Bursa Malaysia Daily Market Report - 18 April

Transcription

1. Wednesday , 18 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1 . P a n t e c h G ro u p H o ld i n g s Be r h a d : Be n e f it s f ro m S te e l T a rif f s 2 . T e c h n ic a l U p d a t e : C ru de O i l U p tre n d A c c e le r a t in g Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck W at ch , D ai l y Mon e y F lo w , D a il y St oc k Sc reen ( Loc al ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
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Daily Market Commentary Wednesday , 18 April 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (17.04.2018) Volume (mil) +/-chg (RMmn) Main Market 1,939.5 Warrants 550.5 ACE Market 591.9 Bond 9.9 ETF 0.1 LEAP 0.0 Total 3,091.9 Off Market 43.9 285.9 -10.6 131.5 7.7 0.0 0.0 2,583.8 99.5 105.3 0.9 0.2 0.0 2,789.7 18.2 68.4 703.2 3.0 18.9 0.3 -0.1 0.0 54.5 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP April Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA (mn) 20.0 10.0 8.0 3.0 1.0 265 106 50 2 1 0 424 293 166 45 0 2 0 506 % chg % YTD chg 1.73 -25.12 -62.56 2.00 0.09 -0.19 -0.41 0.11 4.66 1.66 -11.72 5.41 24,786.63 7,281.10 7,226.05 21,847.59 2,453.77 30,062.75 3,498.20 1,755.53 6,285.76 3,066.80 1,784.56 5,841.55 213.59 124.81 27.85 12.06 -3.72 -252.84 1.01 -11.64 -0.99 -43.85 -40.22 0.21 0.87 1.74 0.39 0.06 -0.15 -0.83 0.03 -0.66 -0.02 -1.41 -2.20 0.00 0.27 5.47 -6.01 -4.03 -0.56 0.48 2.80 0.10 -1.10 -7.27 -6.04 -3.69 2.74 0.70 0.30 0.32 0.40 Exchange Rate USD/MYR 3.8905 0.005 USD/JPY 107.02 -0.090 EUR/USD 1.237 -0.0009 Counter MAYBANK PCHEM CIMB AXIATA PETGAS DIGI GENTING PETDAG PPB RHBBANK Mkt Cap. Chg (RM’mn) (RM) 115,823 68,080 67,346 49,228 36,686 36,076 34,484 26,605 22,098 21,654 0.02 0.06 0.06 0.01 0.54 0.10 0.09 0.70 0.04 0.02 AEMULUS - 1:4 Bonus Issue - BI of up to 109.7m shares. 1 bonus share for every 4 existing shares held. Ex-Date: 18/04/2018. Entitlement Date: 20/04/2018. LISTING ON: 23/04/2018. Even as the index may attempt to climb higher due to sustained buying support on key heavyweights, lower liners and small caps should stall on profit-taking pending local catalysts. A convincing push above 1,880 on positive market breadth is needed to aim for the record high of 1,896 from July 2014, which will act as significant hurdle. Uptrend supports are revised higher to the 10 and 30-day moving averages at 1,857 and 1,856 respectively, followed by the 50-day ma (1,852). News Bites Vol. (mn) 26.46 7.89 17.78 6.42 1.96 11.84 2.73 1.94 0.83 2.55 Commodities Futures Palm Oil (RM/mt) 2,408.00 38.00 Crude Oil ($/Barrel) 66.64 0.18 Gold ($/tr.oz.) 1,350.00 0.60 Important Dates Gains in oil & gas heavyweights Petronas Dagangan (+70sen) and Petronas Gas (+54sen) lifted the local blue-chip benchmark to close at a new near four-year high on Tuesday, while small caps consolidated on profit-taking interest. The KLCI added 1.73 points to close at 1,880.49, off an early low of 1,873.09 and high of 1,885.12, but losers again edged gainers by 506 to 424 on higher turnover of 3.09bn shares worth RM2.79bn. Positive momentum indicators on EcoWorld implies upside potential towards RM1.20, with a confirmed breakout to aim for the 76.4%FR (RM1.32) and 61.8%FR (RM1.40) ahead. Key retracement support from the 138.2%FP (RM1.00) matches the recent low. Likewise, Hiap Teck should recover towards 44sen, while a decisive breakout will target 48sen, the 123.6%FP (51sen) and 138.2%FP (55sen) going forward. Crucial support will be the recent low of 36sen. Top 10 KLCI Movers Based on Mkt Cap. (RM) @ @ @ @ @ 1.33 0.18 0.18 0.09 1.56 0.00 0.90 1.56 1,880.49 13,157.76 15,052.06 1,881.50 Off Market SIME KRONO HLT MEDIAC MBL-WA Review & Outlook Value Value/ +/-chg Volume Up Down • Bumi Armada Bhd has been served a notice from Erin Petroleum Nigeria Ltd to immediately shutdown operations on its FPSO, Armada Perdana, and the entire crude oil produced and stored in it has been seized by a writ from the Lagos Federal High Court. • Westports Holdings Bhd is focusing on a proposal to set up 10 new container terminals at the group's wharf in Port Klang and the evaluation will take 9 to 12 months to be completed. • MBSB Bank Bhd and Cagamas SRP Bhd have inked an agreement that allows MBSB access to a mortgage guarantee programme offered by Cagamas SRP and become a valued partner in Skim Rumah Pertamaku. • Malaysia Marine and Heavy Engineering Holdings Bhd will spend about RM150mn on capex this year to build a dry dock facility. • Prestar Resources Bhd has varied the purchase consideration for the sale of Tashin Steel Sdn Bhd to a special purpose vehicle which will be listed on the Ace Market later on. • MAA Group Bhd said it had aborted its plans to invest in an independent oil producer in Kaliningrad, Russia after assessing the risks associated with the potential investment. • Globaltec Formation Bhd's Australia-listed-subsidiary NuEnergy Gas Ltd has secured a 4-year extension for its Muralim production sharing contract in Indonesia, where it is undertaking coal seam gas exploration. • Inta Bina Group Bhd has been appointed as the main contractor for the proposed construction of an apartment worth RM97.8mn in Damansara Damai, Selangor. • BSL Corp Bhd's wholly-owned subsidiary Crestronics (M) Sdn Bhd has failed again in its second appeal to the Ministry of Finance for the remission of 2 bills of demand from the Royal Malaysian Customs Selangor amounting to RM11.1mn. • SHH Resources Holdings Bhd is acquiring a piece of freehold land measuring 2.0ha in Ulu Langat, Selangor for RM10.2mn cash. • MB World Group Bhd is disposing its 100% stake in its loss making subsidiary Emas Kiara Marketing & Engineering Sdn Bhd to an undisclosed buyer for RM1.7mn. • Zelan Bhd has received an arbitration notice from Hitachi Ltd on disputes and differences arising from a sub-contract and the latter is claiming an aggregate amount of AED15.2mn. • The International Monetary Fund's latest forecast says the global economy is on course to grow 3.9% this year, the fastest pace since 2011. • China's economy grew 6.8% in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
3. Wednesday , April 18, 2018 FBMKLCI: 1,880.49 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w KLCI Firm but Small Caps in Profit-taking Mode Gains in oil & gas heavyweights Petronas Dagangan (+70sen) and Petronas Gas (+54sen) lifted the local blue-chip benchmark to close at a new near four-year high on Tuesday, while small caps consolidated on profit-taking interest. The KLCI added 1.73 points to close at 1,880.49, off an early low of 1,873.09 and high of 1,885.12, but losers again edged gainers by 506 to 424 on higher turnover of 3.09bn shares worth RM2.79bn. Next Resistance at 1,896; Support at 1,857 Even as the index may attempt to climb higher due to sustained buying support on key heavyweights, lower liners and small caps should stall on profit-taking pending local catalysts. A convincing push above 1,880 on positive market breadth is needed to aim for the record high of 1,896 from July 2014, which will act as significant hurdle. Uptrend supports are revised higher to the 10 and 30-day moving averages at 1,857 and 1,856 respectively, followed by the 50-day ma (1,852). Bargain EcoWorld & Hiap Teck Positive momentum indicators on EcoWorld implies upside potential towards RM1.20, with a confirmed breakout to aim for the 76.4%FR (RM1.32) and 61.8%FR (RM1.40) ahead. Key retracement support from the 138.2%FP (RM1.00) matches the recent low. Likewise, Hiap Teck should recover towards 44sen, while a decisive breakout will target 48sen, the 123.6%FP (51sen) and 138.2%FP (55sen) going forward. Crucial support will be the recent low of 36sen. Asian Markets Drift Lower as Investors Digest China Data Asian markets closed mostly lower on Tuesday as investors digested the release of a raft of China data, including expectation-topping first-quarter GDP growth. The dollar also eased further while oil prices pared some overnight losses. In Tokyo, the Nikkei 225 edged up 0.06 percent, or 12.06 points, to close at 21,847.59 after trading both in and out of positive territory through the day. Over in Seoul, the Kospi shed 0.15 percent to end at 2,453.77. Down Under, the S&P/ASX 200 finished the day flat at 5,841.50, with financials stocks slipping 0.33 percent and weighing on the broader index. Mainland China markets underperformed. The Shanghai composite lost 1.39 percent to close lower for the fourth straight session at 3,067.52 and the Shenzhen composite fell 2.2 percent to 1,784.56. China's economy grew 6.8 percent in the first quarter of 2018, beating an estimate of 6.7 percent on year growth projected in a Reuters poll. March retail sales came in better than expected, while industrial output growth for the month and fixed asset investment in the first quarter missed estimates. Page 1 of 8
4. 18-Apr-18 Upbeat Earnings Lift Wall Street Higher U .S. stocks rose Tuesday, driven by strong corporate results, extending Monday’s rally and sending the Dow industrials back into positive territory for 2018. Major indexes have gained eight out of the past 11 trading sessions, but volumes have been light, suggesting some investors are remaining on the sidelines as geopolitical tensions simmer. Helping boost sentiment, Netflix shares rose 9 percent to close at a record high after the video-streaming pioneer smashed analysts’ quarterly subscriber estimates. The stock is by far the best performer in the S&P 500 this year with a gain of 75 percent. Meanwhile, UnitedHealth Group, the biggest U.S. health insurer, rose 8.23, after reporting a 31 percent increase in earnings and lifting its profit outlook for the year. S&P 500-listed companies are expected to see earnings growth of 17.3 percent for the period, the fastest rate since 2011, although much of that can be attributed to the recently passed tax bill. The financial index was the sole S&P sector in the red, ending the day down 0.07 percent as bank stocks fell. The Dow Jones Industrial Average rose 213.59 points, or 0.87 percent, to 24,786.63, the S&P 500 gained 28.55 points, or 1.07 percent, to 2,706.39 and the Nasdaq Composite added 124.81 points, or 1.74 percent, to 7,281.10. Page 2 of 8
5. 18-Apr-18 News In Brief Corporate Bumi Armada Bhd has been served a notice from Erin Petroleum Nigeria Ltd (EPNL) to immediately shutdown operations on its floating production storage and offloading unit, Armada Perdana. The company had also received a Notice of Seizure/Attachment of Goods from a third party informing that the entire crude oil produced and stored in Armada Perdana has been seized by a writ from the Lagos Federal High Court in relation to legal proceedings which the Bumi Armada Group is not a party. (Bursa Malaysia/ Business Times) Westports Holdings Bhd, having obtained approval in principle from the government for an expansion plan aimed at doubling its container-handling capacity, is currently undertaking a technical study on the matter. The study, focusing on a proposal to set up 10 new container terminals at the group’s wharf in Port Klang, will take 9 to 12 months to be completed. (The Edge) MBSB Bank Bhd and Cagamas SRP Bhd have inked an agreement that allows MBSB access to a mortgage guarantee programme offered by Cagamas SRP and become a valued partner in Skim Rumah Pertamaku, which has seen 22 financial institutions finance 7,920 loans with RM1.6 billion to-date. (The Sun) Malaysia Marine and Heavy Engineering Holdings Bhd will spend about RM150mn on capex this year to build a dry dock facility. Total capex for the dry dock is about RM500 million until 2020. The dry dock is currently 15% complete and is slated for completion by the second quarter of 2020. (The Edge) Prestar Resources Bhd has varied the purchase consideration for the sale of Tashin Steel Sdn Bhd to a special purpose vehicle which will be listed on the Ace Market later on. The shareholders of Tashin Steel — Prestar and Formula Naga Sdn Bhd — have entered into a supplemental share sale agreement with the SPV Tashin Holdings Bhd to acquire the entire share capital of Tashin Steel for RM144.8mn. (Bursa Malaysia/ The Edge) MAA Group Bhd said it had aborted its plans to invest in an independent oil producer in Kaliningrad, Russia after assessing the risks associated with the potential investment. (Bursa Malaysia/ The Edge) Globaltec Formation Bhd’s Australia-listed-subsidiary NuEnergy Gas Ltd has secured a 4-year extension for its Muralim production sharing contract in Indonesia, where it is undertaking coal seam gas exploration. (Bursa Malaysia/ The Edge) Inta Bina Group Bhd has been appointed as the main contractor for the proposed construction of an apartment worth RM97.8mn in Damansara Damai, Selangor. The contract from Prestasi Sdn Bhd is for 1 block of a 21-storey apartment (260 units), one block of a 22storey apartment (260 units) and a basement carpark. (Bursa Malaysia/ Bernama) BSL Corp Bhd's wholly-owned subsidiary Crestronics (M) Sdn Bhd has failed again in its second appeal to the Ministry of Finance for the remission of 2 bills of demand from the Royal Malaysian Customs Selangor amounting to RM11.1mn. However, BSL said it will continue to take all necessary steps to protect the interests of BSL and its subsidiaries. (Bursa Malaysia/ The Edge) Page 3 of 8
6. 18-Apr-18 SHH Resources Holdings Bhd is acquiring a piece of freehold land measuring 2 .0ha in Ulu Langat, Selangor for RM10.2mn cash. The proposed acquisition is in line with its strategic plan to undertake other viable investment opportunities to enhance shareholders’ value in view of the current competitive furniture industry. (Bursa Malaysia/ The Sun) MB World Group Bhd is disposing its 100% stake in its loss making subsidiary Emas Kiara Marketing & Engineering (EKME) Sdn Bhd to an undisclosed buyer for RM1.7mn. The disposal is in line with its intention to dispose of its non-profitable and non-core businesses. (Bursa Malaysia/ The Sun) Zelan Bhd has received an arbitration notice from Hitachi Ltd on disputes and differences arising from a sub-contract to supply, deliver, install, test and commission a water cooled chiller. Hitachi is claiming an aggregate amount of AED15.2mn (RM16.1mn) for the works done and materials on-site, materials off-site and subcontractor’s claims, suspension cost, demobilisation cost and interest on amounts certified. (Bursa Malaysia/ The Sun) Page 4 of 8
7. 18-Apr-18 N e w s I n B r i e f Economy Global IMF Forecasts Global Growth of 3 .9% This Year, Strongest Since 2011 The global economy is on course to grow 3.9% this year, the fastest pace since 2011, with every major economy poised to grow for the second year in a row, according to the International Monetary Fund’s latest forecast. The upswing in global growth will be “supported by strong momentum, favorable market sentiment, accommodative financial conditions, and the domestic and international repercussions of expansionary fiscal policy in the United States,” the IMF said Tuesday in releasing its flagship economic forecasts, known as the World Economic Outlook. The IMF sees the global economy continuing to gather strength despite a decline in global stock markets this year and trade tensions between the U.S., China and others. Despite those tensions, trade volumes are expected to grow. Overall world trade volumes rose 4.9% in 2017, up from 2.3% in 2016. The forecasts call for trade to strengthen again by 5.1% in 2018. During 2017, global economic output grew 3.8% from the year earlier. It was an expansion that was remarkable in its breadth, with more than twothirds of all countries accelerating, the IMF said. With only three months under way, 2018 is shaping up to be stronger than estimated in the round of IMF forecasts released in January. Growth in the Eurozone and U.S. will be 0.2 percentage point stronger than previously estimated. The U.S. and Eurozone both grew 2.3% in 2017 from the year earlier and the IMF forecasts growth to strengthen for both in 2018, to 2.9% and 2.4%, respectively. The IMF raised its 2018 forecasts 0.1 percentage point higher for the U.K. and other advanced economies, 0.3 point higher for Europe’s emerging-market nations and 0.4 point higher for Brazil. The IMF forecasts the economy will grow 3.9% again in 2019, before declining to 3.7% over the medium term, although the forecasts become less accurate further out into the future. (WSJ, IMF) Asia Concerns about Malaysia's Household Debt: Moody's Poll The level of household debt in Malaysia remains a concern despite recent structural improvements, according to a recent poll conducted by Moody's Investors Service. It said that 52.4% of the participants at its March 21 “Inside ASEAN - Spotlight on Malaysia” conference held here were concerned about the level of household debt in Malaysia. “Moody's considers that credit risk in the household sector is receding, driven by deleveraging, as household debt decreased to 84.3% of GDP at the end of 2017, from 88.3% in 2016,” it said. The majority -- 53% -- also expect stable credit conditions for domestic banks in 2018. Moody's maintains stable outlooks on all the rated Malaysian banks, and expect that they will benefit from stable macroeconomic conditions. “Corporate credit quality risks are well balanced, but household leverage represents a meaningful tail risk despite recent structural improvements,” it said. Moody's conclusions are contained in its just-released report, "Cross-sector -- Malaysia: Heard from the market: Trade restrictions, tighter funding conditions are top risks". At the conference, participants were polled on their views on various topics. Of the respondents, investors comprised 55%, intermediaries 19%, issuers 10% and others 16%. It said that the survey showed that credit conditions for domestic banks are expected to remain stable. The majority of poll participants expect stable credit conditions for domestic banks in 2018. (The Star) NAPIC: Malaysia’s Property Sector to Stabilise This Year The property sector is expected to stabilise this year, bolstered by favourable economic growth that will be supported by domestic demand, according to the National Property Information Centre (NAPIC). Following a challenging couple of years, NAPIC said the favourable economic outlook, accommodative monetary policy and continuous incentives for the housing sector will help sustain the momentum in the property sector. “The residential market is expected to continue leading the overall property sector,” said NAPIC in a statement today. “Housing will remain as the top priority by the Government and all related agencies are joining efforts to ensure that houses are made accessible and more Page 5 of 8
8. 18-Apr-18 affordable for the households , be it in terms of ownership or renting.” In view of the oversupply of private office and retail space in shopping complexes in Kuala Lumpur, NAPIC said developers with future developments need to consider a thorough market study on the marketability and sustainability of the developments prior to submission of application to the relevant local authority. Meanwhile, NAPIC said the property sector recorded 311,824 transactions worth RM139.84bil in 2017, down by 2.7% in volume and 3.8% in value compared with 2016. (The Star) China's 1Q18 Economic Growth Beats Expectations China's economy grew 6.8% in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices. Beijing is looking to keep the economic balancing act intact even as it faces rising trade tensions with its largest trading partner, the United States that could impact billions of dollars in cross-border trade. Analysts polled by Reuters had expected gross domestic product (GDP) to expand 6.7% in the January-March quarter, slowing only marginally from 6.8% growth in the previous two quarters. That's positive news for Beijing, giving policymakers room to further reduce risks in China's financial system and rein in pollution without stalling economic growth. Resilient consumption, which accounted for 77.8% of economic growth in the first quarter, has helped support the world's secondlargest economy even as risks grow for its exporters. Investment in real estate, a crucial driver of the economy, accelerated to 10.4% in the first quarter -- the fastest pace in three years. That compared with a 9.9% rise in the first two months of this year and a 9.1% expansion in the same period in 2017. March retail sales rose 10.1% from a year earlier, the strongest pace in four months, with consumers buying more of almost everything from cosmetics and clothing to furniture and home appliances. The firstquarter economic performance has set a good foundation for the full year, although international uncertainties are increasing and domestic development remains uneven, the National Bureau of Statistics said. Growth remained comfortably above the government's target of around 6.5% for the full year, which could give policymakers more confidence to step up efforts to reduce risks in the financial system and clean up the environment. Privatesector fixed-asset investment rose 8.9% in January-March, compared with an increase of 8.1% in the first two months. Private investment accounts for about 60% of overall investment in China. Industrial output was perhaps the biggest downside surprise, expanding 6.0% in March on-year, the slowest pace in seven months. (The Star) Singapore NODX Falls Unexpectedly in March Singapore's non-oil domestic exports declined unexpectedly in March, though at a slower pace than in the prior month, data from the International Enterprise Singapore showed. NODX dropped 2.7% year-over-year in March, following a 6.0% fall in February. Meanwhile, economists had expected a 1.2% rise for the month. Exports of electronic products decreased 7.1% annually in March, well below the 12.7% plunge in the prior month. Nonelectronic NODX slid 1.3% over the year after a 3.3% drop in February. On a monthly basis, NODX fell a seasonally adjusted 1.8% from February, when it decreased by 2.7%. (RTT) Page 6 of 8
9. 18-Apr-18 United States U .S. Housing Starts Rise on Apartment Building U.S. housing starts rose in March, an increase that could signal firming conditions in the housing market as apartment building rose. Housing starts increased 1.9% in March from the prior month to a seasonally adjusted annual rate of 1.319 million, the Commerce Department said Tuesday. Residential building permits, which can signal how much construction is in the pipeline, rose 2.5% to an annual pace of 1.354 million last month. Economists surveyed by The Wall Street Journal had expected a 1.6% increase for starts and a 0.8% rise for permits. Last month’s jump in starts and permits appeared to be driven by ramped up construction projects for multifamily housing, with permits for buildings with more than five units hitting the highest level since October 2016 and starts for this category reaching the highest level since December 2016. Meanwhile, single-family projects declined for both starts and permits. Housing-starts data are volatile from month to month and can be subject to large revisions. March’s 1.9% rise for starts came with a margin of error of 12.4 percentage points. The broader trend shows strengthening construction in the housing market, as starts increased by 8.0% in the first three months of 2018 compared with the same period a year earlier. Housing starts in February were revised to a 1.295 million annual pace from an initial estimate of 1.236 million. Permits were revised to a 1.321 million rate from 1.298 million. Single-family home building has held near the highest levels since before the recession began, while construction of larger buildings eased as the market for new condominiums and apartments previously cooled. (WSJ) U.S. Industrial Production Rose 0.5% in March U.S. industrial output rose in March, a sign of underlying strength in the economy as factories increased production of business equipment and autos. Industrial production—a measure of output at factories, mines and utilities—rose a seasonally adjusted 0.5% in March from the prior month, the Federal Reserve said Tuesday. Economists surveyed by The Wall Street Journal had expected the index to rise 0.4%. February industrial production was revised to a 1% gain. From a year earlier, industrial production rose 4.3% in March. Capacity utilization, a measure of slack in the industrial economy, increased 0.3 percentage point to 78%, the highest level in three years. Economists had expected capacity utilization of 77.9% in March. Utility output aided March’s increase in industrial production, rising 3% from the prior month after it declined 5% in February due to unseasonably warm temperatures that reduced demand for heating. Production of durable consumer goods increased 0.9% from the prior month, driven by a 2.7% increase in automotive production. In a sign that companies are continuing to invest in new equipment in the wake of last year’s tax law, production of business equipment rose 0.5% from February. (WSJ) Europe and Uni ted Kingdom UK Wage Growth Lags Inflation Even as Jobless Rate Hits New Low Workers in Britain have yet to see their wages rise more quickly than inflation despite unemployment falling to its lowest rate since 1975, according to official data published on Tuesday. Economists said the weaker-than-expected headline pay figure was unlikely to knock the Bank of England off course from raising interest rates next month for only the second time since the global financial crisis. Sterling weakened as the data showed wages in the three months to February rose by 2.8 percent, unchanged from the growth rate in the three months to January and below a median forecast of 3.0 percent in a Reuters poll of economists. Inflation over the period, as measured by the consumer price index, was around 2.9 percent. “A lot of the detail in the report suggests the labor market is still tightening,” Philip Shaw, an economist with Investec, said. The Office for National Statistics said the unemployment rate unexpectedly fell to 4.2 percent, its lowest since the three months to May 1975. (Reuters) Page 7 of 8
10. 18-Apr-18 Germany 's Economic Sentiment Weakens Sharply in April German economic confidence declined sharply in April, survey data from the Mannheimbased think tank ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment dropped to -8.2 in April from +5.1 in March. The score was forecast to fall to -1. "The reasons for this downturn in expectations can mainly be found in the international trade conflict with the United States and the current situation in the Syrian war," ZEW President Achim Wambach, said. The significant decline in production, exports and retail sales in Germany in the first quarter of 2018 is also having a negative effect on the future economic development," Wambach added. The current conditions index fell by 2.8 points to 87.9 in April, versus expected score of 88. In the euro area, the economic sentiment indicator slid 11.5 points to 1.9 in April. The indicator for the current economic situation came in at 57.7 points, up by 1.5 points compared with March. (RTT) Share Buy-Back 17-April 2018 Company AMPROP DUFU INCKEN KFIMA KOMARK RCECAP SIGN SNTORIA SUNWAY TEXCYCL TONGHER Bought Back 40,000 113,000 56,100 7,600 117,400 15,000 270,000 130,000 200,000 30,000 34,000 Price (RM) Hi/ Lo (RM) 0.67 1.13/1.30 0.69/0.68 1.47/1.46 0.19 1.41/1.40 0.54/0.525 0.63/0.615 1.58/1.57 0.68 3.14 0.67/0.665 1.13/1.08 0.69/0.68 1.47/1.46 0.185/0.18 1.45/1.40 0.54/0.525 0.63/0.595 1.59/1.57 0.68/0.65 3.20/3.00 Total Treasury Shares 17,628,200 11,926,900 17,675,300 450,400 7,459,700 14,280,625 12,827,100 7,890,800 45,282,562 1,833,050 2,976,900 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 8 of 8
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD 17-Apr-18 AUTOMOBILE BAUTO 2.23 2.33 4.5% Buy 2,585 0.57 12.1 19.0 18.4 11.7 4.9 5.1 2.47 -9.7 1.84 21.2 1.4 MBMR 2.46 2.68 8.9% Hold 962 0.65 24.7 26.9 10.0 9.2 2.4 2.8 2.60 -5.4 2.01 22.4 11.8 PECCA 1.16 1.62 39.7% Buy 214 0.59 9.7 10.9 12.0 10.6 4.3 4.3 1.70 -31.8 1.13 2.7 -25.2 SIME 2.78 2.55 -8.3% Sell 18,906 1.62 13.2 16.4 21.1 17.0 1.2 1.5 3.06 -9.2 2.03 37.2 25.8 UMW 6.12 5.52 -9.8% Sell 7,150 1.43 28.6 40.2 21.4 15.2 2.3 3.3 6.98 -12.3 4.70 30.2 17.7 BANKS & FINANCIAL SERVICES ABMB 4.30 4.60 7.0% Buy 6,657 1.10 32.6 35.8 13.2 12.0 3.7 3.7 4.49 -4.2 3.62 18.8 5.4 AFFIN 2.52 2.40 -4.8% Sell 4,896 0.93 22.2 23.9 11.3 10.5 3.2 3.2 2.98 -15.0 2.22 13.9 9.5 -10.4 AMBANK 3.95 4.70 19.0% Buy 11,906 1.52 38.1 44.4 10.4 8.9 4.6 4.6 5.70 -30.7 3.61 9.4 CIMB 7.30 8.60 17.8% Buy 67,346 1.58 58.2 59.9 12.5 12.2 4.0 4.1 7.39 -1.2 5.45 33.9 11.6 HLBANK 18.86 21.30 12.9% Buy 38,580 0.85 116.8 126.8 16.1 14.9 2.5 2.5 20.02 -5.8 13.62 38.5 10.9 MAYBANK 10.62 11.50 8.3% Buy 115,823 0.97 73.8 77.9 14.4 13.6 5.2 5.2 10.66 -0.4 9.01 17.9 8.4 PBBANK 23.98 27.30 13.8% Buy 92,599 0.70 153.3 166.5 15.6 14.4 2.4 2.5 24.12 -0.6 19.86 20.7 15.4 RHBBANK 5.40 6.10 13.0% Buy 21,654 1.49 54.3 59.0 9.9 9.2 2.8 2.8 5.61 -3.7 4.71 14.6 8.0 BURSA 7.45 7.04 -5.5% Buy 6,007 0.91 29.2 30.0 25.5 24.8 4.8 4.8 7.65 -2.7 6.20 20.1 10.4 ANNJOO 3.13 4.34 38.7% Buy 1,664 1.33 43.5 46.3 7.2 6.8 6.9 7.9 3.98 -21.4 2.75 13.8 -18.9 CHINHIN 1.11 1.39 25.2% Buy 618 0.99 11.4 11.1 9.7 10.0 5.7 5.1 1.49 -25.5 1.00 11.6 -8.3 CSCSTEL 1.37 1.70 24.1% Buy 506 0.86 17.4 17.9 7.9 7.6 6.8 7.0 2.05 -33.0 1.27 7.9 -11.0 ENGTEX 1.00 1.38 38.7% Buy 434 0.84 13.8 15.7 7.2 6.3 4.2 5.5 1.52 -34.5 0.96 3.6 -9.5 GADANG 0.89 1.69 89.9% Buy 589 1.38 14.2 18.1 6.3 4.9 3.4 3.4 1.37 -35.0 0.80 11.3 -19.8 GAMUDA 5.10 5.84 14.5% Buy 12,547 0.86 34.4 36.4 14.8 14.0 2.4 2.4 5.52 -7.6 4.58 11.4 2.8 IJM 2.69 2.96 10.0% Hold 9,758 1.33 13.7 18.6 19.6 14.4 3.5 3.5 3.60 -25.3 2.53 6.3 -11.8 BUILDING MATERIALS CONSTRUCTION KAB 0.24 0.38 59.6% Buy 8 na 31.4 37.3 0.7 0.6 4.3 5.1 0.33 -28.8 0.20 17.5 -21.7 PESONA 0.34 0.45 34.3% Buy 233 1.46 4.8 4.6 6.9 7.2 4.5 4.5 0.73 -54.1 0.30 11.7 -25.6 SENDAI 0.97 0.79 -18.1% Sell 754 1.55 9.9 8.7 9.8 11.0 1.0 1.0 1.39 -30.6 0.68 41.9 11.6 SUNCON 2.19 2.65 21.0% Hold 2,830 0.80 14.7 16.4 14.9 13.3 3.7 4.1 2.64 -17.0 1.83 19.7 -12.7 WCT 1.19 1.50 26.1% Sell 1,674 1.13 11.3 10.8 10.5 11.0 2.5 2.5 2.48 -51.9 1.13 5.3 -26.5 LITRAK 5.51 6.26 13.6% Hold 2,909 0.36 45.6 47.1 12.1 11.7 4.5 4.5 6.15 -10.4 5.40 2.0 -0.7 CARLSBG 19.40 18.09 -6.8% Buy 5,968 0.73 87.8 91.8 22.1 21.1 4.4 4.6 21.00 -7.6 14.36 35.1 26.8 HEIM 20.80 21.64 4.0% Hold 6,284 0.41 93.0 101.6 22.4 20.5 3.6 3.8 23.04 -9.7 16.98 22.5 10.1 AEON 2.00 1.97 -1.5% Buy 2,808 0.36 7.5 8.9 26.6 22.4 2.3 2.5 2.52 -20.6 1.45 37.9 13.6 AMWAY 7.52 8.59 14.2% Buy 1,236 0.52 48.3 49.9 15.6 15.1 5.3 5.5 8.10 -7.1 6.97 7.9 2.9 F&N 33.00 33.74 2.2% Buy 12,096 0.35 122.7 145.8 26.9 22.6 2.4 2.9 34.50 -4.3 23.40 41.0 22.2 CONSUMER Brewery Retail HUPSENG 1.07 1.25 16.8% Buy 856 0.39 5.7 5.9 18.8 18.1 5.6 5.6 1.28 -16.4 1.02 4.9 -1.8 JOHOTIN 0.96 1.48 55.0% Buy 296 1.19 11.1 11.7 8.6 8.1 6.3 6.8 1.76 -45.7 0.90 6.1 -21.1 NESTLE 148.00 129.90 -12.2% Sell 34,706 0.58 322.2 360.2 45.9 41.1 2.0 2.2 163.00 -9.2 80.80 83.2 43.4 PADINI 4.57 4.67 2.2% Sell 3,007 0.76 28.0 30.4 16.3 15.0 2.7 2.8 5.50 -16.9 2.92 56.6 -13.4 -31.3 POHUAT 1.23 1.78 44.7% Buy 270 0.59 20.1 23.1 6.1 5.3 4.9 6.5 2.07 -40.5 1.15 7.0 QL 5.15 5.41 5.0% Hold 8,356 0.68 13.3 15.5 38.6 33.2 0.9 0.9 5.24 -1.7 3.54 45.5 18.4 SIGN 0.54 0.92 72.0% Buy 122 0.80 6.6 8.7 8.1 6.1 4.7 6.5 1.07 -50.0 0.48 11.5 -24.1 23.00 34.72 51.0% Hold 6,567 1.51 170.8 168.8 13.5 13.6 7.0 7.0 47.48 -51.6 22.80 0.9 -42.5 GENTING 9.00 11.58 28.7% Buy 34,484 1.43 55.1 61.8 16.3 14.6 1.8 1.8 9.92 -9.3 8.47 6.3 -1.4 GENM 5.12 6.68 30.5% Buy 28,972 1.41 27.6 32.0 18.6 16.0 2.3 2.5 6.28 -18.5 4.59 11.5 -7.6 2.10 3.22 53.3% Buy 2,829 0.57 19.9 26.0 10.6 8.1 7.6 8.6 2.84 -26.1 2.06 1.9 -6.3 CCMDBIO 2.92 3.40 16.4% Buy 815 0.96 16.2 17.7 18.0 16.5 1.6 1.7 3.05 -4.3 1.97 48.2 15.4 IHH 6.09 6.40 5.1% Sell 50,179 0.72 11.9 15.0 51.3 40.7 0.5 0.6 6.33 -3.8 5.42 12.4 3.9 KPJ 0.92 1.13 22.8% Buy 3,877 0.66 3.9 4.3 23.5 21.2 2.4 2.6 1.14 -19.3 0.84 9.5 -5.2 HARTA 6.47 3.90 -39.7% Sell 21,428 1.10 12.6 14.4 51.4 44.9 1.2 1.3 6.64 -2.6 2.44 165.2 21.2 KOSSAN 7.47 9.73 30.3% Buy 4,777 0.66 37.4 42.1 20.0 17.8 2.5 2.8 8.79 -15.0 5.62 32.9 -7.9 SUPERMX 2.69 2.70 0.4% Buy 1,764 0.59 20.0 22.6 13.5 11.9 1.9 2.3 2.92 -7.9 1.69 59.2 34.5 TOPGLOV 10.16 12.20 20.1% Buy 12,972 0.61 35.3 42.7 28.8 23.8 1.4 1.7 10.44 -2.7 4.56 122.8 27.2 KAREX 0.79 0.93 17.7% Sell 792 0.74 1.8 3.0 44.6 26.1 0.6 1.0 2.26 -65.0 0.75 5.3 -39.2 SCIENTX 7.90 10.01 26.7% Buy 3,863 1.00 67.5 79.4 11.7 10.0 2.7 3.3 9.85 -19.8 7.45 6.0 -8.8 SKPRES 1.57 2.00 27.4% Buy 1,963 0.99 10.4 13.1 15.1 12.0 3.3 4.1 2.35 -33.2 1.25 25.6 -31.1 ASTRO 1.95 2.90 48.7% Buy 10,167 1.01 12.4 13.8 15.7 14.1 6.4 6.4 2.94 -33.7 1.75 11.4 -26.4 MEDIA PRIMA 0.34 0.45 34.3% Sell 372 1.35 -3.8 -1.7 na na 0.0 0.0 1.20 -72.1 0.33 3.1 -55.9 STAR 1.07 1.20 12.1% Sell 790 1.09 6.2 5.9 17.2 18.0 8.4 8.4 2.22 -51.7 1.06 0.9 -35.2 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves INDUSTRIAL MEDIA
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD OIL & GAS DNEX 0.41 0.69 70.4% Buy 712 1.86 4.0 4.3 10.2 9.4 2.5 2.5 0.69 -41.3 0.34 20.9 -16.5 LCTITAN 6.21 7.60 22.4% Buy 14,115 na 56.3 60.9 11.0 10.2 4.0 4.3 6.53 -4.9 4.14 50.0 32.1 MHB 0.81 0.81 0.0% Sell 1,296 1.66 0.5 1.7 168.6 48.6 0.0 0.0 1.16 -30.2 0.63 29.6 -1.8 MISC 6.99 7.00 0.1% Sell 31,202 1.07 50.1 53.8 14.0 13.0 4.3 4.3 7.90 -11.5 6.73 3.9 -5.8 PANTECH 0.56 0.78 40.5% Buy 413 1.38 6.2 6.9 8.9 8.0 5.0 5.5 0.74 -25.0 0.51 8.8 -14.0 PCHEM 8.51 9.00 5.8% Hold 68,080 0.85 52.5 54.0 16.2 15.8 3.1 3.3 8.61 -1.2 6.80 25.1 10.5 SAPNRG 0.77 0.84 9.1% Buy 4,614 2.77 -5.0 -1.7 na na 0.0 0.0 2.02 -61.9 0.40 94.9 8.5 SERBADK 3.36 4.15 23.5% Buy 4,934 na 27.7 31.6 12.1 10.6 2.7 3.0 3.68 -8.7 1.79 87.7 3.7 UMWOG 0.30 0.39 30.0% Buy 2,465 2.43 0.4 1.2 78.6 25.9 0.0 0.0 0.68 -55.8 0.22 39.5 -1.6 UZMA 1.40 1.57 12.1% Hold 448 1.19 12.9 13.9 10.9 10.1 0.0 0.0 1.93 -27.5 1.18 18.6 9.4 FGV 1.84 2.09 13.6% Buy 6,713 1.69 2.0 3.4 91.1 54.0 2.7 2.7 2.18 -15.6 1.51 21.9 8.9 IJMPLNT 2.27 2.23 -1.8% Sell 1,999 0.19 6.5 8.2 34.7 27.7 3.5 4.0 3.22 -29.5 2.19 3.7 -17.2 IOICORP 4.77 5.43 13.8% Buy 29,127 0.92 19.0 21.3 25.1 22.4 5.5 3.5 4.81 -0.8 4.21 13.4 7.7 KFIMA 1.47 1.89 28.6% Buy 414 0.71 13.7 13.8 10.8 10.7 6.1 6.1 1.96 -25.0 1.44 2.1 -6.4 KLK 25.54 27.76 8.7% Hold 27,199 0.63 107.6 116.0 23.7 22.0 2.1 2.2 25.98 -1.7 23.80 7.3 2.2 SIMEPLT 5.60 6.27 12.0% Hold 38,085 na 19.6 20.0 28.6 28.1 2.5 2.9 6.00 -6.7 4.58 22.3 -6.7 TSH 1.37 1.81 32.1% Buy 1,892 0.50 9.3 9.6 14.7 14.3 1.7 1.8 1.82 -24.7 1.37 0.0 -17.0 UMCCA 6.05 6.21 2.6% Sell 1,269 0.40 17.0 22.4 35.7 27.0 2.6 3.0 7.08 -14.5 5.97 1.3 -7.1 GLOMAC 0.50 0.40 -20.0% Sell 397 0.67 1.5 2.5 33.1 20.2 2.0 2.0 0.66 -23.6 0.45 11.1 -9.8 HUAYANG 0.46 0.58 26.1% Sell 162 0.91 0.7 3.4 69.4 13.5 1.1 1.1 1.14 -59.6 0.44 4.5 -24.6 IBRACO 0.63 0.80 28.0% Buy 310 na 7.2 10.7 8.6 5.9 4.8 6.4 0.97 -35.6 0.50 25.0 -23.3 IOIPG 1.53 2.00 30.7% Sell 8,424 0.90 16.3 15.7 9.4 9.8 3.9 3.9 2.22 -31.1 1.50 2.0 -17.3 MAHSING 1.06 1.59 50.0% Buy 2,573 0.93 11.8 11.3 9.0 9.4 6.1 6.1 1.64 -35.4 0.98 8.2 -26.9 SIMEPROP 1.38 1.51 9.4% Hold 9,385 na 7.5 7.5 18.4 18.4 2.9 2.2 1.78 -22.5 1.04 32.7 -22.5 SNTORIA 0.63 0.76 21.6% Buy 350 0.31 8.3 8.6 7.6 7.3 1.6 1.6 0.82 -23.6 0.56 11.6 -10.1 SPB 4.35 5.10 17.2% Hold 1,495 0.70 18.7 24.0 23.2 18.1 2.8 2.8 5.50 -20.9 4.14 5.1 -11.2 SPSETIA 3.02 3.73 23.5% Buy 11,341 1.03 19.8 19.4 15.2 15.6 4.0 4.0 4.38 -31.1 2.77 9.0 -24.5 SUNWAY 1.57 1.75 11.5% Hold 7,653 0.97 11.8 12.4 13.3 12.6 3.8 3.8 1.96 -19.8 1.41 11.7 -3.7 SUNREIT 1.59 1.87 17.6% Hold 4,683 0.97 10.0 10.7 15.9 14.9 6.3 6.7 1.90 -16.3 1.48 7.4 -16.3 CMMT 1.13 1.48 31.0% Buy 2,306 0.82 7.9 8.4 14.3 13.5 7.2 7.6 1.83 -38.3 0.98 15.3 -38.3 PLANTATIONS PROPERTY REIT POWER & UTILITIES MALAKOF 0.91 0.82 -9.9% Sell 4,495 1.02 6.7 7.2 13.7 12.6 7.7 7.7 1.27 -28.3 0.85 7.1 -7.1 PETDAG 26.78 24.08 -10.1% Sell 26,605 0.52 114.7 116.3 23.4 23.0 3.2 3.2 27.08 -1.1 20.81 28.7 11.4 PETGAS 18.54 19.46 5.0% Buy 36,686 0.81 99.3 100.0 18.7 18.5 3.7 3.8 19.80 -6.4 15.82 17.2 6.1 TENAGA 15.94 18.22 14.3% Buy 90,316 0.62 131.3 127.5 12.1 12.5 4.1 4.0 16.34 -2.4 13.62 17.0 4.5 YTLPOWR 0.95 1.16 22.1% Sell 7,533 0.95 8.5 8.7 11.2 10.9 5.3 5.3 1.50 -36.7 0.95 0.5 -26.4 -0.9 TELECOMMUNICATIONS AXIATA 5.44 6.50 19.5% Buy 49,228 1.57 15.9 19.4 34.1 28.0 1.5 2.9 5.82 -6.5 4.54 19.8 DIGI 4.64 5.15 11.0% Buy 36,076 1.01 19.6 20.2 23.7 22.9 4.2 4.4 5.19 -10.6 4.36 6.4 -9.0 MAXIS 5.79 6.05 4.5% Sell 45,223 1.11 25.2 25.0 23.0 23.1 3.5 3.5 6.60 -12.3 5.30 9.2 -3.7 TM 5.50 7.20 30.9% Buy 20,669 0.62 22.8 24.9 24.1 22.1 3.7 4.1 6.69 -17.8 4.90 12.2 -12.7 ELSOFT 2.52 3.30 31.0% Buy 694 1.04 13.1 15.0 19.2 16.9 3.7 4.2 2.95 -14.6 2.10 20.0 -6.7 IRIS 0.18 0.22 22.2% Buy 445 2.51 0.0 0.3 654.3 56.9 0.0 0.0 0.25 -26.5 0.14 33.3 -2.7 INARI 1.96 2.43 24.0% Buy 6,103 0.90 9.1 10.2 21.5 19.3 5.0 5.6 2.55 -23.0 1.32 48.8 -13.5 TECHNOLOGY Semiconductor & Electronics Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report. MPI 8.60 10.70 24.4% Buy 1,711 1.03 73.9 86.9 11.6 9.9 3.7 3.7 14.52 -40.8 8.08 6.4 -31.9 UNISEM 2.47 2.55 3.2% Hold 1,813 1.25 19.0 20.3 13.0 12.2 4.9 4.9 4.25 -41.9 2.25 9.8 -32.3 TRANSPORTATION Airlines AIRASIA 3.88 4.93 27.1% Hold 12,967 1.04 41.1 41.1 9.4 9.4 2.1 2.1 4.75 -18.3 2.89 34.3 15.8 AIRPORT 9.14 8.61 -5.8% Sell 15,165 1.10 18.0 18.8 50.9 48.6 1.4 1.1 9.45 -3.3 7.15 27.8 4.0 Freight & Tankers PTRANS 0.26 0.46 76.9% Buy 330 na 2.3 3.7 11.3 7.0 2.7 4.3 0.38 -31.9 0.22 19.2 -7.1 TNLOGIS 1.05 1.45 38.1% Buy 479 0.95 10.3 10.5 10.2 10.0 4.8 4.8 1.79 -41.5 0.99 6.1 -21.6 WPRTS 3.34 4.06 21.6% Buy 11,389 0.44 15.6 20.0 21.4 16.7 1.1 1.5 4.14 -19.3 3.12 7.1 -9.7 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52week 52week % Chg High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 28.73 30.50 6.2% Buy 73,660 1.12 212.3 246.0 13.5 11.7 2.3 2.4 29.7 -3.3 18.65 54.0 OCBC 13.22 14.30 8.2% Buy 55,290 1.20 109.5 123.3 12.1 10.7 6.7 7.7 13.6 -2.9 9.49 39.3 15.6 6.7 UOB 28.39 27.80 -2.1% Hold 47,153 1.17 216.8 244.1 13.1 13.1 2.8 2.8 29.0 -2.1 21.38 32.8 7.3 PLANTATIONS WILMAR 3.15 3.50 11.1% Buy 20,155 0.80 25.4 27.7 12.4 11.4 3.2 3.5 3.9 -18.6 2.97 6.1 1.9 IFAR 0.32 0.37 15.6% Buy 459 1.11 3.1 3.9 10.5 8.3 1.3 1.7 0.5 -37.9 0.32 1.6 -17.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. COMPANY UPDATE Wednesday , April 18, 2018 FBMKLCI: 1,880.49 Sector: Oil & Gas THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Pantech Group Holdings Berhad TP: RM0.78 (+40.5%) Last Traded: RM0.56 Benefits from Steel Tariffs Abel Goon Tel: +603-2072 1277 ext. 1641 BUY abelgoon@ta.com.my We believe the recent steel tariffs touted by President Donald Trump and subsequent rise in US hot rolled coil (HRC) prices will benefit Pantech indirectly. This may result in impressive FY19 earnings as orders flow in on the back of strong demand for Pantech’s products, coupled with improved utilisation rates. Therefore, in valuing the stock, we revert to PER from P/B methodology previously. As a result, we arrive at a higher TP of RM0.78 based on 11x CY19 PER (previous: RM0.69 based on 0.9x P/B) and reiterate BUY on Pantech. www.taonline.com.my Share Information Bloomberg Code PGHB MK Stock Code 5125 Listing Main Market Share Cap (m) 743.7 Market Cap (RMm) 412.7 52-wk Hi/Lo (RM) 0.74/0.51 12-mth Avg Daily Vol ('000) 1,629.6 Estimated Free Float (%) 42.1 Beta 4QFY18 Results Preview Pantech is expected to release its 4QFY18 results on 27 April 2018. To recap, Pantech’s 9MFY18 results grew 87.3% YoY on the back of strong demand from RAPID and high utilisation rate for its plants. We expect this trend to continue in 4QFY18 and estimate quarterly earnings of RM8mn-RM12mn, on the back of 1) 90% utilisation rate at its stainless steel and steel plants and 2) circa RM100mn in trading revenue, underpinned by RAPID orders. This implies total FY18 core net profit of RM44mn-RM49mn. We note that this is the highest core net profit realised by the Group since FY15. That said, we note that the shorter working month of February may present some downside risk to earnings. 1.6 Major Shareholders (%) CTL Capital - 17.9 GL-Management - 12.9 Koperasi Permodalan Felda - 8.5 Forecast Revision (%) FY18 Forecast Revision (%) FY19 2.3 2.2 Net profit (RM mn) 46.2 51.7 Consensus 47.4 52.6 97 98 TA/Consensus Previous Rating Buy (Maintain) Financial Indicators Steel Tariffs Beneficial for Pantech To recap, Donald Trump announced his intention to enforce a 25% tariff on steel imports, citing national security reasons. Although he made exceptions for various countries, including Canada, Mexico, the European Union and Australia, prices of HRC in US have risen (Figure 1). We note that HRC is Pantech’s main raw material. Hence, higher prices will increase the Group’s material costs. Nevertheless, we understand from management that the increased costs are mostly passed on to its clients. Thus, we opine that rising prices of HRC will benefit Pantech, as its clients choose to stock up on inventories in anticipation of increased product prices whilst increased costs are passed on. Therefore, this will increase demand for Pantech’s products and result in margin and revenue expansion. RAPID Completion in CY19 We note that RAPID at Pengerang is expected to begin operations in early CY19. We understand that Pantech expects circa RM200mn of RAPID orders per annum in FY18-19. Despite the completion of RAPID, we opine that orders from Pengerang will not dry up. This is premised on 1) sales from Pantech’s warehouse arising from maintenance activities at the site, and 2) development of the larger Pengerang Integrated Complex (PIC) with expected remaining capex of USD11bn. Thus, we do not expect orders from Pengerang to slow down until full completion of PIC. Additionally, according to management, there are several big gas projects in East Malaysia such as Pegaga and Bokor gas fields. FY18 FY19 Net debt/equity (x) 0.1 0.1 NTA/Share (RM) 0.7 0.8 P/NTA (x) 0.7 0.7 ROE (%) 8.4 8.9 ROA (%) 5.7 6.1 Share Performance Price Change (%) Pantech FBMKLCI 1 mth (4.3) 1.8 3 mth (14.0) 3.2 6 mth (21.3) 7.5 12 mth (11.9) 8.0 (12-Mth) Share Price relative to the FBMKLCI Source: Bloomberg Page 1 of 4
14. 18-Apr-18 Earnings and Valuation We tweak margins upwards slightly to reflect better than expected demand for Pantech ’s products. Thus, our earnings are adjusted upwards by 2.3%/2.2%/2.3% in FY18/19/20. Given 1) strong demand for Pantech’s products, 2) better utilisation rates and 3) persistent recovery in earnings, we revert to PER valuation methodology from P/B previously. We arrive at a higher TP of RM0.78 based on 11x CY19 PER, which is Pantech’s 5-year historical mean PER. Reiterate BUY on the stock. Figure 1. HRC US Futures (USD/tonne) Figure 2. HRC China (USD/tonne) 1,000.0 700.0 900.0 600.0 800.0 700.0 500.0 600.0 400.0 500.0 300.0 400.0 300.0 200.0 200.0 100.0 100.0 Jan-13 Apr-13 Jul-13 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 0.0 0.0 Source: Bloomberg, TA Securities Source: Bloomberg, TA Securities Figure 3. 5- year Historical PER Figure 4. 5-year Historical P/B 18 1.4 1.3 16 +1 STD: 1.2x 1.2 14 1.1 +1 STD: 13.1x 1.0 12 Mean: 11.0x 10 Mean: 0.9x 0.9 0.8 -1 STD: 8.8x -1 STD: 0.7x 0.7 8 0.6 0.5 6 Jan-18 Jul-17 Oct-17 Jan-17 Apr-17 Jul-16 Oct-16 Jan-16 Apr-16 Jul-15 Oct-15 Jan-15 Apr-15 Jul-14 Oct-14 Apr-14 Jan-14 Oct-13 Jul-13 Jan-13 Jan-18 Jul-17 Oct-17 Jan-17 Apr-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 Oct-13 Jul-13 Jan-13 Apr-13 Source: Bloomberg, TA Securities Apr-13 0.4 4 Source: Bloomberg, TA Securities Page 2 of 4
15. 18-Apr-18 Earnings Summary Income Statement Balance Sheet FYE 28 Feb (RMmn) 2016 2017 2018E 2019F 2020F FYE 28 Feb (RMmn) 2018E 2019F 2020F 199.8 199.9 218.0 236.3 254.8 3.0 2.3 2.3 2.3 2.4 46.3 74.3 74.3 74.3 74.3 Non-Current Assets 249.1 276.5 294.6 313.0 331.4 Inventories 253.4 262.4 253.2 267.3 280.2 119.5 148.0 143.4 150.5 157.1 110.0 Revenue 513.1 479.3 614.9 649.1 680.3 Fixed assets EBITDA 73.1 57.9 90.2 100.0 107.0 Associates & JCEs Depreciation (14.8) (14.2) (24.2) (26.3) (28.3) Net finance cost (6.7) (4.9) (4.9) (4.8) (5.0) Share of Associates & JV (0.2) 0.0 0.0 0.0 0.0 1.7 0.2 0.0 0.0 0.0 Trade and other rcvb EI Others 2016 2017 Pretax profit 53.1 39.1 61.1 69.0 73.7 Cash and Deposits 77.0 91.6 111.1 108.8 Taxation (15.1) (10.7) (14.7) (16.6) (17.7) Others 21.4 12.8 12.8 12.8 12.8 (0.0) 1.3 (0.2) (0.7) (0.7) Current Assets 471.2 514.8 520.5 539.5 560.0 Total Assets 720.3 791.3 815.1 852.4 891.5 36.7 44.5 49.3 50.8 52.3 9.8 8.3 8.3 8.3 8.3 46.5 52.8 57.6 59.1 60.6 MI Core Net Profit 37.9 29.7 46.2 51.7 55.3 Per Share Data EPS (sen) 4.9 4.0 6.2 6.9 7.4 Borrowings Fully-diluted EPS (sen) 4.8 3.8 6.0 6.7 7.1 Others DPS (sen) 2.7 1.8 2.8 3.1 3.3 Non-current liabilities Book Value (RM) 0.8 0.7 0.7 0.8 0.8 Borrowings 115.8 114.8 115.0 118.5 122.0 Net Tang Asset (RM) 0.8 0.7 0.7 0.8 0.8 Trade & other Payables 38.1 83.6 76.7 79.9 82.8 Others 10.6 7.2 7.2 7.2 7.2 Current Liabilities 164.6 205.6 199.0 205.7 212.1 Total Liabilities 211.0 258.5 256.6 264.7 272.7 Ratios FYE 28 Feb (RMmn) 2016 2017 11.3 13.9 2018E 2019F 2020F Valuations PER (x) 9.0 8.0 7.5 Dividend yield (%) 4.9 3.2 5.0 5.6 6.0 Share capital 123.3 203.9 203.9 203.9 203.9 EV/EBITDA (x) 5.7 8.3 5.2 4.8 4.5 Reserves 386.0 320.5 345.9 374.3 404.7 P/BV (x) 0.7 0.8 0.8 0.7 0.7 Minority Interests 8.5 8.7 9.4 10.2 P/NTA (x) 0.7 0.8 0.7 0.7 0.7 Equity 509.3 532.9 558.5 587.7 618.8 Total E&L 720.3 791.3 815.1 852.4 891.5 EBITDA margin (%) 14.3 12.1 14.7 15.4 15.7 EBIT margin (%) 11.4 9.1 10.7 11.4 11.6 PBT margin (%) 10.3 8.2 9.9 10.6 10.8 2017 2018E 2019F 2020F Core Net margin (%) 7.4 6.2 7.5 8.0 8.1 Pretax profit 53.1 39.1 61.1 69.0 73.7 ROE (%) 7.4 5.7 8.4 8.9 9.1 Depreciation 14.8 13.9 24.2 26.3 28.3 ROA (%) 5.3 3.8 5.7 6.1 6.2 Net Interest 6.7 4.9 4.9 4.8 5.0 Associates & JCEs 0.2 (0.0) (0.0) (0.0) (0.0) Profitability ratios Liquidity ratios (0.0) Cash Flow Statement FYE 28 Feb (RMmn) 2016 Working Cap Changes 44.0 9.7 7.0 (18.1) (16.5) Current ratio (x) 2.9 2.5 2.6 2.6 2.6 Tax Paid (15.1) (10.7) (14.7) (16.6) (17.7) Quick ratio (x) 1.3 1.2 1.3 1.3 1.3 Others CF from Operations 11.0 16.1 0.0 0.0 0.0 114.8 72.9 82.5 65.4 72.8 Leverage ratios Total Debt/ Assets (x) 0.2 0.2 0.2 0.2 0.2 Capex (20.3) (32.9) (42.3) (44.6) (46.8) Total Debt/Equity (x) 0.3 0.3 0.3 0.3 0.3 Interest Received 0.4 1.0 1.2 1.5 1.4 Net debt(cash)/ Equity (x) 0.1 0.1 0.1 0.1 0.1 Others 8.6 3.4 0.0 0.0 0.0 CF from Investing (11.3) (28.5) (41.1) (43.2) (45.3) (24.9) Growth ratios Revenue (%) (6.6) 28.3 5.6 4.8 Dividends (13.4) (12.3) (20.8) (23.3) PBT (%) (26.3) 56.3 12.9 6.8 Net Change in Debt (52.2) 6.8 5.0 5.0 5.0 Core Net Profit (%) (21.6) 55.4 11.9 6.9 Interest Paid (7.1) (5.9) (6.1) (6.3) (6.4) Key Assumptions Others (16.2) (15.7) CF from Financing (88.8) (27.1) (21.9) 0.0 Utilisation (Carbon Steel) (%) 90 90 90 Utilisation (Stainless Steel) (%) 90 90 90 Net Cash Flow 14.6 17.3 19.5 Utilisation (Nautic) (%) 60 65 65 Beginning Cash 57.7 77.0 91.6 Growth (Trading Revenue) (%) 20 5 5 Exchange Rates 4.6 Ending Cash 77.0 (2.6) 91.6 0.0 (24.5) (2.3) 111.1 0.0 (26.3) 1.2 108.8 0.0 0.0 0.0 111.1 108.8 110.0 Page 3 of 4
16. 18-Apr-18 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Wednesday, April 18, 2018, the analyst, Abel Goon, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
17. Technical View Wednesday , April 18, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Technical Update Crude Oil Uptrend Accelerating Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my \ This is a follow-up report on our technical observation and forecast on the likely direction of global benchmark crude oil prices for West Texas Intermediate (CL1) and Brent (CO1) for 1H2018, after dissecting the price patterns on the monthly, weekly and daily time-frames. Summary of Observations Prices had collapsed > 70% from peak to trough in the 2008 and 2014-16 selloffs, signaling bottom in place Matching selloff magnitudes of 61% in 2014 and 2015, especially true for Brent (CO1) Peak to trough losses of almost 40% and 50% in two subsequent selloffs in 2015 MACD buy signal on monthly charts sustained, major buy signals were in late 2009/early 2016 Recent breakout above 200-month ma at USD65.64 (CL1) and USD68.82 (CO1) reinforces upside momentum Weekly MACD signal line significantly above mid-point, a positive sign Subsequent major hurdles above 200-week ma at USD70.44/80.92 (CL1) and USD77.75/89.70 (CO1) Daily MACD in positive uptrend mode since early 2016 trough CL1 breakout while CO1 on the verge of breakout from uptrend channel to strengthen recovery Base/best case upside forecast at USD80.92/93.88 (CL1) and USD89.70/104.50 (CO1) Fundamental drivers to drive short-term rebound in oil price:1) High risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed U.S. sanctions against Iran and falling output as a result of political and economic crisis in Venezuela. 2) Rising Middle East geopolitical tensions sparked by recent targeted US-allied attacks on Syrian chemical facilities. 3) Sustained reduction in OECD stockpiles since OPEC & Non-OPEC production cuts. Price rally has factored in possible extension in OPEC & Non-OPEC production cuts beyond March 2018 but not additional cuts and cooperation with the US shale players. 4) EIA forecast of robust demand from China offsetting increasing US shale supplies in 2018. 5) Saudi's plans to reduce exports to the US. 6) Spike in seasonal demand due to the summer driving season. 7) Escalating news-flow momentum leading to Saudi Aramco's upcoming international IPO in 2019. Page 1 of 14
18. 18-Apr-18 WTI Crude Oil (CL1) monthly chart (1998 to current) CL1 rose from USD10.35 low (Dec 1998) to USD147.27 high (July 2008) before a steep 78% plunge to USD32.40 low (Dec 2008), then recovered to USD114.83 high (May 2011) prior to correction to USD74.95 low (Oct 2011) and subsequent sideways trend. A second selloff ensued from USD107.73 high (June 2014) to bottom out above USD26.05 low (Feb 2016), representing a 77.3% loss from the May 2011 peak. Note the buy signal (arrow up) flashed on the monthly MACD indicator, with the latest signal triggered shortly after prices bottomed out in Feb 2016. Also note the MACD readings are above the zero line, which could herald upward acceleration in prices, and enhance breakout above the major 200-period moving average level (USD65.64). Page 2 of 14
19. 18-Apr-18 WTI Crude Oil (CL1) weekly chart (2011 to current) On the weekly chart, CL1 dropped 34.7% from USD114.83 high (May 2011) to the low point that year and traded sideways for the next three years before tumbling 61% from the 2014 high to early 2015 low, prior to the latest 58.3% selloff from 2015 high to early 2016 low of USD26.05. Note the weekly MACD (lower section) signal line has turned up, suggesting renewed upside momentum. On the weekly time-frame, key resistance levels stalling upside are the 50%FR (USD70.44) and 38.2%FR (USD80.92), with next significant hurdle seen from the 23.6%FR (USD93.88). Major supports on pullbacks are expected at the 61.8%FR (USD59.96) and 200-week moving average level (USD54.22). Page 3 of 14
20. 18-Apr-18 WTI Crude Oil (CL1) daily chart (March 2015 to current) On the daily time frame, CL1 fell 39.6% from USD62.58 high (May 2015) to the August low, and then retreated 48.8% from the October high to the double-bottom low of USD26.05 (Feb 2016), prior to the bullish reversal that lifted prices to trade within a wide uptrend channel embracing the 100 and 200-day moving average levels. Prices breached the upper band of the channel in January this year, and is currently at near 4-year highs on Middle-east geopolitical tensions and healthy demand outlook. Uptrend support is seen at the May 2015 high of USD62.58, and rising upper band of the channel. Bottom line: Given the anticipated upward acceleration in prices, we have revised upwards our base case upside projection for CL1 for 2H2018 at USD80.92, representing the 38.2%FR of the May 2011 high (USD114.83) to Feb 2016 trough (USD26.05), while a best case set-up would be USD93.88, the 23.6%FR level. Page 4 of 14
21. 18-Apr-18 Brent Crude Oil (CO1) monthly chart (1998 to current) CO1 began recovery from USD9.55 low (Dec 1998) and culminated with a sharp rally to peak at USD147.50 (July 2008) prior to a steep selloff to USD36.20 low (Dec 2008), representing a 75.4% correction, before recovery to USD128.40 high (March 2012) and then traded sideways off the low of USD88.49 (June 2012). The subsequent selloff began from USD115.71 high (June 2014) and ended at low of USD27.10 (Jan 2016), reflecting a 78.9% loss from the March 2012 peak. Note the signal line on the monthly MACD indicator is trending above the zero line, suggesting potential acceleration of upward momentum. The breakout above the 200-period moving average level at USD68.82 reinforces the upside momentum. Page 5 of 14
22. 18-Apr-18 Brent Crude Oil (CO1) weekly chart (2011 to current) On the weekly chart, CO1 corrected 31% from the USD128.40 high (March 2012) to the year’s low before trending sideways with the 200-week moving average cushioning downside for the next two years, prior to a second 61% selloff from the 2014 high to the early 2015 trough, matching the CL1’s correction. The final slump to low of USD27.10 (Jan 2016) also measured 61%, matching the percentage loss in the previous selloff. Note the weekly MACD (lower section) has hooked up significantly above the mid-point, suggesting improving upward momentum. On the weekly time-frame, the major upside hurdles are the 50%FR (USD77.75) and 61.8%FR (USD89.70). Page 6 of 14
23. 18-Apr-18 Brent Crude Oil (CO1) daily chart (March 2015 to current) On the daily chart, CO1 shed 39.3% from USD69.63 high (May 2015) to the August low, and subsequently sank 50.1% from the September peak to the extreme low of USD27.10 (Jan 2016), before reversing upwards to trend within a wide uptrend channel bordering the June 2016 high and June 2017 trough. While the price trend for CO1 is likely to stay within the wide uptrend channel, bullish momentum supports a breakout to fresh 4-year highs, with uptrend support coming from the rising upper band of the channel. Bottom line: We revise the base case upside forecast for CO1 for 2H2018 to USD89.70, matching the 61.8%FR of the March 2012 peak (USD128.40) to Jan 2016 trough (USD27.10), with a best case upside to USD104.50, which is the 76.4%FR level. Page 7 of 14
24. 18-Apr-18 Top Picks for Oil & Gas Stocks for 1H2018 We append below a summary of the top 6 picks for oil & gas stocks, with corresponding charts, upside targets, key supports and trading views for 1H2018. The next table shows the Bloomberg consensus price targets and key fundamental statistics. Table on 1H2018 oil & gas stock picks Stock Name REC BUY 17-Apr-18 Change Date Price Price (+/-) Upside Targets pct ST MT % Upside LT ST MT LT Stop Reward loss ratio CALL Hibiscus Petroleum Bhd 13-Nov-17 0.80 0.90 0.10 11.88 1.13 1.44 1.74 26.26 60.89 94.41 0.74 UMW Oil & Gas Corp Bhd 13-Nov-17 0.33 0.30 (0.03) (9.09) 0.38 0.48 0.57 26.67 60.00 90.00 0.21 1.52 BUY 0.89 BUY Bumi Armada Bhd 13-Nov-17 0.79 0.91 0.12 14.56 1.03 1.36 1.63 13.81 50.28 80.11 0.74 0.76 BOW Dialog Group BHD 13-Nov-17 2.36 3.09 0.73 30.93 3.34 3.76 4.18 8.09 21.68 35.28 2.65 0.57 BOW Sapura Energy Bhd 10-Apr-18 0.54 0.77 0.23 42.59 0.80 1.04 1.25 3.90 35.06 62.34 0.60 0.18 BOW Wah Seong Corp Bhd 13-Nov-17 1.11 1.38 0.27 24.32 1.45 1.70 1.96 5.07 23.19 42.03 1.14 0.29 TP * The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision Forecast Upside Targets ** ST = Short Term (one month) ** Upside Targets are derived from Fibonacci Retracement levels MT = Medium Term (three months) LT = Long Term (above six months) Table on Fundamental Statistics on Oil & Gas Stock Picks for 1H2018 Stock Name Bloomberg Ticker Close Target Price % upside Fundamentals of Oil & Gas Technical Picks EPS ($) PER(x) Div Yield(%) 52week Price 2017 2018 2017 2018 2017 2018 High Low % Chg YTD Hibiscus Petroleum Bhd HIBI MK 0.90 1.18 24% 0.06 0.18 14.44 4.89 NA NA 1.17 0.38 0.00 UMW Oil & Gas Corp Bhd UMWOG MK 0.30 0.36 17% 0.00 0.00 NA 100.0 0.0 0.0 0.68 0.22 -1.64 Bumi Armada Bhd BAB MK 0.91 0.98 8% 0.08 0.08 11.5 11.0 1.3 1.4 0.95 0.67 18.30 Dialog Group BHD DLG MK 3.09 3.16 2% 0.08 0.09 40.7 36.4 1.0 1.1 3.20 1.78 23.11 Sapura Energy Bhd SAPE MK 0.77 0.87 11% -0.01 0.03 NA 30.8 0.4 0.5 2.03 0.40 8.45 Wah Seong Corp Bhd WSC MK 1.38 1.70 19% 0.15 0.14 9.5 9.9 1.6 1.6 1.71 0.88 24.32 Note : The above data is based on Bloomberg consensus. Page 8 of 14
25. 18-Apr-18 HIBISCUS RM0 .895 \ Hibiscus (5199) Company’s Profile: Hibiscus Petroleum is an independent upstream exploration and production company that explores for oil and gas. The company has operations in the Middle East, Norway and Oceania. Prior to the recent recovery, share price tested the 23.6%FR (74sen) during the early April correction, which is reinforced by the 50-week (68sen) and 200-week (63sen) moving average supports. The more positive technical momentum supports a retest of the 38.2%FR (RM1.13), with subsequent upside hurdles from the 50%FR (RM1.44) and 61.8%FR (RM1.74). Trading View: BUY for UPSIDE to RM1.13/1.44/1,74, with stop-loss below 74sen. Page 9 of 14
26. 18-Apr-18 UMW OIL &GAS RM0.30 \ UMW O&G (5243) Company’s Profile: UMW Oil & Gas Corp Berhad provides services to the oil and gas industry. The company offers drilling operations, oilfields services, pipe manufacturing and oilfield products. Share price sold off to 21.5sen low (6/4/18) prior to a V-shape rebound to re-test the falling 200-day moving average level (32sen). The base building process should persist pending recovery to tackle the 23.6%FR (38sen), with convincing breakout to aim for the 38.2%FR (48sen) and 50%FR (57sen) going forward. Trading View: BUY for UPSIDE to 38sen/48sen/57sen, with stop-loss below 21sen. Page 10 of 14
27. 18-Apr-18 BUMI ARMADA RM0 .905 \ Bumi Armada (5210) Company’s Profile: Bumi Armada is an international offshore services provider to the oil and gas industry in Malaysia and other countries in Asia. The company owns and operates offshore support vessels to provide support for exploration, development and production activities in the offshore O&G industry. Share price was in base building after recovery from 50sen low (Dec 2016), with the 50-week moving average (78sen) providing good downside support cushion for most of this year. The recent crossover of the 50-week above the 100-week moving average (74sen) is positive to improve upside momentum towards key resistance from the 200-day ma (97sen) and the 23.6%FR (RM1.03), while a breakout confirmation should target the 38.2%FR (RM1.36) and 50%FR (RM1.63) ahead. Trading View: BUY for UPSIDE to RM1.03/1.36/1.63, with stop-loss below 74sen. Page 11 of 14
28. 18-Apr-18 DIALOG RM3 .09 \ Dialog (7277) Company’s Profile: Dialog Group Berhad is an investment holdings company. The company, through its subsidiaries, provides engineering, procurement, constructions and commissioning services, and plant maintenance specialty chemical and equipment. This counter has performed exceptionally well in 2018, with share price surging 25.5% year-to-date to current levels. The breakout above the 2014 peak (RM1.96) unleashed rally which should extend to target the 176.4%FP (RM3.34), 200%FP (RM3.76) and 223.6%FP (RM4.18) going forward. Good chart supports are seen from the 138.2%FP (RM2.65) and 123.6%FP (RM2.38) levels. Trading View: BUY ON WEAKNESS for UPSIDE to RM3.34/3.76/4.18, with stop-loss below RM2.65. Page 12 of 14
29. 18-Apr-18 SAPURA ENERGY RM0 .77 \ Sapura Energy (5218) Company’s Profile: Sapura Energy Berhad provides integrated oil and gas services and solutions. The company offers engineering, fabrications, construction, installation, hook up, commissioning, drilling, exploration, and productions of oil and gas fields. Sapura Energy serves customers worldwide. Share price topped out at RM2.10 (11/4/17) before turning south and was followed by severe sell-down to extreme low of 39.5sen (15/3/18). The recent run-up should stall at the 23.6%FR (80sen), where a convincing breakout would aim for the 38.2%FR (RM1.04), 50%FR (RM1.25) and 61.8%FR (RM1.45) going forward. Immediate support is seen from the 50-day moving average level (60sen). Trading View: BUY on WEAKNESS for UPSIDE to RM0.80/1.04/1.25, with stop-loss below RM0.60. Page 13 of 14
30. 18-Apr-18 WAH SEONG RM1 .38 \ Wah Seong (5142) Company’s Profile: Wah Seong Corporation Berhad is an investment holdings company. Through its subsidiaries, the company provides pipe-coating services, manufactures spiral welded steel pipes, distributes building materials, installs metal roofing, produces plastic extrusion structural materials, assembles plastic doors and window frames, and provides industrial engineering services. Share price rallied to RM1.71 high (27/2/18), matching the 50%FR (RM1.70), followed by a profit-taking pullback to RM1.24 low (6/4/18) prior to the recent rebound to current levels. The negative crossing on weekly MACD suggests further base building is needed, with key retracement support at the 23.6%FR (RM1.14), matching the 200-week moving average, to cushion downside. Trading View: TAKE PROFIT/SELL for correction to RM1.14. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Wednesday, April 18, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 14 of 14
31. Wednesday , 18 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. D ai l y Te ch n ic a l St o ck s W at ch 2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch 3. D ai l y Mon e y F low of FB MK L CI 4. D ai l y S t o c k S c r e e n Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
32. Technical View Wednesday , April 18, 2018 IS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Watch Malaysia FBM KLCI: 1,880.49 (+1.73, +0.09%) Chartist: Stephen Soo Close Name 17/Apr FBMKLCI 1880.49 Tel: +603-2167 9607 Change High Low 1.73 1,885.12 1,873.09 Bollinger Bands RSI stsoo@ta.com.my Moving Averages www.taonline.com.my DMI MACD DMI MACD DMI MACD Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change 1,828.97 1,858.20 1,887.42 59.88 1,854.13 1,855.19 1,851.78 30.12 24.11 12.73 6.01 4.65 2.01 2.64 BUY BUY - - AFFIN 2.52 0.03 2.53 2.47 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.02 BUY BUY - - ABMB 4.30 -0.02 4.30 4.23 4.12 4.27 4.41 53.46 4.28 4.25 4.20 16.76 11.41 15.97 5.35 0.03 0.03 0.00 BUY BUY - - AMBANK 3.95 -0.05 4.01 3.90 3.65 3.95 4.25 50.13 3.86 3.99 4.16 21.43 26.32 28.13 (4.89) -0.06 -0.10 0.03 SELL BUY - - AXIATA 5.44 0.01 5.45 5.34 5.22 5.39 5.56 53.92 5.33 5.39 5.45 18.39 19.03 27.72 (0.64) -0.02 -0.03 0.01 SELL BUY - - CIMB 7.30 0.06 7.33 7.20 6.96 7.16 7.36 56.54 7.11 7.18 7.14 16.88 29.87 32.50 (12.99) 0.00 0.00 0.01 SELL BUY - - DIGI 4.64 0.10 4.83 4.56 4.39 4.58 4.77 44.74 4.50 4.62 4.71 19.45 22.05 27.22 (2.60) -0.06 -0.06 0.00 SELL BUY - BUY GAMUDA 5.10 -0.02 5.15 5.05 4.96 5.10 5.25 52.82 5.09 5.08 5.04 25.33 19.80 17.23 5.53 0.02 0.02 0.00 BUY BUY - - GENTING 9.00 0.09 9.01 8.85 8.65 8.88 9.11 50.13 8.88 8.89 8.91 12.74 19.70 29.68 (6.96) 0.00 -0.02 0.02 SELL BUY - - GENM 5.12 -0.18 5.30 5.10 4.67 4.99 5.31 61.90 4.95 5.06 5.13 30.36 19.27 22.62 11.09 -0.02 -0.07 0.04 BUY BUY BUY - IHH 6.09 -0.01 6.13 6.06 5.94 6.05 6.16 54.41 6.05 6.06 6.04 13.32 12.33 13.13 0.99 0.01 0.00 0.01 BUY BUY - - IOICORP 4.77 -0.02 4.80 4.76 4.66 4.75 4.84 59.75 4.74 4.73 4.68 13.91 17.33 18.45 (3.42) 0.02 0.02 0.00 SELL BUY - BUY MALAKOFF 0.91 0.01 0.92 0.91 0.85 0.88 0.91 55.98 0.88 0.88 0.90 22.20 12.97 19.19 9.23 -0.02 -0.04 0.02 BUY BUY - - MAXIS 5.79 -0.01 5.87 5.72 5.52 5.77 6.01 50.36 5.73 5.79 5.87 14.57 22.84 27.17 (8.27) -0.01 -0.04 0.03 SELL BUY - - 10.62 0.02 10.66 10.52 10.33 10.49 10.66 60.36 10.50 10.47 10.36 19.48 16.04 16.72 3.44 0.05 0.05 (0.00) BUY SELL - - MBSB 1.16 0.01 1.17 1.15 1.05 1.12 1.18 51.96 1.12 1.14 1.16 24.05 13.98 20.27 10.07 0.00 -0.01 0.01 BUY BUY - - RHBBANK 5.40 0.02 5.44 5.35 5.11 5.27 5.43 56.34 5.26 5.29 5.29 15.40 22.74 25.55 (7.34) 0.00 -0.01 0.02 SELL BUY - - SIME 2.78 -0.02 2.80 2.75 2.48 2.65 2.82 65.46 2.69 2.64 2.68 23.15 19.82 21.45 3.33 0.03 0.01 0.03 BUY BUY - - 15.94 0.00 16.00 15.86 15.57 15.87 16.18 55.60 15.85 15.79 15.76 19.84 16.67 17.76 3.17 0.04 0.05 (0.00) BUY SELL - - TM 5.50 -0.13 5.66 5.44 4.99 5.36 5.72 56.60 5.37 5.45 5.66 21.79 21.00 21.11 0.79 -0.04 -0.10 0.06 BUY BUY BUY - WPRTS 3.34 0.00 3.43 3.33 3.33 3.49 3.65 35.29 3.42 3.51 3.55 7.25 23.88 32.22 (16.62) -0.05 -0.04 (0.02) SELL SELL - - AIRASIA 3.88 -0.05 3.93 3.85 3.86 4.03 4.20 42.14 3.98 4.15 4.15 13.84 28.37 25.80 (14.53) -0.06 -0.04 (0.02) SELL SELL - - AIRASIA X 0.40 0.01 0.41 0.39 0.35 0.38 0.41 52.15 0.37 0.39 0.40 20.53 23.33 19.93 (2.80) 0.00 -0.01 0.00 SELL BUY - - ARMADA 0.91 -0.02 0.93 0.90 0.78 0.85 0.92 65.84 0.85 0.84 0.84 35.51 12.99 20.93 22.52 0.02 0.00 0.01 BUY BUY - - DIALOG 3.09 -0.04 3.15 3.05 2.75 2.99 3.24 64.29 3.07 2.89 2.80 26.55 12.07 32.21 14.49 0.10 0.10 0.01 BUY BUY - - DNEX 0.41 -0.01 0.42 0.40 0.35 0.40 0.45 53.15 0.38 0.41 0.43 24.06 22.52 19.57 1.54 -0.01 -0.01 0.01 BUY BUY BUY - ECO WORLD 1.11 0.01 1.12 1.09 0.96 1.03 1.11 53.06 1.05 1.06 1.18 24.79 16.99 40.61 7.80 -0.02 -0.04 0.02 BUY BUY - - EKOVEST 0.87 -0.01 0.89 0.87 0.80 0.92 1.03 42.80 0.87 0.94 0.96 19.40 24.09 16.56 (4.69) -0.03 -0.03 (0.00) SELL SELL - - FGV 1.84 -0.03 1.90 1.82 1.60 1.75 1.90 57.68 1.78 1.78 1.84 25.02 10.66 34.51 14.36 0.01 -0.02 0.03 BUY BUY - - GADANG 0.89 0.00 0.90 0.88 0.83 0.89 0.96 44.08 0.87 0.92 0.98 21.74 22.73 35.12 (0.98) -0.03 -0.03 0.01 SELL BUY - - HIAP TECK 0.41 0.01 0.42 0.41 0.37 0.42 0.46 42.80 0.40 0.43 0.46 19.55 27.48 26.52 (7.93) -0.01 -0.02 0.00 SELL BUY - - HIBISCUS 0.90 -0.03 0.94 0.90 0.73 0.83 0.93 59.77 0.82 0.85 0.87 30.44 20.80 16.81 9.64 0.00 -0.02 0.02 BUY BUY - - KUB 0.43 0.00 0.44 0.43 0.40 0.43 0.47 46.79 0.42 0.45 0.45 25.42 27.63 11.52 (2.22) -0.01 -0.01 0.00 SELL BUY SELL - MALTON 0.83 0.01 0.84 0.82 0.77 0.83 0.88 45.94 0.82 0.85 0.88 21.67 21.10 11.30 0.57 -0.02 -0.02 0.01 BUY BUY - - MUDAJAYA 0.71 0.01 0.71 0.71 0.63 0.70 0.77 45.73 0.68 0.73 0.79 31.51 32.82 32.06 (1.31) -0.03 -0.04 0.01 SELL BUY - - MRCB 1.03 -0.01 1.06 1.03 0.90 0.99 1.08 54.15 0.99 1.00 1.04 24.64 21.65 16.86 2.99 0.00 -0.02 0.01 BUY BUY - - SAPURA ENERGY 0.77 0.01 0.80 0.75 0.41 0.56 0.72 73.46 0.60 0.54 0.59 40.71 16.14 26.44 24.57 0.03 0.00 0.03 BUY BUY - - SUNCON 2.19 0.02 2.20 2.14 1.91 2.09 2.27 51.87 2.11 2.11 2.24 29.02 21.95 29.46 7.07 -0.01 -0.04 0.03 BUY BUY - - UEMS 0.94 -0.01 0.96 0.94 0.92 0.98 1.03 40.64 0.96 0.98 1.03 11.70 26.55 34.53 (14.85) -0.02 -0.02 0.00 SELL BUY - BUY MAYBANK TENAGA UMWOG 0.30 -0.02 0.32 0.30 0.24 0.29 0.35 57.03 0.28 0.30 0.31 30.26 22.08 18.40 8.18 -0.01 -0.01 0.00 BUY BUY BUY - WASEONG 1.38 -0.06 1.48 1.35 1.28 1.46 1.63 48.00 1.40 1.49 1.50 19.11 24.63 26.29 (5.53) -0.02 -0.03 0.01 SELL BUY - - WCT 1.19 0.00 1.21 1.19 1.12 1.25 1.38 35.34 1.19 1.30 1.40 14.53 27.41 36.12 (12.88) -0.06 -0.07 0.01 SELL BUY - - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
33. 18-Apr-18 Technical Comments : Bargain EcoWorld & Hiap Teck Positive momentum indicators on EcoWorld implies upside potential towards RM1.20, with a confirmed breakout to aim for the 76.4%FR (RM1.32) and 61.8%FR (RM1.40) ahead. Key retracement support from the 138.2%FP (RM1.00) matches the recent low. Likewise, Hiap Teck should recover towards 44sen, while a decisive breakout will target 48sen, the 123.6%FP (51sen) and 138.2%FP (55sen) going forward. Crucial support will be the recent low of 36sen. ECOWORLD RM1.11 (+0.01) Z BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 1.11 1.04 0.96 10-day 30-day 50-day RM RM RM DAILY MACD BUY Recent Signal DMI Recent Signal Signal Change BUY Signal Change HIAP TECK RM0.41 (+0.01) BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 0.46 0.42 0.37 10-day 30-day 50-day DMI Recent Signal Signal Change 1.06 1.06 1.17 SELL Recent Signal Signal Change RM RM RM DAILY MACD 0.40 0.43 0.45 BUY Page 2 of 4
34. 18-Apr-18 Daily Money Flow of Technical Stock Watch Malaysia Chartist : Stephen Soo Tel: +603-2167 9607 Total Money Flow (RM'mn) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 39 40 41 stsoo@ta.com.my www.taonline.com.my CLOSING PRICE 10-Apr 11-Apr 12-Apr 13-Apr 16-Apr (A) Total 5D MF Prv. Chg FBMKLCI (0.6) (17.8) (13.1) (9.8) (1.9) (43.1) 3.3 7.9 1,861 1,870 1,874 1,868 1,879 10.29 IN AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA DIALOG DNEX ECO WORLD EKOVEST FGV GADANG HIAP TECK HIBISCUS KUB MALTON MUDAJAYA MRCB SAPURA ENERGY SUNCON UEMS UMWOG WASEONG WCT 0.0 (0.1) 0.2 1.3 (13.3) 0.2 0.4 0.9 (1.9) 0.4 0.0 0.2 0.9 20.7 (0.1) 0.0 3.9 (0.5) 0.2 0.2 0.0 1.2 0.1 (0.2) 0.0 0.1 0.3 0.7 0.0 (0.0) 1.3 (0.1) 0.1 0.0 (0.2) (0.8) 0.2 0.1 0.2 0.1 0.2 0.1 0.4 0.3 0.3 5.3 (2.8) (1.6) 0.2 0.9 (0.9) (0.1) (0.2) 0.3 (3.9) (0.6) 0.2 (0.6) (2.4) (0.5) (0.1) 0.0 0.4 (0.1) (0.8) 0.0 (0.1) (0.2) (0.2) (0.0) 0.0 (1.2) (0.1) 0.1 0.0 (0.3) (0.3) 0.2 (0.2) (0.9) (0.0) (0.4) 0.0 0.1 0.2 0.8 (0.7) (0.5) 0.8 (1.8) (7.1) 6.3 (0.4) (0.2) 0.7 (2.8) (0.1) (0.2) (0.2) 3.9 (0.0) 0.3 0.0 0.0 0.4 1.9 (0.1) 0.0 (0.2) 0.0 (0.0) 0.1 (1.1) (0.0) (0.1) (0.0) (0.3) (3.5) 0.1 (0.1) (0.8) 0.0 (0.2) 0.1 (0.1) (2.2) 0.4 (1.5) 0.0 4.7 0.1 (3.6) (2.3) 0.5 0.1 (0.1) 12.9 (0.4) 0.1 1.0 (0.9) 0.0 0.1 0.0 0.3 1.3 (0.3) (0.1) (0.1) (0.0) 0.4 0.1 0.1 0.9 (0.0) 0.0 (0.0) (0.1) (0.4) 0.6 (0.3) (0.5) 0.0 (0.2) 0.0 0.6 (0.1) (0.0) 0.9 (1.5) 2.2 0.1 2.1 (0.3) 2.6 0.0 0.1 (4.4) (0.3) (0.0) 0.3 (2.1) (0.1) 0.0 0.0 0.1 (0.5) (0.1) (0.1) (0.1) (0.1) (0.1) 0.1 (0.1) 0.3 (0.0) (0.0) (0.0) (0.3) (1.0) 0.0 (0.2) (0.5) 0.0 (0.1) 0.3 1.0 (1.6) 2.7 (9.2) (4.4) 6.5 (0.5) (9.5) 3.2 2.6 (0.0) 1.9 22.5 (1.5) 0.1 4.3 (1.9) (0.4) 0.4 0.0 2.0 1.2 0.5 (0.3) (0.1) (0.2) 0.8 0.1 0.1 0.0 (0.2) 0.1 0.1 (1.2) (6.0) 1.0 (0.7) (2.4) 0.1 (0.7) 0.1 (0.2) (2.3) (0.4) (0.7) 0.5 3.9 1.9 3.5 (8.6) 0.8 0.2 (0.7) 15.6 (0.4) 0.3 1.3 (4.8) 0.1 (0.2) 0.0 0.3 0.9 (2.2) 0.0 (0.1) 0.2 0.3 0.1 (0.0) 2.0 (0.0) 0.1 0.0 0.2 3.0 0.5 (0.1) 0.3 (0.0) 0.0 (0.1) 0.6 2.0 (0.4) 2.4 (1.5) (2.5) 0.0 5.7 2.0 2.1 (0.0) 0.1 (17.2) 0.1 (0.1) (0.7) (1.2) (0.1) (0.1) 0.0 (0.2) (1.9) 0.2 0.0 (0.0) (0.1) (0.4) 0.0 (0.1) (0.6) 0.0 (0.0) 0.0 (0.1) (0.6) (0.6) 0.0 0.0 0.0 0.0 2.40 4.26 3.92 5.32 7.04 4.54 5.13 8.94 4.95 6.03 4.74 0.91 5.84 10.48 1.18 5.25 2.74 15.90 5.49 3.46 0.00 0.39 0.84 3.14 0.40 1.08 0.90 1.90 0.90 0.44 0.83 0.44 0.84 0.67 1.04 0.54 2.24 0.98 0.28 1.45 1.22 2.44 4.35 3.98 5.31 7.20 4.53 5.15 9.04 4.99 6.06 4.75 0.90 5.87 10.60 1.14 5.29 2.81 15.86 5.54 3.40 0.00 0.39 0.87 3.16 0.40 1.08 0.90 1.84 0.89 0.43 0.87 0.44 0.84 0.73 1.05 0.65 2.30 0.98 0.30 1.44 1.22 2.44 4.40 4.00 5.40 7.20 4.50 5.17 9.05 5.00 6.09 4.77 0.90 5.87 10.54 1.14 5.33 2.80 15.90 5.55 3.36 0.00 0.38 0.90 3.15 0.39 1.07 0.88 1.84 0.88 0.41 0.87 0.43 0.83 0.70 1.03 0.69 2.22 0.95 0.30 1.47 1.21 2.50 4.24 4.00 5.39 7.21 4.48 5.12 8.96 5.08 6.12 4.79 0.90 5.83 10.54 1.15 5.33 2.80 15.88 5.42 3.34 0.00 0.39 0.94 3.12 0.41 1.10 0.90 1.88 0.90 0.42 0.92 0.44 0.83 0.70 1.05 0.74 2.19 0.94 0.30 1.47 1.20 2.49 4.32 4.00 5.43 7.24 4.54 5.12 8.91 5.30 6.10 4.79 0.91 5.80 10.60 1.15 5.38 2.80 15.94 5.63 3.34 0.00 0.39 0.92 3.13 0.42 1.10 0.88 1.87 0.89 0.40 0.92 0.43 0.83 0.71 1.04 0.77 2.17 0.95 0.32 1.44 1.19 (0.01) 0.08 0.00 0.04 0.03 0.06 0.00 (0.05) 0.22 (0.02) 0.00 0.01 (0.03) 0.06 0.00 0.05 0.00 0.06 0.21 0.00 0.00 0.01 (0.02) 0.01 0.01 0.00 (0.02) (0.01) (0.01) (0.02) 0.00 (0.01) (0.01) 0.01 (0.01) 0.03 (0.02) 0.01 0.02 (0.03) (0.01) IN IN OUT OUT IN OUT IN IN IN OUT IN IN OUT OUT OUT IN IN OUT OUT OUT OUT IN OUT OUT IN OUT IN OUT IN OUT IN IN IN IN IN IN OUT OUT IN IN IN Name (B) Cur. Chg 10-Apr 11-Apr 12-Apr 13-Apr 16-Apr Chg (A+B) DMF Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 3 of 4
35. 18-Apr-18 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No Name 10-Apr Tel: +603-2167 9607 Total Money Flow (RM'mn) 11-Apr 12-Apr 13-Apr Total stsoo@ta.com.my 16-Apr 5D MF (A) Prv. Chg (B) Cur. Chg 10-Apr 11-Apr www.taonline.com.my CLOSING PRICE 12-Apr 13-Apr (A+B) 16-Apr Chg DMF FBMKLCI (0.6) (17.8) (13.1) (9.8) (1.9) (43.1) 3.3 7.9 1,861 1,870 1,874 1,868 1,879 10.29 1 MAYBANK 20.7 (3.9) (2.8) 12.9 (4.4) 22.5 15.6 (17.2) 10.48 10.60 10.54 10.54 10.60 0.06 2 PBBANK (17.4) (2.8) (5.9) (6.5) (1.4) (34.1) (0.6) 5.1 23.96 23.96 24.04 23.98 24.04 0.06 IN 3 TENAGA (0.5) (2.4) 3.9 (0.9) (2.1) (1.9) (4.8) (1.2) 15.90 15.86 15.90 15.88 15.94 0.06 OUT 4 CIMB (13.3) 5.3 (0.7) (1.5) 0.9 (9.2) (0.7) 2.4 7.04 7.20 7.20 7.21 7.24 0.03 IN 5 PCHEM 1.7 (3.3) (6.6) 0.3 1.0 (7.0) 6.8 0.7 8.45 8.51 8.48 8.40 8.45 0.05 IN 6 IHH 0.4 (0.9) 6.3 (2.3) (0.3) 3.2 (8.6) 2.0 6.03 6.06 6.09 6.12 6.10 (0.02) OUT 7 AXIATA 1.3 0.3 0.8 0.4 (0.0) 2.7 (0.4) (0.4) 5.32 5.31 5.40 5.39 5.43 0.04 OUT 8 MAXIS 0.9 0.3 0.7 (0.1) 0.1 1.9 (0.7) 0.1 5.84 5.87 5.87 5.83 5.80 (0.03) OUT 9 HLBANK 0.4 0.0 (0.0) 0.4 0.2 1.1 0.4 (0.1) 18.68 18.72 18.90 18.90 18.88 (0.02) IN 10 SIME PLT (0.2) 0.6 1.1 (2.1) (0.9) (1.4) (3.1) 1.2 5.80 5.63 5.59 5.59 5.64 0.05 OUT 11 DIGI 0.2 (2.8) (0.5) 0.0 (1.5) (4.4) 0.5 (1.5) 4.54 4.53 4.50 4.48 4.54 0.06 OUT 12 NESTLE 0.0 0.2 (0.9) (1.3) 0.6 (1.4) (0.3) 1.8 150.10 150.20 149.40 149.00 149.10 0.10 IN 13 PETGAS (0.2) (0.1) (0.1) (0.5) 0.3 (0.6) (0.4) 0.7 18.10 18.00 18.20 18.02 18.00 (0.02) IN 14 GENTING 0.9 0.2 (1.8) 0.1 0.1 (0.5) 1.9 0.0 8.94 9.04 9.05 8.96 8.91 (0.05) IN 15 MISC 0.5 0.4 0.0 (0.1) 0.1 0.9 (0.1) 0.2 7.18 7.14 7.16 7.00 7.04 0.04 IN 16 IOI CORP 0.0 (0.1) (0.4) 0.5 2.6 2.6 0.8 2.1 4.74 4.75 4.77 4.79 4.79 0.00 IN 17 GENM (1.9) 0.9 (7.1) (3.6) 2.1 (9.5) 3.5 5.7 4.95 4.99 5.00 5.08 5.30 0.22 IN 18 KLK 0.7 (0.0) 0.2 (2.4) (0.0) (1.6) (2.6) 2.4 25.58 25.48 25.98 25.56 25.58 0.02 OUT 19 PETDAG (0.1) (4.9) (0.2) (0.6) 0.4 (5.3) (0.4) 1.0 25.36 25.36 25.36 25.48 26.08 0.60 IN 20 HAP SENG 0.1 0.0 (0.1) (0.1) 0.0 (0.1) 0.0 0.1 9.70 9.70 9.73 9.73 9.75 0.02 IN 21 HLFG 0.4 0.1 0.1 0.1 0.1 0.8 0.0 0.0 19.20 19.14 19.30 19.26 19.28 0.02 IN 22 PPB (1.2) (4.2) 0.7 (2.2) (1.2) (8.1) (2.9) 1.0 18.54 18.48 18.50 18.50 18.60 0.10 OUT 23 TM 0.2 (0.5) (0.0) 0.0 (0.1) (0.4) 0.1 (0.1) 5.49 5.54 5.55 5.42 5.63 0.21 OUT 24 RHBBANK 0.0 0.2 (0.2) 0.1 (0.0) 0.1 0.3 (0.1) 5.25 5.29 5.33 5.33 5.38 0.05 IN 25 PMETAL 1.3 (0.7) (0.4) (0.0) 0.8 1.0 0.3 0.9 4.67 4.78 4.72 4.75 4.83 0.08 IN 26 SIME 3.9 (0.6) (0.2) 1.0 0.3 4.3 1.3 (0.7) 2.74 2.81 2.80 2.80 2.80 0.00 IN 27 YTLCORP (0.1) 0.2 0.0 0.3 0.1 0.5 0.3 (0.3) 1.42 1.42 1.45 1.44 1.45 0.01 IN 28 KLCCS 0.5 0.0 0.5 0.3 0.2 1.5 (0.2) (0.1) 7.15 7.20 7.25 7.21 7.25 0.04 OUT 29 AMBANK 0.2 0.3 0.2 (2.2) (0.1) (1.6) (2.3) 2.0 3.92 3.98 4.00 4.00 4.00 0.00 OUT 30 ASTRO 0.0 0.2 0.4 (0.1) 0.1 0.6 (0.5) 0.2 1.78 2.04 2.09 1.98 2.00 0.02 OUT 34.1 (34.8) (0.6) 9.4 (27.2) (17.8) 14.7 (27.8) (13.1) 16.3 (26.1) (9.8) 10.0 (11.9) (1.9) 84.6 (127.7) (43.2) 21 (9) 16 (14) 12 (18) 13 (17) 18 (12) IN OUT (RM'mn) INFLOW OUTFLOW NET FLOW Daily Trading Participation COMPANIES INFLOW OUTFLOW Date Retail Institution Foreign Total 10-Apr 11-Apr 12-Apr 13-Apr 16-Apr 24.2% 25.1% 25.9% 23.3% 25.0% 51.2% 53.6% 50.0% 55.7% 53.1% 24.6% 21.3% 24.1% 21.0% 21.9% 100% 100% 100% 100% 100% Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Wednesday, April 18, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
36. Technical View Wednesday , April 18, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Stock Screen Malaysia End Day Census of 17.04.2018 Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL) No Stock Name Price RSI Bollinger Band Lower Middle Upper 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 HENGYUAN REFINING CO BHD 8.74 6.45 8.13 9.81 48.06 9.09 8.31 8.45 10.46 5,372,200 2 HONG LEONG BANK BERHAD 18.86 18.25 18.70 19.15 53.57 18.82 18.67 18.73 18.64 581,600 4,200,155 534,215 3 SERBA DINAMIK HOLDINGS BHD 3.36 2.95 3.30 3.65 51.67 3.37 3.20 3.33 3.40 3,652,400 3,227,410 4 HARTALEGA HOLDINGS BHD 6.47 5.57 6.16 6.74 61.73 6.56 6.36 5.98 5.88 3,219,900 3,176,425 5 PRESS METAL ALUMINIUM HOLDIN 4.99 3.98 4.61 5.24 57.36 4.75 4.47 4.74 5.11 11,593,400 7,295,620 6 GENTING MALAYSIA BHD 5.12 4.67 4.99 5.30 53.00 5.06 4.95 5.06 5.13 17,724,100 7,265,625 7 DIALOG GROUP BHD 3.09 2.78 3.01 3.24 60.32 3.14 3.07 2.89 2.80 11,952,200 13,266,480 685,645 8 CAHYA MATA SARAWAK BHD 4.22 3.60 3.97 4.35 56.63 4.14 3.95 4.03 4.12 556,300 9 TASCO BHD 1.81 1.56 1.74 1.93 52.20 1.84 1.73 1.77 1.86 24,000 21,150 9.00 8.65 8.88 9.11 54.11 8.98 8.88 8.89 8.91 2,734,700 2,786,920 381,890 10 GENTING BHD 11 PRESTARIANG BHD 1.52 1.13 1.38 1.62 55.62 1.55 1.41 1.43 1.51 1,251,000 12 FAR EAST HOLDINGS BHD 9.80 8.58 9.24 9.90 62.35 9.52 9.31 9.04 9.11 3,200 3,630 13 CIMB GROUP HOLDINGS BHD 7.30 6.96 7.17 7.37 59.99 7.18 7.11 7.18 7.14 17,776,000 15,191,720 14 CARING PHARMACY GROUP BHD 1.63 1.42 1.56 1.70 52.42 1.53 1.54 1.59 1.72 10,000 5,010 15 FELDA GLOBAL VENTURES 1.84 1.60 1.75 1.91 54.35 1.87 1.78 1.78 1.84 7,827,300 7,343,505 982,860 16 POWER ROOT BHD 1.46 1.20 1.36 1.52 53.79 1.44 1.39 1.40 1.51 1,199,400 17 SOUTHERN STEEL BERHAD 1.91 1.59 1.78 1.96 54.88 1.85 1.77 1.83 1.95 443,600 489,500 18 PETRONAS CHEMICALS GROUP BHD 8.51 8.05 8.31 8.56 64.06 8.46 8.36 8.22 8.15 7,892,200 6,104,920 19 UNITED PLANTATIONS BHD 28.40 27.99 28.22 28.45 56.28 28.28 28.22 28.23 28.31 203,300 92,560 20 ORNAPAPER BHD 1.43 1.25 1.37 1.48 53.41 1.39 1.35 1.45 1.42 895,600 545,990 21 PMB TECHNOLOGY BHD 4.21 3.82 4.04 4.26 59.07 4.05 3.98 4.09 4.11 87,500 50,640 22 QL RESOURCES BHD 5.15 4.92 5.06 5.20 63.21 5.14 5.09 5.00 4.95 1,831,800 1,181,305 14,681,720 23 MALAYAN BANKING BHD 10.62 10.35 10.51 10.67 61.50 10.55 10.50 10.47 10.36 26,458,700 24 MALAYSIA AIRPORTS HLDGS BHD 9.14 8.75 8.97 9.19 65.53 9.10 9.04 8.90 8.86 2,131,900 2,448,455 25 RHB BANK BHD 5.40 5.10 5.27 5.45 57.42 5.32 5.26 5.29 5.29 2,546,600 1,043,955 26 HARRISONS HOLDINGS MALAYSIA 3.98 3.81 3.92 4.02 56.22 3.90 3.89 3.91 3.94 6,300 2,475 27 CCM DUOPHARMA BIOTECH BHD 2.92 2.64 2.80 2.96 59.61 2.86 2.78 2.82 2.84 474,800 347,400 28 ECONPILE HOLDINGS BHD 1.12 0.91 1.04 1.16 57.94 1.13 1.06 1.03 1.09 3,506,400 2,136,205 29 HIBISCUS PETROLEUM BHD 0.90 0.73 0.83 0.94 55.81 0.88 0.82 0.85 0.87 36,456,500 39,090,220 30 KLCCP STAPLED GROUP 7.28 6.85 7.08 7.32 51.45 7.21 7.11 7.30 7.50 633,600 576,505 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
37. *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/ SELL guide) No Stock Name Price RSI Bollinger Band Moving Average Lower Middle Upper 14-day 5-day Vol 20-day avg vol 10-day 30-day 50-day 1 PETRONAS DAGANGAN BHD 26.78 23.97 25.06 26.16 83.19 25.53 25.16 24.87 24.95 1,943,500 577,005 2 PETRONAS GAS BHD 18.54 17.66 17.99 18.33 65.13 18.06 18.04 17.89 17.82 1,959,200 318,735 3 AEON CREDIT SERVICE M BHD 13.18 11.94 12.53 13.13 61.03 12.66 12.49 12.83 13.04 57,900 140,480 4 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.27 0.25 0.23 na 14,500 5 COASTAL CONTRACTS BHD 1.33 1.06 1.17 1.28 72.81 1.22 1.18 1.18 1.22 147,400 6 SARAWAK CONSOLIDATED INDUSTR 0.70 0.49 0.57 0.66 66.05 0.59 0.57 0.58 0.57 900 3,895 7 IMASPRO CORP BHD 2.06 1.73 1.88 2.03 84.33 1.99 1.91 1.85 1.84 19,100 34,360 8 ASDION BHD 0.35 0.13 0.23 0.32 73.97 0.27 0.23 0.24 0.20 20,122,300 7,621,375 9 AXIS REAL ESTATE INVESTMENT 1.39 1.20 1.28 1.37 73.01 1.32 1.30 1.26 1.30 695,600 1,010,025 10 MYETF DJ ISLAMIC TITANS 25 1.24 1.13 1.17 1.22 66.61 1.19 1.18 1.17 1.16 5,000 110,785 11 MUDA HOLDINGS BERHAD 2.08 1.67 1.87 2.06 61.05 1.91 1.83 1.98 1.76 3,619,100 1,725,770 12 MERGE ENERGY BHD 0.34 0.26 0.29 0.32 60.86 0.28 0.28 0.30 0.32 100 38,210 13 SAPURA ENERGY BHD 0.77 0.40 0.58 0.75 73.81 0.67 0.60 0.54 0.59 339,147,900 189,811,500 14 ANCOM BHD 0.58 0.46 0.52 0.57 66.84 0.54 0.52 0.50 0.51 925,200 277,310 15 BURSA MALAYSIA BHD 7.45 7.04 7.24 7.44 60.06 7.26 7.19 7.31 7.31 1,425,100 1,032,965 16 AFFIN BANK BHD 2.52 2.33 2.42 2.51 63.19 2.45 2.41 2.42 2.44 212,100 243,825 17 WIDETECH (MALAYSIA) BHD 0.63 0.52 0.57 0.62 61.50 0.58 0.57 0.55 0.51 19,200 1,045 18 IRE-TEX CORP BHD 0.20 0.13 0.16 0.19 61.75 0.17 0.16 0.17 0.16 23,919,800 3,850,380 19 PAVILION REAL ESTATE INVEST 1.48 1.33 1.40 1.47 64.47 1.43 1.42 1.40 1.40 561,600 790,745 20 SALCON BHD 0.43 0.36 0.39 0.42 60.95 0.39 0.38 0.40 0.42 5,367,800 1,040,920 211,440 Raw data sourced from Bloomberg *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No Stock Name Price Bollinger Band Lower Middle Upper RSI 14-day Moving Average 5-day 10-day 30-day 50-day Vol 20-day avg vol 1 DKSH HOLDINGS MALAYSIA BHD 3.65 3.75 3.85 3.96 26.75 3.80 3.84 3.86 3.86 21,300 49,280 2 TIME DOTCOM BHD 8.05 8.11 8.28 8.44 36.30 8.27 8.26 8.29 8.27 222,600 228,960 3 MALPAC HOLDINGS BERHAD 0.99 1.02 1.12 1.22 15.24 1.10 1.10 1.16 1.21 600 575 4 TAFI INDUSTRIES BHD 0.32 0.34 0.39 0.44 24.60 0.36 0.37 0.40 0.41 10,000 800 5 DAIMAN DEVELOPMENT BHD 2.09 2.10 2.15 2.20 37.24 2.15 2.15 2.15 2.16 51,400 32,260 6 SYMPHONY LIFE BHD 0.73 0.74 0.79 0.83 25.75 0.76 0.78 0.79 0.79 138,800 326,985 1,410 7 IDEAL UNITED BINTANG INTERNA 0.60 0.61 0.67 0.73 37.95 0.64 0.66 0.68 0.68 10,100 8 PLS PLANTATIONS BHD 0.78 0.79 0.85 0.91 18.33 0.81 0.83 0.89 1.00 100 4,300 9 COCOALAND HOLDINGS BHD 2.34 2.35 2.48 2.61 35.20 2.43 2.45 2.56 2.53 135,300 88,795 10 FIBON BHD 0.48 0.49 0.55 0.61 38.86 0.53 0.55 0.56 0.58 1,000 2,980 11 TPC PLUS BHD 0.37 0.37 0.39 0.42 33.59 0.38 0.39 0.40 0.40 86,000 50,835 12 BERJAYA MEDIA BHD 0.18 0.18 0.23 0.27 40.82 0.21 0.22 0.23 0.26 22,500 9,590 13 YNH PROPERTY BHD 1.36 1.36 1.40 1.45 41.08 1.40 1.40 1.41 1.41 588,300 450,565 14 SCANWOLF CORP BHD 0.24 0.24 0.27 0.30 32.62 0.26 0.26 0.27 0.27 11,000 26,420 15 ARK RESOURCES BHD 0.31 0.31 0.38 0.45 14.99 0.33 0.35 0.39 0.43 500 25 16 PELANGI PUBLISHING GROUP BHD 0.47 0.47 0.51 0.54 40.11 0.49 0.50 0.51 0.51 9,000 17,350 17 SELANGOR DREDGING BHD 0.80 0.80 0.81 0.82 38.16 0.81 0.81 0.82 0.84 10,000 70,350 18 EASTERN & ORIENTAL BHD 1.39 1.39 1.42 1.46 38.59 1.43 1.43 1.43 1.43 252,700 402,555 19 SIN HENG CHAN (MALAYA) BHD 0.46 0.46 0.53 0.59 38.91 0.53 0.52 0.54 0.55 3,000 2,155 20 PERMAJU INDUSTRIES BERHAD 0.22 0.21 0.24 0.26 40.31 0.24 0.24 0.24 0.24 9,482,000 2,356,990 Raw data sourced from Bloomberg S Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Wednesday, April 18, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2