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Bursa Malaysia Daily Market Report - 17 April

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5 years ago
Bursa Malaysia Daily Market Report - 17 April

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  1. Tuesday , 17 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1 . M a la k o f f C o rp o r a t io n Be r h a d : Wa it in g f o r Su s ta in e d R e c o v e ry a t T BE Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck W at ch , D ai l y Mon e y F lo w , D a il y St oc k Sc reen ( Loc al ) 2. D ai l y For ei gn T ech n i c al St o ck W a t ch ( A US ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
  2. Daily Market Commentary Tuesday , 17 April 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (16.04.2018) Volume (mil) +/-chg (RMmn) Main Market 1,653.6 Warrants 561.2 ACE Market 460.4 Bond 2.3 ETF 0.1 LEAP 0.0 Total 2,677.5 Off Market 25.7 43.0 -33.8 -42.7 -4.6 -0.6 0.0 1,880.6 96.6 86.3 0.7 0.3 0.0 2,064.4 -99.1 13.9 -135.9 22.4 -14.3 0.0 -0.6 0.0 -143.2 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP April Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA (mn) 10.3 7.0 4.0 1.0 256 120 29 2 2 0 409 311 147 53 5 2 0 518 % chg % YTD chg 10.29 53.36 -12.49 12.50 0.55 0.41 -0.08 0.67 4.56 1.86 -11.36 5.29 24,573.04 7,156.29 7,198.20 21,835.53 2,457.49 30,315.59 3,497.19 1,767.17 6,286.75 3,110.65 1,824.77 5,841.34 212.90 49.64 -66.36 56.79 2.42 -492.79 -4.11 0.00 16.42 -48.40 -9.61 12.26 0.87 0.70 -0.91 0.26 0.10 -1.60 -0.12 0.00 0.26 -1.53 -0.52 0.21 -0.59 3.66 -6.37 -4.08 -0.41 1.33 2.77 0.77 -1.08 -5.94 -3.93 -3.69 0.43 0.03 0.34 2.05 Exchange Rate USD/MYR 3.8856 0.006 USD/JPY 107.11 -0.450 EUR/USD 1.238 0.0055 Counter MAYBANK PBBANK TENAGA PCHEM CIMB AXIATA SIMEPLT DIGI NESTLE MISC Mkt Cap. Chg (RM’mn) (RM) 115,601 92,830 90,316 67,600 66,793 49,137 38,357 35,299 34,964 31,425 0.06 0.06 0.06 0.05 0.03 0.04 0.05 0.06 0.10 0.04 The local benchmark index closed at a fresh near four-year high Monday, helped by late strength in key index heavyweights, but the broader market were mixed on profit-taking due to increased geopolitical tensions from the US-led airstrikes in Syria over the weekend. The KLCI ended up 10.29 points at the day's high of 1,878.76, off an early low of 1,876.21, but losers edged gainers 518 to 409 on total turnover of 2.67bn shares worth RM2.06bn. Stocks should eased into profit-taking consolidation today, save for oil & gas related stocks which could outperform given the lingering geopolitical risks in Syria. Key resistance for the index remains the 2 Feb peak of 1,880 which should see profit-taking restricting upside, while the record high of 1,896 from July 2014 act as next significant hurdle. Immediate supports stay at the 30 and 50-day moving averages at 1,855 and 1,851 respectively, followed by the lower Bollinger band (1,829) and subsequently the most recent pivot low of 1,811. UEM Sunrise is still in base building mode above crucial support from the 6/4/18 low (91.5sen), pending rebound upside to the 23.6%FR (RM1.02), with a confirmed breakout to aim for the 38.2%FR (RM1.08) and 50%FR (RM1.14) ahead. Likewise, WCT Holdings is rebuilding support above the 9/4/18 low (RM1.13), matching the 123.6%FP level, while awaiting recovery towards RM1.40, with a convincing breakout to target RM1.50 and the 76.4%FR (RM1.65) going forward. News Bites Top 10 KLCI Movers Based on Mkt Cap. (RM) @ @ @ @ 1.14 0.17 0.19 0.29 1.86 0.00 0.77 0.54 1,878.76 13,182.88 15,114.62 1,879.50 Off Market BKOON TIGER MUIPROP IMASPRO Review & Outlook Value Value/ +/-chg Volume Up Down Vol. (mn) 18.81 2.80 7.38 5.22 11.60 1.66 1.48 8.11 0.19 0.89 Commodities Futures Palm Oil (RM/mt) 2,370.00 -31.00 Crude Oil ($/Barrel) 66.46 -0.70 Gold ($/tr.oz.) 1,349.40 3.40 • Bursa Malaysia Bhd has introduced intraday short-selling for all investors as part of the exchange's strategy to boost market liquidity. • The Singapore Land Transport Authority has called for tenders for the design and construction of tunnels and associated facilities for Singapore's end of the high-speed rail project connecting with Kuala Lumpur. • IHH Healthcare Bhd's offer to take over India-based Fortis Healthcare Ltd has been rejected as Fortis had declined to engage with it, citing binding agreements with other suitors. • AirAsia X Bhd has no plans to buy the Airbus SE A350 widebody jet despite having 10 of them on order. • Perusahaan Otomobil Kedua Sendirian Berhad has opened a new parts production line dedicated to the compact carmaker's previous Myvi model. • Kelington Group Bhd's outstanding orderbook is now at RM267.3mn after securing new orders worth RM77.5mn in 1Q18. • Permaju Industries Bhd plans to raise up to RM46.8mn via a renounceable rights issue of new irredeemable convertible preference shares, together with free detachable warrants, on the basis of 10 rights ICPS and 1 free warrant for every 2 shares held. • Salcon Bhd is proposing a 1-for-4 bonus issue of up to 169.4mn new shares and 338.8mn free warrants on the basis of 1 warrant for every 2 shares held. • Bina Darulaman Bhd signed a MoU with 9 anchor retailers for its Axis Commercial Hub development in the township development of Bandar Darulaman, Jitra, Kedah. • NWP Holdings Bhd has terminated an agreement to buy a 30% stake in US-incorporated Aviation AI Inc. • Malaysia's unemployment rate fell to 3.3% in February 2018, down 0.1% from the previous month, said the Department of Statistics. • Spending at U.S. retailers increased at a seasonally adjusted 0.6% in March but the broader trend in consumer spending shows only moderate growth despite a solid labor market and growing worker paychecks. Important Dates AEMULUS - 1:4 Bonus Issue - BI of up to 109.7m shares. 1 bonus share for every 4 existing shares held. Ex-Date: 18/04/2018. Entitlement Date: 20/04/2018. LISTING ON: 23/04/2018. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
  3. Tuesday , April 17, 2018 FBMKLCI: 1,878.76 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w Geopolitics to Support Oil & Gas Stocks The local benchmark index closed at a fresh near four-year high Monday, helped by late strength in key index heavyweights, but the broader market were mixed on profit-taking due to increased geopolitical tensions from the US-led airstrikes in Syria over the weekend. The KLCI ended up 10.29 points at the day’s high of 1,878.76, off an early low of 1,876.21, but losers edged gainers 518 to 409 on total turnover of 2.67bn shares worth RM2.06bn. Resistance at 1,880, Next 1,896 Stocks should eased into profit-taking consolidation today, save for oil & gas related stocks which could outperform given the lingering geopolitical risks in Syria. Key resistance for the index remains the 2 Feb peak of 1,880 which should see profit-taking restricting upside, while the record high of 1,896 from July 2014 act as next significant hurdle. Immediate supports stay at the 30 and 50-day moving averages at 1,855 and 1,851 respectively, followed by the lower Bollinger band (1,829) and subsequently the most recent pivot low of 1,811. Bargain UEM Sunrise & WCT Holdings UEM Sunrise is still in base building mode above crucial support from the 6/4/18 low (91.5sen), pending rebound upside to the 23.6%FR (RM1.02), with a confirmed breakout to aim for the 38.2%FR (RM1.08) and 50%FR (RM1.14) ahead. Likewise, WCT Holdings is rebuilding support above the 9/4/18 low (RM1.13), matching the 123.6%FP level, while awaiting recovery towards RM1.40, with a convincing breakout to target RM1.50 and the 76.4%FR (RM1.65) going forward. Asian Markets Mixed on Geopolitical Concern Stocks in Asia were mixed on Monday, with markets in greater China lagging the rest of the region, as investors digested geopolitical tensions on the back of U.S.-led airstrikes on Syria last week. The United States, France and Britain launched 105 missiles targeting what the Pentagon said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7. Russian President Vladimir Putin warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions. But with President Donald Trump declaring mission accomplished, investors wagered the worst had been avoided. Japanese stocks rose modestly on Monday on relief that U.S.-led strikes on Syria appeared to be a one-off event though lingering concerns about a trade war had investors flocking to defensive shares. Nikkei rose 0.26 percent to 21,835.53. In South Korea, the benchmark Kospi dipped into negative territory before closing higher by 0.1 percent at 2,457.49. Meanwhile, Australia's S&P/ASX 200 tacked on 0.21 percent to end at 5,841.30, with gains led by energy and utilities stocks. China’s major stock indexes fell more than 1 percent, posting their worst day in three weeks, on worries that slowing credit growth and tightening regulatory requirements will start to weigh on the country’s economy later in the year. The Shanghai Composite Index slid 1.5 percent to 3,110.65 points. Page 1 of 7
  4. 17-Apr-18 Wall Street Rises as Focus Turns to Earnings from Geopolitics U .S. stocks rose on Monday as fears of an escalating conflict in Syria eased for the moment, while some of the biggest U.S. companies reported strong quarterly results. Last week, the U.S. military conducted precision missile strikes against the Syrian government in response to a chemical attack carried out in the country. The attack was conducted in conjunction with France and the U.K. Investors also kept an eye on corporate earnings after Bank of America reported better-than-expected quarterly results. The earnings season is off to a good start thus far. Last week, BlackRock, J.P. Morgan Chase and Citigroup reported better-thanexpected earnings. Wall Street has high expectations for this earnings season, with analysts expecting a 17.3 percent increase in first-quarter earnings, according to FactSet. In economic news, U.S. retail sales rose 0.6 percent in March, boosted by a 2 percent jump in auto sales. The Dow Jones Industrial Average rose 212.9 points, or 0.87 percent, to 24,573.04, the S&P 500 gained 21.54 points, or 0.81 percent, to 2,677.84 and the Nasdaq Composite added 49.64 points, or 0.7 percent, to 7,156.29. Page 2 of 7
  5. 17-Apr-18 News In Brief Corporate Bursa Malaysia Bhd has introduced intraday short-selling (IDSS) for all investors as part of the exchange's strategy to boost market liquidity. CEO Datuk Seri Tajuddin Atan said the introduction of IDSS to a wider group of investors was timely considering the growing sophistication of market participants. (Bernama) The Singapore Land Transport Authority has called for tenders for the design and construction of tunnels and associated facilities for Singapore's end of the high-speed rail project connecting with Kuala Lumpur. Construction was expected to start next year. (Bernama) IHH Healthcare Bhd’s offer to take over India-based Fortis Healthcare Ltd has been rejected. IHH said Fortis had declined to engage with it regarding the takeover offer, citing binding agreements with other suitors. (Bursa Malaysia/ Business Times) AirAsia X Bhd has no plans to buy the Airbus SE A350 widebody jet despite having 10 of them on order. AirAsia X placed a firm order for 10 A350s in June 2009. It later ordered 66 A330neos, an updated version of the A330s it has in its current fleet. The AirAsia group is one of Airbus’ largest customers, but it has also been talking to Boeing Co about buying the rival 787-10 jet, according to a source. (The Sun) Perusahaan Otomobil Kedua Sendirian Berhad (Perodua) has opened a new parts production line dedicated to the compact carmaker's previous Myvi model. To be operated by Perodua vendor IQM Sdn Bhd at Proton City in Tanjung Malim, the line will produce body components like hoods, doors, fenders, quarter panels and roofs. (The Edge) Kelington Group Bhd’s outstanding orderbook is now at RM267.3mn after securing new orders worth RM77.5mn in 1Q18. 85% of the new orders originated from the Ultra High Purity segment to provide specialised engineering services for the semiconductor and electronic manufacturing companies. Most of the new contract wins were mainly contributed from China, followed by Malaysia, Singapore and Taiwan. (Business Times) Supermax Corporation Bhd has announced the resignation of Tan Sri Rafidah Aziz. Rafidah’s resignation was due to 'personal reason and the resignation took effect from last Saturday. (Bursa Malaysia/ Business Times) Permaju Industries Bhd plans to raise up to RM46.8mn via a renounceable rights issue of new irredeemable convertible preference shares (ICPS), together with free detachable warrants, on the basis of 10 rights ICPS and 1 free warrant for every 2 existing Permaju shares held. Some 73% or RM34.2mn of the maximum proceeds to be raised will be used to undertake the development of a 4-storey Mydin hypermarket in Kota Kinabalu, Sabah. (Bursa Malaysia/ The Edge) Salcon Bhd is proposing a 1-for-4 bonus issue of up to 169.4mn new shares to reward its shareholders and boost liquidity of the shares. It is also proposing to issue up to 338.8mn free warrants on the basis of 1 warrant for every 2 shares held. (Bursa Malaysia/ The Edge) Page 3 of 7
  6. 17-Apr-18 Bina Darulaman Bhd signed a MoU with 9 anchor retailers for its Axis Commercial Hub development in the township development of Bandar Darulaman , Jitra, Kedah. The Axis Commercial Hub would start construction this month and was targeted for completion by end-2019, with the businesses in the shoplots set to be opened as early as the first quarter of 2020. (Bursa Malaysia/ Bernama) NWP Holdings Bhd has terminated an agreement to buy a 30% stake in US-incorporated Aviation AI Inc (AAI). Back in Oct 14, 2016, NWP proposed to buy a stake in AAI to venture into the private charter air transport services business, with the intention of increasing its income. (Bursa Malaysia/ The Edge) Supptech Holdings Sdn Bhd, the largest shareholder of ACME Holdings Bhd, has continued to pare down its stake in the company with another off-market trade. Supptech sold 41.9mn shares, representing an 18.2% stake, to Inspire Sense Sdn Bhd in an off-market transaction on April 11. Subsequently, 2 individuals named Tang Tiam Hock and Ooi Kian Chuan emerged as substantial shareholders in ACME by virtue of their interest in Inpsire Sense. (Bursa Malaysia/ The Edge) Menang Corp (M) Bhd’s former MD Datuk Eddie Shun Leong Kwong, claimed in a trial that former deputy MD Toh May Fook had his own agenda in appointing a financial consultant to look into the group’s land transactions dating as far back as 10 to 12 years ago. Shun was charged with questionable land dealings involving 2 companies – with the complaint made by Toh. (The Edge) Southern Steel Bhd has appointed Datuk Ahmad Johari Abdul Razak as an independent and non-executive director. Meanwhile, Soon Seong Keat, who previously held a nonindependent, non-executive directorship, has resigned “after taking into consideration the provisions of the Malaysian Code on Corporate Governance". Ahmad Johari, 63, is caretaker Prime Minister Datuk Seri Najib Razak’s brother. (Bursa Malaysia/ The Edge) Gadang Holdings Bhd has acquired the remaining 49% stake in Datapuri Sdn Bhd for RM2.5mn. The acquisition was in line with the group's strategy to grow its mechanical and electrical engineering businesses and allow it to have full control of the business development of Datapuri. (Bursa Malaysia/ Bernama) Ammolite Furniture Sdn Bhd is eyeing a listing on Bursa Malaysia and at the same time build its presence in Southeast Asian within 3 to 5 years as it has secured distributorship rights for China's Goldenhome Kitchen. Its CEO, Datuk Tay Sim Kim, said the company has budgeted a capital expenditure of between RM10mn and RM20mn for the next 5 years, which would be used for expansion. (The Edge) Page 4 of 7
  7. 17-Apr-18 N e w s I n B r i e f Economy Asia Malaysia ’s Unemployment Rate Falls to 3.3% in February Malaysia's unemployment rate fell to 3.3% in February 2018, down 0.1% from the previous month, said the Department of Statistics Malaysia (DOSM). On a yearly basis, the unemployment rate in February 2018 was 0.2% lower than a year ago. The DOSM said the number of labour force increased 0.3% in February 2018 to 15.23 million from 15.19 million a month earlier. On the labour force participation rate in February 2018, the department said it remained unchanged at 68.2% compared with that of the previous month. On yearly comparison, the labour force participation rate in February 2018 increased 0.4% from the same month a year ago. It added that 31.8%, or 7.11 million of working age population (1564 years), were outside the labour force in February 2018, up from 7.07 million in the previous month. The group comprised housewives, students, retirees and those who were not interested to work. (DOSM) Indonesia's Exports Rise More than Forecast Indonesia's exports increased more than expected in March, data from statistics bureau revealed. Exports grew 6.14% in March from the previous year, much bigger than the forecast of 1.95%. Meanwhile, imports climbed 9.07% annually compared to the expected growth of 11.7%. On a monthly basis, exports rose 10.24% to $15.58 billion. At the same time, imports gained 2.13% to $14.49 billion. As a result, the trade surplus totaled $1.09 billion in March. (RTT) Japan and China Agree Trade War Will Harm Global Economy Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminium, but it has not yet threatened counter-tariffs. "We have shared understanding that a trade war, no matter which country has brought it about, would have a very large impact on the prosperity of the international economy," Kono told reporters after the first such dialogue in more than seven years. Kono and the Chinese government's top diplomat, State Councilor Wang Yi, co-chaired the Tokyo meeting. Wang is also foreign minister. Financial markets have been roiled recently over fears that a full-blown U.S.-China trade war could shatter global trade and economic growth. Trade issues will likely be at the forefront of a summit between Japan's Prime Minister Shinzo Abe and President Trump later this week. Tokyo is eager to avoid being pushed into talks on a two-way free trade agreement aimed not only at market access but at monetary and currency policies. (The Star) Japan Keeps Assessment Economy is "Gradually Recovering" Japan left unchanged its assessment that the economy is gradually recovering, suggesting in an economic report growth will rebound from an expected slowdown in the first quarter. "Japan's economy is gradually recovering," the Cabinet Office said in its monthly economic report for April on Monday. That was unchanged from the previous month. The government left unchanged its assessment that consumer spending is "recovering" as spending on home electronics shows signs of improving and as households spend more on dining out. The government said capital expenditure is gradually expanding, unchanged from the previous month, after the Bank of Japan's tankan survey showed earlier this month that mid-sized firms plan to increase investment. (The Business Times) Page 5 of 7
  8. 17-Apr-18 United States U .S. Retail Sales Rose 0.6% in March Spending at U.S. retailers bounced back in March, but the broader trend in consumer spending shows only moderate growth despite a solid labor market and growing worker paychecks. Retail sales—a measure of outlays at stores, restaurants and websites—increased a seasonally adjusted 0.6% in March from the prior month, the Commerce Department said Monday, beating economist expectations. Part of the rise in retail sales was an expected bounce back after three consecutive months of weak readings. In February, sales dropped 0.1% after a 0.2% drop in January and a 0.1% decline in December. A bump in auto sales helped drive the overall rise in retail spending. Excluding vehicles, sales were up 0.2% last month. Excluding both autos and gasoline, sales rose 0.3% in March from the prior month. Overall retail sales edged up only 0.2% in the first quarter compared with the fourth quarter. Excluding autos, the quarterly change showed stronger growth, clocking a 0.7% increase. (WSJ) New York Manufacturing Index Indicates Slower Growth in April A report released by the Federal Reserve Bank of New York on Monday showed a notably slower pace of growth in New York manufacturing activity in the month of April. The New York Fed said its general business conditions index fell to 15.8 in April from 22.5 in March, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 18.6. The bigger than expected decrease by the headline index was partly due to a significant slowdown in the pace of shipments growth, as the shipments index tumbled to 17.5 in April from 27.0 in the previous month. New orders also saw notably slower growth during the month, with the new orders index slumping to 9.0 in April from 16.8 in March. (RTT) U.S. Business Inventories Rise In Line With Estimates in February A report released by the Commerce Department on Monday showed business inventories in the U.S. increased in line with expectations in the month of February. The Commerce Department said business inventories climbed by 0.6 percent in February, matching the increase seen in January as well as economist estimates. The report showed a notable increase in wholesale inventories, which jumped by 1.0 percent in February after climbing by 0.9 percent in the previous month. Retail inventories also increased by 0.4 percent in February after climbing by 0.7 percent in January, while manufacturing inventories rose by 0.3 percent after increasing by 0.4 percent. (RTT) U.S. Homebuilder Confidence Unexpectedly Edges Lower in April Likely reflecting winter weather effects, the National Association of Home Builders released a report on Monday unexpectedly showing a modest drop in U.S. homebuilder confidence in the month of April. The report said the NAHB/Wells Fargo Housing Market Index edged down to 69 in April from 70 in March. Economists had expected the index to come in unchanged. The unexpected decrease by the headline index was partly due to a decrease by the component gauging current sales conditions, which fell to 75 in April from 77 in March. The component measuring sales expectations in the next six months also dipped to 77 in April from 78 in March, while the component gauging buyer traffic held steady at 51. (RTT) Europe and Uni ted Kingdom London House Prices Decline in Stark Division With Rest of U.K. Home prices in London are continuing to fall, prolonging a slump that’s seen the average property in the capital lose almost 2% its value over the past year, surveys Monday showed. The U.K. market is “starkly divided,” according to Acadata, which said that values in London fell for a third month in February but are rising in other regions apart from the southeast. A similar picture emerged in figures from property-website operator Rightmove, with average prices climbing to a new record of 305,732 pounds ($436,000) in April, despite a drop in London. “Home buyers are seeing average asking prices at their highest ever level with upwards price pressure getting stronger the further away you move from London,” said Page 6 of 7
  9. 17-Apr-18 Rightmove Director Miles Shipside . “However, higher prices stretch buyers’ willingness to pay or ability to afford them.” Years of rampant home-price inflation and a shortage of properties for sale has pushed ownership out of reach for many, with Acadata saying that six regions set new price records recently. Transactions were 19% lower than usual for this time of year, which can be partly explained by changes in stamp duty. House prices across the country rose just 0.4% in April from a month earlier, the lowest at this time of year since 2008, the Rightmove report showed. They fell 0.6% in London, where the average property is now over 10,000 pounds lower than a year ago. (Bloomberg) Germany's Wholesale Price Inflation Steady at 1.2% Germany's wholesale prices increased at a steady pace in March, Destatis reported. Wholesale prices grew 1.2% year-on-year in March, the same pace of increase as seen in February. The biggest influence on overall prices came from the wholesale of ores, metals and semi-finished metal products, which gained 3.4%. On a monthly basis, wholesale prices remained flat after easing 0.3% in February. Separately, Germany's manufacturing employment increased in February. In local manufacturing units with 50 or more persons employed, employment totaled 5.6 million at the end of February. This represented an increase of about 147,000 or 2.7% from last February. The number of hours worked in February rose 1.4% annually to 703 million. At the same time, earnings climbed 4.2% to EUR 22.1 billion. (RTT) Share Buy-Back 16-April 2018 Company Bought Back AMPROP DUFU E&O FIMACOR GRANFLO INCKEN JCBNEXT NYLEX P&O RCECAP SIGN SNTORIA YILAI 60,000 81,000 210,000 10,000 28,100 25,900 2,000 1,500 2,000 55,000 264,100 100,000 250,000 Price (RM) 0.675/0.67 1.12/1.08 1.41 1.98 0.215/0.21 0.685/0.675 1.63 0.745/0.72 1.08 1.45/1.41 0.54/0.535 0.62/0.61 0.75/0.72 Total Treasury Shares 0.675/0.67 17,588,200 1.12/1.07 11,813,900 1.41/1.39 28,778,747 1.98 4,485,900 0.215/0.205 9,373,900 0.685/0.675 17,619,200 1.63/1.60 256,500 0.745/0.72 6,697,624 1.08/1.06 11,758,293 1.46/1.40 14,265,625 0.545/0.535 12,557,100 0.62/0.61 7,760,800 0.75/0.72 11,452,908 Source: Bursa Malaysia Hi/ Lo (RM) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 7 of 7
  10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD 16-Apr-18 AUTOMOBILE BAUTO 2.24 2.33 4.0% Buy 2,596 0.57 12.1 19.0 18.5 11.8 4.9 5.1 2.47 -9.3 1.84 21.7 1.8 MBMR 2.50 2.68 7.2% Hold 977 0.65 24.7 26.9 10.1 9.3 2.4 2.8 2.60 -3.8 2.01 24.4 13.6 PECCA 1.14 1.62 42.1% Buy 210 0.59 9.7 10.9 11.8 10.5 4.4 4.4 1.70 -32.9 1.13 0.9 -26.5 SIME 2.80 2.55 -8.9% Sell 19,042 1.62 13.2 16.4 21.2 17.1 1.2 1.5 3.06 -8.5 2.03 38.2 26.7 UMW 6.21 5.52 -11.1% Sell 7,255 1.43 28.6 40.2 21.7 15.4 2.3 3.2 6.98 -11.0 4.70 32.1 19.4 BANKS & FINANCIAL SERVICES ABMB 4.32 4.60 6.5% Buy 6,688 1.10 32.6 35.8 13.2 12.1 3.7 3.7 4.49 -3.8 3.62 19.3 5.9 AFFIN 2.49 2.40 -3.6% Sell 4,838 0.93 22.2 23.9 11.2 10.4 3.2 3.2 2.98 -15.0 2.22 13.9 9.5 AMBANK 4.00 4.70 17.5% Buy 12,057 1.52 38.1 44.4 10.5 9.0 4.5 4.5 5.70 -29.8 3.61 10.8 -9.3 CIMB 7.24 8.60 18.8% Buy 66,793 1.58 58.2 59.9 12.4 12.1 4.0 4.1 7.39 -2.0 5.37 34.8 10.7 HLBANK 18.88 21.30 12.8% Buy 38,621 0.85 116.8 126.8 16.2 14.9 2.5 2.5 20.02 -5.7 13.62 38.6 11.1 MAYBANK 10.60 11.50 8.5% Buy 115,605 0.97 73.8 77.9 14.4 13.6 5.2 5.2 10.60 0.0 8.92 18.8 8.2 PBBANK 24.04 27.30 13.6% Buy 92,830 0.70 153.3 166.5 15.7 14.4 2.4 2.5 24.12 -0.3 19.86 21.0 15.7 RHBBANK 5.38 6.10 13.4% Buy 21,574 1.49 54.3 59.0 9.9 9.1 2.8 2.8 5.61 -4.1 4.71 14.2 7.6 BURSA 7.25 7.04 -2.9% Buy 5,845 0.91 29.2 30.0 24.8 24.2 5.0 5.0 7.65 -5.3 6.20 16.9 7.5 ANNJOO 3.05 4.34 42.3% Buy 1,621 1.33 43.5 46.3 7.0 6.6 7.1 8.1 3.98 -23.4 2.75 10.9 -21.0 CHINHIN 1.10 1.39 26.4% Buy 612 0.99 11.4 11.1 9.6 9.9 5.8 5.1 1.49 -26.2 1.00 10.6 -9.1 CSCSTEL 1.37 1.70 24.1% Buy 506 0.86 17.4 17.9 7.9 7.6 6.8 7.0 2.05 -33.0 1.27 7.9 -11.0 ENGTEX 1.00 1.38 38.0% Buy 436 0.84 13.8 15.7 7.2 6.4 4.1 5.5 1.52 -34.2 0.96 4.2 -9.1 GADANG 0.89 1.69 89.9% Buy 589 1.38 14.2 18.1 6.3 4.9 3.4 3.4 1.37 -35.0 0.80 11.3 -19.8 GAMUDA 5.12 5.84 14.1% Buy 12,596 0.86 34.4 36.4 14.9 14.1 2.3 2.3 5.52 -7.2 4.58 11.8 3.2 IJM 2.80 2.96 5.7% Hold 10,158 1.33 13.7 18.6 20.4 15.0 3.4 3.4 3.60 -22.2 2.53 10.7 -8.2 BUILDING MATERIALS CONSTRUCTION KAB 0.23 0.38 63.0% Buy 7 na 31.4 37.3 0.7 0.6 4.3 5.2 0.33 -30.3 0.20 15.0 -23.3 PESONA 0.33 0.45 36.4% Buy 229 1.46 4.8 4.6 6.8 7.1 4.5 4.5 0.73 -54.8 0.30 10.0 -26.7 SENDAI 0.98 0.79 -19.0% Sell 761 1.55 9.9 8.7 9.9 11.1 1.0 1.0 1.39 -29.9 0.68 43.4 12.7 SUNCON 2.17 2.65 22.1% Hold 2,804 0.80 14.7 16.4 14.8 13.2 3.7 4.1 2.64 -17.8 1.83 18.6 -13.5 WCT 1.19 1.50 26.1% Sell 1,674 1.13 11.3 10.8 10.5 11.0 2.5 2.5 2.48 -51.9 1.13 5.3 -26.5 LITRAK 5.62 6.26 11.4% Hold 2,967 0.36 45.6 47.1 12.3 11.9 4.4 4.4 6.15 -8.6 5.40 4.1 1.3 CARLSBG 19.40 18.09 -6.8% Buy 5,968 0.73 87.8 91.8 22.1 21.1 4.4 4.6 21.00 -7.6 14.36 35.1 26.8 HEIM 20.90 21.64 3.5% Hold 6,314 0.41 93.0 101.6 22.5 20.6 3.6 3.8 23.04 -9.3 16.98 23.1 10.6 AEON 2.00 1.97 -1.5% Buy 2,808 0.36 7.5 8.9 26.6 22.4 2.3 2.5 2.52 -20.6 1.45 37.9 13.6 AMWAY 7.55 8.59 13.8% Buy 1,241 0.52 48.3 49.9 15.6 15.1 5.3 5.4 8.10 -6.8 6.97 8.3 3.3 F&N 33.00 33.74 2.2% Buy 12,096 0.35 122.7 145.8 26.9 22.6 2.4 2.9 34.50 -4.3 23.40 41.0 22.2 CONSUMER Brewery Retail HUPSENG 1.05 1.25 19.0% Buy 840 0.39 5.7 5.9 18.4 17.8 5.7 5.7 1.28 -18.0 1.02 2.9 -3.7 JOHOTIN 0.95 1.48 55.8% Buy 295 1.19 11.1 11.7 8.5 8.1 6.3 6.8 1.76 -46.0 0.90 5.6 -21.5 NESTLE 149.10 129.90 -12.9% Sell 34,964 0.58 322.2 360.2 46.3 41.4 2.0 2.2 163.00 -8.5 80.34 85.6 44.5 PADINI 4.51 4.67 3.5% Sell 2,967 0.76 28.0 30.4 16.1 14.8 2.8 2.9 5.50 -18.0 2.91 55.1 -14.6 -31.8 POHUAT 1.22 1.78 45.9% Buy 268 0.59 20.1 23.1 6.1 5.3 4.9 6.6 2.07 -41.0 1.15 6.1 QL 5.14 5.41 5.3% Hold 8,339 0.68 13.3 15.5 38.5 33.1 0.9 0.9 5.24 -1.9 3.54 45.3 18.2 SIGN 0.54 0.92 70.4% Buy 123 0.80 6.6 8.7 8.2 6.2 4.6 6.5 1.07 -49.5 0.48 12.5 -23.4 23.34 34.72 48.8% Hold 6,664 1.51 170.8 168.8 13.7 13.8 6.9 6.9 47.48 -50.8 23.06 1.2 -41.7 GENTING 8.91 11.58 30.0% Buy 34,139 1.43 55.1 61.8 16.2 14.4 1.8 1.8 9.92 -10.2 8.47 5.2 -2.4 GENM 5.30 6.68 26.0% Buy 29,991 1.41 27.6 32.0 19.2 16.6 2.3 2.5 6.28 -15.6 4.59 15.5 -4.4 2.09 3.22 54.1% Buy 2,815 0.57 19.9 26.0 10.5 8.0 7.7 8.6 2.84 -26.4 2.06 1.5 -6.7 CCMDBIO 2.90 3.40 17.2% Buy 809 0.96 16.2 17.7 17.9 16.4 1.6 1.7 3.05 -4.9 1.97 47.2 14.6 IHH 6.10 6.40 4.9% Sell 50,262 0.72 11.9 15.0 51.4 40.8 0.5 0.6 6.33 -3.6 5.42 12.5 4.1 KPJ 0.93 1.13 21.5% Buy 3,919 0.66 3.9 4.3 23.8 21.4 2.3 2.6 1.14 -18.4 0.84 10.7 -4.1 HARTA 6.58 3.90 -40.7% Sell 21,793 1.10 12.6 14.4 52.3 45.7 1.1 1.3 6.64 -0.9 2.44 169.7 23.2 KOSSAN 7.68 9.73 26.7% Buy 4,911 0.66 37.4 42.1 20.5 18.3 2.4 2.7 8.79 -12.6 5.62 36.7 -5.3 SUPERMX 2.68 2.70 0.7% Buy 1,757 0.59 20.0 22.6 13.4 11.9 2.0 2.3 2.92 -8.2 1.69 58.6 34.0 TOPGLOV 10.16 12.20 20.1% Buy 12,972 0.61 35.3 42.7 28.8 23.8 1.4 1.7 10.44 -2.7 4.56 122.8 27.2 KAREX 0.79 0.93 17.7% Sell 792 0.74 1.8 3.0 44.6 26.1 0.6 1.0 2.26 -65.0 0.75 5.3 -39.2 SCIENTX 7.90 10.01 26.7% Buy 3,863 1.00 67.5 79.4 11.7 10.0 2.7 3.3 9.85 -19.8 7.45 6.0 -8.8 SKPRES 1.57 2.00 27.4% Buy 1,963 0.99 10.4 13.1 15.1 12.0 3.3 4.1 2.35 -33.2 1.25 25.6 -31.1 ASTRO 2.00 2.90 45.0% Buy 10,428 1.01 12.4 13.8 16.1 14.4 6.3 6.3 2.94 -32.0 1.75 14.3 -24.5 MEDIA PRIMA 0.34 0.45 34.3% Sell 372 1.35 -3.8 -1.7 na na 0.0 0.0 1.20 -72.1 0.33 3.1 -55.9 STAR 1.09 1.20 10.1% Sell 804 1.09 6.2 5.9 17.6 18.4 8.3 8.3 2.22 -50.8 1.06 2.8 -33.9 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves INDUSTRIAL MEDIA
  11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD OIL & GAS DNEX 0.42 0.69 66.3% Buy 729 1.86 4.0 4.3 10.4 9.6 2.4 2.4 0.69 -39.9 0.34 23.9 -14.4 LCTITAN 6.21 7.60 22.4% Buy 14,115 na 56.3 60.9 11.0 10.2 4.0 4.3 6.53 -4.9 4.14 50.0 32.1 MHB 0.83 0.81 -2.4% Sell 1,328 1.66 0.5 1.7 172.8 49.8 0.0 0.0 1.16 -28.4 0.63 32.8 0.6 MISC 7.04 7.00 -0.6% Sell 31,425 1.07 50.1 53.8 14.1 13.1 4.3 4.3 7.90 -10.9 6.73 4.6 -5.1 PANTECH 0.56 0.69 24.3% Buy 413 1.38 6.1 6.8 9.1 8.2 4.9 5.5 0.74 -25.0 0.51 8.8 -14.0 PCHEM 8.45 9.00 6.5% Hold 67,600 0.85 52.5 54.0 16.1 15.6 3.1 3.3 8.61 -1.9 6.80 24.3 9.7 SAPNRG 0.77 0.84 9.8% Buy 4,584 2.77 -5.0 -1.7 na na 0.0 0.0 2.03 -62.3 0.40 93.7 7.7 SERBADK 3.48 4.15 19.3% Buy 5,110 na 27.7 31.6 12.6 11.0 2.6 2.9 3.68 -5.4 1.79 94.4 7.4 UMWOG 0.32 0.39 23.8% Buy 2,588 2.43 0.4 1.2 82.5 27.2 0.0 0.0 0.68 -53.6 0.22 46.5 3.3 UZMA 1.40 1.57 12.1% Hold 448 1.19 12.9 13.9 10.9 10.1 0.0 0.0 1.96 -28.6 1.18 18.6 9.4 FGV 1.87 2.09 11.8% Buy 6,822 1.69 2.0 3.4 92.5 54.9 2.7 2.7 2.18 -14.2 1.51 23.8 10.7 IJMPLNT 2.25 2.23 -0.9% Sell 1,981 0.19 6.5 8.2 34.4 27.4 3.6 4.0 3.22 -30.1 2.19 2.7 -17.9 IOICORP 4.79 5.43 13.4% Buy 29,249 0.92 19.0 21.3 25.2 22.5 5.5 3.5 4.81 -0.4 4.21 13.9 8.1 KFIMA 1.47 1.89 28.6% Buy 414 0.71 13.7 13.8 10.8 10.7 6.1 6.1 1.96 -25.0 1.44 2.1 -6.4 KLK 25.58 27.76 8.5% Hold 27,242 0.63 107.6 116.0 23.8 22.1 2.1 2.2 25.98 -1.5 23.80 7.5 2.3 SIMEPLT 5.64 6.27 11.2% Hold 38,357 na 19.6 20.0 28.8 28.3 2.5 2.8 6.00 -6.0 4.58 23.1 -6.0 TSH 1.38 1.81 31.2% Buy 1,905 0.50 9.3 9.6 14.8 14.4 1.7 1.8 1.82 -24.2 1.37 0.7 -16.4 UMCCA 6.04 6.21 2.8% Sell 1,266 0.40 17.0 22.4 35.6 27.0 2.6 3.0 7.08 -14.7 5.97 1.1 -7.2 GLOMAC 0.50 0.40 -20.0% Sell 397 0.67 1.5 2.5 33.1 20.2 2.0 2.0 0.66 -23.6 0.45 11.1 -9.8 HUAYANG 0.46 0.58 26.1% Sell 162 0.91 0.7 3.4 69.4 13.5 1.1 1.1 1.14 -59.6 0.44 4.5 -24.6 IBRACO 0.62 0.80 30.1% Buy 305 na 7.2 10.7 8.5 5.8 4.9 6.5 0.97 -36.6 0.50 23.0 -24.5 IOIPG 1.58 2.00 26.6% Sell 8,700 0.90 16.3 15.7 9.7 10.1 3.8 3.8 2.22 -28.8 1.50 5.3 -14.6 MAHSING 1.09 1.59 45.9% Buy 2,646 0.93 11.8 11.3 9.2 9.7 6.0 6.0 1.64 -33.5 0.98 11.2 -24.8 SIMEPROP 1.39 1.51 8.6% Hold 9,453 na 7.5 7.5 18.5 18.6 2.9 2.2 1.78 -21.9 1.04 33.7 -21.9 SNTORIA 0.62 0.76 23.6% Buy 344 0.31 8.3 8.6 7.4 7.2 1.6 1.6 0.82 -24.8 0.56 9.8 -11.5 SPB 4.35 5.10 17.2% Hold 1,495 0.70 18.7 24.0 23.2 18.1 2.8 2.8 5.50 -20.9 4.14 5.1 -11.2 SPSETIA 3.20 3.73 16.6% Buy 12,017 1.03 19.8 19.4 16.2 16.5 3.8 3.8 4.38 -27.0 2.77 15.5 -20.0 SUNWAY 1.58 1.75 10.8% Hold 7,702 0.97 11.8 12.4 13.4 12.7 3.8 3.8 1.96 -19.3 1.38 14.1 -3.1 SUNREIT 1.62 1.87 15.4% Hold 4,771 0.97 10.0 10.7 16.2 15.2 6.2 6.6 1.90 -14.7 1.48 9.5 -14.7 CMMT 1.14 1.48 29.8% Buy 2,326 0.82 7.9 8.4 14.4 13.6 7.1 7.5 1.83 -37.7 0.98 16.3 -37.7 PLANTATIONS PROPERTY REIT POWER & UTILITIES MALAKOF 0.91 0.82 -9.4% Sell 4,471 1.02 6.7 7.2 13.6 12.5 7.7 7.7 1.27 -28.7 0.85 6.5 -7.7 PETDAG 26.08 24.08 -7.7% Sell 25,909 0.52 114.7 116.3 22.7 22.4 3.3 3.3 26.08 0.0 20.81 25.3 8.5 PETGAS 18.00 19.46 8.1% Buy 35,617 0.81 99.3 100.0 18.1 18.0 3.9 3.9 19.80 -9.1 15.82 13.8 3.0 TENAGA 15.94 18.22 14.3% Buy 90,316 0.62 131.3 127.5 12.1 12.5 4.1 4.0 16.34 -2.4 13.62 17.0 4.5 YTLPOWR 0.96 1.16 20.8% Sell 7,612 0.95 8.5 8.7 11.3 11.0 5.2 5.2 1.50 -36.0 0.95 1.1 -25.6 TELECOMMUNICATIONS AXIATA 5.43 6.50 19.7% Buy 49,138 1.57 15.9 19.4 34.1 27.9 1.5 2.9 5.82 -6.7 4.54 19.6 -1.1 DIGI 4.54 5.15 13.4% Buy 35,299 1.01 19.6 20.2 23.2 22.4 4.3 4.4 5.19 -12.5 4.36 4.1 -11.0 MAXIS 5.80 6.05 4.3% Sell 45,301 1.11 25.2 25.0 23.0 23.2 3.4 3.4 6.60 -12.1 5.30 9.4 -3.5 TM 5.63 7.20 27.9% Buy 21,157 0.62 22.8 24.9 24.7 22.6 3.7 4.0 6.69 -15.8 4.90 14.9 -10.6 ELSOFT 2.49 3.30 32.5% Buy 685 1.04 13.1 15.0 19.0 16.6 3.7 4.2 2.95 -15.6 2.03 22.7 -7.8 IRIS 0.18 0.22 22.2% Buy 445 2.51 0.0 0.3 654.3 56.9 0.0 0.0 0.25 -26.5 0.14 33.3 -2.7 INARI 2.04 2.43 19.1% Buy 6,353 0.90 9.1 10.2 22.4 20.1 4.8 5.4 2.55 -19.9 1.27 60.5 -10.0 TECHNOLOGY Semiconductor & Electronics Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report. MPI 8.69 10.70 23.1% Buy 1,728 1.03 73.9 86.9 11.8 10.0 3.7 3.7 14.52 -40.2 8.08 7.5 -31.1 UNISEM 2.57 2.55 -0.8% Hold 1,886 1.25 19.0 20.3 13.5 12.6 4.7 4.7 4.25 -39.5 2.25 14.2 -29.6 TRANSPORTATION Airlines AIRASIA 3.93 4.93 25.4% Hold 13,134 1.04 41.1 41.1 9.6 9.6 2.0 2.0 4.75 -17.3 2.89 36.0 17.3 AIRPORT 9.15 8.61 -5.9% Sell 15,182 1.10 18.0 18.8 50.9 48.7 1.4 1.1 9.45 -3.2 7.12 28.5 4.1 Freight & Tankers PTRANS 0.25 0.46 84.0% Buy 317 na 2.3 3.7 10.9 6.7 2.8 4.5 0.38 -34.5 0.21 17.0 -10.7 TNLOGIS 1.04 1.45 39.4% Buy 474 0.95 10.3 10.5 10.1 9.9 4.8 4.8 1.79 -42.0 0.99 5.1 -22.4 WPRTS 3.34 4.06 21.6% Buy 11,389 0.44 15.6 20.0 21.4 16.7 1.1 1.5 4.14 -19.3 3.12 7.1 -9.7 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52week 52week % Chg High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 28.55 30.50 6.8% Buy 73,199 1.12 212.3 246.0 13.4 11.6 2.3 2.5 29.7 -3.9 18.65 53.1 OCBC 13.10 14.30 9.2% Buy 54,787 1.20 109.5 123.3 12.0 10.6 6.7 7.7 13.6 -3.7 9.49 38.0 14.9 5.7 UOB 28.36 27.80 -2.0% Hold 47,104 1.17 216.8 244.1 13.1 13.1 2.8 2.8 29.0 -2.2 21.38 32.6 7.2 PLANTATIONS WILMAR 3.18 3.50 10.1% Buy 20,347 0.80 25.4 27.7 12.5 11.5 3.1 3.5 3.9 -17.8 2.97 7.1 2.9 IFAR 0.32 0.37 15.6% Buy 459 1.11 3.1 3.9 10.5 8.3 1.3 1.7 0.5 -37.9 0.32 1.6 -17.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
  12. COMPANY UPDATE Tuesday , April 17, 2018 FBMKLCI: 1,878.76 Sector: Power & Utilities THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Malakoff Corporation Berhad TP: RM0.82 (-9.8%) Last Traded: RM0.91 Waiting for Sustained Recovery at TBE Kylie Chan Sze Zan Tel: +603-2167 9601 SELL kyliechan@ta.com.my We emerge from a recent meeting with Malakoff Corporation Berhad (MLK), feeling cautiously optimistic about its earnings prospects. Discussions largely centred on Tanjung Bin Energy (TBE) plant, new Renewable Energy (RE) projects, capacity expansion, and NEDA. Key meeting takeaways include: 1) 4Q17 provisions for TBE to buy additional “outage days” provides room to manoeuvre through teething issues, 2) management is mulling the possibility of redeveloping PD Power plant, 3) MLK is not keen to participate in NEDA, due to bidding restrictions, and 4) MLK is eyeing new RE projects, including: i) 50MW Large Scale Solar (LSS) plant at Pahang, ii) hydro plants at Pahang (total capacity: 30MW110MW), and iii) 30MW LSS projects tendered by EC. Maintain Sell on MLK based on TP of RM0.82. We prefer to remain on the side lines until TBE’s rolling UOR is comfortably below allowed threshold limits, with signs of sustainable smooth operations. www.taonline.com.my Share Information Bloomberg Code 5264 Listing Main Market Share Cap (mn) 5,000 Market Cap (RMmn) 5,358 Par Value (RM) 0.10 52-wk Hi/Lo (RM) 1.27/0.85 12-mth Avg Daily Vol ('000 shrs) 5,356.0 Estimated Free Float (%) 20.0 Beta 1.03 Major Shareholders (%) MMC - 37.7 EPF - 11.8 LTH - 10.3 Forecast Revision (%) FY18 TBE Back in Business. Tg. Bin Energy (TBE) coal plant is running at full capacity since mid-Feb 2018. Recall that the plant experienced two unexpected Forced Outages (FO) since its commission date in Mar-16. The first incident occurred in Mar-May 2017, followed by a recent FO in Nov 2017-Feb 2018. MLK has performed extensive works to rectify TBE’s boiler tube leak, which caused the recent FO. Therefore, management is confident that boiler tube failures will not recur in future, and TBE is merely undergoing teething issues. On the bright side, repair costs were fully borne by TBE’s equipment supplier, General Electric (GE), as the plant is still under warranty. Forecast Revision (%) Expect Cash Cow to Turnaround in FY18. Unfortunately, on the back of FO incidents, TBE was not profitable in 2017. However, the plant managed to generate healthy EBITDA exceeding RM500mn (19%-22% of Group FY17 EBITDA). Nevertheless, management expects TBE’s bottomline to improve or turnaround in FY18, due to interest savings from refinancing of shareholders’ loans. Recall that TBE’s Junior Term Loan (Equity Bridge) of RM1.3bn was refinanced in 2Q16 via two Sukuk Programs issued at the holding company level. Buying Time for TBE to Manoeuvre Tricky Times. We estimate TBE’s 1-year Rolling Unscheduled Outage Rate (UOR) is hovering at 14% currently. This is significantly above its allowable 1st and 2nd threshold of 6% (UOL 1) and 8% (UOL 2) as defined by its PPA (Power Purchase Agreement). Assuming sustained smooth operations, management expects UOR to reset below UOL 1 by year-end. Recall that MLK made a chunky provision of an undisclosed amount for TBE in 4Q17. We understand that it is a preemptive conservative measure to buy “additional outage days”, with no actual cash outflow incurred. Therefore, there is a likelihood that this amount may be written back, subject to outcome of negotiations with Tenaga, and TBE’s actual performance. MLK MK Stock Code Core Net Profit (RM mn) FY19 0.0 0.0 329.1 358.6 Consensus 283.7 305.9 TA/Consensus (%) 116.0 117.2 Previous Rating Sell (Maintained) Financial Indicators FY18 FY19 Net Debt/Equity (x) 2.1 1.8 ROA (%) 1.2 1.3 ROE (%) 5.6 6.1 NTA/Share (RM) 0.5 0.5 P/NTA (x) 1.8 1.8 Share Performance Price Change (%) MLK FBMKLCI 1 mth 4.0 1.8 3 mth (2.7) 2.7 6 mth (11.3) 7.4 12 mth (25.8) 8.4 (12-Mth) Share Price relative to the FBMKLCI Source: Bloomberg Page 1 of 8
  13. 17-Apr-18 Safe From Penalties . To recap, TBE’s Capacity Payment (CP) from offtaker, Tenaga, is computed daily based on a formula outlined in the PPA, and billed monthly. CP constitutes 33% of MLK’s FY17 total revenue, whilst Energy Payment (EP) contributes 59%. The balance 8% is derived from other revenue, which includes finance lease income, rental income, O&M fees, and project management fees. EP is guaranteed by offtaker, Tenaga, under the fuel cost past through mechanism. Meanwhile, TBE’s CP comprises 22% of MLK’s total CP in FY17. In a nutshell, CP varies according to FO days, Unscheduled Outage Limits (UOL), and Availability Factors (AF) – both planned and actual. Under current terms, MLK is entitled to full CP under the following scenarios: 1) no FO days, regardless whether UOL limits are breached, and 2) current rolling UOR is below threshold limits, regardless of AF. Recall that under original PPA terms, if Daily Available CP is less than zero, MLK is required to pay penalty to Tenaga. Fortunately, back in 2016, management renegotiated with Tenaga to dispense of this requirement. Therefore, under renewed terms, in the worst case scenario, penalty payments are waived, but MLK shall not receive any CP. Additionally, this applies for all PPAs under MLK’s portfolio, including 40%owned associate, Kapar Energy Ventures (KEV). Venture into Hydro and RE Projects. Progress is on track with regards to MLK’s collaboration with Touch Meccanica Sdn Bhd (TMSB) for power projects in Pahang. Recall that earlier in Jan-18, MLK signed a 6+6 months MoU with TMSB to jointly secure and develop a Large Scale Solar (LSS) photovoltaic and small hydro power projects. According to management, the JV is targeting: 1) 50MW LSS plant, and 2) hydro plants with total capacity of 30MW110MW. We understand that MLK will contribute its technical expertise, whilst TMSB’s contribution is via provision of land for the project sites. Bite Sized Capex for RE Projects. To recap, the Pahang-based TMSB group is involved in a multitude of businesses, including telecommunications, security, F&B, hospitality, property, agriculture etc. In terms of upcoming power projects, TMSB Group has 45% equity in a RM350mn 30MW mini hydro project at Lubuk Palm, Maran, Pahang (completion: 2020). For MLK’s JV with TMSB, the feasibility study report is expected to be completed by end-18, before lapse of the MOU validity period (Dec-18). Management estimates total capex of circa RM1bn for these projects, financed via 80: 20 debt: equity. Targeting Large Scale Solar (LSS) Projects. On top of the Renewable Energy (RE) projects above, management is also eyeing RE tenders by the Energy Commission (EC) for LSS plants (Figure 1). To recap, LSS tenders with total annual capacity of up to 200MW will be awarded in 2017-20. Each LSS plant will have a capacity of up to 30MW, and comes attached with 21-year long term PPA agreements. Management is hopeful of securing a few LSS projects with capacity of 30MW each. However, profit contribution from these projects is expected to be marginal, with expected equity IRR of 10%-11%. On the bright side, capex for these plants is expected to be bite sized, at RM300mn-500mn each. Furthermore, they also have brief construction periods, requiring circa one year for completion. According to management, the major challenge in implementing LSS projects lies in identifying large land parcels located nearby the power grid. Page 2 of 8
  14. 17-Apr-18 Figure 1 : LSS Location and Capacity Awarded Source: EC Potential Redevelopment of PD Power. Aside from the RE projects above, management is mulling over the possibility of redeveloping Port Dickson Power (PD Power) plant. MLK is toying with the idea of demolishing the old plant, to be replaced by a newbuild gas power plant at PD Power’s site. To recap, PD Power is a 440MW open-cycle gas-fired peaker plant that was commissioned in 1995. Although it is still early days, we are excited about the prospect that MLK may finally renew and potentially expand its capacity. To recap, PD Power’s capacity factor merely averaged 2% (Figure 2) in 2017 on the back of low demand from the Grid System Operator. This was attributed to PD Power’s low priority on the electricity despatch queue, arising from its aged profile. Old plant equipment at PD Power renders it less efficient versus newer plants that are technologically advanced. Furthermore, this is exacerbated by chunky new capacity addition to the grid, following start-up of Tenaga’s new 1000MW Manjung 5 coal plant in 4Q17. Figure 2: PD Power’s Capacity Factor 14% Capacity Factor 12% 10% 8% 6% 4% 2% 0% 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Source: Company, TA Research Page 3 of 8
  15. 17-Apr-18 Not Keen on NEDA . At this juncture, MLK is not keen to participate in NEDA (New Enhanced Dispatch Agreement), mainly due to bidding restrictions. To recap, under the new NEDA regime, power producers in Peninsular Malaysia may bid to sell energy on competitive basis. This is in contrast to the current structure (Figure 3), whereby power producers supply electricity to the grid based on fixed prices stipulated in their PPAs with the Single Buyer, Tenaga. Post-NEDA, the supply market will now be open to new market entrants (Figure 4), including merchant generators that do not have PPAs. Figure 3 : NEDA vs. Current Dispatch System Source: EC Figure 4 : NEDA Participants Source: Single Buyer Department Page 4 of 8
  16. 17-Apr-18 NEDA Bids Must be Lower than PPA Rates . To recap, base CP and EP for producers with existing PPAs remain intact, as PPA terms prevail over NEDA. However, for PPA holders that elect to participate in NEDA, they must bid at Variable Operating Rates (VOR) and Heat Rates lower than contracted levels. This clearly represents earnings erosion to MLK, which in turn, is translated to savings for consumers. Therefore, MLK’s decision to refrain from participating in NEDA is understandable. Nevertheless, management does not discount the possibility of jumping onto the NEDA bandwagon if restrictions are relaxed, coupled with formation of a liquid and robust electricity market. Plants with Expiring PPAs may need NEDA. However, MLK acknowledges that there is a risk of its expiring PPAs not being renewed post-NEDA. In this case, for expired PPA holders, their bids are subject to a price cap (Figure 4), which is the most expensive bid from participants on a monthly basis. Recall that MLK’s plants with near-term upcoming PPA expiries include: 1) PD Power (2019), 2) 640MW CCGT plant, GB3 Power (2022), and 3) 350MW CCGT plant, Prai Power (2024). Nevertheless, except for Prai Power, PD Power and GB3 are marginal earnings contributors for MLK. Challenging to Implement NEDA. Nevertheless, we believe that it would be a challenge to implement NEDA in the near-to-medium term, as it requires extensive grid infrastructure to cater for new merchant generators. Unless the electricity grid extends its reach into remote interior areas, we believe it would be inhibitive for new independent producers to acquire expensive land nearby power transmission lines. Furthermore, in order for NEDA to be effective, we need ample market liquidity and depth, with a large number of participants, both on the supply and demand side. We estimate that there are merely five power producers in Peninsula Malaysia, whereby major players include Tenaga, MLK, and Edra Global. Furthermore, liberalized electricity jurisdictions such as Singapore and Australia have an electricity futures exchange to enhance market depth. TBE is a Thorn in The Flesh. Whilst operations at TBE have normalized for now, we are cautious of future unexpected Forced Outages (FO). After the 2nd FO, we regard TBE’s failure to maintain stable operations as a key disappointment. This is exacerbated by the fact that TBE is MLK’s key income and cash flow generating asset after Tg. Bin Power (TBP). We believe that uncertainty surrounding TBE will be a drag on sentiment and earnings. Furthermore, management expects rolling UOR to only reset below allowed threshold limits by end-18, This is assuming the blue skies scenario, where operations and equipment run smoothly. Therefore, in the interim period, TBE does not have any room for error, given that any FOs would lead to loss of CP. Maintain Sell Until TBE Fully Stabilizes. On the back of this, we maintain Sell on MLK based on unchanged SOP (Figure 5) target price of RM0.82. We prefer to remain on the side lines until TBE’s rolling UOR is comfortably below UOL 1, with signs of sustainable smooth operations. Furthermore, MLK lacks major visible earnings catalysts in the near-to-medium term. This is underpinned by limited capacity expansion, save for new small scale RE projects, which are not expected to sway MLK’s earnings pendulum meaningfully. Page 5 of 8
  17. 17-Apr-18 Figure 5 : Sum-of-Part Valuation Attrib. Eq. Total DCF Equity Value FYE 31 Dec (RM mn) Segari Energy 1,101 94% 1,032 0.21 25% 811 75% 608 0.12 15% GB3 Prai Power Stake (%) Value (RM EV/Share mn) (RM) % of Total 357 100% 357 0.07 9% Tg Bin Power 2,617 90% 2,355 0.47 57% Tg Bin Energy 569 100% 569 0.11 14% PD Power 144 100% 144 0.03 4% Kapar (283) 40% (113) (0.02) -3% Macarthur 792 50% 396 0.08 10% O&M 346 100% 346 0.07 8% Total 6,455 Less: Holding Company Net Debt 5,695 (792) Less: Perpetual Sukuk (800) Equity Value 4,103 No. of shares 5,000 Target Price (RM) 0.82 [ TH E RE M A IN DE R OF T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K] Page 6 of 8
  18. 17-Apr-18 Earnings Summary Income Statement Balance Sheet FYE 31 Dec (RMmn) Revenue EBITDA Depreciation 2016 2017 2018E 2019F 2020F 6,098.4 7,130.4 7,079.3 7,074.7 7,016.6 PPE 2,830.5 2,689.9 2,598.0 2,468.3 2,347.0 (1,396.2) (1,313.0) (1,284.1) (1,189.7) (1,102.2) Net Finance Costs (820.8) Associates & JVs Exceptionals Pretax profit Taxation Perpetual Sukuk Coupon MI Net profit Core Net Profit (819.3) (779.7) (709.1) (643.4) 19.0 89.2 88.6 112.4 139.3 5.0 (58.4) 0.0 0.0 0.0 637.5 588.5 622.8 681.9 740.7 (231.5) (211.6) (174.4) (190.9) (207.4) FYE 31 Dec (RMmn) 2016 2017 2018E 2019F 2020F 14,604.5 13,976.3 12,948.9 11,995.9 11,115.5 Intangibles 3,721.4 3,346.2 3,346.2 3,346.2 3,346.2 Associates & JCEs 1,476.0 1,571.0 1,659.6 1,772.1 1,911.4 Others 3,165.6 2,910.2 2,910.2 2,910.2 2,910.2 Non-Current Assets Inventories Trade and other rcvb 22,967.5 21,803.8 20,865.0 20,024.4 19,283.3 662.3 858.8 706.4 856.3 781.3 2,046.6 2,118.8 2,312.6 2,112.8 1,927.8 0.0 0.0 (48.0) (48.0) (48.0) Cash and Deposits 3,006.8 2,355.5 1,831.6 1,986.4 2,082.1 (50.6) (67.0) (71.3) (84.4) (98.0) Others 1,580.4 2,781.1 2,781.1 2,781.1 2,781.1 Current Assets 7,296.0 8,114.2 7,631.8 7,736.6 7,572.3 355.5 310.0 329.1 358.6 387.3 350.5 368.4 329.1 358.6 387.3 Total Assets 30,263.5 29,918.0 28,496.8 27,761.1 26,855.6 Per Share Data Core EPS (sen) 7.0 7.4 6.6 7.2 7.7 Deferred Tax 1,776.7 1,567.6 1,567.6 1,567.6 1,567.6 DPS (sen) 7.0 6.2 7.0 7.0 7.0 Deferred Income 3,230.4 3,553.4 3,553.4 3,553.4 3,553.4 15,626.4 14,180.2 12,984.2 11,788.2 10,592.2 334.1 319.7 319.7 319.7 319.7 Book Value (RM) 1.2 1.2 1.2 1.2 1.2 LT Borrowings NTA (RM) 0.4 0.5 0.5 0.5 0.5 Others FCFF (sen) 41.1 48.3 36.0 48.2 45.7 2016 2017 2018E 2019F 2020F Ratios FYE 31 Dec (RMmn) Valuations Non-Current Liabilities Borrowings 1,910.4 1,650.8 1,650.8 1,650.8 1,650.8 Trade & other Payables 1,002.2 1,512.3 1,188.7 1,508.0 1,615.2 251.9 217.4 217.4 217.4 217.4 3,164.6 3,380.5 3,056.9 3,376.2 3,483.5 Others Core PER (x) 13.0 12.4 13.8 12.7 11.7 Dividend Yield (%) 7.7 6.8 7.7 7.7 7.7 EV/EBITDA (x) 6.2 6.1 6.0 5.8 5.5 P/BV (x) 0.8 0.8 0.8 0.8 0.8 FCFF Yield (%) 2.2 1.9 2.5 1.9 2.0 Current Liabilities Total Liabilities Share capital Reserves Profitability Ratios Minority Interests EBITDA margin (%) 46.4 37.7 36.7 34.9 33.4 Perpetual Sukuk EBIT margin (%) 23.5 19.3 18.6 18.1 17.7 Equity Pretax margin (%) 10.5 8.3 8.8 9.6 10.6 Net margin (%) 5.8 4.3 4.6 5.1 5.5 Core net margin (%) 5.7 5.2 4.6 5.1 5.5 ROE (%) 6.0 6.2 5.6 6.1 6.6 ROA (%) 1.2 1.2 1.2 1.3 1.4 Liquidity ratios 20,967.6 19,620.8 18,424.8 17,228.8 16,032.8 24,132.2 23,001.3 21,481.7 20,605.0 19,516.3 500.0 5,693.1 5,693.1 5,693.1 5,693.1 5,415.7 198.0 177.2 185.7 223.1 215.6 225.6 296.8 381.2 479.2 0.0 800.0 848.0 896.0 944.0 6,131.3 6,916.7 7,015.0 7,156.0 7,339.4 Total Equity + Liabilities 30,263.5 29,918.0 28,496.8 27,761.1 26,855.6 FYE 31 Dec (RMmn) Cash Flow Statement 2016 2017E 2018F 2019F Pretax profit 637.5 588.5 622.8 681.9 2019F 740.7 Depreciation 1,396.2 1,313.0 1,284.1 1,189.7 1,102.2 Current ratio (x) 2.3 2.4 2.5 2.3 2.2 Net Interest 820.8 819.3 779.7 709.1 643.4 Quick ratio (x) 2.1 2.1 2.3 2.0 1.9 Associates & JCEs (19.0) (89.2) (88.6) (112.4) (139.3) Working Cap Changes Leverage ratios Tax Paid Gross Gearing (x) 2.9 2.6 2.4 2.1 1.9 Others Net gearing (x) 2.4 2.2 2.1 1.8 1.6 CF from Operations Total Debt/ Assets (x) 0.6 0.5 0.5 0.5 0.5 Interest Coverage (x) 3.4 3.3 3.3 3.5 3.6 Growth ratios (73.2) 241.3 (365.1) 369.2 367.2 (231.5) (211.6) (174.4) (190.9) (207.4) (166.3) 2,364.6 59.1 2,720.3 (779.7) 1,278.9 (643.4) 1,863.4 Capex (469.0) (304.5) Others (610.0) (1,046.1) 0.0 0.0 0.0 (1,078.9) (1,350.6) (256.8) (236.8) (221.8) CF from Investing Revenue (%) 15.0 16.9 (0.7) (0.1) (0.8) EBITDA (%) 15.3 (5.0) (3.4) (5.0) (4.9) PBT (%) (9.2) (7.7) 5.8 9.5 8.6 Net Change in debt Core net profit (%) (20.2) 5.1 (10.7) 9.0 8.0 Others Core EPS (%) (20.2) 5.1 (10.7) 9.0 8.0 CF from Financing Dividends (256.8) (709.1) 1,937.5 (236.8) (221.8) (350.0) (310.0) (350.0) (350.0) (350.0) (92.0) (737.1) (1,196.0) (1,196.0) (1,196.0) (690.2) (973.9) 0.0 0.0 0.0 (1,132.2) (2,021.0) (1,546.0) (1,546.0) (1,546.0) Net Cash Flow 153.5 (651.3) (523.9) 154.8 95.7 Beginning Cash 2,853.2 3,006.7 2,355.4 1,831.5 1,986.3 Ending Cash 3,006.7 2,355.4 1,831.5 1,986.3 2,082.0 Page 7 of 8
  19. 17-Apr-18 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 17, 2018, the analyst, Kylie Chan Sze Zan, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 8 of 8
  20. Tuesday , 17 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. D ai l y Te ch n ic a l St o ck s W at ch 2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch 3. D ai l y Mon e y F low of FB MK L CI 4. D ai l y S t o c k S c r e e n Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
  21. Technical View Tuesday , April 17, 2018 IS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Malaysia FBM KLCI: 1,878.76 (+10.29, +0.55%) Chartist: Stephen Soo Close Name 16/Apr FBMKLCI 1878.76 Tel: +603-2167 9607 Change High Low 10.29 1,878.76 1,867.21 Bollinger Bands RSI stsoo@ta.com.my Moving Averages www.taonline.com.my DMI MACD DMI MACD Recent Signal DMI MACD Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Signal Change 1,828.71 1,856.66 1,884.61 56.22 1,852.09 1,853.99 1,851.61 27.61 25.79 12.86 1.82 3.22 1.35 1.87 BUY BUY - - AFFIN 2.49 -0.01 2.50 2.45 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.02 BUY BUY - - ABMB 4.32 0.08 4.32 4.22 4.12 4.27 4.41 49.39 4.27 4.24 4.20 17.85 11.50 15.73 6.35 0.03 0.02 0.00 BUY BUY - - AMBANK 4.00 0.00 4.03 3.96 3.64 3.95 4.26 50.13 3.85 3.99 4.18 20.34 27.65 29.50 (7.31) -0.07 -0.11 0.03 SELL BUY - - AXIATA 5.43 0.04 5.43 5.31 5.22 5.39 5.56 50.27 5.32 5.39 5.45 17.13 20.64 29.72 (3.52) -0.03 -0.04 0.00 SELL BUY - BUY CIMB 7.24 0.03 7.24 7.19 6.96 7.16 7.36 54.72 7.10 7.18 7.14 15.54 30.79 32.86 (15.25) 0.00 -0.01 0.00 SELL BUY - BUY DIGI 4.54 0.06 4.63 4.51 4.39 4.58 4.77 38.56 4.51 4.62 4.72 12.74 24.79 28.84 (12.05) -0.07 -0.07 (0.00) SELL SELL - - GAMUDA 5.12 0.00 5.18 5.10 4.95 5.10 5.25 52.82 5.09 5.08 5.04 27.07 19.44 17.62 7.63 0.02 0.02 0.00 BUY BUY - - GENTING 8.91 -0.05 8.98 8.88 8.65 8.88 9.12 52.47 8.87 8.89 8.92 13.36 19.20 30.32 (5.85) 0.00 -0.03 0.03 SELL BUY - - GENM 5.30 0.22 5.30 5.02 4.67 4.99 5.30 52.94 4.91 5.05 5.13 22.16 22.54 22.64 (0.38) -0.05 -0.08 0.03 SELL BUY - - IHH 6.10 -0.02 6.12 6.08 5.94 6.05 6.16 56.29 6.05 6.05 6.04 13.72 12.70 13.84 1.02 0.01 0.00 0.01 BUY BUY BUY - IOICORP 4.79 0.00 4.80 4.75 4.63 4.74 4.85 59.75 4.74 4.73 4.68 14.60 18.19 19.03 (3.59) 0.02 0.02 (0.00) SELL SELL - - MALAKOFF 0.91 0.01 0.92 0.90 0.85 0.88 0.91 52.64 0.88 0.88 0.90 23.73 13.87 18.65 9.87 -0.03 -0.05 0.02 BUY BUY - - MAXIS 5.80 -0.03 5.83 5.74 5.52 5.76 6.01 52.02 5.72 5.79 5.87 15.23 21.36 27.56 (6.13) -0.02 -0.05 0.03 SELL BUY - - 10.60 0.06 10.60 10.48 10.30 10.48 10.66 56.77 10.50 10.46 10.35 18.30 17.42 17.26 0.88 0.05 0.05 (0.00) BUY SELL - - MBSB 1.15 0.00 1.17 1.14 1.05 1.12 1.19 51.96 1.12 1.14 1.16 25.21 14.66 19.79 10.55 -0.01 -0.02 0.01 BUY BUY - - RHBBANK 5.38 0.05 5.38 5.31 5.11 5.27 5.42 53.61 5.25 5.29 5.29 14.12 23.80 26.04 (9.68) -0.01 -0.02 0.01 SELL BUY - - SIME 2.80 0.00 2.82 2.75 2.48 2.64 2.80 65.46 2.68 2.64 2.68 24.69 18.28 22.50 6.42 0.03 0.00 0.03 BUY BUY - - MAYBANK TENAGA 15.94 0.06 15.96 15.90 15.55 15.86 16.17 52.88 15.87 15.78 15.76 20.61 17.32 18.45 3.29 0.04 0.05 (0.01) BUY SELL - TM 5.63 0.21 5.63 5.44 5.00 5.35 5.71 48.12 5.31 5.45 5.68 22.06 23.06 22.60 (1.01) -0.06 -0.11 0.05 SELL BUY SELL - WPRTS 3.34 0.00 3.39 3.33 3.35 3.50 3.65 35.29 3.44 3.52 3.55 7.65 25.17 30.59 (17.52) -0.05 -0.03 (0.02) SELL SELL - - AIRASIA NA NA NA NA 3.85 4.04 4.23 42.14 4.00 4.16 4.15 15.40 26.54 25.14 (11.14) -0.06 -0.04 (0.02) SELL SELL - - AIRASIA X 0.39 0.01 0.39 0.38 0.35 0.38 0.41 50.07 0.37 0.39 0.40 19.06 24.49 20.97 (5.43) -0.01 -0.01 0.00 SELL BUY - - ARMADA 0.92 -0.02 0.95 0.92 0.78 0.84 0.90 71.97 0.85 0.84 0.84 39.12 14.31 18.97 24.81 0.01 0.00 0.01 BUY BUY - - DIALOG 3.13 0.01 3.17 3.10 2.73 2.98 3.23 63.73 3.08 2.88 2.79 28.05 12.75 31.81 15.30 0.10 0.09 0.01 BUY BUY - - DNEX 0.42 0.01 0.43 0.41 0.34 0.40 0.46 51.64 0.38 0.41 0.43 21.93 23.65 20.82 (1.71) -0.01 -0.02 0.00 SELL BUY - - ECO WORLD 1.10 0.00 1.11 1.07 0.96 1.03 1.11 53.06 1.04 1.07 1.18 26.73 18.32 42.30 8.41 -0.03 -0.05 0.02 BUY BUY - - EKOVEST 0.88 -0.02 0.90 0.87 0.81 0.92 1.04 44.93 0.88 0.94 0.96 20.23 25.12 17.01 (4.89) -0.03 -0.03 (0.00) SELL SELL - - FGV 1.87 -0.01 1.89 1.84 1.61 1.75 1.89 58.80 1.76 1.78 1.84 26.40 11.25 34.06 15.15 0.00 -0.03 0.03 BUY BUY - - GADANG 0.89 -0.01 0.91 0.89 0.83 0.90 0.96 45.96 0.87 0.92 0.98 21.36 23.49 37.65 (2.14) -0.03 -0.04 0.01 SELL BUY - - HIAP TECK 0.40 -0.02 0.42 0.40 0.37 0.42 0.47 47.86 0.40 0.43 0.46 20.83 27.64 27.26 (6.81) -0.01 -0.02 0.00 SELL BUY - - HIBISCUS 0.92 0.00 0.95 0.91 0.73 0.82 0.92 59.77 0.81 0.85 0.87 28.31 21.88 16.66 6.43 -0.01 -0.03 0.02 BUY BUY - - KUB 0.43 -0.01 0.45 0.43 0.40 0.44 0.47 48.35 0.42 0.45 0.45 27.29 25.98 12.08 1.31 -0.01 -0.01 0.00 BUY BUY BUY - MALTON 0.83 -0.01 0.83 0.82 0.77 0.83 0.88 46.79 0.82 0.86 0.88 22.11 20.50 12.07 1.60 -0.02 -0.02 0.01 BUY BUY - - MUDAJAYA 0.71 0.01 0.71 0.71 0.63 0.70 0.78 44.68 0.68 0.73 0.79 32.46 33.82 34.36 (1.35) -0.03 -0.04 0.01 SELL BUY - - MRCB 1.04 -0.01 1.05 1.03 0.90 0.99 1.07 55.76 0.99 1.00 1.04 25.55 22.45 17.66 3.10 -0.01 -0.02 0.01 BUY BUY - - SAPURA ENERGY 0.77 0.03 0.79 0.73 0.42 0.55 0.68 71.72 0.57 0.53 0.59 38.35 17.60 25.15 20.75 0.02 -0.01 0.03 BUY BUY - - SUNCON 2.17 -0.02 2.19 2.17 1.91 2.09 2.26 53.64 2.10 2.11 2.25 29.58 22.37 30.65 7.21 -0.01 -0.05 0.04 BUY BUY - - UEMS 0.95 0.01 0.96 0.94 0.93 0.98 1.03 38.08 0.96 0.99 1.04 11.21 28.13 34.20 (16.92) -0.02 -0.02 (0.00) SELL SELL - SELL UMWOG 0.32 0.02 0.33 0.30 0.24 0.29 0.34 51.91 0.28 0.30 0.31 23.87 24.10 18.62 (0.22) -0.01 -0.01 0.00 SELL BUY - BUY WASEONG 1.44 -0.03 1.50 1.44 1.27 1.46 1.65 50.73 1.40 1.50 1.50 19.25 26.11 27.34 (6.86) -0.03 -0.03 0.00 SELL BUY - BUY WCT 1.19 -0.01 1.23 1.19 1.12 1.26 1.39 36.36 1.20 1.31 1.41 15.42 27.56 36.53 (12.14) -0.06 -0.07 0.01 SELL BUY - - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
  22. 17-Apr-18 Technical Comments : Bargain UEM Sunrise & WCT Holdings UEM Sunrise is still in base building mode above crucial support from the 6/4/18 low (91.5sen), pending rebound upside to the 23.6%FR (RM1.02), with a confirmed breakout to aim for the 38.2%FR (RM1.08) and 50%FR (RM1.14) ahead. Likewise, WCT Holdings is rebuilding support above the 9/4/18 low (RM1.13), matching the 123.6%FP level, while awaiting recovery towards RM1.40, with a convincing breakout to target RM1.50 and the 76.4%FR (RM1.65) going forward. UEM SUNRISE RM0.945 (+0.01) BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.03 0.98 0.92 10-day 30-day 50-day RM RM RM DAILY MACD DMI Recent Signal SELL Signal Change Recent Signal SELL Signal Change SELL WCT HOLDINGS RM1.19 (-0.01) BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.38 1.25 1.12 10-day 30-day 50-day DMI Recent Signal Signal Change 0.96 0.98 1.03 SELL Recent Signal Signal Change RM RM RM DAILY MACD 1.19 1.30 1.40 BUY BUY Page 2 of 4
  23. 17-Apr-18 Daily Money Flow of Technical Stock Watch Malaysia Chartist : Stephen Soo No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 39 40 41 Name Tel: +603-2167 9607 Total Money Flow (RM'mn) stsoo@ta.com.my (A) Total 5D MF Prv. Chg www.taonline.com.my (B) Cur. Chg CLOSING PRICE 9-Apr 10-Apr 11-Apr 12-Apr 13-Apr Chg (A+B) DMF 9-Apr 10-Apr 11-Apr 12-Apr 13-Apr FBMKLCI 34.8 (0.6) (17.8) (13.1) (9.8) (6.3) 4.7 3.3 1,850 1,861 1,870 1,874 1,868 (5.15) IN AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA DIALOG DNEX ECO WORLD EKOVEST FGV GADANG HIAP TECK HIBISCUS KUB MALTON MUDAJAYA MRCB SAPURA ENERGY SUNCON UEMS UMWOG WASEONG WCT 0.0 (0.0) 0.7 1.3 7.2 1.0 0.5 0.9 (4.0) 1.8 0.6 (0.1) 1.3 9.0 0.0 (0.2) (4.9) 0.0 1.2 0.0 0.3 (0.2) (0.1) (1.6) 0.5 (0.1) (0.3) 0.4 0.2 (0.1) (0.0) (0.0) 0.1 0.0 (0.0) 0.5 (0.0) 0.1 (0.1) (0.3) 0.1 0.0 (0.1) 0.2 1.3 (13.3) 0.2 0.4 0.9 (1.9) 0.4 0.0 0.2 0.9 20.7 (0.1) 0.0 3.9 (0.5) 0.2 0.2 0.0 1.2 0.1 (0.2) 0.0 0.1 0.3 0.7 0.0 (0.0) 1.3 (0.1) 0.1 0.0 (0.2) (0.8) 0.2 0.1 0.2 0.1 0.2 0.1 0.4 0.3 0.3 5.3 (2.8) (1.6) 0.2 0.9 (0.9) (0.1) (0.2) 0.3 (3.9) (0.6) 0.2 (0.6) (2.4) (0.5) (0.1) 0.0 0.4 (0.1) (0.8) 0.0 (0.1) (0.2) (0.2) (0.0) 0.0 (1.2) (0.1) 0.1 0.0 (0.3) (0.3) 0.2 (0.2) (0.9) (0.0) (0.4) 0.0 0.1 0.2 0.8 (0.7) (0.5) 0.8 (1.8) (7.1) 6.3 (0.4) (0.2) 0.7 (2.8) (0.1) (0.2) (0.2) 3.9 (0.0) 0.3 0.0 0.0 0.4 1.9 (0.1) 0.0 (0.2) 0.0 (0.0) 0.1 (1.1) (0.0) (0.1) (0.0) (0.3) (3.5) 0.1 (0.1) (0.8) 0.0 (0.2) 0.1 (0.1) (2.2) 0.4 (1.5) 0.0 4.7 0.1 (3.6) (2.3) 0.5 0.1 (0.1) 12.9 (0.4) 0.1 1.0 (0.9) 0.0 0.1 0.0 0.3 1.3 (0.3) (0.1) (0.1) (0.0) 0.4 0.1 0.1 0.9 (0.0) 0.0 (0.0) (0.1) (0.4) 0.6 (0.3) (0.5) 0.0 (0.2) 0.3 0.3 (0.7) 4.0 (2.9) (2.0) 4.8 0.3 (15.6) 5.2 0.6 (0.1) 3.1 35.9 (1.2) (0.1) (0.9) 0.2 0.9 0.4 0.3 1.6 1.6 (1.0) 0.2 (0.1) (0.5) 1.3 0.2 0.1 (0.3) (0.2) 0.2 0.1 (1.0) (4.5) 1.0 (0.4) (2.1) (0.3) (0.5) (0.1) (0.3) (0.2) 0.4 (6.0) 2.3 2.4 (2.1) (8.0) 7.2 (0.2) 0.0 0.4 1.2 0.5 (0.5) 0.4 6.3 0.5 0.4 0.0 (0.4) 0.5 2.6 (0.2) 0.1 (0.0) 0.2 0.0 0.1 0.1 0.1 (0.2) (0.0) 0.0 (3.1) (0.1) 0.1 0.1 0.1 0.3 0.1 (0.2) (2.3) (0.4) (0.7) 0.5 3.9 1.9 3.5 (8.6) 0.8 0.2 (0.7) 15.6 (0.4) 0.3 1.3 (4.8) 0.1 (0.2) 0.0 0.3 0.9 (2.2) 0.0 (0.1) 0.2 0.3 0.1 (0.0) 2.0 (0.0) 0.1 0.0 0.2 3.0 0.5 (0.1) 0.3 (0.0) 0.0 2.38 4.30 3.74 5.26 7.02 4.53 5.12 8.90 4.94 6.05 4.69 0.88 5.79 10.46 1.11 5.17 2.61 15.88 5.47 3.47 3.93 0.37 0.81 3.10 0.38 1.01 0.84 1.73 0.87 0.40 0.76 0.42 0.83 0.63 1.00 0.52 2.01 0.94 0.25 1.37 1.21 2.40 4.26 3.92 5.32 7.04 4.54 5.13 8.94 4.95 6.03 4.74 0.91 5.84 10.48 1.18 5.25 2.74 15.90 5.49 3.46 0.00 0.39 0.84 3.14 0.40 1.08 0.90 1.90 0.90 0.44 0.83 0.44 0.84 0.67 1.04 0.54 2.24 0.98 0.28 1.45 1.22 2.44 4.35 3.98 5.31 7.20 4.53 5.15 9.04 4.99 6.06 4.75 0.90 5.87 10.60 1.14 5.29 2.81 15.86 5.54 3.40 0.00 0.39 0.87 3.16 0.40 1.08 0.90 1.84 0.89 0.43 0.87 0.44 0.84 0.73 1.05 0.65 2.30 0.98 0.30 1.44 1.22 2.44 4.40 4.00 5.40 7.20 4.50 5.17 9.05 5.00 6.09 4.77 0.90 5.87 10.54 1.14 5.33 2.80 15.90 5.55 3.36 0.00 0.38 0.90 3.15 0.39 1.07 0.88 1.84 0.88 0.41 0.87 0.43 0.83 0.70 1.03 0.69 2.22 0.95 0.30 1.47 1.21 2.50 4.24 4.00 5.39 7.21 4.48 5.12 8.96 5.08 6.12 4.79 0.90 5.83 10.54 1.15 5.33 2.80 15.88 5.42 3.34 0.00 0.39 0.94 3.12 0.41 1.10 0.90 1.88 0.90 0.42 0.92 0.44 0.83 0.70 1.05 0.74 2.19 0.94 0.30 1.47 1.20 0.06 (0.16) 0.00 (0.01) 0.01 (0.02) (0.05) (0.09) 0.08 0.03 0.02 (0.01) (0.04) 0.00 0.01 0.00 0.00 (0.02) (0.13) (0.02) 0.00 0.01 0.04 (0.03) 0.02 0.03 0.02 0.04 0.03 0.02 0.06 0.01 0.00 0.00 0.02 0.05 (0.03) (0.01) 0.01 0.00 (0.01) IN OUT OUT IN OUT IN IN OUT OUT OUT IN IN OUT IN IN OUT IN IN IN IN OUT OUT IN IN OUT OUT IN IN IN IN IN IN OUT OUT IN OUT IN OUT 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 3 of 4
  24. 17-Apr-18 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No Name FBMKLCI 9-Apr Tel: +603-2167 9607 Total Money Flow (RM'mn) 10-Apr 11-Apr 12-Apr Total stsoo@ta.com.my 13-Apr 5D MF (A) Prv. Chg (B) Cur. Chg 9-Apr 10-Apr www.taonline.com.my CLOSING PRICE 11-Apr 12-Apr (A+B) 13-Apr Chg 34.8 (0.6) (17.8) (13.1) (9.8) (6.3) 4.7 3.3 1,850 1,861 1,870 1,874 1,868 (5.15) DMF IN 1 MAYBANK 9.0 20.7 (3.9) (2.8) 12.9 35.9 1.2 15.6 10.46 10.48 10.60 10.54 10.54 0.00 IN 2 PBBANK 3.8 (17.4) (2.8) (5.9) (6.5) (28.9) (3.1) (0.6) 23.94 23.96 23.96 24.04 23.98 (0.06) OUT 3 TENAGA 0.0 (0.5) (2.4) 3.9 (0.9) 0.2 6.3 (4.8) 15.88 15.90 15.86 15.90 15.88 (0.02) IN 4 CIMB 7.2 (13.3) 5.3 (0.7) (1.5) (2.9) (6.0) (0.7) 7.02 7.04 7.20 7.20 7.21 0.01 OUT 5 PCHEM 6.8 1.7 (3.3) (6.6) 0.3 (1.2) (3.3) 6.8 8.48 8.45 8.51 8.48 8.40 (0.08) IN 6 IHH 1.8 0.4 (0.9) 6.3 (2.3) 5.2 7.2 (8.6) 6.05 6.03 6.06 6.09 6.12 0.03 OUT 7 AXIATA 1.3 1.3 0.3 0.8 0.4 4.0 0.4 (0.4) 5.26 5.32 5.31 5.40 5.39 (0.01) IN 8 MAXIS 1.3 0.9 0.3 0.7 (0.1) 3.1 0.4 (0.7) 5.79 5.84 5.87 5.87 5.83 (0.04) OUT 18.70 18.68 18.72 18.90 18.90 0.00 IN 5.52 5.80 5.63 5.59 5.59 0.00 OUT 9 HLBANK 0.5 0.4 0.0 (0.0) 0.4 1.3 (0.0) 0.4 10 SIME PLT (0.3) (0.2) 0.6 1.1 (2.1) (0.8) 0.4 (3.1) 11 DIGI 1.0 0.2 (2.8) (0.5) 0.0 (2.0) 2.3 0.5 4.53 4.54 4.53 4.50 4.48 (0.02) IN 12 NESTLE 0.1 0.0 0.2 (0.9) (1.3) (1.9) (1.1) (0.3) 149.60 150.10 150.20 149.40 149.00 (0.40) OUT 13 PETGAS 0.6 (0.2) (0.1) (0.1) (0.5) (0.2) 0.0 (0.4) 18.20 18.10 18.00 18.20 18.02 (0.18) OUT 14 GENTING 0.9 0.9 0.2 (1.8) 0.1 0.3 (2.1) 1.9 8.90 8.94 9.04 9.05 8.96 (0.09) OUT 15 MISC 0.6 0.5 0.4 0.0 (0.1) 1.4 (0.4) (0.1) 7.13 7.18 7.14 7.16 7.00 (0.16) OUT 16 IOI CORP 0.6 0.0 (0.1) (0.4) 0.5 0.6 (0.2) 0.8 4.69 4.74 4.75 4.77 4.79 0.02 IN 17 GENM (4.0) (1.9) 0.9 (7.1) (3.6) (15.6) (8.0) 3.5 4.94 4.95 4.99 5.00 5.08 0.08 OUT 18 KLK 4.7 0.7 (0.0) 0.2 (2.4) 3.1 0.2 (2.6) 25.58 25.58 25.48 25.98 25.56 (0.42) OUT 19 PETDAG (0.2) (0.1) (4.9) (0.2) (0.6) (5.9) 4.8 (0.4) 25.30 25.36 25.36 25.36 25.48 0.12 IN 20 HAP SENG (0.1) 0.1 0.0 (0.1) (0.1) (0.2) (0.1) 0.0 9.85 9.70 9.70 9.73 9.73 0.00 OUT 21 HLFG 0.0 0.4 0.1 0.1 0.1 0.7 0.1 0.0 19.06 19.20 19.14 19.30 19.26 (0.04) IN 22 PPB 0.3 (1.2) (4.2) 0.7 (2.2) (6.6) 4.9 (2.9) 18.42 18.54 18.48 18.50 18.50 0.00 IN 23 TM 1.2 0.2 (0.5) (0.0) 0.0 0.9 0.5 0.1 5.47 5.49 5.54 5.55 5.42 (0.13) IN 24 RHBBANK (0.2) 0.0 0.2 (0.2) 0.1 (0.1) (0.5) 0.3 5.17 5.25 5.29 5.33 5.33 0.00 OUT 25 PMETAL 2.0 1.3 (0.7) (0.4) (0.0) 2.2 0.3 0.3 4.38 4.67 4.78 4.72 4.75 0.03 IN 26 SIME (4.9) 3.9 (0.6) (0.2) 1.0 (0.9) 0.4 1.3 2.61 2.74 2.81 2.80 2.80 0.00 IN 27 YTLCORP 0.1 (0.1) 0.2 0.0 0.3 0.5 (0.2) 0.3 1.44 1.42 1.42 1.45 1.44 (0.01) IN 28 KLCCS 0.1 0.5 0.0 0.5 0.3 1.4 0.4 (0.2) 7.05 7.15 7.20 7.25 7.21 (0.04) IN 29 AMBANK 0.7 0.2 0.3 0.2 (2.2) (0.7) (0.2) (2.3) 3.74 3.92 3.98 4.00 4.00 0.00 OUT 30 ASTRO 0.1 0.0 0.2 0.4 (0.1) 0.6 0.2 (0.5) 1.80 1.78 2.04 2.09 1.98 (0.11) OUT 44.3 (9.5) 34.8 34.1 (34.8) (0.6) 9.4 (27.2) (17.8) 14.7 (27.8) (13.1) 16.3 (26.1) (9.8) 118.9 (125.3) (6.5) 24 (6) 21 (9) 16 (14) 12 (18) 13 (17) (RM'mn) INFLOW OUTFLOW NET FLOW Daily Trading Participation COMPANIES INFLOW OUTFLOW Date Retail Institution Foreign Total 9-Apr 10-Apr 11-Apr 12-Apr 13-Apr 22.8% 24.2% 25.1% 25.9% 23.3% 52.1% 51.2% 53.6% 50.0% 55.7% 25.0% 24.6% 21.3% 24.1% 21.0% 100% 100% 100% 100% 100% Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 17, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
  25. Technical View Tuesday , April 17, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Stock Screen Malaysia End Day Census of 16.04.2018 Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL) No Stock Name Price Bollinger Band RSI Moving Average Lower Middle Upper 14-day 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 NESTLE (MALAYSIA) BERHAD 149.10 135.02 147.71 160.40 59.41 149.66 149.99 144.42 134.50 185,200 2 PETRON MALAYSIA REFINING & M 8.85 7.59 8.69 9.78 46.85 8.83 8.40 9.08 9.95 339,600 192,120 372,520 3 LOTTE CHEMICAL TITAN HOLDING 6.21 5.69 6.10 6.50 55.21 6.29 6.08 6.08 5.78 1,254,200 2,192,990 4 SHANGRI-LA HOTELS (MAL) BHD 5.64 4.86 5.38 5.90 69.28 5.61 5.57 5.21 5.13 300,600 223,575 5 PENTAMASTER CORP BHD 2.19 1.82 2.12 2.42 50.83 2.14 2.03 2.18 2.28 1,385,000 2,465,990 6 BORNEO AQUA HARVEST BHD 1.22 0.84 1.14 1.44 58.43 1.15 1.06 1.14 1.04 3,188,600 4,132,290 7 CAHYA MATA SARAWAK BHD 4.12 3.60 3.97 4.33 53.42 4.10 3.92 4.03 4.12 995,500 641,480 8 JHM CONSOLIDATION BHD 1.16 0.77 1.06 1.36 51.02 1.07 0.97 1.20 1.34 8,467,700 4,765,615 9 SERBA DINAMIK HOLDINGS BHD 3.48 2.95 3.30 3.65 57.75 3.27 3.19 3.33 3.40 6,243,200 3,101,150 10 HARTALEGA HOLDINGS BHD 6.58 5.54 6.13 6.71 66.64 6.49 6.32 5.94 5.86 2,019,400 3,146,975 11 SUPERMAX CORP BHD 2.68 2.35 2.58 2.80 55.77 2.62 2.52 2.61 2.52 5,443,200 3,486,635 12 CIMB GROUP HOLDINGS BHD 7.24 6.96 7.16 7.36 56.54 7.13 7.10 7.18 7.14 11,595,300 15,232,410 13 AEON CREDIT SERVICE M BHD 12.98 11.95 12.53 13.10 56.73 12.54 12.43 12.85 13.05 102,300 135,675 14 HAI-O ENTERPRISE BHD 5.05 4.59 4.88 5.16 56.16 4.92 4.90 4.91 5.03 257,400 255,185 15 TELEKOM MALAYSIA BHD 5.63 4.99 5.36 5.72 56.60 5.49 5.31 5.45 5.68 1,834,700 2,194,935 16 PMB TECHNOLOGY BHD 4.18 3.82 4.04 4.27 57.55 4.00 3.96 4.09 4.11 63,200 50,395 17 PETRONAS CHEMICALS GROUP BHD 8.45 8.05 8.29 8.53 61.37 8.46 8.34 8.20 8.14 5,224,400 6,128,920 18 IJM CORP BHD 2.80 2.53 2.70 2.88 54.58 2.78 2.69 2.69 2.74 1,639,900 2,937,230 19 GHL SYSTEMS BERHAD 1.30 0.99 1.18 1.36 54.52 1.28 1.19 1.25 1.32 372,600 588,555 20 MMS VENTURES BHD 1.60 1.10 1.38 1.66 62.34 1.46 1.33 1.41 1.47 619,000 534,145 21 MALAYAN BANKING BHD 10.60 10.33 10.49 10.66 60.36 10.52 10.50 10.46 10.35 18,809,400 14,091,200 22 RHB BANK BHD 5.38 5.11 5.27 5.43 56.34 5.27 5.25 5.29 5.29 924,300 1,043,550 23 CCM DUOPHARMA BIOTECH BHD 2.90 2.64 2.80 2.95 58.07 2.84 2.77 2.82 2.83 664,100 327,125 24 SYARIKAT TAKAFUL MALAYSIA 3.41 3.21 3.34 3.46 53.65 3.42 3.37 3.37 3.40 153,100 194,210 25 RCE CAPITAL BHD 1.41 1.08 1.27 1.46 60.45 1.34 1.25 1.29 1.36 235,900 420,305 26 UNITED PLANTATIONS BHD 28.40 27.99 28.21 28.43 56.28 28.24 28.21 28.22 28.32 146,500 85,620 27 DKLS INDUSTRIES BERHAD 1.74 1.56 1.67 1.77 59.27 1.63 1.63 1.68 1.71 2,000 2,995 28 KRONOLOGI ASIA BHD 0.70 0.47 0.60 0.73 59.12 0.63 0.57 0.63 0.67 5,105,200 3,236,060 29 FELDA GLOBAL VENTURES 1.87 1.60 1.75 1.90 57.68 1.84 1.76 1.78 1.84 3,924,700 7,280,655 30 GABUNGAN AQRS BHD 1.81 1.45 1.64 1.84 64.54 1.77 1.70 1.67 1.75 2,140,500 1,817,810 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
  26. *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/ SELL guide) No Stock Name Price 1 PETRONAS DAGANGAN BHD 2 SAPURA ENERGY BHD Bollinger Band RSI Lower Middle Upper 26.08 24.20 24.97 0.77 0.41 0.56 Moving Average Vol 20-day avg vol 14-day 5-day 10-day 30-day 50-day 25.73 77.06 25.37 25.02 24.84 24.93 708,900 548,850 0.72 73.46 0.62 0.57 0.53 0.59 332,978,700 177,973,200 3 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.27 0.25 0.23 NA 14,500 4 COASTAL CONTRACTS BHD 1.29 1.07 1.16 1.25 68.71 1.19 1.16 1.18 1.22 767,500 191,645 5 TOWER REAL ESTATE INVESTMENT 1.10 0.97 1.02 1.06 69.18 1.00 1.01 1.04 1.09 6,200 53,610 6 ASDION BHD 0.33 0.15 0.22 0.29 72.29 0.25 0.22 0.23 0.20 25,935,600 6,710,160 7 SARAWAK CONSOLIDATED INDUSTR 0.70 0.49 0.57 0.66 66.05 0.59 0.57 0.58 0.57 900 4,895 8 AXIS REAL ESTATE INVESTMENT 1.38 1.20 1.28 1.35 71.69 1.30 1.29 1.26 1.30 397,100 998,575 9 IMASPRO CORP BHD 2.06 1.73 1.88 2.03 84.33 1.94 1.89 1.84 1.83 19,100 33,405 10 KUMPULAN PERANGSANG SELANGOR 1.41 1.17 1.28 1.39 73.25 1.32 1.31 1.26 1.28 444,500 220,130 11 TAS OFFSHORE BHD 0.38 0.22 0.29 0.36 73.99 0.32 0.29 0.29 0.29 3,312,600 628,535 12 NI HSIN RESOURCES BHD 0.21 0.14 0.17 0.20 69.64 0.17 0.16 0.18 0.19 7,334,100 843,330 13 PROTASCO BHD 1.00 0.92 0.95 0.99 61.38 0.96 0.95 0.96 0.99 1,203,700 396,630 14 MMAG HOLDINGS BHD 0.25 0.13 0.18 0.24 80.56 0.21 0.19 0.18 0.18 16,791,400 11,752,300 15 WIDETECH (MALAYSIA) BHD 0.63 0.52 0.57 0.62 61.50 0.58 0.57 0.55 0.51 19,200 1,045 16 DUTALAND BHD 0.63 0.51 0.57 0.62 68.74 0.59 0.57 0.56 0.56 5,419,700 1,888,960 17 HANDAL RESOURCES BHD 0.30 0.23 0.26 0.29 66.92 0.27 0.26 0.25 0.25 1,905,800 248,605 18 MRCB-QUILL REIT 1.08 0.98 1.03 1.07 59.22 1.04 1.02 1.04 1.09 61,600 950,505 19 MALAYSIA MARINE AND HEAVY EN 0.83 0.69 0.76 0.82 66.31 0.78 0.75 0.75 0.78 1,441,500 932,435 20 TECHFAST HOLDINGS BHD 0.44 0.25 0.34 0.43 66.97 0.39 0.35 0.34 0.38 2,551,000 1,014,310 Raw data sourced from Bloomberg *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No Stock Name Price Bollinger Band Lower Middle Upper RSI 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 DKSH HOLDINGS MALAYSIA BHD 3.65 3.75 3.85 3.96 26.75 3.85 3.86 3.87 3.86 21,300 2 KYM HOLDINGS BERHAD 0.41 0.44 0.48 0.51 27.36 0.49 0.49 0.48 0.49 72,000 48,965 1,055 3 KIM HIN INDUSTRY BERHAD 1.34 1.37 1.46 1.56 34.66 1.43 1.44 1.49 1.49 10,000 3,610 233,595 4 GENTING PLANTATIONS BHD 9.92 9.94 10.15 10.37 40.54 10.05 10.10 10.12 10.03 456,500 5 TAFI INDUSTRIES BHD 0.32 0.34 0.39 0.44 24.60 0.36 0.37 0.40 0.41 10,000 850 6 PLS PLANTATIONS BHD 0.78 0.79 0.85 0.91 18.33 0.82 0.84 0.89 1.00 100 4,295 7 FIBON BHD 0.48 0.49 0.55 0.61 38.86 0.53 0.55 0.56 0.58 1,000 4,130 8 TPC PLUS BHD 0.37 0.37 0.39 0.42 33.59 0.38 0.39 0.40 0.40 86,000 52,185 9 BERJAYA MEDIA BHD 0.18 0.18 0.23 0.27 40.82 0.22 0.23 0.24 0.26 22,500 9,105 10 MESB BHD 0.35 0.35 0.37 0.40 38.30 0.37 0.38 0.38 0.38 14,100 22,355 19,525 11 KWANTAS CORP BHD 1.46 1.46 1.49 1.52 44.21 1.48 1.48 1.48 1.46 4,000 12 SUNGEI BAGAN RUBBER (M) 3.28 3.28 3.45 3.61 33.25 3.36 3.42 3.49 3.48 1,000 3,700 13 7-ELEVEN MALAYSIA HOLDINGS B 1.48 1.48 1.50 1.52 40.05 1.50 1.50 1.50 1.51 81,800 71,595 26,420 14 SCANWOLF CORP BHD 0.24 0.24 0.27 0.30 32.62 0.26 0.26 0.27 0.27 11,000 15 ARK RESOURCES BHD 0.31 0.31 0.38 0.45 14.99 0.33 0.35 0.39 0.43 500 25 16 MB WORLD GROUP BHD 2.00 2.00 2.04 2.08 35.07 2.02 2.03 2.06 2.09 5,000 6,735 17 BINA PURI HOLDINGS BHD 0.29 0.29 0.32 0.34 32.66 0.31 0.31 0.32 0.32 78,100 254,835 18 PELANGI PUBLISHING GROUP BHD 0.47 0.47 0.51 0.54 40.11 0.49 0.50 0.51 0.51 9,000 17,350 19 IDEAL UNITED BINTANG INTERNA 0.62 0.62 0.67 0.73 41.12 0.64 0.66 0.68 0.68 7,000 1,410 20 SIN HENG CHAN (MALAYA) BHD 0.46 0.46 0.53 0.59 38.91 0.55 0.53 0.54 0.56 3,000 2,005 Raw data sourced from Bloomberg S Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 17, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2
  27. Tuesday , 17 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only As i an Te ch n ic al R ep o r ts 1. Fore i gn Te ch n i ca l St o c k W at ch ( A US ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
  28. Technical View Tuesday , April 17, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Australia ASX: 5,841.34 (+12.26, +0.21%) Chartist: Stephen Soo Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIE LD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIR WAYS SIMS METAL MGMT Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD Change High Low 16-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal 5841.30 12.22 5867.60 5829.10 5704.77 5843.78 5982.79 45.91 5798.91 5878.32 5904.97 22.91 25.97 15.83 (3.06) -32.14 -37.90 5.758 SELL BUY 29.98 77.96 72.62 28.95 26.72 28.63 41.07 30.52 20.08 8.72 4.50 9.74 9.23 4.76 5.93 104.54 13.58 18.80 7.69 8.88 14.01 3.93 2.66 17.51 5.84 15.06 0.25 -0.25 -0.54 0.06 0.01 0.11 0.03 0.20 -0.02 0.04 -0.04 -0.03 0.20 -0.02 0.02 0.33 -0.02 0.09 0.07 0.09 -0.05 -0.02 0.07 0.01 -0.11 -0.13 30.38 79.30 73.55 29.17 26.95 28.92 41.38 30.75 20.18 8.74 4.62 9.77 9.36 4.81 5.98 104.81 13.68 18.94 7.78 8.89 14.12 3.96 2.69 17.65 5.95 15.24 29.77 77.43 72.61 28.85 26.66 28.53 40.94 30.38 20.01 8.70 4.48 9.67 9.11 4.71 5.91 103.67 13.53 18.75 7.65 8.77 13.96 3.92 2.58 17.43 5.80 15.00 28.11 71.81 71.18 28.31 26.15 28.14 40.36 28.34 19.37 8.38 4.14 9.42 8.60 4.65 4.58 100.25 13.25 17.57 6.95 8.61 13.82 3.91 2.26 16.82 5.80 13.69 28.94 74.94 73.67 29.11 27.32 28.94 41.98 29.49 19.79 8.61 4.52 9.68 8.90 5.02 5.44 103.58 13.51 18.23 7.26 8.80 14.11 4.04 2.43 17.44 5.97 14.85 29.76 78.07 76.16 29.92 28.50 29.73 43.61 30.65 20.21 8.85 4.90 9.93 9.19 5.38 6.30 106.91 13.78 18.88 7.57 8.99 14.39 4.17 2.60 18.05 6.14 16.02 57.09 60.98 43.01 40.07 34.51 39.30 41.76 59.32 47.32 51.26 48.05 49.29 55.73 28.61 71.94 54.29 53.78 58.37 65.56 49.39 47.82 38.62 65.10 52.90 53.20 51.32 28.91 74.80 73.25 28.97 26.81 28.72 41.52 29.94 19.84 8.67 4.37 9.60 8.83 4.85 5.82 102.41 13.45 18.18 7.34 8.86 14.08 4.01 2.46 17.21 5.97 14.45 29.00 29.55 31.97 24.80 12.31 7.17 75.15 76.87 36.18 25.53 21.01 10.65 74.50 75.19 19.26 27.59 22.99 (8.34) 29.49 29.92 22.01 24.97 20.38 (2.96) 27.71 27.92 16.95 29.16 28.76 (12.21) 29.33 29.31 19.58 25.74 16.97 (6.15) 41.65 41.57 21.81 25.68 13.50 (3.87) 29.25 29.93 25.11 14.55 19.19 10.57 20.27 21.04 27.30 28.47 25.01 (1.17) 8.63 8.69 27.64 23.22 24.39 4.42 4.61 4.82 20.39 27.66 31.88 (7.27) 9.78 10.07 20.01 23.20 27.25 (3.20) 8.86 8.91 21.86 20.65 11.31 1.21 5.12 5.17 6.72 33.67 41.80 (26.95) 5.27 5.18 46.94 12.89 34.70 34.05 103.78 103.30 21.19 21.32 14.79 (0.13) 13.60 13.51 21.26 15.72 13.91 5.53 18.27 18.43 29.07 17.64 18.32 11.44 7.22 7.34 33.06 15.59 17.61 17.47 8.82 8.70 23.49 18.92 19.49 4.57 14.12 14.17 25.01 22.18 11.07 2.84 4.05 4.04 18.17 27.35 10.26 (9.18) 2.39 2.35 31.82 13.95 23.88 17.87 17.51 17.39 27.46 26.90 14.86 0.57 5.94 5.70 23.16 19.86 25.30 3.30 15.30 15.86 22.74 28.45 30.00 (5.71) -0.04 -0.11 -0.63 -0.28 -0.38 -0.23 -0.13 0.19 -0.29 0.01 -0.12 -0.12 -0.01 -0.13 0.25 -0.19 -0.02 0.02 0.06 0.04 -0.03 -0.03 0.05 -0.08 0.08 -0.37 -0.21 -0.68 -0.75 -0.34 -0.37 -0.22 -0.05 0.01 -0.42 -0.01 -0.14 -0.16 -0.03 -0.10 0.19 -0.25 -0.03 -0.08 0.00 0.05 -0.04 -0.02 0.04 -0.06 0.09 -0.48 0.164 0.573 0.123 0.059 (0.017) (0.004) (0.087) 0.180 0.132 0.029 0.025 0.036 0.020 (0.025) 0.058 0.061 0.015 0.097 0.059 (0.005) 0.013 (0.006) 0.017 (0.021) (0.012) 0.107 BUY BUY SELL SELL SELL SELL SELL BUY SELL BUY SELL SELL BUY SELL BUY SELL BUY BUY BUY BUY BUY SELL BUY BUY BUY SELL BUY BUY BUY BUY SELL SELL SELL BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY SELL BUY SELL SELL BUY The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Page 1 of 3
  29. 17-Apr-18 Corporate News : Origin Energy’s more-focused business strategy, energy market, volume gains and lower debt will drive growth this year. – Bloomberg. Technical Comments: Bullish technical momentum should boost upside momentum on Origin Energy shares to re-test the peak of 09/01/18 (AUD9.78), with a confirmed breakout to challenge AUD10.90 and AUD11.60, the respective 123.6% and 138.2%, Fibonacci Projection levels. Key uptrend support is capped at 61.8%FR (AUD7.95). ORIGIN ENERGY AUD9.23 (+0.20) BOLLINGER BANDS Upper Middle Lower AUD AUD AUD SIMPLE MOVING AVERAGES 9.21 8.92 8.61 10-day 30-day 50-day DMI Recent Signal AUD AUD AUD 8.88 8.86 8.90 DAILY MACD BUY Recent Signal BUY Page 2 of 3
  30. 17-Apr-18 INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Stock Name Ticker BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUS TR WBC AU WE S TP AC BANKING ANZ AU AUS T AND NZ BANK NAB AU NATL AUS T BANK WE S AU WE S FARME RS LTD WP L AU WOODS IDE P E TRO NCM AU NE WCRE S T MINING WFD AU WE S TFIE LD GROUP FMG AU FORTE S CUE ME TALS QBE AU QBE INS URANCE ORG AU ORIGIN E NE RGY AMP AU AMP LTD S TO AU S ANTOS LTD MQG AU MACQUARIE GROUP S UN AU S UNCORP GROUP LT ORI AU ORICA LTD OS H AU OIL S E ARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD S GP AU S TOCKLAND AWC AU ALUMINA LTD CP U AU COMP UTE RS HARE LT QAN AU QANTAS AIRWAYS S GM AU S IMS ME TAL MGMT Close Target Price % upside 29.98 77.96 72.62 28.95 26.72 28.63 41.07 30.52 20.08 8.72 4.50 9.74 9.23 4.76 5.93 104.54 13.58 18.80 7.69 8.88 14.01 3.93 2.66 17.51 5.84 15.06 31.24 80.82 79.85 33.26 30.39 32.31 42.81 33.29 21.78 9.68 5.20 11.08 9.80 5.44 5.54 105.65 14.05 17.78 7.98 8.50 15.39 4.48 2.47 16.43 6.55 16.29 4% 4% 9% 13% 12% 11% 4% 8% 8% 10% 13% 12% 6% 12% -7% 1% 3% -6% 4% -4% 9% 12% -8% -7% 11% 8% EPS ($) PER(x) Div Yield(%) 52week Price 2017 2018 2017 2018 2017 2018 High Low % Chg YTD 1.64 4.90 5.60 2.46 2.34 2.27 2.43 1.50 0.38 0.35 0.41 0.54 0.60 0.35 0.25 7.18 0.79 0.93 0.26 0.54 0.64 0.33 0.15 0.64 0.62 0.99 1.46 4.48 5.85 2.47 2.42 2.47 2.47 1.51 0.89 0.38 0.38 0.66 0.75 0.37 0.26 7.59 0.97 1.12 0.29 0.55 0.71 0.35 0.13 0.72 0.64 1.08 14.2 12.4 13.0 11.8 11.4 12.6 16.9 15.8 40.7 19.4 8.5 14.0 15.4 13.6 18.5 14.6 17.2 20.2 22.6 16.6 16.9 11.8 13.4 21.4 9.5 15.3 16.0 13.5 12.4 11.7 11.0 11.6 16.6 15.7 17.5 18.0 9.1 11.4 12.3 12.9 17.7 13.8 14.0 16.9 20.6 16.0 15.3 11.2 16.4 18.9 9.1 13.9 3.796 3.957 5.974 6.625 6.022 6.916 5.291 3.968 0.797 3.016 4.933 3.665 0.347 6.176 0.405 4.851 5.331 2.622 1.560 5.034 3.326 6.794 5.526 1.833 2.414 3.459 3.362 3.395 6.157 6.777 6.186 6.860 5.354 3.873 1.205 3.131 5.022 4.405 2.329 6.429 1.130 5.174 5.626 3.101 1.691 5.135 3.726 7.048 4.962 1.987 2.483 3.692 32.16 82.73 87.74 35.30 32.95 34.09 45.02 34.59 24.27 9.77 6.07 13.62 9.78 5.49 6.20 107.68 15.24 21.39 8.13 10.80 16.78 4.98 2.69 18.36 6.53 18.05 22.06 56.72 71.45 28.32 26.21 28.01 39.52 27.85 19.26 7.28 4.18 9.41 6.71 4.71 2.87 82.28 12.43 16.91 6.15 7.52 13.71 3.92 1.67 13.46 3.89 11.28 1.39 2.84 -9.61 -7.66 -7.03 -3.18 -7.54 -6.71 -12.01 -8.11 -7.79 -8.80 -2.02 -8.29 8.81 4.93 -2.02 3.87 -1.28 4.35 -9.14 -12.28 9.47 7.42 15.87 -4.50 Note: The above data is based on Bloomberg consensus Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 17, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 3 of 3