Bursa Malaysia Daily Market Report - 13 March

Transcription

1. Monday , 13 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. 2. 3. Daily Market Commentary Weekly Strategy Weekly Technical Outlook Fundamental Reports 1. 2. 3. 4. Gadang Holdings Bhd: Ended Contract Drought Luster Industries Berhad: Securing a Small Job with Little Earnings Impact Plantation Sector: Stocks Hit Six-Year Low Sunway Construction Group Berhad: Secured MRT Line 2 Station Works Package S01 Technical Reports 1. Weekly Technical Stock Picks 2. Daily Money Flow Technical Stock Picks FBMKLCI Stocks Under Coverage PLANTATION Sector CONSTRUCTION Sector PROPERTY Sector 3. Weekly Ace Market Stock Watch 4. Weekly Small Cap Stock Watch 5. Weekly Stock Screen Foreign Technical Reports 1. Foreign Stock Watch (AUS) 2. Foreign Stock Watch (HK) 3. Foreign Stock Watch (FSSTI) 4. Foreign Stock Watch (US) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Monday, 13 March 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (10.03.2017) Volume (mil) +/-chg (RMmn) Main Market 2,723.5 47.1 3,084.9 Warrants 287.7 62.9 31.0 ACE Market 386.7 -57.7 75.7 Bond 6.1 -5.5 1.3 ETF 0.1 0.03 0.1 Total 3,404.0 3,192.9 Off Market 21.7 -10.7 14.9 Value +/-chg 737.8 1.2 -14.1 -1.3 0.03 -35.1 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP March 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 Value/ Volume 1.13 0.11 0.20 0.22 1.06 0.94 0.68 Up Down 377 299 45 91 42 41 5 3 2 1 471 435 % chg % YTD chg 1,717.58 12,135.62 16,523.35 1,725.50 0.16 1.17 152.50 5.00 0.01 0.01 0.93 0.29 4.62 5.84 12.29 5.50 20,902.98 5,861.73 7,343.08 19,604.61 2,097.35 23,568.67 3,133.35 1,539.91 5,390.68 3,212.76 2,013.64 5,775.62 44.79 22.92 28.12 286.03 6.29 67.11 14.51 -9.33 -11.71 -3.99 4.09 34.41 0.21 0.39 0.38 1.48 0.30 0.29 0.47 -0.60 -0.22 -0.12 0.20 0.60 5.77 8.89 2.80 2.56 3.50 7.13 8.77 -0.20 1.77 3.52 2.26 1.94 Review & Outlook The profit-taking correction witnessed last week looks healthy, and should pave the way for further consolidation and base building needed to absorb and neutralize short-term overbought momentum. Meantime, the weak crude oil price trend below USD50 a barrel and strong US jobs report for February released last Friday, which strengthens the case for an imminent interest rate hike this week, should restrict any potential recovery attempts. Immediate uptrend supports for the index are presently at 1,712, 1,702 and 1,685, representing the respective rising 10, 30 and 50-day moving averages. Key upside hurdles to overcome ahead are the recent high of 1,734, next at 1,744, the 3/8/15 peak, and 1,758, the 23.6%FR of the 1,310 to 1,896 upswing. Sector-wise, banking counters like Affin Holdings and CIMB will need to further consolidate and absorb profit-taking after recent strong gains before they can resume higher, while buying momentum switch to lower liners in the construction and property related sectors such as Bina Puri, CMSB, EcoWorld and Naim Holdings on rotational play. News Bites • • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market (mn) LUSTER 6.3 FARLIM 3.3 YEN 3.0 LUSTER-WB 2.0 TTIJYA 1.7 FPGROUP 1.6 VERSATL 1.2 OCR 1.0 @ @ @ @ @ @ @ @ (RM) 0.10 0.45 1.03 0.04 1.73 0.65 1.25 0.60 Counter Mkt Cap. (RM’mn) MAYBANK 89,395 SIME 62,160 MAXIS 48,216 AXIATA 42,442 DIGI 39,653 GENTING 34,630 TM 23,713 HAPSENG 22,656 PPB 19,798 HLFG 17,889 Chg (RM) 0.04 0.04 0.01 0.08 0.02 0.01 0.02 0.04 0.02 0.06 Vol. (mn) 14.42 10.24 2.27 4.37 3.44 2.91 6.23 0.26 0.34 0.15 Important Dates IOIPG - 1:4 Rights Issue - RI of up to 1,109.9m shares. 1 rights share for every 4 existing shares held, at an issue price of RM1.38 per rights share. Application Closed: 17/03/2017. LISTING ON: 31/03/2017. • • • • • • Mass Rapid Transit Corp Sdn Bhd has awarded work packages worth a total of RM2.7bn to Trans Resources Corporation Sdn Bhd, Gadang Engineering (M) Sdn Bhd, Acre Works Sdn Bhd and Sunway Construction Sdn Bhd for the MRT2 construction. UMW Oil & Gas Corp Bhd's indirect wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd has been awarded a contract for the provision of a jack-up drilling rig by Vestigo Petroleum Sdn Bhd. Malaysia Airports Holdings Bhd's airports registered 9.3.0mn passenger in February 2017, a 2.4% growth over Feb-16. Sime Darby Bhd announced that it has aborted its reverse take-over plan via the disposal its industrial properties in Australia to Singaporelisted Saizen Real Estate Investment Trust, as it was not able to meet the March 31 deadline. Genting Plantations Bhd's indirect subsidiary, Genting MusimMas Refinery Sdn Bhd, is entering a RM400mn recurrent related party transaction to sell its palm oil products to Inter-Continental Oils and Fats Pte Ltd. WCT Holdings Bhd has been slapped with an arbitrary suit over RM130.6mn from a former subcontractor for its joint venture development in Dubai. Ta Ann Holdings Bhd told Bursa Malaysia that it has revised the purchase price of its acquisition of Agrogreen Ventures Sdn Bhd to RM209.6mn from RM211.1mn. Rex Industry Bhd's directors have urged shareholders to reject the mandatory takeover offer by managing director Darmendran Kunaretnam, saying the offer value of RM1.65 is "unfair". SC Estate Builder Bhd has proposed a par value reduction that involves the cancellation of four sen of par value for every five sen share and rights issue of up to 6.4bn shares together with up to 2.6bn warrants. APFT Bhd plans to raise up to RM13.7mn via private placement, the proceeds of which will be used mainly to repay its trade creditors. Nonfarm payrolls rose a seasonally adjusted 235,000 from January, exceeding forecasters' expectations, and the unemployment rate ticked down to 4.7%. Exchange Rate USD/MYR 4.4528 -0.0065 USD/JPY 115.37 0.6600 EUR/USD 1.061 0.0053 Commodities Futures Palm Oil (RM/mt) 2,723.00 -61.00 Crude Oil ($/Barrel) 48.39 -1.23 Gold ($/tr.oz.) 1,204.50 3.60 DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Monday , March 13, 2017 FBMKLCI: 1,717.58 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Strategy Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Kaladher Govindan Market View Tel: +603-2167 9609 kaladher@ta.com.my www.taonline.com.my Further Consolidation Ahead of US Rate Hike After spiking to a fresh 19-month high last week, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) underwent a profit-taking correction as crude oil prices slumped below USD50 a barrel after US crude inventories surged to a record. However, strong local buying momentum shifted to lower liners and small cap stocks towards the weekend, triggered by limit-up gains on Iskandar Waterfront City that encouraged spill-over buying into related construction and property counters. For the week, the FBM KLCI added 9.2 points, or 0.54 percent to 1,717.58, with gains on BAT (+RM1.02), Hong Leong Financial Group (+32sen), Genting Berhad (+20sen) and TM (+20sen) offsetting losses from Petronas Dagangan (-50sen) and Westports (-12sen). Average daily traded volume and value surged to 3.24 billion shares and RM2.73 billion, compared to the 2.98 billion shares and RM2.61 billion average the previous week, helped by strong buying momentum on lower liners, small caps and ACE Market stocks. This is a crucial week as the US Federal Reserve (Fed) will decide on the much-speculated hike on its fund target rate. The near-certainty of an interest rate hike and weakness in crude oil prices could underscore further correction potential in the benchmark index this week. The US central bank is expected to nudge up the federal-funds rate by a quarter percentage point to between 0.75% and 1.00%. As the Fed has been jawboning about the possibility of three rate hikes this year on the back of increased optimism about the health of the US economy, it is highly unlikely to miss the opportunity to do so this week after building up market expectations. This conviction could be supported by the stronger-than-expected February nonfarm payrolls data that was announced last Friday. The job data showed an increase of 235,000 jobs versus forecast 221,000 by a group of economists polled by MarketWatch. Meanwhile, the unemployment rate dipped to 4.7% from 4.8% and hourly wages rose 2.8% from 2.6% from a month ago, strengthening the case for a hike. The near-certainty of a US rate hike this week and more hikes in the near future should exert pressure on other central banks. The European Central Bank has already started discussing about normalizing its monetary policy in its last Thursday’s meeting as the negative deposit rate is already squeezing bank’s profit margins and could affect their willingness to extend credit. Locally, Bank Negara is expected to sustain its Overnight Policy Rate for the rest of this year but could change its stance if other economies in this region begin their tightening pace to prevent capital outflows. In the absence of any reciprocal moves against the Fed and insignificant improvements in net exports, Ringgit’s weakness could prolong and extend the profit-taking consolidation in FBMKLCI, especially in those component stocks that have high foreign shareholding. However, any correction is expected to be mild and well supported by buying from local funds as the impending hike may not come as a surprise, unless the Fed tightening is greater than the widely speculated 25 basis points. The selling pressure could intensify if commodity Page 1 of 7
4. TA Securities 13-Mar-17 A Member of the TA Group prices , especially crude oil, continue to head down south and OPEC could not agree on deepening and/or extending production cuts on the back of increasing supply from Iran and Iraq. US crude oil prices have dipped below USD50 per barrel (bbl) after crude stocks in the US rose by 8.2 million barrels last week to a record 528.4mn barrels. The concerns about rising supply and inventory buildup are unlikely to dissipate in the near term with the latest rig count data from Baker Hughes pointing to increased drilling activities. In the week to March 10, total rigs in operation in the US rose by eight rigs to 617, a strong recovery compared to 386 rigs a year ago. Based on the US Energy Information Administration’s latest forecast, the rig count should continue to rise as the US production is forecast to increase to 9.2 million and 9.6 million barrels per day in 2017 and 2018 respectively from 8.9 million in 2016. It forecasts Brent crude oil prices to average $55/bbl in 2017 and $57/bbl in 2018, largely unchanged from the average $55/bbl in February. The West Texas Intermediate prices are expected to average about $1/bbl less than Brent prices in the forecast. The US dollar’s underlying strength will have a negative impact on crude oil prices as well due to their inverse relationship. Thus, in the absence of any fresh catalyst, profit taking pressures will continue to undermine the recent price recovery in the oil and gas stocks. Page 2 of 7
5. TA Securities 13-Mar-17 A Member of the TA Group News In Brief Corporate Mass Rapid Transit Corp Sdn Bhd has awarded work packages worth a total of RM2 .7bn to four companies for the MRT2 construction. The companies are Trans Resources Corporation Sdn Bhd (TRC), Gadang Engineering (M) Sdn Bhd (Gadang), Acre Works Sdn Bhd and Sunway Construction Sdn Bhd. Gadang bagged the highest value contract package worth RM952.1mn. This is for the construction of a viaduct guideway and other associated works from Serdang Raya to Universiti Putra Malaysia. TRC, has been given the responsibility of constructing a viaduct guideway and other associated works from Kampung Muhibbah to Serdang Raya worth RM858.2mn. Acre Works received the third work package worth RM716.0mn, in which it is expected to complete a viaduct guideway and other associated works from Persiaran Alpinia to Persiaran APEC. Sunway Construction was awarded a RM212.3mn job to build elevated stations and other associated works at Damansara Damai, Sri Damansara West and Sri Damansara East. (Bursa Malaysia / The Edge) UMW Oil & Gas Corp Bhd’s indirect wholly-owned subsidiary UMW Offshore Drilling Sdn Bhd has been awarded a contract for the provision of a jack-up drilling rig by Vestigo Petroleum Sdn Bhd. Vestigo, which is wholly owned by Petronas Carigali Sdn Bhd, is principally involved in the development and production of marginal fields in Malaysia. The contract is to drill one firm well commencing end of 1QFY17. UMWOG will assign its NAGA 2 for the contract. (Bursa Malaysia / The Edge) Comment: The contract win is unsurprising as we previously expected UMW-OG to win 2-3 local contracts. Note that one firm well will typically take 1-2 months to drill. We believe DCRs are still languishing at USD60-80, which is a breakeven level. This contract marks UMW-OG’s fifth contracted rig, which is a commendable feat in the current operating environment. However, as the contract is within expectations, we maintain our earnings forecast. We believe the parent company distribution of shares in specie will place downward pressure on UMW-OG’s share price. Maintain Sell recommendation with TP of RM0.54 based on 0.6x P/B. Malaysia Airports Holdings Bhd's airports registered 9.3.0mn passenger in February 2017, a 2.4% growth over Feb-16. On the local front, airports in Malaysia registered 7.3mn passengers in February 2017 (+5% YoY). In Istanbul, SGIA registered 5.5% YoY decline in passenger in February 2017 (Bursa Malaysia). Comment: The 5% YoY growth seen in Malaysian airports was remarkable, considering one day less (28 days) in February 2017 and the Chinese New Year falling in January 2017. The growth came mainly from the international segment, which increased by 8.3% YoY. We also attribute the growth to low-base effect as 1H16 passenger growth was relatively weak. Cumulatively, the 2M17 passenger growth was 9.2% vs MAHB’s target of 6.5% (TA forecast: 4.8%). In Istanbul, the passenger movement remained weak with international passenger dropped 3.2% and domestic dropped 7.0% YoY. The cumulative 2M17 passenger movement recorded a 5.1% contraction vs MAHB’s target of 7.2% (TA forecast: 7.2%). Maintain Buy on MAHB with unchanged target price of RM7.68. Sime Darby Bhd announced that it has aborted its reverse take-over plan via the disposal its industrial properties in Australia to Singapore-listed Saizen Real Estate Investment Trust (Saizen REIT), as it was not able to meet the March 31 deadline. Sime Darby said it is not possible to complete the proposals by the long-stop date of the Implementation Agreement, being March 31. (Bursa Malaysia / The Edge) Genting Plantations Bhd’s indirect subsidiary, Genting MusimMas Refinery Sdn Bhd (GMMR), is entering a RM400mn recurrent related party transaction (RRPT) to sell its palm oil products to Inter-Continental Oils and Fats Pte Ltd (ICOP). Both parties are related via Musim Mas Holdings Pte Ltd, which has full ownership in ICOP and GMMR’s 28% shareholder, Musim Mas International (South Asia) Ptd Ltd. Meanwhile, Genting Plantations holds the remaining 72% stake in GMMR. (Bursa Malaysia / The Edge) Page 3 of 7
6. TA Securities 13-Mar-17 A Member of the TA Group WCT Holdings Bhd has been slapped with an arbitrary suit over RM130 .6mn from a former subcontractor for its joint venture (JV) development in Dubai. The JV companies form the main contractor for certain steel-related works for the Nad Sheba Dubai Racecourse Project, where Triumpher Steel Construction Group LT’s (TSC) subcontract had been terminated back in 2009, WCT said. (Bursa Malaysia / The Edge) Comment: Limited information was disclosed in the announcement. Even though it is a negative development, we think that the downside from this news could be limited. The JV could be covered by back-to-back condition if such as clause existed in the subcontract with TSC, whereby the payment by the JV to the subcontractor would be conditional upon the JV receiving payment under the main contract. Even if the outcome of the arbitration is unfavourable to the JV, we think that the favourable outcome of the final award of the arbitration between WCT and Meydan (the client) would be sufficient to cover the claims made by Triumpher. Furthermore, it usually requires some time before the arbitral tribunal could come to a conclusion. Maintain our SELL call on the stock with an unchanged target price of RM1.50. Ta Ann Holdings Bhd told Bursa Malaysia that it has revised the purchase price of its acquisition of Agrogreen Ventures Sdn Bhd to RM209.6mn from RM211.1mn. In October 2016, the company had signed conditional agreements with several vendors to acquire Agrogreen’s entire stake, in order to expand its landbank in Sarawak. (Bursa Malaysia / The Edge) Rex Industry Bhd’s directors have urged shareholders to reject the mandatory takeover offer by managing director Darmendran Kunaretnam, saying the offer value of RM1.65 is “unfair”. Darmendran has offered to acquire all remaining shares in Rex Industry at RM1.65 apiece after acquiring a total stake of 33.72% last month through his 55%-owned investment vehicle Daiman Taipan Sdn Bhd and persons acting in concert. (Bursa Malaysia / The Edge) SC Estate Builder Bhd announced a capital reduction exercise and rights issue with warrants, as well as plans to diversify its principal activities. SC Estate said the proposed par value reduction involves the cancellation of four sen of par value for every five sen share, and is aimed at writing off its accumulated losses of RM21.7mn as at Oct 31, 2016.The rights issue of up to 6.4bn shares will be on the basis of five rights shares for every one share held, together with up to 2.6bn warrants on the basis of two warrants for every five rights share following the completion of the par value reduction. Based on the indicative issue price of one sen per rights share, the total gross proceeds that are expected to be raised from the rights issue is up to RM63.9mn. (Bursa Malaysia / The Edge) NTPM Holdings Bhd saw its net profit fall 12.3% in its third quarter ended Jan 31, 2017 (3QFY17) to RM15.5mn from RM17.7mn seen in the same period last year. Meanwhile, its cumulative nine-month(9MFY17) net profit eased 14.1% to RM40.9mn compared with RM47.6mn a year ago due mainly to higher losses incurred in the post commencement of Vietnam’s initial tissue operation as well as higher raw material, energy and labour costs recorded in the current quarter. (Bursa Malaysia / The Edge) ARK Resources Bhd has terminated its Memorandum of Understanding (MoU) that it had entered into in November last year with Shantiniketan Development (M) Sdn Bhd (SDM) to develop a gated community targeted for retirees in Kuala Kubu Baru, Selangor. ARK said the MoU was mutually terminated at no costs to either party, and that no formal contract was signed between the parties. (Bursa Malaysia / The Edge) APFT Bhd plans to raise up to RM13.7mn via private placement, the proceeds of which will be used mainly to repay its trade creditors. APFT said the proposal entails the issuance of up to 333.3mn placement shares, representing up to 30% of the group’s enlarged share capital. At an indicative issue price of 4.1sen per placement share, APFT could raise up to RM13.7mn of gross proceeds. (Bursa Malaysia / The Edge) Page 4 of 7
7. TA Securities 13-Mar-17 A Member of the TA Group News In Brief Economy Asia Japan Manufacturing Index Falls in Q1 Large manufacturing conditions in Japan deteriorated in the first quarter of 2017 , the Ministry of Finance said as the BSI index fell to a score of 1.1. That was down sharply from 7.5 in the previous three months, and well shy of expectations for 8.4. The large all industry index also declined, sliding to 1.3 from 3.0 in the three months prior. (RTT News) Australia Home Loans Rise 0.5% in January The total number of new home loans in Australia was up a seasonally adjusted 0.5% on month in January, the Australian Bureau of Statistics said, coming in at 54,953. That beat expectations for a decline of 1.0% following the downwardly revised 0.2% gain in December (originally 0.4%). The value of loans eased 0.2% to A$20.128 billion after climbing 1.3% a month earlier. Investment lending jumped 4.2% to A$13.784 billion after sliding 1.0% in the previous month. (RTT News) Singapore January Retail Sales Rise 2% Singapore's retail sales in January rose from a year earlier thanks to an increase of supermarket as well as food and beverage sales. Total retail sales rose 2% from a year earlier, after increasing by a revised 0.7% in the previous month, according to data from the Singapore Department of Statistics. Retail sales of supermarkets and the food and beverages sector rose 13% and 12%, respectively, in January from the year before. On a month-on-month and seasonally-adjusted basis, total retail sales fell 1.5% in January after a revised 0.8% drop in the previous month. (The Business Times) Philippine Exports Surge More than Forecast Philippine exports increased for the second straight month in January, and at a faster-thanexpected pace. Exports surged 22.5% year-over-year in January, much faster than the 6.3% climb in the previous month. That was also well above the 10.5% rise expected by economists. The positive growth was mainly brought about by the significant increases in eight major commodities out of the top ten commodities for the month, the agency said. Exports of electronic products, accounting for 46.1% of total exports, grew by 10.4%. Shipments of articles of apparel and clothing accessories jumped the most by 270.1% annually in January, followed by coconut oil, include crude and refined with 229.6% growth. (RTT News) U.S. Robust Job Growth, Higher Wages Show Solid Labour Market The U.S. economic expansion is now the third-longest on record and showed no signs of letting up in February, with robust hiring, falling unemployment and firmer wage growth opening the way for the Federal Reserve to raise short-term interest rates. Fed officials have signaled that their third post-financial crisis rate increase would be highly likely at their policy meeting next week. Friday’s report from the Labor Department offered much to strengthen their resolve. Nonfarm payrolls rose a seasonally adjusted 235,000 from January, exceeding forecasters’ expectations, and the unemployment rate ticked down to 4.7%. Average hourly earnings in the private sector rose 2.8% from a year earlier, a sign that the tightening job market is pushing employers to raise pay. Healthy job gains and buoyant financial markets, combined with strength in gauges of U.S. consumer and business sentiment, raise the possibility that rising optimism could lead to faster economic growth. (The Wall Street Journal) U.S. Budget Gap Reaches 3.1% of GDP Over Past 12 Months The U.S. annual budget deficit remained near its highest level in three years during February amid weaker growth in federal revenues. Government spending exceeded revenues by $192 billion in February, the Treasury Department said. The budget gap was about $1 billion lower from a year ago. Through the first five months of the fiscal year, the deficit shrank 1% compared with the same period a year earlier. But broader measures show the deficit is rising as government revenues decline and long-term costs associated Page 5 of 7
8. TA Securities 13-Mar-17 A Member of the TA Group with an aging population rise . Over the past 12 months, the deficit stood at 3.1% as a share of the economy. A year earlier, that figure stood at 2.2% of gross domestic product. ne big factor weighing on government finances is weak corporate profits tied to a sluggish global economy, a depressed energy sector, a strong dollar and other factors. Government revenues declined 1.1% in the past 12 months compared with the prior year while spending rose 3.8%. On the spending side, government expenses are rising due largely to an aging population that is driving up costs in the Social Security and Medicare programs. (The Wall Street Journal) U.K. U.K. Loses Momentum as Factories, Builders Reduce Output U.K. manufacturing and construction shrank in January, pointing to a loss of economic momentum in the first quarter. Factory output fell 0.9% from December, the Office for National Statistics. Total industrial production declined 0.4%. Building firms cut output by 0.4%. The figures follow a strong end to 2016, and there is little evidence of a dramatic slowdown as Brexit talk’s loom, with the falling pound continuing to underpin exports. But households are starting to feel the squeeze from soaring prices, putting a brake on the engine of the British economy. While budgetary officials see growth barely slowing to 0.6% this quarter, Markit Economics says its surveys indicate 0.4%, which would be the slowest pace in a year. The fall in manufacturing was larger than economists expected. January saw a 14% drop in the volatile pharmaceuticals sector, which was partially offset by higher production of vehicles. Overall industrial output was underpinned by higher oil and energy output. Production rose 3.2% from a year earlier, with manufacturing gaining 2.7%. The biggest pressures on construction came from repairs and maintenance, housing and private industrial work. New construction orders in the fourth quarter fell by 2.8%. Goods’ exports climbed 1.6% in January, the fourth consecutive month of increase, and imports rose 0.9%. It left the trade deficit marginally lower than in December at 10.8 billion pounds. The economy grew 0.7% in the fourth quarter, and revisions published suggest that could be revised slightly higher. Industrial output rose 0.4% instead of 0.3% and construction was revised to growth of 1% from 0.2%. Together the changes add 0.05 percentage point to GDP. Trade also put in a better performance than previously thought, with the deficit in goods and services narrowing to 5 billion pounds from 13.8 billion pounds in the third quarter. The fourth-quarter shortfall was initially estimated at 8.6 billion pounds. The downward revision suggests net trade’s contribution to growth in the period was even stronger than the 1.3 percentage points currently estimated. (Bloomberg) U.K. Consumer Inflation Expectations Rise to Three-Year High U.K. inflation expectations have risen to the highest level in more than three years and households are worried about the implications for the economy. The Bank of England’s latest survey shows consumers’ median expectation for price growth over the coming 12 months is 2.9%, the highest such reading since November 2013. While the BOE may take comfort from the fact that the figure is close to its own forecast, five-year expectations also rose, to 3.2%. With the pound’s drop since the Brexit vote fueling a surge in import costs, BOE Governor Mark Carney has said policy makers will tolerate a period of inflation above their 2% target to allow continued stimulus to support the economy. But he’s also said there’s a limit to that tolerance, and some officials have started to express concern about the price outlook. In the quarterly Inflation Attitudes survey, the BOE also said that 46% of consumers believe the economy would end up weaker if prices started to rise faster, against just 9% saying it would be stronger. Asked about how well the BOE is doing its job to set interest rates to control inflation, the institution’s net satisfaction balance came in at 30%, little changed from the 31% reading in the last report in November. (Bloomberg) Europe German Exports Recover in January Germany's exports recovered and import growth accelerated in January, figures from Destatis showed. Exports advanced by more-than-expected 2.7% month-on-month in January, in contrast to a 2.8% fall in December. At the same time, imports grew at a faster pace of 3% after edging up 0.1%. Exports were forecast to grow 2% and imports to rise 0.5% in January. As a result, the trade surplus increased to a seasonally adjusted EUR 18.5 Page 6 of 7
9. TA Securities 13-Mar-17 A Member of the TA Group billion from EUR 18 .3 billion in December. Year-on-year, exports advanced 11.8% versus December's 6.4% increase. Likewise, imports growth improved to 11.7% from 7.5%. The current account surplus totaled EUR 12.8 billion in January compared to EUR 14.6 billion in the prior year. Separately, Germany's wholesale prices increased the most in more than five years in February. Wholesale prices advanced 5% in February from prior year, following a 4% increase in January. This was the fifth consecutive rise in prices. A similar faster growth was last registered in August 2011. On a monthly basis, wholesale prices gained 0.5% in February versus a 0.8% rise in January. (RTT News) Share Buy-Back: 10 Mar 2017 Company FIAMMA FITTERS SIGN SNTORIA TNLOGIS Bought Back Price (RM) Hi/Lo (RM) 180,000 200,000 200,000 20,000 75,000 0.58 0.40 0.915/0.905 0.745/0.735 1.60/1.59 0.59/0.575 0.405/0.40 0.915/0.905 0.77/0.73 1.61/1.58 Total Treasury Shares 13,160,000 16,359,200 9,340,200 471,000 8,006,600 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 7 of 7
10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 10-Mar-17 2.03 2.50 5.77 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) FY17 FY18 52weeks 52weeks High Price % Chg Low Price % Chg % Chg YTD 2.41 2.20 5.12 0.99 0.57 1.19 12.1 22.7 17.7 16.1 23.8 27.6 16.8 11.0 32.7 12.6 10.5 20.9 6.0 3.6 1.9 7.9 3.6 3.1 2.44 2.70 7.12 -16.8 -7.4 -19.0 1.95 1.95 4.43 4.1 28.2 30.2 -4.7 16.8 26.3 3.90 3.20 5.00 5.60 14.90 8.60 20.90 4.40 8.50 1.24 0.93 1.26 1.30 0.66 0.93 0.80 1.27 0.68 35.8 29.4 46.4 50.6 101.3 73.7 136.6 49.0 36.4 37.7 33.1 50.6 55.6 109.8 82.8 140.4 51.7 38.2 11.2 9.8 10.5 10.6 13.3 11.9 14.5 10.5 24.8 10.6 8.7 9.6 9.7 12.2 10.6 14.1 10.0 23.7 3.7 2.8 3.3 3.8 3.1 5.7 2.8 2.3 3.8 3.7 2.8 3.7 4.1 3.1 5.7 2.9 2.3 3.8 4.37 2.89 5.03 5.50 13.76 9.20 20.28 5.25 9.43 -8.2 -0.7 -3.2 -2.4 -2.5 -4.7 -2.4 -1.7 -4.0 3.60 2.08 3.90 4.11 12.70 7.50 18.48 4.37 8.20 11.4 38.0 24.9 30.6 5.7 16.9 7.1 18.1 10.4 7.8 20.1 13.0 19.1 -0.6 7.0 0.4 9.6 2.3 0.47 1.26 5.00 3.40 0.61 1.75 1.86 5.96 0.49 1.45 5.62 3.27 0.58 1.90 1.50 5.58 0.82 0.68 1.02 1.07 1.12 na 1.01 0.13 6.0 12.9 32.9 16.8 9.6 12.6 12.8 44.4 6.0 13.2 36.7 20.9 9.9 12.5 12.7 45.8 7.8 9.8 15.2 20.2 6.3 13.8 14.5 13.4 7.8 9.5 13.6 16.2 6.1 13.9 14.6 13.0 0.0 2.2 2.4 2.8 1.7 3.1 1.6 4.2 2.1 2.2 2.4 2.8 1.7 3.1 1.6 4.2 0.51 1.35 5.07 3.61 0.77 1.81 1.98 6.06 -7.8 -6.8 -1.4 -5.8 -21.4 -3.3 -6.1 -1.7 0.36 0.76 4.59 3.07 0.41 1.42 1.41 5.00 30.6 66.7 8.9 10.7 49.4 23.2 31.9 19.2 8.0 20.0 4.6 6.2 5.2 2.9 7.5 1.4 2.00 2.00 0.47 15.4 15.6 13.0 12.8 5.0 5.0 2.40 -16.7 1.93 3.6 -0.5 14.36 17.56 15.41 21.08 0.56 0.57 69.6 93.1 77.5 20.6 101.9 18.9 18.5 17.2 4.8 4.8 5.4 5.2 15.20 18.74 -5.5 -6.3 12.38 13.60 16.0 29.1 3.2 7.2 2.30 7.75 24.24 76.40 2.91 1.85 4.57 0.91 2.23 9.59 21.63 83.86 4.00 2.08 4.17 1.10 0.41 0.35 0.34 0.38 0.48 0.62 0.51 0.64 6.5 35.9 97.9 291.3 23.5 22.9 12.7 9.6 7.5 40.5 119.6 318.0 26.5 22.9 15.8 13.2 35.4 21.6 24.8 26.2 12.4 8.1 36.0 9.5 30.5 19.2 20.3 24.0 11.0 8.1 29.0 6.9 0.8 3.9 2.6 3.7 5.2 4.3 1.0 5.5 1.0 4.9 3.1 4.0 6.2 4.3 1.1 5.5 3.00 9.58 27.00 81.80 3.08 1.88 4.73 1.07 -23.3 -19.1 -10.2 -6.6 -5.5 -1.6 -3.4 -14.7 2.11 7.31 19.66 73.80 1.92 1.42 4.17 0.78 9.0 6.0 23.3 3.5 51.7 30.3 9.6 16.7 -10.5 5.7 3.2 -2.3 14.1 6.9 4.8 14.5 48.00 54.22 1.03 271.1 271.8 17.7 17.7 5.5 5.5 55.96 -14.2 40.31 19.1 8.7 9.30 5.27 10.34 6.10 1.34 1.25 45.0 25.7 51.0 27.9 20.6 20.5 18.2 18.9 0.5 1.5 0.6 1.7 9.83 5.51 -5.4 -4.3 7.50 4.17 24.0 26.3 17.1 16.6 2.90 0.09 4.01 0.10 0.71 1.13 24.5 0.2 24.7 0.3 11.8 40.0 11.7 29.8 7.2 0.0 7.4 0.0 3.47 0.10 -16.4 -5.3 2.86 0.05 1.4 80.0 -2.0 80.0 5.90 4.01 6.40 4.61 0.80 0.51 13.9 13.3 17.9 16.5 42.5 30.1 32.9 24.3 0.7 1.5 0.8 1.9 6.79 4.37 -13.1 -8.2 5.78 3.97 2.1 1.0 -7.1 -4.1 4.80 6.22 2.02 5.17 2.06 4.50 6.80 1.90 4.90 2.55 0.56 0.12 0.35 -0.20 0.31 18.2 35.8 16.2 25.6 4.3 21.2 40.5 18.2 30.0 7.1 26.4 17.4 12.5 20.2 48.0 22.6 15.4 11.1 17.2 29.2 1.7 2.9 2.4 2.5 0.5 2.0 3.3 2.7 2.9 0.9 5.03 7.07 2.88 5.51 2.74 -4.6 -12.0 -29.9 -6.2 -24.8 3.81 5.90 1.99 4.20 2.05 26.0 5.4 1.5 23.1 0.5 -0.6 -5.6 -4.3 -3.4 -12.7 INDUSTRIAL SCIENTX SKPRES 7.30 1.36 8.50 1.75 0.52 0.59 67.9 9.3 78.0 14.4 10.8 14.6 9.4 9.4 2.7 3.2 3.2 5.0 7.57 1.44 -3.6 -5.6 5.55 1.12 31.5 21.4 9.0 5.4 MEDIA ASTRO MEDIA PRIMA STAR 2.87 1.09 2.40 3.30 0.85 1.95 1.06 0.62 0.55 11.9 7.7 15.0 13.5 8.0 15.8 24.1 14.1 16.0 21.3 13.7 15.2 4.4 5.7 7.5 4.5 5.8 7.5 3.02 1.54 2.70 -5.0 -29.2 -11.1 2.56 1.00 2.20 12.1 9.0 9.1 10.4 -5.2 7.1 OIL & GAS EATECH MHB MISC PANTECH PCHEM SKPETRO UMWOG UZMA 0.67 0.93 7.39 0.54 7.35 1.83 0.64 1.83 0.45 0.96 8.16 0.52 7.91 1.92 0.54 1.40 na 1.74 0.87 1.23 1.15 2.39 1.94 1.40 11.5 -0.4 49.5 3.7 34.7 5.3 -14.7 11.3 11.9 1.1 56.1 4.3 39.3 4.6 -12.4 12.2 5.8 na 14.9 14.4 21.2 34.8 na 16.2 5.6 82.9 13.2 12.4 18.7 39.5 na 15.0 5.0 0.0 4.1 2.8 2.6 0.0 0.0 0.0 6.0 0.0 4.1 3.2 3.0 0.0 0.0 0.0 1.25 1.34 9.00 0.55 7.59 2.17 1.04 2.04 -46.4 -31.0 -17.9 -1.8 -3.2 -15.7 -38.9 -10.3 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 50.6 10.1 7.4 23.0 23.5 41.9 5.0 40.8 8.1 1.1 0.5 20.2 5.3 13.0 -27.4 7.6 BANKS & FINANCIAL SERVICES AFG 4.01 AFFIN 2.87 AMBANK 4.87 CIMB 5.37 HLBANK 13.42 MAYBANK 8.77 PBBANK 19.80 5.16 RHBBANK BURSA 9.05 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA 1.83 3.28 4.66 24.38 9.14 5.81 Target Price BETA (RM) 1.53 3.88 3.93 22.75 8.24 6.53 1.72 0.46 1.06 0.94 1.24 0.50 EPS (sen) PER (X) FY17 FY18 FY17 FY18 6.3 13.7 18.7 111.8 30.8 25.8 11.1 15.7 21.1 119.1 35.3 32.0 28.9 24.0 24.9 21.8 29.7 22.5 16.5 20.8 22.1 20.5 25.9 18.1 Div Yield (%) FY17 FY18 2.7 2.1 2.1 2.3 2.4 2.8 2.7 2.4 2.6 2.4 3.1 2.8 52weeks 52weeks High Price % Chg Low Price % Chg 2.52 3.74 5.04 25.50 9.30 6.19 -27.4 -12.3 -7.5 -4.4 -1.7 -6.1 1.31 3.22 4.07 22.62 7.10 5.53 39.7 1.9 14.5 7.8 28.7 5.1 PROPERTY GLOMAC 0.72 0.69 0.65 3.4 7.0 20.9 10.3 5.6 5.6 0.84 -14.3 0.68 5.9 HUAYANG 1.16 1.09 0.65 20.0 17.4 5.8 6.7 3.4 3.0 1.45 -19.9 1.05 10.5 IOIPG 1.93 2.10 0.90 14.7 15.3 13.1 12.6 3.6 3.9 2.46 -21.6 1.85 4.5 Note: IOIPG 1 for 4 rights issue share, at an issue price of RM1.38 per rights share. Ex-Target price RM1.98. For more detail please refer to 21.11.16 report. MAHSING 1.40 1.60 0.64 14.5 12.5 9.6 11.2 4.3 3.9 1.70 -17.6 1.31 6.9 SNTORIA 0.77 0.80 0.29 6.4 9.7 12.1 8.0 1.3 1.3 0.86 -10.5 0.69 11.6 SPSETIA 3.40 3.82 0.68 27.7 24.5 12.3 13.9 4.1 4.1 3.59 -5.3 2.80 21.4 SUNWAY 3.15 3.40 0.49 31.2 33.3 10.1 9.5 3.8 3.8 3.24 -2.8 2.87 9.8 REIT SUNREIT 1.70 1.79 0.53 8.9 10.1 19.2 16.8 5.2 5.9 1.84 -7.6 1.51 12.6 CMMT 1.65 1.78 0.62 8.1 8.5 20.4 19.4 5.5 5.7 1.72 -4.1 1.40 17.9 % Chg YTD 18.1 -3.5 5.9 1.6 12.8 -3.2 3.6 2.7 -1.0 -2.1 -3.8 8.6 4.0 -1.2 7.8 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.19 24.30 19.60 13.72 1.48 1.45 20.19 19.64 17.19 1.81 na 0.81 0.78 1.02 0.57 6.9 98.4 89.4 129.4 8.8 8.3 102.3 91.6 132.7 10.6 17.2 24.7 21.9 10.6 16.9 14.4 23.8 21.4 10.3 14.0 5.9 3.0 3.2 2.6 6.8 4.9 3.1 3.0 2.6 6.8 1.80 25.70 22.80 14.90 1.64 -33.9 -5.4 -14.0 -7.9 -9.8 1.14 22.16 19.56 13.00 1.38 4.4 9.7 0.2 5.5 7.2 -13.1 2.1 -8.0 -1.3 -0.7 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 4.73 5.10 6.42 6.31 5.25 4.90 5.95 6.95 1.24 0.97 0.73 0.69 16.7 20.8 25.1 21.4 17.6 21.1 25.4 22.3 28.3 24.5 25.6 29.4 26.8 24.2 25.2 28.3 1.8 4.1 3.1 3.1 1.9 4.1 3.1 3.2 6.00 5.13 6.47 6.90 -21.2 -0.6 -0.8 -8.6 4.11 4.31 5.36 5.81 15.1 18.3 19.8 8.6 0.2 5.6 7.4 6.1 TECHNOLOGY Semiconductor & Electronics IRIS 0.13 INARI 1.97 MPI 10.08 UNISEM 2.91 0.14 2.05 10.55 3.15 1.21 0.77 0.48 0.77 -1.2 10.7 88.9 26.9 0.9 na 12.8 18.4 101.9 11.3 29.1 10.8 13.8 15.4 9.9 10.0 0.0 2.1 2.3 4.1 0.0 2.5 2.3 4.1 0.24 2.01 10.14 2.98 -47.9 -2.0 -0.6 -2.3 0.10 1.28 6.86 2.12 25.0 53.6 46.9 37.3 13.6 18.7 36.0 23.3 2.83 6.85 3.02 7.68 1.15 1.44 33.5 9.8 34.9 10.2 8.4 69.6 8.1 67.4 0.0 1.5 0.0 1.5 3.30 7.30 -14.2 -6.2 1.71 5.76 65.5 18.9 23.6 13.0 1.59 3.88 1.88 4.51 0.84 0.72 15.5 19.3 21.7 17.4 10.2 20.1 7.3 22.3 3.5 3.7 4.4 3.4 1.76 4.59 -9.7 -15.5 1.22 3.74 30.3 3.7 0.0 -9.8 TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 18.93 OCBC 9.56 UOB 21.39 PLANTATIONS WILMAR IFAR 3.58 0.52 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) FY17 FY18 52week 52week High Price % Chg Low Price % Chg % Chg YTD 16.70 8.50 19.40 1.21 1.12 1.08 173.8 87.8 195.7 190.2 10.9 92.5 10.9 209.4 10.9 10.0 10.3 10.2 3.2 5.7 3.3 3.2 6.7 3.3 19.4 9.8 22.0 -2.3 -2.2 -2.6 14.63 8.84 17.41 29.4 16.4 22.9 9.2 7.2 4.9 3.45 0.51 0.91 1.11 28.9 3.9 31.1 4.3 11.5 12.2 2.2 1.8 2.5 2.0 4.0 0.6 -10.5 -16.8 2.96 0.44 20.9 18.2 -0.3 -1.0 12.4 13.3 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
12. T e c h n i c a l TA Securities V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Outlook FBM KLCI: 1,717.58 (+9.20, +0.54%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist : Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Weak Oil Price & Likely US Rate Hike to Dampen Tone After spiking to a fresh 19-month high last week, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) underwent a profit-taking correction as crude oil prices slumped below USD50 a barrel after US crude inventories surged to a record. However, strong local buying momentum shifted to lower liners and small cap stocks towards the weekend, triggered by limit-up gains on Iskandar Waterfront City which encouraged spillover buying into related construction and property counters. For the week, the FBM KLCI added 9.2 points, or 0.54 percent to 1,717.58, with gains on BAT (+RM1.02), Hong Leong Financial Group (+32sen), Genting Berhad (+20sen) and TM (+20sen) offsetting losses from Petronas Dagangan (-50sen) and Westports (-12sen). Average daily traded volume and value surged to 3.24 billion shares and RM2.73 billion, compared to the 2.98 billion shares and RM2.61 billion average the previous week, helped by strong buying momentum on lower liners, small caps and ACE Market stocks. Blue chips surged on Monday, with banking and gaming stocks leading gains despite rising geopolitical risks after North Korea fired multiple ballistic missiles and an imminent US rate hike this month. The KLCI surged 18.98 points, or 1.1% to end at the day’s high of 1,727.36, off an opening low of 1,706.21, as gainers led losers 567 to 358 on strong turnover of 3.01bn shares worth RM2.63bn. The local benchmark index climbed to a fresh 19-month high the next day, with banking stocks leading gains but ended off earlier highs as profit-taking checked gains. The KLCI added 1.3 points to close at 1,728.66, off an early low of 1,725.02 and high of 1,734.07, as gainers led losers 586 to 320 on robust turnover totaling 3.38bn shares worth RM2.92bn. Shares retreated in line with weaker regional markets on Wednesday, as investors took profits in the wake of a weak Wall Street overnight and in anticipation the US Federal Reserve will all but certainly raise borrowing costs next week. The KLCI fell 3.12 points to close at 1,725.54, off an early high of 1,730.16 and low of 1,724.84, as gainers led losers 472 to 416 on turnover totaling 3.07bn shares worth RM2.44bn. Blue chips slipped into profit-taking correction mode the subsequent day, dampened by regional weakness and after global crude oil prices slumped below USD50 a barrel as US crude inventories surged to a record last week. The KLCI lost 8.12 points to close at the day’s low of 1,717.42, off an early high of 1,724.4, as losers beat gainers 558 to 345 on robust turnover of 3.36bn shares worth RM2.47bn. While blue chips extended profit-taking consolidation on Friday, strong buying momentum shifted to lower liners and small cap stocks sparked by limit-up gains on Iskandar Waterfront City, fueling spill-over buying on related construction and property counters. The index ended flat at 1,717.58, off an early low of 1,713.55 and high of 1,718.02, as gainers edged losers 471 to 435 on total turnover of 3.4bn shares worth RM3.19bn. Trading range for the blue-chip benchmark index last week was at 27.86 points, compared to the previous week’s 26.5 points range. For the week, the FBM-EMAS Index added 78.03 points, or 0.65 percent to 12,135.62, while the FBM-Small Cap Index surged 406.26 points, or 2.52 percent up to 16,523.35, as small cap stocks attracted strong rotational buying interest from retailers. Page 1 of 3
13. TA Securities 13-Mar-17 A Member of the TA Group A short-term sell signal generated on the daily slow stochastic indicator for the FBM KLCI following last week ’s profit-taking correction (Chart 1), but the weekly indicator’s signal line stay elevated in the overbought zone. The 14-day Relative Strength Index (RSI) indicator flattened to a neutral reading of 59.76, but the 14-week RSI sustained a steady rise to a reading of 64.13 as of last Friday. Chart 1 On trend indicators, the trigger line on the daily Moving Average Convergence Divergence (MACD) inched closer to the signal line to reflect last week’s correction, but the uptrend on the weekly MACD indicator remained firmly intact. The +DI and -DI lines on the 14-day Directional Movement Index (DMI) trend indicator stayed at a healthy distance to confirm the uptrend, which is reinforced by a steady ADX line. Chart 2 Conclusion The profit-taking correction witnessed last week looks healthy, and should pave the way for further consolidation and base building needed to absorb and neutralize short-term overbought momentum. Meantime, the weak crude oil price trend below USD50 a barrel and strong US jobs report for February released last Friday, which strengthens the case for an imminent interest rate hike this week, should restrict any potential recovery attempts. Page 2 of 3
14. TA Securities 13-Mar-17 A Member of the TA Group Immediate uptrend supports for the index are presently at 1 ,712, 1,702 and 1,685, representing the respective rising 10, 30 and 50-day moving averages. Key upside hurdles to overcome ahead are the recent high of 1,734, next at 1,744, the 3/8/15 peak, and 1,758, the 23.6%FR of the 1,310 to 1,896 upswing. Sector-wise, banking counters like Affin Holdings and CIMB will need to further consolidate and absorb profit-taking after recent strong gains before they can resume higher, while buying momentum switch to lower liners in the construction and property related sectors such as Bina Puri, CMSB, EcoWorld and Naim Holdings on rotational play. Chart 3 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
15. TA Securities A Member of the TA Group MENARA TA ONE , 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Gadang Holdings Bhd C O M P A N Y U P D A T E Monday, March 13, 2017 FBMKLCI: 1,717.58 Sector: Construction TP: RM1.45(+15.1%) Last traded: RM1.26 Ended Contract Drought BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Ooi Beng Hooi Tel: 603-2167-9612 benghooi@ta.com.my Gadang has received a Letter of Acceptance from Mass Rapid Transit Corporation Sdn Bhd, awarding the company the works package V206 of MRT line 2 (Sungai Buloh – Serdang – Putrajaya) for a contract sum of RM952.1mn. The work package involves the construction and completion of viaduct guideway and other associated works from Serdang Raya to UPM. Our View The long-awaited new construction contract would definitely eliminate a major concern investors have on its depleting outstanding order book. It had been 15 months since Gadang secured the previous construction contract in midDecember 2015. www.taonline.com.my Share Information Bloomberg Code Bursa Stock Code Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) GADG MK GADANG 9261 Main Market 649.4 818.3 0.50 1.35/0.76 6266.8 65.0 0.68 Meloria Sdn Bhd - 13.47 Sumber Raswira Sdn Bhd - 12.53 Forecast Revision We understand that this is the largest construction project ever secured by Gadang since establishment. With this new job win, we estimate Gadang’s outstanding order book to surge to RM1.4bn, translating into 2.9x FY16 construction revenue. This could provide earnings visibility to the construction division for the next 4 years. Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 (2.5) 83.5 85.6 86.8 90.8 96.2 94.3 Buy (Maintained) Financial Indicators Assuming an operating margin of 8%, we expect the project to generate a net profit of RM56.4mn, or 8.7sen/share throughout the construction period. Impact The MRT work package secured has far exceeded our order book replenishment assumption of RM500mn for FY17. After factoring in the new contract, we tweak FY18 earnings forecast slightly lower by 2.5% as the contract secured came in late FY17, but raise FY19 earnings estimate by 3.8%. Valuation Given its strong execution capability with proven track records, we raise the target PE multiple for the construction division from 12x to 14x, as the division is now backed by strong outstanding order book after the sizeable job win. Following the revision in earnings forecasts and the change in target PE multiple for the construction division, we raise the target price from RM1.37 to RM1.45, based on 14x CY17 construction earnings, 8x CY17 property earnings, 12x CY17 utility earnings, and assigned value for oil palm plantation landbank of RM25k/ha. Maintain BUY call on the stock. Net Debt / Equity (%) CFPS (sen) Price / CFPS (x) ROA (%) NTA/Share (RM) Price/NTA (x) Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY18 net cash 4.1 30.6 7.8 0.8 1.5 GADANG FBM KLCI 16.7 0.4 35.5 4.4 7.9 2.4 61.5 1.2 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 2 FY17 net cash (13.7) (9.2) 7.3 0.7 1.7
16. TA Securities 13-Mar-17 A Member of the TA Group Financial Statements Profit & Loss (RMmn) YE May 31 Revenue EBITDA Dep. & amortisation Finance cost PBT Core PBT Taxation MI PATAMI Core PATAMI Core EPS (sen)* GDPS (sen)* Div yield (%) FY15 587.4 92.9 (5.6) (2.5) 84.8 84.8 (24.0) 1.2 59.6 59.6 11.2 2.0 1.6 FY16 676.1 126.6 (6.1) (2.6) 124.1 124.1 (29.4) 0.4 94.2 94.2 16.3 2.8 2.2 FY17F 700.0 125.1 (8.1) (3.5) 113.5 113.5 (29.0) 1.1 83.5 83.5 12.9 2.8 2.2 FY18F 695.0 129.8 (9.5) (3.6) 116.7 116.7 (29.8) 1.3 85.6 85.6 13.2 2.8 2.2 FY19F 773.4 155.9 (11.8) (2.9) 141.3 141.3 (36.0) 3.3 101.9 101.9 15.8 2.8 2.2 Cash Flow (RMmn) YE May 31 PBT Dep. & amortisation Other adjustments Changes in WC Income tax Operational cash flow Capex Others Investment cash flow Debt raised/ (repaid) Equity raised/ (repaid) Dividend Others Financial cash flow Net cash flow Opening cash Forex adjustment Ending Cash FY15 84.8 23.1 4.5 8.9 (28.1) 93.2 (28.6) (14.8) (43.4) 104.0 32.4 (8.7) (81.9) 45.9 95.7 76.2 (1.8) 170.1 FY16 124.5 24.9 (3.9) (121.0) (26.6) (2.1) (3.2) (2.8) (6.0) 85.9 62.2 (11.8) (67.6) 68.7 60.6 170.1 1.8 232.5 FY17F 113.5 8.1 (3.5) (114.0) (29.0) (24.8) (3.5) (20.0) (23.5) 9.7 0.0 (9.1) 3.5 4.1 (44.2) 232.5 0.0 188.3 FY18F 116.7 9.5 (3.6) (60.9) (29.8) 31.8 (2.8) (20.0) (22.8) 9.7 0.0 (9.1) 3.6 4.3 13.3 188.3 0.0 201.6 FY19F 141.3 11.8 (2.9) (18.8) (36.0) 95.3 (2.8) (20.0) (22.8) (50.0) 0.0 (9.1) 2.9 (56.2) 16.4 201.6 0.0 218.0 Balance Sheet (RMmn) YE May 31 Fixed assets Concession assets Others Total NCA Cash & equivalents Others CA FY15 FY16 93.1 76.4 46.1 61.3 53.2 74.0 192.3 211.7 232.7 187.6 401.1 823.4 633.8 1,011.1 Total Assets 826.1 1,222.8 1,065.7 1,142.3 1,189.5 ST debt Others CL 101.2 232.4 333.6 55.8 319.6 375.4 89.3 207.7 297.0 91.2 195.9 287.1 91.2 195.9 287.1 LT borrowings Others LT Liabilities 91.8 12.3 104.1 167.0 144.1 311.0 143.2 13.5 156.7 151.0 14.4 165.4 101.0 15.4 116.4 Share cap Reserves NCI Shareholders' fund Total Equity Total Equity & Liabilities 216.4 165.0 7.0 381.4 388.4 826.1 258.6 270.5 7.3 529.1 536.4 1,222.8 323.3 280.3 8.4 603.5 611.9 1,065.7 323.3 356.8 9.7 680.1 689.8 1,142.3 323.3 449.7 13.0 773.0 786.0 1,189.5 FY15 15.8 11.2 26.9 11.3 2.0 1.6 FY16 19.5 16.4 46.8 7.7 2.8 2.2 Ratio YE May 31 EBITDA margin (%) Core EPS (sen)* EPS Growth (%) PER (x) GDPS (sen)* Div Yield (%) Net cash (RMm) Net gearing (x) ROE (%) ROA (%) NTA/share (RM)* P/NTA (x) FY17F 78.4 75.2 73.6 227.2 143.4 695.1 838.5 FY17F 17.9 12.9 (21.2) 9.8 2.8 2.2 FY18F 79.6 87.7 73.2 240.5 156.8 745.1 901.8 FY19F 80.8 98.9 71.8 251.5 173.1 764.9 938.0 FY18F 18.7 13.2 2.6 9.5 2.8 2.2 FY19F 20.2 15.8 19.1 8.0 2.8 2.2 39.6 71.5 17.6 21.2 net cash net cash net cash net cash 17.5 20.8 14.7 13.3 8.5 9.3 7.3 7.8 0.6 0.7 0.7 0.8 2.2 1.9 1.7 1.5 (19.1) (0.0) 14.0 8.7 1.0 1.3 Note: *Adjusted for 1 into 2 share split and 1 for 4 share bonus issue in Nov 16 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
17. COMPANY UPDATE TA Securities Monday , 13 March 2017 FBM KLCI: 1,717.58 Sector: Gaming A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Luster Industries Berhad TP: RM0.10 (+11.1%) Last traded: RM0.09 Securing a Small Job with Little Earnings Impact BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my Contract award Luster Industries (Luster) announced that the company has secured a construction contract from Cosmo Property Management Sdn Bhd for the completion of a mixed development project in Kota Bharu known as “Alwaqf”. This property development comprises 3 phases, featuring 99 units of 5-storey commercial lots with 1-level basement car park (phase 1), a block of 13-storey 505 units of serviced apartments (phase 2), and a commercial complex with 256 units of commercial lots, rooftop garden, convention hall, Cineplex, food court and other common facilities. The project owner is Perbadanan Menteri Besar Kelantan. According to announcement, the project has been partially completed and the structure of the building has already reached level 12. Luster is tasked to complete the jobs and Cosmo will be appointed as sub-contractor. According to management, the balance works consist of 4-storey construction works for the serviced apartments together with all the common facilities, e.g.: swimming pool, rooftop garden, etc. The contract sum for the balance works is estimated at RM45mn and the project is expected to be completed by end-2017 Our View We are neutral on this contract award as we believe the contract margin would be as low as 2-5% given the limited project risk involved. Based on the agreement where Cosmo will be appointed as the sub-contractor to complete the jobs, Luster would only participate in project management role. Financial impact Assuming an EBIT margin of 3%, we raise our FY17 earnings by approximately RM0.4mn to RM3.9mn to factor in contribution from this contract. No change to FY18-19 earnings projections. Recommendation We maintain Luster’s DCF valuation at 10sen/share, based on unchanged discount rate of 14%. As this contract is insignificant to Luster’s earnings (increase by only RM0.4mn for FY17), we maintain our Hold recommendation on the stock. Future catalyst will come from Phase 2 of Taman Tasik 1 Malaysia project, which the group has the first right of refusal in completing the jobs. R M 1 . 5 m n Share Information Bloomberg Code LSTI MK Stock Code LUSTER (5068) Listing Main Market Share Cap (mn) 1,732.0 Market Cap (RMmn) 155.9 Par Value 0.10 52-wk Hi/Lo (RM) 0.05/0.095 12-mth Avg Daily Vol ('000 shrs) 4,284 Estimated Free Float (%) 79.0 Beta 1.13 Major Shareholders (%) Genting Bhd Wee Song He (8.2%) Suncity Entertainment (7.7%) Lim See Chea (5.1%) Forecast Revision Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 13.2 0.0 3.9 5.2 Hold (Maintained) Financial Indicators Net Gearing (%) FCF/share (sen) P/CFPS (x) ROE (%) NTA/Share (RM) Price/NTA (x) Share Performance Price Change (%) 1 mth 3 mth 6 mth 12 mth FY17 Net cash 0.0 nm 3.0 6.0 1.5 FY18 Net cash 0.9 10.0 4.0 6.3 1.4 LUSTER (5.3) 63.6 38.5 20.0 FBM KLCI 0.4 4.4 2.4 1.2 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 2 www.taonline.com.my
18. TA Securities 13-Mar-17 A Member of the TA Group Earnings Summary (RM’mn) Profit and Loss (RM'mn) FYE Dec Revenue COGS Gross profit 2015 119.0 (104.9) 9.2 2016 113.9 (101.0) 9.9 2017F 182.2 (117.7) 21.7 2018F 143.7 (121.3) 22.4 2019F 150.9 (125.8) 25.1 EBITDA Depr. & Amor. Operating expenses EI PBT Adj PBT Tax MI Net profit Core profit EPS (sen) DPS (sen) (1.5) 0.0 (28.5) (12.7) (14.5) (1.8) (2.7) (0.7) (17.9) (5.2) (0.3) 0.0 (0.6) (5.0) (37.2) (18.4) (24.3) (5.9) (1.0) 0.8 (24.5) (6.1) (0.4) 0.0 12.6 (5.5) (14.0) 0.0 6.0 6.0 (0.2) (2.0) 3.9 3.9 0.2 0.0 14.2 (5.6) (14.0) 0.0 8.4 8.4 (0.3) (2.9) 5.2 5.2 0.3 0.0 16.7 (5.6) (14.2) 0.0 10.8 10.8 (0.4) (3.7) 6.8 6.8 0.4 0.0 Cash Flow (RM'mn) FYE Dec PBT Non- cash item Chg in working capital Tax Others CFO 2015 (14.5) 0.0 (0.4) (2.7) 0.0 (17.5) 2016 (24.3) 5.0 5.3 (1.0) (0.0) (15.0) 2017F 6.0 5.5 0.9 (0.2) (0.0) 12.3 2018F 8.4 5.6 4.9 (0.3) (0.0) 18.5 2019F 10.8 5.6 (0.5) (0.4) 0.0 15.6 Capex Others CFI (1.7) (4.5) (6.2) (3.0) 16.7 13.7 (3.0) 0.0 (3.0) (3.0) 0.0 (3.0) (3.0) 0.0 (3.0) Net Borrowing/Rpmt Issue of share Others CFF (0.1) 16.8 0.0 16.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Key Assumptions no. of draw no. of agent Sales per agent per draw (US$) 2015 169.0 400.0 50 2016 156 530 70 2017F 156 663 95 2018F 156 795 113 2019F 156 850 136 Balance Sheet (RM'mn) FYE Dec PPE Goodwill LT Assets 2015 69.2 25.3 96.6 2016 60.6 8.6 69.2 2017F 58.1 8.6 66.7 2018F 55.5 8.6 64.1 2019F 52.9 8.6 61.5 Inventories Trade & other receivables Cash & Cash equivalent Others ST Assets 13.7 36.5 25.9 1.0 79.0 12.6 36.6 21.1 1.3 84.3 27.5 22.0 30.3 1.3 93.9 21.7 19.8 45.9 1.3 101.4 23.2 19.8 58.5 1.3 115.5 Total Assets 175.6 153.5 160.6 165.6 177.0 Trade and other payables ST Borrowings Others ST Liabilities 17.7 3.2 0.4 21.2 21.5 2.9 0.3 24.8 22.8 2.9 0.3 26.1 19.6 2.9 0.3 22.9 20.6 2.9 0.3 23.9 LT Borrowings Others LT Liabilities 1.1 1.9 3.0 1.7 1.2 2.8 1.7 1.2 2.8 1.7 1.2 2.8 1.7 1.2 2.8 Share Cap Reserves Shareholder's Funds MI 173.2 (23.5) 149.7 1.6 173.2 (48.2) 125.0 0.9 173.2 (44.3) 128.9 2.8 173.2 (39.1) 134.1 5.7 173.2 (32.3) 140.9 9.4 Liabilities + Equities 175.6 153.5 160.6 165.6 177.0 Ratios EPS Growth (%) PER (x) Div Yield (%) Net cash (RMm) Net gearing (x) ROE (%) ROA (%) NA per share (RM) NTA/share (RM) P/NTA (x) EV/EBITDA (x) 2015 2016 2017F 2018F 2019F >100 >100 (163.4) 35.2 29.4 nm (25.6) 40.3 29.8 23.0 0.0 0.0 0.0 0.0 0.0 21.6 16.4 25.7 41.3 53.8 Net cash Net cash Net cash Net cash Net cash (3.4) (4.4) 3.0 4.0 4.9 (3.0) (3.7) 2.5 3.2 4.0 8.6 7.2 7.4 7.7 8.1 0.07 0.07 0.07 0.07 0.08 1.3 1.3 1.3 1.2 1.2 (87.9) (219.2) 10.3 8.1 6.1 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy 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. This report has been prepared by TA SECURITIES HOLDINGS BERHAD for purposes of CMDF-Bursa Research Scheme ("CBRS") administered by Bursa Malaysia Berhad and will be compensated to undertake the scheme. TA SECURITIES HOLDINGS BERHAD has produced this report independent of any influence from the CBRS or the subject company. For more information about CBRS and other research reports, please visit Bursa Malaysia’s website at: http://www.bursamalaysia.com/market/listed-companies/research-repository/research-reports for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
19. TA Securities A Member of the TA Group MENARA TA ONE , 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 SECTOR UPDATE Monday, March 13, 2017 FBM KLCI: 1,717.58 Sector: Plantation Underweight Plantation Sector Stocks Hit Six-Year Low THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Angeline Chin Tel: +603-2167-9611 angelinechin@ta.com.my Stockpiles Hit Six-Year Low but… MPOB’s Feb 2017 palm oil data came in broadly in line with consensus estimates, except imports. Palm oil stockpile hit the six-year low and stood at 1.46mn tonnes (-5.3% MoM, 32.8% YoY), which was broadly in in line with market expectations of 1.47mn – 1.48mn tonnes. The decline in stockpile was mainly owing to lower production (-1.4% MoM) and strong domestic usage (+46.3% MoM). The low production is partly attributed to seasonally low production period and shorter working days. …Production is in Recovery Mode However, the production is set to continue on its recovery path as the MoM decline of 1.4% is the lowest drop in the past 10 years (highest in 2013: -19.1%). Moreover, the Feb’s production marked its strong 3rd consecutive YoY growth of 20.7%. Exports, meanwhile, declined by 14.0% MoM to 1.1mn tonnes, attributable to lower demand from China and India. Imports were lower at 40k tonnes (-43.7% MoM) whereas domestic consumption increased by 46.3% MoM to 192k tonnes. Seasonal Drop in FFB Yield As expected, FFB yield continued to fall in Feb after reaching its peak in September. The reduction is mainly due to seasonally low production periods. However, on YoY basis, yields recovered strongly across Malaysia. On average, Malaysia experienced higher FFB yield of 1.14 tonne/ha (+17.5% YoY). The average yield in Sabah increased the most by 28.3% YoY to 1.18 tonne/ha, this is followed by Sarawak (+23.9%) and Peninsular Malaysia (+9.5%). Exports Remain Sluggish As we mentioned before, exports will remained sluggish partly because of Jan and Feb are typically the slowest period for palm oil exports. China recorded a sharp plunge in import to the low of 103k tonnes (-38.4% MoM). However, on YoY basis, it increased by 94.2%. Meanwhile, India also recorded 4.3% MoM decline. We believe the decline was attributable to higher domestic supply of edible oils and utilisation of existing stocks. According to the Solvent Extractors' Association of India (SEA), the stock of edible oils at various ports and in pipeline was estimated to be 1.73mn tonnes, which equals to 32 days requirements. India’s monthly requirement is about 1.65mn tonnes (30 days stock). Looking forward, Intertek and Societe Generale de Surveillance (SGS) estimate that palm oil exports for the first 10 days of March to fall by 25.5% and 25.7% to 254k and 250k tonnes, respectively. CPO Price: Uncertainties Surrounding CPO spot price depreciated by 11% MoM to RM2,990/tonne on 11 March 2017, reflecting market expectations of the potential rebound in production and the sluggish demand from China and India. Meanwhile, CPO futures (FCPO) for May delivery closed at RM2,770/tonne on last Friday (-7.4% discount to spot). The price may further dampened by the recent bearish prospect report issued by USDA, which raised Brazil’s soybean production (larger than most trade estimates) and U.S ending stock. This has already caused downward pressure on soybean prices. Potential near-term drivers will likely be centered on the i) U.S. biofuels policy, ii) Indonesia’s biodiesel mandate and iii) the return of El-Nino (50% to 55% chance an El Nino will develop from July to December) Page 1 of 4 www.taonline.com.my
20. TA Securities 13-Mar-17 A Member of the TA Group Maintain Underweight Our Underweight recommendation on the Plantation sector remains due to the relatively pricey valuations compared with its Singapore and Indonesia peers . Re-rating catalysts include: 1) lower-than-expected CPO production, 2) higher CPO price, 3) downward revisions in soybean production estimates, and 4) better-than-expected demand from China and India. We reiterate our Sell recommendations on IOI, KLK, Sime Darby, FGV, Wilmar and IFAR due to pricey valuation. Meanwhile, IJMP and United Malacca are rated as BUYs. Figure 1: MoM Changes Figure 2: CPO Production (YoY Growth) Source: MPOB, TA Research Source: MPOB, TA Research Figure 3: Monthly Palm Oil Data '000 tonnes Production Stock Export Dom. Usage Import Feb-16 1,043 2,170 1,089 160 68 Jan-17 1,277 1,541 1,287 187 72 Feb-17 1,259 1,459 1,107 274 40 % MoM (1.4) (5.3) (14.0) 46.3 (43.7) % YoY 20.7 (32.8) 1.7 71.3 (40.3) 2M16 2,172 2,368 370 102 2M17 2,535 2,394 461 112 YoY % 16.7 1.1 24.6 9.7 Source: MPOB, TA Research Figure 4: Monthly Palm Oil Exports Data Feb-16 209 50 53 178 21 578 1,089 '000 tonnes EU-25 US China India Pakistan Others Total Jan-17 137 36 167 139 48 760 1,287 Feb-17 153 36 103 133 49 632 1,107 % MoM 11.9 1.1 (38.4) (4.3) 3.2 (16.8) (14.0) % YoY (26.7) (27.3) 94.2 (24.8) 129.9 9.3 1.7 2M16 394 108 158 441 86 1,182 2,368 2M17 290 72 271 273 97 1,392 2,394 Source: MPOB, TA Research Figure 5: Stock Vs CPO Price Source: MPOB, TA Research Figure 6: CPO Production Source: MPOB, TA Research Page 2 of 4 YoY % (26.4) (33.0) 71.5 (38.1) 12.3 17.8 1.1
21. TA Securities 13-Mar-17 A Member of the TA Group Figure 7 : Malaysia Average FFB Yield Trend Figure 8: Oceanic Nino Index (ONI) Source: MPOB, TA Research *above the +0.5 anomaly for warm (El Nino) events *below the -0.5 anomaly for cold (La Niña) events Source: NOAA, TA Research Figure 9: CPO Differential to Gas Oil (In USD/ Tonne) Figure 10: MYR/USD Source: Bloomberg, TA Research Source: Bloomberg, TA Research Figure 11: Peers’ Comparison Table Call Price TP Company Malaysia (RM) IOI Corp KLK Sime Darby United Malacca FGV IJMP Singapore (SGD) Wilmar IFAR PER Dividend Yield CY17 CY18 (%) (%) ROE CY17 CY18 (%) (%) (RM) (RM) Sell Sell Sell Buy Sell Buy 4.66 24.38 9.14 5.81 1.83 3.28 3.93 22.75 8.24 6.53 1.53 3.88 24.0 21.5 27.7 19.6 28.9 21.5 22.3 20.3 24.9 18.0 16.5 19.4 3.7 2.3 1.7 0.7 1.1 1.7 3.4 2.2 1.7 0.7 1.1 1.6 2.4 2.3 2.6 2.8 2.7 2.4 2.6 2.4 3.0 2.8 2.7 2.4 15.8 11.1 6.3 3.6 3.9 7.8 16.0 11.1 6.7 3.9 6.6 8.2 Sell Sell 3.58 0.52 3.45 0.51 18.2 13.4 16.9 12.3 1.5 0.6 1.4 0.6 1.6 1.8 1.7 2.0 8.5 4.4 8.6 4.6 Source: Bloomberg, TA Research Page 3 of 4 CY18 (x) P/BV CY17 CY18 (x) (x) CY17 (x)
22. TA Securities 13-Mar-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
23. TA Securities A Member of the TA Group MENARA TA ONE , 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Sunway Construction Group Berhad C O M P A N Y U P D A T E Monday, March 13, 2017 FBMKLCI: 1,717.58 Sector: Construction TP: RM1.90(+8.6%) Last traded: RM1.75 Secured MRT Line 2 Station Works Package S01 HOLD THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Ooi Beng Hooi Tel: 603-2167-9612 benghooi@ta.com.my SUNCON has been awarded the MRT Line 2 (Sungai Buloh-Serdang-Putrajaya line) station works package S201, with a contract sum of RM212.3mn. The work packages is for the construction and completion of elevated stations and other associated works at Damansara Damai, Sri Damansara West and Sri Damansara East. Our View This is the fourth works package SUNCON has secured from MRT Corp, after it had secured works package V4 of MRT Line 1, and works packages V201 and advance work between Kampung Muhibbah and Serdang Raya 4 of MRT Line 2. YTD, SUNCON has secured RM661mn of new jobs, versus the management’s target of RM2.0bn for FY17. Earlier in January, SUNCON has secured a building job from its parent company for the property development at Kelana Jaya. We estimate that the outstanding order book currently stands at RM4.5bn. We are positive on the job win as we understand that the successful bidder of this package would be the nominated sub-contractor for viaduct works package V201, which was also secured by SUNCON. This allows SUNCON to share resources for both works packages, to save in mobilization of construction team, as well as reducing the hassle in site coordination and interfacing works. Assuming a PBT margin of 6%, we expect the project to contribute RM9.7mn to the bottom line, or 0.7sen/share throughout the construction period. Impact No change to our earnings forecasts as the job win is within our FY17 order book replenishment assumption of RM2.0bn. Valuation We maintain our HOLD call on SUNCON with a target price of RM1.90, based on unchanged 15x CY17 earnings. Share Information Bloomberg Code Bursa Stock Code Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) SCGB MK SUNCON 5263 Main Market 1292.9 2262.6 0.20 1.81/1.42 2469.9 34.8 0.53 Sunholdings - 54.42 Sungei Way Corp Sdn Bhd - 10.06 Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 163.5 162.2 153.8 164.0 106.3 98.9 Hold (Maintained) Financial Indicators Net Debt / Equity (%) CFPS (sen) Price / CFPS (x) ROA (%) NTA/Share (sen) Price/NTA (x) FY17 net cash 7.9 22.1 9.3 45.3 3.9 Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth SCGB FBM KLCI 1.7 0.4 2.9 4.4 7.4 2.4 18.2 1.2 FY18 net cash 5.5 31.8 8.6 52.4 3.3 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 2 www.taonline.com.my
24. TA Securities 13-Mar-17 A Member of the TA Group Financial Statements Profit & Loss (RMmn) YE Dec 31 Revenue EBITDA Dep. & amortisation Net finance cost PBT Taxation MI Net profit Core net profit GDPS (sen) Div Yield (%) Cash Flow (RMmn) YE Dec 31 PBT Adjustments Changes in WC Operational cash flow Capex Others Investment cash flow Debt raised/(repaid) Dividend Others Financial cash flow Forex effect Desposit Net cash flow Beginning cash Ending cash 2015 2016 2017F 2018F 2019F 1,916.9 1,788.8 2,336.0 2,170.0 2,409.7 178.2 206.0 247.2 245.5 265.4 (41.9) (39.1) (42.1) (42.1) (40.5) 4.5 4.1 (1.6) (1.6) (3.4) 140.8 153.7 206.7 205.0 228.3 (13.0) (30.0) (43.4) (43.1) (47.9) (0.2) (0.2) 0.0 0.6 0.1 127.1 123.5 163.5 162.2 180.4 127.1 123.5 163.5 162.2 180.4 4.0 5.0 5.5 5.5 6.0 2.3 2.9 3.1 3.1 3.4 2015 140.8 34.1 64.9 239.8 (38.7) (25.9) (64.5) 1.6 (70.0) 0.0 (68.4) 4.8 0.0 107.3 277.6 389.7 2016 153.7 (14.8) (59.0) (79.9) (19.0) 37.5 18.5 (0.3) (84.0) 0.0 (84.4) 2.1 0.0 74.0 389.7 465.8 2017F 206.7 40.5 12.9 260.1 (49.7) 8.3 (41.4) (3.5) (71.1) 0.0 (74.6) 0.0 0.0 102.3 511.5 613.8 2018F 205.0 40.5 (5.5) 240.0 (49.7) 8.3 (41.4) (15.0) (71.1) 0.0 (86.1) 0.0 0.0 71.1 613.8 684.9 2019F 228.3 37.1 7.9 273.3 (50.0) 8.3 (41.7) (70.0) (77.6) 0.0 (147.6) 0.0 1.0 39.5 684.9 724.4 Balance Sheet (RMmn) YE Dec 31 2015 Fixed assets 162.5 Others 17.7 NCA 180.2 Cash 390.5 Others 826.8 CA 1,217.2 2016 134.3 15.5 149.8 465.8 951.8 1,417.5 2017F 162.6 18.4 181.0 590.2 1,119.4 1,709.6 2018F 161.9 18.4 180.3 661.3 1,056.2 1,717.5 2019F 163.1 18.4 181.5 700.8 1,147.4 1,848.2 Total assets 1,397.4 1,567.3 1,890.6 1,897.8 2,029.7 136.8 804.8 941.7 451.0 0.6 0.0 4.1 136.5 936.2 1,072.7 493.2 0.8 0.0 0.6 133.3 1,166.5 1,299.9 586.3 0.3 0.0 4.1 118.3 1,097.9 1,216.2 677.3 0.1 0.0 4.1 48.3 1,197.0 1,245.4 780.1 0.1 0.0 4.1 1,397.4 1,567.3 1,890.6 1,897.8 2,029.7 ST borrowings Other liabilities CL Shareholders' funds MI LT borrowings Other LT liabilities Total capital Ratio YE Dec 31 EBITDA Margins (%) Core EPS (sen) EPS Growth (%) PER (x) GDPS (sen) Div Yield (%) Net cash (RMmn) Net gearing (%) ROE (%) ROA (%) NTA (sen) P/NTA(x) 2015 9.3 9.8 24.5 17.8 4.0 2.3 2016 11.5 9.6 (2.8) 18.3 5.0 2.9 2017F 10.6 12.6 32.4 13.8 5.5 3.1 2018F 11.3 12.5 (0.8) 14.0 5.5 3.1 2019F 11.0 13.9 11.2 12.5 6.0 3.4 253.6 329.3 456.9 542.9 652.4 net cash net cash net cash net cash net cash 30.6 26.2 30.3 25.7 24.7 9.3 8.3 9.3 8.6 9.2 34.6 37.9 45.3 52.4 60.3 5.1 4.6 3.9 3.3 2.9 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
25. Monday , 13 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Weekly Technical Stock Picks 2. Daily Money Flow 3. Technical Stock Picks a. FBMKLCI b. Stocks Under Coverage c. PLANTATION Sector d. CONSTRUCTION Sector e. PROPERTY Sector 4. Weekly Ace Market Stock Watch 5. Weekly Small Cap Stock Watch 6. Weekly Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
26. TA Securities T e c h n i c a l V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my AFFIN Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM2.87 2.93 2.62 2.30 BUY SIMPLE MOVING AVERAGES RM 2.72 RM 2.56 RM 2.50 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day CIMB Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI www.taonline.com.my RM5.37 5.47 5.18 4.88 BUY SIMPLE MOVING AVERAGES RM 5.25 RM 5.11 RM 4.96 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 1 of 8
27. AIRASIA Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM2 .83 2.86 2.70 2.54 BUY SIMPLE MOVING AVERAGES RM 2.72 RM 2.66 RM 2.54 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day AIRASIA X Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM0.405 0.42 0.40 0.39 BUY SIMPLE MOVING AVERAGES RM 0.40 RM 0.41 RM 0.39 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 8
28. BINA PURI BOLLINGER BANDS RM RM RM DMI Upper Middle Lower Recent Signal Signal Change RM0 .47 0.48 0.45 0.43 BUY SIMPLE MOVING AVERAGES RM 0.45 RM 0.45 RM 0.44 DAILY MACD Recent Signal BUY Signal Change BUY 10-day 30-day 50-day CAHYA MATA SARAWAK Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM4.24 4.33 4.20 4.08 10-day 30-day 50-day BUY Recent Signal Signal Change Page 3 of 8 SIMPLE MOVING AVERAGES RM 4.21 RM 4.20 RM 4.11 DAILY MACD SELL
29. ECO WORLD Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM1 .50 1.57 1.51 1.45 BUY SIMPLE MOVING AVERAGES RM 1.50 RM 1.49 RM 1.44 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day NAIM Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM1.55 1.71 1.60 1.48 SELL SIMPLE MOVING AVERAGES RM 1.55 RM 1.61 RM 1.61 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 4 of 8
30. Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SKPETRO SUNCON UEMS WASEONG WCT Close 10-Mar 1717 .58 2.87 4.01 4.87 4.73 5.37 5.10 5.00 9.30 5.27 5.90 4.66 1.19 6.42 8.77 1.16 5.16 9.14 13.72 6.31 3.88 2.83 0.41 0.72 0.47 4.24 1.66 1.50 1.26 1.70 2.28 2.17 1.28 0.93 1.52 1.55 1.83 1.75 1.19 0.87 1.86 Change 0.16 0.02 -0.04 -0.06 0.08 -0.01 0.02 0.02 0.01 -0.08 -0.02 -0.03 -0.01 0.01 0.04 -0.02 -0.02 0.04 -0.02 0.02 -0.11 -0.04 0.00 -0.01 0.03 0.05 -0.01 -0.01 0.04 0.02 0.52 -0.02 0.02 0.04 0.01 0.02 -0.09 0.04 0.00 0.01 -0.02 Bollinger Bands RSI Moving Averages DMI Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff 1,718.02 1,713.55 1,690.44 1,710.01 1,729.58 59.76 1,712.59 1,702.01 1,684.88 34.00 18.20 38.20 15.81 High 2.89 4.05 4.91 4.73 5.41 5.10 5.04 9.39 5.36 5.94 4.70 1.20 6.42 8.84 1.19 5.19 9.14 13.78 6.35 3.99 2.94 0.41 0.72 0.48 4.30 1.66 1.52 1.30 1.70 2.28 2.23 1.28 0.94 1.56 1.55 1.90 1.76 1.24 0.88 1.87 Low 2.84 3.98 4.81 4.60 5.31 5.06 4.98 9.19 5.27 5.84 4.64 1.18 6.37 8.73 1.16 5.13 8.99 13.68 6.26 3.87 2.83 0.40 0.70 0.44 4.19 1.65 1.48 1.21 1.67 1.82 2.14 1.25 0.88 1.48 1.52 1.80 1.70 1.18 0.86 1.85 2.30 3.80 4.40 4.30 4.88 4.99 4.86 8.52 4.94 5.76 4.55 1.12 6.29 8.22 1.13 4.86 9.01 13.42 6.08 3.88 2.54 0.39 0.66 0.43 4.08 1.54 1.45 1.02 1.65 0.73 2.06 1.21 0.81 1.39 1.48 1.80 1.68 1.12 0.85 1.85 2.62 3.94 4.72 4.72 5.18 5.06 4.95 9.03 5.22 6.06 4.68 1.22 6.39 8.57 1.16 5.07 9.12 13.59 6.19 4.03 2.70 0.40 0.73 0.45 4.20 1.63 1.51 1.13 1.69 1.30 2.20 1.31 0.89 1.47 1.60 1.92 1.74 1.17 0.89 1.89 2.93 4.08 5.04 5.14 5.47 5.12 5.04 9.53 5.51 6.35 4.80 1.32 6.49 8.92 1.19 5.28 9.24 13.75 6.31 4.17 2.86 0.42 0.79 0.48 4.33 1.72 1.57 1.24 1.74 1.88 2.34 1.41 0.97 1.54 1.71 2.03 1.79 1.22 0.92 1.93 82.31 57.42 65.59 51.03 67.74 60.74 56.97 65.96 55.40 36.22 51.17 38.69 63.65 67.02 57.05 60.27 58.35 58.67 67.44 30.31 61.20 53.04 53.01 60.37 56.53 60.33 52.42 74.31 53.50 92.16 46.68 47.40 58.66 61.79 43.45 44.86 57.11 59.01 49.55 47.45 2.72 3.96 4.85 4.61 5.25 5.05 4.96 9.24 5.29 5.93 4.71 1.19 6.36 8.73 1.16 5.07 9.09 13.64 6.23 3.98 2.72 0.40 0.73 0.45 4.21 1.67 1.50 1.17 1.69 1.44 2.24 1.26 0.87 1.47 1.55 1.95 1.72 1.17 0.87 1.87 2.56 3.90 4.67 4.79 5.11 5.04 4.94 8.80 5.14 6.14 4.64 1.24 6.31 8.46 1.15 5.04 9.07 13.56 6.15 4.09 2.66 0.41 0.69 0.45 4.20 1.60 1.49 1.12 1.68 1.17 2.18 1.32 0.88 1.47 1.61 1.87 1.73 1.15 0.87 1.87 2.50 3.84 4.56 4.75 4.96 4.99 4.92 8.53 4.95 6.22 4.57 1.28 6.21 8.34 1.08 4.96 8.81 13.68 6.11 4.16 2.54 0.39 0.67 0.44 4.11 1.58 1.44 1.09 1.66 1.05 2.16 1.30 0.88 1.44 1.61 1.80 1.71 1.13 0.85 1.85 41.09 26.47 30.68 20.14 33.03 21.21 18.57 30.39 25.18 16.55 21.79 13.38 20.40 37.76 26.92 28.32 20.20 16.34 24.76 6.80 31.19 16.25 24.18 29.37 25.18 28.34 24.61 42.43 31.75 65.65 28.35 25.55 34.49 33.02 17.34 23.30 22.88 34.44 18.41 18.58 8.64 12.99 16.30 26.20 16.26 16.96 21.05 8.39 12.87 31.96 17.46 23.74 18.74 14.80 16.25 19.01 21.73 17.75 15.05 35.92 13.51 14.41 25.60 14.30 17.12 11.03 14.39 8.75 28.39 4.38 21.77 27.58 25.00 9.05 27.33 30.50 10.96 13.36 15.88 24.96 44.59 32.19 40.05 23.90 32.52 17.27 17.28 60.33 46.17 20.80 21.58 23.90 20.82 37.05 36.30 24.05 28.26 16.84 17.78 60.08 22.54 21.86 28.25 20.99 18.86 49.70 38.60 38.16 17.92 58.57 34.37 19.72 23.23 33.51 32.37 37.98 23.84 31.59 20.21 14.83 32.46 13.47 14.38 (6.06) 16.77 4.24 (2.48) 21.99 12.31 (15.41) 4.33 (10.37) 1.65 22.96 10.67 9.31 (1.53) (1.41) 9.71 (29.12) 17.69 1.83 15.07 8.06 17.31 17.31 10.22 33.69 3.36 61.27 6.58 (2.03) 9.50 23.97 (10.00) (7.19) 11.92 21.09 2.53 (6.37) Line 9.99 0.11 0.05 0.11 -0.03 0.12 0.02 0.02 0.24 0.11 -0.09 0.04 0.02 0.05 0.14 0.02 0.05 0.08 0.02 0.05 -0.06 0.06 0.00 0.02 0.00 0.02 0.03 0.02 0.04 0.01 0.21 0.03 -0.02 0.00 0.02 -0.02 0.05 0.00 0.02 0.00 0.00 MACD Signal Diff 9.89 0.096 0.08 0.04 0.09 -0.04 0.10 0.02 0.02 0.24 0.12 -0.09 0.05 0.02 0.06 0.13 0.02 0.04 0.10 -0.02 0.04 -0.06 0.05 0.00 0.02 0.00 0.03 0.03 0.02 0.03 0.01 0.13 0.03 -0.01 0.00 0.01 -0.01 0.06 0.00 0.02 0.01 0.01 0.034 0.010 0.019 0.009 0.022 0.001 0.007 0.006 (0.007) (0.004) (0.006) (0.005) (0.006) 0.012 (0.003) 0.014 (0.023) 0.034 0.014 (0.002) 0.010 (0.001) (0.005) 0.000 (0.005) 0.000 (0.005) 0.014 (0.000) 0.084 0.002 (0.004) 0.005 0.007 (0.009) (0.010) (0.003) 0.003 (0.005) (0.004) DMI MACD DMI MACD Recent Signal Signal Change BUY BUY BUY BUY BUY SELL BUY BUY SELL BUY BUY SELL BUY SELL BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL SELL BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL SELL SELL SELL BUY SELL BUY SELL BUY BUY SELL BUY SELL SELL BUY SELL BUY SELL BUY SELL BUY BUY SELL BUY BUY SELL SELL SELL BUY SELL SELL SELL SELL SELL - BUY SELL SELL BUY SELL - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 8
31. LIST OF RECOMMENDED BUY STOCKS FROM NOV 2016 TO CURRENT Stock AIRASIA AIRASIA AIRASIA AIRASIA AIRASIA X * AIRASIA X* AIRASIA X* AIRASIA X* ALLIANCE AXIATA AXIATA AXIATA BINA PURI BINA PURI BINA PURI BINA PURI BUMI ARMADA BUMI ARMADA BUMI ARMADA BUMI ARMADA CIMB CMSB CMSB CMSB DIALOG DIALOG DIALOG ECO WORLD ECO WORLD ECO WORLD GADANG* GADANG* GADANG* GADANG* GADANG* GAMUDA GENM GENM GENTING GENTING HOCK SENG LEE HOCK SENG LEE HOCK SENG LEE IHH HEALTHCARE IHH HEALTHCARE IOI CORP ISKANDAR ISKANDAR ISKANDAR KIMLUN CORP KIMLUN CORP KIMLUN CORP KKB ENGINEERING MALAKOFF MALAKOFF MALAKOFF MALAKOFF MAYBANK MBSB MBSB MRCB MRCB MUDAJAYA MUDAJAYA MUDAJAYA NAIM NAIM NAIM RHBBANK SAPURAKENCANA SAPURAKENCANA SAPURAKENCANA SAPURAKENCANA SUNCON SUNCON SUNCON SUNCON TENAGA TM TM TM UEM SUNRISE UEM SUNRISE WAH SEONG WCT HLGS WCT HLGS WCT HLGS WESTPORTS WESTPORTS WESTPORTS REC Date 2-Nov 15-Dec 12-Jan 8-Mar 2-Nov 15-Dec 12-Jan 8-Mar 23-Nov 25-Nov 6-Dec 30-Dec 22-Dec 6-Jan 26-Jan 9-Mar 17-Nov 5-Jan 13-Jan 7-Feb 9-Dec 2-Dec 19-Jan 10-Mar 5-Jan 17-Feb 3-Mar 4-Jan 26-Jan 9-Mar 16-Nov 30-Nov 23-Dec 19-Jan 27-Jan 9-Dec 22-Nov 29-Dec 22-Nov 29-Dec 8-Dec 6-Jan 16-Feb 3-Nov 25-Jan 25-Nov 16-Dec 4-Jan 2-Feb 11-Nov 8-Dec 10-Feb 10-Feb 16-Nov 30-Nov 23-Dec 24-Jan 28-Dec 23-Nov 16-Dec 10-Nov 14-Dec 2-Dec 22-Dec 20-Jan 21-Dec 20-Jan 10-Mar 28-Dec 17-Nov 13-Jan 7-Feb 3-Mar 11-Nov 7-Dec 27-Jan 16-Feb 6-Dec 20-Dec 30-Dec 25-Jan 10-Nov 14-Dec 17-Feb 7-Dec 21-Dec 2-Feb 3-Nov 20-Dec 24-Jan BUY Price 2.84 2.52 2.38 2.75 0.44 0.38 0.39 0.40 3.63 4.31 4.28 4.57 0.42 0.45 0.43 0.44 0.64 0.66 0.63 0.63 4.64 3.77 4.12 4.19 1.54 1.60 1.68 1.36 1.41 1.55 1.09 0.95 1.00 1.06 1.07 4.82 4.68 4.57 7.95 7.97 1.62 1.66 1.72 6.36 6.42 4.38 0.82 0.83 0.90 2.19 2.08 2.18 1.37 1.43 1.37 1.40 1.30 7.75 0.93 0.91 1.29 1.37 0.77 0.94 0.87 1.50 1.61 1.53 4.64 1.44 1.70 1.85 1.95 1.67 1.62 1.72 1.72 14.02 5.95 6.06 6.13 1.03 1.10 0.93 1.77 1.78 1.83 4.43 4.30 4.18 10-Mar-17 Price 2.86 2.86 2.86 2.86 0.40 0.40 0.40 0.40 4.01 4.71 4.71 4.71 0.47 0.47 0.47 0.47 0.71 0.71 0.71 0.71 5.36 4.23 4.23 4.23 1.65 1.65 1.65 1.51 1.51 1.51 1.26 1.26 1.26 1.26 1.26 4.99 5.29 5.29 9.31 9.31 1.70 1.70 1.70 5.92 5.92 4.65 2.28 2.28 2.28 2.18 2.18 2.18 1.27 1.19 1.19 1.19 1.19 8.78 1.17 1.17 1.52 1.52 0.92 0.92 0.92 1.54 1.54 1.54 5.15 1.84 1.84 1.84 1.84 1.75 1.75 1.75 1.75 13.74 6.30 6.30 6.30 1.19 1.19 0.88 1.86 1.86 1.86 3.90 3.90 3.90 Change (+/-) 0.02 0.34 0.48 0.11 (0.04) 0.02 0.02 0.00 0.38 0.40 0.43 0.14 0.06 0.02 0.04 0.03 0.06 0.04 0.08 0.08 0.72 0.46 0.11 0.04 0.11 0.05 (0.03) 0.15 0.10 (0.04) 0.17 0.31 0.26 0.20 0.19 0.17 0.61 0.72 1.36 1.34 0.08 0.04 (0.02) (0.44) (0.50) 0.27 1.46 1.46 1.38 (0.01) 0.10 0.00 (0.10) (0.24) (0.18) (0.21) (0.11) 1.03 0.24 0.26 0.23 0.15 0.15 (0.02) 0.05 0.04 (0.07) 0.01 0.51 0.40 0.14 (0.01) (0.11) 0.08 0.13 0.03 0.03 (0.28) 0.35 0.24 0.17 0.16 0.09 (0.06) 0.09 0.08 0.03 (0.53) (0.40) (0.28) ST % Upside Targets ** MT 3.30 3.30 3.30 3.30 0.50 0.50 0.50 0.50 4.68 5.48 5.48 5.48 0.53 0.53 0.53 0.53 0.81 0.81 0.81 0.81 5.69 4.92 4.92 4.92 1.88 1.88 1.88 1.75 1.75 1.75 1.48 1.48 1.48 1.48 1.48 5.36 5.65 5.65 10.38 10.38 1.88 1.88 1.88 6.44 6.44 5.04 2.66 2.66 2.66 2.54 2.54 2.54 1.51 1.33 1.33 1.33 1.33 9.60 1.33 1.33 1.80 1.80 1.09 1.09 1.09 1.88 1.88 1.88 5.68 2.27 2.27 2.27 2.27 2.00 2.00 2.00 2.00 14.36 6.80 6.80 6.80 1.52 1.52 1.04 2.19 2.19 2.19 4.30 4.30 4.30 3.10 3.10 3.10 3.10 0.44 0.44 0.44 0.44 4.37 5.16 5.16 5.16 0.49 0.49 0.49 0.49 0.76 0.76 0.76 0.76 5.50 4.58 4.58 4.58 1.78 1.78 1.78 1.64 1.64 1.64 1.35 1.35 1.35 1.35 1.35 5.20 5.50 5.50 9.83 9.83 1.81 1.81 1.81 6.23 6.23 4.90 2.46 2.46 2.46 2.40 2.40 2.40 1.41 1.26 1.26 1.26 1.26 9.20 1.21 1.21 1.69 1.69 1.00 1.00 1.00 1.68 1.68 1.68 5.33 2.08 2.08 2.08 2.08 1.81 1.81 1.81 1.81 14.02 6.56 6.56 6.56 1.37 1.37 0.95 1.98 1.98 1.98 4.07 4.07 4.07 0.70 13.49 20.17 4.00 (9.09) 5.26 3.90 0.00 10.47 9.28 10.05 3.06 13.25 4.44 9.30 6.82 10.16 6.82 11.90 12.80 15.52 12.20 2.67 0.95 7.14 3.12 (1.79) 11.03 7.09 (2.58) 15.60 32.63 26.00 18.87 17.76 3.53 13.03 15.75 17.11 16.81 4.94 2.41 (1.16) (6.92) (7.79) 6.16 178.05 176.36 153.33 (0.46) 4.81 0.00 (7.30) (16.78) (13.14) (15.00) (8.46) 13.29 25.81 28.57 17.83 10.95 19.48 (1.60) 5.75 2.67 (4.35) 0.65 10.99 27.78 8.24 (0.54) (5.64) 4.79 8.02 1.74 1.74 (2.00) 5.88 3.96 2.77 15.53 8.18 (5.91) 5.08 4.49 1.64 (11.96) (9.30) (6.70) LT 3.60 3.60 3.60 3.60 0.55 0.55 0.55 0.55 4.87 5.80 5.80 5.80 0.57 0.57 0.57 0.57 0.88 0.88 0.88 0.88 5.84 5.33 5.33 5.33 1.96 1.96 1.96 1.88 1.88 1.88 1.56 1.56 1.56 1.56 1.56 5.73 5.82 5.82 10.72 10.72 1.94 1.94 1.94 6.60 6.60 5.36 3.00 3.00 3.00 2.68 2.68 2.68 1.60 1.42 1.42 1.42 1.42 9.86 1.48 1.48 1.88 1.88 1.17 1.17 1.17 2.04 2.04 2.04 6.25 2.50 2.50 2.50 2.50 2.13 2.13 2.13 2.13 14.90 7.03 7.03 7.03 1.60 1.60 1.14 2.32 2.32 2.32 4.50 4.50 4.50 ST 8.39 8.39 8.39 8.39 10.00 10.00 10.00 10.00 8.98 9.55 9.55 9.55 4.26 4.26 4.26 4.26 7.80 7.80 7.80 7.80 2.61 8.27 8.27 8.27 7.88 7.88 7.88 8.61 8.61 8.61 7.14 7.14 7.14 7.14 7.14 4.21 3.97 3.97 5.59 5.59 6.47 6.47 6.47 5.24 5.24 5.38 7.89 7.89 7.89 10.09 10.09 10.09 11.02 5.88 5.88 5.88 5.88 4.78 3.42 3.42 11.18 11.18 8.70 8.70 8.70 9.09 9.09 9.09 3.50 13.04 13.04 13.04 13.04 3.43 3.43 3.43 3.43 2.04 4.13 4.13 4.13 15.13 15.13 8.57 6.45 6.45 6.45 4.36 4.36 4.36 % Upside MT 15.38 15.38 15.38 15.38 25.00 25.00 25.00 25.00 16.71 16.35 16.35 16.35 12.77 12.77 12.77 12.77 14.89 14.89 14.89 14.89 6.16 16.31 16.31 16.31 13.94 13.94 13.94 15.89 15.89 15.89 17.46 17.46 17.46 17.46 17.46 7.41 6.81 6.81 11.49 11.49 10.59 10.59 10.59 8.78 8.78 8.39 16.67 16.67 16.67 16.51 16.51 16.51 18.90 11.76 11.76 11.76 11.76 9.34 13.68 13.68 18.42 18.42 18.48 18.48 18.48 22.08 22.08 22.08 10.29 23.37 23.37 23.37 23.37 14.29 14.29 14.29 14.29 4.51 7.94 7.94 7.94 27.73 27.73 18.86 17.74 17.74 17.74 10.26 10.26 10.26 LT 25.87 25.87 25.87 25.87 37.50 37.50 37.50 37.50 21.45 23.14 23.14 23.14 21.28 21.28 21.28 21.28 24.82 24.82 24.82 24.82 8.96 26.00 26.00 26.00 18.79 18.79 18.79 24.50 24.50 24.50 23.81 23.81 23.81 23.81 23.81 14.83 10.02 10.02 15.15 15.15 14.12 14.12 14.12 11.49 11.49 15.27 31.58 31.58 31.58 22.94 22.94 22.94 25.98 19.33 19.33 19.33 19.33 12.30 26.50 26.50 23.68 23.68 27.17 27.17 27.17 32.47 32.47 32.47 21.36 35.87 35.87 35.87 35.87 21.71 21.71 21.71 21.71 8.44 11.59 11.59 11.59 34.45 34.45 30.29 24.73 24.73 24.73 15.38 15.38 15.38 GADANG* - Share price adjusted for 1:4 Bonus Issue Total funds invested * Total unrealised profit/(loss) Return 223,505 15,620 6.99% Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our BUY recommendations from November 2016 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which may be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to liquidate trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Page 6 of 8
32. Daily Money Flow of Technical Stock Picks Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * 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 36 37 38 39 40 Name Tel: +603-2167 9607 Total Money Flow (RM'mn) 10-Mar stsoo@ta.com.my (A) Total 5D MF Prv. Chg (B) Cur. Chg www.taonline.com.my CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Chg (A+B) DMF 6-Mar 7-Mar 8-Mar 9-Mar FBMKLCI (30.3) (22.1) (11.4) (8.7) 4.6 (67.9) 2.7 13.3 1,727 1,729 1,726 1,717 1,718 0.16 IN AFFIN ALLIANCE AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CAHYA MATA DIALOG ECO GADANG HSL ISKANDAR KIMLUN KKB MUDAJAYA MRCB NAIM IJM SCGB UEMS WASEONG WCTHG 0.1 0.1 (1.0) 0.2 (4.5) 0.3 0.7 0.3 (2.2) 1.2 (0.3) 0.0 0.2 (20.8) 0.3 (0.7) (3.5) 3.6 (4.6) (0.2) (1.2) 0.2 0.1 (0.0) (0.2) (0.1) (0.0) 0.1 0.0 (0.3) (0.0) (0.0) 0.1 0.3 0.0 1.0 0.0 0.3 (0.1) 0.0 (0.1) 0.4 (1.3) 1.3 (1.9) 1.4 0.7 (0.6) (2.0) (0.3) (1.7) (0.2) 0.3 (11.2) (0.2) 0.1 (2.2) (7.0) (0.0) 0.3 (0.8) 0.2 (0.5) (0.0) (0.8) 0.6 (0.2) 0.2 (0.0) (0.3) (0.0) 0.0 (0.0) (0.0) (0.1) 0.6 0.1 0.6 (0.1) (0.1) 0.0 (0.4) (0.2) 1.3 3.0 0.6 (0.2) (1.1) (0.5) 6.7 (1.6) (0.1) (1.7) (4.6) (0.5) (0.4) (3.4) (16.8) (3.8) (0.4) (0.9) 0.0 (0.3) (0.1) (0.9) 0.1 0.1 1.0 (0.0) (0.3) 0.0 (0.0) (0.0) 0.1 (0.0) (0.7) 0.1 0.4 0.0 (0.2) 0.1 0.0 4.6 1.3 2.7 0.8 (1.3) (2.0) 2.1 (0.3) (1.2) 0.1 (4.9) (6.3) (0.3) (2.2) (5.1) 1.6 (1.7) (4.2) 0.1 0.1 0.5 0.0 0.4 (1.0) (0.4) (0.2) (0.0) (0.7) (0.7) (0.0) (0.0) (0.1) (0.0) (0.4) 0.1 0.4 (0.0) 0.0 (0.5) (0.6) 1.4 2.6 1.2 (1.4) 4.9 0.4 0.9 0.4 0.4 0.0 (0.3) (22.8) (0.3) (0.3) 0.5 5.5 3.5 (0.4) 0.4 0.2 (0.3) 0.0 0.7 (1.3) (0.1) (0.7) 0.0 (1.0) (0.6) 0.0 0.0 (0.8) 0.1 3.3 (0.0) (0.5) 0.0 0.3 (0.4) (0.5) 3.5 6.7 0.4 1.7 4.8 (2.9) (1.8) 7.8 (4.3) (0.2) (6.4) (65.7) (1.1) (3.5) (13.6) (13.1) (6.6) (4.9) (2.3) 0.7 (0.6) (0.1) (0.8) (1.7) (0.6) 0.4 (0.0) (2.6) (1.2) (0.0) 0.0 (0.6) 0.0 3.8 0.3 1.1 (0.2) (0.0) 0.1 0.4 4.7 0.0 (0.4) 0.2 (1.1) (0.9) 2.6 (7.0) 0.4 0.2 (3.2) (1.8) 0.2 (1.8) (1.7) 18.3 2.1 (3.8) 1.0 0.1 0.8 0.1 1.2 (1.1) (0.5) (1.3) (0.0) (0.3) (0.7) 0.0 (0.0) (0.2) 0.0 0.3 0.0 0.0 (0.0) 0.2 (0.6) (0.7) (3.2) 1.3 (1.5) (2.2) 6.1 2.3 (1.2) 0.7 1.6 (0.1) 4.6 (16.4) 0.1 1.9 5.6 4.0 5.2 3.8 0.3 0.1 (0.8) (0.0) 0.3 (0.2) 0.3 (0.4) 0.0 (0.4) 0.1 0.0 0.1 (0.7) 0.1 3.7 (0.1) (0.9) 0.1 0.3 2.84 4.00 4.90 4.70 5.46 5.04 5.00 9.41 5.52 5.95 4.70 1.21 6.38 8.82 1.16 5.12 9.14 13.68 6.28 4.38 2.67 0.39 0.71 0.45 4.16 1.65 1.49 1.19 1.74 1.64 2.35 1.22 0.93 1.50 1.55 3.44 1.70 1.18 0.87 1.87 2.87 4.03 4.99 4.71 5.45 5.07 5.03 9.42 5.37 5.98 4.81 1.21 6.40 8.80 1.16 5.20 9.11 13.70 6.25 4.38 2.75 0.40 0.75 0.45 4.20 1.66 1.50 1.17 1.72 1.64 2.32 1.30 0.92 1.50 1.54 3.42 1.71 1.23 0.88 1.88 2.88 4.08 4.99 4.72 5.37 5.08 5.02 9.37 5.40 6.00 4.69 1.20 6.40 8.83 1.19 5.19 9.10 13.70 6.28 4.38 2.78 0.40 0.74 0.44 4.21 1.68 1.55 1.23 1.71 1.64 2.36 1.28 0.91 1.53 1.53 3.41 1.71 1.21 0.87 1.88 2.85 4.05 4.93 4.65 5.38 5.08 4.98 9.29 5.35 5.92 4.69 1.20 6.41 8.73 1.18 5.18 9.10 13.74 6.29 4.38 2.87 0.41 0.72 0.45 4.19 1.67 1.51 1.22 1.68 1.76 2.19 1.26 0.89 1.51 1.53 3.40 1.71 1.19 0.87 1.88 2.87 4.01 4.87 4.73 5.37 5.10 5.00 9.30 5.27 5.90 4.66 1.19 6.42 8.77 1.16 5.16 9.14 13.72 6.31 4.38 2.83 0.41 0.72 0.47 4.24 1.66 1.50 1.26 1.70 2.28 2.17 1.28 0.93 1.52 1.55 3.40 1.75 1.19 0.87 1.86 0.02 (0.04) (0.06) 0.08 (0.01) 0.02 0.02 0.01 (0.08) (0.02) (0.03) (0.01) 0.01 0.04 (0.02) (0.02) 0.04 (0.02) 0.02 0.00 (0.04) 0.00 (0.01) 0.03 0.05 (0.01) (0.01) 0.04 0.02 0.52 (0.02) 0.02 0.04 0.01 0.02 0.00 0.04 0.00 0.01 (0.02) OUT OUT IN IN OUT OUT IN IN IN OUT IN IN IN OUT IN IN IN IN IN OUT IN IN IN IN IN OUT OUT OUT IN OUT OUT IN IN OUT IN IN OUT OUT IN IN Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 8
33. Daily Money Flow of FBMKLCI Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * 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 AMBANK ASTRO AXIATA BAT CIMB DIGI WPRTS GENTING GENM HLBANK HLFG IHH IOICORP KLK MAYBANK MAXIS MISC PCHEM PETDAG PETGAS PPB PBBANK RHBBANK IJM SIME TM TENAGA KLCC HAP YTLCORP Tel: +603-2167 9607 6-Mar (30.3) (1.0) (1.2) 0.2 0.6 (4.5) Total Money Flow (RM'mn) 7-Mar 8-Mar 9-Mar (22.1) (11.4) (8.7) (1.3) (0.2) 4.6 0.1 0.1 (0.0) 1.3 1.3 1.3 (0.1) 0.0 (0.1) (1.9) 3.0 2.7 0.3 (0.2) 0.3 (2.2) (0.1) 0.2 1.2 (0.3) 0.4 (20.8) 0.2 0.1 3.2 (0.9) 0.2 (4.3) 2.1 (0.7) 1.0 (3.5) (4.6) 3.6 (0.8) 0.1 1.0 1.4 0.3 (0.6) (2.0) (18.0) 0.2 (0.3) (1.7) (0.8) (11.2) 0.3 4.4 4.2 (0.3) 0.3 1.7 10.6 0.1 0.6 (2.2) (0.0) (7.0) (0.1) 0.0 0.0 0.6 (0.4) (1.1) (0.5) (0.4) 0.1 6.7 (1.6) (0.1) (4.6) (1.7) 0.6 (0.6) 0.1 0.5 (0.2) 11.8 (0.4) (0.7) (3.4) (3.8) (16.8) (0.0) 0.0 0.1 0.8 (4.2) (2.0) 2.1 (0.5) (0.1) (0.3) (1.2) (0.7) (6.3) (4.9) (0.3) 0.2 (0.4) (0.2) (8.2) 15.9 (2.2) (0.4) (5.1) (1.7) 1.6 (0.0) (0.1) 1.0 10-Mar 4.6 1.4 0.0 2.6 2.2 1.2 (1.4) (0.4) 0.4 0.9 0.7 (0.1) 0.4 0.4 0.2 (22.8) (0.3) 0.7 (0.2) 0.1 0.3 0.0 4.0 (0.3) 3.3 0.5 3.5 5.5 0.0 0.1 1.6 stsoo@ta.com.my Total 5D MF (67.9) 3.5 (1.1) 6.7 2.6 0.4 1.7 (4.9) (2.9) (1.8) (18.3) 0.4 7.8 (4.3) (1.0) (65.7) (6.4) 5.5 6.8 (1.4) 1.0 (11.0) 44.5 (3.5) 3.8 (13.6) (6.6) (13.1) (0.8) 0.2 3.7 (A) Prv. Chg 2.7 4.7 (0.1) 0.0 (0.1) (0.4) 0.2 (3.8) (0.9) 2.6 (0.1) (0.2) (7.0) 0.4 (0.6) (1.8) (3.2) (0.9) 0.8 (0.5) (0.7) (8.1) 4.1 (1.8) 0.3 (1.7) 2.1 18.3 0.0 (0.1) 1.0 (B) Cur. Chg 13.3 (3.2) 0.1 1.3 2.3 (1.5) (2.2) 3.8 2.3 (1.2) 1.2 0.0 0.7 1.6 1.0 (16.4) 4.6 1.0 (0.4) 0.6 0.5 8.2 (11.9) 1.9 3.7 5.6 5.2 4.0 0.0 0.2 0.6 www.taonline.com.my 6-Mar 1,727 4.90 2.88 4.70 49.50 5.46 7-Mar 1,729 4.99 2.88 4.71 49.20 5.45 5.04 4.02 9.41 5.52 13.60 15.66 5.95 4.70 24.38 8.82 6.38 7.46 7.43 24.40 20.02 16.64 19.94 5.12 3.44 9.14 6.28 13.68 7.80 9.06 1.54 5.07 4.00 9.42 5.37 13.58 15.76 5.98 4.81 24.58 8.80 6.40 7.46 7.48 24.34 19.60 16.78 19.94 5.20 3.42 9.11 6.25 13.70 7.85 9.08 1.52 CLOSING PRICE 8-Mar 9-Mar 1,726 1,717 4.99 4.93 2.88 2.85 4.72 4.65 48.13 47.26 5.37 5.38 5.08 3.98 9.37 5.40 13.40 15.76 6.00 4.69 24.40 8.83 6.40 7.46 7.44 24.40 19.80 16.86 19.92 5.19 3.41 9.10 6.28 13.70 7.95 9.02 1.50 5.08 3.99 9.29 5.35 13.46 15.56 5.92 4.69 24.38 8.73 6.41 7.44 7.37 24.30 19.68 16.68 19.80 5.18 3.40 9.10 6.29 13.74 7.82 9.06 1.50 10-Mar 1,718 4.87 2.87 4.73 48.00 5.37 5.10 3.88 9.30 5.27 13.42 15.62 5.90 4.66 24.38 8.77 6.42 7.39 7.35 24.30 19.60 16.70 19.80 5.16 3.40 9.14 6.31 13.72 7.81 9.10 1.49 Chg 0.16 (0.06) 0.02 0.08 0.74 (0.01) 0.02 (0.11) 0.01 (0.08) (0.04) 0.06 (0.02) (0.03) 0.00 0.04 0.01 (0.05) (0.02) 0.00 (0.08) 0.02 0.00 (0.02) 0.00 0.04 0.02 (0.02) (0.01) 0.04 (0.01) (A+B) DMF IN IN OUT IN IN OUT OUT OUT IN IN IN OUT OUT IN IN OUT IN IN IN IN OUT IN OUT IN IN IN IN IN IN IN IN (RM'mn) INFLOW 14.7 25.4 24.9 30.1 30.1 125.2 OUTFLOW (45.0) (30.3) (47.5) (22.1) (36.3) (11.4) (38.7) (8.7) (25.5) 4.6 (193.0) (67.8) 16 (14) 15 (15) 13 (17) 9 (21) 23 (7) NET FLOW Daily Trading Participation COMPANIES INFLOW OUTFLOW Date Retail Institution Foreign Total 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 24.1% 22.1% 24.9% 24.8% NA 59.7% 56.5% 59.7% 56.0% NA 16.2% 22.1% 15.4% 19.1% NA 100% 100% 100% 100% 0% 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 or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8
34. T e c h n i c a l TA Securities V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Ace Market Stock Watch Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167-9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Ace Market Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The following table is derived from the 109 Ace Market counters currently listed in Bursa Malaysia. This recommendation is based on combination of fundamental and technical analysis. List of 20 Ace Market Stocks No Name 1 NEXGRAM 2 SANICHI 3 DGB 4 INIX 5 SCOPE 6 IRIS 7 AT 8 OVERSEA 9 XOX 10 ASIABIO 11 VIS 12 NOVAMSC 13 SCH 14 M3TECH 15 GOCEAN 16 OPCOM 17 GENETEC 18 ANCOMLB 19 SYSTECH 20 EDUSPEC Current Closing Price to Book Market Cap Price Volume Ratio (RM) (RM) 2Q16 3Q16 84,699,202 0.04 802,000 0.55 0.26 55,796,662 0.07 1,112,200 0.71 0.41 17,115,000 0.04 110,000 0.69 0.57 17,372,569 0.07 65,000 0.76 0.62 88,877,509 0.21 35,100 0.81 0.75 348,629,358 0.13 84,000 0.69 0.81 31,014,244 0.04 250,000 0.79 0.85 43,626,222 0.20 20,000 0.77 0.89 71,377,761 0.10 3,188,700 1.89 0.91 56,836,043 0.06 35,000 1.06 0.91 24,906,443 0.67 92,900 1.04 1.05 64,907,886 0.09 1,583,800 1.30 1.29 94,813,825 0.22 22,000 1.46 1.31 9,738,147 0.06 6,317,900 0.83 1.33 21,069,880 0.09 70,000 1.53 1.34 92,718,714 0.61 28,000 1.50 1.52 31,656,420 0.83 5,100 0.85 1.60 28,397,179 0.10 1,500 1.63 1.61 53,873,649 0.26 105,100 1.99 1.80 181,702,520 0.18 475,000 2.55 1.94 EPS (RM) 2Q16 0.002 0.004 -0.001 -0.012 -0.001 0.002 -0.002 0.007 0.001 -0.018 -0.001 0.000 0.000 -0.007 -0.003 0.012 0.090 0.000 0.001 -0.002 3Q16 0.013 0.004 -0.001 -0.014 -0.001 -0.001 -0.001 -0.005 0.003 0.008 0.018 0.000 0.002 -0.002 0.000 0.017 -0.058 -0.002 0.001 0.009 PE Ratio (%) 2014 11.32 11.76 na na na 37.32 18.76 10.99 na na 19.76 38.89 15.28 na na 41.47 18.52 3.83 17.24 31.93 2015 30.26 21.43 na na na na 49.72 81.25 30.43 na na 65.06 13.38 na na 37.86 16.14 na 33.16 20.56 Operating Margin (%) 2Q16 18.99 9.11 -143.96 na -7.64 9.80 -20.54 8.53 2.82 na 2.67 0.94 3.66 -0.56 -1.40 3.46 15.85 4.59 8.27 -24.07 3Q16 -109.72 21.88 -153.94 na -9.77 15.97 -8.46 -17.52 3.32 7,421.98 22.85 1.85 8.98 9.30 -0.19 7.05 -30.75 -10.62 17.34 29.68 Return on Assets (%) 2Q16 2.44 2.33 -18.50 -11.36 -1.64 -1.35 -3.48 -1.70 2.65 -54.09 -2.96 0.71 3.40 -5.61 0.42 5.56 8.61 -2.19 4.41 8.43 3Q16 7.63 2.05 -9.56 -22.86 -0.64 -1.69 -4.27 -1.42 2.67 -38.97 4.28 0.70 1.69 -4.35 -0.13 6.17 6.04 -3.00 2.67 7.31 Revenue (RMmn) 2Q16 31.01 6.12 0.39 0.02 5.16 144.71 4.42 19.09 36.82 0.01 3.44 6.48 7.60 10.97 48.67 26.77 38.78 8.64 2.63 14.12 3Q16 25.18 9.63 0.34 0.00 4.29 145.14 5.19 12.22 37.51 0.09 8.07 7.95 9.87 10.18 57.57 29.13 19.80 7.52 3.16 31.83 Annual Net Annual Net Income (RMmn) Income Growth 2014 2015 2014 2015 14.28 6.94 94.06 -51.37 2.28 2.99 151.37 31.28 -5.11 -5.37 -107.19 -5.08 -1.39 -0.05 -1,222.18 96.55 -2.54 -2.89 0.95 -13.75 23.29 -20.89 10.57 -189.72 1.11 0.71 110.26 -35.92 3.46 0.59 178.41 -82.88 -1.25 0.76 64.29 160.36 -0.64 -6.23 85.32 -865.96 1.24 -0.66 151.79 -153.54 0.73 1.16 115.73 60.30 7.19 6.46 -6.13 -10.18 -15.54 -4.36 -92.78 71.92 -5.49 -0.71 -893.28 87.12 2.79 4.44 -78.46 59.14 7.01 4.46 127.03 -36.38 13.60 -1.54 2,064.97 -111.33 1.78 3.10 -34.56 74.07 6.36 9.96 536.98 56.55 Source: Bloomberg This list is sorted first by the lowest price-to-book ratio from the 109 stocks listed in the Bursa Malaysia Ace Market sector which had reported third quarter results. INTERPRETATION OF FUNDAMENTAL INDICATORS: Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also sometimes known as a Market-to-Book ratio. The calculation can be performed in two ways, but the result should be the same each way. Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Page 1 of 2
35. TA Securities A Member of the TA Group Support & Resistance 03 Mar 2017 No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Code 0096 0133 0152 0094 0028 0010 0072 0153 0165 0150 0120 0026 0161 0017 0074 0035 0104 0048 0050 0107 Stock Stop-loss Support 2 Support 1Current price ResistanceResistance 1 Resistance 2 3Reward Name SL S2 S1 3-Mar R1 R2 R3 Ratio NEXGRAM  0.01 0.02 0.03 0.045 0.06 0.07 0.08 1.00 SANICHI  0.03 0.04 0.05 0.075 0.10 0.11 0.12 1.00 DGB  0.01 0.02 0.03 0.035 0.05 0.06 0.07 3.00 INIX  0.02 0.04 0.07 0.075 0.12 0.15 0.17 9.00 SCOPE  0.07 0.10 0.12 0.180 0.19 0.22 0.24 0.17 IRIS  0.08 0.09 0.10 0.120 0.15 0.17 0.19 1.50 AT  0.01 0.02 0.02 0.035 0.05 0.06 0.07 1.00 OVERSEA 0.14 0.16 0.18 0.210 0.23 0.26 0.31 0.67 XOX  0.04 0.06 0.08 0.100 0.14 0.16 0.18 2.00 ASIABIO  0.03 0.04 0.05 0.055 0.09 0.10 0.11 7.00 VIS  0.38 0.46 0.54 0.675 0.70 0.78 0.85 0.19 NOVAMSC  0.02 0.04 0.06 0.080 0.10 0.12 0.14 1.00 SCH  0.10 0.12 0.14 0.190 0.20 0.22 0.24 0.20 M3TECH  0.02 0.03 0.04 0.055 0.07 0.08 0.09 1.00 GOCEAN  0.05 0.06 0.07 0.085 0.11 0.13 0.14 1.67 OPCOM  0.50 0.55 0.60 0.605 0.65 0.70 0.76 9.00 GENETEC  0.60 0.70 0.80 0.850 0.90 1.00 1.10 1.00 ANCOMLB 0.04 0.05 0.06 0.085 0.10 0.12 0.14 0.60 SYSTECH  0.18 0.20 0.22 0.245 0.26 0.28 0.30 0.60 EDUSPEC  0.13 0.15 0.17 0.175 0.22 0.25 0.28 9.00 Call RSI BOW BOW BOW BOW BOW BOW BOW BOW BOW BOW SOS BOW BOW SOS BOW BOW BOW BOW SOS BOW 57.04 56.40 47.33 40.24 68.80 36.69 48.46 68.17 47.60 40.57 71.88 39.92 64.94 49.00 43.20 41.14 48.16 51.43 50.46 35.50 Call RSI BOW BOW BOW BOW SOS BOW BOW BOW BOW BOW SOS BOW SOS SOS BOW BOW BOW BOW SOS BOW 49.00 48.45 47.33 31.18 72.35 49.66 53.65 56.08 43.59 40.57 67.95 53.77 76.39 49.00 43.20 45.46 42.50 63.33 56.61 39.06 Volume (mn Shares) today 5d-avg 20d-avg 12.446 0.690 4.572 14.750 2.790 4.286 0.127 0.462 0.722 0.160 0.360 2.408 6.286 0.946 0.739 2.675 9.520 10.183 11.016 56.106 16.730 1.826 0.194 0.136 16.317 14.078 11.351 7.216 27.071 20.252 8.293 5.981 6.461 0.374 2.565 2.383 12.281 0.658 0.535 1.006 2.052 1.130 0.170 0.368 0.394 0.104 0.404 0.333 0.039 0.052 0.043 0.050 0.056 0.105 0.642 1.101 2.203 0.333 0.753 1.062 Stochastics %K %D 100.0 66.7 100.0 66.7 0.0 33.3 0.0 NM 85.7 73.0 25.0 25.0 25.0 33.3 100.0 50.0 25.0 8.3 0.0 6.7 95.0 77.5 0.0 8.3 83.3 61.1 50.0 50.0 0.0 16.7 17.6 18.8 62.5 26.2 50.0 55.6 42.9 52.4 30.0 23.3 Volume (mn Shares) today 5d-avg 20d-avg 4.692 19.048 9.023 0.592 5.283 3.483 18.743 0.917 0.637 0.985 1.199 1.773 5.987 4.087 1.679 4.815 7.756 9.634 3.397 10.075 18.419 0.075 0.535 0.262 11.570 9.483 12.348 1.617 8.963 20.165 4.683 4.606 6.808 1.034 0.833 2.288 2.119 11.360 3.326 0.260 0.868 1.159 0.240 0.156 0.346 0.070 0.110 0.314 0.131 0.036 0.044 0.776 0.094 0.068 1.949 1.553 1.587 0.165 0.344 0.956 Stochastics %K %D 33.3 55.6 50.0 50.0 50.0 16.7 0.0 NM 91.7 83.3 66.7 55.6 33.3 44.4 62.5 62.5 0.0 0.0 20.0 18.9 73.9 64.9 100.0 66.7 83.3 83.3 50.0 50.0 33.3 19.4 66.7 34.0 14.3 38.1 75.0 58.3 71.4 73.8 50.0 52.4 Sources: Bloomberg, TA Securities 10 Mar 2017 No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Code 0096 0133 0152 0094 0028 0010 0072 0153 0165 0150 0120 0026 0161 0017 0074 0035 0104 0048 0050 0107 Stock Stop-loss Support 2 Support 1Current price ResistanceResistance 1 Resistance 2 3Reward Name SL S2 S1 10-Mar R1 R2 R3 Ratio NEXGRAM  0.01 0.02 0.03 0.040 0.06 0.07 0.08 2.00 SANICHI  0.03 0.04 0.05 0.070 0.10 0.11 0.12 1.50 DGB  0.01 0.02 0.03 0.035 0.05 0.06 0.07 3.00 INIX  0.02 0.04 0.06 0.070 0.10 0.12 0.15 3.00 SCOPE 0.14 0.16 0.18 0.210 0.22 0.24 0.27 0.33 IRIS  0.08 0.09 0.10 0.125 0.15 0.17 0.19 1.00 AT 0.01 0.02 0.03 0.040 0.06 0.08 0.09 2.00 OVERSEA 0.14 0.16 0.18 0.195 0.23 0.26 0.31 2.33 XOX  0.04 0.06 0.08 0.095 0.14 0.16 0.18 3.00 ASIABIO  0.03 0.04 0.05 0.055 0.09 0.10 0.11 7.00 VIS  0.38 0.46 0.54 0.670 0.70 0.78 0.85 0.23 NOVAMSC  0.02 0.04 0.06 0.090 0.10 0.12 0.14 0.33 SCH 0.16 0.18 0.20 0.215 0.24 0.26 0.28 1.67 M3TECH  0.02 0.03 0.04 0.055 0.07 0.08 0.09 1.00 GOCEAN  0.05 0.06 0.07 0.085 0.11 0.13 0.14 1.67 OPCOM  0.50 0.55 0.60 0.610 0.65 0.70 0.76 4.00 GENETEC  0.60 0.70 0.80 0.830 0.90 1.00 1.10 2.33 ANCOMLB 0.04 0.05 0.06 0.095 0.10 0.12 0.14 0.14 SYSTECH  0.18 0.20 0.22 0.255 0.26 0.28 0.30 0.14 EDUSPEC  0.13 0.15 0.17 0.175 0.22 0.25 0.28 9.00 Sources: Bloomberg, TA Securities Legend: Reward Ratio = (R1 - CP)/ (CP - S1) where CP = Current Price Call: BUY = outright BUY at current price BOW = Buy on weakness towards S1 TBUY = Trading or Speculative BUY at current price LTBUY = Long-Term BUY at current price SELL = outright SELL at current price SOS = Sell on strength towards R1 NEUTRAL = sideline, not attractive to buy or sell TP = Take Profit Upgrade in price levels shaded dark green and bold Downgrade in price levels lightly shaded RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions. RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period. %K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter. Page 2 of 2
36. 3131 T e c h n i c a l TA Securities V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Small Cap Stock Watch Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167-9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Small Cap Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The following is derived from the complete listing of Main Market stocks of more than 800 counters currently in Bursa Malaysia. This recommendation is based on combination of fundamental and technical analysis. List of 20 Small Cap Stocks Current Closing No Name Market Cap Price Volume Price to Book Ratio (RM) (RM) 2Q16 3Q16 1 OLYMPIA 86,991,716 0.11 311,300 na 0.03 2 LIONIND 271,901,357 0.84 250,000 0.08 0.10 3 XINQUAN 56,202,979 0.09 1,000 0.17 0.14 4 BKOON 30,442,500 0.16 20,000 0.12 0.15 5 LIONFIB 103,674,131 0.60 15,600 0.17 0.17 6 BINTAI 37,203,975 0.23 131,400 0.13 0.19 7 TANCO 18,934,717 0.09 14,000 0.28 0.22 8 BJCORP 1,538,417,138 0.39 1,143,200 0.25 0.22 9 JOHAN 118,360,220 0.18 10,000 0.54 0.22 10 LIONDIV 41,764,421 0.06 100 0.24 0.23 11 MPCORP 37,395,972 0.13 3,000 0.23 0.23 12 ASIAPAC 153,847,515 0.17 20,000 0.25 0.25 13 AHB 28,806,515 0.18 510,000 0.20 0.25 14 PWORTH 67,413,510 0.15 1,000,200 0.35 0.26 15 MELEWAR 133,058,457 0.31 535,600 0.16 0.26 16 BORNOIL 471,537,184 0.17 45,000 0.76 0.27 17 PINEPAC 34,454,951 0.29 16,000 0.32 0.27 18 ANCOM 74,268,673 0.44 31,200 0.28 0.28 19 SANBUMI 26,032,993 0.18 20,000 0.21 0.28 20 TURIYA 37,740,190 0.19 54,900 0.25 0.29 EPS (RM) 2Q16 na 0.04 0.12 0.00 0.01 -0.08 -0.01 0.02 -0.02 -0.03 -0.02 0.00 0.00 0.00 0.02 0.00 0.00 0.00 -0.01 0.00 3Q16 0.00 -0.16 -0.05 0.00 -0.24 -0.04 -0.01 0.00 -0.02 -0.02 -0.01 0.03 0.00 0.00 0.02 0.01 -0.08 0.00 -0.01 0.00 PE Ratio (%) 2015 5.22 na 1.12 na na 5.24 na 2.40 na 0.98 na 0.60 na 16.00 na 32.97 na 43.00 na 42.59 2016 na na na na na na na na na na na 2.55 17.54 50.00 9.18 11.48 na na na 19.05 Operating Margin (%) 2Q16 na -4.72 19.89 4.19 1.44 -9.46 -46.67 0.30 5.85 -5.76 -142.92 8.64 9.77 7.84 6.86 5.91 -52.00 2.35 -14.98 25.03 3Q16 12.40 -5.12 8.61 0.38 2.64 -4.50 -18.44 5.85 -43.39 -19.40 -48.43 73.02 12.32 14.71 7.05 22.39 -183.68 1.82 -9.05 25.88 Return on Annual Net Income Annual Net Income Revenue (RMmn) Assets (%) (RMmn) Growth 2Q16 na -3.30 8.94 -0.20 -2.88 -0.45 -4.29 3.89 -4.00 -1.56 -4.31 29.04 na 0.46 na 3.30 -0.66 0.06 -9.57 1.15 3Q16 na -5.08 3.79 -0.14 -8.66 -3.54 -4.21 -0.35 -4.25 -0.49 -3.93 31.51 na 0.33 na 3.57 -2.70 0.28 -8.42 1.00 2Q16 na 596.54 234.82 23.35 158.10 116.88 2.55 2,257.13 54.78 121.94 2.20 28.27 4.39 46.12 146.90 51.18 5.65 409.68 10.51 5.58 3Q16 38.88 697.72 106.90 15.44 209.24 121.41 3.47 2,168.23 55.57 118.07 2.87 47.73 4.50 24.75 151.77 23.96 5.28 331.67 13.55 5.86 2014 2015 2014 2015 -3.06 23.97 -96.1 883.69 -505.95 -254.82 1366.6 49.63 176.64 250.54 -32.7 41.83 -1.03 -0.11 -85.0 89.56 -249.34 -99.97 -2394.7 59.91 -1.51 6.04 83.9 501.00 -29.21 -14.88 -64.9 49.07 -148.92 890.58 -298.6 698.03 -38.48 -16.39 20.8 57.41 -696.20 -183.00 339.2 73.71 -31.14 -15.98 -185.1 48.67 40.83 376.59 131.6 822.27 0.73 na -107.9 na -13.26 2.39 -76.7 118.02 74.56 -29.55 -134.7 -139.63 3.11 7.03 -138.4 126.15 -26.68 -7.09 6091.4 73.42 9.57 2.17 -148.1 -77.36 -16.84 -13.12 232.2 22.10 -27.09 1.23 74.0 104.54 Source: Bloomberg This list is sorted first by the lowest price-to-book ratio from the Main Market which had reported third quarter results and excludes the FBM100 stocks. INTERPRETATION OF FUNDAMENTAL INDICATORS: Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also sometimes known as a Market-to-Book ratio. Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share. Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the "top line" or "gross income" figure from which costs are subtracted to determine net income. Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses. Page 1 of 2
37. TA Securities A Member of the TA Group Support & Resistance 03 Mar 2017 No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Code 3018 4235 5155 7187 8486 6998 2429 3395 3441 2887 6548 4057 7315 7123 3778 7036 1902 4758 9113 4359 Stock Name OLYMPIA LIONIND XINQUAN BKOON LIONFIB BINTAI TANCO BJCORP JOHAN LIONDIV MPCORP ASIAPAC AHB PWORTH MELEWAR BORNOIL PINEPAC ANCOM SANBUMI TURIYA Stop-loss Support 2 Support 1Current price ResistanceResistance 1 Resistance 2 3Reward SL S2 S1 3-Mar R1 R2 R3 Ratio 0.06 0.07 0.08 0.095 0.13 0.14 0.15 2.33 0.49 0.53 0.56 0.610 0.69 0.76 0.84 1.60 0.03 0.05 0.07 0.095 0.11 0.13 0.15 0.60 0.05 0.07 0.09 0.125 0.16 0.18 0.20 1.00 0.37 0.40 0.43 0.485 0.53 0.57 0.60 0.82 0.18 0.19 0.20 0.215 0.28 0.30 0.33 4.33 0.04 0.05 0.06 0.080 0.10 0.11 0.12 1.00 0.31 0.33 0.35 0.380 0.40 0.42 0.44 0.67 0.10 0.13 0.15 0.170 0.19 0.20 0.22 1.00 0.01 0.02 0.03 0.040 0.06 0.07 0.08 2.00 0.06 0.08 0.10 0.125 0.16 0.19 0.22 1.40 0.08 0.10 0.12 0.160 0.18 0.20 0.22 0.50 0.12 0.14 0.16 0.170 0.20 0.22 0.24 3.00 0.04 0.06 0.08 0.120 0.13 0.15 0.17 0.25 0.22 0.24 0.26 0.305 0.34 0.39 0.42 0.78 0.10 0.12 0.14 0.170 0.19 0.21 0.23 0.67 0.19 0.23 0.26 0.280 0.34 0.38 0.42 3.00 0.27 0.30 0.33 0.385 0.42 0.45 0.48 0.64 0.11 0.13 0.15 0.175 0.20 0.22 0.24 1.00 0.12 0.14 0.16 0.185 0.21 0.23 0.25 1.00 Call RSI SOS SOS SELL BOW BOW SOS SOS SELL SOS SOS BOW BOW BOW BOW SELL SOS SOS SOS SOS SOS 44.81 68.53 56.93 43.68 47.75 41.06 52.89 53.04 46.63 49.28 47.39 41.68 36.74 65.06 30.10 50.57 52.48 55.78 60.42 55.01 Call RSI SOS SOS SELL BOW SOS SOS SOS SELL SOS SOS BOW BOW BOW SOS SELL SOS SOS SOS SOS SOS 57.63 85.70 48.87 69.73 68.15 49.22 56.38 53.51 50.03 61.63 47.07 51.65 43.83 66.41 34.74 45.93 54.54 73.98 61.95 57.36 Volume (mn Shares) today 5d-avg 20d-avg 0.975 2.069 1.962 2.366 7.847 4.085 4.679 0.219 1.682 0.060 0.273 0.847 0.063 0.030 0.042 0.199 0.548 0.601 0.464 2.032 6.860 4.906 14.085 19.836 0.807 1.182 1.441 0.840 1.827 2.207 0.020 0.059 0.046 0.464 0.671 0.957 0.127 0.188 0.285 16.655 2.457 2.185 0.250 1.359 1.116 74.636 49.945 30.647 0.058 0.064 0.157 0.064 0.090 0.279 0.120 0.293 0.503 0.088 0.054 0.290 Stochastics %K %D 0.0 11.1 74.1 74.1 66.7 44.4 40.0 26.7 0.0 34.3 25.0 20.8 50.0 50.0 50.0 66.7 25.0 16.7 0.0 16.7 0.0 20.0 25.0 25.0 0.0 5.6 100.0 50.0 15.0 18.3 40.0 60.0 50.0 35.5 33.3 51.9 16.7 11.1 50.0 38.3 Volume (mn Shares) today 5d-avg 20d-avg 2.020 1.787 2.017 26.147 16.806 8.095 2.070 3.442 1.313 7.052 3.628 1.260 0.919 0.222 0.091 0.053 0.687 0.636 0.929 1.136 6.304 17.883 24.766 19.232 1.198 1.886 1.600 35.335 4.919 3.406 0.004 0.028 0.037 8.116 0.676 0.847 0.044 0.151 0.211 25.286 50.469 14.476 0.501 0.471 0.933 13.692 90.002 43.703 0.043 0.121 0.165 1.389 0.449 0.313 1.005 1.225 0.666 0.168 0.051 0.280 Stochastics %K %D 100.0 66.7 96.2 89.0 20.0 46.7 90.0 78.9 91.7 69.4 57.1 57.1 100.0 66.7 33.3 44.4 50.0 58.3 66.7 47.2 0.0 26.7 66.7 33.3 50.0 35.6 57.1 57.1 44.4 40.7 20.0 20.0 83.3 56.9 81.3 87.7 50.0 36.1 83.3 81.1 Sources: Bloomberg, TA Securities 10 Mar 2017 No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Code 3018 4235 5155 7187 8486 6998 2429 3395 3441 2887 6548 4057 7315 7123 3778 7036 1902 4758 9113 4359 Stock Name OLYMPIA LIONIND XINQUAN BKOON LIONFIB BINTAI TANCO BJCORP JOHAN LIONDIV MPCORP ASIAPAC AHB PWORTH MELEWAR BORNOIL PINEPAC ANCOM SANBUMI TURIYA Stop-loss Support 2 Support 1Current price ResistanceResistance 1 Resistance 2 3Reward SL S2 S1 10-Mar R1 R2 R3 Ratio 0.06 0.07 0.08 0.110 0.13 0.14 0.15 0.67 0.60 0.66 0.72 0.835 0.98 1.10 1.22 1.26 0.03 0.05 0.07 0.090 0.11 0.13 0.15 1.00 0.05 0.07 0.09 0.160 0.16 0.18 0.20 0.00 0.45 0.49 0.54 0.595 0.62 0.66 0.70 0.45 0.18 0.19 0.20 0.225 0.28 0.30 0.33 2.20 0.04 0.05 0.06 0.085 0.10 0.11 0.12 0.60 0.31 0.33 0.35 0.385 0.40 0.42 0.44 0.43 0.10 0.13 0.15 0.175 0.19 0.20 0.22 0.60 0.02 0.03 0.04 0.060 0.07 0.08 0.10 0.50 0.06 0.08 0.10 0.125 0.16 0.19 0.22 1.40 0.08 0.10 0.12 0.165 0.18 0.20 0.22 0.33 0.12 0.14 0.16 0.175 0.20 0.22 0.24 1.67 0.08 0.10 0.12 0.145 0.18 0.20 0.22 1.40 0.22 0.24 0.26 0.310 0.34 0.39 0.42 0.60 0.10 0.12 0.14 0.165 0.19 0.21 0.23 1.00 0.19 0.23 0.26 0.285 0.34 0.38 0.42 2.20 0.34 0.36 0.37 0.440 0.48 0.52 0.56 0.57 0.11 0.13 0.15 0.180 0.20 0.22 0.24 0.67 0.12 0.14 0.16 0.190 0.21 0.23 0.25 0.67 Sources: Bloomberg, TA Securities Legend: Reward Ratio = (R1 - CP)/ (CP - S1) Where CP = Current Price Call: BUY = outright BUY at current price BOW = Buy on weakness towards S1 TBUY = Trading or Speculative BUY at current price LTBUY = Long-Term BUY at current price SELL = outright SELL at current price SOS = Sell on strength towards R1 NEUTRAL = sideline, not attractive to buy or sell TP = Take Profit Upgrade in price levels shaded dark Green and bold Downgrade in price levels lightly shaded RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions. RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period. %K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter. Page 2 of 2
38. T e c h n i c a l TA Securities V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Money Flow of Stocks Under Coverage low of Stocks Under C Malaysia FBMKLCI:1,717.58 (+0.16, +0.01%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 Total Money Flow (RM' mn) stsoo@ta.com.my www.taonline.com.my (B) 7-Mar 8-Mar 9-Mar 10-Mar Total 5D MF (A) 6-Mar Prv. Chg Cur. Chg FBM KLCI (30.3) (22.1) (11.4) (8.7) 4.6 (67.9) 2.7 13.3 1,727.4 1,728.7 1,725.5 1,717.4 1,717.6 0.16 IN AUTOMOBILE BJAUTO MBMR (0.1) 1.1 0.6 0.1 0.1 0.3 2.03 2.49 2.37 2.40 2.40 2.03 2.50 0.00 0.10 OUT (0.2) (0.5) (0.1) 2.05 (0.1) 1.8 (0.4) 2.01 (0.1) 0.2 0.1 2.02 (0.0) (0.1) 1.2 1.2 (0.5) 1.3 5.79 5.95 5.95 5.79 5.77 (0.02) IN Name UMW CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Chg (A+B) DMF IN (0.5) BANKS & FINANCIAL SERVICES AFG 0.1 0.1 0.5 0.4 (0.4) 0.0 (0.6) (0.5) 0.4 (0.7) 4.00 4.03 4.08 4.05 4.01 AFFIN 0.1 (0.1) 0.0 0.1 (0.5) (0.4) 0.1 (0.6) 2.84 2.87 2.88 2.85 2.87 (0.04) OUT 0.02 OUT AMBANK (1.0) (4.5) (1.3) (1.9) (0.2) 3.0 4.6 2.7 1.4 3.5 4.7 (3.2) (0.4) (0.1) (1.5) 1.2 4.99 5.45 4.99 5.37 4.93 5.38 (0.06) 0.4 (18.3) 4.90 5.46 4.87 1.2 0.7 13.60 13.58 13.40 13.46 5.37 13.42 8.82 19.94 8.80 19.94 8.83 19.92 8.73 19.80 19.80 0.00 OUT (0.02) (0.01) IN CIMB HLBANK IN (0.01) OUT (0.04) IN 0.04 OUT (0.1) (18.0) (0.4) (0.5) (20.8) 2.1 (11.2) 10.6 (4.6) 11.8 (6.3) 15.9 (22.8) (65.7) (1.8) (16.4) 4.0 44.5 4.1 (11.9) (0.7) 0.1 (0.4) (2.2) 5.18 0.1 1.9 3.7 5.19 1.3 (1.8) (1.3) 5.20 (0.2) (3.5) 7.1 5.12 2.2 (0.3) 3.8 9.11 9.23 9.16 9.06 5.16 9.05 BPURI (0.0) (0.0) (0.1) 0.0 0.0 (0.1) 0.1 (0.0) 0.45 0.45 0.44 0.45 0.47 0.03 IN GADANG GAMUDA 0.1 0.2 1.0 (0.2) 1.22 5.00 5.03 5.02 4.98 1.26 5.00 0.04 0.02 OUT (1.3) (0.4) 6.1 1.23 (0.2) (1.3) (1.1) 1.17 0.7 0.4 4.8 1.19 0.7 (0.7) 4.9 IJM 0.6 (0.1) (0.7) 0.1 (0.4) (0.1) 3.3 3.8 0.3 3.7 (0.1) (0.1) (0.0) 3.42 0.64 3.41 0.61 3.40 0.61 0.00 (0.1) 3.44 0.64 3.40 SENDAI 1.0 0.1 WCT LITRAK 0.0 (0.1) (0.2) 0.0 0.3 0.4 1.88 (0.4) 0.2 (0.4) 1.88 (0.0) (0.0) (0.4) 1.88 0.1 0.3 (0.0) 1.87 (0.0) 5.94 5.95 5.96 5.99 1.86 5.96 (0.0) 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 2.00 2.01 2.00 2.00 2.00 0.00 IN CARLSBG 0.0 (0.0) (0.0) 0.1 (0.0) (0.0) 0.1 (0.1) 14.40 14.28 14.14 14.36 14.36 0.00 OUT GUINESS (0.0) 0.1 (0.2) (0.0) 0.0 (0.2) 0.2 0.1 17.58 17.72 17.60 17.54 17.56 0.02 IN Retail AEON (0.1) 0.1 (0.1) 0.2 0.8 0.9 0.2 0.6 2.36 2.40 2.36 2.28 2.30 0.02 IN (0.0) 0.9 (0.1) 0.4 (0.1) 1.5 (0.0) (0.6) (0.0) (0.2) 0.0 0.0 (2.1) (2.5) 7.92 24.50 7.85 24.28 (0.10) (0.9) 8.05 24.00 7.75 (3.1) 8.20 23.98 38.3 0.0 48.4 (0.6) 8.0 0.2 30.3 (0.0) 76.30 76.40 76.30 76.32 2.91 3.00 2.95 2.90 MAYBANK PBANK RHBBANK BURSA 8.77 IN CONSTRUCTION Building Materials WTHORSE CONSUMER Brewery AMWAY F&N 0.61 24.24 76.40 2.91 IN IN (0.01) OUT (0.02) IN (0.03) IN IN (0.04) OUT 0.08 IN 0.01 IN NESTLE PADINI (0.1) 2.2 0.0 8.0 (0.4) (0.1) (0.1) 0.1 POHUAT (0.1) 0.1 (0.0) (0.4) (0.0) 0.1 (0.0) 0.1 (0.1) (0.2) 0.0 (0.1) (0.1) 0.0 1.84 4.59 1.84 4.57 1.85 4.57 0.00 0.0 1.83 4.64 1.85 0.1 4.57 0.00 OUT OUT SIGN Tobacco 0.0 0.0 (0.0) (0.0) 0.1 0.0 0.0 0.1 0.90 0.92 0.92 0.92 0.91 (0.01) IN BAT 0.6 (0.1) 0.0 (0.1) 2.2 2.6 (0.1) 2.3 49.50 49.20 48.13 47.26 48.00 0.74 IN QL GAMING Casino GENTING 0.3 (0.6) (1.1) (2.0) 0.4 (2.9) (0.9) 2.3 9.41 9.42 9.37 9.29 9.30 0.01 IN (2.0) 0.0 (0.5) 0.0 2.1 (0.0) 0.9 (1.8) 2.6 (1.2) 0.0 (0.0) 0.0 5.37 0.09 5.40 0.09 5.35 0.09 (0.08) 0.0 5.52 0.10 5.27 LUSTER (2.2) 0.0 0.09 0.00 IN OUT NFO BJTOTO 0.1 0.5 0.5 0.1 0.0 1.1 (0.4) (0.1) 2.94 2.91 2.90 2.90 2.90 0.00 OUT 0.4 (0.0) 7.8 (0.0) (7.0) (0.2) 0.7 (0.0) 4.77 4.77 4.77 4.77 4.00 4.00 3.99 4.77 4.01 0.00 0.02 OUT 4.06 0.3 0.1 (0.2) 0.0 0.0 (0.0) 4.85 4.90 4.90 4.80 6.35 6.41 6.38 6.24 4.80 6.22 GENM HEALTHCARE Hospital IHH KPJ 1.2 (0.3) 6.7 (0.3) (0.0) (0.2) 0.2 0.0 0.3 0.3 0.0 (0.2) 0.1 0.0 (0.0) 0.0 (0.2) (0.0) OUT RUBBER GLOVES HARTA KOSSAN 0.00 OUT (0.02) OUT (0.03) IN SUPERMX 0.1 (0.0) (0.0) (0.1) 0.1 0.1 (0.0) 0.1 2.06 2.06 2.07 2.05 2.02 TOPGLOV (0.3) (0.1) (0.3) 0.1 0.0 (0.3) (0.1) 0.2 0.0 (0.7) (0.1) 0.1 0.5 (0.2) 5.14 2.13 5.16 2.08 0.01 (0.2) 5.13 2.13 5.17 (0.0) 5.16 2.15 2.06 (0.02) SKPRES 0.0 (0.1) (0.0) 0.2 (0.1) (0.1) 0.1 0.0 7.45 1.36 7.41 1.36 7.39 1.37 7.29 1.37 MEDIA ASTRO (1.2) 0.1 0.1 (0.0) 0.0 0.1 (0.1) (0.0) (0.1) KAREX INDUSTRIAL SCIENTX MEDIA PRIMA STAR 7.30 0.01 1.36 (0.01) IN IN 2.87 0.02 OUT 1.09 (0.01) IN IN (0.0) 0.1 0.2 (0.2) 0.1 0.2 0.1 0.0 (0.0) 0.0 (1.1) (0.1) 0.1 2.88 2.88 2.88 2.85 0.2 (0.0) 0.2 0.4 0.2 (0.0) (0.0) (0.2) 0.0 0.0 1.04 2.39 1.03 2.39 1.05 2.38 1.10 2.37 2.40 0.03 Page 1 of 2 IN IN
39. TA Securities A Member of the TA Group Total Money Flow (RM' mn) Name 6-Mar 7-Mar (B) 9-Mar 10-Mar Total 5D MF (A) 8-Mar Prv. Chg Cur. Chg CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Chg (A+B) DMF OIL & GAS EATECH (0.0) 0.0 (0.0) 0.0 (0.0) (0.1) 0.0 (0.0) 0.67 0.67 0.67 0.68 0.67 MHB MISC (0.0) (0.1) (0.0) 0.0 0.94 (0.3) 0.0 (0.0) 1.0 0.95 0.6 0.0 0.0 (0.9) 0.95 4.4 0.0 (0.1) 5.5 0.93 0.1 (0.0) (0.0) 0.7 0.2 (0.2) (0.0) (0.4) 7.44 0.54 (0.6) 0.4 0.0 0.8 7.46 0.52 4.2 (1.1) (0.0) 6.8 7.46 0.51 3.2 0.5 (0.0) (0.2) 7.46 0.50 0.93 7.39 0.0 (0.0) 0.7 (0.0) 7.37 1.92 (0.0) 0.1 (0.6) 0.0 7.44 2.03 0.0 0.1 0.3 0.1 7.48 2.07 0.1 (0.0) 0.6 (0.0) 7.43 1.99 (0.0) 0.1 (0.2) 0.0 0.63 1.78 0.65 1.82 0.65 1.92 0.64 1.87 (0.2) (0.0) 0.0 0.6 (0.8) 0.0 0.1 (0.2) 0.4 0.2 (4.3) (1.0) 0.4 (0.6) 1.6 1.0 PANTECH PCHEM SKPETRO UMWOG UZMA PLANTATIONS FGV IJMPLANT 0.1 (0.3) 0.5 (0.3) (0.1) (0.3) 0.3 (1.7) 0.2 (1.6) 0.2 (1.2) 0.4 (3.5) (0.8) (2.2) (0.1) (3.4) (0.7) (5.1) 0.5 (13.6) (1.7) UMCCA PROPERTY (0.0) 0.0 0.0 (0.1) 0.0 (0.0) (0.1) GLOMAC HUAYANG 0.0 (0.0) 0.0 0.0 0.0 0.3 0.0 (0.2) 0.0 0.1 (0.0) (0.9) 0.0 0.0 0.1 0.0 (0.0) (0.1) (0.0) 0.4 0.7 0.1 0.4 (1.6) 0.3 0.3 (0.0) (0.1) (0.0) (0.1) 0.1 (0.2) 2.4 0.0 (0.9) 0.2 3.6 IOICORP KLK SIME IOIPG MAHSING SPSETIA SUNWAY REIT SUNREIT CMMT POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR TM TECHNOLOGY 1.83 0.64 0.00 OUT (0.02) IN (0.09) IN (0.01) OUT 1.83 (0.04) OUT 1.83 3.28 (0.01) OUT (0.03) OUT (0.03) IN 0.00 IN 1.80 1.84 1.86 1.84 3.33 4.70 3.32 4.81 3.31 4.69 3.31 4.69 5.6 24.38 9.14 24.58 9.11 24.40 9.10 24.38 9.10 9.14 0.04 IN 0.1 5.81 5.84 5.82 5.81 5.81 0.00 IN 0.0 (0.0) (0.0) 0.0 0.70 0.70 0.72 0.71 (0.9) (0.3) 1.1 (0.1) 1.12 1.90 1.13 1.90 0.01 0.03 (0.5) 1.3 1.12 1.88 0.72 1.16 OUT 1.11 1.89 (1.4) (0.1) (1.6) 0.0 1.4 (0.0) 1.44 3.40 1.45 3.40 1.42 3.39 1.41 3.40 0.0 (0.1) 0.0 3.14 3.16 3.16 3.15 3.40 3.15 (0.0) 0.2 0.0 (0.0) 0.2 (0.1) 0.0 0.2 (0.2) 0.3 1.71 1.70 1.72 1.68 1.70 1.68 0.00 3.0 1.70 1.64 1.70 0.3 1.65 (0.03) IN IN (0.2) (0.3) (0.1) 0.1 0.1 (0.4) 1.21 24.40 1.21 24.34 1.20 24.40 1.20 24.30 1.19 (0.01) 0.3 (7.0) 0.5 (16.8) (0.2) 1.6 20.02 13.68 19.60 13.70 19.80 13.70 19.68 13.74 0.1 0.0 0.4 1.48 1.49 1.47 1.49 0.3 1.3 1.4 1.3 0.6 1.3 0.8 4.70 5.04 4.71 5.07 4.72 5.08 4.65 5.08 0.2 (4.6) 0.3 (0.0) (1.7) (3.8) (4.9) (1.7) 6.38 6.28 6.40 6.25 6.40 6.28 6.41 6.29 0.12 0.12 0.12 0.13 1.97 9.89 1.98 10.02 1.99 10.08 1.97 9.90 2.91 2.93 2.95 2.87 0.4 TELECOMMUNICATIONS AXIATA 0.2 DIGI MAXIS 0.54 7.35 (0.01) OUT (0.01) IN (0.05) IN 0.0 (0.2) 0.2 (0.1) 0.1 0.3 (1.4) 1.0 (0.5) (0.7) 0.6 0.5 5.5 (0.0) (13.1) 0.9 18.3 0.4 4.0 (0.5) 4.66 24.38 1.93 1.40 24.30 19.60 13.72 1.48 OUT 0.03 IN (0.01) OUT 0.00 OUT 0.00 IN IN 0.00 IN (0.08) OUT (0.02) IN (0.01) OUT 4.73 0.08 5.10 6.42 0.02 0.01 6.31 0.02 0.13 1.97 0.00 0.00 10.08 2.91 0.18 0.04 6.80 2.83 6.85 (0.04) 0.05 1.58 3.99 1.59 3.88 0.01 IN (0.11) OUT 2.6 6.7 0.0 1.3 (1.4) (0.3) 1.7 (6.4) 0.2 (3.2) (2.2) 4.6 3.5 (6.6) 2.1 5.2 0.1 0.0 0.1 (0.3) (0.0) (0.4) 0.0 0.5 0.0 2.6 0.3 3.2 (0.5) (0.0) 0.2 2.7 (2.3) 0.5 1.0 0.1 0.3 0.5 2.67 2.75 2.78 2.87 6.78 6.77 6.78 1.61 4.02 1.62 4.00 1.60 3.98 IN OUT IN IN Semiconductor & Electronics IRIS INARI MPI UNISEM 0.0 0.0 0.0 0.0 0.3 0.4 (0.0) (0.2) (0.1) 0.2 (0.5) (0.2) 0.1 0.5 (0.0) (0.0) (1.2) (0.8) (0.9) 0.1 0.2 0.2 (0.2) (0.1) 0.4 0.4 (0.1) (0.2) 0.0 0.3 (0.0) (0.4) (0.0) (4.2) 0.0 (0.1) 0.0 0.0 (0.4) (4.9) (3.8) 3.8 (B) 7-Mar 10-Mar Total 5D MF (A) 6-Mar Prv. Chg Cur. Chg IN IN OUT IN TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WSPRT Total Money Flow (S$' mn) Name 8-Mar 9-Mar FSSTI BANKS & FINANCIAL SERVICES DBS 4.4 OCBC UOB PLANTATIONS WILMAR IFAR 1.6 7.3 (2.6) 2.5 (1.2) (0.4) (1.3) 0.4 (3.5) (1.5) (1.1) (0.4) (0.0) 1.0 (0.0) 0.6 2.7 0.7 (0.4) (0.0) (0.1) (0.0) 0.0 (0.2) 0.6 (0.4) 1.7 1.5 (0.9) (0.0) 0.5 (1.4) (0.2) 1.7 (0.1) (0.8) 0.0 0.3 (0.0) CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 3,121.5 3,130.4 3,145.3 3,118.8 3,133.4 19.06 9.48 19.09 9.49 19.28 9.55 18.94 9.48 18.93 21.56 21.52 21.68 21.42 3.60 0.52 3.61 0.53 3.60 0.53 3.58 0.52 9.56 21.39 Chg IN IN (A+B) DMF 14.51 (0.01) OUT 0.08 OUT (0.03) OUT 3.58 0.00 0.52 0.00 IN OUT Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 2 of 2
40. Technical View TA Securities Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Money Flow of the Plantation Sector Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name 6-Mar Tel: +603-2167 9607 Total Money Flow (RM' mn) 7-Mar 8-Mar 9-Mar KL PLANT 0.5 (2.7) (1.3) 4.8 BKAWAN BLDPLNT CEPAT CHINTEK DUTALND FAREAST FGV 0.0 (0.0) (0.0) 0.0 0.0 0.0 (0.0) 0.0 (0.0) 0.0 (0.0) (0.0) (0.0) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.0 0.0 0.1 (0.0) (0.0) (0.0) 0.0 (0.0) (0.1) 0.0 (0.3) (0.3) 0.0 0.0 (0.1) (0.0) 0.3 (0.0) 0.5 (0.2) (0.0) 0.0 (0.0) (0.0) 0.2 (0.0) (0.3) (0.1) 0.0 0.0 0.0 0.0 0.2 0.0 (0.3) 0.0 0.0 0.1 0.4 0.0 0.0 0.0 (1.7) (0.0) 0.0 0.2 (0.8) 0.0 0.0 0.0 (1.6) (0.0) 0.0 (0.0) (0.1) 0.0 0.0 0.0 (1.2) 0.0 0.0 0.0 (0.7) 0.0 0.0 (0.0) (0.0) 0.0 0.0 (0.0) 0.0 0.0 (0.0) 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) 0.0 0.0 0.0 0.0 0.0 (0.1) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 (0.0) (0.0) (0.0) 0.0 0.1 (0.0) 0.0 (0.0) 0.1 (0.0) 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) (0.1) 0.0 0.0 0.0 0.0 0.0 (0.0) (0.0) 0.0 (0.0) (0.0) 0.0 (0.1) 6.9 GENP GLBHD GOPENG HSPLANT HARNLEN IJMPLNT INCKEN IOICORP KMLOONG KLUANG KRETAM KLK KULIM KWANTAS MHC NSOP PINEPAC PLS RSAWIT RVIEW SOP SWKPLNT SBAGAN TDM THPLANT TSH UNICO UMCCA UTDPLT 10-Mar stsoo@ta.com.my (A) Total 5D MF Prv. Chg (B) Cur. Chg 6-Mar 7-Mar www.taonline.com.my CLOSING PRICE 8-Mar 9-Mar 10-Mar 0.4 1.6 6.1 (4.4) 8,108.5 8,174.1 8,100.1 8,084.7 8,081.2 0.0 0.0 (0.0) (0.1) 0.0 0.0 (0.1) 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 (0.8) 0.0 0.0 0.0 0.0 (0.0) (0.1) 0.1 19.60 8.53 0.89 8.02 0.45 19.60 8.53 0.88 8.00 0.45 19.44 8.53 0.89 8.00 0.44 19.34 8.53 0.88 8.00 0.45 (0.8) (0.0) (0.0) (0.1) (0.0) 0.6 0.0 (4.3) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.4 (0.2) 0.0 0.0 (0.0) 0.0 (0.2) 0.0 1.6 8.50 1.80 11.39 0.62 1.22 2.72 0.85 3.33 8.50 1.84 11.40 0.62 0.00 2.62 0.82 3.32 8.42 1.86 11.44 0.62 0.00 2.60 0.82 3.31 8.42 1.84 11.42 0.61 0.00 2.62 0.87 3.31 19.34 8.53 0.88 8.00 0.44 8.40 1.83 0.0 0.0 0.3 (1.0) 0.0 0.1 (0.0) 0.0 0.0 0.0 0.0 (0.6) 0.0 0.0 0.0 (0.0) 0.0 (0.0) 0.1 1.0 0.0 (0.0) (0.0) 0.0 0.68 4.70 3.70 3.18 0.58 24.38 0.00 1.51 0.68 4.81 3.68 3.18 0.58 24.58 0.00 1.53 0.68 4.69 3.68 3.25 0.58 24.40 0.00 1.54 0.68 4.69 3.64 3.25 0.59 24.38 0.00 1.54 0.0 0.1 0.0 0.2 (0.1) (0.0) 0.0 0.0 0.0 (0.0) 0.0 0.1 (0.1) 0.0 0.0 0.1 0.0 0.0 0.0 (0.0) 0.0 0.90 4.05 0.29 1.06 0.50 4.10 3.70 0.89 4.12 0.28 1.06 0.50 4.10 3.74 0.89 4.20 0.28 1.06 0.50 4.10 3.68 0.90 4.15 0.29 1.06 0.49 4.10 3.66 (0.1) 0.1 (0.1) 0.0 (0.0) 7.0 0.1 (0.1) (0.1) 0.0 (0.1) 6.9 (0.1) 0.0 0.0 0.0 0.1 (6.8) 1.71 2.99 0.71 1.23 1.85 0.00 5.81 27.62 1.72 3.01 0.70 1.21 1.86 0.00 5.84 27.64 1.72 3.01 0.70 1.22 1.86 0.00 5.82 27.64 1.70 3.00 0.69 1.21 1.84 0.00 5.81 27.68 0.0 (0.0) 0.0 0.0 (0.1) (0.2) (0.2) 0.0 0.0 (0.0) 0.0 (0.0) 0.0 0.4 0.0 (0.0) 0.1 0.2 0.0 0.0 (0.0) 0.0 0.0 0.1 0.0 0.0 (0.0) (0.0) 0.0 (0.0) (0.0) (0.0) 0.0 0.0 0.0 Sources: Bloomberg, TA Securities Page 1 of 4 Chg (3.47) (A+B) DMF IN 11.44 0.62 0.00 2.59 0.87 3.28 0.68 4.66 0.00 IN 0.00 IN 0.01 IN 0.00 OUT (0.01) IN (0.02) OUT (0.01) OUT 0.02 OUT 0.01 IN 0.00 OUT (0.03) IN 0.00 IN (0.03) OUT 0.00 OUT (0.03) IN 3.60 3.20 0.62 24.38 0.00 1.54 0.89 4.20 (0.04) (0.05) 0.04 0.00 0.00 0.00 (0.02) 0.05 0.29 1.26 0.50 4.10 3.66 1.68 2.99 0.70 1.21 1.85 0.00 5.81 27.74 IN OUT IN IN OUT OUT IN OUT OUT IN IN OUT IN 0.00 0.20 0.01 0.00 0.00 (0.02) OUT (0.01) IN 0.01 IN 0.00 OUT 0.01 OUT 0.00 OUT 0.00 IN 0.06 IN
41. TA Securities A Member of the TA Group Daily Money Flow of the Construction Sector Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * Chartist: Stephen Soo Name KL CONSTR Tel: +603-2167 9607 Total Money Flow (RM' mn) 6-Mar 7-Mar 8-Mar 9-Mar 2.0 2.4 0.3 (2.6) stsoo@ta.com.my Total 5D MF (A) (B) Prv. Chg Cur. Chg 5.6 7.8 (2.9) 8.2 (0.2) 0.0 0.0 10-Mar www.taonline.com.my CLOSING PRICE 6-Mar 311.6 7-Mar 312.0 AZRB 0.1 (0.1) (0.1) (0.1) (0.0) 0.73 0.76 BENALEC 0.0 (0.1) (0.0) 0.0 (0.7) (0.7) 0.0 (0.7) 0.46 0.46 8-Mar 313.3 9-Mar 10-Mar Chg (A+B) DMF 312.0 316.3 4.31 0.85 0.90 0.92 0.02 IN 0.48 0.47 0.57 0.10 OUT IN BDB 0.0 (0.0) 0.0 0.0 (0.1) (0.1) (0.0) (0.1) 0.82 0.82 0.83 0.82 0.82 0.00 OUT BPURI (0.0) (0.0) (0.1) 0.0 0.0 (0.1) 0.1 (0.0) 0.45 0.45 0.44 0.45 0.47 0.03 IN BREM (0.0) (0.0) (0.1) 0.0 0.0 (0.0) 0.1 (0.0) 0.82 0.82 0.82 0.88 0.89 0.02 IN CRESBLD (0.0) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.0 0.92 0.93 0.91 0.93 0.92 (0.01) IN DKLS (0.0) 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 1.90 1.90 1.90 1.90 1.92 0.02 IN EKOVEST (0.4) 1.5 0.1 (0.2) (0.4) 0.6 (0.4) (0.1) 1.30 1.27 1.31 1.29 1.45 0.16 OUT SENDAI 0.1 (0.1) 0.1 (0.1) (0.1) (0.1) (0.1) (0.0) 0.64 0.64 0.61 0.61 0.61 FAJAR (0.1) 0.0 0.1 0.0 0.0 0.1 (0.0) 0.0 0.74 0.74 0.74 0.73 0.76 (0.01) OUT 0.03 OUT GBGAQRS 0.1 (0.2) 0.0 0.1 0.1 0.0 0.1 (0.1) 1.06 1.17 1.20 1.20 1.18 (0.02) IN GADANG 0.1 0.2 1.0 (0.2) (0.7) 0.4 (1.3) (0.4) 1.19 1.17 1.23 1.22 1.26 0.04 OUT GAMUDA 0.7 0.0 0.7 0.0 (0.2) (0.0) (1.3) 0.0 4.9 4.8 (1.1) 6.1 0.0 0.0 (0.0) 5.03 0.78 5.02 0.78 4.98 0.78 0.02 0.0 5.00 0.76 5.00 HOHUP 0.81 0.03 IN IN HSL 0.0 (0.0) (0.0) (0.0) 0.0 (0.0) (0.0) 0.0 1.74 1.72 1.71 1.68 1.70 0.02 IN IJM 1.0 0.6 (0.7) (0.4) 3.3 3.8 0.3 3.7 3.44 3.42 3.41 3.40 3.40 0.00 IN IREKA (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 0.0 (0.0) 0.67 0.67 0.67 0.66 0.66 0.00 OUT JAKS 0.0 0.1 0.1 0.2 0.1 0.5 0.1 (0.1) 1.25 1.24 1.29 1.31 1.28 KIMLUN (0.0) (0.0) 0.0 (0.7) (0.6) (1.2) (0.7) 0.1 2.35 2.32 2.36 2.19 2.17 KEURO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 0.00 0.00 JETSON 0.0 (0.1) (0.0) 0.0 0.0 0.0 0.0 0.0 0.41 0.39 0.39 0.39 0.41 0.02 IN MRCB 0.3 (0.0) 0.1 (0.1) (0.8) (0.6) (0.2) (0.7) 1.50 1.50 1.53 1.51 1.52 0.01 OUT (0.03) OUT (0.02) OUT OUT MELATI 0.0 0.0 (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.85 0.85 0.85 0.86 0.85 (0.01) IN MERGE (0.0) (0.0) 0.0 0.0 0.0 0.0 (0.0) 0.0 0.32 0.30 0.31 0.32 0.34 0.02 IN MITRA (0.1) (0.0) (0.1) (0.0) (0.0) (0.2) 0.1 0.0 1.26 1.26 1.27 1.26 1.28 0.02 IN MTDACPI 0.0 0.0 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.36 0.37 0.38 0.38 0.38 0.00 IN MUDAJYA 0.1 (0.0) (0.0) (0.0) 0.0 0.0 (0.0) 0.1 0.93 0.92 0.91 0.89 0.93 0.04 IN MUHIBAH (0.1) 0.0 0.4 0.0 (0.1) 0.2 (0.4) (0.1) 2.51 2.56 2.60 2.63 2.68 0.05 OUT PESONA 0.1 0.0 (0.1) 0.1 0.2 0.3 0.1 0.1 0.68 0.69 0.69 0.69 0.69 0.00 IN PTARAS 0.0 0.0 (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 3.50 3.52 3.52 3.52 3.52 0.00 OUT PLB (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 0.0 0.0 1.44 1.35 1.40 1.40 1.40 0.00 OUT PSIPTEK (0.0) (0.1) (0.0) (0.0) (0.0) (0.1) (0.0) 0.0 0.14 0.15 0.15 0.15 0.16 0.01 OUT PRTASCO 0.1 0.2 (0.0) 0.0 0.0 0.3 0.0 (0.0) 1.07 1.09 1.11 1.09 1.13 0.04 IN SYCAL (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 0.35 0.35 0.35 0.34 0.36 0.02 IN TRC 0.0 (0.0) 0.0 0.1 (0.0) 0.1 0.1 (0.1) 0.43 0.44 0.46 0.47 0.48 0.01 OUT TRIPLC 0.0 0.0 (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 1.80 1.81 1.79 1.78 1.77 (0.01) IN TSRCAP 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 0.50 0.50 0.49 0.52 0.57 0.05 IN WCT 0.0 (0.1) (0.2) 0.0 0.3 (0.0) 0.2 0.3 1.87 1.88 1.88 1.88 1.86 (0.02) IN ZECON 0.0 (0.0) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.58 0.57 0.58 0.58 0.58 0.01 IN ZELAN (0.0) (0.0) 0.0 (0.1) (0.0) (0.1) (0.1) 0.1 0.14 0.14 0.14 0.15 0.15 0.01 OUT Sources: Bloomberg, TA Securities Page 2 of 4
42. TA Securities A Member of the TA Group Daily Money Flow of the Property Sector Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * Chartist: Stephen Soo Name Tel: +603-2167 9607 Total Money Flow (RM' mn) 6-Mar 7-Mar stsoo@ta.com.my (B) 9-Mar 10-Mar Total 5D MF (A) 8-Mar Prv. Chg Cur. Chg www.taonline.com.my CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Chg (A+B) DMF KL PROP (0.5) 1.2 0.3 (1.4) 0.7 0.3 (1.8) 2.1 1,224.8 1,229.7 1,235.7 1,231.8 1,248.8 17.03 IN A&M 0.0 0.0 (0.1) 0.0 0.0 0.0 0.1 0.0 1.35 1.37 1.36 1.37 1.39 0.02 IN AMPROP ASIAPAC (0.0) 0.0 0.0 0.0 (0.0) (0.0) 0.80 (0.0) 0.0 0.0 0.16 0.49 0.16 0.48 0.16 0.47 0.00 0.01 0.0 0.16 0.48 0.80 0.17 OUT (0.0) (0.0) (0.0) (0.0) 0.80 0.0 (0.0) 0.0 (0.0) 0.80 0.0 (0.0) 0.0 (0.0) 0.80 0.0 (0.0) 0.50 0.03 BJASSET BERTAM 0.0 0.0 0.0 0.0 (0.0) 0.0 0.88 0.0 0.0 0.1 0.87 (0.0) 0.0 0.0 0.87 0.0 (0.0) 0.0 0.87 0.0 0.55 0.55 0.51 0.54 0.87 0.54 CHHB (0.0) (0.0) (0.0) 0.0 (0.0) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 (0.0) 1.40 1.64 1.36 1.64 1.33 1.67 1.31 1.67 1.67 0.00 (0.0) 0.0 (0.0) 0.0 1.56 (0.3) (0.2) (0.2) 2.19 0.77 2.20 0.82 2.20 0.78 0.04 0.02 (0.3) 2.18 0.78 1.60 2.22 DBHD 0.0 (0.1) 0.0 0.0 1.52 0.0 0.1 0.0 (0.0) 1.53 0.0 (0.0) 0.0 (0.0) 1.51 (0.0) (0.0) 0.0 0.0 0.93 0.15 OUT OUT TROP 0.0 (0.0) 0.0 (0.0) 0.1 0.1 (0.1) 0.2 1.00 1.00 1.00 1.00 1.02 0.03 IN E&O ENCORP 0.0 (0.1) (1.0) (0.1) 1.89 (0.0) (0.0) (0.0) 0.0 0.66 0.80 0.73 0.80 0.73 0.80 0.11 0.12 EUPE 0.64 0.80 2.00 0.85 IN 0.0 (0.0) 0.2 0.1 1.89 0.1 0.0 1.0 (0.1) 1.91 (0.0) 0.0 (1.1) 0.2 1.87 0.0 0.0 0.1 0.1 0.80 0.01 FARLIM (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 0.51 0.51 0.51 0.53 0.52 (0.01) IN ECOWLD GOB 0.0 0.0 0.0 0.0 0.00 0.0 0.1 0.0 (0.0) 0.40 0.70 0.40 0.72 0.41 0.71 0.00 0.05 GLOMAC 0.40 0.70 0.00 0.46 OUT (0.0) 0.0 0.0 (0.0) 0.00 0.0 0.0 0.0 (0.0) 0.00 0.0 (0.0) 0.0 0.1 0.00 0.1 0.0 0.0 (0.1) 0.72 0.01 OUT OUT GMUTUAL (0.0) (0.0) 0.0 (0.0) 0.0 (0.0) (0.0) 0.0 0.42 0.41 0.43 0.42 0.43 0.01 OUT GUOCO HUAYANG 0.0 0.0 (0.0) (0.0) 1.29 (0.0) 0.0 0.1 0.0 1.26 0.0 0.0 (0.0) (0.0) 1.26 0.0 0.0 0.1 0.0 1.25 0.0 0.0 0.1 0.0 1.11 0.00 1.12 0.00 1.12 0.00 1.13 0.00 1.38 1.16 0.09 0.03 (0.0) (0.0) 0.0 (0.0) 0.62 0.62 0.61 0.61 0.0 (0.0) (0.0) 0.1 (0.0) 0.0 0.0 0.1 0.93 2.87 0.93 2.88 0.93 2.87 IVORY 0.0 (0.0) (0.0) 0.0 KBUNAI JKGLAND (0.0) 0.0 0.0 0.0 KEN 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 (0.0) KLCCP (0.8) (0.1) (0.0) (0.0) KSL L&G (0.0) (0.0) 0.1 (0.1) LBICAP 0.0 0.0 0.1 0.0 0.0 0.0 (0.0) (0.0) LBS 0.1 0.1 (0.1) LIENHOE MAGNA 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 (0.0) 0.0 0.7 0.0 0.4 MJPERAK MPCORP (0.0) 0.0 0.0 (0.0) 0.0 0.0 (0.0) (0.0) MALTON (0.2) 0.0 (0.1) 0.0 0.0 (0.0) (0.0) (0.0) MKH 0.0 0.0 0.0 (0.1) MUIPROP 0.0 THRIVEN NAIM BCB CVIEW CRESNDO DAIMAN 1.33 (0.01) OUT 0.00 IN 0.02 IN 0.0 0.0 0.0 0.0 (0.0) 0.0 (0.1) 0.0 (0.0) 0.0 (0.0) 0.0 (0.0) 0.2 0.0 (0.1) 0.94 2.86 0.1 0.1 0.0 0.1 0.50 0.49 0.49 0.49 0.52 (0.1) (0.0) (0.1) (0.0) 0.0 0.0 (0.1) (0.0) 0.06 0.07 0.07 0.08 (0.0) (0.0) 0.0 0.18 0.89 0.18 0.90 0.18 0.89 0.08 0.18 0.0 0.18 0.89 0.0 (0.8) 0.0 0.0 7.80 7.85 7.95 7.82 7.81 0.1 0.1 0.0 0.2 (0.1) (0.0) 0.1 0.1 1.24 1.25 1.28 1.24 0.0 (0.0) 0.0 0.32 1.21 0.32 1.21 0.32 1.19 0.06 0.03 0.0 0.32 1.21 1.30 0.35 1.20 0.01 (0.2) (0.6) (0.7) (0.1) (0.4) 1.90 1.92 1.96 1.96 1.93 (0.0) 0.0 (0.0) 0.0 0.1 (0.0) (0.0) 0.0 (0.0) 0.25 0.25 0.25 0.24 0.3 1.3 (0.3) (0.1) 1.60 1.44 1.62 1.45 1.61 1.42 1.61 1.41 0.25 1.61 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 0.29 0.30 0.30 0.34 0.15 0.15 0.15 0.13 0.34 0.13 (0.1) 0.0 (0.2) (0.5) (0.2) (0.0) 0.0 0.0 1.05 0.49 1.08 0.49 0.07 0.0 0.97 0.50 1.15 0.0 0.96 0.50 0.49 0.00 (0.0) 0.0 0.0 (0.1) 0.0 0.0 0.0 (0.1) 0.79 0.79 0.80 (0.0) (0.0) 0.0 (0.1) 0.79 (0.0) (0.0) 0.0 0.1 0.31 2.95 0.30 2.95 0.01 0.02 0.0 0.31 2.99 0.82 0.32 0.1 0.30 2.99 2.96 0.01 0.0 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.32 0.32 0.31 0.31 0.32 0.0 0.0 0.0 (0.0) 0.24 (0.0) (0.3) (0.0) 0.0 1.55 1.48 1.54 1.48 1.53 1.48 1.53 1.47 0.23 1.55 OSKPROP (0.0) (0.0) 0.0 0.1 0.22 (0.0) (0.0) (0.0) 0.0 0.22 (0.1) (0.2) 0.0 0.0 0.22 0.0 (0.1) (0.0) 0.1 PARAMON (0.0) 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 1.64 1.66 1.65 1.66 1.68 PASDEC 0.0 0.0 0.0 0.0 0.0 0.1 0.0 (0.0) 0.52 0.52 0.52 0.51 0.53 HUNZPTY IBHD IBRACO IGB MAHSING MEDAINC MENANG MKLAND Sources: Bloomberg, TA Securities Page 3 of 4 0.00 0.00 0.62 0.93 0.01 0.00 2.86 0.89 1.40 1.48 OUT IN OUT IN IN OUT IN OUT OUT OUT IN (0.01) OUT 0.03 IN 0.00 OUT (0.01) OUT 0.00 OUT (0.01) IN OUT IN OUT (0.03) OUT 0.01 IN 0.00 OUT (0.01) OUT 0.00 OUT 0.00 IN OUT IN IN OUT IN 0.01 OUT (0.00) OUT 0.02 IN 0.01 OUT 0.02 IN 0.02 IN
43. TA Securities A Member of the TA Group Name Total Money Flow (RM' mn) (A) Total 5D MF Prv. Chg (B) 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) (0.0) (0.1) (0.0) (0.0) 0.0 (0.0) 0.0 0.0 (0.0) 0.0 0.0 (0.0) (0.0) 0.0 0.0 0.0 0.0 (0.0) (0.0) (0.0) 0.1 0.0 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) (0.0) 0.0 (0.0) (0.1) 0.0 0.0 (0.0) 0.0 (0.0) (0.0) (0.0) (0.0) 0.0 0.0 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 0.0 0.0 (0.0) (0.0) (0.0) (0.0) 0.0 (0.0) 0.1 0.0 (0.1) (0.0) 0.0 0.4 (0.1) 0.0 0.1 (0.0) 0.0 (1.6) 0.0 0.0 0.0 0.1 0.0 (0.0) 0.0 0.0 0.0 (0.1) 0.0 (1.4) (0.1) (1.6) 0.0 1.4 (0.0) 0.2 0.1 0.0 0.2 0.1 0.0 (0.0) (0.2) 0.0 0.0 0.0 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) 0.0 0.2 (0.0) 0.0 (0.1) (0.2) 0.0 0.1 0.2 0.0 (0.0) (0.0) 0.0 (0.0) 0.0 (0.0) (0.1) (0.0) (0.0) 0.3 (0.0) 0.6 0.0 0.4 (0.0) 0.4 0.4 0.0 (0.0) 0.1 (0.0) (0.0) 0.1 0.0 (0.0) (0.0) 1.1 1.9 (0.0) 0.0 (0.0) (0.0) (0.9) 1.3 WINGTM Y&G (0.1) (0.0) (0.0) (0.0) (0.5) 1.4 0.0 (0.0) (0.0) (0.2) 0.0 0.0 YNHPROP YTLLAND 0.0 0.0 0.0 0.0 (0.1) (0.0) (0.0) (0.0) 0.1 0.0 0.0 0.1 0.1 0.0 ENRA PTGTIN PJDEV PLENITU SAPRES SBCCORP SDRED SPB SNTORIA SHL SMI SPSETIA SUNWAY SYMLIFE TAGB TAHPS TAMBUN TANCO TALAMT UEMS UOADEV Cur. Chg CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 2.62 2.55 0.34 0.00 2.61 0.34 0.00 2.55 0.34 0.00 2.55 0.33 0.00 1.61 1.05 1.61 1.05 1.57 1.05 1.60 1.04 0.71 0.84 4.58 0.71 0.84 4.45 0.71 0.86 4.45 0.71 0.88 4.42 0.72 2.85 0.72 2.85 0.74 2.86 0.72 2.85 0.16 3.40 3.14 0.16 3.40 3.16 0.16 3.39 3.16 0.15 3.40 3.15 0.81 0.35 0.81 0.35 0.83 0.37 0.84 0.34 0.00 1.40 0.09 0.00 1.40 0.08 0.00 1.40 0.08 0.00 1.39 0.08 0.04 1.18 0.04 1.23 0.04 1.21 0.04 1.19 0.0 0.0 2.53 1.09 1.00 2.52 1.07 1.00 2.58 1.05 1.00 2.57 1.07 1.00 1.08 1.00 0.1 0.0 1.49 0.61 1.50 0.62 1.51 0.62 1.51 0.61 1.52 0.62 0.33 0.00 1.56 1.08 0.71 0.88 4.44 0.77 2.89 0.16 3.40 3.15 0.85 0.35 0.00 1.40 0.09 0.04 1.19 2.56 Chg (A+B) DMF 0.07 IN 0.01 OUT 0.00 OUT (0.04) OUT 0.04 IN 0.01 OUT 0.00 OUT 0.02 OUT 0.05 IN 0.04 IN 0.01 OUT 0.00 OUT 0.00 IN 0.01 OUT 0.00 OUT 0.00 OUT 0.01 OUT 0.01 OUT 0.00 OUT 0.00 OUT (0.01) IN 0.01 IN 0.00 OUT 0.01 IN 0.01 IN 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 or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
44. T e c h n i c a l TA Securities V i e w Monday , March 13, 2017 FBM KLCI: 1,717.58 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Stock Screen Malaysia End Day Census of 10.03.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Weekly Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band .This report also includes the top 20 overbought, and top 20 oversold stocks. *Note: To qualify in the list below, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective daily charts to spot accumulation (volume growth) or breakout patterns. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name BERJAYA CORP BHD TIGER SYNERGY BH EMICO HLDGS BHD MALAYSIA BUILDNG BIO OSMO BHD I-BHD SP SETIA BHD JCY INTERNATIONA AT SYSTEMATIZATI KRONOLOGI ASIA B VSOLAR GROUP BHD MPAY PESONA METRO IDIMENSION CON KARYON INDUS BHD VERSATILE CREATI K-ONE TECHNOLOGY YFG BHD AWC BHD DIGISTAR CORP XINGQUAN INTERNA OLYMPIA INDS BHD ADV SYNERGY BHD SYSTECH BHD PA RESOURCES BHD FOCUS DYNAMICS G COMFORT GLOVE BH HEVEABOARD BHD KIM TECK CHEONG UCHI TECH BHD Price 0.39 0.05 0.28 1.16 0.07 0.62 3.40 0.62 0.04 0.36 0.09 0.23 0.69 0.06 0.24 1.36 0.18 0.06 1.00 0.19 0.09 0.11 0.14 0.26 0.07 0.09 0.73 1.51 0.28 1.80 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.37 0.38 0.04 0.27 1.16 0.06 0.61 3.40 0.61 0.04 0.35 0.08 0.22 0.68 0.05 0.23 1.35 0.17 0.05 0.99 0.18 0.09 0.11 0.13 0.25 0.07 0.08 0.72 1.51 0.27 1.80 0.40 0.05 0.31 1.19 0.07 0.64 3.41 0.64 0.04 0.39 0.09 0.24 0.71 0.06 0.25 1.38 0.20 0.06 1.04 0.19 0.10 0.12 0.14 0.26 0.07 0.09 0.76 1.55 0.29 1.82 53.51 58.93 53.80 57.05 56.00 52.93 56.83 55.71 53.65 52.76 57.27 54.85 59.04 53.80 61.32 50.90 56.52 58.91 49.87 58.81 48.87 57.63 60.02 56.61 53.20 52.05 56.87 51.55 54.27 51.16 0.39 0.05 0.26 1.16 0.06 0.61 3.40 0.61 0.04 0.36 0.09 0.22 0.68 0.05 0.23 1.36 0.16 0.05 1.00 0.18 0.09 0.10 0.13 0.25 0.07 0.08 0.71 1.51 0.27 1.80 0.38 0.04 0.28 1.15 0.06 0.61 3.39 0.62 0.04 0.35 0.08 0.22 0.66 0.05 0.23 1.36 0.18 0.05 1.01 0.17 0.09 0.10 0.12 0.25 0.07 0.08 0.72 1.49 0.27 1.79 0.37 0.04 0.27 1.08 0.06 0.61 3.32 0.58 0.04 0.34 0.08 0.21 0.64 0.05 0.21 1.36 0.17 0.04 1.00 0.17 0.09 0.10 0.12 0.24 0.07 0.09 0.70 1.50 0.27 1.79 0.04 0.23 1.13 0.05 0.59 3.38 0.59 0.03 0.32 0.07 0.20 0.65 0.05 0.22 1.32 0.14 0.04 0.94 0.17 0.08 0.09 0.11 0.23 0.06 0.08 0.69 1.47 0.26 1.77 Vol 17,882,600 16,424,700 5,843,800 5,634,000 5,082,300 4,901,700 4,401,300 3,812,100 3,397,300 3,344,100 3,125,200 3,007,500 2,962,100 2,733,800 2,626,500 2,266,000 2,240,600 2,213,500 2,148,200 2,082,500 2,069,900 2,019,700 1,966,400 1,948,500 1,794,000 1,705,500 1,409,600 1,322,200 1,300,400 1,271,800 20-day avg vol 18,955,900 6,484,220 2,437,895 11,327,710 1,801,755 1,462,890 2,937,010 3,573,845 18,496,140 7,693,285 2,242,275 4,527,075 2,863,725 1,189,345 2,762,970 2,310,770 2,914,400 5,196,930 3,566,140 5,100,935 1,384,265 2,009,355 1,514,220 1,424,970 395,880 3,123,145 1,103,075 2,380,765 1,881,580 528,790 Raw data sourced from Bloomberg INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 3
45. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No Stock Name Price PLS PLANTATIONS 1.26 BENALEC 0.57 3 0.60 HWA TAI INDUS 4 MERGE ENERGY BHD 0.34 5 KNUSFORD BHD 1.45 6 0.32 MK LAND HLDGS 7 DAMANSARA REALTY 0.93 8 GUOCOLAND MALAYS 1.38 9 0.59 REDTONE INTL 10 LANDMARKS BERHAD 0.82 11 ANCOM LOGISTICS 0.10 12 0.62 KRETAM HOLDINGS 13 GLOBAL ORIENTAL 0.46 14 LION FOREST INDU 0.60 15 0.85 ENCORP BHD 16 MAJUPERAK HOLDIN 0.34 17 TSR CAPITAL BHD 0.57 18 2.28 ISKANDAR WATERFR 19 PCCS GROUP BHD 0.50 20 1.45 EKOVEST BHD Raw data sourced from Bloomberg 1 2 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.90 0.43 0.46 0.29 1.00 0.29 0.51 1.20 0.27 0.71 0.08 0.53 0.36 0.46 0.53 0.28 0.47 0.73 0.29 0.97 1.01 0.48 0.51 0.32 1.19 0.30 0.68 1.27 0.39 0.75 0.09 0.57 0.40 0.52 0.65 0.31 0.50 1.30 0.38 1.19 1.13 0.54 0.55 0.34 1.38 0.32 0.86 1.34 0.51 0.78 0.09 0.60 0.44 0.57 0.76 0.33 0.54 1.88 0.47 1.41 90.64 71.84 83.63 57.89 72.27 65.33 76.78 73.42 90.11 74.97 63.33 75.95 71.41 68.15 80.21 68.56 73.87 92.16 72.69 80.79 1.02 0.47 0.51 0.32 1.26 0.30 0.73 1.26 0.41 0.74 0.09 0.58 0.39 0.53 0.67 0.30 0.51 1.44 0.41 1.28 1.02 0.48 0.50 0.31 1.16 0.30 0.65 1.25 0.37 0.75 0.09 0.56 0.40 0.50 0.64 0.30 0.50 1.17 0.37 1.13 1.02 0.45 0.48 0.31 1.17 0.30 0.61 1.21 0.34 0.74 0.08 0.55 0.37 0.48 0.62 0.29 0.49 1.05 0.36 1.04 Vol 193,200 74,152,300 2,441,100 452,700 253,900 12,810,200 15,565,400 2,517,900 11,855,800 1,635,300 775,600 9,020,700 23,414,200 919,400 2,725,500 1,574,500 304,300 113,977,200 618,000 121,014,400 20-day avg vol 15,965 6,315,125 217,880 42,995 26,290 1,415,100 1,839,320 307,210 1,481,290 217,675 104,485 1,323,580 3,443,735 136,985 412,730 249,395 52,550 19,859,930 110,825 21,719,600 *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No Stock Name Price UOA REIT 1.73 MAGNUM BHD 2.13 3 2.54 YEE LEE CORP 4 HIBISCS 0.43 5 ATLAN HLDG BHD 4.75 6 1.40 MAH SING GROUP 7 YTL CORP BHD 1.49 8 FIAMMA HLDGS 0.58 9 3.88 WESTPORTS HOLDIN 10 TPC PLUS BHD 0.48 11 INIX TECHNOLOGIE 0.07 12 1.41 MALAYAN FLOUR 13 HAP SENG PLANTAT 2.59 14 EKA NOODLES BHD 0.07 15 0.05 MMAG HOLDINGS BH 16 COMPUTER FORMS 1.06 17 COASTAL CONTRACT 1.39 18 0.04 GLOBALTEC FORMAT 19 MNC WIRELESS BHD 0.06 20 GOH BAN HUAT 1.38 Raw data sourced from Bloomberg 1 2 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 1.75 2.15 2.56 0.44 4.76 1.41 1.50 0.58 3.88 0.48 0.07 1.41 2.59 0.07 0.05 1.06 1.39 0.04 0.06 1.38 1.79 2.18 2.58 0.49 4.85 1.47 1.53 0.60 4.03 0.50 0.08 1.47 2.67 0.08 0.06 1.11 1.45 0.04 0.06 1.39 1.82 2.22 2.61 0.55 4.94 1.52 1.57 0.61 4.17 0.52 0.08 1.54 2.74 0.09 0.06 1.16 1.52 0.05 0.07 1.41 33.82 35.25 40.24 33.95 34.57 32.26 36.13 39.62 30.31 39.18 31.18 41.08 38.02 40.62 38.89 32.25 36.67 44.36 39.98 32.14 1.78 2.17 2.58 0.47 4.81 1.45 1.52 0.59 3.98 0.50 0.08 1.47 2.67 0.07 0.05 1.09 1.43 0.04 0.06 1.39 1.81 2.18 2.59 0.50 4.86 1.48 1.53 0.59 4.09 0.50 0.08 1.46 2.67 0.08 0.05 1.12 1.46 0.05 0.06 1.40 1.79 2.16 2.56 0.48 4.88 1.47 1.54 0.58 4.16 0.50 0.08 1.42 2.64 0.07 0.05 1.18 1.45 0.05 0.07 1.40 Vol 50,000 560,400 171,400 104,535,700 210,300 1,357,500 4,338,600 676,000 4,557,900 320,000 984,800 318,200 25,200 3,490,000 18,704,000 10,000 145,700 2,111,500 8,084,300 5,000 20-day avg vol 12,730 515,875 271,605 58,967,570 39,420 1,928,190 4,390,825 440,925 3,728,705 149,010 1,820,345 596,950 369,115 3,103,950 10,041,230 750 392,130 4,360,505 3,371,630 2,955 *Note: The list below is the 20 most overbought of the 1000 over Bursa Malaysia listed stocks with 14-day RSI above 80. It is generally a bearish or SELL list, especially if the readings approach 90. Caveat: The list consists of fundamentally sound stocks, and hence are long-term BUY or HOLD stocks. Page 2 of 3
46. TA Securities A Member of the TA Group TOP 20 OVERBOUGHT STOCKS (Generally BEARISH short-term, but are LONG-TERM BUY or HOLD) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name Price ISKANDAR WATERFR AHMAD ZAKI RES PLS PLANTATIONS D&O GREEN TECH REDTONE INTL CHIN HIN GROUP B MALTON BHD VITROX CORP BHD ALUM CO OF MALAY SYMPHONY LIFE BH LION INDUSTRIES NEW HOONG FATT BREM HLDG BHD OLDTOWN CHEMICAL CO MALA HWA TAI INDUS DUFU TECHNOLOGY KUB MALAYSIA BHD LEWEKO RESOURCES TONG HERR RESOUR 2.28 0.92 1.26 0.61 0.59 1.17 1.15 4.38 1.15 0.85 0.84 3.78 0.89 2.58 1.46 0.60 1.08 0.61 0.20 2.55 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.73 0.55 0.90 0.31 0.27 0.87 0.79 3.75 0.91 0.69 0.40 3.25 0.79 1.72 1.10 0.46 0.73 0.42 0.11 1.94 1.30 0.71 1.01 0.43 0.39 1.02 0.94 4.08 1.00 0.77 0.61 3.56 0.83 2.25 1.27 0.51 0.91 0.50 0.14 2.25 1.88 0.87 1.13 0.56 0.51 1.16 1.08 4.40 1.09 0.84 0.82 3.86 0.87 2.77 1.45 0.55 1.08 0.57 0.18 2.57 92.16 90.71 90.64 90.32 90.11 89.10 88.22 86.72 86.42 86.33 85.70 85.49 85.46 84.80 84.62 83.63 83.26 83.26 82.86 82.71 1.44 0.76 1.02 0.47 0.41 1.08 0.98 4.22 1.02 0.79 0.69 3.68 0.83 2.48 1.33 0.51 0.98 0.51 0.15 2.38 1.17 0.69 1.02 0.40 0.37 0.98 0.89 3.98 0.98 0.74 0.56 3.45 0.82 2.13 1.23 0.50 0.88 0.48 0.14 2.18 1.05 0.67 1.02 0.37 0.34 0.93 0.81 3.86 0.95 0.70 0.52 3.35 0.81 2.03 1.09 0.48 0.82 0.46 0.13 2.12 Vol 113,977,200 5,381,200 193,200 26,912,200 11,855,800 5,562,800 12,843,100 830,600 1,525,100 1,217,000 26,147,300 1,300 222,400 397,500 1,709,600 2,441,100 5,093,800 28,799,200 6,435,300 28,700 20-day avg vol 19,859,930 2,906,300 15,965 8,001,755 1,481,290 4,287,840 3,143,595 162,660 285,685 1,154,715 9,332,720 30,470 103,495 1,585,335 840,075 217,880 4,028,085 6,338,610 1,520,890 41,570 Raw data sourced from Bloomberg *Note: The list below is the 20 of the most oversold of the 1000 over Bursa Malaysia listed stocks with 14-day RSI close to and below 30, the level below which is considered oversold. It is generally a short-term bullish or BUY list for technical rebound gains, especially if the readings are below 20. Caveat: The list consists of fundamentally weak stocks, and hence could be an AVOID list. TOP 20 OVERSOLD STOCKS (Generally BULLISH short-term, but AVOID fundamentally weak stocks) No Stock Name Price KAREX BHD 2.06 TA ANN HLDGS BHD 3.64 3 SPRITZER BHD 2.24 4 MALAYSIA SMELTIN 3.54 5 CSC STEEL HOLDIN 1.80 6 WESTPORTS HOLDIN 3.88 7 PETRONAS GAS BHD 19.60 8 KNM GROUP BHD 0.30 9 INIX TECHNOLOGIE 0.07 10 BORNEO AQUA HARV 0.84 11 GOH BAN HUAT 1.38 12 COMPUTER FORMS 1.06 13 MAH SING GROUP 1.40 14 UMW OIL & GAS CO 0.64 15 TRIPLC BHD 1.77 16 SARAWAK PLANT 1.68 17 UOA REIT 1.73 18 HIBISCS 0.43 19 KOSSAN RUBBER IN 6.22 20 PHARMANIAGA BHD 4.85 Raw data sourced from Bloomberg 1 2 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 2.04 3.59 2.23 3.41 1.75 3.88 19.45 0.28 0.07 0.83 1.38 1.06 1.41 0.61 1.76 1.66 1.75 0.44 6.16 4.70 2.27 3.93 2.30 3.83 1.88 4.03 20.24 0.33 0.08 0.88 1.39 1.11 1.47 0.67 1.85 1.75 1.79 0.49 6.42 4.99 2.49 4.28 2.37 4.25 2.01 4.17 21.03 0.38 0.08 0.92 1.41 1.16 1.52 0.73 1.94 1.84 1.82 0.55 6.67 5.28 15.45 22.29 27.85 29.41 30.30 30.31 31.09 31.16 31.18 32.08 32.14 32.25 32.26 32.43 32.81 33.04 33.82 33.95 34.33 34.47 2.16 3.78 2.28 3.65 1.84 3.98 19.88 0.31 0.08 0.86 1.39 1.09 1.45 0.65 1.81 1.71 1.78 0.47 6.31 4.88 2.32 4.00 2.31 3.88 1.95 4.09 20.39 0.34 0.08 0.89 1.40 1.12 1.48 0.68 1.88 1.76 1.81 0.50 6.47 5.02 2.35 4.03 2.34 3.94 2.06 4.16 20.57 0.35 0.08 0.93 1.40 1.18 1.47 0.75 1.90 1.76 1.79 0.48 6.49 5.07 Vol 1,593,900 1,035,500 92,200 46,000 2,160,300 4,557,900 410,300 6,804,200 984,800 256,200 5,000 10,000 1,357,500 895,600 22,000 55,600 50,000 104,535,700 144,300 56,900 20-day avg vol 1,528,830 808,700 315,485 153,315 2,407,735 3,728,705 1,363,470 25,394,970 1,820,345 295,725 2,955 750 1,928,190 3,047,900 53,545 360,710 12,730 58,967,570 236,640 102,715 p Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
47. Monday , 13 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Foreign Technical Reports 1. Foreign Stock Watch (ASX) 2. Foreign Stock Watch (HK) 3. Foreign Stock Watch (FSSTI) 4. Foreign Stock Watch (US) 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 i for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
48. TA Securities T e c h n i c a l V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks Australia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my RIO TINTO LTD Upper Middle Lower BOLLINGER BANDS AUD AUD AUD DMI Recent Signal Signal Change AUD58.97 71.55 64.57 57.58 SELL SIMPLE MOVING AVERAGES AUD 61.45 AUD 65.05 AUD 63.96 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day WESFARMERS LTD ZZZXX Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS AUD AUD AUD DMI www.taonline.com.my 44.04 42.99 41.95 BUY AUD44.41 SIMPLE MOVING AVERAGES AUD 43.21 AUD 42.24 AUD 42.08 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 1 of 8
49. WESTFIELD CORP BOLLINGER BANDS AUD AUD AUD DMI Upper Middle Lower Recent Signal Signal Change 9 .16 8.86 8.55 SELL AUD8.53 SIMPLE MOVING AVERAGES AUD 8.73 AUD 8.88 AUD 9.02 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day QBE INSURANCE GROUP LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS AUD AUD AUD DMI 13.08 12.62 12.17 BUY AUD12.74 SIMPLE MOVING AVERAGES AUD 12.64 AUD 12.55 AUD 12.49 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 2 of 8
50. MACQUARIE GROUP LTD Upper Middle Lower BOLLINGER BANDS AUD AUD AUD DMI Recent Signal Signal Change 88 .64 87.12 85.61 BUY AUD88.95 SIMPLE MOVING AVERAGES AUD 87.38 AUD 86.09 AUD 86.17 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day ORICA LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS AUD AUD AUD DMI AUD18.18 19.37 18.65 17.93 10-day 30-day 50-day SELL Recent Signal Signal Change Page 3 of 8 SIMPLE MOVING AVERAGES AUD 18.75 AUD 18.64 AUD 18.50 DAILY MACD SELL
51. COCA-COLA AMATIL LTD Upper Middle Lower BOLLINGER BANDS AUD AUD AUD DMI Recent Signal Signal Change 10 .69 10.26 9.83 BUY AUD10.54 SIMPLE MOVING AVERAGES AUD 10.34 AUD 10.11 AUD 10.08 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day QANTAS AIRWAYS LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS AUD AUD AUD DMI 3.91 3.63 3.35 BUY AUD3.81 SIMPLE MOVING AVERAGES AUD 3.74 AUD 3.54 AUD 3.49 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 4 of 8
52. WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the top 30 ASX 200 Index component stocks , weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIELD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIRWAYS SIMS METAL MGMT Close Bollinger Bands RSI Moving Averages DMI Change High Low 10-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff 5775.62 34.41 5781.20 5741.20 5699.68 5764.69 5829.70 56.32 5743.18 5725.68 5721.23 28.37 17.90 18.41 10.47 23.67 58.97 84.50 35.13 31.95 33.16 44.41 31.06 20.93 8.53 6.11 12.74 6.40 5.06 3.59 88.95 13.52 18.18 6.93 10.54 14.35 4.61 1.85 14.09 3.81 12.56 -0.29 -1.17 0.97 0.09 0.32 0.29 0.75 0.16 -0.09 -0.11 -0.14 0.15 0.05 0.08 0.05 1.68 0.08 0.04 -0.06 0.19 0.15 -0.03 -0.01 0.24 0.06 0.01 23.88 60.10 84.50 35.26 31.99 33.23 44.45 31.14 21.07 8.66 6.34 12.80 6.44 5.09 3.61 89.40 13.53 18.54 7.01 10.57 14.35 4.65 1.88 14.14 3.81 12.73 23.54 58.82 83.77 34.94 31.65 32.90 43.58 30.70 20.71 8.50 6.11 12.64 6.33 4.98 3.51 87.52 13.41 18.14 6.88 10.29 14.24 4.60 1.85 13.84 3.74 12.41 23.89 57.58 81.62 32.81 29.67 30.96 41.95 30.58 20.51 8.55 6.13 12.17 6.04 4.75 3.52 85.61 13.10 17.93 6.86 9.83 13.76 4.48 1.81 13.09 3.35 12.10 25.67 64.57 83.78 34.00 30.89 32.04 42.99 31.38 22.23 8.86 6.69 12.62 6.71 5.03 3.83 87.12 13.41 18.65 7.06 10.26 14.46 4.64 1.93 13.63 3.63 12.64 27.46 71.55 85.93 35.19 32.11 33.12 44.04 32.18 23.96 9.16 7.25 13.08 7.37 5.32 4.13 88.64 13.71 19.37 7.27 10.69 15.17 4.80 2.04 14.17 3.91 13.17 31.94 34.42 58.11 73.19 72.47 76.00 69.08 44.94 35.88 29.73 37.93 53.92 36.53 52.82 34.50 65.74 57.16 42.16 44.30 62.19 48.58 50.75 44.07 68.69 70.03 50.97 25.00 61.45 83.27 34.30 31.31 32.40 43.21 31.05 21.54 8.73 6.47 12.64 6.42 4.96 3.69 87.38 13.38 18.75 7.00 10.34 14.21 4.69 1.89 13.74 3.74 12.77 25.89 65.05 83.19 33.37 30.34 31.54 42.24 31.50 22.33 8.88 6.65 12.55 6.84 5.05 3.86 86.09 13.31 18.64 7.02 10.11 14.41 4.56 1.93 13.38 3.54 12.21 26.02 63.96 83.26 33.14 30.42 31.30 42.08 31.64 21.84 9.02 6.46 12.49 6.90 5.08 3.96 86.17 13.39 18.50 7.10 10.08 14.60 4.52 1.89 13.04 3.49 12.37 21.64 19.24 27.16 38.49 35.27 35.85 33.60 16.85 19.21 9.81 17.36 33.99 21.67 23.16 13.37 30.40 24.35 20.95 15.68 30.34 18.58 15.83 25.96 27.95 29.60 24.42 46.22 43.62 22.17 16.46 15.12 13.41 14.17 27.83 34.59 26.50 31.56 25.61 33.45 23.59 37.59 17.26 23.71 31.07 25.11 18.62 25.47 15.90 23.41 11.54 14.22 17.96 16.08 26.38 12.17 28.23 28.01 36.36 28.80 21.14 19.87 25.42 17.10 15.47 23.08 19.64 28.56 12.75 11.66 16.18 13.97 18.00 18.88 21.49 20.70 25.83 28.95 28.13 (24.58) (24.39) 5.00 22.04 20.15 22.44 19.42 (10.98) (15.39) (16.69) (14.20) 8.38 (11.78) (0.43) (24.22) 13.14 0.64 (10.12) (9.43) 11.72 (6.89) (0.07) 2.56 16.41 15.38 6.45 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 15.07 18.06 (2.992) BUY SELL -0.46 -0.27 (0.192) SELL SELL -1.34 -0.64 (0.696) SELL SELL 0.22 0.21 0.001 BUY BUY - BUY 0.54 0.46 0.082 BUY BUY 0.46 0.38 0.087 BUY BUY 0.50 0.43 0.073 BUY BUY 0.53 0.43 0.104 BUY BUY -0.19 -0.15 (0.036) SELL SELL -0.28 -0.02 (0.259) SELL SELL -0.10 -0.07 (0.029) SELL SELL -0.07 0.01 (0.080) SELL SELL 0.09 0.07 0.017 BUY BUY -0.17 -0.14 (0.035) SELL SELL -0.02 -0.03 0.006 SELL BUY - BUY -0.10 -0.08 (0.025) SELL SELL 0.62 0.52 0.103 BUY BUY 0.03 0.02 0.013 BUY BUY BUY 0.04 0.11 (0.068) SELL SELL -0.02 -0.01 (0.014) SELL SELL 0.12 0.11 0.010 BUY BUY -0.10 -0.10 (0.002) SELL SELL 0.05 0.06 (0.010) SELL SELL -0.01 0.01 (0.011) BUY SELL 0.27 0.26 0.008 BUY BUY - BUY 0.09 0.08 0.007 BUY BUY 0.16 0.17 (0.015) BUY SELL - SELL INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 8
53. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIELD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIRWAYS SGM AU SIMS METAL MGMT Close Target Price % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 23.67 28.26 16% 1.45 1.23 12.3 14.4 3.447 2.962 27.96 15.85 -5.55 58.97 71.02 17% 4.12 3.13 10.8 14.1 4.046 3.222 69.80 41.51 -1.55 84.50 83.51 -1% 5.63 5.80 15.0 14.6 5.019 5.116 86.09 69.22 2.54 35.13 33.82 -4% 2.41 2.49 14.6 14.1 5.303 5.286 35.26 27.57 7.76 31.95 30.89 -3% 2.39 2.42 13.4 13.2 5.052 5.114 31.99 22.06 5.03 33.16 31.82 -4% 2.40 2.44 13.8 13.6 5.850 5.733 33.23 23.90 8.12 44.41 43.28 -3% 2.61 2.64 17.0 16.8 4.972 5.044 46.06 38.62 5.39 31.06 33.16 6% 1.32 1.53 17.7 15.3 3.281 3.735 32.59 23.82 -0.32 20.93 22.70 8% 0.74 0.93 21.4 16.9 0.750 1.204 27.20 15.88 3.36 8.53 9.80 13% 0.33 0.36 19.4 17.9 3.001 3.060 11.14 8.21 -9.06 6.11 6.60 7% 0.79 0.48 5.8 9.7 4.926 3.077 7.27 2.40 3.74 12.74 13.49 6% 0.63 0.79 15.2 12.2 3.257 3.901 13.28 9.22 2.58 6.40 7.26 12% 0.32 0.55 20.1 11.7 0.000 1.375 7.47 4.42 -2.88 5.06 5.31 5% 0.36 0.37 14.2 13.6 5.731 5.988 5.96 4.39 0.40 3.59 4.42 19% 0.14 0.20 19.0 13.8 1.003 2.145 5.07 3.30 -10.70 88.95 88.37 -1% 6.12 6.36 14.5 14.0 4.777 4.986 89.49 61.05 2.10 13.52 13.90 3% 0.92 0.98 14.8 13.8 5.429 5.806 13.95 11.27 0.00 18.18 18.03 -1% 1.05 1.13 17.4 16.1 2.926 3.179 19.49 12.04 2.83 6.93 7.98 13% 0.21 0.26 24.9 20.0 1.212 1.530 7.75 5.98 -3.35 10.54 9.92 -6% 0.57 0.59 18.4 17.7 4.554 4.677 10.69 7.94 4.15 14.35 15.90 10% 0.61 0.65 17.8 16.6 2.976 3.331 16.66 13.62 -4.01 4.61 4.82 4% 0.31 0.33 14.7 14.0 5.575 5.813 5.11 4.03 0.66 1.85 1.87 1% 0.11 0.10 12.9 14.6 5.730 5.514 2.04 1.19 1.09 14.09 13.19 -7% 0.55 0.60 19.4 17.5 1.888 2.001 14.14 8.63 13.08 3.81 4.34 12% 0.53 0.53 7.24 7.16 3.832 4.672 4.22 2.58 14.41 12.56 12.50 0% 0.62 0.71 20.2 17.7 3.041 3.137 13.62 7.40 -2.10 Note : The above data is based on Bloomberg consensus. Page 6 of 8
54. Daily Money Flow of Technical Stock Picks Australia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * Chartist: Stephen Soo Tel: +603-2167 9607 Total Money Flow (AUD' mn) stsoo@ta.com.my (A) (B) Prv. Chg Cur. Chg (10.1) (3.4) 5,746.5 5,761.4 5,759.7 5,741.2 5,775.6 34.42 OUT 25.75 25.50 25.23 23.96 23.67 58.97 84.50 (0.29) OUT (1.17) OUT 0.97 IN 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Total 5D MF ASX 200 1.4 (2.6) 27.6 17.4 14.0 57.7 1 BHP BILLITON (0.1) (0.9) 0.6 2.6 (2.7) (0.4) 2.0 (5.3) (3.4) 10.8 (0.6) 22.3 (4.3) (0.4) (0.9) 4.2 2.6 14.0 (0.3) (1.8) 4.5 1.6 13.3 11.6 0.1 (6.0) 0.3 (0.9) No Name 2 RIO TINTO 3 COMMONW BK AUSTR 4 WESTPAC BANKING 5 AUST AND NZ BANK 6 NATL AUST BANK 7 WESFARMERS 8 WOODSIDE PETRO 9 NEWCREST MINING 10 WESTFIELD GROUP 11 FORTESCUE METALS 12 QBE INSURANCE 13 ORIGIN ENERGY 14 AMP 15 SANTOS 3.2 0.2 1.9 (2.5) (0.5) 1.8 (1.5) 0.5 7.0 4.7 6.6 4.4 0.2 0.2 4.1 4.2 (0.6) 0.1 (0.3) 1.1 8.5 0.5 2.5 0.5 0.5 (0.7) 0.9 (0.1) 0.2 0.2 0.2 (0.8) 0.2 (0.9) 0.3 (0.7) (2.3) 0.1 (0.5) (4.4) (0.2) (0.6) 0.1 (0.1) (0.3) (0.3) 1.2 (0.2) (0.1) (0.5) (0.1) (0.6) (0.2) (0.7) 0.1 0.7 (0.6) 1.7 (0.3) 1.9 www.taonline.com.my 0.7 2.9 0.0 0.2 0.7 0.4 1.4 1.2 (1.0) 0.1 0.8 0.1 (2.3) (4.5) 0.2 (1.5) 0.4 0.7 (6.6) 1.5 (3.9) 1.5 4.8 (0.5) 0.6 (0.7) 0.1 0.8 (0.5) 0.1 (1.7) (0.9) (0.5) 0.3 0.1 0.4 CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar 62.13 61.61 61.39 60.14 83.50 34.17 83.54 34.45 83.23 34.59 83.53 35.04 31.23 31.39 31.60 31.63 32.20 42.85 32.42 43.30 32.70 43.60 32.87 43.66 30.94 31.08 31.23 30.90 21.28 8.81 21.21 8.68 21.06 8.65 21.02 8.64 6.47 6.54 6.50 6.25 12.88 6.30 12.98 6.31 12.87 6.42 12.59 6.35 35.13 31.95 33.16 44.41 6.11 12.74 6.40 0.05 8.53 5.06 3.59 4.97 4.99 4.96 4.98 3.69 87.18 3.66 87.39 3.54 87.27 88.95 1.8 5.4 0.2 (0.1) 0.2 (0.2) (0.3) (0.2) (1.0) (0.4) 0.3 (0.2) (0.5) (0.0) 13.40 19.30 13.36 18.93 13.33 18.70 13.44 18.14 13.52 18.18 0.4 0.3 0.7 (0.3) (0.6) (0.4) (1.0) 6.97 10.39 6.99 10.35 1.2 (0.0) 0.3 (0.7) 1.2 6.97 10.41 (0.0) (0.0) 1.4 (1.2) 2.1 7.04 10.38 1.0 (0.3) 0.0 (0.7) 0.2 (1.0) (2.0) 0.0 (1.0) 14.29 4.69 14.25 4.75 14.13 4.69 14.20 4.64 6.93 10.54 14.35 (0.0) (0.2) (0.2) (0.1) 0.0 (0.4) (0.1) (0.2) 0.3 0.2 (0.4) 0.9 (0.8) 2.2 0.1 0.3 (0.3) 0.7 25 QANTAS AIRWAYS 1.0 (0.2) (0.8) (1.3) 0.4 26 SIMS METAL MGMT 0.4 (0.2) 0.1 0.2 0.2 0.7 0.1 17 SUNCORP GROUP 18 ORICA (0.1) 0.2 (0.7) (0.4) (0.1) 0.1 19 OIL SEARCH 20 COCA-COLA AMATIL 21 AMCOR 0.2 (0.3) 0.1 (0.2) (0.3) (0.6) 22 STOCKLAND 23 ALUMINA 24 COMPUTERSHARE 1.94 1.95 1.88 1.86 (1.0) 13.75 3.75 13.87 3.70 13.89 3.71 13.85 3.75 0.1 12.86 12.87 12.80 12.55 0.09 OUT 0.32 IN 0.29 OUT 0.75 IN 0.16 OUT (0.09) IN (0.11) OUT (0.14) IN 0.15 IN 31.06 20.93 3.67 87.32 16 MACQUARIE GROUP (A+B) DMF Chg 4.61 1.85 14.09 3.81 12.56 IN 0.08 OUT 0.05 IN 1.68 IN 0.08 OUT 0.04 OUT (0.06) OUT 0.19 OUT 0.15 IN (0.03) OUT (0.00) OUT 0.24 IN 0.06 OUT 0.01 IN Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 8
55. LIST OF RECOMMENDED BUY STOCKS FROM JULY 2015 TO CURRENT Stock AMCOR LTD BHP BILLITON BHP BILLITON BHP BILLITON COCA-COLA AMMATIL COMPUTERSHARE COMPUTERSHARE MACQUARIE MACQUARIE AUSTRALIA & NZ BANK QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QANTAS AIRWAYS QBE INSURANCE QBE INSURANCE QBE INSURANCE RIO TINTO RIO TINTO SANTOS STOCKLAND STOCKLAND SUNCORP GROUP SUNCORP GROUP SUNCORP GROUP WESTPAC BANKING WEESTFIELD CORP WOODSIDE Total funds invested * Total unrealised profit Return REC BUY Date Price 17-Jun 21-Oct 6-May 10-Mar 30-Jun 26-May 18-Aug 13-Oct 15-Sep 25-Nov 2-Sep 27-Apr 7-Apr 14-Jul 9-Nov 21-Dec 4-Jan 16-Feb 7-Sep 26-Jul 17-Feb 7-Oct 28-Feb 23-Sep 31-Mar 18-Jan 1-Nov 23-Feb 13-Oct 25-Oct 23-Feb 8-Feb 10-Mar-17 Price 14.29 22.85 18.43 17.86 8.13 10.60 9.69 83.67 77.57 28.33 3.27 3.21 4.11 3.47 2.98 3.37 3.38 3.47 9.77 11.13 10.01 52.21 62.49 3.69 4.27 4.38 11.97 11.66 12.88 30.57 9.01 31.60 14.35 23.67 23.67 23.67 10.54 14.09 14.09 88.95 88.95 31.95 3.81 3.81 3.81 3.81 3.81 3.81 3.81 3.81 12.74 12.74 12.74 58.97 58.97 3.59 4.61 4.61 13.52 13.52 13.52 35.13 8.53 31.06 Change (+/-) 0.06 0.82 5.24 5.81 2.41 3.49 4.40 5.28 11.38 3.62 0.54 0.60 (0.30) 0.34 0.83 0.44 0.43 0.34 2.97 1.61 2.73 6.76 (3.52) (0.10) 0.34 0.23 1.55 1.86 0.64 4.56 (0.48) (0.54) pct ST 0.42 3.59 28.43 32.53 29.64 32.92 45.41 6.31 14.67 12.78 16.51 18.69 (7.30) 9.80 27.85 13.06 12.72 9.80 30.40 14.47 27.27 12.95 (5.63) (2.71) 7.96 5.25 12.95 15.95 4.97 14.92 (5.33) (1.71) 584,320 64,340 11.01% 15.57 27.75 27.75 27.75 11.00 15.42 15.42 93.46 93.46 32.50 4.22 4.22 4.22 4.22 4.22 4.22 4.22 4.22 13.63 13.63 13.63 70.19 70.19 4.20 4.78 4.78 14.57 14.57 14.57 36.98 9.33 33.84 Upside Targets MT LT 16.66 17.74 32.04 36.28 32.04 36.28 32.04 36.28 11.71 12.16 16.23 16.88 16.23 16.88 97.59 100.95 97.59 100.95 35.00 37.25 4.69 4.98 4.69 4.98 4.69 4.98 4.69 4.98 4.69 4.98 4.69 4.98 4.69 4.98 4.69 4.98 15.00 16.36 15.00 16.36 15.00 16.36 75.97 80.64 75.97 80.64 4.58 5.23 5.11 5.44 5.11 5.44 15.62 16.28 15.62 16.28 15.62 16.28 39.85 42.70 9.68 10.02 36.94 40.03 ST 8.50 17.24 17.24 17.24 4.36 9.44 9.44 5.07 5.07 1.72 10.76 10.76 10.76 10.76 10.76 10.76 10.76 10.76 6.99 6.99 6.99 19.03 19.03 16.99 3.69 3.69 7.77 7.77 7.77 5.27 9.38 8.95 % Upside MT 16.10 35.36 35.36 35.36 11.10 15.19 15.19 9.71 9.71 9.55 23.10 23.10 23.10 23.10 23.10 23.10 23.10 23.10 17.74 17.74 17.74 28.83 28.83 27.58 10.85 10.85 15.53 15.53 15.53 13.44 13.48 18.93 LT 23.62 53.27 53.27 53.27 15.37 19.80 19.80 13.49 13.49 16.59 30.71 30.71 30.71 30.71 30.71 30.71 30.71 30.71 28.41 28.41 28.41 36.75 36.75 45.68 18.00 18.00 20.41 20.41 20.41 21.55 17.47 28.88 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from JULY 2015 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8
56. TA Securities T e c h n i c a l V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks Hong Kong THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my HSBC Upper Middle Lower BOLLINGER BANDS HKD HKD HKD DMI Recent Signal Signal Change HKD63.00 69.15 64.82 60.49 SELL SIMPLE MOVING AVERAGES HKD 63.06 HKD 65.35 HKD 64.71 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day CHINA MOBILE LTD ZZZXX Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS HKD HKD HKD DMI www.taonline.com.my 88.68 86.27 83.86 SELL HKD84.40 SIMPLE MOVING AVERAGES HKD 85.25 HKD 86.88 HKD 85.91 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 1 of 8
57. CHINA CONSTRUCTION BANK CORP Upper Middle Lower BOLLINGER BANDS HKD HKD HKD DMI Recent Signal Signal Change 6 .57 6.26 5.95 SELL HKD6.05 SIMPLE MOVING AVERAGES HKD 6.22 HKD 6.11 HKD 6.01 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day CNOOC LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS HKD HKD HKD DMI HKD8.83 9.75 9.29 8.83 SELL SIMPLE MOVING AVERAGES HKD 9.08 HKD 9.42 HKD 9.58 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 8
58. CHINA UNICOM HONG KONG LTD Upper Middle Lower BOLLINGER BANDS HKD HKD HKD DMI Recent Signal Signal Change 9 .61 9.42 9.23 BUY HKD9.55 SIMPLE MOVING AVERAGES HKD 9.45 HKD 9.39 HKD 9.23 DAILY MACD Recent Signal BUY Signal Change BUY 10-day 30-day 50-day CATHAY PACIFIC AIRWAYS LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS HKD HKD HKD DMI HKD11.50 11.86 11.38 10.90 10-day 30-day 50-day BUY Recent Signal Signal Change Page 3 of 8 SIMPLE MOVING AVERAGES HKD 11.55 HKD 11.15 HKD 10.89 DAILY MACD BUY
59. FIH MOBILE LTD Upper Middle Lower BOLLINGER BANDS HKD HKD HKD DMI Recent Signal Signal Change HKD3 .22 3.30 3.07 2.84 BUY SIMPLE MOVING AVERAGES HKD 3.15 HKD 2.91 HKD 2.74 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day SANDS CHINA LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS HKD HKD HKD DMI 34.22 32.77 31.32 BUY HKD33.80 SIMPLE MOVING AVERAGES HKD 33.25 HKD 32.87 HKD 33.50 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 4 of 8
60. WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the 45 HKSE Hang Seng Index component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Stock Close Name 10-Mar HANG SENG 23,568.67 HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA GALAXY 63.00 84.40 6.05 4.91 8.83 23.45 3.78 113.50 5.68 212.40 190.10 95.65 41.45 5.80 15.44 77.75 3.60 30.85 158.70 14.88 78.75 19.92 67.65 24.05 67.70 5.15 45.40 5.94 3.84 9.55 31.50 6.83 41.75 13.22 17.66 9.86 20.70 21.15 14.16 3.95 11.50 10.94 8.42 3.22 2.44 50.30 33.80 38.60 Change High Lower 67.11 0.15 (0.20) (0.01) (0.02) (0.06) 0.05 0.00 0.90 (0.08) 2.60 (0.30) 0.15 0.00 (0.09) (0.50) (1.05) (0.01) (0.05) 1.90 0.02 0.45 0.26 5.40 0.05 0.00 0.01 0.65 (0.05) (0.09) 0.01 (0.30) (0.02) (0.10) 0.10 0.08 (0.04) 0.00 0.00 (0.04) 0.00 (0.08) (0.04) (0.15) (0.03) 0.01 0.70 (0.10) 0.40 23,603.77 23,438.86 63.05 85.40 6.14 4.95 8.88 23.60 3.82 115.80 5.74 212.80 190.70 96.10 41.50 5.90 16.00 78.65 3.63 31.00 159.20 14.94 79.30 19.98 68.45 24.10 67.95 5.20 45.75 6.05 3.92 9.57 31.95 7.00 41.95 13.26 17.84 9.93 20.85 21.40 14.44 3.96 11.64 11.02 8.55 3.25 2.44 50.60 33.90 38.85 62.55 84.35 6.01 4.90 8.75 23.25 3.76 113.40 5.61 209.20 188.90 94.35 41.10 5.75 15.32 77.65 3.56 30.60 156.50 14.84 78.05 19.52 64.15 23.65 67.55 5.11 44.65 5.91 3.82 9.42 31.50 6.83 41.65 13.02 17.38 9.73 20.30 21.10 14.14 3.85 11.44 10.86 8.42 3.14 2.43 49.55 33.35 37.90 RSI Bollinger Bands Low 23,417.34 60.49 83.86 5.95 4.87 8.83 23.16 3.72 107.00 5.69 202.98 187.68 91.38 41.00 5.84 15.72 76.70 3.34 30.68 156.01 14.78 78.68 19.41 56.94 23.26 67.56 5.00 43.49 5.91 3.88 9.23 31.10 5.65 39.97 12.36 17.02 9.08 20.34 21.05 13.98 3.87 10.90 10.73 8.36 2.84 2.29 47.28 31.32 35.39 Mid Upper 14d 23,839.77 24,262.21 48.63 64.82 86.27 6.26 5.04 9.29 24.01 3.90 111.94 5.99 209.81 196.03 94.46 41.87 6.05 16.27 78.43 3.51 31.20 160.90 14.96 80.11 19.70 61.36 23.94 69.45 5.28 44.77 6.15 4.12 9.42 32.80 6.70 41.14 13.14 17.62 9.80 21.13 21.67 14.26 4.12 11.38 11.35 8.52 3.07 2.36 48.92 32.77 37.56 69.15 88.68 6.57 5.21 9.75 24.86 4.08 116.88 6.28 216.64 204.37 97.54 42.74 6.26 16.82 80.16 3.69 31.72 165.79 15.14 81.54 20.00 65.77 24.61 71.34 5.55 46.04 6.39 4.35 9.61 34.49 7.74 42.31 13.92 18.22 10.51 21.93 22.28 14.53 4.37 11.86 11.96 8.67 3.30 2.43 50.56 34.22 39.73 38.36 37.22 43.93 45.75 22.22 50.49 47.69 61.04 31.84 59.69 40.31 59.92 50.18 36.70 36.68 47.94 57.78 48.97 49.38 50.54 44.40 61.17 79.37 55.84 37.17 48.77 63.37 42.96 36.06 59.74 37.42 56.47 61.71 53.38 58.84 58.07 50.50 45.92 54.31 46.54 57.25 33.40 52.10 68.03 65.23 67.56 57.43 61.05 Moving Averages 10d 23,685.29 63.06 85.25 6.22 4.99 9.08 23.62 3.84 113.52 5.86 209.30 192.12 95.91 41.48 5.97 16.12 79.12 3.54 31.00 158.91 15.00 79.81 19.67 62.66 23.82 68.85 5.28 45.21 6.09 4.03 9.45 32.14 7.12 41.57 13.46 17.67 10.05 20.89 21.50 14.25 4.06 11.55 11.07 8.50 3.15 2.38 49.46 33.25 38.38 30d DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 23,680.92 23,254.29 23.47 18.51 26.71 4.95 73.46 154.66 (81.198) BUY SELL - - 65.35 86.88 6.11 4.95 9.42 23.49 3.79 110.62 6.03 208.20 194.00 93.61 41.41 6.09 16.26 77.89 3.46 31.13 160.51 14.88 79.70 19.61 60.31 23.75 69.74 5.18 44.25 6.02 4.09 9.39 32.90 6.47 40.73 13.06 17.20 9.56 20.75 21.46 13.97 4.11 11.15 11.39 8.35 2.91 2.35 48.47 32.87 36.90 64.72 85.91 6.01 4.86 9.58 22.53 3.68 107.82 6.05 203.09 190.49 92.44 40.78 6.01 16.00 76.41 3.47 30.33 156.07 14.61 78.59 18.79 58.61 23.00 68.21 4.94 43.48 5.89 3.99 9.23 32.24 6.33 39.82 12.78 16.38 9.22 19.81 20.92 13.54 3.83 10.89 11.36 8.12 2.74 2.33 47.42 33.50 36.12 34.77 18.87 22.30 16.72 38.35 20.05 16.15 11.03 37.64 21.31 24.17 20.49 18.97 27.70 24.35 18.13 20.54 21.20 23.03 17.09 19.74 14.18 11.33 17.44 26.25 18.14 13.15 23.22 26.99 14.51 19.17 14.73 6.58 19.36 18.77 17.76 19.67 21.53 12.45 28.17 16.23 22.98 14.39 9.92 15.02 9.53 17.25 15.47 22.30 30.62 21.64 19.46 30.89 26.59 28.44 41.04 22.06 13.14 17.61 29.88 21.56 14.02 17.55 45.42 12.35 16.37 27.71 23.36 23.57 25.40 31.97 29.73 25.39 35.30 31.26 17.42 15.56 22.08 16.48 42.99 50.04 36.68 28.25 44.06 26.95 15.77 34.16 26.23 34.82 26.71 20.25 57.54 42.13 31.72 20.01 23.67 (10.72) (9.46) (6.45) 1.53 (28.47) 3.29 1.07 18.61 (23.27) 2.42 (4.29) 6.86 4.50 (7.05) (7.71) 3.55 3.83 (4.27) (0.70) (2.09) (5.46) 6.88 35.90 8.19 (14.53) 3.19 11.94 (5.35) (9.86) 11.77 (5.87) 13.74 20.85 3.23 4.88 6.01 0.87 (4.89) 6.65 (2.29) 10.22 (15.47) 4.81 18.56 36.87 17.89 9.59 14.18 -0.72 -0.52 0.04 0.02 -0.19 0.22 0.03 1.58 -0.08 2.06 -0.44 1.03 0.13 -0.03 -0.04 0.69 0.05 0.12 0.15 0.08 0.09 0.22 1.58 0.21 -0.22 0.07 0.51 0.03 -0.02 0.07 -0.24 0.23 0.55 0.18 0.33 0.23 0.22 0.09 0.20 0.04 0.23 -0.14 0.09 0.14 0.02 0.64 0.09 0.75 -0.49 -0.25 0.09 0.05 -0.16 0.39 0.06 1.83 -0.04 2.34 0.62 0.99 0.23 0.00 0.04 0.84 0.03 0.23 0.97 0.12 0.42 0.28 1.31 0.25 0.12 0.12 0.56 0.07 0.02 0.07 -0.05 0.24 0.55 0.21 0.43 0.27 0.37 0.20 0.25 0.07 0.23 -0.09 0.13 0.14 0.02 0.61 -0.14 0.70 (0.227) (0.276) (0.049) (0.030) (0.034) (0.170) (0.032) (0.248) (0.034) (0.278) (1.057) 0.041 (0.103) (0.030) (0.084) (0.148) 0.015 (0.106) (0.820) (0.036) (0.330) (0.056) 0.274 (0.043) (0.336) (0.045) (0.056) (0.042) (0.040) 0.003 (0.187) (0.014) (0.007) (0.034) (0.094) (0.038) (0.142) (0.109) (0.048) (0.039) 0.000 (0.044) (0.032) 0.008 0.008 0.024 0.230 0.056 SELL SELL SELL BUY SELL BUY BUY BUY SELL BUY SELL BUY BUY SELL SELL BUY BUY SELL SELL SELL SELL BUY BUY BUY SELL BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY BUY BUY BUY SELL SELL SELL - BUY BUY SELL SELL BUY - 24.05 9.41 15.85 18.25 9.88 23.34 17.22 29.64 14.37 23.73 19.88 27.35 23.47 20.65 16.64 21.68 24.37 16.93 22.33 15.00 14.29 21.06 47.23 25.63 11.72 21.33 25.09 17.86 17.13 26.28 13.30 28.47 27.43 22.60 23.65 23.76 20.53 16.64 19.09 25.88 26.46 7.51 19.20 28.48 51.89 27.42 26.84 29.65 INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 8
61. Fundamentals of Foreign Technical Picks Bloomberg Ticker 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 1880 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK Target Price Stock Name Close HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA LTD GALAXY 63.00 64.04 84.40 109.33 6.05 7.28 4.91 8.83 23.45 26.85 13% 3.78 4.35 13% 113.50 128.91 12% 5.68 7.25 212.40 239.30 % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 2% 0.6 0.7 13.4 12.2 0.8 0.8 69.10 44.50 1.20 23% 5.3 5.7 14.2 13.1 2.8 3.1 99.30 80.30 2.68 17% 0.9 0.9 5.9 5.8 4.5 4.6 6.47 4.50 1.34 5.84 16% 0.8 0.8 5.7 5.6 4.7 4.7 5.20 3.82 5.59 11.21 21% 0.0 0.6 N/A 13.1 2.9 3.6 10.88 8.46 -8.97 0.7 0.9 31.4 23.3 1.1 1.3 24.95 16.00 16.09 0.6 0.6 5.9 5.8 4.6 4.5 4.08 2.90 9.88 8.8 9.5 12.9 12.0 3.5 3.7 123.30 85.40 15.82 22% 0.0 0.3 103.2 17.3 0.7 2.3 6.38 4.76 -1.73 11% 4.8 6.1 39.4 31.1 0.2 0.3 220.80 144.30 11.97 190.10 193.25 2% 5.6 6.1 34.0 30.9 2.7 2.9 213.20 169.50 3.77 95.65 113.57 16% 8.2 8.8 11.7 10.8 2.8 3.1 103.90 80.60 8.82 41.45 55.00 25% 3.4 3.5 10.7 10.6 1.3 1.5 44.15 32.50 6.83 5.80 7.13 19% 0.3 0.4 15.0 12.2 3.1 3.9 6.34 4.66 5.45 15.44 18.04 14% 1.3 1.4 10.7 9.5 3.1 3.6 17.70 11.40 5.75 77.75 79.00 2% 5.0 5.2 15.5 15.0 3.7 3.8 84.35 67.60 9.12 3.60 3.46 -4% 0.0 0.0 13.2 12.5 0.9 0.8 5.15 3.24 5.57 11.17 30.85 34.37 10% 2.2 2.5 13.9 12.3 5.8 4.1 31.75 20.14 158.70 155.88 -2% 9.3 10.2 17.1 15.6 4.0 4.2 164.40 127.60 9.98 14.88 13.05 -14% 0.6 0.6 25.0 24.6 2.4 2.5 15.50 12.56 8.30 78.75 76.30 -3% 4.3 5.3 18.4 14.8 4.0 4.2 94.40 72.20 6.35 19.92 19.28 -3% 1.2 1.1 16.7 18.4 3.8 3.8 20.10 13.64 21.17 67.65 62.08 -9% 4.5 4.7 15.0 14.5 3.2 3.3 68.45 39.00 31.23 24.05 28.53 16% 3.1 3.5 7.7 6.9 3.1 3.5 27.85 20.15 17.03 67.70 76.42 11% 3.6 3.5 18.9 19.2 5.7 4.0 75.73 62.78 5.95 5.15 5.02 -3% 0.4 0.4 10.9 11.2 5.0 4.9 5.79 4.07 18.12 45.40 46.26 2% 3.8 3.1 11.9 14.8 3.2 3.3 48.20 39.64 10.06 5.94 5.80 -2% 0.9 0.9 6.0 6.1 4.3 4.3 6.44 4.46 5.88 3.84 4.37 12% 0.1 0.2 26.3 13.8 0.5 1.7 4.88 2.92 4.35 9.55 11.11 14% 0.1 0.2 141.8 34.9 0.6 1.2 10.26 7.70 5.76 31.50 25.31 -24% 2.1 1.7 15.3 18.1 3.0 2.6 34.75 25.95 6.06 6.83 6.11 -12% 0.0 0.2 N/A 42.4 0.0 1.1 7.62 5.34 12.15 41.75 39.33 -6% 1.6 1.6 26.4 25.7 7.9 2.7 44.50 33.98 10.74 13.22 13.52 2% 0.8 0.8 15.8 16.0 3.9 3.9 14.48 10.96 13.77 17.66 18.91 7% 0.4 0.7 47.9 26.5 0.5 1.0 18.34 12.85 14.68 9.86 11.27 13% 0.8 0.8 12.7 11.9 4.5 4.5 10.46 6.91 20.24 20.70 27.47 25% 2.4 2.8 8.7 7.4 3.1 3.7 23.85 16.50 18.69 21.15 23.42 10% 1.4 1.6 15.1 13.1 3.1 3.5 24.95 18.80 9.93 14.16 14.17 0% 1.9 1.5 7.6 9.6 5.7 5.5 15.50 10.70 14.94 3.95 4.26 7% 0.0 0.2 106.6 19.8 0.0 0.2 4.45 2.25 23.44 11.50 9.30 -24% 0.2 0.0 63.2 2300 0.6 0.6 14.00 10.00 12.75 10.94 11.87 8% 1.5 1.6 7.1 7.0 3.2 3.2 12.78 10.54 -1.44 8.42 8.89 5% 0.1 0.1 14.1 13.4 1.2 0.4 9.48 7.28 8.09 3.22 3.13 -3% 0.0 0.0 23.0 20.7 0.3 0.4 3.38 2.31 31.43 2.44 2.79 13% 0.0 0.0 N/A N/A 0.0 0.0 3.00 2.00 7.96 50.30 56.63 11% 0.4 0.4 17.5 16.0 0.2 0.3 54.15 41.50 14.97 33.80 37.60 10% 0.2 0.2 21.9 20.0 0.7 0.8 39.30 24.60 0.30 38.60 42.29 9% 1.6 1.7 24.4 22.6 1.2 1.4 40.10 21.87 14.20 Note : The above data based on Bloomberg consensus. Page 6 of 8
62. Daily Money Flow of Technical Stock Picks Hong Kong THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * Chartist: Stephen Soo No Name HANG SENG Tel: +603-2167 9607 Total Money Flow (HKD' mn) 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar stsoo@ta.com.my Total 5D MF (A) (B) Prv. Chg Cur. Chg www.taonline.com.my CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar (A+B) DMF Chg (148.0) (107.1) (13.7) (91.0) (60.2) (420.0) (77.3) 30.8 23,596.3 23,681.1 23,782.3 23,501.6 23,568.7 67.11 1 HSBC (25.3) (15.7) (32.7) (34.6) 1.0 (107.2) (1.8) 35.6 63.20 63.20 63.15 62.85 63.00 0.15 2 CH MOBILE (22.8) (3.7) (6.1) (24.1) (1.0) (57.7) (18.0) 23.0 84.80 85.10 85.30 84.60 84.40 (0.20) IN 3 CCONB (41.6) (69.1) 74.9 (29.7) 9.3 (56.2) (104.5) 38.9 6.17 6.18 6.19 6.06 6.05 (0.01) OUT 4 ICBC (17.6) 4.0 19.2 13.8 32.1 51.4 (5.4) 18.4 4.95 4.97 5.02 4.93 4.91 (0.02) IN 5 CNOOC (7.5) (3.4) (0.2) 14.3 (23.2) (20.0) 14.4 (37.5) 9.11 9.10 9.05 8.89 8.83 (0.06) OUT IN 6 CH LIFE OUT IN 1.9 6.9 7.1 (2.0) 18.4 32.3 (9.1) 20.5 23.40 23.70 23.90 23.40 23.45 0.05 7 BOC (34.1) (70.0) 0.6 (32.7) 4.1 (132.1) (33.3) 36.8 3.81 3.82 3.83 3.78 3.78 0.00 IN 8 SHK PROP (13.2) 6.2 (4.1) 0.5 (10.2) (20.9) 4.6 (10.7) 112.00 113.00 113.00 112.60 113.50 0.90 OUT 9 PETRO CH 13.7 8.2 3.0 11.1 28.9 8.1 (18.1) 5.88 5.92 5.89 5.76 5.68 (0.08) OUT 10 TENCENT (5.4) 24.5 (57.8) (27.0) (32.6) (98.4) 30.9 (5.6) 209.20 211.80 212.20 209.80 212.40 2.60 IN (21.4) 5.7 (37.6) 191.70 192.20 191.80 190.40 190.10 (0.30) OUT (3.1) 95.45 96.00 96.40 95.50 95.65 0.15 OUT OUT (7.0) 11 HKSE 0.5 (6.5) 3.7 9.3 (28.3) 12 CK HUTCHISON 5.2 (3.1) (1.6) (1.4) (4.5) (5.3) 0.2 13 PING AN 5.8 8.5 (14.0) (31.1) (19.5) (50.3) (17.2) 11.7 41.40 41.70 41.80 41.45 41.45 0.00 14 SINOPEC CORP (1.0) (4.5) (11.5) 14.7 4.6 2.3 26.2 (10.2) 5.95 6.02 6.10 5.89 5.80 (0.09) IN 15 CH SHENHUA (2.2) 3.5 (0.9) (7.6) (14.1) (21.2) (6.7) (6.5) 16.32 16.16 16.52 15.94 15.44 (0.50) OUT 16 CLP 4.2 (1.8) (5.5) 2.7 (9.9) (10.3) 8.3 (12.6) 79.85 79.35 79.65 78.80 77.75 (1.05) OUT 17 LI & FUNG 1.2 (5.1) (0.8) 2.3 (1.3) (3.8) 3.0 (3.6) 3.62 3.68 3.64 3.61 3.60 (0.01) OUT 18 BOC HK 3.8 0.6 (3.9) (6.4) 1.6 (4.3) (2.5) 8.0 30.90 31.10 31.15 30.90 30.85 (0.05) IN 19 HS BANK (2.1) 3.0 1.5 (0.1) 6.6 9.0 (1.5) 6.7 157.50 156.60 158.30 156.80 158.70 1.90 IN (0.5) (3.7) (2.7) 0.02 OUT 20 HK&CH GAS (1.6) (1.2) 4.1 0.4 (2.3) 15.08 14.96 15.02 14.86 14.88 21 SWIRE 0.2 (0.4) (3.8) (2.1) 1.1 (5.0) 1.7 3.2 80.30 79.75 79.25 78.30 78.75 0.45 IN 22 HL PROP 1.1 (2.0) (1.0) 1.4 (2.0) (2.5) 2.4 (3.4) 19.40 19.76 19.84 19.66 19.92 0.26 OUT 23 WHARF (0.7) 1.1 11.2 3.0 37.9 52.4 (8.2) 34.9 61.65 62.25 62.55 62.25 67.65 5.40 IN 24 CH OV LAND (4.6) (7.9) 4.2 4.4 3.4 (0.4) 0.1 (1.0) 23.35 23.80 24.45 24.00 24.05 0.05 OUT 25 POWER ASSETS (4.1) (0.6) (0.7) (1.1) 0.0 (6.4) (0.4) 1.1 68.75 68.45 68.50 67.70 67.70 0.00 IN 26 BELLE 2.6 (0.4) 0.8 2.2 0.4 5.6 1.3 (1.7) 5.25 5.31 5.27 5.14 5.15 0.01 OUT 27 HENDERSON 0.3 (0.9) (0.4) (1.9) 2.1 (0.8) (1.5) 4.1 45.00 45.10 45.25 44.75 45.40 0.65 IN 28 BOCOMM 1.3 3.9 2.2 4.0 (1.3) 10.1 1.8 (5.2) 6.06 6.08 6.10 5.99 5.94 (0.05) OUT 1.2 (1.1) (0.4) 2.5 3.93 3.84 (0.09) 29 CH COAL (0.0) (0.2) (0.8) (1.3) 30 CH UNICOM 1.3 5.1 4.8 (5.3) 7.6 13.4 (10.1) 12.9 9.32 9.38 9.58 9.54 9.55 0.01 IN 31 BK EASIA 0.2 (1.9) 0.5 (0.1) (0.4) (1.6) (0.7) (0.2) 32.05 32.10 32.00 31.80 31.50 (0.30) OUT 32 ESPRIT (0.8) 1.3 (0.5) (1.0) 0.2 (0.9) (0.5) 1.2 7.06 7.06 7.09 6.85 6.83 (0.02) IN 33 MTR 0.3 (2.9) 4.0 (0.2) 5.0 6.3 (4.1) 5.2 41.70 41.45 41.95 41.85 41.75 (0.10) IN 34 SINO LAND 0.6 (1.3) (0.4) (0.2) 0.3 (1.0) 0.3 0.4 13.60 13.38 13.36 13.12 13.22 0.10 IN 35 CH RES 0.6 (1.1) (0.1) 0.7 2.0 2.1 0.8 1.3 17.66 17.68 17.60 17.58 17.66 0.08 IN 36 NEW WORLD 2.3 (0.4) 3.1 2.3 (1.4) 5.9 (0.9) (3.7) 9.99 10.00 10.08 9.90 9.86 (0.04) OUT 37 CH RES LAND (12.2) (11.5) (14.7) (2.5) (5.3) (46.3) 12.1 (2.8) 20.45 21.00 21.35 20.70 0.00 IN 38 CH MERCHANT (0.2) 1.0 (4.6) 0.8 (0.2) (3.3) 5.4 (1.0) 21.40 21.60 21.65 21.15 21.15 0.00 IN (7.0) 2.4 2.6 (0.04) IN IN 4.08 4.03 4.03 20.70 IN 39 CH RES POWER (6.7) 1.0 (2.9) (0.5) 2.1 14.36 14.44 14.42 14.20 14.16 40 ALCORP 0.8 (1.2) (3.2) (3.1) 2.1 (4.5) 0.1 5.2 4.20 4.14 4.07 3.95 3.95 0.00 41 CATHAY (2.9) 0.1 (0.1) (0.5) (0.0) (3.4) (0.4) 0.5 11.80 11.96 11.78 11.58 11.50 (0.08) IN 42 CITIC (1.2) (1.6) 0.2 1.1 (0.6) (2.2) 0.9 (1.7) 11.08 11.08 11.06 10.98 10.94 (0.04) OUT 43 44 45 46 47 48 (0.5) 2.3 0.0 23.6 (11.8) (1.7) (0.3) 0.6 0.1 22.5 9.4 0.3 2.2 0.1 0.1 (0.3) 10.1 1.4 0.5 0.4 (0.2) 16.8 14.3 4.6 (0.3) (0.7) 0.0 (27.6) (8.3) (1.4) 1.6 2.8 (0.1) 35.0 13.7 3.2 (1.8) 0.4 (0.3) 17.1 4.2 3.2 (0.7) (1.1) 0.2 (44.4) (22.6) (6.0) 8.48 3.20 2.34 49.05 33.20 38.55 8.45 3.30 2.37 49.15 33.30 38.45 8.46 3.23 2.44 49.70 33.70 38.70 8.57 3.25 2.43 49.60 33.90 38.20 8.42 3.22 2.44 50.30 33.80 38.60 (0.15) (0.03) 0.01 0.70 (0.10) 0.40 OUT OUT OUT OUT OUT OUT COSCO FIH MOBILE GENHK AIA SANDS CHINA LTD GALAXY ENTERTAIN Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 8
63. LIST OF RECOMMENDED BUY STOCKS FROM JULY 2015 TO CURRENT Stock AIA GROUP AIA GROUP AIA GROUP AIA GROUP BANK OF CHINA BANK OF CHINA BELLE INT 'NAL CHINA LIFE CHINA LIFE CHINA PETROLEUM CHINA RESOURCES BEER CHINA RESOURCES BEER CHINA UNICOM CHINA UNICOM CNOOC CNOOC COSCO FIH MOBILE FIH MOBILE GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT GALAXY ENTERTAINMENT HSBC ICBC ICBC ICBC PETROCHINA PING AN SANDS CHINA LTD SANDS CHINA LTD SANDS CHINA LTD Total funds invested * Total unrealised profit Return REC BUY Date Price 2-Nov 14-Apr 3-Mar 17-Jan 11-Nov 6-Jan 20-Sep 6-Sep 13-Jan 1-Dec 9-Aug 20-Jan 29-Sep 1-Dec 23-Nov 10-Mar 7-Feb 20-Jan 1-Oct 18-Aug 17-Nov 15-Feb 19-Oct 25-Aug 20-May 8-Nov 25-Mar 14-Jul 11-Oct 19-Feb 22-Feb 10-Mar-17 Price 48.50 44.60 41.95 46.45 3.46 3.50 5.45 19.32 21.35 5.42 15.54 14.52 9.54 9.60 10.24 8.89 7.95 2.85 3.55 27.45 33.50 37.85 59.00 4.90 3.83 4.69 5.14 34.95 34.80 27.60 31.75 50.30 50.30 50.30 50.30 3.78 3.78 5.15 23.45 23.45 5.80 17.66 17.66 9.55 9.55 8.83 8.83 8.42 3.22 3.22 38.60 38.60 38.60 63.00 4.91 4.91 4.91 5.68 41.45 33.80 33.80 33.80 Change (+/-) 1.80 5.70 8.35 3.85 0.32 0.28 (0.30) 4.13 2.10 0.38 2.12 3.14 0.01 (0.05) (1.41) (0.06) 0.47 0.37 (0.33) 11.15 5.10 0.75 4.00 0.01 1.08 0.22 0.54 6.50 (1.00) 6.20 2.05 628,140 67,470 10.74% pct ST 3.71 50.45 12.78 50.45 19.90 50.45 8.29 50.45 9.25 4.25 8.00 4.25 (5.50) 5.91 21.38 25.36 9.84 25.36 7.01 6.56 13.64 18.62 21.63 18.62 0.10 9.70 (0.52) 9.70 (13.77) 10.09 (0.67) 10.09 5.91 8.88 12.98 3.23 (9.30) 3.23 40.62 41.04 15.22 41.04 1.98 41.04 6.78 70.28 0.20 5.27 28.20 5.27 4.69 5.27 10.51 6.10 18.60 42.88 (2.87) 35.02 22.46 35.02 6.46 35.02 Upside Targets MT LT 58.20 63.23 58.20 63.23 58.20 63.23 58.20 63.23 4.60 5.00 4.60 5.00 7.05 7.97 27.57 31.15 27.57 31.15 7.19 8.23 19.89 21.01 19.89 21.01 10.87 11.85 10.87 11.85 10.96 12.04 10.96 12.04 9.42 9.97 3.51 3.79 3.51 3.79 46.30 54.80 46.30 54.80 46.30 54.80 78.25 86.12 5.64 6.09 5.64 6.09 5.64 6.09 6.78 7.60 46.70 50.52 38.09 38.39 38.09 38.39 38.09 38.39 ST 0.30 0.30 0.30 0.30 12.43 12.43 14.76 8.14 8.14 13.10 5.44 5.44 1.57 1.57 14.27 14.27 5.46 0.31 0.31 6.32 6.32 6.32 11.56 7.33 7.33 7.33 7.39 3.45 3.61 3.61 3.61 % Upside MT 15.71 15.71 15.71 15.71 21.69 21.69 36.89 17.57 17.57 23.97 12.63 12.63 13.82 13.82 24.12 24.12 11.88 9.01 9.01 19.95 19.95 19.95 24.21 14.87 14.87 14.87 19.37 12.67 12.69 12.69 12.69 LT 25.71 25.71 25.71 25.71 32.28 32.28 54.76 32.84 32.84 41.90 18.97 18.97 24.08 24.08 36.35 36.35 18.41 17.70 17.70 41.97 41.97 41.97 36.70 24.03 24.03 24.03 33.80 21.88 13.58 13.58 13.58 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from JULY 2015 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8
64. TA Securities T e c h n i c a l V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my SINGTEL LTD Upper Middle Lower BOLLINGER BANDS SGD SGD SGD DMI Recent Signal Signal Change www.taonline.com.my SGD3.94 4.01 3.95 3.88 BUY BUY SIMPLE MOVING AVERAGES SGD 3.93 SGD 3.92 SGD 3.86 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day WILMAR INT’L LTD SGD3.58 Z Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI 3.99 3.73 3.47 SELL SIMPLE MOVING AVERAGES SGD 3.62 SGD 3.79 SGD 3.78 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 1 of 8
65. KEPPEL CORP LTD Upper Middle Lower BOLLINGER BANDS SGD SGD SGD DMI Recent Signal Signal Change 7 .32 6.82 6.33 BUY SGD6.86 SIMPLE MOVING AVERAGES SGD 7.01 SGD 6.63 SGD 6.41 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day S’PORE AIRLINES LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI 9.99 9.90 9.81 BUY SGD9.93 SIMPLE MOVING AVERAGES SGD 9.94 SGD 9.90 SGD 9.88 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 2 of 8
66. CITY DEVELOPMENTS LTD BOLLINGER BANDS SGD SGD SGD DMI Upper Middle Lower Recent Signal Signal Change 9 .97 9.51 9.60 BUY SGD10.15 SIMPLE MOVING AVERAGES SGD 9.66 SGD 9.47 SGD 9.17 DAILY MACD Recent Signal BUY Signal Change BUY 10-day 30-day 50-day CAPITALAND MALL TRUST Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI SGD1.94 1.99 1.96 1.92 10-day 30-day 50-day SELL Recent Signal Signal Change Page 3 of 8 SIMPLE MOVING AVERAGES SGD 1.95 SGD 1.96 SGD 1.96 DAILY MACD SELL
67. INDOFOOD AGRI RESOURCES LTD Upper Middle Lower BOLLINGER BANDS SGD SGD SGD Recent Signal Signal Change 0 .57 0.53 0.50 SELL SGD0.52 SIMPLE MOVING AVERAGES SGD 0.52 SGD 0.54 SGD 0.54 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day YANGZIJIANG SHIPBUILDING HLGS LTD Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI 1.17 1.00 0.82 BUY SGD1.12 SIMPLE MOVING AVERAGES SGD 1.06 SGD 0.94 SGD 0.90 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 4 of 8
68. WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the revamped 30 SGX FTSE Straits Times Index component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Bollinger Bands RSI Change High Low 10-Mar Lower Mid Upper 14d 3,133.35 14.51 3,146.38 3,106.98 3,077.35 3,114.04 3,150.74 59.34 3.94 18.93 9.56 21.39 65.00 3.58 7.00 3.70 1.00 6.86 7.49 9.93 2.09 0.21 10.15 39.00 3.49 43.88 0.38 3.66 1.98 1.94 3.22 1.92 2.51 2.88 3.70 0.52 1.12 0.03 (0.01) 0.08 (0.03) (1.22) 0.00 0.05 0.13 0.01 0.03 0.05 0.01 0.01 0.00 0.54 (0.25) 0.03 0.68 0.00 0.04 0.01 0.01 0.00 (0.01) 0.02 0.02 0.00 0.00 0.00 3.95 19.07 9.58 21.54 66.38 3.61 7.05 3.79 1.00 6.93 7.49 9.99 2.10 0.22 10.59 39.70 3.50 44.20 0.38 3.67 1.99 1.95 3.26 1.93 2.52 2.88 3.70 0.53 1.15 3.90 18.77 9.46 21.30 64.68 3.57 6.92 3.53 0.98 6.76 7.42 9.91 2.08 0.21 9.52 38.53 3.45 43.03 0.37 3.62 1.96 1.92 3.17 1.87 2.49 2.85 3.66 0.52 1.12 3.88 18.24 9.37 20.73 61.85 3.47 6.69 3.43 0.96 6.33 7.41 9.81 2.06 0.20 9.06 37.09 3.45 40.11 0.35 3.40 1.95 1.92 3.11 1.35 2.38 2.76 3.64 0.50 0.82 3.95 18.79 9.53 21.38 64.38 3.73 6.88 3.57 0.99 6.82 7.54 9.90 2.10 0.23 9.51 38.83 3.48 42.69 0.40 3.61 2.05 1.96 3.23 1.75 2.47 2.84 3.68 0.53 1.00 4.01 19.33 9.69 22.03 66.91 3.99 7.08 3.72 1.02 7.32 7.68 9.99 2.15 0.26 9.97 40.57 3.51 45.26 0.45 3.83 2.15 1.99 3.35 2.15 2.55 2.92 3.72 0.57 1.17 54.33 54.46 54.36 53.16 58.88 32.89 57.55 65.53 56.52 55.87 48.67 52.01 48.09 48.29 70.36 54.66 50.55 58.11 32.73 62.88 38.06 42.94 51.29 66.08 57.57 52.86 60.46 41.92 67.84 Moving Averages 10d 30d 50d DI + 3,123.63 3,097.38 3,052.79 32.64 DI 17.35 ADX 31.28 3.93 18.97 9.51 21.53 64.93 3.62 6.94 3.62 0.99 7.01 7.49 9.93 2.09 0.22 9.66 39.13 3.48 43.53 0.38 3.67 2.01 1.95 3.26 1.92 2.50 2.87 3.69 0.52 1.06 18.96 22.90 20.34 16.98 15.43 23.64 15.05 14.65 16.84 22.00 19.96 13.25 19.75 22.60 10.50 16.98 10.97 26.51 28.50 16.75 20.71 14.87 18.44 17.23 16.45 20.02 8.38 26.94 10.34 17.45 2.33 0.01 18.28 5.69 0.15 9.78 5.62 0.02 21.00 8.16 0.16 36.95 9.33 1.12 30.93 (11.27) -0.07 24.87 10.29 0.06 44.69 23.03 0.07 22.35 7.28 0.01 45.61 8.80 0.18 11.32 (1.76) 0.00 15.86 3.13 0.02 17.01 (3.69) -0.01 28.85 (0.84) 0.01 38.62 36.11 0.18 30.00 10.10 0.58 17.30 8.89 -0.01 15.92 (2.07) 0.62 30.71 (16.22) -0.01 26.87 5.25 0.07 26.99 (9.11) -0.02 15.99 (5.41) -0.01 34.38 7.34 0.03 44.61 23.47 0.12 14.93 3.22 0.02 15.66 (1.85) 0.00 37.45 7.86 0.04 16.21 (7.89) -0.01 48.54 29.99 0.07 3.92 18.82 9.54 21.17 63.72 3.79 6.84 3.51 0.98 6.63 7.54 9.90 2.10 0.21 9.47 38.51 3.48 42.44 0.41 3.52 2.03 1.96 3.20 1.66 2.45 2.85 3.64 0.54 0.94 3.86 18.52 9.42 21.03 61.90 3.78 6.79 3.36 0.96 6.41 7.45 9.88 2.11 0.20 9.17 37.55 3.52 41.93 0.41 3.44 2.02 1.96 3.15 1.59 2.47 2.89 3.56 0.54 0.90 21.28 28.58 25.96 25.14 24.76 12.38 25.33 37.67 24.12 30.80 18.20 16.38 16.06 21.76 46.61 27.08 19.86 24.44 12.29 22.00 11.60 9.46 25.78 40.70 19.67 18.17 16.24 19.05 40.33 DMI Diff 15.29 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 22.26 24.94 (2.686) BUY SELL 0.02 0.15 0.03 0.19 1.08 -0.05 0.05 0.08 0.01 0.20 0.01 0.02 -0.01 0.01 0.15 0.59 -0.01 0.49 -0.01 0.08 0.00 0.00 0.04 0.11 0.01 -0.01 0.04 -0.01 0.06 (0.010) 0.001 (0.012) (0.027) 0.033 (0.018) 0.008 (0.008) (0.001) (0.027) (0.015) 0.003 (0.002) (0.004) 0.026 (0.011) 0.003 0.127 (0.002) (0.011) (0.012) (0.004) (0.008) 0.014 0.007 0.008 (0.007) (0.001) 0.014 BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY SELL SELL BUY BUY BUY SELL SELL BUY SELL SELL BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY SELL SELL BUY SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL BUY - BUY SELL - SELL BUY BUY SELL SELL SELL SELL SELL BUY BUY BUY BUY SELL SELL BUY - INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 8
69. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP Stock Name Close Target Price % upside SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI 3.94 4.25 18.93 YZJSGD SP YZJ EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 7% 0.2 0.3 16.2 15.3 4.5 4.7 4.36 3.59 7.95 19.44 3% 1.791 1.962 10.6 9.6 3.2 3.3 19.37 14.63 9.17 9.56 9.56 0% 0.9 0.9 11.1 10.2 3.8 4.0 9.78 8.21 7.17 21.39 21.18 -1% 1.9 2.1 11.1 10.3 3.4 3.5 21.95 17.41 4.85 65.00 63.80 -0.02 4.0 4.3 16.1 15.0 2.4 2.5 67.27 52.42 17.65 3.58 3.80 6% 0.2 0.2 12.7 11.8 2.0 2.2 4.00 2.96 -0.28 7.00 7.41 6% 0.4 0.4 17.6 17.2 2.8 2.8 7.35 5.77 10.58 3.70 3.93 6% 0.2 0.2 18.2 18.9 2.7 2.8 3.79 2.85 22.52 1.00 1.06 6% 0.0 0.0 28.6 25.6 2.9 3.0 1.04 0.69 10.50 6.86 6.53 -5% 0.5 0.6 13.3 12.4 3.3 3.5 7.23 5.10 18.48 7.49 7.81 4% 0.3 0.4 22.3 20.7 3.9 4.2 8.05 6.96 4.61 9.93 9.63 -3% 0.4 0.4 22.3 22.8 3.5 2.7 11.67 9.60 2.69 2.09 2.03 -3% 0.1 0.1 28.2 27.9 2.1 2.1 2.23 1.92 0.00 0.21 0.22 0.05 0.0 0.0 9.9 6.7 0.0 1.0 0.37 0.11 23.53 10.15 10.38 2% 0.6 0.7 15.7 14.7 1.5 1.5 10.59 7.39 22.58 39.00 38.80 -1% 2.7 2.9 14.6 13.6 0.8 0.8 40.56 27.35 17.47 3.49 3.19 -10% 0.2 0.2 22.8 22.7 4.9 4.8 4.13 3.45 -1.13 43.88 53.00 17% 2.1 2.4 14.7 13.1 1.8 2.0 45.20 31.60 6.43 0.38 0.39 3% 0.0 0.0 16.5 14.7 1.9 1.9 0.45 0.33 -12.79 3.66 3.62 -1% 0.2 0.2 21.2 20.2 4.2 4.4 3.70 3.01 13.31 1.98 1.99 1% 0.1 0.1 14.8 14.8 2.3 2.3 2.17 1.58 0.25 1.94 2.13 9% 0.1 0.1 17.0 16.5 5.7 5.7 2.25 1.87 2.65 3.22 3.45 7% 0.2 0.3 13.4 11.2 2.9 3.2 3.38 2.44 12.98 1.92 1.60 -20% 0.1 0.1 34.2 26.6 1.5 1.7 2.09 1.22 38.77 2.51 2.94 15% 0.2 0.2 16.0 15.4 4.4 4.8 3.02 2.37 1.62 2.88 2.65 -9% 0.2 0.2 17.7 18.6 5.6 5.5 3.97 2.73 2.49 3.70 3.55 -4% 0.2 0.2 24.0 23.9 4.1 4.0 3.91 3.35 9.79 0.52 0.58 10% 436 583 11.2 8.4 12418 18132 0.63 0.44 -0.95 1.12 1.05 -6% 0.5 0.5 11.4 11.9 17.1 17.1 1.19 0.71 36.81 Note : The above data based on Bloomberg consensus. Page 6 of 8
70. Daily Money Flow of Technical Stock Picks Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * Chartist: Stephen Soo Tel: +603-2167 9607 6-Mar 7-Mar 8-Mar 9-Mar 10-Mar Total 5D MF (A) Prv. Chg (B) Cur. Chg FSSTI 4.9 1.9 2.4 (4.1) 0.7 5.8 (6.5) 4.8 3,121.5 3,130.4 1 SINGTEL (2.3) 4.4 (0.2) (0.8) 0.6 (0.4) (0.9) 1.7 1.5 (1.4) (0.9) (0.0) (2.3) (7.7) (0.5) (0.9) (0.2) (0.1) 0.3 (0.3) (1.2) 0.5 1.0 0.0 (2.6) (1.5) (1.1) 2.5 (0.4) (0.0) 3.90 19.09 9.49 (1.4) (0.0) (0.8) 0.1 7.3 0.4 (3.5) 3.89 19.06 9.48 0.5 (0.5) 1.7 (0.1) 1.6 (0.4) (1.3) 0.5 (0.8) 1.1 0.3 (1.2) 0.0 (0.6) (0.1) 0.6 0.7 0.3 (1.6) (0.9) (0.4) (0.0) 0.5 21.52 65.96 3.61 6.99 (0.5) 0.2 0.2 (0.2) (0.6) 2.7 (0.3) (2.9) 21.56 65.60 3.60 6.88 (1.0) (0.4) (0.6) (0.1) (0.4) 0.6 (0.0) (0.7) (0.5) 0.0 (0.5) 0.2 0.0 (0.0) 1.0 0.1 0.8 (1.7) (0.4) 0.6 (0.0) 0.3 (0.2) (0.4) 3.64 1.00 7.08 7.46 0.2 0.0 2.5 0.2 (0.9) (0.2) (0.4) (0.6) 3.56 0.97 7.15 7.45 0.1 0.0 1.6 (0.1) 0.0 (0.3) (0.3) (0.3) 0.1 0.2 0.1 (0.2) (0.2) (0.3) (0.0) 1.5 (0.1) (0.3) 0.0 (1.0) 2.4 0.2 9.95 2.06 0.22 9.67 (0.1) (0.4) (0.1) 0.0 4.7 2.9 0.6 9.90 2.09 0.22 9.63 0.8 (0.1) 0.1 0.0 0.0 2.5 0.0 0.4 (0.3) 0.0 0.7 (0.1) (0.4) (0.1) 0.1 (0.4) (0.4) (0.5) 0.8 0.6 1.6 39.90 3.48 43.87 (0.5) (0.3) (0.0) (0.5) 0.1 0.0 1.9 39.70 3.46 44.35 0.6 (0.1) (0.1) (0.2) 0.6 0.2 1.5 0.3 1.2 (0.8) 0.5 0.4 1.0 (0.3) (0.1) (0.1) (0.1) (0.6) 0.1 0.4 0.0 0.2 (0.1) 0.37 3.66 2.00 1.93 1.2 0.1 1.6 0.0 (1.1) (0.2) 0.4 2.7 0.38 3.64 1.99 1.94 0.5 0.3 0.2 0.6 (0.1) (0.1) 0.3 0.3 (0.1) (0.0) (2.3) 0.0 (0.0) (1.0) (0.2) 0.5 (0.7) 0.1 (0.6) 0.1 0.2 (0.0) 3.30 2.03 2.53 2.86 (0.1) 0.0 0.7 3.1 0.5 1.0 (0.1) 3.30 2.02 2.52 2.86 0.0 (0.1) (0.5) 0.4 (0.2) 0.1 0.0 (0.0) (1.0) (0.1) (4.1) (0.0) 1.3 0.0 0.1 3.70 0.52 1.12 3.65 0.53 1.18 No Name 2 DBS 3 OCBC 4 UOB 5 6 7 8 JARDINE M. WILMAR HK LAND CAPLAND 9 10 11 12 GENSP KEPPEL SGX SIA 13 14 15 16 FNN NOBLE CITY DEV JARDINE S. 17 SG PRESS 18 JARDINE C&C 19 GOLDEN AGRI 20 21 22 23 SG TECH OLAM INT CAP TRUST SEMBCORP 24 25 26 27 SEMCORP M. CMFT DELGRO STARHUB SIA ENG 28 IFOOD AGRI 29 YZJ Total Money Flow (SGD' mn) stsoo@ta.com.my www.taonline.com.my CLOSING PRICE 6-Mar 7-Mar 8-Mar 9-Mar 3,145.3 10-Mar 3,118.8 (A+B) DMF Chg 3,133.4 14.51 OUT 0.03 OUT (0.01) OUT 0.08 OUT (0.03) OUT (1.22) OUT 0.00 IN 0.05 IN 0.13 OUT 3.93 3.91 3.94 19.28 9.55 21.68 18.94 9.48 21.42 18.93 9.56 21.39 66.17 3.60 7.03 3.61 66.22 3.58 6.95 3.57 65.00 3.58 7.00 3.70 1.00 6.95 7.57 9.99 0.99 6.83 7.44 9.92 1.00 6.86 7.49 9.93 2.10 0.23 9.72 39.90 2.08 0.21 9.61 39.25 2.09 0.21 10.15 39.00 0.01 IN 0.03 OUT 0.05 OUT 0.01 IN 0.01 IN 0.00 IN 0.54 IN (0.25) OUT 3.47 44.30 0.39 3.46 43.20 0.38 3.49 43.88 0.38 0.03 0.68 0.00 3.67 1.98 1.93 3.27 3.62 1.97 1.93 3.22 3.66 1.98 1.94 3.22 1.97 2.51 2.85 3.67 1.92 2.49 2.86 3.70 1.92 2.51 2.88 3.70 IN 0.04 IN 0.01 OUT 0.01 OUT 0.00 OUT (0.00) OUT 0.02 IN 0.02 OUT 0.00 IN 0.53 1.13 0.52 1.12 0.52 1.12 0.00 OUT 0.00 IN IN IN Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 8
71. LIST OF RECOMMENDED BUY STOCKS FROM JULY 2015 TO CURRENT Stock CAPITALAND CAPITALAND CAPITALAND CAPITALAND CITY DEVELOPMENTS CITY DEVELOPMENTS CITY DEVELOPMENTS COMFORTDELGRO CAPITAMALL TRUST DBS DBS GENTING S 'PORE GOLDEN AGRI-RESOURCES HONGKONG LAND HONGKONG LAND HONGKONG LAND JARDINE STRATEGIC NOBLE GROUP OCBC OCBC SEMBCORP INDUSTRIES SIA ENGINEERING SINGTEL SINGTEL SINGTEL S'PORE AIRLINES S'PORE AIRLINES S'PORE AIRLINES S'PORE AIRLINES S'PORE EXCHANGE UOB WILMAR INT'L Total funds invested * Total unrealised profit Return REC BUY 10-Mar-17 Date Price Price 3.70 21-Apr 3.17 3.70 7-Oct 2.95 3.70 8-Jul 3.52 3.70 19-Jan 3.12 10.15 30-Aug 8.62 10.15 15-Dec 7.03 10.15 7-Mar 9.63 2.51 14-Jun 2.65 1.94 5-Jan 1.93 18.93 20-Oct 15.08 18.93 21-Jul 16.23 1.00 25-Feb 0.74 0.38 1-Mar 0.38 7.00 17-Mar 6.10 7.00 22-Sep 6.82 7.00 8-Dec 6.47 39.00 27-Oct 34.55 0.21 14-Feb 0.20 9.56 12-Oct 8.66 9.56 15-Nov 8.72 3.22 24-Feb 3.36 3.70 28-Jun 3.66 3.94 9-Sep 4.06 3.94 9-Sep 3.65 3.94 12-Jan 3.79 9.93 4-Feb 10.92 9.93 27-Aug 9.85 9.93 2-Jul 10.75 9.93 10-Nov 9.82 7.49 4-Nov 7.04 21.39 13-May 17.64 3.58 28-Jul 3.08 Change (+/-) 0.53 0.75 0.18 0.58 1.53 3.12 0.52 (0.14) 0.01 3.85 2.70 0.27 (0.01) 0.90 0.18 0.53 4.45 0.01 0.90 0.84 (0.14) 0.04 (0.12) 0.29 0.15 (0.99) 0.08 (0.82) 0.11 0.45 3.75 0.50 234,182 24,998 10.67% Upside Targets pct ST MT LT 16.72 3.80 4.05 4.21 25.42 3.80 4.05 4.21 5.11 3.80 4.05 4.21 18.59 3.80 4.05 4.21 17.75 10.75 11.75 12.36 44.38 10.75 11.75 12.36 5.40 10.75 11.75 12.36 (5.28) 2.64 2.97 3.27 0.26 2.10 2.17 2.28 25.53 20.37 22.09 23.16 16.64 20.37 22.09 23.16 36.05 1.04 1.12 1.18 (1.32) 0.40 0.47 0.53 14.75 7.18 7.56 8.33 2.64 7.18 7.56 8.33 8.19 7.18 7.56 8.33 12.88 42.07 44.06 45.67 6.60 0.22 0.24 0.27 10.39 10.09 10.92 11.74 9.63 10.09 10.92 11.74 (4.17) 3.52 3.84 4.23 1.09 3.81 4.00 4.18 (2.96) 4.11 4.28 4.57 7.95 4.11 4.28 4.57 3.96 4.11 4.28 4.57 (9.07) 10.35 10.84 11.23 0.81 10.35 10.84 11.23 (7.63) 10.35 10.84 11.23 1.12 10.35 10.84 11.23 6.39 7.94 8.23 8.80 21.26 22.87 24.75 26.62 16.23 4.05 4.24 4.40 ST 2.70 2.70 2.70 2.70 5.91 5.91 5.91 5.18 8.53 7.61 7.61 4.00 6.67 2.57 2.57 2.57 7.87 4.76 5.54 5.54 9.32 2.97 4.31 4.31 4.31 4.23 4.23 4.23 4.23 6.01 6.92 13.13 % Upside MT 9.46 9.46 9.46 9.46 15.76 15.76 15.76 18.33 12.14 16.69 16.69 12.00 25.33 8.00 8.00 8.00 12.97 14.29 14.23 14.23 19.25 8.11 8.63 8.63 8.63 9.16 9.16 9.16 9.16 9.88 15.71 18.44 LT 13.78 13.78 13.78 13.78 21.77 21.77 21.77 30.28 17.83 22.35 22.35 18.00 41.33 19.00 19.00 19.00 17.10 28.57 22.80 22.80 31.37 12.97 15.99 15.99 15.99 13.09 13.09 13.09 13.09 17.49 24.45 22.91 Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from JULY 2015 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8
72. TA Securities T e c h n i c a l V i e w Monday , March 13, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks United States THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my BOEING CO Upper Middle Lower BOLLINGER BANDS USD USD USD DMI Recent Signal Signal Change USD178.70 187.57 176.68 165.78 BUY SIMPLE MOVING AVERAGES USD 181.27 USD 172.58 USD 167.23 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day JPMORGAN CHASE & CO ZZXX Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS USD USD USD DMI www.taonline.com.my 93.67 90.83 87.99 BUY USD91.28 SIMPLE MOVING AVERAGES USD 91.70 USD 89.25 USD 87.82 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 1 of 8
73. MICROSOFT CORP Upper Middle Lower BOLLINGER BANDS USD USD USD DMI Recent Signal Signal Change 65 .08 64.49 63.90 BUY USD64.93 SIMPLE MOVING AVERAGES USD 64.47 USD 64.34 USD 63.73 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day AMERICAN INT’NL GROUP INC Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS USD USD USD DMI 66.42 63.84 61.26 SELL USD63.08 SIMPLE MOVING AVERAGES USD 63.76 USD 64.15 USD 64.19 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 8
74. BP PLC Upper Middle Lower BOLLINGER BANDS USD USD USD DMI Recent Signal Signal Change USD34 .33 34.71 33.93 33.15 SELL SIMPLE MOVING AVERAGES USD 33.93 USD 34.46 USD 35.63 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day CITIGROUP INC Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS USD USD USD DMI USD61.49 62.13 60.34 58.54 10-day 30-day 50-day BUY Recent Signal Signal Change Page 3 of 8 SIMPLE MOVING AVERAGES USD 60.79 USD 59.15 USD 59.03 DAILY MACD BUY
75. MORGAN STANLEY Upper Middle Lower BOLLINGER BANDS USD USD USD DMI Recent Signal Signal Change 47 .27 46.19 45.12 BUY USD46.49 SIMPLE MOVING AVERAGES USD 46.39 USD 45.35 USD 44.42 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day WELLS FARGO & CO Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS USD USD USD DMI 59.50 58.28 57.06 BUY USD58.85 SIMPLE MOVING AVERAGES USD 58.59 USD 57.62 USD 56.60 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 4 of 8
76. WEEKLY FOREIGN STOCK WATCH UPDATE The table below consists of the 30 NYSE Dow Jones Industrial Average component stocks , sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Stock Name DOW JONES Close Change 10-Mar 20,902.98 44.79 IBM 3M CHEVRON CATERPILLAR MCDONALDS UNITECH BOEING EXXON MOBIL J&J P&G COCA-COLA WAL-MART TRAVELERS DUPONT GOLDMAN JPMORGAN AMEX MERCK WALT DISNEY VERIZON HOME DEPOT UTD HEALTH AT&T MICROSOFT CISCO INTEL PFIZER GE NIKE VISA AIG BANK OF AMERICA BP CITIGROUP LV SANDS MS WELLS FARGO FACEBOOK INC-A APPLE INC ALIBABA GRP-ADR 177.83 191.21 110.61 92.31 127.98 112.14 178.70 81.61 126.21 91.07 42.29 70.10 122.83 80.86 248.38 91.28 79.38 65.60 110.92 49.35 146.85 169.98 42.35 64.93 34.26 35.91 34.11 30.28 56.43 89.73 63.08 25.31 34.33 61.49 54.21 46.49 58.85 138.79 139.14 103.39 0.65 1.31 0.57 0.92 -0.16 0.21 -1.87 -0.06 0.26 0.73 0.26 0.24 0.93 0.38 -1.80 -0.29 0.08 -0.29 -0.11 0.07 0.23 1.97 0.41 0.20 0.19 0.09 0.06 0.62 0.07 0.62 -0.13 -0.04 0.83 -0.06 0.46 -0.19 0.15 0.55 0.46 0.15 High Low Mid 20,773.11 RSI Moving Averages Upper 14d 10d 21,185.25 67.13 20926.99 30d 20,520.26 DMI MACD 50d DI + DI - ADX Diff Line Signal 20,265.16 35.59 16.79 43.44 18.80 207.84 233.66 DMI Diff Recent Signal (25.826) BUY MACD 20,940.29 Bollinger Bands Lower 20,827.66 20,360.97 179.49 191.23 111.40 93.10 128.58 112.46 181.97 82.41 126.49 91.16 42.40 70.36 122.86 80.99 251.90 92.00 79.46 66.20 111.49 49.51 147.46 170.00 42.43 65.26 34.29 36.30 34.32 30.43 56.99 89.86 63.40 25.62 34.55 62.03 54.45 47.09 59.18 139.49 139.36 103.70 177.45 190.08 109.45 90.81 127.73 111.29 177.92 81.16 125.54 90.65 42.15 69.81 121.88 80.23 246.87 90.53 78.88 65.50 110.69 49.10 146.45 168.06 42.02 64.75 34.09 35.78 34.00 29.63 56.26 89.10 62.87 25.09 34.18 60.92 53.95 46.21 58.52 138.22 138.64 102.63 180.17 186.23 111.83 96.35 127.55 112.22 176.68 82.13 121.25 90.48 41.62 70.08 122.04 78.99 249.83 90.83 79.71 65.67 110.39 49.41 144.75 164.77 41.69 64.49 33.74 36.02 33.81 30.11 56.96 88.10 63.84 24.72 33.93 60.34 53.17 46.19 58.28 135.82 137.11 102.68 182.65 193.32 114.57 100.72 129.48 113.29 187.57 83.61 127.84 92.70 42.89 72.58 124.73 81.18 254.53 93.67 81.03 66.79 111.42 50.75 149.74 171.50 42.61 65.08 35.43 36.69 35.03 30.59 58.25 90.00 66.42 26.00 34.71 62.13 54.97 47.27 59.50 139.22 141.37 104.59 178.78 182.76 111.95 95.79 126.25 111.38 172.58 82.54 118.65 89.52 41.59 69.00 120.61 78.09 245.26 89.25 78.92 64.90 110.27 49.16 142.38 163.65 41.64 64.34 32.86 36.23 33.17 29.97 55.71 86.84 64.15 24.14 34.46 59.15 52.88 45.35 57.62 134.57 133.99 102.31 174.98 180.75 113.80 95.13 124.31 111.15 167.23 84.45 117.09 87.75 41.53 68.65 119.83 76.48 242.86 87.82 77.79 63.26 109.10 50.54 139.69 162.58 41.63 63.73 31.83 36.45 32.87 30.45 54.56 84.58 64.91 23.56 35.63 59.03 53.79 44.42 56.60 130.57 127.91 99.42 (0.738) 0.199 (0.084) (0.646) (0.179) (0.134) (0.361) 0.124 0.328 (0.216) 0.046 (0.150) (0.162) 0.031 (0.612) (0.177) (0.243) (0.172) (0.062) 0.036 (0.119) 0.458 0.029 (0.001) (0.096) (0.020) (0.049) 0.016 (0.269) (0.081) (0.023) (0.004) 0.104 0.071 0.227 (0.081) (0.073) (0.044) (0.439) (0.210) SELL BUY SELL SELL SELL SELL SELL BUY BUY SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL BUY BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY BUY BUY SELL SELL SELL SELL SELL 177.70 179.14 109.09 91.98 125.63 111.14 165.78 80.65 114.65 88.27 40.34 67.59 119.35 76.80 245.13 87.99 78.39 64.56 109.37 48.07 139.76 158.04 40.78 63.90 32.05 35.36 32.60 29.62 55.67 86.19 61.26 23.44 33.15 58.54 51.36 45.12 57.06 132.41 132.84 100.76 48.21 78.60 43.22 40.87 61.46 52.92 61.39 42.96 85.41 62.24 60.58 53.84 58.57 68.59 52.96 57.74 53.18 56.37 58.74 46.04 66.29 68.74 60.87 57.86 73.17 46.08 63.18 53.27 53.65 74.69 42.31 65.23 49.11 61.33 55.53 57.86 58.82 71.89 75.69 57.54 179.71 189.09 112.03 95.07 128.01 112.38 181.27 82.13 123.97 90.72 42.12 70.34 122.83 79.71 250.58 91.70 79.89 66.03 110.75 49.67 146.62 167.71 41.96 64.47 34.23 35.92 34.23 29.99 56.99 88.81 63.76 25.18 33.93 60.79 53.89 46.39 58.59 137.28 138.81 103.18 22.76 38.80 23.77 16.81 24.44 19.60 33.89 20.89 35.89 28.87 33.66 22.07 24.28 30.08 25.57 28.01 24.83 22.30 23.08 22.97 27.04 28.93 27.92 27.43 33.10 20.53 26.90 26.54 23.89 28.46 23.33 34.69 34.11 30.75 29.15 24.47 31.98 33.33 37.12 22.62 26.37 9.89 33.86 35.07 11.51 20.61 19.51 24.81 7.75 19.49 20.13 16.81 22.26 9.91 18.77 18.33 19.31 13.05 13.15 29.17 7.32 16.07 17.66 12.18 12.39 23.22 18.69 24.78 20.51 9.86 27.63 15.25 34.41 18.06 22.63 20.77 17.05 6.62 13.34 12.82 29.01 41.33 15.26 19.05 33.74 9.95 47.97 24.42 49.35 29.49 19.62 23.47 18.47 35.41 23.41 29.95 33.00 30.07 27.02 17.58 54.42 19.42 10.95 28.02 49.66 16.80 24.83 20.90 25.53 39.95 15.06 32.24 22.57 22.71 15.55 12.41 26.11 53.26 66.39 30.28 (3.61) 28.91 (10.09) (18.27) 12.93 (1.01) 14.38 (3.92) 28.14 9.37 13.53 5.25 2.02 20.16 6.80 9.68 5.52 9.25 9.93 (6.20) 19.72 12.86 10.26 15.24 20.71 (2.69) 8.21 1.76 3.38 18.60 (4.30) 19.44 (0.29) 12.70 6.52 3.71 14.93 26.71 23.78 9.79 0.97 3.09 -0.64 -0.63 1.10 0.36 4.35 -0.64 2.65 0.79 0.22 0.44 0.91 1.10 2.59 1.26 0.52 0.72 0.59 -0.12 2.27 2.09 0.18 0.27 0.72 -0.18 0.44 -0.10 0.61 1.35 -0.40 0.56 -0.43 0.77 0.15 0.64 0.61 2.09 3.25 0.94 1.71 2.89 -0.55 0.02 1.28 0.49 4.71 -0.77 2.32 1.00 0.18 0.59 1.07 1.07 3.21 1.43 0.76 0.89 0.65 -0.16 2.39 1.63 0.15 0.27 0.82 -0.16 0.49 -0.12 0.88 1.43 -0.38 0.57 -0.54 0.70 -0.07 0.72 0.68 2.13 3.69 1.15 SELL BUY SELL SELL BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY DMI MACD Signal Change SELL SELL BUY BUY - BUY BUY SELL - INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 5 of 8
77. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name IBM UN MMM UN CVX UN CAT UN MCD UN UTX UN BA UN XOM UN JNJ UN PG UN KO UN WMT UN TRV UN DD UN GS US JPM UN AXP UN MRK UN DIS UN VZ UN HD UN UNH US T UN MSFT UW CSCO UW INTC UW PFE UN GE UN NKE US V US AIG US BAC US BP US C US LVS US MS US WFC US FB US AAPL US IBM 3M CHEVRON CATERPILLAR MCDONALDS UNITECH BOEING EXXON MOBIL J &J P&G COCA-COLA WAL-MART TRAVELERS DUPONT GOLDMAN SACHS JPMORGAN AMEX MERCK WALT DISNEY VERIZON HOME DEPOT UTD HEALTH AT&T MICROSOFT CISCO INTEL PFIZER GE NIKE INC VISA INC AIG BANK OF AMERICA BP CITIGROUP LV SANDS MS WELLS FARGO FACEBOOK INC APPLE INC BABA US ALIBABA GRP Close Target Price % upside EPS ($) PER(x) 2017 2018 2017 2018 Div Yield(%) 2017 2018 52week Price High Low % Chg YTD 177.83 170.50 -4% 13.79 14.14 12.9 12.6 3.2 3.4 182.78 140.51 7.13 191.21 190.87 0% 8.62 9.39 22.2 20.4 2.5 2.7 191.23 159.64 7.08 110.61 128.43 14% 4.67 6.24 23.7 17.7 3.9 4.0 119.00 92.25 -6.02 92.31 98.80 7% 3.08 4.35 30.0 21.2 3.4 3.4 99.45 69.04 -0.46 127.98 133.18 4% 6.15 6.62 20.8 19.3 3.0 3.1 131.96 110.33 5.14 112.14 118.56 5% 6.53 6.98 17.2 16.1 2.5 2.6 114.41 95.88 2.30 178.70 175.48 -2% 9.37 10.09 19.1 17.7 3.1 3.4 185.67 122.35 14.79 81.61 89.25 9% 4.06 4.79 20.1 17.0 3.8 3.9 95.52 80.31 -9.58 126.21 126.33 0% 7.03 7.40 18.0 17.1 2.7 2.8 126.49 106.37 9.55 91.07 91.32 0% 3.85 4.12 23.6 22.1 3.0 3.1 91.88 79.10 8.31 42.29 43.35 2% 1.87 1.96 22.6 21.6 3.5 3.8 47.12 39.88 2.00 70.10 75.25 7% 4.32 4.54 16.2 15.4 2.9 3.0 75.01 62.72 1.42 122.83 122.06 -1% 9.52 9.99 12.9 12.3 2.3 2.4 125.49 103.89 0.33 80.86 86.00 6% 3.69 4.03 21.9 20.1 1.9 2.1 80.99 61.12 10.16 248.38 249.25 0% 19.13 21.54 13.0 11.5 1.1 1.2 255.10 138.20 3.73 91.28 92.86 2% 6.56 7.52 13.9 12.1 2.3 2.6 93.98 57.05 5.78 79.38 80.83 2% 5.65 6.27 14.1 12.7 1.7 1.8 82.00 57.16 7.15 65.60 69.17 5% 3.80 4.18 17.3 15.7 2.9 2.9 66.80 51.33 11.43 110.92 117.44 6% 5.94 6.72 18.7 16.5 1.4 1.6 111.99 90.32 6.43 49.35 53.24 7% 3.86 3.98 12.8 12.4 4.7 4.8 56.94 46.01 -7.55 146.85 156.24 6% 7.19 8.14 20.4 18.0 2.4 2.7 148.23 119.20 9.52 169.98 185.21 8% 9.51 10.64 17.9 16.0 1.5 1.5 170.00 122.22 6.21 42.35 43.75 3% 2.95 3.08 14.3 13.8 4.7 4.7 43.89 36.10 -0.42 64.93 68.59 5% 2.95 3.26 22.0 19.9 2.4 2.6 65.91 48.04 4.49 34.26 35.52 4% 2.38 2.50 14.4 13.7 3.2 3.5 34.53 25.81 13.37 35.91 41.06 13% 2.81 2.93 12.8 12.3 3.0 3.2 38.45 29.51 -0.99 34.11 37.58 9% 2.56 2.79 13.3 12.2 3.8 4.4 37.39 28.74 5.02 30.28 33.27 9% 1.63 1.91 18.6 15.9 3.2 3.3 33.00 28.19 -4.18 56.43 62.34 9% 2.34 2.64 24.1 21.4 1.2 1.4 65.44 49.01 11.02 89.73 97.84 8% 3.31 3.86 27.1 23.2 0.7 0.9 89.86 70.66 15.01 63.08 69.38 9% 4.99 6.04 12.6 10.4 2.2 2.4 67.47 48.41 -3.41 25.31 25.11 -1% 1.75 2.10 14.5 12.1 1.5 2.1 25.80 12.05 14.52 34.33 38.28 10% 2.20 2.74 15.6 12.5 6.9 7.0 38.68 28.67 -8.16 61.49 64.42 5% 5.19 5.92 11.8 10.4 1.3 1.8 62.53 38.31 3.47 54.21 61.29 12% 2.57 2.76 21.1 19.7 5.4 5.6 63.38 41.45 1.50 46.49 48.40 4% 3.38 3.87 13.8 12.0 1.9 2.3 47.33 23.11 10.04 58.85 58.95 0% 4.19 4.61 14.1 12.8 2.7 2.8 59.99 43.55 6.79 138.79 157.90 12% 5.40 6.72 25.7 20.6 0.0 0.0 139.49 106.31 20.63 139.14 146.53 5% 8.95 10.06 15.5 13.8 1.7 1.9 140.28 89.47 20.13 103.39 125.50 18% 23.83 29.48 29.9 24.2 0.0 0.0 109.87 71.75 17.74 Note : The above data is based on Bloomberg consensus. Page 6 of 8
78. Daily Money Flow of Technical Stock Picks United States THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY * 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 36 37 38 38 40 Name 6-Mar Tel: +603-2167 9607 Total Money Flow (USD' mn) 7-Mar 8-Mar 9-Mar DOW JONES (1423.1) 1389.3 (24.4) (1322.7) 10-Mar (1840.3) IBM 3M CHEVRON CATERPILLAR MCDONALDS UNITECH BOEING EXXON MOBIL J&J P&G COCA-COLA WAL-MART TRAVELERS DUPONT GOLDMAN SACHS JPMORGAN AMEX MERCK WALT DISNEY VERIZON HOME DEPOT UNITEDHEALTH AT&T MICROSOFT CISCO INTEL PFIZER GE NIKE VISA AIG BANK OF AMERICA BP CITIGROUP LV SANDS MORGAN STANLEY WELLS FARGO FACEBOOK INC APPLE INC ALIBABA GRP (91.6) (46.7) (72.2) (50.5) (49.3) (4.7) (6.6) 101.7 (157.5) (75.3) (0.3) (61.4) (39.9) (37.8) (108.5) (134.3) 22.7 (95.4) (16.4) (12.7) (91.7) (82.8) 53.6 (29.4) (11.6) (37.5) (4.7) (77.6) 11.5 (132.5) 0.5 (111.4) (3.1) (88.6) (0.4) (21.1) (165.1) 18.1 283.4 3.9 51.5 62.4 59.4 5.9 38.6 34.2 2.8 146.2 60.1 48.7 (5.1) (30.9) 17.5 32.3 (48.2) 91.0 22.1 56.5 94.1 53.2 34.3 46.2 56.6 (9.9) (22.9) (10.6) 115.0 54.7 5.8 46.1 14.4 22.5 (3.9) 46.7 2.2 42.4 2.6 48.2 133.4 (26.9) 120.8 (54.6) (170.5) 25.2 (49.6) (36.7) (7.2) (14.3) (164.1) (58.2) (121.5) (57.9) (13.6) 29.6 74.2 (159.2) (5.0) 62.2 82.1 55.9 56.7 55.5 118.8 172.8 75.1 11.8 71.0 (18.3) 29.8 (3.0) 22.7 (56.2) 3.5 (9.0) 10.6 (13.9) (68.4) (28.9) 26.9 (19.4) (59.8) (31.3) (61.7) (35.8) 49.8 (16.3) (55.3) (101.4) (15.4) (57.6) (31.1) (11.6) 6.1 (27.4) 1.6 (10.5) 29.9 (53.5) (5.2) 1.3 (36.8) (229.1) (105.7) (124.7) 40.3 (2.5) (37.3) (88.5) 24.0 (38.5) 13.2 (55.3) (0.3) 88.4 4.6 (18.6) (166.9) (71.0) (40.7) 8.2 (43.7) 61.7 108.0 2.8 (58.0) (29.7) (34.4) (83.4) (88.3) (69.1) 11.2 (57.8) (10.3) (18.5) (14.9) (87.1) 24.9 (66.8) (51.1) (58.0) (51.7) (68.9) (81.7) (142.4) 19.3 (0.2) (42.0) 22.9 (22.7) (371.2) (17.2) (81.9) 18.3 (56.2) 10.5 (17.4) (98.3) (131.2) (179.7) 14.1 stsoo@ta.com.my Total 5D MF (3221.2) (A) Prv. Chg (1298.3) (B) Cur. Chg (517.6) (22.8) (8.6) (137.0) (52.4) (68.5) (53.2) (100.8) 48.9 (365.2) (211.5) (146.8) (219.6) (40.3) (21.8) (95.9) (300.1) 94.5 (96.9) 103.5 39.7 (89.1) (279.1) 41.5 (133.6) 100.3 (38.9) 102.0 (106.8) 48.4 (499.2) 33.6 (282.3) 14.5 (18.8) 27.4 (28.6) (496.1) (164.9) 223.3 (20.0) (180.5) 23.3 108.7 (61.0) 99.4 20.4 (48.1) (87.1) 148.7 0.6 90.4 46.2 19.7 (56.9) (72.6) 148.8 34.9 (115.7) (87.3) (54.7) (93.5) (284.6) (224.5) (297.5) (34.7) (14.4) (108.3) (70.2) (5.7) (35.5) (9.4) 0.8 (3.8) 97.4 (6.1) (4.7) (98.6) (42.0) (67.6) 27.6 16.1 92.9 169.8 38.6 (107.8) (13.4) 20.9 18.0 (72.8) (11.5) 42.3 (46.1) (16.4) 8.9 (16.5) (76.6) (5.0) (13.3) (45.8) (59.3) (14.9) 160.2 24.0 (17.7) (21.0) 2.4 (4.7) 111.3 (46.7) (332.7) (30.5) (26.6) 18.7 (144.6) 5.9 1.2 68.6 (60.3) (139.0) 5.9 6-Mar 7-Mar www.taonline.com.my CLOSING PRICE 8-Mar 9-Mar 20,954.3 20,924.8 20,855.7 20,858.2 10-Mar 20,903.0 180.47 188.90 113.17 95.66 128.03 111.66 180.93 82.83 123.71 90.37 42.18 69.88 122.32 79.81 252.01 91.92 79.50 66.47 110.67 50.03 147.13 168.70 41.96 64.27 34.19 35.57 34.35 30.00 56.77 88.94 63.78 25.25 33.97 60.28 54.31 46.57 58.61 137.42 139.34 102.31 180.38 189.09 111.81 95.93 128.07 112.28 182.02 82.52 123.83 90.29 41.99 69.87 122.14 79.39 250.90 91.41 79.58 65.96 110.86 49.44 146.02 168.30 41.88 64.40 34.20 35.80 33.99 29.86 56.55 89.06 63.45 25.21 33.87 60.50 54.30 46.33 58.30 137.30 139.52 102.63 179.45 189.51 109.61 93.23 128.09 111.75 181.74 81.03 124.10 90.14 41.99 69.80 121.24 79.77 250.24 91.21 79.04 65.80 110.84 49.16 146.92 167.91 41.77 64.99 34.02 35.62 33.91 29.80 56.51 88.96 63.44 25.26 33.31 61.11 53.98 46.39 58.21 137.72 139.00 103.22 177.18 189.90 110.04 91.39 128.14 111.93 180.57 81.67 125.95 90.34 42.03 69.86 121.90 80.48 250.18 91.57 79.30 65.89 111.03 49.28 146.62 168.01 41.94 64.73 34.07 35.82 34.05 29.66 56.36 89.11 63.21 25.35 33.50 61.55 53.75 46.68 58.70 138.24 138.68 103.24 177.83 191.21 110.61 92.31 127.98 112.14 178.70 81.61 126.21 91.07 42.29 70.10 122.83 80.86 248.38 91.28 79.38 65.60 110.92 49.35 146.85 169.98 42.35 64.93 34.26 35.91 34.11 30.28 56.43 89.73 63.08 25.31 34.33 61.49 54.21 46.49 58.85 138.79 139.14 103.39 Chg 44.79 0.65 1.31 0.57 0.92 (0.16) 0.21 (1.87) (0.06) 0.26 0.73 0.26 0.24 0.93 0.38 (1.80) (0.29) 0.08 (0.29) (0.11) 0.07 0.23 1.97 0.41 0.20 0.19 0.09 0.06 0.62 0.07 0.62 (0.13) (0.04) 0.83 (0.06) 0.46 (0.19) 0.15 0.55 0.46 0.15 (A+B) DMF OUT OUT IN IN OUT OUT IN OUT OUT IN OUT IN IN IN OUT OUT IN IN OUT OUT OUT OUT OUT OUT OUT OUT OUT OUT IN OUT OUT OUT OUT IN OUT OUT OUT OUT OUT OUT IN Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 7 of 8
79. LIST OF RECOMMENDED BUY STOCKS FROM JULY 2015 TO CURRENT Stock ALIBABA ALIBABA ALIBABA ALIBABA AMERICAN EXPRESS APPLE INC APPLE INC APPLE INC BANK OF AMERICA BOEING BP PLC BP PLC BP PLC CHEVRON CORP CHEVRON CORP CITIGROUP CITIGROUP CITIGROUP CITIGROUP CITIGROUP COCA-COLA COCA-COLA DUPONT EXXON MOBIL FACEBOOK FACEBOOK FACEBOOK FACEBOOK GENERAL ELECTRIC GENERAL ELECTRIC HOME DEPOT JOHNSON & JOHNSON JOHNSON & JOHNSON JP MORGAN LAS VEGAS LAS VEGAS LAS VEGAS MERCK & CO MERCK & CO MERCK & CO MERCK & CO MICROSOFT CORP NIKE INC NIKE INC PFIZER INC PFIZER INC PFIZER INC PROCTER & GAMBLE VERIZON VERIZON VERIZON VISA INC* WAL-MART STORES WAL-MART STORES WALT DISNEY WALT DISNEY WELLS FARGO REC Date BUY Price 3-Nov 1-Mar 9-Sep 7-Dec 21-Oct 12-Oct 28-Apr 15-Nov 5-Jan 2-Feb 15-Mar 30-Nov 9-Mar 2-Aug 23-Feb 11-Oct 20-Sep 14-Jun 27-Jan 19-Jan 8-Jun 29-Nov 12-Aug 8-Feb 19-Jul 6-Oct 14-Jul 10-Nov 8-Mar 15-Sep 26-Aug 23-Aug 25-Jan 27-Oct 10-May 21-Dec 7-Feb 5-Jan 22-Sep 1-Nov 22-Dec 28-Feb 28-Oct 18-Jan 27-Sep 15-Dec 27-Aug 19-Aug 9-Nov 23-Nov 14-Feb 29-Sep 19-Oct 15-Oct 28-Jun 17-Feb 8-Nov 98.51 68.81 60.91 90.40 66.78 116.30 97.82 105.71 22.95 121.56 29.95 33.52 33.31 99.11 88.82 49.55 46.59 43.16 40.50 57.39 45.32 41.75 53.39 82.77 119.37 94.01 90.10 123.18 30.29 24.77 110.97 119.13 111.76 69.13 44.95 54.26 51.98 52.48 50.98 58.72 59.43 64.23 51.89 53.65 33.64 32.18 32.43 75.13 47.65 49.49 48.55 67.20 68.87 60.03 94.38 92.91 45.40 10-Mar-17 Price 103.39 103.39 103.39 103.39 79.38 139.14 139.14 139.14 25.31 178.70 34.33 34.33 34.33 110.61 110.61 61.49 61.49 61.49 61.49 61.49 42.29 42.29 80.86 81.61 138.79 138.79 138.79 138.79 30.28 30.28 146.85 126.21 126.21 91.28 54.21 54.21 54.21 65.60 65.60 65.60 65.60 64.93 56.43 56.43 34.11 34.11 34.11 91.07 49.35 49.35 49.35 89.73 70.10 70.10 110.92 110.92 58.85 Change (+/-) 4.88 34.58 42.48 12.99 12.60 22.84 41.32 33.43 2.36 57.14 4.38 0.81 1.02 11.50 21.79 11.94 14.90 18.33 20.99 4.10 (3.03) 0.54 27.47 (1.16) 19.42 44.78 48.69 15.61 (0.01) 5.51 35.88 7.08 14.45 22.15 9.26 (0.05) 2.23 13.12 14.62 6.88 6.17 0.70 4.54 2.78 0.47 1.93 1.68 15.94 1.70 (0.14) 0.80 22.53 1.23 10.07 16.54 18.01 13.45 pct ST 4.95 50.25 69.74 14.37 18.87 19.64 42.24 31.62 10.28 47.01 14.62 2.42 3.06 11.60 24.53 24.10 31.98 42.47 51.83 7.14 (6.69) 1.29 51.45 (1.40) 16.27 47.63 54.04 12.67 (0.03) 22.24 32.33 5.94 12.93 32.04 20.60 (0.09) 4.29 25.00 28.68 11.72 10.38 1.09 8.75 5.18 1.40 6.00 5.18 21.22 3.57 (0.28) 1.65 33.53 1.79 16.77 17.52 19.38 29.63 109.87 109.87 109.87 109.87 84.15 152.26 152.26 152.26 26.94 186.02 35.39 35.39 35.39 119.63 119.63 62.88 62.88 62.88 62.88 62.88 43.09 43.09 83.56 84.42 143.79 143.79 143.79 143.79 33.00 33.00 150.05 127.52 127.52 93.98 56.00 56.65 56.65 70.12 70.12 70.12 70.12 65.91 60.19 60.19 35.23 35.23 35.23 93.89 52.49 52.49 52.49 93.11 75.19 75.19 122.08 122.08 62.31 Upside Targets MT LT 121.81 121.81 121.81 121.81 94.62 159.68 159.68 159.68 28.29 195.93 37.37 37.37 37.37 135.10 135.10 67.51 67.51 67.51 67.51 67.51 44.63 44.63 87.86 88.64 150.22 150.22 150.22 150.22 36.21 36.21 156.89 132.33 132.33 103.76 63.38 63.38 63.38 73.01 73.01 73.01 73.01 72.09 63.25 63.25 37.39 37.39 37.39 100.70 56.95 56.95 56.95 95.94 79.64 79.64 135.35 135.35 64.52 129.20 129.20 129.20 129.20 105.09 165.68 165.68 165.68 29.38 203.95 39.82 39.82 39.82 150.56 150.56 70.96 70.96 70.96 70.96 70.96 47.13 47.13 91.34 95.47 155.42 155.42 155.42 155.42 38.20 38.20 162.41 135.56 135.56 109.82 70.10 70.10 70.10 75.34 75.34 75.34 75.34 75.91 68.20 68.20 39.54 39.54 39.54 104.91 61.40 61.40 61.40 98.77 82.40 82.40 138.71 138.71 66.31 ST 6.27 6.27 6.27 6.27 6.01 9.43 9.43 9.43 6.44 4.10 3.09 3.09 3.09 8.15 8.15 2.26 2.26 2.26 2.26 2.26 1.89 1.89 3.34 3.44 3.60 3.60 3.60 3.60 8.98 8.98 2.18 1.04 1.04 2.96 3.30 4.50 4.50 6.89 6.89 6.89 6.89 1.51 6.66 6.66 3.28 3.28 3.28 3.10 6.36 6.36 6.36 3.77 7.26 7.26 10.06 10.06 5.88 % Upside MT 17.82 17.82 17.82 17.82 19.20 14.76 14.76 14.76 11.77 9.64 8.86 8.86 8.86 22.14 22.14 9.79 9.79 9.79 9.79 9.79 5.53 5.53 8.66 8.61 8.24 8.24 8.24 8.24 19.58 19.58 6.84 4.85 4.85 13.67 16.92 16.92 16.92 11.30 11.30 11.30 11.30 11.03 12.09 12.09 9.62 9.62 9.62 10.57 15.40 15.40 15.40 6.92 13.61 13.61 22.02 22.02 9.63 LT 24.96 24.96 24.96 24.96 32.39 19.07 19.07 19.07 16.08 14.13 15.99 15.99 15.99 36.12 36.12 15.40 15.40 15.40 15.40 15.40 11.44 11.44 12.96 16.98 11.98 11.98 11.98 11.98 26.16 26.16 10.60 7.41 7.41 20.31 29.31 29.31 29.31 14.85 14.85 14.85 14.85 16.91 20.86 20.86 15.92 15.92 15.92 15.20 24.42 24.42 24.42 10.07 17.55 17.55 25.05 25.05 12.68 VISA INC* = Share price adjusted for 1-to-4 stock split on 19/03/2015. Total funds invested * Total unrealised profit Return 3,778,020 776,220 20.55% Upside Targets ** ST = Short Term (one month) MT = Medium Term (three months) LT = Long Term (above six months) * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision ** Upside Targets are derived from the subsequent Fibonacci Projection levels The above table is a performance summary of our top BUY recommendations from JULY 2015 to current (sorted by name) together with upside targets, which are taken from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date. Interpretation: Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8