20.28 25.10 23.8% Buy 78,730 1.41 130.2 146.0 15.6 13.9 2.9 3.2 22.96 -11.7 12.58 61.2 -1.6 RHBBANK 5.41 7.00 29.4% Buy 21,694 1.11 56.6 64.3 9.6 8.4 4.1 4.6 5.98 -9.5 4.17 29.7 -0.7 BURSA 8.28 8.30 0.2% Sell 6,699 1.18 26.9 28.0 30.8 29.5 2.9 2.9 10.98 -24.6 4.32 91.7 -0.2 ANNJOO 1.26 0.61 -51.6% Sell 680 1.56 2.1 5.1 60.0 24.5 0.7 1.7 1.73 -27.2 0.42 203.6 -19.7 CHINHIN 1.40 0.40 -71.4% Sell 779 0.40 4.0 5.0 35.2 27.7 1.1 1.1 1.64 -14.6 0.40 250.0 -0.7 CHINWEL 1.01 1.30 28.7% Buy 292 1.06 11.8 14.6 8.6 6.9 4.5 5.4 1.43 -29.4 0.68 48.5 -9.8 CMSB 1.87 1.76 -5.9% Sell 1,988 1.53 16.4 19.7 11.4 9.5 1.3 2.7 2.30 -18.7 0.83 125.3 -11.8 CSCSTEL 1.22 1.35 10.7% Buy 451 1.26 9.1 10.6 13.4 11.6 3.6 4.2 1.47 -17.0 0.54 125.9 -9.6 ENGTEX 0.56 0.64 15.3% Hold 242 0.49 3.9 5.8 14.1 9.6 1.8 2.7 0.87 -35.8 0.42 32.1 -22.9 GADANG 0.39 0.29 -25.6% Sell 284 1.68 4.0 5.3 9.8 7.3 2.6 2.6 0.72 -45.8 0.23 73.3 -12.4 GAMUDA 3.60 3.34 -7.2% Sell 9,049 1.16 20.6 25.9 17.5 13.9 1.7 3.3 4.30 -16.3 2.36 52.5 -7.5 GDB 0.77 1.11 44.2% Buy 481 1.20 7.9 8.6 9.8 9.0 2.6 2.6 1.02 -24.5 0.33 133.3 -17.6 IJM 1.61 1.63 1.2% Sell 5,830 1.17 6.2 9.7 26.0 16.7 2.5 2.5 2.33 -30.9 1.15 40.0 -6.9 INTA 0.28 0.53 89.3% Buy 150 1.16 4.8 5.8 5.8 4.8 2.7 3.6 0.40 -30.0 0.15 86.7 -8.2 KAB 0.97 0.17 -82.4% Sell 899 0.77 1.2 1.5 80.3 66.1 0.4 0.5 1.22 -20.9 0.52 84.4 -8.1 BUILDING MATERIALS CONSTRUCTION PESONA 0.23 0.21 -8.7% Sell 160 0.82 2.2 1.9 10.3 12.3 4.3 4.3 0.30 -23.3 0.13 76.9 -6.1 SUNCON 1.73 1.68 -2.9% Sell 2,231 0.79 9.4 10.5 18.5 16.5 4.0 4.0 2.10 -17.6 1.25 38.4 -8.0 WCT 0.47 0.58 22.3% Hold 660 1.68 4.5 7.0 10.5 6.7 0.0 0.0 0.82 -42.8 0.24 93.8 -11.3 LITRAK 3.87 4.71 21.7% Buy 2,062 0.64 33.1 44.7 11.7 8.7 6.5 6.5 4.75 -18.5 3.30 17.3 -5.6 CARLSBG 20.94 24.10 15.1% Buy 6,402 1.29 79.7 99.4 26.3 21.1 3.8 4.7 39.17 -46.5 17.34 20.8 -9.9 HEIM 22.14 25.50 15.2% Buy 6,688 1.05 88.2 109.6 25.1 20.2 3.9 4.8 31.74 -30.2 17.30 28.0 -3.8 AEON 0.97 1.25 29.5% Buy 1,355 1.05 8.9 9.5 10.9 10.1 4.1 4.1 1.45 -33.4 0.67 44.0 -9.8 AMWAY 5.75 6.00 4.3% Buy 945 0.59 33.8 34.8 17.0 16.5 4.8 4.8 5.91 -2.7 4.50 27.8 -0.5 F&N 32.70 40.00 22.3% Buy 11,994 0.56 117.5 129.3 27.8 25.3 2.0 2.1 34.40 -4.9 24.12 35.6 1.9 FOCUSP 0.83 0.76 -8.4% Buy 183 0.61 5.1 5.8 16.3 14.4 2.8 3.1 0.98 -14.9 0.32 159.4 -13.5 CONSUMER Brewery Retail HUPSENG 0.95 1.00 5.8% Sell 756 0.59 5.7 6.0 16.5 15.8 6.3 6.3 1.08 -12.5 0.75 26.8 -0.5 JOHOTIN 1.94 2.60 34.0% Buy 597 1.25 17.1 19.6 11.4 9.9 3.6 4.1 2.08 -6.7 0.98 98.0 -3.5 LHI 0.66 0.84 27.3% Buy 2,409 na 4.7 5.7 14.2 11.7 2.1 2.6 0.96 -31.3 0.43 53.5 -3.6 NESTLE 140.00 143.00 2.1% Sell 32,830 0.47 290.3 305.6 48.2 45.8 2.0 2.1 147.40 -5.0 120.00 16.7 0.8 PADINI 2.70 3.20 18.5% Buy 1,776 0.97 18.5 23.0 14.6 11.8 3.3 4.3 3.59 -24.8 1.78 51.7 -6.3 -13.2 POHUAT 1.51 1.88 24.5% Hold 400 1.07 19.7 20.3 7.7 7.4 5.3 5.3 2.06 -26.7 0.69 118.8 QL 6.01 7.00 16.5% Buy 14,626 0.61 11.0 12.4 54.4 48.3 0.6 0.6 7.20 -16.5 4.33 38.7 3.6 SCIENTX 11.98 12.60 5.2% Hold 6,192 0.68 81.2 90.3 14.7 13.3 2.1 2.3 12.90 -7.1 5.96 101.0 -5.5 Note: SCIENTX proposed 2 for 1 bonus issue shares and 1 for 5 free warrants. For more detail please refer to 21-Sept-20 report. SIGN 0.45 0.60 34.8% Buy 114 1.49 3.4 4.9 13.0 9.1 4.0 5.6 0.61 -26.4 0.15 198.6 -17.6 12.86 14.50 12.8% Buy 3,672 0.90 97.7 96.2 13.2 13.4 7.4 7.3 15.32 -16.1 9.26 38.9 -8.7 GENTING 4.05 5.68 40.2% Buy 15,595 1.43 18.4 29.3 22.0 13.8 4.4 4.7 6.05 -33.1 2.91 39.2 -9.2 GENM 2.41 3.20 32.8% Buy 13,624 1.08 8.4 22.9 28.7 10.5 3.3 5.8 3.26 -26.2 1.83 31.7 -10.4 2.08 2.40 15.4% Buy 2,794 0.73 17.0 17.8 12.3 11.7 7.7 8.2 2.63 -21.0 1.88 10.6 -5.0 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical DPHARMA 3.28 1.92 -41.5% Sell 2,316 0.63 9.1 10.6 35.9 31.0 1.8 2.1 4.38 -25.1 1.05 212.4 -3.0 IHH 5.60 6.25 11.6% Buy 49,152 0.76 10.8 13.3 51.7 42.1 0.6 0.7 5.94 -5.7 4.55 23.1 1.8 KPJ 1.00 1.05 5.0% Hold 4,280 0.81 4.0 4.5 25.2 22.3 1.9 2.2 1.04 -3.8 0.72 38.9 0.0 HARTA 12.22 23.60 93.1% Buy 41,885 0.99 103.9 127.9 11.8 9.6 5.1 6.3 21.16 -42.2 5.40 126.3 0.7 KOSSAN 4.35 9.01 107.1% Buy 11,106 0.82 151.1 64.4 2.9 6.8 13.7 5.8 9.75 -55.4 2.07 110.7 -3.3 SUPERMX 7.03 12.33 75.4% Buy 18,459 1.57 144.7 87.6 4.9 8.0 7.9 4.8 11.95 -41.2 0.63 1014.1 17.0 TOPGLOV 6.43 8.84 37.5% Buy 51,586 1.07 155.2 60.0 4.1 10.7 15.8 5.1 9.77 -34.2 1.53 320.3 5.1 ALLIANZ 14.18 17.39 22.6% Buy 2,508 0.89 288.3 308.2 4.9 4.6 4.1 5.4 16.03 -11.6 11.40 24.4 -4.1 TUNEPRO 0.40 0.48 20.0% Buy 301 1.25 6.1 7.6 6.5 5.3 6.1 7.6 0.57 -29.8 0.20 100.0 -8.0 ASTRO 0.87 1.06 21.8% Buy 4,537 1.08 9.7 9.6 8.9 9.0 8.6 9.2 1.31 -33.6 0.71 23.4 -3.9 MEDIA PRIMA 0.25 0.28 12.2% Hold 272 1.28 2.4 3.2 10.1 7.6 8.1 10.8 0.31 -19.7 0.11 122.7 -14.0 STAR 0.34 0.36 6.0% Sell 243 1.13 -1.3 -0.3 na na 0.0 0.0 0.51 -34.3 0.23 48.9 -4.3 Rubber Gloves INSURANCE MEDIA
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Market Cap . Share Price Target Price (RM) (RM) LCTITAN 2.60 3.58 37.7% Buy 5,910 MHB 0.42 0.50 19.0% Hold 672 MISC 6.68 8.90 33.2% Buy PANTECH 0.41 0.29 -28.4% PCHEM 7.30 9.10 24.7% SERBADK 1.67 2.10 25.7% % upside Recom (RMm) Beta EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg FY21 FY22 FY21 FY22 FY21 FY22 High Price % Chg Low Price % Chg YTD 1.29 10.7 12.4 24.3 20.9 0.4 0.4 2.98 -12.8 0.98 166.7 1.72 0.6 2.4 73.5 17.5 0.0 0.0 0.90 -53.3 0.26 64.7 -6.7 29,818 0.65 49.2 51.9 13.6 12.9 4.5 4.5 8.55 -21.9 6.32 5.7 -2.8 Sell 302 1.26 2.2 4.0 18.8 10.1 1.6 3.0 0.52 -22.1 0.25 63.6 -10.0 Buy 58,400 1.60 31.2 38.1 23.4 19.2 2.5 2.7 7.96 -8.3 4.00 82.5 -1.7 Buy 5,633 1.36 20.3 21.4 8.2 7.8 3.0 3.6 2.48 -32.7 1.02 63.7 -5.1 OIL & GAS -6.1 UZMA 0.54 0.61 13.0% Sell 13,556 1.60 4.9 8.6 11.1 6.3 0.0 0.0 0.98 -44.9 0.31 74.2 -4.4 VELESTO 0.13 0.16 23.1% Hold 1,068 1.77 -0.2 0.2 na 73.3 0.0 0.0 0.40 -67.1 0.09 44.4 -7.1 FGV 1.28 1.30 1.6% Hold 4,670 1.21 6.6 8.5 19.4 15.0 1.6 1.6 1.57 -18.5 0.72 79.0 0.0 IJMPLNT 1.92 2.40 25.0% Buy 1,691 1.34 9.6 10.1 20.0 19.0 1.0 1.0 2.25 -14.7 1.01 90.1 5.5 IOICORP 4.50 4.80 6.7% Hold 28,198 0.90 17.6 19.6 25.6 22.9 2.3 2.6 4.76 -5.5 3.41 32.0 3.0 KLK 24.70 27.30 10.5% Buy 26,638 0.95 101.4 110.6 24.4 22.3 2.0 2.2 25.22 -2.1 17.40 42.0 4.3 SIMEPLT 5.21 5.66 8.6% Buy 35,869 0.86 20.2 20.8 25.8 25.0 2.7 2.7 5.44 -4.1 3.81 36.8 4.4 TSH 1.13 1.29 14.2% Buy 1,560 1.52 5.4 6.3 21.0 18.0 1.8 1.8 1.57 -28.0 0.56 101.8 -1.7 UMCCA 5.28 4.51 -14.6% Sell 1,108 0.71 13.5 21.4 39.1 24.7 1.7 1.7 5.30 -0.4 4.00 32.0 3.5 GLOMAC 0.30 0.43 43.3% Buy 231 0.60 2.5 3.8 11.9 8.0 3.3 4.2 0.38 -20.0 0.24 25.0 -7.7 HUAYANG 0.25 0.34 36.0% Buy 88 1.04 -2.2 0.7 na 37.0 0.0 0.0 0.40 -36.7 0.15 72.4 -10.7 IBRACO 0.57 0.62 9.7% Buy 280 0.71 7.9 8.9 7.2 6.3 2.7 2.7 0.70 -19.3 0.23 145.7 8.7 IOIPG 1.36 1.77 30.1% Buy 7,488 1.00 11.3 12.3 12.0 11.0 2.2 2.2 1.77 -23.2 0.83 64.8 -12.3 MAHSING 0.87 1.26 44.8% Buy 2,112 1.31 9.2 14.6 9.5 6.0 3.4 5.2 1.47 -40.8 0.31 185.2 0.0 SIMEPROP 0.64 0.76 18.8% Buy 4,353 1.16 4.1 3.8 15.8 16.7 2.3 2.3 0.89 -28.1 0.48 34.7 -3.8 SPSETIA 0.88 1.16 31.8% Buy 3,570 1.38 8.4 9.8 10.5 9.0 2.8 2.8 1.57 -43.9 0.55 60.0 -11.1 SUNWAY 1.50 1.76 17.3% Buy 7,333 0.80 10.7 11.1 14.0 13.5 5.0 5.0 1.83 -18.0 1.22 23.0 -6.8 PLANTATIONS PROPERTY REIT CMMT 0.61 0.71 16.4% Buy 1,259 0.56 4.6 4.8 13.3 12.6 7.5 7.9 1.02 -40.2 0.59 3.4 -2.4 SUNREIT 1.40 1.48 5.7% Sell 4,795 0.59 9.3 7.7 15.1 18.2 6.1 5.1 1.92 -27.1 1.34 4.5 -6.7 POWER & UTILITIES MALAKOF 0.89 1.11 24.7% Buy 4,349 0.77 6.9 6.8 12.9 13.0 7.0 6.9 1.02 -12.7 0.65 38.0 -0.6 PETDAG 21.12 20.60 -2.5% Hold 20,982 0.72 73.4 78.5 28.8 26.9 5.4 5.4 23.79 -11.2 17.08 23.7 -1.3 PETGAS 16.82 18.70 11.2% Buy 33,282 0.71 97.3 97.1 17.3 17.3 4.0 4.0 18.45 -8.8 12.97 29.7 -2.1 TENAGA 10.24 11.40 11.3% Buy 58,416 0.91 85.8 89.5 11.9 11.4 4.6 4.8 13.10 -21.8 9.50 7.8 -1.7 YTLPOWR 0.69 0.62 -10.1% Sell 5,594 1.00 2.4 3.9 28.5 17.8 0.0 7.2 0.76 -9.5 0.45 52.7 -7.4 TELECOMMUNICATIONS AXIATA 3.63 4.68 28.9% Buy 33,285 0.96 14.0 17.1 25.9 21.2 3.3 4.1 4.75 -23.6 2.66 36.5 -2.9 DIGI 4.16 4.40 5.8% Hold 32,344 0.78 17.9 19.1 23.2 21.8 4.1 4.4 4.68 -11.1 3.74 11.2 0.5 MAXIS 5.10 5.20 2.0% Hold 39,897 0.71 21.4 23.5 23.8 21.7 3.9 3.9 5.70 -10.5 4.59 11.1 1.0 TM 5.51 5.80 5.3% Buy 20,793 0.80 33.2 36.0 16.6 15.3 3.0 3.3 5.59 -1.4 3.09 78.3 1.8 ELSOFT 0.83 0.70 -15.2% Under Review 553 1.20 4.1 5.1 20.0 16.1 3.8 4.7 0.94 -12.2 0.39 114.3 3.8 INARI 2.66 3.26 22.6% Buy 8,780 0.98 8.9 10.2 29.9 26.1 3.1 3.6 2.83 -6.0 0.90 195.6 -3.6 MPI 26.60 29.40 10.5% Buy 5,291 0.60 109.1 117.3 24.4 22.7 1.1 1.1 26.70 -0.4 7.39 259.9 2.5 N2N 0.71 1.15 63.1% Buy 421 1.37 4.1 4.5 17.1 15.6 4.3 4.3 1.00 -29.1 0.34 105.4 -2.1 SKPRES 1.94 2.45 26.3% Buy 1,688 1.01 10.2 12.8 19.0 15.1 2.6 3.3 2.29 -15.3 0.66 193.9 -9.8 UNISEM 6.22 6.73 8.2% Buy 4,844 0.79 27.1 30.4 22.9 20.4 2.3 2.4 7.01 -11.3 1.53 306.5 0.6 TECHNOLOGY Semiconductor & Electronics TRANSPORTATION Airlines AIRASIA 0.73 0.77 6.2% Sell 2,423 1.73 -7.3 20.3 na 3.6 0.0 0.0 1.73 -58.1 0.50 45.0 -18.1 AIRPORT 5.25 6.50 23.8% Buy 8,711 1.13 -13.9 36.4 na 14.4 0.0 3.1 7.20 -27.1 3.92 33.9 -11.3 Freight & Tankers PTRANS 0.25 0.35 40.0% Buy 476 1.02 2.6 2.9 9.7 8.7 4.1 5.1 0.33 -23.5 0.12 101.9 -3.8 TNLOGIS 0.79 1.21 53.2% Buy 406 0.85 1.7 6.3 45.8 12.5 0.0 2.5 1.10 -28.2 0.26 203.8 -10.7 WPRTS 4.30 4.80 11.6% Buy 14,663 0.54 18.4 20.1 23.4 21.3 3.2 3.5 4.69 -8.3 2.97 44.8 0.0 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY21 FY22 PER (X) FY21 Div Yield (%) 52week 52week % Chg FY22 FY21 FY22 High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 26.92 26.60 -1.2% Buy 68,675 1.17 216.5 248.2 12.4 10.8 3.7 4.5 27.47 -2.0 16.65 61.7 7.5 OCBC 10.60 9.10 -14.2% Sell 47,421 1.04 87.7 107.0 12.1 9.9 3.4 3.8 11.23 -5.6 7.80 35.9 5.4 UOB 23.79 23.80 0.0% Buy 39,796 1.10 200.8 239.8 11.8 9.9 4.2 5.0 26.75 -11.1 17.12 39.0 5.3 5.04 5.82 15.5% Buy 32,249 0.89 31.7 35.8 15.9 14.1 2.8 3.2 5.07 -0.6 2.83 78.1 8.4 PLANTATIONS WILMAR BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. MARKET STRATEGY Tuesday , January 12, 2021 FBMKLCI: 1,617.25 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* MCO Reintroduced in Six States FBMKLCI Target Maintained Kaladher Govindan Tel: +603-2167 9609 kaladher@ta.com.my www.taonline.com.my MCO to be Reinstated in Selected States • The government has decided to reintroduce the Movement Control Oder (MCO) for 14 days in six states effective tomorrow. The states affected are those with high number of Covid-19 cases, which are Johor, Melaka, Selangor, Penang, Sabah and the federal territories of Kuala Lumpur, Labuan and Putrajaya. Meanwhile, six other states, Negeri Sembilan, Perak, Pahang, Terengganu, Kelantan and Kedah will be placed under the less-stringent Conditional Movement Control Order (CMCO). Only Perlis and Sarawak will be placed under the Recovery Movement Control Order (RMCO). • Under the MCO, interstate travel will be banned and social activities and gatherings are not allowed. Movement is now limited to a 10-km radius and is only allowed for the purchase of groceries from the nearby supermarket or grocery store. No dining in is allowed for now as eateries and stalls will be allowed to operate but limited for take away orders. However, the government allows five essential economic sectors to operate, namely the manufacturing, construction, service, trade and distribution, and agriculture and commodities sectors. Only 30% of workers within a company’s management group are allowed to be in the office, with employers to determine the number of workers required at their premises, subject to the SOPs, while non-essential staff will be required to work from home. • The RMCO and CMCO states are also subject to the no-social-gathering rule, although religious activities are allowed, subject to the SOPs. However, eateries in these states will be allowed to operate as per usual. Market Impact • We believe the 16-point correction to 1,617 in FBMKLCI yesterday has partly discounted this possibility due to rising number of Covid-19 cases in those states. While we expect the reintroduction of movement restrictions to affect the 1Q21 GDP (see our economic report today) and corporate earnings, the impact is expected to be minimal compared to previous MCO as five essential economic sectors are allowed to operate. Previous impact of a MCO was estimated at RM2.4bn per day but we expect it could much less than that this time around with importance given to the key economic sectors and the partial lockdown. Recall that in the CMCO from 6 October till 6 December 2020, the total loss incurred was estimated at RM17bn or RM280mn only per day. • As more details will be available post official announcement later today, we are maintaining our end-2021 FBMKLCI target at 1,830 based on CY22 PER of 17.5x. Since the valuation is based on next year’s earnings we believe there is still room for corporates to play catch-up with effective vaccines around the corner (government expects Pfizer’s vaccine to arrive by late February) and the government engaging with more vaccine producers to obtain them and inoculate the Malaysian population. Page 1 of 2
14. 12-Jan-21 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2
15. ECONOMIC UPDATE Tuesday , January 12, 2021 FBMKLCI: 1,617.25 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Malaysian Economy MCO 2.0 in High Risk Areas; Awaiting for More Details Shazma Juliana Abu Bakar Farid Burhanuddin Tel: +603-2167 9608 Tel: +603-2167 9220 shazma@ta.com.my farid@ta.com.my www.taonline.com.my MCO to Reinstate in Selected States • Ten months after the first national Movement Control Oder (MCO) in the early part of 2020, Prime Minister Tan Sri Muhyiddin Yassin yesterday announced fresh movement restrictions in selected states to curb the soaring number of COVID19 cases. Since Christmas day, Malaysia’s national record for daily Covid-19 cases has been broken four times, reaching 2,335 on Boxing Day, 2,525 on the final day of 2020, 2,593 on 6 January 2021 and 3,027 on 7 January. Cases has remained above 2,000 level since then with the latest statistics at 2,232. • The MCO will be reintroduced in six states – namely Melaka, Johor, Penang, Selangor and Sabah and the federal territories of Kuala Lumpur, Labuan and Putrajaya. Meanwhile, the other six states, Pahang, Perak Negeri Sembilan, Kedah, Terengganu and Kelantan will be placed under the less-stringent conditional MCO, or CMCO, while Perlis and Sarawak will be placed under the recovery phase of the MCO, or widely known as RMCO. • The restriction will kick in from 13 January 2021 until 26 January 2021. The Ministry of Health (MoH) will continue to undertake risk assessments to decide whether the MCO should end or be extended, before the two-week period is up. • Similar to the past MCO, interstate travel will be banned and social activities and gatherings are not allowed. Movement is now limited to a 10-km radius and is only allowed for the purchase of groceries from the nearby supermarket or grocery store. No dining in is allowed for now as eateries and stalls will be allowed to operate but limited for take away orders. However, the government allows five essential economic sectors to operate, namely the manufacturing, construction, service, trade and distribution, and agriculture and commodities sectors. Only 30% of workers within a company’s management group are allowed to be in the office, with employers to determine the number of workers required at their premises, subject to the SOPs, while non-essential staff will be required to work from home. • The RMCO and CMCO states are also subject to the no-social-gathering rule, although religious activities are allowed, subject to the SOPs. However, eateries in these states will be allowed to operate as per usual. The Economic Impact • We view that the enforcement of the MCO in the six states may affect our GDP prospect especially in the first quarter of 2021. Based on the 2019 National GDP by states, the six mentioned states contributed about 66.4% of Malaysia’s total GDP, namely: Selangor (24.2%), W.P. Kuala Lumpur (16.4%), Johor (9.4%), Pulau Pinang (6.7%), Sabah (6.0%), Melaka (3.1%) and W.P. Labuan (0.5%). • In 2019, Selangor recorded the highest GDP of 6.7% YoY, followed by W.P. Kuala Lumpur (6.0% YoY), way above than the national GDP of 4.3% YoY. Other affected states recorded a decent GDP growth such as 2.7% YoY for Johor, 3.8% YoY for Pulau Pinang, 0.5% YoY for Sabah and 2.8% YoY Melaka. Page 1 of 4
16. 12-Jan-21 • By activities, we also noted a significant contribution in the manufacturing, construction and services sector for Selangor, while agriculture activities were mostly seen in Sarawak, Johor, Sabah, Pahang and Perak. Sabah and Sarawak also dominated mining and quarrying activities. • Despite that, it is still too early to conclude that this MCO 2.0 to bring a significant loss to the economy. This time around, the restrictions are seen more flexible as compared to the last year’s MCO as most of the economic activities are allowed to operate even though under a stricter standard of procedures (SOPs). We shall review our GDP forecast and other related macroeconomic projections pending for more details by the government today. • Further, Malaysia is expected to receive the Pfizer vaccine under the first phase by the end of February. The government also mentioned that the Health Ministry had developed the Covid-19 national vaccination plan. An early preparation to ensure the distribution of Covid19 vaccine will go smoothly once the supply has been procured. In order for Malaysia to obtain the herd immunity, the government estimated that some 60% to 70% or between 20 and 23mn of the Malaysian population should be vaccinated. At the moment, the government has signed an early agreement with the Covax facility provider Pfizer and AstraZeneca, for the procurement of Covid-19 vaccine, and to guarantee that the vaccine supply would reach a total of 40% of the population, • Also do not expect any fresh stimulus package is imminent unless the economic outlook becomes substantially dimmer than expected. We also see no changes in our OPR, which is expected to remain at 1.75% at the next MPC on 20 January 2021. • During the nationwide lockdown in mid-March until mid-May 2020, our real GDP has contracted by 17.1% YoY in 2Q20 and -2.7% YoY in 3Q20. That time, the total losses suffered by the government were RM63bn or RM2.4bn loss daily. • The government also estimated that the last Conditional Movement Control Order (CMCO) from 6 October till 6 December 2020 has cost Malaysia a loss of RM17bn in GDP earnings. That is equivalent to RM280mn loss per day for that 61 days period. To recap, the government initially announced a CMCO in three districts in Sabah — Sandakan, Papar, and Tuaran — and in Klang, Selangor. Following that, the CMCO was implemented in the whole of the Klang Valley from 14 October 2020 and Sabah from 13 October 2020, which was then extended to all states — except Perlis, Pahang, and Kelantan — from 9 November till 6 December 2020. The CMCO in the Klang Valley and Sabah have been extended until 31 December 2020 but inter-district and interstate movements were permitted from December 7, including the relaxation of other movement restrictions such as vehicle passenger and restaurant seating limits. Page 2 of 4
17. 12-Jan-21 Figure 1 : Real GDP by States, 2015 – 2019 (RMmn) State 1. 2015 Johor 2016 110,002 e 2017 116,682 123,561 p 2018 2019 130,506 134,017 2. Kedah 39,550 41,156 43,067 44,794 46,857 3. Kelantan 21,408 22,476 23,501 24,120 25,389 4. Melaka 36,077 37,713 40,830 42,406 43,612 5. Negeri Sembilan 40,186 41,771 43,816 45,676 48,008 6. Pahang 49,450 50,875 54,591 56,250 58,313 7. Pulau Pinang 78,146 82,493 86,768 91,226 94,663 8. Perak 63,176 65,958 69,337 72,978 75,911 9. Perlis 5,353 5,570 5,695 5,884 6,152 268,825 281,839 302,186 322,760 344,515 31,124 32,133 33,979 34,828 35,989 10. Selangor 11. Terengganu 12. Sabah 73,776 77,518 83,793 85,009 85,444 13. Sarawak 121,585 124,513 130,169 132,981 136,279 14. W.P. Kuala Lumpur1 180,865 191,641 206,175 220,101 233,305 5,999 6,412 6,790 7,244 7,619 51,420 50,562 46,512 46,053 45,382 1,176,941 1,229,312 1,300,769 1,362,815 1,421,454 15. W.P. Labuan 16. Supra2 Real GDP 1 Including W.P. Putrajaya. 2 Supra State covers production activities that beyond the center of predominant economic interest for any state. Source: Statistics Department, TA Securities Figure 2: Real GDP by States and Types of Economic Activities, 2019 (% YoY) Types of Economic Activities 1. Johor Agriculture 1.1 Mining & Quarrying 2.0 Manufacturing Construction 4.6 -27.7 Services Real GDP 6.4 2.7 2. Kedah 3.6 4.8 4.7 8.0 4.9 4.6 3. Kelantan 6.5 1.3 1.5 18.1 5.0 5.3 4. Melaka -2.7 0.7 2.5 -9.2 5.9 2.8 5. Negeri Sembilan 7.0 0.3 2.5 -3.9 8.6 5.1 6. Pahang 3.5 4.2 4.7 -28.2 6.2 3.7 7. Pulau Pinang 4.9 3.4 2.7 0.7 5.5 3.8 8. Perak 2.9 5.0 3.5 6.4 4.5 4.0 9. Perlis 5.9 4.9 1.0 13.2 5.0 4.6 10. Selangor 4.1 5.0 5.3 10.5 7.0 6.7 11. Terengganu 6.0 3.2 0.3 0.4 5.6 3.3 12. Sabah -0.8 -6.0 -0.6 6.1 5.3 0.5 13. Sarawak -0.2 -0.3 2.9 1.4 5.4 2.5 .. 5.2 4.3 5.5 6.0 6.0 6.1 - 1.4 13.5 7.5 5.2 - -1.5 - - - -1.5 0.1 6.1 4.3 14. W.P. Kuala Lumpur 15. W.P. Labuan 16. Supra Real GDP 2.0 -2.0 3.8 1 Including W.P. Putrajaya. 2 Supra State covers production activities that beyond the center of predominant economic interest for any state. Source: Statistics Department, TA Securities Page 3 of 4
18. 12-Jan-21 Figure 3 : Real GDP by States and Types of Economic Activities, 2019 (% Contribution to National GDP) Types of Economic Activities 1. Johor Agriculture Mining & Quarrying 16.2 0.7 Manufacturing Construction 12.7 10.1 Services % Contribution 8.4 9.4 2. Kedah 5.6 0.1 4.2 1.6 3.2 3.3 3. Kelantan 5.7 0.3 0.4 0.6 2.1 1.8 4. Melaka 4.4 0.1 5.3 2.0 2.6 3.1 5. Negeri Sembilan 6. Pahang 7. Pulau Pinang 3.5 0.2 5.6 2.8 2.9 3.4 12.7 0.7 4.0 2.6 3.7 4.1 2.0 0.2 12.8 4.0 5.9 6.7 8. Perak 11.1 0.5 4.3 3.8 5.8 5.3 9. Perlis 1.3 0.0 0.1 0.3 0.5 0.4 10. Selangor 4.6 0.8 30.3 31.1 26.1 24.2 11. Terengganu 3.0 0.2 4.1 1.8 2.3 2.5 12. Sabah 13.5 22.2 2.0 4.7 4.8 6.0 13. Sarawak 16.3 29.2 11.6 6.7 5.9 9.6 .. 0.2 1.9 27.8 25.0 16.4 0.4 0.3 0.7 0.5 - - - 3.2 100.0 100.0 100.0 14. W.P. Kuala Lumpur 15. W.P. Labuan 0.1 16. Supra - 44.7 Real GDP 100.0 100.0 100.0 Note: W.P. Kuala Lumpur includes W.P. Putrajaya. Supra State covers production activities that beyond the center of predominant economic interest for any state. Source: Statistics Department, TA Securities Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
19. SECTOR UPDATE Tuesday , January 12, 2021 FBMKLCI: 1,617.25 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Plantation Sector Neutral Stockpiles Fell Less Than Market Expectations Angeline Chin Tel: +603-2167 9611 angelinechin@ta.com.my www.taonline.com.my Stockpiles in December Decreasing Less Than What Has Been Expected Malaysia Palm Oil Board’s (MPOB)’s Dec palm oil stockpiles fell less than market expectations. Stockpiles dropped 19.0% MoM to 1.27mn tonnes (-37.1% YoY), which was higher than market expectation of 1.18mn to 1.22mn tonnes. The deviation was mainly due to higher imports, which increased by 2.5-fold MoM to 282.1k tonnes. Production decreased by 10.6% MoM to 1.33mn tonnes, while exports increased rapidly to 1.63mn tonnes (+24.7% MoM, 16.2% YoY). Note that the market was expecting a stronger export in the range of 1.50mn to 1.71mn tonnes. Lastly, the domestic usage stood at 288k tonnes (-7.9% MoM, -5.1% YoY). Figure 1: Movement in Stockpiles Source: MPOB, TA Research Production Growth Continued Its Downward Trend CPO production declined 10.6% MoM to 1.33mn tonnes. Average FFB yield in P. Malaysia showed a 10.2% drop at 1.23 tonnes/ha while Sabah and Sarawak declined by 13.6% and 5.9% to 1.21 tonnes/ha and 1.12 tonnes/ha, respectively. For the whole of 2020, CPO production stood at 19.1mn tonnes (-3.6% YoY) while the cumulative FFB yield was 16.7tonnes/ha (-2.8% YoY). Going forward, we may see continuous low production figures until 1Q as Malaysia is already entering the low production season. Page 1 of 5
20. 12-Jan-21 Figure 2 : CPO Production vs. MoM Growth Figure 3: Malaysia Average FFB Yield Trend Source: MPOB, TA Research Source: MPOB, TA Research A Weak Year for Exports Exports were up 24.7% MoM to 1.63mn tonnes. Higher demand in India (>100% MoM) and US (>100% MoM) has offset lower demand in EU (-23.7% MoM), China (-51.0% MoM) and Pakistan (-28.5% MoM). For the year of 2020, exports decreased by 6.0% YoY to 17.4mn tonnes. All major countries showed lower demands for palm oil except China, which increased by 9.6% to 2.7mn tonnes. Looking forward, cargo surveyors, AmSpec and Intertek estimated that the palm oil exports for the first 10 days of Jan 2021 to decrease by 40.0% and 35.4% to 272k and 260k tonnes, respectively. Figure 4: Exports vs. MoM Growth Figure 5: Breakdown by Major Destinations Source: MPOB, TA Research Source: MPOB, TA Research 2021 – Another Volatile Year for Palm Oil Sector The weather and exports are the two key factors that investors should focus on in the nearterm. The La-Nina event may cause temporary supply disruption as heavy rainfall could disrupt harvesting and the collection of fruits in low-lying areas. However, this above-average rainfall could also result in a bumper harvest of palm oil in 2H 2021 due to improve pasture and yields. With regards to exports, the higher export taxes imposed by Indonesia and the re-imposition of CPO tax by Malaysia government started in January may dampen the demand. This has shown in the weaker export figures by cargo surveyors, AmSpec and Intertek for the palm oil exports in the first 10 days of January. We believe 2021 could be another roller coaster year for palm oil industry. We do not expect the current CPO prices to sustain due to increasing volatility and uncertainty on palm oil demand and the prevalence of speculative factors in the market. Page 2 of 5
21. 12-Jan-21 Maintain Neutral We reiterate our Neutral recommendation on the Plantation sector with unchanged CPO price assumption at average RM2 ,600/tonne for 2021. We maintain BUY on SD Plantation (TP: RM5.66), KLK (TP: RM27.30), IJMP (TP: RM2.40), TSH (TP: RM1.29) and Wilmar (TP: SGD5.82). Meanwhile, IOI (TP:RM4.80) and FGV (TP: RM1.30) still rated as HOLD. Lastly, United Malacca (TP: RM4.51) is rated as SELL due to stretched valuation. Figure 6: CPO Prices Figure 7: Oceanic Nino Index (ONI) Source: Bloomberg, 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 8: Monthly Palm Oil Data '000 tonnes Production Stock Export Dom. Usage Import Dec-19 Nov-20 Dec-20 % MoM % YoY 2019 2020 YoY % 1,334 2,011 1,398 303 123.0 1,492 1,562 1,303 313 112.7 1,334 1,265 1,625 288 282.1 (10.6) (19.0) 24.7 (7.9) >100 (0.0) (37.1) 16.2 (5.1) >100 19,858 18,471 3,570 977 19,137 17,369 3,461 947 (3.6) (6.0) (3.1) (3.1) Source: MPOB, TA Research Figure 9: Monthly Palm Oil Exports Data '000 tonnes Dec-19 Nov-20 Dec-20 % MoM % YoY 2019 2020 YoY % 144 32 257 139 91 735 1,398 181 3 301 204 67 548 1,303 138 46 148 548 48 697 1,625 (23.7) >100 (51.0) >100 (28.5) 27.2 24.7 (4.4) 44.2 (42.5) >100 (47.4) (5.3) 16.2 2,094 542 2,491 4,410 1,086 7,850 18,471 1,937 540 2,731 2,727 1,004 8,430 17,369 (7.5) (0.3) 9.6 (38.2) (7.5) 7.4 (6.0) EU-25 US China India Pakistan Others Total Source: MPOB, TA Research Page 3 of 5
22. 12-Jan-21 Figure 10 : CPO Production Figure 11: CPO Production (YoY Growth) Source: MPOB, TA Research Source: MPOB, TA Research Figure 12: Stock vs. CPO Price Figure 13: MYR/USD Source: MPOB, Bloomberg, TA Research Source: Bloomberg, TA Research Figure 14: Soybean Oil’s Premium Over Palm Oil (In USD/ Tonne) Figure 15: Tonne) Source: Bloomberg, TA Research Source: Bloomberg, TA Research CPO Differential to Gas Oil (In USD/ Page 4 of 5
23. 12-Jan-21 Figure 16 : Peers’ Comparison Table Price TP PER (x) P/BV (x) Dividend Yield (%) ROE (%) Company Malaysia (RM) SD Plantation IOI Corp KLK FGV IJMP TSH United Malacca Call (RM) (RM) CY20 CY21 CY20 CY21 CY20 CY21 CY20 CY21 Buy Hold Buy Hold Buy Buy Sell 5.21 4.50 24.70 1.28 1.92 1.13 5.28 5.66 4.80 27.30 1.30 2.40 1.29 4.51 25.8 24.4 23.5 19.4 19.2 21.0 28.1 25.0 22.2 21.4 15.0 16.1 18.0 23.3 2.6 2.8 2.3 1.0 1.3 0.9 0.8 2.5 2.6 2.2 1.0 1.2 0.9 0.8 2.7 2.5 2.1 1.6 1.0 1.8 1.7 2.7 2.7 2.3 1.6 1.0 1.8 1.7 10.3 11.6 9.9 5.3 6.7 4.9 2.9 10.3 12.2 10.4 6.5 7.5 5.5 3.5 Singapore (SGD) Wilmar Buy 5.04 5.82 22.7 20.4 1.8 1.7 2.0 2.2 7.9 8.4 Source: Bloomberg, TA Research (TH E RE M AINI N G O F T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K ) (THIS PAGE IS INTENTIONALLY LEFT BLAN Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, January 12, 2021, the analyst, Angeline Chin Swee Tyng, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
24. Tuesday , 12 January, 2021 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. D ai l y Te ch n ic a l St o ck s W at ch 2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch 3. D ai l y Mon e y F low of FB MK L CI 4. D ai l y S t o c k S c r e e n Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
25. Technical View Tuesday , January 12, 2021 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Malaysia FBM KLCI: 1,617.25 (-15.94, -0.98%) Chartist: Stephen Soo Name FBMKLCI AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GE NTING GE NM IHH IOICORP MALAKOFF MAXIS MAYBANK MBS B RHBBANK S IME TE NAGA TM WP RTS AE MULUS ARMADA DIALOG DNEX FGV GADANG GLOBE TRONICS HIAP TE CK HIBIS CUS INARI MP I MRCB S APURA ENE RGY S KP RE S OURCES S UNCON UE M S UNRIS E VE LE S TO UNIS E M VS INDS WAS E ONG Close 11/J an 1617.25 1.64 2.71 3.34 3.63 4.04 4.16 3.60 4.05 2.41 5.60 4.50 0.89 5.10 8.19 0.61 5.41 2.28 10.24 5.51 4.30 0.58 0.35 3.31 0.20 1.28 0.39 2.69 0.37 0.57 2.66 26.60 0.41 0.12 1.94 1.73 0.43 0.13 6.22 2.37 0.74 Change (15.94) -0.03 -0.10 -0.08 0.16 -0.07 -0.10 -0.10 -0.07 -0.04 -0.01 -0.01 -0.01 -0.10 -0.21 0.01 0.00 -0.02 -0.28 0.06 -0.05 -0.01 0.01 0.02 0.01 -0.01 0.01 0.04 0.00 0.01 0.04 0.90 0.01 0.00 -0.04 0.03 -0.01 -0.01 0.12 0.06 0.03 Tel: +603-2167 9607 Bollinger Bands Lower Mid Upper 1,627.22 1,607.53 1,590.39 1,642.10 1,693.81 High 1.67 2.78 3.38 3.64 4.07 4.20 3.70 4.13 2.48 5.72 4.56 0.90 5.19 8.28 0.62 5.45 2.32 10.40 5.52 4.35 0.60 0.35 3.31 0.21 1.29 0.40 2.70 0.39 0.58 2.67 26.70 0.41 0.13 2.00 1.78 0.44 0.14 6.30 2.41 0.75 Low 1.63 2.70 3.29 3.40 3.97 4.11 3.57 3.94 2.35 5.55 4.43 0.89 5.07 8.11 0.60 5.36 2.28 10.22 5.35 4.26 0.57 0.34 3.18 0.19 1.28 0.38 2.59 0.33 0.57 2.57 25.12 0.40 0.12 1.87 1.70 0.43 0.13 5.91 2.23 0.72 1.70 2.81 3.36 3.46 4.06 4.11 3.62 4.15 2.50 5.50 4.36 0.88 4.96 8.13 0.61 5.25 2.23 10.32 5.20 4.25 0.57 0.33 3.29 0.20 1.13 0.39 2.61 0.38 0.55 2.46 23.38 0.41 0.12 1.97 1.77 0.45 0.13 5.64 2.39 0.70 1.83 2.91 3.58 3.73 4.31 4.18 3.79 4.53 2.69 5.66 4.44 0.90 5.09 8.53 0.67 5.55 2.30 10.59 5.37 4.40 0.62 0.36 3.41 0.22 1.24 0.44 2.71 0.45 0.60 2.63 24.59 0.47 0.13 2.09 1.88 0.49 0.14 6.09 2.56 0.78 1.96 3.00 3.80 4.00 4.55 4.24 3.95 4.90 2.87 5.82 4.52 0.92 5.21 8.93 0.74 5.85 2.36 10.86 5.54 4.54 0.68 0.39 3.53 0.24 1.34 0.49 2.81 0.52 0.64 2.80 25.80 0.53 0.13 2.21 1.99 0.52 0.15 6.53 2.74 0.86 RSI 14d 52.86 37.73 49.00 46.52 39.25 48.87 60.08 47.15 40.36 36.23 50.23 57.74 47.85 57.34 51.87 39.00 48.96 47.77 46.65 63.38 49.05 39.37 46.73 34.05 32.21 64.49 33.29 41.04 40.76 40.98 48.18 58.71 32.64 42.67 42.35 31.08 38.34 39.93 54.08 33.67 47.57 stsoo@ta.com.my Moving Averages 10d 30d 50d 1,623.07 1,632.55 1,599.36 1.79 2.89 3.54 3.64 4.25 4.18 3.75 4.42 2.64 5.64 4.45 0.91 5.11 8.42 0.66 5.48 2.31 10.53 5.41 4.42 0.61 0.35 3.40 0.22 1.29 0.43 2.73 0.44 0.58 2.69 24.85 0.45 0.12 2.12 1.86 0.48 0.14 6.12 2.53 0.79 1.76 2.83 3.49 3.72 4.15 4.16 3.77 4.43 2.64 5.63 4.44 0.90 5.06 8.43 0.65 5.51 2.31 10.65 5.29 4.38 0.65 0.35 3.49 0.22 1.24 0.44 2.76 0.42 0.60 2.64 24.90 0.47 0.12 2.09 1.89 0.47 0.14 5.98 2.56 0.73 1.65 2.66 3.34 3.52 3.83 4.12 3.70 4.09 2.51 5.52 4.45 0.91 5.07 8.11 0.61 5.20 2.35 10.65 4.93 4.27 0.67 0.31 3.58 0.22 1.20 0.42 2.81 0.34 0.57 2.62 24.16 0.45 0.12 2.01 1.86 0.45 0.14 5.84 2.48 0.61 www.taonline.com.my DMI DI + 22.73 19.85 19.75 23.25 13.09 18.64 9.67 17.00 18.98 15.16 15.21 19.17 14.19 20.29 20.92 18.30 19.09 14.11 9.23 24.25 19.06 24.75 20.48 9.07 13.05 27.88 18.27 11.93 20.40 19.30 24.49 29.52 13.75 13.72 17.94 14.01 19.36 15.17 25.38 17.17 25.61 DI 26.97 24.75 26.95 30.77 29.44 26.29 14.07 30.39 34.78 34.30 15.05 11.70 19.74 6.18 25.59 26.66 17.38 12.82 23.67 8.37 22.20 17.78 21.55 29.82 25.84 13.05 33.49 21.20 31.34 15.83 23.78 21.31 31.02 11.65 21.01 26.37 28.82 19.09 12.68 28.84 26.41 ADX 20.03 38.79 36.33 31.46 31.52 30.99 9.19 14.22 31.18 30.85 20.31 12.14 12.93 21.60 23.49 34.03 24.79 13.62 25.33 53.77 26.15 13.15 27.91 34.32 18.96 28.57 26.04 21.76 33.98 22.80 15.79 19.51 29.42 36.88 26.08 25.97 24.44 16.68 42.84 24.06 46.22 Diff (4.23) (4.91) (7.20) (7.53) (16.35) (7.65) (4.41) (13.39) (15.80) (19.14) 0.16 7.48 (5.55) 14.11 (4.66) (8.36) 1.71 1.30 (14.45) 15.88 (3.13) 6.97 (1.07) (20.75) (12.79) 14.83 (15.22) (9.27) (10.94) 3.47 0.71 8.21 (17.27) 2.07 (3.07) (12.36) (9.46) (3.92) 12.71 (11.68) (0.80) Line 0.60 0.02 0.05 0.02 -0.01 0.08 0.02 -0.01 0.03 0.01 0.02 0.01 0.01 0.03 0.04 0.00 0.04 -0.01 -0.06 0.13 0.04 -0.02 0.01 -0.07 0.00 0.03 -0.01 -0.02 0.01 0.00 0.02 0.29 -0.01 0.00 0.01 -0.02 0.00 0.00 0.13 -0.02 0.05 MACD Signal Diff 7.58 (6.98) 0.05 0.08 0.06 0.05 0.14 0.02 0.02 0.11 0.05 0.04 0.00 0.02 0.01 0.10 0.01 0.08 -0.01 -0.05 0.15 0.05 -0.02 0.01 -0.06 0.00 0.02 0.00 -0.02 0.03 0.00 0.02 0.27 0.00 0.00 0.03 0.00 0.01 0.00 0.16 0.02 0.06 (0.03) (0.03) (0.04) (0.06) (0.05) (0.00) (0.03) (0.08) (0.04) (0.02) 0.01 (0.01) 0.02 (0.06) (0.01) (0.04) 0.01 (0.01) (0.03) (0.01) 0.00 (0.01) (0.00) (0.00) 0.00 (0.01) (0.00) (0.02) (0.01) (0.01) 0.01 (0.01) (0.00) (0.02) (0.02) (0.01) (0.00) (0.03) (0.04) (0.01) DMI MACD DMI MACD Recent Signal Signal Change SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY SELL BUY SELL SELL BUY BUY SELL BUY SELL BUY SELL SELL SELL BUY SELL SELL SELL BUY BUY BUY SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL BUY SELL SELL SELL BUY SELL SELL SELL BUY SELL SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL BUY - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. 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
26. 12-Jan-21 Technical Comments : Take Profit on Affin & ABMB Affin shares should continue to weaken on profit-taking pressure given the bearish technical momentum, before stronger retracement supports from the 50%FR (RM1.56) and 38.2%FR (RM1.48) cushion downside, while rebound upside is seen capped by the 76.4%FR (RM1.72) and June 2020 peak (RM1.87). Likewise, ABMB should slide further on profit-taking and bearish momentum, with key chart supports from the June 2020 peak (RM2.48) and 100-day ma (RM2.43) capping downside, while upside is likely restricted by the 138.2%FP (RM2.86) and 150%FP (RM2.98). AFFIN (5185) RM1.64 (-0.03) Z BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.98 1.82 1.67 10-day 30-day 50-day RM RM RM DAILY MACD DMI Recent Signal Signal Change SELL Recent Signal Signal Change ABMB (2488) RM RM RM SIMPLE MOVING AVERAGES 0.52 0.49 0.46 10-day 30-day 50-day DMI Recent Signal Signal Change SELL RM2.71 (-0.10) BOLLINGER BANDS Upper Middle Lower 1.77 1.76 1.65 SELL Recent Signal Signal Change RM RM RM DAILY MACD 0.48 0.47 0.44 SELL Page 2 of 4
27. 12-Jan-21 Daily Money Flow of Technical Stock Watch Malaysia Chartist : Stephen Soo No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 39 40 Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my 4-Jan 5-Jan 6-Jan 7-Jan 8-Jan (A) Total 5D MF Prv. Chg FBMKLCI (54.9) (6.7) 14.8 1.7 25.7 (19.3) (13.1) 24.1 1,603 1,608 1,592 1,603 1,633 30.24 IN AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AEMULUS ARMADA DIALOG DNEX FGV GADANG GTRONIC HIAP TECK HIBISCUS INARI MPI MRCB SAPURA ENERGY SKP RESOURCES SUNCON UEMS VELESTO UNISEM VS IND WASEONG 0.1 (0.1) (0.2) 0.5 0.9 (0.1) (0.5) (1.5) (0.4) 0.4 0.4 (0.0) (0.3) 0.8 (0.1) (0.4) (0.1) 0.7 (0.0) (0.0) (0.0) (0.2) 0.1 (0.0) 0.3 (0.2) (0.1) (0.1) 0.1 0.1 (0.2) (0.0) (0.0) 0.3 0.0 (0.2) (0.1) 0.5 0.1 (1.4) 0.1 (0.0) (0.2) 0.2 (0.5) 0.2 0.2 0.0 (0.6) 1.0 0.1 (0.0) 0.4 (3.9) (0.1) 1.1 0.1 0.1 1.3 (0.1) (0.3) 0.1 (0.6) (0.1) (0.4) (0.0) (0.2) 0.0 (0.4) (0.1) 0.0 (0.1) (0.2) 0.0 (0.1) 0.1 (0.0) (0.2) (0.9) (0.6) 0.1 (0.3) (0.2) (0.1) 0.3 (0.0) 0.4 (0.2) 2.2 (0.4) (0.0) 0.1 (0.6) (0.2) 0.0 (0.2) (0.1) 3.2 0.8 2.2 (0.1) (1.0) (0.1) (0.1) 0.5 0.0 (0.2) (0.3) (0.5) 0.5 0.1 0.0 (0.0) 0.0 (0.0) 0.2 (0.2) (0.4) (0.3) (0.6) (0.3) (0.1) 0.6 (0.5) (1.3) (0.0) 0.5 (1.9) 0.3 0.0 (0.1) (0.0) 0.2 1.2 (0.0) (3.3) (0.2) 0.2 1.5 (0.0) (0.1) (0.3) 0.5 (0.0) (0.6) (0.0) (0.1) 0.2 (0.1) (0.9) 0.0 0.0 0.0 (1.2) (0.0) 0.0 (0.0) 0.3 (0.7) 0.1 (0.0) (0.2) (0.2) (0.4) (0.7) (0.0) 0.6 (2.6) (1.9) 0.1 0.2 (0.1) (0.2) (0.5) (0.3) 0.4 0.3 0.7 (0.7) 0.5 (0.0) (0.5) 0.3 (0.4) (0.5) (0.0) (0.0) (0.1) 0.2 0.4 (0.0) (0.0) (0.2) 0.3 0.0 (0.0) (0.3) 0.1 (0.2) (0.2) 0.0 (0.6) (0.3) (0.3) (1.4) 0.1 1.2 (6.2) (0.4) 1.0 0.5 (0.1) (0.5) (2.7) (0.5) (2.5) 0.0 4.7 2.8 2.5 (0.5) (1.8) 0.3 (0.6) (0.8) (0.2) (0.6) (0.2) (0.7) (0.0) (0.1) (0.1) (0.4) (0.6) (0.2) 0.0 (0.6) 0.2 (2.1) (2.7) (0.4) 0.2 0.8 (0.4) (1.6) 0.0 0.1 (1.7) (1.9) 0.4 (0.1) (0.1) 0.8 1.4 (0.1) (3.1) (0.2) (3.0) 0.7 (2.2) 0.0 0.7 0.6 0.1 (1.1) (0.0) 0.2 0.4 0.4 (1.4) (0.1) 0.0 0.0 (1.2) (0.0) (0.2) 0.2 0.6 (0.4) 0.7 0.2 (0.1) (0.8) 0.2 0.6 (0.0) 0.1 (0.8) (2.1) 0.1 0.3 (0.0) (0.4) (1.6) (0.2) 3.7 0.6 0.5 (2.2) 0.5 0.1 (0.2) (0.2) (0.3) 0.1 (0.0) 0.0 (0.3) 0.3 1.3 (0.0) (0.1) (0.2) 1.5 0.1 (0.1) (0.3) (0.2) 0.5 (0.3) 1.83 2.94 3.49 3.70 4.28 4.16 3.73 4.48 2.67 5.52 4.43 0.92 5.07 8.35 0.66 5.50 2.30 10.46 5.42 4.38 0.60 0.36 3.47 0.22 1.29 0.42 2.81 0.42 0.59 2.72 25.50 0.45 0.13 2.10 1.88 0.48 0.14 6.34 2.60 0.89 1.80 2.91 3.44 3.64 4.30 4.20 3.69 4.50 2.65 5.65 4.47 0.92 5.15 8.31 0.66 5.48 2.34 10.54 5.42 4.59 0.66 0.35 3.35 0.22 1.28 0.42 2.75 0.44 0.58 2.70 25.00 0.44 0.13 2.20 1.87 0.48 0.14 6.24 2.52 0.84 1.74 2.85 3.38 3.50 4.16 4.14 3.60 4.36 2.62 5.55 4.48 0.90 5.06 8.24 0.64 5.48 2.32 10.42 5.43 4.50 0.62 0.36 3.32 0.21 1.28 0.41 2.70 0.41 0.57 2.60 24.20 0.42 0.12 2.06 1.77 0.48 0.14 6.20 2.48 0.81 1.69 2.84 3.35 3.43 4.14 4.16 3.62 4.20 2.53 5.70 4.50 0.91 5.28 8.28 0.63 5.42 2.33 10.52 5.40 4.42 0.61 0.36 3.35 0.21 1.29 0.40 2.70 0.40 0.58 2.64 24.74 0.43 0.12 2.01 1.80 0.48 0.14 6.13 2.40 0.80 1.67 2.81 3.42 3.47 4.11 4.26 3.70 4.12 2.45 5.61 4.51 0.90 5.20 8.40 0.61 5.41 2.30 10.52 5.45 4.35 0.59 0.34 3.29 0.20 1.29 0.39 2.65 0.37 0.56 2.62 25.70 0.40 0.12 1.98 1.70 0.44 0.14 6.10 2.31 0.71 (0.02) (0.03) 0.07 0.04 (0.03) 0.10 0.08 (0.08) (0.08) (0.09) 0.01 (0.01) (0.08) 0.12 (0.02) (0.01) (0.03) 0.00 0.05 (0.07) (0.02) (0.03) (0.06) (0.02) 0.00 (0.02) (0.05) (0.04) (0.02) (0.02) 0.96 (0.03) 0.00 (0.03) (0.10) (0.04) 0.00 (0.03) (0.09) (0.09) OUT IN IN OUT OUT OUT IN OUT OUT IN IN OUT IN OUT OUT IN IN OUT OUT OUT IN IN IN OUT OUT OUT IN IN IN OUT OUT OUT OUT IN IN OUT OUT IN IN IN Name Total Money Flow (RM'mn) (B) Cur. Chg CLOSING PRICE 4-Jan 5-Jan 6-Jan 7-Jan 8-Jan Chg (A+B) DMF Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 3 of 4
28. 12-Jan-21 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Name FBMKLCI MAYBANK PBBANK TENAGA CIMB PCHEM IHH AXIATA MAXIS HLBANK SIME PLT DIGI NESTLE PETGAS GENTING MISC IOI CORP GENM KLK PETDAG HAP SENG HLFG PPB TOP GLOVE RHBBANK PMETAL SIME HARTALEGA SUPERMAX DIALOG TM (RM'mn) INF LOW OUTF LOW NET FLOW Tel: +603-2167 9607 4-J an (54.9) 0.8 0.1 0.7 0.9 0.3 Total Money Flow (RM'mn) 5-J an 6-J an 7-J an (6.7) 14.8 1.7 (3.9) (0.2) 1.2 1.2 (1.7) 0.6 0.1 3.2 0.2 (0.5) 0.3 (1.3) 0.2 0.3 (0.6) 0.4 0.5 (0.3) 0.4 (0.3) (0.1) 0.3 0.1 (1.5) 0.1 0.4 (0.4) (0.7) 0.1 0.2 0.1 0.5 (53.6) (0.4) 2.4 (0.1) (0.8) (4.8) 0.1 (0.0) 1.0 0.2 0.4 (0.2) (0.2) 0.2 0.1 0.1 0.0 1.1 0.1 (0.6) (1.3) 0.0 0.2 0.1 0.1 (2.8) 1.1 (2.7) 0.1 1.8 (3.2) (0.6) 1.3 (0.4) (0.1) (0.6) 0.3 2.1 (0.0) (0.2) (0.1) (0.2) (0.1) (0.0) 2.2 1.2 0.0 (0.0) (0.0) 0.4 3.6 (0.2) (0.1) (0.1) 2.0 2.7 (0.1) 0.8 0.0 (0.5) 0.2 (0.4) (0.2) (0.0) 0.1 0.2 (1.9) (0.6) (0.1) 0.3 1.0 (0.1) 0.0 0.4 1.2 2.9 (3.3) 0.1 (0.2) (1.5) 2.2 0.5 1.5 8-J an 25.7 (0.5) 2.2 0.7 (0.7) 0.9 0.1 (0.4) (0.2) (0.1) 0.1 (0.0) 0.2 0.1 (2.6) 0.2 0.2 (1.9) (0.1) 0.1 0.1 0.1 0.4 15.9 0.4 (0.2) 0.3 6.2 4.7 0.3 (0.7) Total 5D MF (19.3) (2.7) 2.4 4.7 (1.4) 1.2 1.0 (0.3) (0.5) 0.1 1.6 0.1 0.5 0.4 (6.2) 0.7 0.5 (0.4) 0.1 0.2 0.4 0.6 2.5 (34.1) (2.5) (0.5) 0.0 7.7 1.5 0.3 2.8 8.2 9.2 19.0 12.3 33.1 81.7 (63.0) (54.9) (15.9) (6.7) (4.2) 14.8 (10.7) 1.7 (7.3) 25.8 (101.0) (19.3) 18 (12) 20 (10) 13 (17) 17 (13) 19 (11) stsoo@ta.com.my (A) (B) Prv. Chg Cur. Chg (13.1) 24.1 1.4 (1.6) 2.3 1.5 (3.0) 0.5 (1.6) 0.6 (0.9) 1.5 0.4 0.1 (0.4) 0.2 0.8 (0.4) (0.7) 0.3 (2.4) 0.3 0.0 (0.0) 0.3 0.2 0.2 (0.1) (1.7) (0.8) (0.5) 0.8 (0.1) 0.3 (1.9) (2.1) (0.1) (1.1) (0.1) 0.1 0.1 0.0 0.4 (0.3) 0.8 (0.7) (0.7) 13.0 (3.1) 3.7 0.1 (0.2) (0.2) 0.6 (3.5) 7.8 (0.5) 2.5 0.6 (0.2) 0.7 (2.2) 4-J an 1,603 8.35 20.52 10.46 4.28 7.21 5-J an 1,608 8.31 20.62 10.54 4.30 7.10 5.52 3.70 5.07 18.38 4.99 4.16 138.70 17.20 4.48 6.72 4.43 2.67 23.74 21.40 8.54 18.12 18.52 5.50 5.50 8.41 2.30 10.48 5.51 3.47 5.42 5.65 3.64 5.15 18.10 5.04 4.20 139.00 16.90 4.50 6.58 4.47 2.65 23.74 21.40 8.61 18.24 18.80 5.72 5.48 8.25 2.34 10.60 5.86 3.35 5.42 OUTFLOW CLOSING PRICE 6-J an 7-J an 1,592 1,603 8.24 8.28 20.34 20.40 10.42 10.52 4.16 4.14 7.10 7.05 5.55 3.50 5.06 17.84 4.99 4.14 138.00 17.02 4.36 6.67 4.48 2.62 23.78 20.68 8.56 17.70 18.60 5.76 5.48 8.20 2.32 10.60 5.89 3.32 5.43 5.70 3.43 5.28 18.00 5.15 4.16 139.50 17.10 4.20 6.71 4.50 2.53 23.92 21.30 8.55 17.70 19.10 5.80 5.42 8.36 2.33 10.90 6.05 3.35 5.40 8-J an 1,633 8.40 20.34 10.52 4.11 7.56 5.61 3.47 5.20 18.18 5.17 4.26 139.50 16.90 4.12 6.75 4.51 2.45 24.00 21.14 8.60 17.66 19.28 6.50 5.41 8.40 2.30 12.50 7.30 3.29 5.45 (A+B) DMF Chg 30.24 IN 0.12 OUT (0.06) IN 0.00 OUT (0.03) OUT 0.51 IN (0.09) IN 0.04 OUT (0.08) IN 0.18 OUT 0.02 OUT 0.10 OUT 0.00 IN (0.20) IN (0.08) OUT 0.04 IN 0.01 IN (0.08) OUT 0.08 OUT (0.16) IN 0.05 IN (0.04) IN 0.18 IN 0.70 IN (0.01) IN 0.04 OUT (0.03) IN 1.60 IN 1.25 IN (0.06) IN 0.05 OUT Daily Trading Participation COMPANIES INFLOW www.taonline.com.my Date Retail Ins titution Foreign Total 4-J a n 5-J a n 6-J a n 7-J a n 8-J a n 34.4% 37.7% 39.3% 35.5% 36.5% 47.5% 43.3% 43.0% 44.8% 45.2% 18.1% 19.1% 17.7% 19.7% 18.3% 100% 100% 100% 100% 100% Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, January 12, 2021, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
29. Technical View Tuesday , January 12, 2021 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Stock Screen Malaysia End Day Census of 11.01.2021 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 20 ‘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 20 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 Stock Name HARTALEGA HOLDINGS BHD TOP GLOVE CORP BHD SUPERMAX CORP BHD NESTLE (MALAYSIA) BERHAD COMFORT GLOVE BHD GENTING PLANTATIONS BHD NPC RESOURCES BHD RIVERVIEW RUBBER ESTATES BHD INIX TECHNOLOGIES HLDGS BHD Y&G CORP BHD UMS HOLDINGS BERHAD CAREPLUS GROUP BHD METROD HOLDINGS BHD BERJ AYA FOOD BHD TELEKOM MALAYSIA BHD J ADE MARVEL GROUP BHD MULTI-USAGE HOLDINGS BHD IPMUDA BERHAD GENETEC TECHNOLOGY BHD SIME DARBY PLANTATION BHD Price 12.22 6.43 7.03 140.00 3.43 9.93 1.90 3.10 0.39 0.57 1.80 2.77 1.35 1.60 5.51 0.99 0.36 1.00 1.82 5.21 Bollinger Band Lower Middle Upper 10.46 12.06 13.67 5.54 6.32 7.11 5.48 6.59 7.69 136.60 138.60 140.60 2.77 3.21 3.66 9.73 9.90 10.06 1.74 1.87 1.99 2.76 2.97 3.19 0.22 0.35 0.47 0.38 0.51 0.64 1.69 1.77 1.85 1.87 2.35 2.82 1.24 1.32 1.40 1.43 1.54 1.64 5.21 5.38 5.55 0.86 0.95 1.03 0.27 0.33 0.40 0.58 0.81 1.03 1.68 1.77 1.86 4.98 5.11 5.25 RSI 14-day 46.15 50.82 51.58 55.61 52.38 52.21 53.94 58.82 58.59 54.40 54.09 58.45 53.34 61.23 66.20 59.68 54.57 70.88 57.34 56.30 5-day 11.02 5.86 6.12 138.94 3.07 9.85 1.89 3.07 0.37 0.52 1.77 2.29 1.32 1.59 5.42 0.97 0.37 0.94 1.82 5.07 Moving Average 10-day 30-day 11.64 12.96 6.03 6.52 6.19 7.18 139.04 137.98 3.07 3.42 9.88 9.88 1.90 1.85 3.02 2.91 0.33 0.34 0.50 0.54 1.77 1.75 2.23 2.46 1.33 1.31 1.57 1.57 5.41 5.29 0.97 0.91 0.35 0.32 0.84 0.73 1.78 1.75 5.09 5.09 50-day 14.19 7.01 7.70 138.75 3.63 9.88 1.85 2.82 0.30 0.62 1.75 2.69 1.32 1.45 4.93 0.87 0.31 0.66 1.74 5.08 Vol 21,178,700 98,386,800 63,673,300 71,200 23,131,400 492,100 800 12,800 88,170,100 7,700 15,800 85,308,000 96,200 259,000 8,501,600 9,800 50,700 796,500 96,100 7,566,300 20-day avg vol 8,920,550 61,666,910 27,500,600 50,600 9,147,785 295,890 575 6,910 66,844,040 640 2,200 14,131,230 10,565 96,350 4,614,460 2,915 14,015 464,350 66,910 2,119,905 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
30. *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) Stock Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bollinger Band Price MALAYSIAN PACIFIC INDUSTRIES SIG GASES BHD KESM INDUSTRIES BHD SARAWAK OIL PALMS BERHAD SEE HUP CONSOLIDATED BHD KUALA LUMPUR KEPONG BHD C.I. HOLDINGS BERHAD KPOWER BHD PARAGON UNION BHD FRONTKEN CORP BHD ENG KAH CORP BHD RUBBEREX CORP M BHD PPB GROUP BERHAD HLT GLOBAL BHD PNE PCB BHD UNITED MALACCA BHD BSL CORP BHD EG INDUSTRIES BHD COMPUTER FORMS (MALAYSIA) BH YNH PROPERTY BHD Lower 23.20 -0.07 10.97 3.81 0.54 23.43 1.66 1.28 0.52 3.21 0.93 1.24 18.21 0.97 0.39 5.03 0.22 0.47 1.85 2.71 26.60 0.49 14.90 4.34 1.18 24.70 2.15 2.18 0.83 3.88 1.21 1.86 19.30 1.38 0.76 5.28 0.60 0.69 2.70 2.81 Middle 24.69 0.11 12.84 4.02 0.82 24.02 1.87 1.69 0.64 3.52 1.05 1.54 18.74 1.16 0.56 5.15 0.40 0.58 2.27 2.76 Upper 26.18 0.28 14.72 4.23 1.09 24.62 2.07 2.10 0.76 3.83 1.17 1.83 19.27 1.36 0.74 5.26 0.58 0.68 2.69 2.80 RSI 14-day 63.69 99.28 76.24 69.80 79.90 67.45 78.43 81.12 79.99 65.14 82.96 60.70 59.74 59.94 67.58 68.44 76.32 77.06 80.02 57.42 Moving Average 5-day 25.03 0.09 13.53 4.08 0.96 23.84 1.93 1.88 0.65 3.62 1.08 1.51 18.86 1.20 0.63 5.13 0.48 0.63 2.50 2.75 10-day 24.85 0.09 13.39 4.03 0.88 23.97 1.91 1.82 0.65 3.61 1.04 1.47 18.81 1.16 0.58 5.12 0.42 0.59 2.35 2.76 30-day 24.90 0.09 12.31 4.04 0.81 23.85 1.82 1.52 0.60 3.47 1.04 1.63 18.70 1.16 0.55 5.11 0.37 0.57 2.08 2.76 50-day 24.16 0.09 11.30 3.93 0.85 23.45 1.71 1.32 0.56 3.48 1.01 1.84 18.73 1.26 0.56 4.98 0.34 0.53 1.77 2.76 Vol 236,000 3,976,900 138,500 774,300 75,900 1,285,700 52,600 23,313,900 1,691,600 8,942,400 29,600 127,915,500 704,600 138,342,100 33,487,300 105,800 1,024,400 20,601,300 2,000 26,000 20-day avg vol 218,160 379,825 70,910 324,440 950 927,500 47,905 8,742,900 246,300 2,831,915 22,045 15,312,030 421,620 24,536,250 8,787,340 13,140 932,135 8,512,640 9,065 31,120 Raw data sourced from Bloomberg *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) Stock Name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Price BRITISH AMERICAN TOBACCO BHD AEON CREDIT SERVICE M BHD DUTCH LADY MILK INDS BHD HONG LEONG INDUSTRIES BHD SYARIKAT TAKAFUL MALAYSIA KE LPI CAPITAL BERHAD MBM RESOURCES BERHAD ALLIANCE BANK MALAYSIA BHD GENTING MALAYSIA BHD ORIENTAL HOLDINGS BERHAD LINGKARAN TRANS KOTA HLDGS IOI PROPERTIES GROUP BHD UEM EDGENTA BHD WARISAN TC HOLDINGS BHD UNITED PLANTATIONS BHD TENAGA NASIONAL BHD AFFIN BANK BHD GENTING BHD HAI-O ENTERPRISE BHD PINTARAS J AYA BHD 12.86 11.00 35.74 8.38 4.51 13.12 3.17 2.71 2.41 5.26 3.87 1.36 1.72 1.22 14.30 10.24 1.64 4.05 2.12 2.46 Bollinger Band Lower Middle Upper 13.12 13.98 14.84 11.23 11.92 12.61 35.90 37.14 38.38 8.52 8.81 9.11 4.59 4.77 4.95 13.19 13.65 14.11 3.24 3.38 3.53 2.77 2.90 3.03 2.46 2.68 2.90 5.31 5.44 5.58 3.92 4.10 4.28 1.40 1.54 1.68 1.76 1.89 2.01 1.26 1.37 1.49 14.34 14.47 14.60 10.27 10.58 10.88 1.67 1.82 1.98 4.08 4.51 4.93 2.15 2.28 2.41 2.48 2.72 2.95 RSI 14-day 39.84 37.23 32.74 34.06 28.17 36.27 38.69 39.29 33.91 32.04 31.39 41.27 19.02 40.47 34.03 38.49 34.67 38.11 34.24 32.70 5-day 13.70 11.72 36.60 8.79 4.73 13.43 3.40 2.87 2.58 5.39 4.01 1.49 1.82 1.36 14.48 10.49 1.75 4.33 2.21 2.59 Moving Average 10-day 30-day 13.88 13.61 11.82 11.74 36.94 37.14 8.85 8.83 4.78 4.79 13.57 13.44 3.40 3.39 2.89 2.83 2.64 2.64 5.44 5.45 4.06 4.08 1.53 1.48 1.87 1.91 1.39 1.31 14.50 14.49 10.53 10.65 1.79 1.76 4.42 4.43 2.25 2.23 2.66 2.74 50-day 12.50 11.15 36.67 8.46 4.71 13.23 3.24 2.66 2.51 5.37 4.02 1.26 1.92 1.26 14.45 10.65 1.65 4.09 2.16 2.66 Vol 1,071,100 200,100 7,100 89,300 351,900 51,100 338,100 3,246,100 12,816,500 151,100 752,100 4,559,300 575,500 2,200 147,100 4,990,900 771,000 13,454,300 162,500 16,600 20-day avg vol 941,635 91,320 12,055 94,665 268,240 77,025 471,660 2,749,775 17,752,160 95,770 137,575 8,153,760 218,335 2,860 124,610 6,169,890 1,206,775 14,276,150 286,150 29,765 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, January 12, 2021, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2
31. Tuesday , 12 January, 2021 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only As i an Te ch n ic al R ep o r ts 1. D ai l y For ei gn St oc k W a t ch (F S ST I ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
32. Technical View Tuesday , January 12, 2021 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Singapore FSSTI: 2,983.90 (-9.29, -0.31%) Chartist: Stephen Soo Stock Name Close 11-J an FS S TI 2,983.90 (9.29) S INGTEL 2.50 0.04 2.50 DBS 26.92 (0.50) OCBC 10.60 UOB 23.79 Change High Tel: +603-2167 9607 Low 2,993.16 2,971.93 Lower Bollinger Bands Mid Upper RSI 14d stsoo@ta.com.my 10d Moving Averages 30d 50d DMI DI + DI - ADX www.taonline.com.my Diff MACD Line Signal Diff DMI MACD Recent Signal 2,786.46 2,858.68 2,930.91 78.14 2,872.51 2,849.15 2,778.77 46.71 11.58 35.65 35.13 34.00 28.45 5.55 BUY BUY 2.46 2.27 2.34 2.41 68.57 2.34 2.35 2.31 33.84 14.68 22.27 19.16 0.01 0.00 0.01 BUY BUY 27.39 26.92 24.32 25.37 26.42 77.57 25.51 25.38 24.58 47.36 11.17 27.31 36.19 0.39 0.29 0.10 BUY BUY (0.13) 10.69 10.55 9.80 10.12 10.44 75.09 10.18 10.10 9.81 44.60 9.33 44.76 35.28 0.13 0.11 0.02 BUY BUY (0.41) 24.10 23.77 22.10 22.81 23.53 76.68 22.86 22.81 22.19 45.70 12.43 31.28 33.27 0.25 0.20 0.06 BUY BUY SELL J ARDINE M. 57.68 0.16 58.40 57.00 54.63 55.92 57.21 69.10 56.14 55.35 53.06 29.79 13.25 34.62 16.54 0.99 1.09 (0.10) BUY WILMAR 5.04 0.00 5.07 5.00 4.00 4.56 5.11 84.28 4.79 4.45 4.38 43.40 3.57 49.91 39.83 0.18 0.13 0.06 BUY BUY HK LAND 4.40 0.10 4.43 4.28 4.09 4.21 4.33 58.10 4.20 4.22 4.16 21.17 19.83 11.88 1.34 0.02 0.01 0.01 BUY BUY CAPLAND 3.43 0.02 3.45 3.40 3.18 3.27 3.36 75.46 3.29 3.23 3.06 35.90 13.34 37.51 22.57 0.07 0.07 (0.00) BUY SELL GENS P 0.86 (0.01) 0.87 0.85 0.83 0.86 0.88 61.40 0.85 0.85 0.81 21.18 9.43 38.20 11.75 0.01 0.01 (0.00) BUY SELL KEPPEL 5.64 0.01 5.68 5.61 5.18 5.38 5.58 72.41 5.45 5.32 5.13 34.75 12.60 36.48 22.15 0.11 0.10 0.00 BUY BUY S GX 10.04 0.04 10.09 9.92 8.89 9.36 9.84 74.36 9.50 9.27 9.17 36.19 8.07 25.78 28.12 0.17 0.10 0.06 BUY BUY S IA 4.30 (0.03) 4.33 4.27 4.16 4.32 4.47 55.76 4.27 4.35 4.13 31.35 21.36 21.40 10.00 0.02 0.04 (0.02) BUY SELL FNN 1.54 0.00 1.57 1.52 1.37 1.45 1.54 75.29 1.48 1.44 1.37 40.12 9.12 57.39 31.00 0.04 0.03 0.01 BUY BUY CITY DEV 7.19 (0.16) 7.23 7.08 7.49 7.88 8.27 32.20 7.81 7.85 7.55 15.47 38.36 24.61 (22.90) -0.03 0.05 (0.09) SELL SELL J ARDINE S . 25.88 0.39 26.15 25.68 24.34 25.27 26.20 55.55 25.11 25.23 24.56 22.48 17.20 19.62 5.28 0.20 (0.07) BUY SELL BUY 0.13 S G PRES S 1.16 0.00 1.18 1.15 1.08 1.13 1.18 57.36 1.13 1.15 1.11 25.49 16.07 19.27 9.41 0.00 0.00 0.00 BUY J ARDINE C&C 22.00 1.22 22.05 21.20 19.19 19.84 20.49 65.49 19.74 19.95 19.83 32.03 16.25 12.79 15.78 0.03 -0.04 0.07 BUY BUY GOLDEN AGRI 0.19 0.01 0.19 0.18 0.15 0.16 0.17 66.87 0.16 0.16 0.16 35.86 12.14 31.56 23.71 0.00 0.00 0.00 BUY BUY S G TECH 3.93 0.00 3.96 3.90 3.78 3.86 3.93 60.04 3.84 3.87 3.82 26.31 21.36 16.53 4.94 0.00 0.01 (0.00) BUY SELL OLAM INT 1.57 (0.01) 1.58 1.55 1.45 1.53 1.61 61.34 1.53 1.53 1.46 26.36 16.60 27.11 9.76 0.02 0.02 0.00 BUY BUY CAPTALAND INT 2.26 (0.01) 2.28 2.24 2.08 2.16 2.25 70.71 2.19 2.10 2.03 25.13 11.35 29.01 13.78 0.06 0.05 0.00 BUY BUY S EMBCORP 1.81 (0.01) 1.83 1.80 1.67 1.73 1.79 65.72 1.74 1.76 1.73 25.31 15.80 24.75 9.52 0.01 0.01 0.01 BUY BUY S EMCORP M. 0.16 (0.00) 0.17 0.16 0.13 0.15 0.17 64.63 0.15 0.16 0.15 38.14 14.54 25.24 23.60 0.00 0.00 0.00 BUY BUY CMFT DELGRO 1.69 (0.02) 1.71 1.68 1.63 1.68 1.73 60.03 1.67 1.67 1.61 24.08 12.89 26.06 11.19 0.01 0.02 (0.00) BUY SELL S TARHUB 1.35 0.02 1.35 1.33 1.28 1.31 1.33 60.11 1.31 1.30 1.28 17.30 7.85 27.83 9.45 0.01 0.01 0.00 BUY BUY S IA ENG 2.02 0.01 2.04 2.01 1.92 1.99 2.06 56.59 1.98 1.99 1.90 23.31 16.81 22.11 6.49 0.01 0.02 (0.01) BUY SELL BUY BUY IFOOD AGRI 0.31 0.01 0.32 0.31 0.28 0.29 0.31 54.03 0.30 0.29 0.29 48.17 18.32 31.17 29.85 0.00 0.00 0.00 BUY YZJ 1.06 0.04 1.08 1.03 0.90 0.95 1.00 71.52 0.96 0.94 0.94 36.31 11.96 18.27 24.36 0.01 0.01 0.01 BUY The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Page 1 of 3
33. 12-Jan-21 Corporate News : Singaporean banks could benefit as economic growth picks up and cyclical sectors start to recover in 2021. the Singaporean economy is expected to recover this year as disinflation risk declines and reckons external demand could also start to rebound as travel and construction resumes. - Bloomberg. Technical Comments: Further rally on DBS Group Holdings shares should meet profit-taking resistance, specifically towards the 161.8%FP (SGD27.88) of 176.4%FP (SGD28.89), given that overbought momentum will be aggravated, while strong chart support at the 123.6%FP (SGD25.23) cushions downside. DBS GROUP HOLDINGS LTD SGD26.92 (-0.50) / BOLLINGER BANDS Upper Middle Lower SGD SGD SGD SIMPLE MOVING AVERAGES 26.70 25.46 24.23 10-day 30-day 50-day BUY Recent Signal DMI Recent Signal SGD SGD SGD 25.68 25.42 24.71 DAILY MACD BUY Page 2 of 3
34. 12-Jan-21 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 sustains 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 CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR YZJSGD 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 CITY DEV JARDINE S SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAPITALAND INT SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ 2.50 2.88 26.92 10.60 % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2020 2021 2020 2021 2020 2021 High Low YTD 13% 0.1 0.2 20.2 16.1 4.1 4.7 3.42 2.00 8.23 26.21 -3% 1.8 2.2 14.6 12.4 3.2 4.0 27.47 16.65 7.51 10.98 3% 0.8 1.0 14.1 11.1 3.1 4.4 11.23 7.80 5.37 23.79 24.44 3% 1.7 2.0 13.9 11.6 3.3 4.3 26.75 17.12 5.31 57.68 55.34 -4% 2.9 3.9 19.8 14.9 2.8 3.0 58.95 37.37 3.00 5.04 5.51 9% 0.2 0.2 17.8 16.4 2.4 2.1 5.07 2.83 8.39 4.40 5.17 15% 0.4 0.4 11.1 10.2 5.0 5.0 5.85 3.46 6.54 3.43 3.76 9% 0.2 0.2 21.2 16.5 2.7 3.1 3.97 2.51 4.57 0.86 0.89 4% 0.0 0.0 NA 26.1 2.4 3.6 0.95 0.51 1.18 5.64 5.92 5% 0.0 0.4 131.2 13.8 1.9 3.2 6.87 4.08 4.83 10.04 9.48 -6% 0.4 0.4 24.3 23.8 3.2 3.3 10.72 7.96 8.19 4.30 4.16 -3% -1.2 -0.2 NA NA 0.0 0.0 6.40 3.20 0.47 1.54 NA NA NA NA NA NA NA NA 1.75 1.07 4.76 7.19 9.65 26% 0.2 0.5 41.1 15.0 1.7 2.3 11.43 6.07 -9.79 25.88 NA NA 2.0 2.6 12.7 10.1 1.3 1.4 33.50 17.81 4.02 1.16 1.04 -12% 0.1 0.1 16.1 14.1 4.0 4.7 2.20 0.99 2.65 22.00 25.53 14% 1.0 1.6 16.5 10.4 1.4 2.7 31.45 16.58 12.53 0.19 0.22 16% 0.0 0.0 NA 14.1 1.1 2.1 0.25 0.13 17.61 3.93 4.03 2% 0.2 0.2 23.7 22.6 3.7 3.8 4.42 2.78 2.88 1.57 NA NA 0.2 0.2 9.8 9.2 4.8 4.8 1.98 1.24 2.61 2.26 2.33 3% 0.1 0.1 31.0 19.5 4.0 5.2 2.66 1.49 4.63 1.81 1.84 1% 0.1 0.2 30.7 9.6 1.4 2.8 1.89 0.69 5.85 0.16 0.15 -11% 0.0 0.0 NA NA 0.0 0.0 0.86 0.11 14.69 1.69 1.80 6% 0.0 0.1 49.7 17.8 1.4 4.0 2.30 1.32 1.20 1.35 1.43 6% 0.1 0.1 15.7 16.1 4.8 5.0 1.55 1.09 3.05 2.02 1.63 -24% 0.0 0.0 NA 112.2 2.0 3.7 2.84 1.48 2.54 0.31 NA NA NA NA NA NA NA NA 0.33 0.24 3.39 1.06 1.22 13% 0.7 0.7 7.9 7.8 19.5 19.7 1.19 0.73 10.99 Note: The above data is based on Bloomberg consensus Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, January 12, 2021, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 3 of 3