Bursa Malaysia Daily Market Report - 17 March

Transcription

1. Friday , 17 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. Berjaya Sports Toto Berhad: Additional GST Adjustments in 3QFY17 2. Top Glove Corporation Bhd: QoQ Improvements Amidst Challenging Backdrop Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS, HK & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Friday, 17 March 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (16.03.2017) Volume (mil) +/-chg (RMmn) Main Market 2,388.4 -255.7 3,445.3 Warrants 253.6 49.1 34.7 ACE Market 742.2 316.8 135.3 Bond 15.2 -13.8 2.8 ETF 0.0 0.00 0.0 Total 3,399.5 3,618.1 Off Market 11.8 -81.6 7.1 Value +/-chg 1331.1 12.1 41.3 -0.9 0.01 -215.2 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP March Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA Value/ Volume 1.44 0.14 0.18 0.18 1.44 1.06 0.61 Up Down 474 192 110 59 72 29 8 6 2 0 666 286 % chg % YTD chg 1,737.14 12,277.24 16,816.99 1,744.00 19.78 133.61 131.74 21.00 1.15 1.10 0.79 1.22 5.81 7.07 14.28 6.63 20,934.55 5,900.76 7,415.95 19,590.14 2,150.08 24,288.28 3,163.52 1,557.05 5,518.24 3,268.94 2,046.31 5,785.79 -15.55 0.71 47.31 12.76 17.08 495.43 26.09 16.25 85.86 27.17 19.55 11.79 -0.07 0.01 0.64 0.07 0.80 2.08 0.83 1.05 1.58 0.84 0.96 0.20 5.93 9.62 3.82 2.49 6.10 10.40 9.82 0.91 4.18 5.33 3.92 2.12 Review & Outlook Bursa Malaysia blue chips rallied on Thursday, fueled by finance, gaming and plantation stocks, helped by the less hawkish tone from the US Federal Reserve which lifted the ringgit and oil prices. The KLCI surged 19.78 points to close near session highs at 1,737.14, off an opening low of 1,726.12, as gainers overcame losers 666 to 286 on better trade totaling 3.4bn shares worth RM3.62bn. Encouraged by further strength in the ringgit and firming crude oil prices, the local benchmark may climb further to fresh 19-month highs to extend yesterday's bullish breakout. Next upside hurdles for the index are at 1,744, the 3/8/15 peak, and 1,758, the 23.6%FR of the 1,310 to 1,896 upswing, followed by 1,782. Immediate uptrend supports are revised upwards to 1,722 and 1,708, representing the rising 10 and 30-day moving averages. Hook-up momentum indicators on Bumi Armada implies good rebound potential towards the 38.2%FR (74sen), with a confirmed breakout to aim for the 50%FR (81sen) and 61.8%FR (88sen) ahead. Key chart support from the 100-day ma (65sen) matches the 23.6%FR. Likewise, SapuraKencana should rebound from recent correction towards the 50%FR (RM2.08), while a decisive breakout will target the 38.2%FR (RM2.27), with next upside hurdle from the 23.6%FR (RM2.50). Key retracement support from the 76.4%FR (RM1.66) is reinforced by the 200-day ma (RM1.60). • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market FPGROUP PENERGY IRETEX BINTAI (mn) 2.8 2.5 2.5 1.8 @ @ @ @ (RM) 0.70 0.93 0.03 0.22 Exchange Rate USD/MYR 4.4374 -0.0118 USD/JPY 113.49 -1.1600 EUR/USD 1.072 0.0100 Counter Mkt Cap. (RM’mn) MAYBANK 90,211 TENAGA 77,550 PBBANK 76,767 SIME 63,248 IHH 49,967 CIMB 49,574 MAXIS 48,066 AXIATA 43,160 DIGI 40,041 PETGAS 39,179 Chg (RM) 0.10 0.04 0.02 0.17 0.13 0.23 0.03 0.14 0.03 0.04 Vol. (mn) 34.04 6.72 11.54 11.19 7.33 49.45 2.67 12.06 7.47 1.04 Commodities Futures Palm Oil (RM/mt) 2,793.00 48.00 Crude Oil ($/Barrel) 48.77 -0.19 Gold ($/tr.oz.) 1,226.10 6.50 Important Dates IOIPG - 1:4 Rights Issue - RI of up to 1,109.9m shares. 1 rights share for every 4 existing shares held, at an issue price of RM1.38 per rights share. Application Closed: 17/03/2017. LISTING ON: 31/03/2017. • • • • • • • • • News Bites YTL Power International Bhd's unit, Attarat Power Co's USD2.1bn oil shale power project in Jordan has reached financial close for the project to construct the first oil shale-fired power station and open cast mine in Jordan. Tenaga Nasional Bhd has signed a large-scale solar power purchase agreement with a Mudajaya Group Bhd's unit Sinar Kamiri Sdn Bhd to design, construct, own, operate and maintain a 49 megawatt AC solar photovoltaic energy generating facility. Berjaya Sports Toto Bhd's net profit dropped 18% YoY to RM47.9mn in the 3QFY17 mainly due to a goods and services tax adjustment and higher operating expenses. Eco World Development Group Bhd bagged RM116.2mn in net profit for its 1Q17, against RM20.7mn last year, lifted by RM94.8 million gained from its change of interest in Paragon Pinnacle Sdn Bhd last December. Top Glove Corporation Bhd's 2QFY17 earnings fell 20.6% YoY to RM83.1mn due to sharp increases in raw material prices. TSR Capital Bhd has signed a MoU with Terusan Al-Maju Sdn Bhd to develop 76 acres of land in Langkawi, Kedah into a high-end mixed development. AirAsia Bhd has revived its earlier plan to buy the private jet used by its group chief executive officer Tan Sri Tony Fernandes and executive chairman Datuk Kamarudin Meranun, entering another sale and purchase agreement similar to the one inked in June last year Kuwait Finance House Malaysia Bhd has appointed six new senior executives, in a management shake-up aimed at bolstering its performance. Bumi Armada Bhd has established a second JV company with Shapoorji Pallonji and Co Pte Ltd to support its earlier JV company in owning and undertaking the engineering, procurement and construction of a FPSO vessel. Nova MSC Bhd announced that it will not place out some 68.0mn shares, less than half of the initial planned 155mn placement shares, to third party investors as the deadline of the exercise lapsed. Willowglen MSC Bhd has bagged a secondary remote terminal project worth RM7.8mn from Tenaga Nasional Bhd. The People's Bank of China set its official yuan midpoint at 6.8862 per dollar prior to the market open on Thursday, 253 pips or 0.37% firmer than the previous fixing, the biggest percentage rise in nearly two months. The Bank of Japan retained the -0.1% interest rate on current accounts that financial institutions maintain at the bank and sustained the bank's target of raising the amount of outstanding Japan government bond holdings at an annual pace of about JPY 80 trillion. DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Friday , March 17, 2017 FBMKLCI: 1,737.14 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 p Daily Brief Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Market View Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my Bullish Breakout Extension on Firmer Ringgit & Oil Price Bursa Malaysia blue chips rallied on Thursday, fueled by finance, gaming and plantation stocks, helped by the less hawkish tone from the US Federal Reserve which lifted the ringgit and oil prices. The KLCI surged 19.78 points to close near session highs at 1,737.14, off an opening low of 1,726.12, as gainers overcame losers 666 to 286 on better trade totaling 3.4bn shares worth RM3.62bn. Uptrend Supports Revised Upward to 1,722/1,708 Encouraged by further strength in the ringgit and firming crude oil prices, the local benchmark may climb further to fresh 19-month highs to extend yesterday’s bullish breakout. Next upside hurdles for the index are at 1,744, the 3/8/15 peak, and 1,758, the 23.6%FR of the 1,310 to 1,896 upswing, followed by 1,782. Immediate uptrend supports are revised upwards to 1,722 and 1,708, representing the rising 10 and 30-day moving averages. Buy Bumi Armada & SapuraKencana Hook-up momentum indicators on Bumi Armada implies good rebound potential towards the 38.2%FR (74sen), with a confirmed breakout to aim for the 50%FR (81sen) and 61.8%FR (88sen) ahead. Key chart support from the 100-day ma (65sen) matches the 23.6%FR. Likewise, SapuraKencana should rebound from recent correction towards the 50%FR (RM2.08), while a decisive breakout will target the 38.2%FR (RM2.27), with next upside hurdle from the 23.6%FR (RM2.50). Key retracement support from the 76.4%FR (RM1.66) is reinforced by the 200-day ma (RM1.60). Asian Stocks Higher Helped by USD Weakness Shares in Asia see-sawed on Thursday but closed higher, as investors digested monetary policy decisions from the Bank of Japan, the People's Bank of China and the Federal Reserve. The Bank of Japan held monetary policy steady and maintained a positive view on the economy, signaling that no expansion of monetary stimulus was due in the near future, Reuters reported. The Japanese benchmark, Nikkei 225, was up just 0.07 percent or 12.7 points at 19,590.14 as the yen strengthened against a weaker dollar. And the People's Bank of China raised its short-term interest rate by 10 basis points on both medium-term lending facility loans and its open market operation reverse repurchase agreements. This is the third hike in three months, and a day after Chinese officials warned that tackling debt risks would be a priority. China's Shanghai composite finished up 0.86 percent or 27.8 points at 3,269.54 and the Shenzhen composite closed 0.96 percent or 19.5 points higher at 2,046.3. Down Under, the ASX 200 closed up 0.2 percent or 11.8 points at 5,785.8. South Korea's Kospi closed up 0.8 percent or 17.1 points at 2,150.08, while Hong Kong's Hang Seng surged 2.1 percent. During Asian trade, Brent crude futures were up 0.66 percent to USD52.15 a barrel, and U.S. crude gained 0.57 percent to USD49.14. Oil prices climbed on a surprise drawdown in U.S. crude inventories, while the International Energy Agency suggested that the Organization of Petroleum Exporting countries output cuts could create a crude deficit in the first half of 2017. Page 1 of 7
4. TA Securities 17-Mar-17 A Member of the TA Group Wall Street Mostly Lower led by Healthcare & Utilities U.S. stocks closed mostly lower overnight as modest gains in financial stocks failed to offset declines in health care and utilities stocks. Utilities closed nearly 1.1 percent lower as the worst performer in the S&P 500, followed by the health care sector, which lost 0.9 percent. Analysts also attributed the overall health care sector losses to President Donald Trump's budget blueprint that proposed cutting the National Institutes of Health's (NIH) spending by USD5.8 billion. The financial sector closed 0.3 percent higher as the top performer in the S&P. Goldman Sachs and IBM had the greatest positive impact in the Dow Jones average. The euro topped USD1.07 late Wednesday after the Dutch election gave Prime Minister Mark Rutte a victory over populist rival Geert Wilders. The Dow Jones industrial average closed 15.55 points lower, or 0.07 percent, at 20,934.55. Chevron and 3M contributed the most to losses, while Goldman Sachs and IBM had the greatest positive impact. The S&P 500 lost 3.88 points, or 0.16 percent, at 2,381.38. Utilities led seven sectors lower, while financials were the top advancer. The Nasdaq composite closed up 0.71 points, or 0.01 percent, at 5,900.76. Page 2 of 7
5. TA Securities 17-Mar-17 A Member of the TA Group News In Brief Corporate YTL Power International Bhd ’s unit, Attarat Power Co’s (APCO) USD2.1bn (RM9.3bn) oil shale power project in Jordan has reached financial close for the project to construct the first oil shale-fired power station and open cast mine in Jordan. YTL Power, said the building of the 554-megawatt gross/470 MW net oil shale-fired mine mouth power station will start shortly and the power station was scheduled to start operation in mid-2020. APCO is owned 45% each by YTL Power and Guangdong Yudean Group Co Ltd of China and 10% by Eesti Energia of Estonia. (StarBiz) Tenaga Nasional Bhd has signed a large-scale solar power purchase agreement (PPA) with a Mudajaya Group Bh’s unit Sinar Kamiri Sdn Bhd. In the agreement, Sinar Kamiri would design, construct, own, operate and maintain a 49 megawatt AC solar photovoltaic energy generating facility in Sungai Siput, Kuala Kangsar, Perak The PPA’s commercial operation date is Aug 31, 2018. The agreement governs the obligations of the parties to sell and purchase the energy generated by the facility for 21 years from the commercial operation date. (Bursa Malaysia / The Edge) TSR Capital Bhd has signed a Memorandum of Understanding (MoU) with Terusan Al-Maju Sdn Bhd to develop 76 acres of land in Langkawi, Kedah into a high-end mixed development. The project will include the development of residential, commercial, resort and hotel, and corporate buildings to cater to the tourism and service industry. The salient points of the MoU also include the Parties agreeing to share the assets and liabilities, development cost, profit and loss and the rights and responsibilities in the proposed Project in accordance to 60% (Terusan) and 40% (TSR). (Bursa Malaysia / The Edge) AirAsia Bhd has revived its earlier plan to buy the private jet used by its group chief executive officer Tan Sri Tony Fernandes and executive chairman Datuk Kamarudin Meranun, entering another sale and purchase agreement similar to the one inked in June last year. Ithad signed a deal on Thursday to buy the Bombardier BD-700-1A10 Global Express aircraft from charter provider Caterhamjet Global Ltd for the similar cash consideration of USD10mn (RM44.4mn). (Bursa Malaysia / StarBiz) Kuwait Finance House Malaysia Bhd (KFH Malaysia) has appointed six new senior executives, in a management shake-up aimed at bolstering its performance. The six are Momtaz M. Saif (chief strategy, project management office and communications officer), Julio Francis Lobo (chief retail banking officer), Khalid Jaafar (chief credit officer), Mark Peile (director of business performance and analytics), Liu Shoua Fan (director of business process reengineering and innovation) and Dilip D.S. (director of sales and distribution). It is understood that except for Lobo and Khalid's positions, the other four are newly-created positions. (Bursa Malaysia / The Edge) Bumi Armada Bhd has established a second joint venture (JV) company with Shapoorji Pallonji and Co Pte Ltd to support its earlier JV company in owning and undertaking the engineering, procurement and construction of a floating production, storage and offloading (FPSO) vessel. The agreement to establish Aramada 98/2 Pte Ltd as a JV company was signed between the group's wholly-owned subsidiary Bumi Armada Offshore Holdings Ltd and SP Engineering Services Pte Ltd, an indirect subsidiary of Shapoorji Pallonji. Armada 98/2 has also entered into a bareboat charter with the initial JV company, Shapoorji Pallonji Bumi Armada Godavari Pte Ltd, in the event the latter is successfully awarded an FPSO project, Bumi Armada said. (Bursa Malaysia / The Edge) Dialog Group Bhd’s 88%-indirectly owned unit, Fitzeroy Engineering Group Ltd, has acquired the remaining 50% equity interest in steel-related works provider Fineline Services Ltd for RM2.1mn. Dialog said the acquisition of Fineline, which currently supports and complements Dialog’s business activities in New Zealand, would enable the latter to restructure and integrate the operation of Fitzeroy and Fineline to optimise the business Page 3 of 7
6. TA Securities 17-Mar-17 A Member of the TA Group growth there . (Bursa Malaysia / The Edge) Blackstone Group LP plans to sell one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Bhd., according to people familiar with the matter. The New York-based private equity firm expects to fetch about SGD300mn for the Sime Darby Centre in the Bukit Timah area, which it bought for just under SGD200mn, said one of the people, who asked not to be identified because the information isn’t public. CBRE Group Inc. is advising Blackstone on the sale, the people said, without identifying any of the prospective buyers. (Bursa Malaysia / The Edge) Nova MSC Bhd announced that it will not place out some 68.0mn shares, less than half of the initial planned 155mn placement shares, to third party investors as the deadline of the exercise lapsed. In addition, the loss-making information technology solutions provider also said it would not be placing out the remaining shares to the third party investors due to the "prevailing market conditions".(Bursa Malaysia / The Edge) Berjaya Sports Toto Bhd's (BToto) net profit dropped 18% to RM47.9mn in the third quarter ended Jan 31, 2017, from RM58.4mn in the previous year, mainly due to a goods and services tax adjustment and higher operating expenses. For its cumulative nine months, the group's net profit decreased 16% to RM168.8mn compared to RM201.5mn in the previous year. BToto said intense competition from illegal gaming activities coupled with rising costs, which lead to weaker consumer sentiments, continue to post challenges to its businesses. (Bursa Malaysia / The Edge) Eco World Development Group Bhd (EcoWorld) bagged RM116.2mn in net profit for its financial quarter ended 31 Jan, 2017, against RM20.7mn last year, lifted by RM94.8 million gained from its change of interest in Paragon Pinnacle Sdn Bhd last December. Excluding the gain on dilution of equity interest in Paragon Pinnacle, profit after tax for the current financial period was RM21.4mn, which is 3.38% higher than the RM20.7mn reported in 1QFY16. (Bursa Malaysia / The Edge) Top Glove Corporation Bhd posted earnings of RM83.1mn in the second quarter ended Feb 28, 2017, which was lower than a year ago but an improvement from the Q1 and foresees an increasingly challenging business environment. Its earnings fell 20.6% to RM83.1mn in 2QFY17 from RM104.6mn a year ago due to sharp increases in raw material prices. For the first half, its earnings were down 32.8% at RM156.4mn from RM233.0mn in the previous corresponding period due to higher raw material prices.(Bursa Malaysia / StarBiz) Willowglen MSC Bhd has bagged a secondary remote terminal project worth RM7.8mn from Tenaga Nasional Bhd. The group said the contract is for the supply, installation, testing and commissioning of a secondary remote terminal unit for a motorised ring main unit substation. The contract commenced on March 15 and will be completed on March 14, 2019 and is non-renewable, it added. (Bursa Malaysia / The Edge) SYF Resources Bhd saw its net profit for the second quarter ended Jan 31, 2017 rise 0.4% to RM10.5mn, from RM10.4mn a year earlier. The group said the rise was marginal due to additional developments costs incurred for on-going projects, namely Kiara Plaza and Lavender Residence. For the first six months of FY17, SYF posted a net profit of RM22.2mn, an increase of 4.3% from RM21.3mn in 1HFY16. (Bursa Malaysia / The Edge) Magni-Tech Industries Bhd’s net profit for the third quarter ended Jan 31, 2017 (3QFY17) rose 13.4% to RM29.6mn from RM26.1mn a year earlier, driven mainly by higher revenue, higher foreign exchange gain and on-going productivity improvement. (Bursa Malaysia / The Edge) Page 4 of 7
7. TA Securities 17-Mar-17 A Member of the TA Group News In Brief Economy Asia China 's Yuan Firms, Bolstered by Hike in Short-Term Rates Supported by China's central bank raising short term interest rates, the yuan firmed as the dollar lost ground all round after the Federal Reserve raised its policy rate while sounding less hawkish about future interest rate increases. The People's Bank of China set its official yuan midpoint at 6.8862 per dollar prior to the market open on Thursday, 253 pips or 0.37% firmer than the previous fixing, the biggest percentage rise in nearly two months. In the spot market, the yuan opened at 6.8950 per dollar and was changing hands at 6.8937 at midday, 198 pips, or 0.29%, firmer than the previous late session close but 0.11% weaker than the midpoint. The offshore yuan was trading 0.34% firmer than the onshore spot at 6.87 per dollar. China's central bank raised short-term interest rates in what economists said was a bid to stave off capital outflows and keep the yuan currency stable after the Fed raised U.S. rates overnight. Elsewhere, Hong Kong's central bank raised its benchmark interest rate by a quarter point for the second time in three months, following a similar move by the U.S. Federal Reserve and said capital outflows will not pose challenges for the economy. While the Fed's move was widely anticipated, economists said the future path for tightening would be more gradual, sparking a rally in risky assets from stocks to emerging market currencies. Norman Chan, the chief executive of the Hong Kong Monetary Authority, the territory's de facto central bank, said he was not worried about capital outflows, as they would happen naturally as U.S. interest rates rise. The Hong Kong Monetary Authority raised the base rate charged through its overnight discount window by 25 basis points to 1.25%. Hong Kong tracks U.S. rate moves as its currency is pegged to the U.S. dollar. (Reuters, The Star) Australia Inflation Expectations Fall Slightly in March Inflation expectations in Australia eased marginally in March, survey data from the Melbourne Institute showed. The expected inflation rate over the next twelve months dropped by 0.1 percentage points to 4.0% in March from 4.1% in February. In March, the weighted proportion of respondents expecting the inflation rate to fall within the 0-5% range decreased by 2.0 percentage points to 68.1%. The weighted mean of responses within this range was unchanged relative to last month at 2.5%. Separately, the unemployment rate in Australia climbed to a seasonally adjusted 5.9% in February, missed forecasts for 5.7%, which would have been unchanged from January. The Australian economy lost 6,400 jobs last month to 11,998,800 versus expectations for the addition of 16,000 jobs following the gain of 13,700 in January. Full-time employment increased 27,100 to 8,158,900 and part-time employment decreased 33,500 to 3,840,000. Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300. (RTT News) BoJ Keeps Monetary Policy Unchanged The Bank of Japan decided to leave its monetary stimulus unchanged after the U.S. Federal Reserve resorted to another rate hike. Governor Haruhiko Kuroda and his board members decided by a 7-2 vote to maintain the central bank's target of raising the amount of outstanding Japan government bond holdings at an annual pace of about JPY 80 trillion. The BoJ board also voted to retain the -0.1% interest rate on current accounts that financial institutions maintain at the bank. The central bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent. The bank expects inflation to increase from about zero percent and become slightly positive, reflecting developments in energy prices. Inflation is forecast to rise toward 2 percent target thereafter. (RTT News) U.S. U.S. Housing Starts Jump; Weekly Jobless Claims Fall U.S. homebuilding jumped in February likely as unseasonably warm weather boosted the construction of single-family houses to near a 9-1/2-year high, suggesting the economy Page 5 of 7
8. TA Securities 17-Mar-17 A Member of the TA Group remained on solid ground despite an apparent slowdown in the first quarter . Other data showed a drop in the number of Americans filing new applications for unemployment benefits last week, pointing to a further tightening in the labor market. The fairly upbeat data came a day after the Federal Reserve raised interest rates for the third time since the 2008 financial crisis. Fed Chair Janet Yellen told reporters that the U.S. central bank was sending a message that "we have confidence in the robustness of the economy and its resilience to shocks." Housing starts increased 3.0% to a seasonally adjusted annual rate of 1.29 million units last month, the Commerce Department said. Economists had forecast groundbreaking activity rising to a rate of 1.26 million units. Homebuilding was up 6.2% compared to February 2016. Single-family homebuilding, which accounts for the largest share of the residential housing market, surged 6.5% to a pace of 872,000 units last month, the highest level since October 2007. Single-family starts rose in the West, Northeast and Midwest, but fell in the South. Starts for the volatile multi-family housing segment fell 3.7% to a pace of 416,000 units. A robust labor market is supporting the housing market, helping it to buck weakness in other parts of the economy. In a separate report, the Labor Department said initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 241,000 for the week ended March 11. It was the 106th straight week that claims remained below 300,000, a threshold associated with a healthy labor market. That is the longest stretch since 1970, when the labor market was much smaller. The labor market is near full employment. Job growth has averaged 209,000 per month over the past three months and the unemployment rate is at 4.7%, close to the nine-year low of 4.6% hit last November. (Reuters) Philly Fed Index Pulls Back Off 33-Year High in March Philadelphia-area manufacturing activity grew at a slower rate in the month of March, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday. The Philly Fed said its diffusion index for general activity fell to 32.8 in March from 43.3 in February, although a positive reading still indicates growth. The index had been expected to drop to 30.0. The pullback by the Philly Fed's index of regional manufacturing activity came after it jumped to its highest level in over thirty years in the previous month. However, the Philly Fed noted that the survey's other broad indicators for new orders, shipments, and employment all improved or were steady. The report said the new orders index inched up to 38.6 in March from 38.0 in February, while the shipments index rose to 32.9 from 28.6. The employment index also jumped to 17.5 in March from 11.1 in February, reaching its highest level since November of 2014. Indicating an increase in pricing pressure, the prices paid index soared to 40.7 in March from 29.9 in February and the prices received index surged up 20.6 from 10.6. (RTT News) Fitch: Fed Embarks on New Phase of Normalisation The US Federal Reserve's (the Fed) decision to hike interest rates by 25bps represents the beginning of a new phase of US monetary policy normalization, says Fitch Ratings. The prediction for three hikes in 2017 in the Federal Open Market Committee's (FOMC) December 2016 Summary of Economic Projections was initially met with some skepticism in financial markets. However, by moving rates up again so quickly, the Fed now looks well on track to deliver. Two rate hikes within the space of just over three months and some marginal toughening up of the statement on forward guidance underscore the contrast with the glacial and hesitant approach to unwinding stimulus seen in the past few years. More broadly, Fitch believes that the recent US rate hikes could mark the beginning of a significant shift in the global interest rate environment, with benchmark US policy rates settling higher over the long term than current market expectations. The decision to raise the Fed Funds target rate to 0.75%-1.00% marks the second rate hike in just over three months. This represents a major acceleration in Fed action. Fitch now expects a total of seven hikes in 2017 and 2018, bringing the policy rate to 2.50%. This contrasts with just two rate hikes in total between the end of 2008 and 2016. (The Star) Page 6 of 7
9. TA Securities 17-Mar-17 A Member of the TA Group U .K. Bank of England Votes 8-1 to Hold Interest Rate at 0.25% The Bank of England (BOE) held interest rates at the record low level of 0.25% and maintained asset purchases at £435 billion. The decision, which was made by an 8-1 majority, had been as good as unanimously anticipated by central bank watchers with many expecting the BOE to err on the side of caution until more clarity emerges on the Brexit process and the U.K. economy's capacity to manage outside of the European Union (EU). The fact that the sole dissenter, Kristin Forbes, will be leaving the Bank in June 2017 did not deter currency traders from sending sterling immediately higher to trade at around $1.234, having hovered at an average level of around 1.227 for much of the morning. BOE governor Mark Carney has repeatedly emphasized his rate-setting board's willingness to ignore a certain level of above-target inflation prompted by the sharp plunge in sterling of around 18% since the Brexit vote last June. This came amid arguments from many sides that the current strength of the economy warrants a rate hike. The resilience of the U.K. economy has defied expectations in recent months with several bouts of stronger-thananticipated data since last June's referendum, largely propelled by a seemingly irrepressible consumer. In light of the positive surprises, the government recently revised its forecasts for domestic growth in 2017 sharply higher. However, cautionary signs have appeared in recent weeks with mounting evidence of a consumer spending slowdown compounded by this week's data showing a further squeeze on real incomes. (CNBC) Europe Eurozone Inflation Accelerates as Estimated in February Eurozone inflation accelerated, as estimated, at the fastest pace in more than four years in February, final data from Eurostat showed. Headline inflation accelerated to 2 in February from 1.8% in January. The rate came in line with the flash estimate published on March 2. Inflation exceeded the central bank target. A similar rate was last seen in January 2013 and was the highest since December 2012, when inflation was 2.2%. The European Central Bank targets inflation 'below, but close to 2%. Month-on-month, consumer prices gained 0.4% in February. Excluding energy, food, alcohol and tobacco prices, core inflation held steady at 0.9% in February, matching preliminary estimate. (RTT News) Share Buy-Back: 16 Mar 2017 Company BKAWAN FIAMMA P&O SIGN SUPERMX TNLOGIS WTHORSE Bought Back Price (RM) Hi/Lo (RM) 6,400 400,000 47,200 140,000 1,000,000 32,100 51,000 19.36/19.32 0.58 1.26 0.90/0.885 2.02/2.00 1.62/1.61 2.00/197 19.50/19.30 0.58/0.575 1.26/1.25 0.90/0.885 2.03/1.98 1.64/1.61 2.00/197 Total Treasury Shares 31,768,431 13,998,000 9,860,000 9,950,200 12,000,000 8,208,700 10,883,300 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 7 of 7
10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 16-Mar-17 2.05 2.44 6.04 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) FY17 FY18 52weeks 52weeks High Price % Chg Low Price % Chg % Chg YTD 2.36 2.20 5.12 0.98 0.58 1.19 10.8 22.7 17.7 15.8 23.8 27.6 19.0 10.8 34.2 13.0 10.3 21.9 5.8 3.7 1.8 7.7 3.7 3.0 2.44 2.70 7.04 -16.0 -9.6 -14.2 1.95 1.95 4.43 5.1 25.1 36.3 -3.8 14.0 32.2 3.90 3.20 5.00 5.60 14.90 8.60 20.90 4.40 8.50 1.25 0.94 1.27 1.30 0.66 0.93 0.80 1.27 0.67 35.8 29.4 46.4 50.6 101.3 73.7 136.6 49.0 36.4 37.7 33.1 50.6 55.6 109.8 82.8 140.4 51.7 38.2 11.4 9.8 10.4 11.1 13.4 12.0 14.6 10.7 25.6 10.8 8.7 9.6 10.0 12.4 10.7 14.2 10.2 24.4 3.7 2.8 3.3 3.6 3.0 5.6 2.8 2.3 3.6 3.7 2.8 3.7 4.0 3.0 5.6 2.9 2.3 3.6 4.37 2.89 5.03 5.59 13.76 9.20 20.28 5.31 9.43 -6.6 -0.7 -3.6 0.0 -1.2 -3.8 -2.0 -1.1 -1.0 3.60 2.08 3.90 4.11 12.70 7.50 18.48 4.39 8.20 13.3 38.0 24.4 35.9 7.1 18.0 7.6 19.7 13.9 9.7 20.1 12.5 23.9 0.7 7.9 0.8 11.5 5.5 0.45 1.29 5.13 3.46 0.67 1.73 1.88 5.90 0.49 1.45 5.62 3.27 0.58 1.90 1.50 5.58 0.82 0.70 1.03 1.07 1.12 na 1.05 0.14 6.0 12.9 32.9 16.8 9.6 12.6 12.8 44.4 6.0 13.2 36.7 20.9 9.9 12.5 12.7 45.8 7.4 10.0 15.6 20.5 6.9 13.7 14.6 13.3 7.4 9.8 14.0 16.5 6.7 13.8 14.8 12.9 0.0 2.2 2.3 2.7 1.5 3.2 1.6 4.2 2.2 2.2 2.3 2.7 1.5 3.2 1.6 4.2 0.51 1.35 5.17 3.61 0.77 1.81 1.98 6.06 -12.7 -4.6 -0.8 -4.1 -13.6 -4.4 -5.1 -2.6 0.36 0.76 4.59 3.07 0.41 1.42 1.41 5.00 23.6 70.6 11.8 12.7 64.2 21.8 33.3 18.0 2.3 22.9 7.3 8.1 15.7 1.8 8.7 0.3 2.00 2.00 0.47 15.4 15.6 13.0 12.8 5.0 5.0 2.40 -16.7 1.93 3.6 -0.5 14.50 17.58 15.41 21.08 0.58 0.58 69.6 93.1 77.5 20.8 101.9 18.9 18.7 17.3 4.8 4.8 5.3 5.2 15.20 18.74 -4.6 -6.2 12.38 13.60 17.1 29.3 4.2 7.3 2.38 7.57 23.98 76.60 2.90 1.96 4.55 0.89 2.23 9.59 21.63 83.86 4.00 2.08 4.17 1.10 0.43 0.35 0.34 0.38 0.48 0.64 0.47 0.60 6.5 35.9 97.9 291.3 23.5 22.9 12.7 9.6 7.5 40.5 119.6 318.0 26.5 22.9 15.8 13.2 36.6 21.1 24.5 26.3 12.3 8.6 35.9 9.3 31.5 18.7 20.0 24.1 10.9 8.6 28.9 6.7 0.8 4.0 2.6 3.7 5.2 4.1 1.0 5.6 1.0 5.0 3.1 3.9 6.2 4.1 1.1 5.6 3.00 9.58 27.00 81.80 3.08 1.99 4.70 1.07 -20.7 -21.0 -11.2 -6.4 -5.8 -1.5 -3.2 -17.1 2.11 7.31 19.66 73.82 1.92 1.42 4.14 0.78 12.8 3.6 22.0 3.8 51.2 38.0 9.8 13.5 -7.4 3.3 2.1 -2.0 13.7 13.3 5.0 11.3 47.70 54.22 1.03 271.1 271.8 17.6 17.6 5.5 5.5 55.64 -14.3 40.31 18.3 8.0 9.85 5.42 10.34 6.10 1.33 1.25 45.0 25.7 51.0 27.9 21.9 21.1 19.3 19.4 0.5 1.5 0.6 1.7 9.86 5.51 -0.1 -1.5 7.50 4.17 31.4 29.9 24.0 20.0 2.98 0.11 3.81 0.10 0.71 1.14 22.1 0.2 24.6 0.3 13.5 46.6 12.1 34.8 5.4 0.0 6.4 0.0 3.47 0.11 -14.1 -4.5 2.86 0.05 4.2 110.0 0.7 110.0 6.07 4.03 6.40 4.61 0.78 0.51 13.9 13.3 17.9 16.5 43.7 30.2 33.8 24.5 0.7 1.5 0.7 1.9 6.79 4.37 -10.6 -7.8 5.78 3.97 5.0 1.5 -4.4 -3.6 4.80 6.40 2.01 5.20 2.07 4.50 6.80 1.90 5.05 2.55 0.55 0.10 0.37 -0.21 0.30 18.2 35.8 16.2 26.6 4.3 21.2 40.5 18.2 30.2 7.1 26.4 17.9 12.4 19.5 48.3 22.6 15.8 11.0 17.2 29.3 1.7 2.8 2.4 2.6 0.5 2.0 3.2 2.7 2.9 0.9 5.03 7.07 2.88 5.45 2.74 -4.6 -9.5 -30.2 -4.6 -24.5 3.81 5.90 1.98 4.20 1.96 26.0 8.5 1.5 23.8 5.6 -0.6 -2.9 -4.7 -2.8 -12.3 INDUSTRIAL SCIENTX SKPRES 7.33 1.34 8.50 1.75 0.54 0.57 67.9 9.3 78.0 14.4 10.8 14.4 9.4 9.3 2.7 3.3 3.1 5.1 7.57 1.44 -3.2 -6.9 5.56 1.12 31.8 19.6 9.4 3.9 MEDIA ASTRO MEDIA PRIMA STAR 2.88 1.14 2.45 3.30 0.85 1.95 1.06 0.62 0.55 11.9 7.7 15.0 13.5 8.0 15.8 24.1 14.7 16.4 21.4 14.3 15.5 4.3 5.4 7.3 4.5 5.6 7.3 3.02 1.54 2.70 -4.6 -26.0 -9.3 2.56 1.00 2.20 12.5 14.0 11.4 10.8 -0.9 9.4 OIL & GAS EATECH MHB MISC PANTECH PCHEM SKPETRO UMWOG UZMA 0.69 0.92 7.45 0.55 7.28 1.88 0.65 1.76 0.45 0.96 8.16 0.52 7.91 1.92 0.54 1.40 na 1.78 0.87 1.25 1.15 2.41 1.95 1.43 11.5 -0.4 49.5 3.7 34.7 5.3 -14.7 11.3 11.9 1.1 56.1 4.3 39.3 4.6 -12.4 12.2 6.0 na 15.0 14.6 21.0 35.8 na 15.6 5.8 82.4 13.3 12.7 18.5 40.5 na 14.4 4.8 0.0 4.0 2.8 2.6 0.0 0.0 0.0 5.8 0.0 4.0 3.1 3.0 0.0 0.0 0.0 1.25 1.34 9.00 0.55 7.59 2.17 1.04 2.04 -44.8 -31.3 -17.2 0.0 -4.1 -13.4 -37.5 -13.7 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 55.1 9.5 8.3 25.3 22.4 45.7 7.4 35.4 11.3 0.5 1.4 22.5 4.3 16.0 -25.7 3.5 BANKS & FINANCIAL SERVICES AFG 4.08 AFFIN 2.87 AMBANK 4.85 CIMB 5.59 HLBANK 13.60 MAYBANK 8.85 PBBANK 19.88 5.25 RHBBANK BURSA 9.34 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA 1.92 3.18 4.70 24.70 9.30 5.82 Target Price BETA (RM) 1.53 3.88 3.93 22.75 8.24 6.53 1.73 0.49 1.06 0.93 1.25 0.50 EPS (sen) PER (X) FY17 FY18 FY17 FY18 6.3 13.7 18.7 111.8 30.8 25.8 11.1 15.7 21.1 119.1 35.3 32.0 30.3 23.2 25.1 22.1 30.2 22.5 17.3 20.2 22.3 20.7 26.3 18.2 Div Yield (%) FY17 FY18 2.6 2.2 2.1 2.2 2.4 2.7 2.6 2.5 2.6 2.4 3.0 2.7 52weeks 52weeks High Price % Chg Low Price % Chg 2.52 3.74 5.04 25.50 9.33 6.18 -23.8 -15.0 -6.7 -3.1 -0.3 -5.8 1.31 3.18 4.07 22.62 7.10 5.53 46.6 0.0 15.5 9.2 31.0 5.2 % Chg YTD 23.9 -6.5 6.8 2.9 14.8 -3.0 PROPERTY GLOMAC 0.72 0.69 0.64 3.4 7.0 20.7 10.2 5.6 5.6 0.84 -14.9 0.68 5.1 2.9 HUAYANG 1.15 1.09 0.65 20.0 17.4 5.8 6.6 3.5 3.0 1.45 -20.6 1.05 9.5 1.8 IOIPG 1.93 2.10 0.90 14.7 15.3 13.1 12.6 3.6 3.9 2.46 -21.6 1.85 4.5 -1.0 Note: IOIPG 1 for 4 rights issue share, at an issue price of RM1.38 per rights share. Ex-Target price RM1.98. For more detail please refer to 21.11.16 report. MAHSING 1.42 1.60 0.64 14.5 12.5 9.8 11.4 4.2 3.9 1.70 -16.5 1.33 6.8 -0.7 SNTORIA 0.72 0.80 0.31 6.4 9.7 11.3 7.4 1.4 1.4 0.86 -16.3 0.69 4.3 -10.0 SPSETIA 3.39 3.82 0.68 27.7 24.5 12.3 13.8 4.1 4.1 3.59 -5.6 2.80 21.1 8.3 SUNWAY 3.16 3.40 0.50 31.2 33.3 10.1 9.5 3.8 3.8 3.24 -2.5 2.87 10.1 4.3 REIT SUNREIT 1.72 1.79 0.54 8.9 10.1 19.4 17.0 5.2 5.9 1.84 -6.5 1.51 13.9 0.0 CMMT 1.67 1.78 0.62 8.1 8.5 20.6 19.6 5.4 5.6 1.72 -2.9 1.40 19.3 9.2 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.18 23.62 19.80 13.72 1.50 1.45 20.19 19.64 17.19 1.81 na 0.80 0.78 1.02 0.58 6.9 98.4 89.4 129.4 8.8 8.3 102.3 91.6 132.7 10.6 17.0 24.0 22.1 10.6 17.1 14.3 23.1 21.6 10.3 14.2 5.9 3.1 3.2 2.6 6.7 4.9 3.2 3.0 2.6 6.7 1.80 25.70 22.66 14.90 1.64 -34.4 -8.1 -12.6 -7.9 -8.5 1.14 22.16 19.56 13.00 1.38 3.5 6.6 1.2 5.5 8.7 -13.9 -0.8 -7.0 -1.3 0.7 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 4.81 5.15 6.40 6.36 5.25 4.90 5.95 6.95 1.25 0.97 0.73 0.70 16.7 20.8 25.1 21.4 17.6 21.1 25.4 22.3 28.8 24.7 25.5 29.7 27.3 24.4 25.2 28.5 1.8 4.0 3.1 3.0 1.9 4.1 3.1 3.2 5.99 5.15 6.49 6.90 -19.7 0.0 -1.4 -7.8 4.11 4.31 5.36 5.81 17.0 19.5 19.4 9.5 1.9 6.6 7.0 6.9 TECHNOLOGY Semiconductor & Electronics IRIS 0.15 INARI 1.92 MPI 10.14 UNISEM 3.06 0.14 2.05 10.55 3.15 1.25 0.77 0.46 0.77 -1.2 10.7 88.9 26.9 0.9 na 12.8 17.9 101.9 11.4 29.1 11.4 16.6 15.0 9.9 10.5 0.0 2.2 2.3 3.9 0.0 2.6 2.3 3.9 0.24 2.01 10.20 3.07 -37.5 -4.5 -0.6 -0.3 0.10 1.28 6.86 2.12 50.0 49.7 47.8 44.3 36.4 15.7 36.8 29.7 2.88 6.92 3.02 7.68 1.18 1.44 33.5 9.8 34.9 10.2 8.6 70.3 8.3 68.0 0.0 1.4 0.0 1.4 3.30 7.30 -12.7 -5.2 1.73 5.76 66.5 20.1 25.8 14.2 1.64 3.85 1.88 4.51 0.85 0.71 15.5 19.3 21.7 17.4 10.6 19.9 7.6 22.1 3.4 3.8 4.3 3.4 1.76 4.59 -6.8 -16.1 1.22 3.74 34.4 2.9 3.1 -10.5 TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 19.12 OCBC 9.63 UOB 21.78 PLANTATIONS WILMAR IFAR 3.66 0.53 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) FY17 FY18 52week 52week High Price % Chg Low Price % Chg % Chg YTD 16.70 8.50 19.40 1.21 1.13 1.08 173.8 87.8 195.7 190.2 11.0 92.5 11.0 209.4 11.1 10.1 10.4 10.4 3.1 5.7 3.2 3.1 6.7 3.2 19.4 9.8 22.0 -1.3 -1.5 -0.8 14.63 8.84 17.41 30.7 17.3 25.1 10.3 8.0 6.8 3.45 0.51 0.91 1.12 28.9 3.9 31.1 4.3 11.8 12.4 2.2 1.8 2.5 2.0 4.0 0.6 -8.5 -15.2 2.96 0.44 23.6 20.5 1.9 1.0 12.6 13.5 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
12. R E S U L T S UPDATE TA Securities Friday , 17 March 2017 FBM KLCI: 1,737.14 Sector: Gaming A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Berjaya Sports Toto Berhad TP: RM3.81 (+27.7%) Last traded: RM2.98 Additional GST Adjustments in 3QFY17 BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my Review Stripping off forex gains and other exceptional items totalling RM21.8mn, BJToto’s 9HFY17 core profit came in at RM190.7mn, representing 57% of our full-year estimates and 59% of consensus forecast. This disappointing results performance was due to higher-than-expected GST as the company made an additional GST adjustment of RM15.6mn in 3QFY17. For this quarter, the company declared a third interim dividend of 3 sen/share, bringing the YTD total dividend to 11 sen/share. This was lower than 14sen/share (i.e.: 2.5 sen cash and 11.5 sen share dividends) declared in the same period last year. www.taonline.com.my 7 Share Information 3. Bloomberg Code 9. Stock Code BST MK 1562 Main Board 1,348.0 RM4,017.0 0.10 3.47/2.86 806 54.6 0.71 Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) Berjaya Corp (45.4%) Forecast Revision The cumulative 9MFY17 core profit contracted by 6.8% to RM190.7mn despite a marginal 4.4% growth in revenue. The drop in earnings was due to the GST adjustments arising from different interpretation of gaming revenue by the Royal Malaysian Customs Department which resulted in additional charges of RM15.6mn. Excluding this, 9MFY17 profit would have increased by 1% due to higher contribution from the motor franchising business in the UK. QoQ, 3QFY17 revenue and core profit declined by 6% and 38.7% respectively. This was due to the GST adjustment, higher prize payout and lower sales of used and new cars in the quarter. Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 (9.9) (0.3) 298.7 332.9 323.9 332.1 92.2 100.2 Buy (Maintained) Financial Indicators FY17 21.9 9.5 31.4 11.3 6.1 48.8 FY18 8.6 10.5 28.4 12.4 11.8 25.2 vs TA vs Consensus % of FY 57.0 59.0 Below Below Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth BJTOTO 0.3 (2.6) (12.1) (12.1) FBM KLCI 1.7 6.1 5.1 2.6 Net Debt / Equity (%) FCPS (sen) Price / CFPS (x) ROA (%) NTA/Share (RM) Price/NTA (x) Impact Scorecard We cut our FY17 earnings projected by 9.9% to factor in the additional GST while keeping our FY18-19 earnings projections relatively unchanged. We also reduce our dividend projections by 3sen/2.5sen/1sen per share for FY17/18/19. Outlook As the amount of estimated jackpots hit RM32mn for Grand 6/63 and RM14.3mn for 4D games, we expect 4QFY17 (Feb-Apr) sales to be buoyant. In addition, fourth quarter sales would also be seasonally boosted by Chinese New Year effect. Looking forward, we expect FY18 sales to be resilient with minimal risk of gaming tax hike ahead of the general election in Malaysia. (12-Mth) Share Price relative to the FBM KLCI Valuations Given the lower dividend assumptions, we reduce our DDM to RM3.81 (from RM4.01/share previously) based on unchanged CAPM rate of 10.88%. BJToto remains as one of our preferred dividend plays given its stable cash flow and resilient sales. Maintain Buy Source: Bloomberg Page 1 of 2
13. TA Securities 17-Mar-17 A Member of the TA Group Earnings Summary FYE 30 April (RMmn) Revenue EBITDA EBITDA margin Pretax profit Net profit Core net profit EPS Core EPS Core EPS growth PER Net DPS Net div yield Core ROE 2015 5,288.4 558.6 10.6 534.0 361.6 372.2 26.9 27.6 14.4 10.8 21.5 7.2 53.6 (%) (sen) (sen) (%) (x) (sen) (%) (%) 2016 5,563.2 496.4 8.9 446.3 306.2 318.6 22.7 23.7 (14.3) 12.6 19.0 6.4 44.0 2017F 5,583.7 510.3 9.1 435.5 298.7 298.7 22.1 22.1 (6.7) 13.5 16.0 5.4 36.5 2018F 5,640.7 557.8 9.9 485.3 332.9 332.9 24.6 24.6 11.5 12.1 19.0 6.4 37.1 2019F 5,701.0 560.9 9.8 551.6 378.4 378.4 28.0 28.0 13.7 10.6 22.0 7.4 38.8 3QFY17 Results Analysis FYE 30 April (RMm) Revenue EBIT Finance costs Associates & JV EI Pretax profit Tax MI Reported net profit Core net profit EPS Net DPS EBIT margin Pretax margin Tax rate Other information NFO revenue Number of draws - Nor mal draws - Special draws Revenue/draw NFO EBIT NFO EBIT margin 3Q16 1,323.0 84.6 (12.1) 2.2 (5.0) 78.7 (20.8) 0.5 58.4 63.4 2Q17 1,454.8 112.1 (12.5) (3.0) (12.7) 95.4 (31.3) (1.9) 62.1 74.9 3Q17 1,367.1 93.6 (12.3) (0.4) 2.0 86.3 (36.7) (1.6) 47.9 45.9 QoQ (%) (6.0) (16.5) (1.5) (87.6) (115.9) (9.6) 17.3 (17.7) (22.9) (38.7) YoY (%) 3.3 10.7 1.8 >-100 >-100 9.6 76.2 >-100 (17.9) (27.6) YTD16 4,079.0 324.2 (35.1) 6.4 (3.0) 306.6 (98.2) (7.0) 201.5 204.5 YTD17 4,257.5 307.9 (37.6) (0.6) (21.8) 278.0 (103.1) (6.1) 168.8 190.7 YoY (%) 4.4 (5.1) 7.2 >-100 >100 (9.3) 5.0 (11.8) (16.2) (6.8) (sen) (sen) 4.7 4.0 5.6 4.0 3.4 3.0 (38.6) (25.0) (27.5) (25.0) 15.2 14.0 14.2 11.0 (7.0) (21.4) (%) (%) (%) 6.4 5.9 26.5 7.7 6.6 32.8 6.8 6.3 42.6 %pts (0.9) (0.2) 9.8 %pts 0.5 0.4 16.1 7.9 7.5 32.0 7.2 6.5 37.1 %pts (0.7) (1.0) 5.1 824.7 45.0 40.0 5.0 18.3 103.5 12.6 793.7 45.0 39.0 6.0 17.6 98.2 12.4 852.6 47.0 39.0 8.0 18.1 97.7 11.5 7.4 2.0 0.0 2.0 2.9 (0.5) (0.9) 3.4 2.0 (1.0) 3.0 (1.0) (5.6) (1.1) 2,471.1 133.0 119.0 14.0 55.7 335.8 13.6 2,445.4 135.0 118.0 17.0 54.4 308.7 12.6 (1.0) 2.0 (1.0) 3.0 (2.4) (8.1) (1.0) (day) (day) (day) (%) * Including distribution of treasury share on the basis of 1:140 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
14. R E S U L T S UPDATE TA Securities Friday , March 17, 2017 FBM KLCI: 1,737.14 Sector: Healthcare A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Top Glove Corporation Bhd TP: RM5.05 (-2.8%) Last traded: RM5.20 QoQ Improvements Amidst Challenging Backdrop SELL THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Wilson Loo Tel: +603-2167 9606 wilsonloo@ta.com.my Review Top Glove’s 1HFY17 core earnings of RM150.4mn (-35.3% YoY) was within ours but slightly below consensus estimates at 46.9% and 42.9% respectively. YoY, revenue grew by 9.6% to RM1,637.1mn mainly on sales volume growth of 8%. Core earnings, however, declined by 35.3% YoY to RM150.4mn due to the more competitive operating environment, steep ascend in natural latex prices as well as higher natural gas prices and minimum wages. On average, prices of natural rubber latex and nitrile latex respectively increased by 40.5% YoY and 3.5% YoY. Meanwhile, in terms of product mix, the group’s latex:nitrile mix continues to balance out with the latex:nitrile mix at 60:40 in 1HFY17 versus 65:35 in 1HFY16. QoQ, core net earnings improved by 17.1% to RM81.1mn on the back of the strengthening of the USD against the Ringgit by 6.0% and upward revisions to average selling prices (ASPs) by 3% in USD terms to pass through the increase in raw material prices - natural rubber latex +33.4% QoQ and nitrile latex +10.2% QoQ. Suggesting improving supply and demand dynamics, management guided for further upward revisions to ASPs made during the quarter that will only be reflected in 3QFY17 due to the time lag factor. Coupled with improvements made across the manufacturing process, EBITDA margins improved by 0.9%-points to 14.6%. Meanwhile, sales volume declined by 1% QoQ owing to the quarter’s shorter working period. On the group’s financial standing, while remaining healthy, its net cash position declined by RM220.7mn QoQ to RM39.0mn. This was attributed to capital expenditure for expansion of RM160.3mn, dividend payments of RM106.5mn and the increase in working capital requirements caused by the increase in raw material prices. Separately, as per previous years, dividends are only expected to be declared in the second half of the financial year. Impact Our FY17/FY18/FY19 earnings estimates are revised by +3.9%/+0.9%/+2.6% after effecting the following changes: 1) increasing ASP assumptions on the back of the group’s improved ability to pass through cost increases, 2) increasing FY17 and FY18 CAPEX assumptions, and 3) factoring in variations to near term expansion plans. Briefing Highlights & Outlook Looking ahead, concerns lie with the direction of raw material prices, particularly natural latex which positively, of late, have retreated from its YTD2017 peak of RM8.18/kg at end-January 2017 to RM7.27/kg at its last close, representing a 11.1% decline. Barring growth in sales volume, management expects sustained sequential performance at the very least if prices do not deviate far from current levels. Page 1 of 4 www.taonline.com.my Share Information Bloomberg Code TOPG MK Stock Code 7113 Listing Main Market Share Cap (mn) 1253.4 Market Cap (RMmn) 6,517.8 Par Value 0.50 52-wk Hi/Lo (RM) 5.45/4.20 12-mth Avg Daily Vol ('000 shrs) 3,879.8 Estimated Free Float (%) 44.0 Beta -0.2 Major Shareholders (%) Tan Sri Dato Sri Lim, Wee-Chai - 29.4 EPF - 9.5 Firstway United Corp - 5.1 Forecast Revision Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 3.9 0.9 333.4 379.1 350.4 391.5 95.2 96.8 Sell (Maintained) Financial Indicators Net gearing (x) CFPS (RM) P/CFPS (x) ROAA (%) ROAE (%) NTA/Share (RM) Price/ NTA (x) FY17 Net cash 0.3 15.0 12.0 17.5 1.6 3.3 FY18 Net cash 0.4 13.4 12.7 18.2 1.7 3.0 % of FY17 46.9 42.9 Within Below TOPG 1.2 1.6 10.9 (1.1) FBM KLCI 1.7 6.1 5.1 2.0 Scorecard vs TA vs Consensus Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg
15. TA Securities 17-Mar-17 A Member of the TA Group On the expansion front , management alluded that it will continue to progressively expand its glove manufacturing capacity to capitalize on the sustained growth in global demand for gloves of 6-8% per annum. We note however of some variations to imminent nitrile glove focused expansion with delays to F30 (4.4bn gloves p.a) and F31 (2.8bn gloves p.a.) due to hiccups related to the supply of natural gas. Additionally, the group introduced a new plant, F32 (4.8bn gloves p.a.), which is also intended to house nitrile gloves. With increased requirements for expansion plans, management guided that CAPEX for FY17 and FY18 would respectively be around RM250-300mn and RM200-250mn, higher than its previous guidance of RM200mn across both years. Meanwhile, as for efforts to propel the group towards its target of growing its global market share from 25% currently to 30% by 2020 via the inorganic route, management highlighted that the lack of value accretive opportunities has been a obstacle to its yearly KPI of making 1 to 2 acquisitions a year. Nevertheless, we understand that the group remains on the lookout for mergers and acquisitions as well as joint ventures. To recap, targets are not just limited to glove manufacturers but also supporting industries (i.e. chemicals and other raw materials). Valuation & Recommendation Our TP for Top Glove is revised upwards to RM5.05/share (RM4.90/share previously) based on an unchanged PER of 18.0x. At this juncture, the stock is trading at a PER of 18.5x, close to 1 S.D. above its historical 5-year average PER of 15.9x and hence, we reiterate our Sell recommendation. Figure 1: Forward PER +1SD: 19.6x Average: 15.9x Jan-17 Jul-16 Oct-16 Jan-16 Apr-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 Oct-14 Jan-14 Apr-14 Jul-13 Oct-13 Jan-13 Apr-13 Jul-12 Oct-12 -1SD: 12.2x Apr-12 x 25.0 23.0 21.0 19.0 17.0 15.0 13.0 11.0 9.0 7.0 5.0 Source: Bloomberg, TA Securities Table 1: Earnings Summary Earnings Summary FYE Aug 31 (RMmn) Revenue EBITDA Depreciation & amortisation EBIT Share of associates EI PBT Adj PBT Taxation MI Net profit (-MI) Core net profit (-MI) EPS EPS growth DPS Dividend yield PER (sen) (%) (sen) (%) (x) FY15 2,510.5 454.3 -98.8 355.5 -11.7 -10.1 363.5 373.6 -82.3 -1.4 279.8 289.9 FY16 2,888.5 522.7 -107.2 415.5 1.3 10.1 442.2 432.1 -79.8 -1.7 360.7 350.6 FY17F 3,352.6 561.1 -137.8 423.3 1.4 0.0 424.1 424.1 -89.1 -1.7 333.4 333.4 FY18F 3,745.8 626.9 -146.2 480.7 1.5 0.0 482.3 482.3 -101.3 -1.9 379.1 379.1 FY19F 4,191.4 702.2 -151.4 550.8 1.7 0.0 555.5 555.5 -116.7 -2.2 436.7 436.7 22.5 55.0 11.5 2.2 23.1 29.1 28.9 14.4 2.8 17.9 26.8 -7.6 13.4 2.6 19.4 30.5 13.7 15.2 2.9 17.0 35.2 15.2 17.5 3.4 14.8 Table 2: 1HFY17 Results Analysis FYE Aug 31 (RMmn) 2QFY16 1QFY17 2QFY17 Page 2 of 4 QoQ YoY 1HFY16 1HFY17 YoY
16. TA Securities 17-Mar-17 A Member of the TA Group Revenue EBITDA Depreciation & Amortisation EBIT Net Finance costs Share of results of associate EI PBT Adj PBT Tax MI Net profit (-MI) Core net profit (-MI) 693.9 148.7 -26.9 121.9 8.5 0.1 1.4 131.8 130.4 -26.6 -0.6 104.6 103.2 785.6 108.3 -26.2 82.1 4.5 -0.9 4.0 89.8 85.7 -16.1 -0.3 73.3 69.3 851.5 124.7 -27.2 97.5 3.3 0.1 1.9 102.7 100.8 -19.5 -0.1 83.1 81.1 % 8.4 15.2 3.8 18.8 -27.5 -106.7 -52.0 14.5 17.6 21.1 -53.6 13.3 17.1 EBITDA margin (%) EBIT margin (%) PBT margin (%) Adjusted PBT margin (%) Tax rate (%) Net profit (-MI) margin (%) Core net profit (-MI) margin (%) 21.4 17.6 19.0 18.8 20.2 15.1 14.9 13.8 10.4 11.4 10.9 18.0 9.3 8.8 14.6 11.4 12.1 11.8 19.0 9.8 9.5 %-pts 0.9 1.0 0.6 0.9 1.0 0.4 0.7 Table 3: QoQ Movements 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 Sales Volume 1% -3% 5% 0% 5% -1% Average Selling Price (ASP) in USD 0% -11% -2% 7% 1% 3% Forex (USD/MYR) 11% 0% -6% 1% 4% 6% Natural Latex (MYR/kg) -10% -13% 14% 11% 2% 33% Nitrile Latex (USD/kg) -5% -7% -1% 1% 2% 10% Source: Companies, TA Securities Table 4: 2QFY17’s Sales Volume Growth by Glove Type Glove Type La tex Powdered La ter Powder Free Ni tri l e Vi nyl Surgi cal Overal l Growth QoQ -5% 5% 4% -22% -5% -1% YoY -12% 11% 23% 2% -12% 9% Source: Companies, TA Securities Figure 2: Product Mix by Sales Latex 100% 80% 7 20 Nitrile Vinyl/TPE/CPE Surgical 6 8 7 28 32 32 68 64 58 60 52 FY14 FY15 FY16 1HFY16 1HFY17 6 24 11 35 60% 40% 71 20% 0% FY13 Source: Companies, TA Securities Page 3 of 4 % 22.7 -16.2 1.4 -20.0 -61.3 -39.4 38.3 -22.1 -22.7 -26.6 -76.5 -20.6 -21.4 1,494.1 332.7 -54.2 278.5 13.9 0.1 0.6 293.1 292.5 -59.0 -1.2 233.0 232.4 1,637.1 233.0 -53.4 179.5 7.8 -0.8 6.0 192.5 186.5 -35.6 -0.5 156.4 150.4 % 9.6 -30.0 -1.4 -35.5 -43.8 -701.5 948.7 -34.3 -36.2 -39.5 -60.9 -32.9 -35.3 %-pts -6.8 -6.1 -6.9 -7.0 -1.2 -5.3 -5.3 22.3 18.6 19.6 19.6 20.1 15.6 15.6 14.2 11.0 11.8 11.4 18.5 9.6 9.2 %-pts -8.0 -7.7 -7.9 -8.2 -1.6 -6.0 -6.4
17. TA Securities 17-Mar-17 A Member of the TA Group Table 5 : Expansion Plans Glove Type Current: 25 glove factories Expansion in progress: F30 (Klang, Malaysia) New Factory F31 (Klang, Malaysia) New Factory F32 (Klang, Malaysia) New Factory Total expansion by December 2018 Nitrile Nitrile Nitrile By December 2018: 28 glove factories Target commencement 512 Capacity p.a. 48.0bn +44 +28 +48 +120 +4.4bn +2.8bn +4.8bn +12.0bn May-17 Nov-17 Dec-18 632 60.0bn No. of lines Source: Companies, TA Securities Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
18. Friday , 17 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
19. T e c h n i c a l TA Securities V i e w Friday , March 17, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Technical Stock Picks Malaysia FBM KLCI: 1,737.14 (+19.78, +1.15%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SKPETRO SUNCON UEMS WASEONG WCT Close 16-Mar 1737.14 2.87 4.08 4.85 4.81 5.59 5.15 5.13 9.85 5.42 6.07 4.70 1.18 6.40 8.85 1.18 5.25 9.30 13.72 6.36 3.85 2.88 0.41 0.73 0.45 4.15 1.66 1.51 1.29 1.72 2.71 2.20 1.25 0.90 1.53 1.51 1.88 1.73 1.24 0.86 1.88 Change 19.78 0.01 0.08 0.04 0.14 0.23 0.03 0.13 0.23 0.07 0.13 0.04 -0.01 0.03 0.10 0.02 0.07 0.17 0.04 0.05 0.02 0.02 0.01 0.02 0.00 0.01 0.02 0.02 0.02 0.02 -0.04 -0.01 0.03 0.00 0.01 -0.01 0.08 0.01 0.00 0.00 0.02 Tel: +603-2167-9607 High Low 1,738.02 1,726.12 2.89 4.10 4.86 4.82 5.59 5.15 5.17 9.86 5.45 6.07 4.73 1.22 6.44 8.85 1.19 5.31 9.33 13.80 6.38 3.86 2.91 0.41 0.73 0.46 4.20 1.66 1.56 1.31 1.72 2.79 2.21 1.27 0.91 1.55 1.53 1.90 1.75 1.26 0.87 1.90 2.84 3.99 4.82 4.67 5.40 5.12 5.02 9.57 5.38 5.95 4.68 1.18 6.34 8.79 1.16 5.19 9.12 13.68 6.31 3.83 2.85 0.40 0.70 0.44 4.14 1.64 1.50 1.26 1.70 2.66 2.18 1.24 0.90 1.51 1.51 1.83 1.72 1.22 0.86 1.86 Bollinger Bands Lower Mid Upper 1,689.46 1,713.13 1,736.80 2.35 3.82 4.48 4.35 4.87 4.98 4.84 8.67 5.11 5.74 4.55 1.12 6.28 8.34 1.12 4.85 9.00 13.43 6.07 3.82 2.56 0.39 0.68 0.43 4.08 1.58 1.45 1.03 1.65 0.45 2.07 1.19 0.81 1.39 1.46 1.77 1.68 1.11 0.84 1.82 2.69 3.96 4.78 4.66 5.24 5.07 4.96 9.22 5.29 6.00 4.67 1.20 6.39 8.66 1.16 5.08 9.13 13.62 6.23 3.97 2.75 0.40 0.73 0.45 4.18 1.65 1.51 1.17 1.69 1.64 2.21 1.28 0.89 1.47 1.57 1.91 1.74 1.18 0.88 1.87 3.02 4.11 5.07 4.96 5.60 5.16 5.09 9.77 5.47 6.25 4.80 1.28 6.49 8.98 1.19 5.32 9.26 13.81 6.39 4.12 2.95 0.42 0.78 0.47 4.28 1.71 1.57 1.31 1.74 2.83 2.34 1.37 0.97 1.56 1.68 2.04 1.79 1.25 0.91 1.93 stsoo@ta.com.my RSI Moving Averages 14d 10d 30d 50d 67.43 1,722.38 1,707.50 1,692.26 DMI DI + DI - ADX 43.01 16.27 37.96 Diff 26.73 79.47 62.38 61.23 55.39 73.66 65.13 68.88 77.74 61.82 51.88 54.20 37.98 58.08 66.15 60.26 66.64 67.13 55.90 67.84 30.99 61.87 53.14 55.67 48.49 47.65 58.57 53.98 75.35 57.66 89.01 50.34 44.70 51.73 63.69 37.11 51.04 51.70 67.88 46.33 53.17 37.09 30.33 28.06 23.29 40.06 22.16 27.18 40.18 27.89 21.41 28.09 16.94 18.72 29.28 24.12 32.65 27.32 17.17 24.94 5.66 25.94 16.64 24.21 21.98 18.12 23.88 27.38 37.40 31.38 52.81 24.07 23.79 31.12 29.63 14.65 23.31 19.05 30.94 16.05 19.94 28.01 17.86 10.78 0.35 27.24 7.39 10.00 34.41 16.23 (4.76) 9.47 (3.32) 5.97 11.54 10.27 16.03 8.89 (8.77) 11.43 (31.43) 12.51 4.66 6.93 0.66 8.91 8.91 14.55 30.77 6.93 41.10 5.39 (4.88) 11.07 20.94 (12.31) (4.99) 7.36 21.58 (0.98) (7.99) 2.85 4.01 4.90 4.70 5.40 5.09 5.00 9.43 5.34 5.94 4.70 1.19 6.40 8.79 1.17 5.17 9.14 13.71 6.30 3.93 2.81 0.40 0.72 0.45 4.19 1.66 1.50 1.24 1.71 2.04 2.25 1.25 0.90 1.51 1.53 1.92 1.72 1.21 0.87 1.86 2.61 3.92 4.70 4.77 5.18 5.07 4.96 8.98 5.19 6.09 4.66 1.23 6.36 8.53 1.16 5.07 9.10 13.57 6.18 4.04 2.71 0.41 0.70 0.45 4.20 1.62 1.50 1.14 1.69 1.41 2.19 1.31 0.89 1.48 1.60 1.88 1.73 1.17 0.88 1.87 2.54 3.86 4.60 4.75 5.03 5.01 4.94 8.67 5.01 6.19 4.59 1.27 6.24 8.41 1.10 5.00 8.90 13.68 6.14 4.13 2.59 0.40 0.67 0.44 4.13 1.59 1.45 1.11 1.67 1.20 2.17 1.30 0.88 1.45 1.61 1.81 1.72 1.14 0.86 1.86 9.08 12.47 17.28 22.93 12.82 14.76 17.18 5.77 11.65 26.17 18.62 20.26 12.75 17.73 13.85 16.62 18.43 25.94 13.51 37.09 13.43 11.98 23.57 15.05 17.46 14.97 12.82 6.63 24.45 11.71 18.67 28.66 20.05 8.69 26.96 28.30 11.69 9.36 17.03 27.92 48.70 31.50 36.83 20.72 34.69 17.89 17.75 62.14 43.22 22.89 20.73 23.60 19.88 36.17 32.85 22.92 23.12 16.58 19.83 62.98 25.21 18.52 22.57 21.86 15.83 45.55 34.48 45.64 16.80 62.02 28.67 17.51 22.15 38.46 31.02 32.96 23.81 36.34 15.99 19.08 www.taonline.com.my Line 10.10 0.11 0.05 0.09 -0.01 0.13 0.03 0.03 0.29 0.10 -0.07 0.03 0.01 0.04 0.13 0.02 0.06 0.08 0.03 0.06 -0.08 0.08 0.00 0.01 0.00 0.01 0.02 0.01 0.05 0.01 0.43 0.01 -0.02 0.01 0.02 -0.03 0.01 0.00 0.03 0.00 0.00 MACD Signal 9.79 0.10 0.04 0.09 -0.03 0.11 0.02 0.02 0.25 0.11 -0.09 0.04 0.02 0.05 0.13 0.02 0.05 0.08 0.01 0.05 -0.07 0.07 0.00 0.02 0.00 0.02 0.03 0.02 0.04 0.01 0.27 0.02 -0.02 0.00 0.02 -0.02 0.03 0.00 0.02 0.00 0.00 Diff 0.306 DMI MACD Recent Signal BUY BUY DMI MACD Signal Change BUY 0.013 0.004 (0.009) 0.017 0.018 0.007 0.011 0.032 (0.008) 0.015 (0.009) (0.006) (0.008) (0.001) (0.003) 0.012 (0.007) 0.020 0.011 (0.009) 0.011 (0.000) (0.006) (0.001) (0.012) (0.004) (0.006) 0.013 0.000 0.151 (0.007) (0.004) 0.002 0.005 (0.006) (0.021) (0.002) 0.006 (0.004) (0.004) BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL SELL BUY BUY SELL SELL BUY BUY BUY - BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY SELL SELL SELL SELL SELL BUY SELL BUY BUY SELL BUY SELL SELL SELL SELL SELL SELL BUY BUY BUY SELL SELL BUY BUY SELL SELL SELL BUY SELL SELL BUY - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
20. Technical Comments : Hook-up momentum indicators on Bumi Armada implies good rebound potential towards the 38.2%FR (74sen), with a confirmed breakout to aim for the 50%FR (81sen) and 61.8%FR (88sen) ahead. Key chart support from the 100-day ma (65sen) matches the 23.6%FR. Likewise, SapuraKencana should rebound from recent correction towards the 50%FR (RM2.08), while a decisive breakout will target the 38.2%FR (RM2.27), with next upside hurdle from the 23.6%FR (RM2.50). Key retracement support from the 76.4%FR (RM1.66) is reinforced by the 200-day ma (RM1.60). BUMI ARMADA Upper Middle RM0.725 (+0.02) BOLLINGER BANDS RM RM 0.78 0.73 10-day 30-day RM 0.68 50-day Lower DMI Recent Signal BUY Recent Signal BUY Signal Change SAPURAKENCANA Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM 0.67 DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 0.72 RM 0.70 SELL RM1.88 (+0.08) 2.04 1.91 1.77 SELL SIMPLE MOVING AVERAGES RM 1.92 RM 1.88 RM 1.81 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
21. T e c h n i c a l TA Securities V i e w Friday , March 17, 2017 FBMKLCI: 1,737.14 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Stock Screen s Malaysia End Day Census of 16.03.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name Price DAGANG NEXCHANGE DAYA MATERIALS LION DIVERSIFIED BERJAYA CORP BHD MNC WIRELESS BHD AIRASIA X BHD PRIVASIA TECHNOL TECHNODEX BHD BCM ALLIANCE B GLOBALTEC FORMAT WCT HOLDINGS BHD SCOMI GROUP BHD SILK HOLDINGS BH KARYON INDUS BHD SERSOL BHD SUPERCOMNET TECH HO WAH GENTING LKL INTERNATIONA NICHE CAPITAL KRONOLOGI ASIA B VIZIONE HOLDINGS MALAYSIA STEEL W EA HOLDINGS KARAMBUNAI CORP PUNCAK NIA HLD B ASIA POLY HOLDIN YFG BHD DIVERSIFIED GATE OPENSYS M BHD SUNWAY BHD 0.41 0.07 0.06 0.39 0.07 0.41 0.17 0.16 0.18 0.05 1.88 0.18 0.46 0.25 0.17 0.14 0.06 0.27 0.10 0.37 0.12 0.81 0.06 0.07 0.98 0.18 0.06 0.05 0.36 3.16 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.36 0.06 0.04 0.37 0.06 0.39 0.14 0.14 0.16 0.04 1.82 0.16 0.42 0.22 0.15 0.13 0.05 0.25 0.08 0.33 0.11 0.73 0.05 0.05 0.90 0.16 0.05 0.03 0.33 3.12 0.40 0.07 0.05 0.39 0.06 0.40 0.17 0.15 0.17 0.04 1.87 0.17 0.45 0.24 0.16 0.14 0.06 0.26 0.09 0.36 0.12 0.80 0.06 0.07 0.97 0.17 0.06 0.04 0.35 3.16 0.44 0.07 0.06 0.40 0.07 0.42 0.19 0.17 0.18 0.05 1.93 0.19 0.48 0.26 0.17 0.14 0.06 0.27 0.10 0.39 0.12 0.88 0.06 0.08 1.04 0.18 0.06 0.05 0.37 3.20 59.29 53.16 56.56 55.55 54.77 53.14 52.33 59.32 54.26 56.43 53.17 55.63 54.51 59.68 56.82 54.59 53.34 55.72 55.24 57.13 53.76 51.18 54.67 57.91 54.00 55.41 65.64 59.69 51.26 56.14 0.41 0.07 0.05 0.39 0.06 0.40 0.16 0.15 0.17 0.04 1.86 0.17 0.46 0.24 0.16 0.13 0.06 0.26 0.09 0.36 0.12 0.78 0.06 0.07 0.95 0.17 0.06 0.04 0.35 3.15 0.36 0.07 0.04 0.39 0.06 0.41 0.17 0.15 0.17 0.05 1.87 0.18 0.45 0.23 0.16 0.14 0.06 0.26 0.09 0.35 0.11 0.82 0.06 0.06 0.97 0.17 0.05 0.04 0.36 3.14 0.33 0.07 0.04 0.37 0.06 0.40 0.17 0.15 0.18 0.05 1.85 0.17 0.43 0.22 0.16 0.14 0.06 0.26 0.09 0.34 0.11 0.83 0.06 0.06 0.95 0.17 0.05 0.04 0.36 3.09 Vol 30,499,400 16,618,500 13,069,200 13,005,600 12,806,700 12,550,200 8,970,200 8,404,300 7,911,900 6,392,500 5,937,200 4,956,000 4,915,700 4,708,300 3,896,600 3,393,200 3,320,000 3,277,300 2,984,900 2,868,900 2,859,100 2,820,700 2,655,100 2,613,900 2,418,800 2,415,900 2,351,200 2,229,800 1,944,000 1,935,400 20-day avg vol 104,133,600 2,612,445 4,672,435 18,689,720 1,579,035 15,386,930 2,363,880 1,357,225 1,474,250 3,522,675 1,981,705 4,568,475 1,294,075 3,026,740 1,092,040 1,227,620 2,072,705 614,185 1,128,535 7,717,255 10,606,380 2,197,995 4,097,755 9,899,310 1,153,640 1,566,255 5,215,905 1,181,475 2,375,070 452,320 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The mediumterm trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
22. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name Price KUMPULAN PERANGS SYSTECH BHD ANCOM LOGISTICS TSR CAPITAL BHD CAREPLUS GROUP TRIVE PROPERTY B LNG RESOURCES NWP HLDGS BHD EDARAN BHD PERAK CORP BHD MEDIA PRIMA BHD IRIS CORP BHD OMESTI BHD AJIYA BHD MPHB CAPITAL BHD TIMBERWELL BHD TALIWORKS CORP CHEE WAH CORP PERAK TRANSIT BH 1.31 0.28 0.12 0.59 0.32 0.13 0.21 0.24 0.34 2.08 1.14 0.15 0.51 0.82 1.45 0.80 1.66 1.54 0.24 0.66 D&O GREEN TECH Raw data sourced from Bloomberg 20 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 1.10 0.23 0.07 0.46 0.25 0.07 0.13 0.18 0.17 1.85 1.00 0.11 0.44 0.71 1.38 0.55 1.47 1.33 0.15 0.29 1.18 0.25 0.09 0.52 0.28 0.10 0.16 0.21 0.25 1.95 1.06 0.13 0.47 0.76 1.41 0.66 1.54 1.41 0.19 0.47 1.26 0.27 0.11 0.58 0.30 0.12 0.19 0.23 0.33 2.06 1.11 0.14 0.49 0.80 1.44 0.77 1.61 1.49 0.23 0.65 69.26 67.07 77.41 68.37 77.65 69.55 80.97 71.09 67.82 68.86 66.04 71.58 69.93 71.05 62.15 66.26 76.45 73.73 85.67 86.31 1.15 0.25 0.09 0.52 0.28 0.10 0.16 0.20 0.28 1.95 1.06 0.12 0.46 0.77 1.40 0.69 1.54 1.40 0.20 0.52 1.20 0.25 0.09 0.50 0.27 0.09 0.15 0.21 0.26 1.91 1.05 0.13 0.46 0.74 1.41 0.65 1.52 1.38 0.18 0.43 1.20 0.24 0.08 0.49 0.27 0.09 0.14 0.21 0.26 1.82 1.05 0.13 0.46 0.72 1.35 0.65 1.50 1.30 0.17 0.38 Vol 6,397,500 27,860,600 3,039,700 609,400 10,691,400 60,015,200 7,520,300 14,581,800 70,000 63,800 9,003,200 69,200,200 1,191,100 8,007,800 919,300 23,900 3,579,500 792,000 42,998,800 43,625,100 20-day avg vol 264,380 1,321,860 303,835 67,205 1,185,515 7,055,340 929,490 1,917,820 9,250 9,040 1,309,710 10,566,720 188,590 1,403,395 171,350 4,540 691,525 157,265 8,554,710 8,739,995 p *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. p [LOWER BOLLINGER BREAKDOWN] Top 20P Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name DKSH HOLDINGS M LTKM BHD HONG LEONG INDS MAGNA PRIMA BHD MELATI EHSAN HOL ADV PACKAGIN (M) XIAN LENG HLDGS GOH BAN HUAT SKP RESOURCES BH MEDA INC BHD JKG LAND BHD COMPUTER FORMS PDZ HOLDINGS BHD MTOUCHE TECH HEVEABOARD BHD PAC & ORIENT BHD XIDELANG HOLDING NETX HOLDINGS BH PANPAGES BHD HUBLINE BHD Price 4.58 1.28 9.45 1.57 0.83 2.15 0.38 1.36 1.34 0.49 0.16 1.06 0.06 0.08 1.47 1.26 0.03 0.02 0.28 0.10 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 4.63 1.29 9.46 1.58 0.83 2.15 0.38 1.36 1.34 0.49 0.16 1.06 0.06 0.08 1.47 1.26 0.03 0.02 0.28 0.10 5.01 1.32 9.52 1.62 0.86 2.24 0.40 1.39 1.37 0.49 0.17 1.11 0.07 0.09 1.51 1.28 0.03 0.02 0.29 0.12 5.40 1.35 9.58 1.66 0.89 2.33 0.42 1.41 1.39 0.50 0.18 1.16 0.07 0.09 1.55 1.30 0.04 0.03 0.30 0.14 32.04 40.14 42.17 43.29 38.04 42.20 37.68 20.84 43.70 35.33 36.43 32.25 37.89 44.51 43.18 38.63 48.63 46.36 42.19 43.78 4.95 1.33 9.52 1.61 0.85 2.25 0.40 1.38 1.36 0.49 0.17 1.09 0.07 0.09 1.50 1.28 0.03 0.02 0.28 0.11 4.94 1.32 9.56 1.62 0.86 2.24 0.40 1.40 1.36 0.49 0.17 1.12 0.07 0.08 1.50 1.28 0.03 0.02 0.29 0.12 4.77 1.31 9.54 1.57 0.88 2.25 0.41 1.40 1.34 0.49 0.17 1.18 0.07 0.08 1.50 1.28 0.03 0.02 0.29 0.12 Vol 198,300 93,200 33,400 228,400 17,500 29,100 1,500 15,000 3,336,500 45,000 2,522,200 10,000 1,441,000 45,600 1,316,300 283,700 100,000 211,000 11,000 2,088,200 20-day avg vol 121,140 33,315 44,995 271,015 45,020 12,405 2,570 3,155 3,072,185 100,025 1,493,460 750 2,337,100 251,055 2,220,240 115,800 1,944,970 948,125 123,365 13,008,620 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
23. Friday , 17 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (HK) 3. Foreign Technical Stock Watch (FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
24. T e c h n i c a l TA Securities V i e w Friday , March 17, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Australia ASX: 5,785.79 (+11.79, +0.20%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Tel: +603-2167 9607 Close Bollinger Bands RSI Change High Low 16-Mar Lower Mid Upper 14d 3,163.52 26.09 3,168.26 3,150.16 3,089.02 3,125.15 3,161.29 64.35 3.95 19.12 9.63 21.78 65.86 3.66 7.22 3.73 1.00 6.86 7.63 9.97 2.13 0.21 10.50 39.80 3.54 45.27 0.38 3.69 1.92 1.94 3.22 1.92 2.53 2.81 3.69 0.53 1.11 (0.01) (0.01) (0.02) 0.27 1.26 0.04 0.19 0.08 0.01 0.23 0.09 0.04 0.03 0.00 0.27 0.30 0.02 1.27 0.00 0.06 0.02 0.01 0.06 0.07 0.00 (0.02) 0.01 0.01 0.01 4.00 19.28 9.71 21.83 66.08 3.69 7.22 3.74 1.01 6.88 7.63 10.00 2.13 0.21 10.54 40.00 3.55 45.29 0.39 3.70 1.93 1.96 3.25 1.93 2.53 2.84 3.70 0.53 1.14 3.94 19.10 9.63 21.53 64.92 3.63 7.07 3.68 0.99 6.66 7.56 9.93 2.10 0.19 10.33 39.31 3.52 44.40 0.38 3.65 1.91 1.93 3.18 1.87 2.50 2.79 3.67 0.53 1.10 3.89 18.47 9.42 21.17 61.93 3.47 6.68 3.48 0.96 6.48 7.41 9.83 2.06 0.19 8.92 37.12 3.44 40.18 0.36 3.61 1.89 1.92 3.13 1.50 2.39 2.78 3.65 0.50 0.85 3.95 18.92 9.55 21.53 64.56 3.67 6.93 3.61 0.99 6.87 7.54 9.93 2.10 0.22 9.71 38.96 3.48 43.08 0.39 3.67 2.02 1.95 3.23 1.82 2.48 2.85 3.69 0.53 1.03 4.01 19.36 9.68 21.89 67.19 3.87 7.18 3.74 1.02 7.26 7.66 10.02 2.15 0.25 10.51 40.80 3.53 45.97 0.42 3.72 2.14 1.98 3.34 2.15 2.56 2.92 3.72 0.56 1.21 54.64 58.31 57.98 63.55 61.86 46.38 66.22 65.41 56.25 55.31 58.33 53.83 55.82 48.62 70.15 60.38 59.04 64.03 40.42 62.74 32.46 46.41 52.16 63.37 60.08 41.33 57.09 49.96 66.14 stsoo@ta.com.my www.taonline.com.my Moving Averages 10d 30d 50d DI + 3,136.33 3,109.66 3,072.82 33.36 DI 18.06 ADX 30.45 3.93 19.09 9.56 21.54 65.59 3.60 7.00 3.63 0.99 6.89 7.52 9.95 2.09 0.21 9.99 39.58 3.49 44.11 0.38 3.66 1.96 1.93 3.23 1.94 2.51 2.86 3.69 0.52 1.12 16.22 17.89 17.88 14.61 17.25 21.20 11.53 15.20 14.82 24.33 14.69 12.25 14.81 26.97 11.03 13.74 9.91 19.70 21.23 15.01 27.92 16.22 17.67 16.29 16.94 26.49 8.56 21.82 14.50 17.13 7.49 0.02 0.02 (0.002) BUY SELL 18.53 10.99 0.15 0.15 0.001 BUY BUY 12.28 9.35 0.04 0.03 0.005 BUY BUY 21.96 13.45 0.15 0.17 (0.014) BUY SELL 33.10 10.95 0.89 1.00 (0.106) BUY SELL 29.11 (1.92) -0.06 -0.06 0.001 SELL BUY - BUY 26.84 18.86 0.08 0.07 0.018 BUY BUY 42.69 18.85 0.07 0.08 (0.003) BUY SELL 22.02 8.61 0.01 0.01 (0.001) BUY SELL 36.14 7.12 0.09 0.15 (0.059) BUY SELL BUY 13.37 11.79 0.01 0.01 0.005 BUY BUY - BUY 16.04 4.21 0.02 0.02 0.003 BUY BUY 13.56 1.39 0.00 -0.01 0.003 BUY BUY BUY 23.16 (7.40) 0.00 0.01 (0.004) SELL SELL 43.40 27.67 0.29 0.22 0.072 BUY BUY 29.08 10.81 0.54 0.56 (0.027) BUY SELL 21.91 13.76 0.00 -0.01 0.009 BUY BUY 13.83 8.71 0.71 0.59 0.123 BUY BUY 29.96 (9.23) -0.01 -0.01 0.001 SELL BUY 24.12 9.06 0.06 0.07 (0.012) BUY SELL 31.82 (19.42) -0.03 -0.02 (0.014) SELL SELL 17.44 (0.32) -0.01 -0.01 (0.001) SELL SELL 28.82 10.36 0.01 0.03 (0.015) BUY SELL 42.29 22.39 0.09 0.10 (0.012) BUY SELL 12.38 0.90 0.02 0.01 0.005 BUY BUY 15.56 (9.62) -0.01 -0.01 (0.001) SELL SELL - SELL 36.26 6.09 0.03 0.03 (0.008) BUY SELL 15.82 (3.35) 0.00 -0.01 0.000 SELL BUY - BUY 46.61 21.51 0.06 0.06 0.001 BUY BUY - 3.93 18.84 9.56 21.26 64.15 3.75 6.88 3.56 0.99 6.69 7.55 9.90 2.10 0.22 9.62 38.72 3.48 42.80 0.40 3.57 2.02 1.96 3.20 1.71 2.47 2.83 3.66 0.53 0.98 3.89 18.66 9.47 21.12 62.60 3.78 6.85 3.41 0.97 6.48 7.49 9.90 2.11 0.20 9.33 37.99 3.51 42.21 0.41 3.47 2.02 1.96 3.17 1.63 2.47 2.90 3.59 0.54 0.92 23.71 28.87 27.22 28.07 28.20 19.28 30.39 34.05 23.43 31.44 26.48 16.46 16.20 19.57 38.70 24.55 23.67 28.41 12.00 24.07 8.50 15.90 28.03 38.68 17.84 16.87 14.66 18.47 36.01 DMI Diff 15.29 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 22.48 23.31 (0.829) BUY SELL - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
25. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP Stock Name Close Target Price SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI 3.95 4.27 19.12 9.63 YZJSGD SP YZJ % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 8% 0.2 0.3 16.3 15.3 4.5 4.7 4.36 3.59 8.22 19.44 2% 1.791 1.962 10.7 9.7 3.2 3.3 19.37 14.63 10.27 9.56 -1% 0.9 0.9 11.2 10.3 3.8 4.0 9.78 8.21 7.96 21.78 21.18 -3% 1.9 2.1 11.3 10.5 3.3 3.4 21.95 17.41 6.76 65.86 63.80 -0.03 4.0 4.3 16.3 15.2 2.4 2.5 67.27 52.42 19.20 3.66 3.80 4% 0.2 0.2 13.1 12.2 2.0 2.2 4.00 2.96 1.95 7.22 7.38 2% 0.4 0.4 18.3 17.8 2.7 2.7 7.35 5.77 14.06 3.73 4.01 7% 0.2 0.2 18.1 18.7 2.7 2.8 3.79 2.85 23.51 1.00 1.06 6% 0.0 0.0 28.6 25.6 2.9 3.0 1.04 0.69 10.50 6.86 6.56 -5% 0.5 0.6 13.3 12.4 3.3 3.5 7.23 5.10 18.48 7.63 7.81 2% 0.3 0.4 22.8 21.1 3.9 4.2 8.05 6.96 6.56 9.97 9.71 -3% 0.4 0.4 22.4 22.9 3.5 2.7 11.67 9.60 3.10 2.13 2.03 -5% 0.1 0.1 28.8 28.4 2.0 2.1 2.23 1.92 1.91 0.21 0.22 0.05 0.0 0.0 10.0 6.8 0.0 1.0 0.37 0.11 23.53 10.50 10.70 2% 0.6 0.7 16.3 15.2 1.4 1.4 10.59 7.54 26.81 39.80 38.80 -3% 2.7 2.9 14.9 13.8 0.8 0.8 40.56 27.35 19.88 3.54 3.19 -11% 0.2 0.2 23.1 23.0 4.8 4.7 4.13 3.45 0.28 45.27 53.00 15% 2.1 2.4 15.3 13.7 1.7 1.9 45.29 31.60 9.80 0.38 0.39 2% 0.0 0.0 16.9 15.1 1.8 1.8 0.45 0.33 -11.63 3.69 3.62 -2% 0.2 0.2 21.3 20.4 4.2 4.3 3.70 3.01 14.24 1.92 1.99 4% 0.1 0.1 14.4 14.4 2.3 2.4 2.17 1.58 -2.79 1.94 2.13 9% 0.1 0.1 17.0 16.6 5.7 5.7 2.25 1.87 2.92 3.22 3.45 7% 0.2 0.3 13.4 11.2 2.9 3.2 3.38 2.44 12.98 1.92 1.57 -22% 0.1 0.1 35.5 27.0 1.4 1.7 2.09 1.22 38.77 2.53 2.94 14% 0.2 0.2 16.1 15.5 4.3 4.7 3.02 2.37 2.43 2.81 2.65 -6% 0.2 0.2 17.2 18.1 5.7 5.6 3.97 2.73 0.00 3.69 3.55 -4% 0.2 0.2 24.0 23.8 4.1 4.0 3.91 3.35 9.50 0.53 0.58 9% 436 583 11.5 8.6 12183 17790 0.63 0.44 0.95 1.11 1.07 -3% 0.5 0.5 11.2 11.8 17.6 17.6 1.19 0.71 36.20 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
26. T e c h n i c a l TA Securities V i e w Friday , March 17, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Hong Kong HSI: 24,288.28 (+495.43, +2.08%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Close Name 16-Mar HANG SENG 24,288.28 HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA GALAXY 64.35 85.60 6.42 5.19 9.13 24.80 4.00 114.30 5.84 220.80 197.40 96.90 43.00 5.99 16.30 79.10 3.73 31.85 160.00 15.18 78.90 20.25 68.80 25.30 67.90 5.42 46.20 6.18 4.02 10.06 32.55 6.86 42.20 13.42 17.82 9.94 22.80 21.70 14.40 4.14 11.12 11.40 8.48 3.16 2.45 49.80 34.75 40.00 Change Tel: +603-2167 9607 High Lower 495.43 0.65 2.05 0.12 0.13 0.32 0.90 0.11 2.30 0.18 6.20 2.70 0.00 1.00 0.18 0.54 1.10 0.04 0.15 2.60 0.20 (0.60) 0.20 0.10 0.40 0.50 0.14 0.65 0.15 0.13 0.50 0.95 (0.03) 0.30 0.38 0.12 0.17 0.90 0.20 0.24 0.20 (0.32) 0.40 0.08 (0.01) 0.03 1.35 0.25 0.60 24,288.28 24,003.75 64.45 85.60 6.42 5.19 9.14 24.80 4.00 116.50 5.85 220.80 197.40 97.70 43.05 6.00 16.30 79.50 3.75 31.95 160.00 15.18 81.50 20.45 69.95 25.30 68.50 5.43 46.45 6.18 4.04 10.12 32.55 6.95 42.40 13.46 18.14 9.98 22.80 21.90 14.40 4.14 11.40 11.40 8.55 3.24 2.45 49.90 35.00 40.10 63.85 84.15 6.31 5.12 8.95 24.30 3.92 113.10 5.77 216.20 194.80 96.45 42.40 5.90 16.06 78.50 3.68 31.55 157.30 15.08 78.50 20.00 68.40 24.80 67.50 5.28 45.80 6.10 3.91 9.79 31.60 6.86 41.95 13.08 17.80 9.82 21.95 21.60 14.16 3.94 11.08 11.02 8.43 3.15 2.41 49.05 34.55 39.55 RSI Bollinger Bands Low 23,412.19 60.71 83.45 6.05 4.89 8.73 23.12 3.74 109.23 5.58 204.80 187.46 92.43 40.90 5.76 15.58 76.54 3.37 30.62 155.67 14.82 78.46 19.32 57.56 23.02 67.06 5.05 44.12 5.92 3.82 9.14 31.31 6.08 40.60 12.58 17.32 9.38 20.12 21.17 14.05 3.84 11.02 10.81 8.35 2.88 2.29 48.25 31.26 35.64 Mid stsoo@ta.com.my Upper 14d 23,850.88 24,289.57 66.15 64.12 85.56 6.29 5.05 9.16 23.96 3.90 112.83 5.91 211.83 194.78 95.22 41.86 6.00 16.16 78.43 3.55 31.27 160.05 14.99 79.99 19.82 63.32 24.08 68.84 5.31 45.17 6.14 4.07 9.48 32.34 6.88 41.47 13.24 17.72 9.91 21.24 21.54 14.28 4.07 11.44 11.21 8.49 3.10 2.38 49.20 33.12 38.03 67.53 87.67 6.53 5.22 9.60 24.80 4.07 116.43 6.24 218.86 202.09 98.01 42.81 6.25 16.75 80.31 3.74 31.91 164.42 15.16 81.52 20.32 69.07 25.13 70.61 5.56 46.22 6.37 4.31 9.82 33.38 7.67 42.34 13.90 18.12 10.43 22.36 21.91 14.51 4.30 11.87 11.60 8.64 3.32 2.46 50.15 34.98 40.43 50.73 50.18 62.46 63.58 45.69 67.44 63.70 61.94 46.14 70.53 60.92 66.30 69.99 50.43 53.64 57.97 65.81 63.11 53.30 62.44 45.79 62.65 80.16 68.78 41.73 60.16 68.70 57.94 49.72 75.06 52.69 56.39 65.90 58.21 60.62 58.72 69.93 56.24 59.12 55.76 44.46 55.94 54.06 61.74 64.91 58.82 65.90 68.73 Moving Averages 10d 23,742.13 63.46 84.71 6.21 5.01 8.99 23.80 3.85 112.88 5.79 212.80 192.35 96.02 41.77 5.92 16.00 78.58 3.63 31.29 158.46 14.99 79.44 19.89 65.05 24.26 68.06 5.27 45.38 6.06 3.97 9.55 31.92 6.96 41.74 13.31 17.64 9.92 21.25 21.45 14.29 4.05 11.56 11.07 8.47 3.20 2.41 49.23 33.86 38.87 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 23,764.28 23,415.13 37.02 16.07 27.43 20.95 118.30 118.48 (0.178) BUY SELL - - 65.01 86.39 6.18 5.00 9.31 23.86 3.85 111.36 5.97 209.67 194.78 94.14 41.72 6.04 16.18 78.14 3.50 31.22 160.54 14.94 79.79 19.73 61.58 23.99 69.49 5.25 44.62 6.07 4.07 9.45 32.74 6.59 41.03 13.10 17.46 9.68 21.09 21.55 14.09 4.10 11.28 11.35 8.44 3.00 2.37 48.60 32.89 37.30 64.85 86.13 6.04 4.89 9.52 22.84 3.72 108.99 6.04 205.39 191.43 93.06 41.04 6.04 16.10 76.91 3.48 30.65 157.24 14.72 79.05 19.09 59.93 23.35 68.51 5.02 43.86 5.93 4.01 9.28 32.41 6.39 40.15 12.90 16.58 9.35 20.17 21.11 13.71 3.90 10.99 11.37 8.17 2.80 2.35 47.84 33.58 36.60 26.88 20.15 16.05 14.95 28.05 14.31 15.52 14.43 30.85 17.21 16.67 15.64 13.77 22.91 17.54 19.42 14.69 15.34 22.78 13.40 13.77 14.32 8.50 12.70 20.66 14.40 13.88 18.28 22.64 10.04 17.30 13.34 6.74 19.84 17.74 19.38 13.35 18.15 12.10 21.03 25.15 15.52 13.90 8.72 16.24 16.39 12.60 11.75 17.96 31.30 20.83 22.89 32.46 27.39 28.08 37.92 26.23 14.99 16.97 28.13 23.63 13.81 16.19 37.50 14.41 16.30 22.01 21.10 19.54 28.34 40.27 32.17 23.10 33.00 30.49 14.42 13.78 26.87 15.52 40.03 51.07 29.57 23.02 35.70 27.93 12.98 30.60 22.25 31.15 26.29 17.70 54.28 44.70 27.55 24.14 28.26 4.41 (4.30) 11.29 19.11 (5.42) 20.06 14.98 16.97 (8.29) 15.67 11.29 13.42 20.08 2.02 4.38 13.63 12.78 8.96 1.13 11.02 6.95 15.25 36.47 20.49 (0.14) 13.51 12.27 6.50 (1.19) 28.14 3.03 13.48 20.56 6.49 4.68 5.64 19.82 1.65 5.30 10.99 (5.99) 4.83 5.31 12.54 37.22 12.27 17.80 18.61 -0.44 -0.58 0.07 0.05 -0.18 0.29 0.05 1.22 -0.09 3.05 0.09 1.05 0.26 -0.05 -0.06 0.35 0.06 0.24 0.09 0.08 0.04 0.28 2.42 0.40 -0.41 0.07 0.56 0.03 -0.03 0.12 -0.22 0.16 0.51 0.11 0.26 0.16 0.43 0.09 0.16 0.02 0.13 -0.09 0.06 0.11 0.03 0.39 0.34 0.87 0.069 (0.116) (0.004) 0.002 0.001 (0.016) (0.004) (0.287) (0.017) 0.523 (0.018) 0.037 0.050 (0.016) (0.034) (0.207) 0.016 0.026 (0.367) (0.013) (0.188) 0.002 0.588 0.096 (0.235) (0.015) 0.011 (0.017) (0.020) 0.036 (0.051) (0.045) (0.017) (0.047) (0.075) (0.057) 0.079 (0.040) (0.043) (0.024) (0.061) 0.013 (0.030) (0.016) 0.006 (0.107) 0.245 0.104 BUY SELL BUY BUY SELL BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY BUY SELL SELL SELL SELL BUY SELL BUY BUY SELL SELL SELL BUY BUY SELL SELL SELL BUY BUY BUY SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY - BUY BUY BUY BUY BUY BUY BUY BUY - 31.30 15.85 27.33 34.06 22.63 34.37 30.50 31.40 22.56 32.88 27.97 29.06 33.85 24.93 21.92 33.05 27.47 24.30 23.91 24.42 20.72 29.56 44.97 33.19 20.52 27.90 26.15 24.78 21.45 38.18 20.33 26.82 27.30 26.34 22.42 25.02 33.17 19.80 17.41 32.02 19.16 20.35 19.22 21.26 53.46 28.66 30.40 30.36 -0.51 -0.46 0.07 0.04 -0.18 0.31 0.05 1.51 -0.07 2.52 0.11 1.01 0.21 -0.03 -0.03 0.56 0.04 0.21 0.46 0.09 0.22 0.27 1.83 0.30 -0.18 0.09 0.55 0.05 -0.01 0.08 -0.17 0.21 0.53 0.16 0.34 0.21 0.35 0.13 0.20 0.04 0.20 -0.11 0.09 0.13 0.02 0.50 0.10 0.77 The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
27. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 1880 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK Target Price Stock Name Close HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA LTD GALAXY 64.35 64.33 85.60 109.30 6.42 7.32 5.19 5.97 9.13 24.80 % upside EPS ($) PER(x) Div Yield(%) 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 0% 0.6 0.7 13.9 12.6 0.8 0.8 69.10 44.50 3.37 22% 5.3 5.7 14.3 13.3 2.7 3.1 99.30 80.30 4.14 12% 0.9 0.9 6.3 6.1 4.3 4.3 6.47 4.50 7.54 13% 0.8 0.8 6.0 5.9 4.4 4.5 5.20 3.82 11.61 11.21 19% 0.0 0.6 N/A 13.6 2.8 3.5 10.88 8.46 -5.88 27.50 10% 0.7 0.9 33.2 24.5 1.0 1.3 24.95 16.00 22.77 9% 0.6 0.6 6.1 4.3 4.00 4.38 4.3 4.08 2.90 16.28 114.30 129.55 12% 8.8 9.5 13.0 12.1 3.5 3.6 123.30 85.40 16.63 5.84 7.22 19% 0.0 0.3 105.9 6.3 17.9 0.7 2.2 6.38 4.76 1.04 220.80 241.27 8% 4.8 6.1 41.1 32.3 0.2 0.3 220.80 151.00 16.39 197.40 193.21 -2% 5.6 6.1 35.4 32.1 2.6 2.8 213.20 173.90 7.75 96.90 113.86 15% 8.2 8.9 11.8 10.9 2.8 3.0 103.90 80.60 10.24 43.00 44.15 32.50 10.82 54.00 20% 3.4 3.5 11.1 11.0 1.3 1.4 5.99 7.15 16% 0.3 0.4 15.8 12.6 3.0 3.7 6.34 4.66 8.91 16.30 18.24 11% 1.3 1.5 11.6 10.0 2.9 3.5 17.70 11.40 11.64 79.10 79.00 0% 5.0 5.2 15.7 15.3 3.6 3.8 84.35 68.55 11.02 3.73 3.34 -12% 0.0 0.0 14.1 13.3 0.8 0.8 5.15 3.24 9.38 31.85 34.37 7% 2.2 2.5 14.4 12.7 5.6 4.0 31.95 21.01 14.77 160.00 155.88 -3% 9.3 10.2 4.2 164.40 127.60 10.88 15.18 13.18 -15% 0.6 0.6 25.4 24.4 2.5 2.6 15.50 12.73 10.48 78.90 76.20 -4% 4.9 5.1 16.2 15.4 3.6 3.7 94.40 72.20 6.55 20.25 19.34 -5% 1.2 1.1 16.9 18.6 3.7 3.7 20.70 13.64 23.18 68.80 64.32 -7% 4.6 4.8 15.0 14.3 3.1 3.3 69.95 39.00 33.46 25.30 28.98 13% 3.1 3.5 8.1 7.3 2.9 3.3 27.85 20.15 23.11 67.90 17.2 15.7 3.9 76.42 11% 3.6 3.5 19.0 19.3 5.7 4.0 62.78 6.26 5.42 5.14 -5% 0.4 0.4 11.6 11.9 4.7 4.6 5.79 4.07 24.31 46.20 45.44 -2% 3.8 3.1 12.1 15.0 3.2 3.2 48.20 39.64 12.00 6.18 5.81 -6% 0.9 0.9 6.2 6.2 4.2 4.2 6.44 4.46 10.16 4.02 4.47 10% 0.1 0.3 27.5 13.8 0.5 1.6 4.88 2.92 9.24 10.06 11.56 13% 0.2 0.4 37.4 22.4 0.8 1.5 10.26 7.70 11.41 32.55 25.31 -29% 2.1 1.7 6.86 6.11 -12% 0.0 0.2 N/A 42.6 0.0 1.1 7.62 5.34 12.64 42.20 39.33 -7% 1.6 1.6 26.7 25.9 7.8 2.7 44.50 34.92 11.94 13.42 13.52 1% 0.8 0.8 16.0 16.2 3.8 3.8 14.48 10.96 15.49 17.82 18.83 5% 0.4 0.7 48.3 26.7 0.4 1.0 18.34 12.85 15.71 9.94 11.32 12% 0.8 0.8 12.8 12.0 4.4 4.4 10.46 6.91 21.22 22.80 27.60 17% 2.8 9.5 8.2 21.70 24.08 10% 1.4 1.6 15.6 13.6 3.1 3.4 24.95 18.80 12.79 14.40 14.17 -2% 1.9 1.5 7.7 9.8 5.6 5.4 15.50 10.70 16.88 29.38 2.4 15.8 18.7 2.9 2.8 2.5 75.73 3.3 34.75 23.85 26.35 16.50 9.60 30.73 4.14 4.40 6% 0.0 0.2 131.4 20.7 0.0 0.2 4.45 2.25 11.12 9.97 -12% -0.1 0.2 #N/A N/A 47.7 0.5 0.8 13.96 10.00 9.02 11.40 12.25 7% 1.5 1.5 7.5 7.4 3.0 3.0 12.78 10.54 2.70 8.48 8.89 5% 0.1 0.1 14.2 13.5 1.1 0.4 9.48 7.28 8.86 3.16 3.14 -1% 0.0 0.0 22.6 19.4 0.4 0.4 3.38 2.31 28.98 2.45 2.79 12% 0.0 0.0 N/A #N/A N/A 0.0 0.0 3.00 2.00 8.41 49.80 56.69 12% 0.4 0.4 17.3 15.7 0.2 0.3 54.15 41.50 13.83 34.75 37.66 8% 0.2 0.2 22.6 20.5 0.7 0.7 39.30 24.60 3.12 40.00 42.17 5% 1.6 1.7 25.2 23.3 1.2 1.4 40.15 21.87 18.34 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
28. T e c h n i c a l TA Securities V i e w Friday , March 17, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 • Foreign Technical Stock Watch FSSTI: 3,163.52 (+26.09, +0.83%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Change 16-Mar 3,163.52 26.09 3.95 19.12 9.63 21.78 65.86 3.66 7.22 3.73 1.00 6.86 7.63 9.97 2.13 0.21 10.50 39.80 3.54 45.27 0.38 3.69 1.92 1.94 3.22 1.92 2.53 2.81 3.69 0.53 1.11 (0.01) (0.01) (0.02) 0.27 1.26 0.04 0.19 0.08 0.01 0.23 0.09 0.04 0.03 0.00 0.27 0.30 0.02 1.27 0.00 0.06 0.02 0.01 0.06 0.07 0.00 (0.02) 0.01 0.01 0.01 Tel: +603-2167 9607 stsoo@ta.com.my High Low Bollinger Bands RSI Lower Mid Upper 14d 3,168.26 3,150.16 3,089.02 3,125.15 3,161.29 64.35 Moving Averages 10d 30d 50d DI + 3,136.33 3,109.66 3,072.82 33.36 DI 18.06 ADX 30.45 Diff 15.29 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 22.48 23.31 (0.829) BUY SELL - 4.00 19.28 9.71 21.83 66.08 3.69 7.22 3.74 1.01 6.88 7.63 10.00 2.13 0.21 10.54 40.00 3.55 45.29 0.39 3.70 1.93 1.96 3.25 1.93 2.53 2.84 3.70 0.53 1.14 3.94 19.10 9.63 21.53 64.92 3.63 7.07 3.68 0.99 6.66 7.56 9.93 2.10 0.19 10.33 39.31 3.52 44.40 0.38 3.65 1.91 1.93 3.18 1.87 2.50 2.79 3.67 0.53 1.10 3.93 19.09 9.56 21.54 65.59 3.60 7.00 3.63 0.99 6.89 7.52 9.95 2.09 0.21 9.99 39.58 3.49 44.11 0.38 3.66 1.96 1.93 3.23 1.94 2.51 2.86 3.69 0.52 1.12 16.22 17.89 17.88 14.61 17.25 21.20 11.53 15.20 14.82 24.33 14.69 12.25 14.81 26.97 11.03 13.74 9.91 19.70 21.23 15.01 27.92 16.22 17.67 16.29 16.94 26.49 8.56 21.82 14.50 17.13 18.53 12.28 21.96 33.10 29.11 26.84 42.69 22.02 36.14 13.37 16.04 13.56 23.16 43.40 29.08 21.91 13.83 29.96 24.12 31.82 17.44 28.82 42.29 12.38 15.56 36.26 15.82 46.61 7.49 10.99 9.35 13.45 10.95 (1.92) 18.86 18.85 8.61 7.12 11.79 4.21 1.39 (7.40) 27.67 10.81 13.76 8.71 (9.23) 9.06 (19.42) (0.32) 10.36 22.39 0.90 (9.62) 6.09 (3.35) 21.51 0.02 0.15 0.04 0.15 0.89 -0.06 0.08 0.07 0.01 0.09 0.01 0.02 0.00 0.00 0.29 0.54 0.00 0.71 -0.01 0.06 -0.03 -0.01 0.01 0.09 0.02 -0.01 0.03 0.00 0.06 3.89 18.47 9.42 21.17 61.93 3.47 6.68 3.48 0.96 6.48 7.41 9.83 2.06 0.19 8.92 37.12 3.44 40.18 0.36 3.61 1.89 1.92 3.13 1.50 2.39 2.78 3.65 0.50 0.85 3.95 18.92 9.55 21.53 64.56 3.67 6.93 3.61 0.99 6.87 7.54 9.93 2.10 0.22 9.71 38.96 3.48 43.08 0.39 3.67 2.02 1.95 3.23 1.82 2.48 2.85 3.69 0.53 1.03 4.01 19.36 9.68 21.89 67.19 3.87 7.18 3.74 1.02 7.26 7.66 10.02 2.15 0.25 10.51 40.80 3.53 45.97 0.42 3.72 2.14 1.98 3.34 2.15 2.56 2.92 3.72 0.56 1.21 54.64 58.31 57.98 63.55 61.86 46.38 66.22 65.41 56.25 55.31 58.33 53.83 55.82 48.62 70.15 60.38 59.04 64.03 40.42 62.74 32.46 46.41 52.16 63.37 60.08 41.33 57.09 49.96 66.14 3.93 18.84 9.56 21.26 64.15 3.75 6.88 3.56 0.99 6.69 7.55 9.90 2.10 0.22 9.62 38.72 3.48 42.80 0.40 3.57 2.02 1.96 3.20 1.71 2.47 2.83 3.66 0.53 0.98 3.89 18.66 9.47 21.12 62.60 3.78 6.85 3.41 0.97 6.48 7.49 9.90 2.11 0.20 9.33 37.99 3.51 42.21 0.41 3.47 2.02 1.96 3.17 1.63 2.47 2.90 3.59 0.54 0.92 23.71 28.87 27.22 28.07 28.20 19.28 30.39 34.05 23.43 31.44 26.48 16.46 16.20 19.57 38.70 24.55 23.67 28.41 12.00 24.07 8.50 15.90 28.03 38.68 17.84 16.87 14.66 18.47 36.01 DMI www.taonline.com.my 0.02 0.15 0.03 0.17 1.00 -0.06 0.07 0.08 0.01 0.15 0.01 0.02 -0.01 0.01 0.22 0.56 -0.01 0.59 -0.01 0.07 -0.02 -0.01 0.03 0.10 0.01 -0.01 0.03 -0.01 0.06 (0.002) 0.001 0.005 (0.014) (0.106) 0.001 0.018 (0.003) (0.001) (0.059) 0.005 0.003 0.003 (0.004) 0.072 (0.027) 0.009 0.123 0.001 (0.012) (0.014) (0.001) (0.015) (0.012) 0.005 (0.001) (0.008) 0.000 0.001 BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY SELL SELL BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY SELL SELL BUY BUY SELL SELL SELL BUY BUY BUY SELL BUY SELL BUY BUY BUY SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY BUY BUY - BUY BUY SELL BUY - The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
29. INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR Stock Name SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP % upside 3.95 4.27 8% 19.12 19.44 2% Close SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJSGD SP YZJ Target Price EPS ($) 2017 PER(x) Div Yield(%) 52week Price High % Chg 2018 2017 2018 2017 2018 Low YTD 0.2 0.3 16.3 15.3 4.5 4.7 4.36 3.59 8.22 1.791 1.962 10.7 9.7 3.2 3.3 19.37 14.63 10.27 7.96 9.63 9.56 -1% 0.9 0.9 11.2 10.3 3.8 4.0 9.78 8.21 21.78 21.18 -3% 1.9 2.1 11.3 10.5 3.3 3.4 21.95 17.41 6.76 65.86 63.80 -0.03 4.0 4.3 16.3 15.2 2.4 2.5 67.27 52.42 19.20 3.66 3.80 4% 0.2 0.2 13.1 12.2 2.0 2.2 4.00 2.96 1.95 7.22 7.38 2% 0.4 0.4 18.3 17.8 2.7 2.7 7.35 5.77 14.06 3.73 4.01 7% 0.2 0.2 18.1 18.7 2.7 2.8 3.79 2.85 23.51 1.00 1.06 6% 0.0 0.0 28.6 25.6 2.9 3.0 1.04 0.69 10.50 6.86 6.56 -5% 0.5 0.6 13.3 12.4 3.3 3.5 7.23 5.10 18.48 7.63 7.81 2% 0.3 0.4 22.8 21.1 3.9 4.2 8.05 6.96 6.56 9.97 9.71 -3% 0.4 0.4 22.4 22.9 3.5 2.7 11.67 9.60 3.10 2.13 2.03 -5% 0.1 0.1 28.8 28.4 2.0 2.1 2.23 1.92 1.91 0.21 0.22 0.05 0.0 0.0 10.0 6.8 0.0 1.0 0.37 0.11 23.53 10.50 10.70 2% 0.6 0.7 16.3 15.2 1.4 1.4 10.59 7.54 26.81 39.80 38.80 -3% 2.7 2.9 14.9 13.8 0.8 0.8 40.56 27.35 19.88 3.54 3.19 -11% 0.2 0.2 23.1 23.0 4.8 4.7 4.13 3.45 0.28 45.27 53.00 15% 2.1 2.4 15.3 13.7 1.7 1.9 45.29 31.60 9.80 0.38 0.39 2% 0.0 0.0 16.9 15.1 1.8 1.8 0.45 0.33 -11.63 3.69 3.62 -2% 0.2 0.2 21.3 20.4 4.2 4.3 3.70 3.01 14.24 1.92 1.99 4% 0.1 0.1 14.4 14.4 2.3 2.4 2.17 1.58 -2.79 1.94 2.13 9% 0.1 0.1 17.0 16.6 5.7 5.7 2.25 1.87 2.92 3.22 3.45 7% 0.2 0.3 13.4 11.2 2.9 3.2 3.38 2.44 12.98 1.92 1.57 -22% 0.1 0.1 35.5 27.0 1.4 1.7 2.09 1.22 38.77 2.53 2.94 14% 0.2 0.2 16.1 15.5 4.3 4.7 3.02 2.37 2.43 2.81 2.65 -6% 0.2 0.2 17.2 18.1 5.7 5.6 3.97 2.73 0.00 3.69 3.55 -4% 0.2 0.2 24.0 23.8 4.1 4.0 3.91 3.35 9.50 0.53 0.58 9% 436 583 11.5 8.6 12183 17790 0.63 0.44 0.95 1.11 1.07 -3% 0.5 0.5 11.2 11.8 17.6 17.6 1.19 0.71 36.20 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2