Bursa Malaysia Daily Market Report - 19 April

Transcription

1. Wednesday , 19 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. 2. 3. 4. 5. CapitaLand Malaysia Mall Trust: Retail Rental Under Pressure Consumer Sector: Consumers’ Take on Cigarettes Malaysian Pacific Industries Berhad: Announced Higher Dividends Sime Darby Berhad: Proposed Cash Offer to Buy Back USD800mn Sukuk SP Setia Berhad: Wins Land Tender in Singapore Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS, HK & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Wednesday, 19 April 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (18.04.2017) Volume (mil) +/-chg (RMmn) Main Market 1,927.2 -165.7 2,307.4 Warrants 159.5 53.2 23.2 ACE Market 699.2 38.3 120.2 Bond 3.0 -22.7 0.9 ETF 0.0 0.02 0.0 Total 2,788.9 2,451.7 Off Market 152.7 25.5 237.5 Value +/-chg 636.2 11.7 24.4 -0.9 0.02 34.8 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 1,740.60 12,401.24 17,322.16 1,734.00 20,523.28 5,849.47 7,147.50 18,418.59 2,148.46 23,924.54 3,137.54 1,574.42 5,606.52 3,196.71 1,946.42 5,836.74 Off Market (mn) SEM 39.0 BJASSET-WA 29.5 PANPAGE 20.6 BIOHLDG 18.8 SIME 9.6 LEESK 7.3 EWEIN 6.0 IJM 5.0 MAXIS 3.1 KAWAN 2.8 ECOFIRS 2.5 SEACERA 1.8 CIMB 1.5 MQTECH-WA 1.0 BJASSET 1.0 GTRONIC 1.0 SCNWOLF 1.0 @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ (RM) 1.55 0.10 0.30 0.24 9.30 0.33 0.84 3.48 6.45 4.30 0.30 0.92 5.21 0.03 1.00 5.10 0.25 6.67 66.64 106.96 6.50 Value/ Volume 1.20 0.15 0.17 0.29 1.42 0.88 1.56 Up Down 395 243 99 45 54 35 3 2 1 2 552 327 % chg % YTD chg 0.38 0.54 0.62 0.38 6.02 8.15 17.71 6.02 -113.64 -0.55 -7.32 -0.12 -180.09 -2.46 63.33 0.35 2.70 0.13 -337.12 -1.39 -0.76 -0.02 -1.49 -0.09 29.03 0.52 -25.45 -0.79 -12.13 -0.62 -53.21 -0.90 Top 10 KLCI Movers Mkt Cap. Counter Mkt Cap. (RM’mn) MAYBANK 92,059 TENAGA 77,550 PCHEM 60,800 CIMB 48,599 MAXIS 48,517 AXIATA 45,677 DIGI 39,964 PETGAS 38,190 GENTING 35,382 GENM 31,517 3.85 8.66 0.07 -3.64 6.02 8.75 8.91 2.04 5.85 3.00 -1.15 3.02 Based on Chg (RM) 0.02 0.02 0.01 0.03 0.03 0.01 0.04 0.02 0.23 0.06 Vol. (mn) 15.44 10.24 10.86 11.13 5.07 3.88 4.98 0.74 6.11 4.58 Review & Outlook Blue chips extended rebound Tuesday as geopolitical tensions eased following North Korea's failed missile test and as investors warmed up to China's strong 1Q GDP growth. The KLCI ended 6.67 points up at 1,740.60, off an early low of 1,735.31 and high of 1,741.51, as gainers led losers 552 to 327 on slower turnover of 2.79bn shares worth RM2.45bn. While further strength on blue chips should persist on local fund support, lower liners and small caps should stay range bound given the weak buying momentum. On the index, while the 50-day moving average support level at 1,725 should hold to prevent a test of next key support of 1,700, overhead resistance at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing which closely match the recent high, will be an important hurdle. Hook-up momentum indicators with a daily stochastics buy signal on Genting Berhad supports rebound upside towards the mid Bollinger band (RM9.51), with a breakout to re-test the 21/3/17 high (RM9.90). Key retracement support from the 23.6%FR (RM9.21) is reinforced by the lower band. Similarly, IOI Corp should stage oversold rebound towards the 61.8%FR (RM4.53), while a breakout should aim for the 76.4%FR (RM4.72) or upper Bollinger band (RM4.81) ahead. Key retracement support at the 50%FR (RM4.37) limited downside risk. • • • • • • • • • • • • • • Important Dates KGR OUP - 2:2 Rights Issue - RI of up to 1,251.2m shares together GROUP with up to 625.6m free detachable warrants. 2 rights shares for every 2 existing shares held, at an issue price of RM0.05 per rights share. Application Closed: 20/04/2017. LISTING ON: 05/05/2017. News Bites Petronas Chemicals Group Berhad has approved the Final Investment Decision for a USD442mn Isononanol plant within Pengerang Integrated Complex in Pengerang Johor. edotco Group Sdn Bhd entered into a share subscription agreement with KWAP for the subscription by KWAP of 136.6mn shares in edotco for USD100mn. Sime Darby Bhd has invited eligible holders of two tranches of its outstanding sukuk amounting to USD800mn to either tender for cash repurchase or novate the debt to Sime Darby Plantation Sdn Bhd. SP Setia Bhd, via its subsidiary S P Setia International (S) Pte Ltd, has been awarded the SGD265m tender for Singapore's Toh Tuck Road site by Singapore's Urban Redevelopment Authority. Vivocom International Holdings Bhd has secured three contract wins with a combined value of RM44.71mn, for the installation of aluminium and glazing works. Tomei Consolidated Bhd has secured a one-year deal to distribute and retail China's Xifu jewellery collections in Malaysia. Yong Tai Bhd said it is considering disposing of its ailing textile and garment business in the near future. AmanahRaya Real Estate Investment Trust aims to acquire "trophy assets" valued between RM350mn and RM370mn in the immediate term, despite the softening property market. Malaysian Pacific Industries Bhd 3QFY17 net profit rose 11% YoY rise to RM43.21mn, due mainly to favourable exchange difference and lower operating costs. It was within ours but above consensus expectations. CapitaLand Malaysia Mall Trust's net property income for 1QFY17 slid 1.5% to RM59.72mn from RM60.60mn a year ago, on lower contribution from its Klang Valley shopping malls. It was within expectations. I-Bhd posted a 21% rise in net profit for 1QFY17 to RM18.59mn from RM15.36mn a year earlier, as contributions from its property development segment improves. Landmarks Bhd is proposing a private placement to raise as much as RM36.93mn to revitalise and grow its business through the injection of fresh equity into the group, with an indicative issue price of 76 sen per placement share. JKG Land Bhd's rights issue has been oversubscribed by 27.1% or 410.99mn shares after it received valid acceptances and excess applications of 1.93bn rights shares. The International Monetary Fund, in its flagship report on the state of the global economy, nudged up its forecast for world growth this year a tenth of a percentage point to 3.5%. Exchange Rate USD/MYR 4.4111 0.0066 USD/JPY 108.82 0.4900 EUR/USD 1.066 0.0033 Commodities Futures Palm Oil (RM/mt) 2,473.00 -22.00 Crude Oil ($/Barrel) 52.35 -0.40 Gold ($/tr.oz.) 1,291.50 5.20 DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Wednesday , April 19, 2017 FBMKLCI: 1,740.60 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Brief Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Market View Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my Small Caps Range Bound on Weak Buying Momentum Blue chips extended rebound Tuesday as geopolitical tensions eased following North Korea’s failed missile test and as investors warmed up to China’s strong 1Q GDP growth. The KLCI ended 6.67 points up at 1,740.60, off an early low of 1,735.31 and high of 1,741.51, as gainers led losers 552 to 327 on slower turnover of 2.79bn shares worth RM2.45bn. 1,758 an Important Hurdle While further strength on blue chips should persist on local fund support, lower liners and small caps should stay range bound given the weak buying momentum. On the index, while the 50-day moving average support level at 1,725 should hold to prevent a test of next key support of 1,700, overhead resistance at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing which closely match the recent high, will be an important hurdle. Buy on Weakness Genting Bhd & IOI Corp Hook-up momentum indicators with a daily stochastics buy signal on Genting Berhad supports rebound upside towards the mid Bollinger band (RM9.51), with a breakout to retest the 21/3/17 high (RM9.90). Key retracement support from the 23.6%FR (RM9.21) is reinforced by the lower band. Similarly, IOI Corp should stage oversold rebound towards the 61.8%FR (RM4.53), while a breakout should aim for the 76.4%FR (RM4.72) or upper Bollinger band (RM4.81) ahead. Key retracement support at the 50%FR (RM4.37) limited downside risk. Asian Markets Subdued on North Korea Concerns Asian shares were mixed in Tuesday trade as geopolitical tensions took a backseat following a failed missile test by North Korea at the weekend and as U.S. Vice President Mike Pence continues his tour of Asia. Investors turned less cautious in the absence of any major international incidents that damped the prospects for global growth. The U.S. has gotten encouraging signs that China will act to pressure Kim Jong Un’s regime to dismantle its nuclear weapons program, a State Department official said, but the Trump administration is holding on to military action alone or with allies, as an option. Pence is due to meet Japanese Deputy Prime Minister Taro Aso on the second leg of his 10-day tour of the region, where he is expected to focus on trade and investment issues. Japan's Nikkei stock index took its cue from a rebound in U.S. shares and a weaker yen, ending higher and pulling away from its recent five-month lows. The Nikkei finished up 0.4 percent at 18,418.59. In down under, the benchmark ASX 200 index fell 0.9 percent or 53.25 points to close at 5,836.7, as Australian markets opened after the long Easter weekend. Major miners finished notably lower, with Fortescue Metals closing 7.45 percent down at $5.09 a stock. Meanwhile, China's main stock indexes also fell for the third session in a row on Tuesday amid worries over increasing regulation and the sustainability of the country's economic growth. The blue-chip CSI300 index fell 0.5 percent to 3,462.74 points, while the Shanghai Composite Index lost 0.8 percent to 3,196.71. Page 1 of 8
4. TA Securities 19-Apr-17 A Member of the TA Group Wall Street Tumbles as Goldman Sachs Earnings Disappoint The S &P 500 fell for the fourth time in five sessions on Tuesday after Goldman Sachs shocked Wall Street by missing estimates, while geopolitical tensions added to investor caution. Goldman Sachs reported weaker-than-expected first-quarter results across the board, with trading revenue disappointing analysts. Goldman Sachs lost 4.7 percent, after hitting its lowest intraday level since Nov. 29. Johnson & Johnson also reported mixed quarterly results which sent its shares dropping more than 3 percent. Investors also remained cautious as U.S.-North Korea tensions lingered. Vice President Mike Pence reassured Japan of American commitment to reining in North Korea's nuclear and missile ambitions on Tuesday, after warning that U.S. strikes in Syria and Afghanistan showed the strength of its resolve. Meanwhile, European equities also fell broadly after British Prime Minister Theresa May called for surprise early elections to strengthen her hand in Brexit negotiations. Healthcare, down 1 percent, and financials, off 0.8 percent, were the two worst-performing of the 11 major S&P sectors. The Dow Jones Industrial Average fell 113.64 points, or 0.55 percent, to 20,523.28, the S&P 500 lost 6.83 points, or 0.29 percent, to 2,342.18 and the Nasdaq Composite dropped 7.32 points, or 0.12 percent, to 5,849.47. Page 2 of 8
5. TA Securities 19-Apr-17 A Member of the TA Group News In Brief Corporate Petronas Chemicals Group Berhad has approved the Final Investment Decision for a USD442mn Isononanol (INA) plant within Pengerang Integrated Complex in Pengerang Johor. INA is an oxo-alcohol mainly used for production of plasticizer, which is widely used in industrial applications (e.g. automotive, wires and cables, floorings, buildings). The plant will have a production capacity of 250K tonnes p.a., and is expected to come on-stream by 2H19.The major feedstock for the INA plant will be supplied from Petronas’ Cracker within PIC, while the ancillary feedstock supply will be sourced from the integrated Refinery and Cracker Complex. Comments: This news does not come as a surprise, as we had earlier highlighted the likelihood that PChem would have a replacement project for its elastomers plant (capacity: 350K tpa, cost: USD1.3bn) within RAPID that was earlier scrapped. RAPID’s revised capacity is now 3.4mn tpa, with a portfolio comprising polymers, glycols and INA. We have yet to incorporate earnings contribution from RAPID (target completion: 2019) pending more details from management. Maintain HOLD on PChem with unchanged TP of RM8.20 based on 11.5x CY17 EV/EBITDA edotco Group Sdn Bhd entered into a share subscription agreement with KWAP for the subscription by KWAP of 136.6mn shares in edotco for USD100mn (RM441.0mn). Axiata Group Berhad will remain the majority shareholder holding 62.4% of edotco, with INCJ, Khazanah and KWAP collectively holding 37.6%. (Bursa Malaysia) Comment: Coupled with the private placement exercise of USD400mn (RM1.8bn) made to Innovation Network Corporation of Japan, edotco would have raised USD500mn (RM2.2bn), which can potentially be channelled into expansion plans. Previously stated targets are to eventually be among the top 5 global independent towercos (currently 11th) by 2020, which will require an additional 15-20k towers. Another one or two inorganic expansions are expected within one to two years – with focus being within South and Southeast Asia. Earlier in the month, there were rumours of Axiata potentially acquiring a stake in Indian tower assets. No changes to our forecasts. Maintain BUY on Axiata with a TP of RM5.25/share. Sime Darby Bhd has invited eligible holders of two tranches of its outstanding sukuk amounting to USD800mn to either tender for cash repurchase or novate the debt to Sime Darby Plantation Sdn Bhd. The cash repurchase involves a multi-currency USD1.5bn sukuk programme issued by Sime Darby Global Bhd on Jan 29, 2013, of which the outstanding sukuk is in two tranches of USD400mn each. One tranche expires in 2018 and the other in 2023. (Bursa Malaysia) SP Setia Bhd, via its subsidiary SP Setia International (S) Pte Ltd, has been awarded the tender for Singapore’s Toh Tuck Road site by Singapore’s Urban Redevelopment Authority, marking the developer’s third project on the island. SP Setia’s successful bid of SGD265mn (RM835.86mn) for Toh Tuck Road site represents SGD939 psf of gross floor area for a site area of 4.6 acres and a plot ratio of 1.4. (Bursa Malaysia) Vivocom International Holdings Bhd has secured three contract wins with a combined value of RM44.71mn, for the installation of aluminium and glazing works. Two of the contracts were awarded by PJD Construction Sdn Bhd, comprising a RM6.01mn contract for design, fabrication, and installation of aluminium and glazing works for a hotel, and another RM13.5mn deal for two blocks of serviced apartments. Another contract worth RM25.2mn was awarded by Setiakon Builders Sdn Bhd for aluminium and glazing works for four 40storey serviced apartment blocks in Damansara, Selangor. (Bursa Malaysia) Page 3 of 8
6. TA Securities 19-Apr-17 A Member of the TA Group Tomei Consolidated Bhd has secured a one-year deal to distribute and retail China ’s Xifu jewellery collections in Malaysia. It entered into a distribution agreement with Shenzhen Harmony Batar Jewellery Co Ltd for the distributorship right. (Bursa Malaysia) Yong Tai Bhd said it is considering disposing of its ailing textile and garment business in the near future. This is in line with the company's plans to diversify its core business to tourism and cultural related property development. However, it has not entered into any formal negotiation or agreement with any third party recently to dispose of the loss-making textile and garment business. (The Edge) AmanahRaya Real Estate Investment Trust aims to acquire “trophy assets” in the immediate term, despite the softening property market. It is looking to acquire a commercial property (office tower) in Kuala Lumpur, valued between RM350mn and RM370mn. (The Edge) Malaysian Pacific Industries Bhd posted an 11% rise in net profit 3QFY17 to RM43.21mn, from RM38.99mn a year earlier, due mainly to favourable exchange difference and lower operating costs. The group declared a second interim dividend of 19 sen per share for FY17. For the first nine-months of FY17, net profit grew 16% to RM137.92mn, from RM118.84mn a year ago, again due to the same reason behind its improved quarterly earnings. (Bursa Malaysia) CapitaLand Malaysia Mall Trust's net property income for 1QFY17 slid 1.5% to RM59.72mn from RM60.60mn a year ago, on lower contribution from its Klang Valley shopping malls. Consequently, its distribution per unit for the quarter under review still declined by 1.9% to 2.08 sen, from 2.12 sen in 1QFY16. (Bursa Malaysia) I-Bhd posted a 21% rise in net profit for 1QFY17 to RM18.59mn from RM15.36mn a year earlier, as contributions from its property development segment improves. The company attributed the better segmental performance to further sales from its existing projects in iCity, and the development's construction progress. (Bursa Malaysia) Landmarks Bhd is proposing a private placement to raise as much as RM36.93mn to revitalise and grow its business through the injection of fresh equity into the group, with an indicative issue price of 76 sen per placement share. (Bursa Malaysia) JKG Land Bhd’s rights issue has been oversubscribed by 27.1% or 410.99mn shares after it received valid acceptances and excess applications of 1.93bn rights shares. The property developer had fixed the rights issue price at 10 sen apiece which would see it raise as much as RM151.7mn from the exercise. (Bursa Malaysia) Page 4 of 8
7. TA Securities 19-Apr-17 A Member of the TA Group News In Brief Economy Global IMF Boosts Global Growth Forecast to 3 .5% Despite Geopolitical Angst The global economy is on course for its best performance in several years despite trade tensions and looming geopolitical threats, the International Monetary Fund said ahead of a meeting of world finance chiefs in Washington this week. Investors are skittish over a potential U.S. standoff with North Korea, France’s elections and Washington’s fresh use of force in the Middle East and Afghanistan. But global investment, manufacturing and consumer confidence are signaling strength. U.S. growth is projected to accelerate. Europe and Japan are finally showing signs of recovery. Meantime, oil prices have risen from 2016 lows, boosting inflation readings from exceptionally low levels and offering hope for economies dependent on commodity exports that the worst of the two-year price rout might be over. The International Monetary Fund, in its flagship report on the state of the global economy, nudged up its forecast for world growth this year a tenth of a percentage point to 3.5%, which will be the fastest rate in five years if the IMF is correct. While the IMF kept its forecast pickup for U.S. growth at 2.3% for the year—up from 1.6% last year—it notched higher outlooks for all five of Europe’s largest economies. The U.K.’s bump-up was the biggest, a 0.5 percentage point increase to 2% for the year. In Asia, another dose of government stimulus has pushed China’s growth forecast up a tenth of a percentage point to 6.6%, and the fund lifted Japan’s outlook by 0.4 percentage point to 1.2%. (The Wall Street Journal) Overview of the World Economic Outlook Projections Source: IMF World Economic Outlook Asia Malaysia Jobless Rate Remains Stable in February 2017 Malaysia's jobless rate held steady for the second straight month in February at 3.5% in February 2017, the same rate as in the previous two months. In the corresponding month last year, the jobless rate was 3.4%. The number of unemployed people rose to 514,800 in February from 514,100 in January. As compared to a year ago, jobless figure totaled 506,400. The labor force participation rate increased to 67.8% in February 2017 from 67.7% in the previous month. The seasonally adjusted jobless rate was 3.4%, up slightly from 3.3% in January. (Department of Statistics) Page 5 of 8
8. TA Securities 19-Apr-17 A Member of the TA Group China Home Prices Rise in More Cities as Buyers Beat Curbs China home prices rose in the most cities since October , suggesting buyers are trying to get in ahead of any further restrictions on property purchases. New-home prices, excluding government-subsidized housing, gained last month in 62 of the 70 cities tracked by the government, compared with 56 in February, the National Bureau of Statistics said. Prices fell in eight cities, the data show. Chinese authorities have pledged to enforce strict curbs in most first- and second-tier cities to prevent a housing bubble, while seeking to clear a glut of unsold homes in smaller urban centers. In a month when at least 64 cities announced new or tougher property-buying restrictions, some of the demand may have come from buyers flocking to the market in fear they’d be ruled ineligible for future purchases. The value of China’s home sales remained buoyant in March, according to data released by the National Bureau of Statistics. New home sales by value rose 18% to 1 trillion yuan ($145 billion) last month from a year earlier. The increase compares with a 23% surge in the first two months of the year. Home prices increased 0.4% in Beijing, as the municipal government raised down payment requirements for second-home buyers. In Guangzhou, the last major city to announce buying curbs, prices gained 2.5%. Prices in Shanghai declined 0.1% last month following a 0.2% increase in February. In Shenzhen, the nation’s hottest market early last year, prices fell 0.3% in the sixth straight monthly decline. (Bloomberg) China March Outbound Direct Investment Slumps 30.1% as Capital Curbs Bite China's non-financial outbound direct investment (ODI) slumped 30.1% in March from a year earlier as authorities kept a tight grip on capital outflows to help support the Yuan currency and safeguard the country's foreign exchange reserves. Non-financial ODI totalled US$7.11 billion last month, Commerce Ministry data showed. For the first three months of this year, non-financial ODI tumbled 48.8% to US$20.54 billion from the same period last year. Outbound investment in countries involved China's "One Belt one Road" infrastructure initiative was US$2.95 billion in the first quarter, or 14.4% of the total, the ministry said. Non-financial ODI tumbled 52.8% in January-February from the same period last year, with amounts in the property and entertainment sectors down over 80%. Dealmakers have said many Chinese firms are unable to close deals because they cannot secure official permission to transfer Yuan into foreign exchange. Mergers and acquisitions involving Asian companies fell 39% in the first quarter of 2017 to US$176 billion, the lowest level in nearly three years and highlighting a sharp pull back in overseas deals by Chinese firms, Thomson Reuters data showed. (The Star) Moody's Says Japan Showing Signs of Incremental Progress on Reflation Moody's Investors Service said that the Japanese economy is showing evidence of incremental progress on reflation, after the government adopted a fiscal package last year and the central bank unveiled its yield curve control framework. The agency said that somewhat stronger external demand has augmented the impact of these measures by the Japanese government and the Bank of Japan. Further, Moody's noted that tangible effects will likely materialize in 2017, as the promised fiscal stimulus is fully implemented. Faster economic growth is positive for the sovereign, because it helps to continue stabilizing the country's high public debt burden, its foremost credit weakness. Moody's noted that the near-term risks to Japan's growth outlook are broadly balanced. The agency expects policy stimulus to provide support to the domestic economy, offsetting downside risks related to potentially more protectionist US trade policy. (RTT News) U.S. U.S. Housing Starts Fell 6.8% in March U.S. housing starts decreased 6.8% in March from the prior month to a seasonally adjusted annual rate of 1.215 million, the Commerce Department said. Residential building permits, which can signal future home construction, rose 3.6% to an annual pace of 1.260 million last month, the agency said. Economists surveyed by The Wall Street Journal had expected a smaller 3.9% decline for starts and a more modest 2.5% rise for permits. Both measures were expected to hit an annualized 1.24 million in March. Starts fell in March for both single-family and multifamily construction. Permits last month were up for buildings with Page 6 of 8
9. TA Securities 19-Apr-17 A Member of the TA Group multiple units but fell for single-family homes . Data on housing starts tend to be volatile and imprecise. Last month’s 6.8% drop for starts came with a margin of error of 12.5 percentage points. The 3.6% increase in permits had a margin of error of 2.8 percentage points. Looking past month-to-month fluctuations, starts in the first quarter were up 8.1% from the same period in 2016. Permits in the first three months of 2017 rose 10.4% from a year earlier. (The Wall Street Journal) U.S. Industrial Production Rose 0.5% in March U.S. industrial production rose in March as the weather cooled and demand for home heating surged, masking a drop in manufacturing activity during the month. Industrial production—a measure of output at factories, mines and utilities—climbed 0.5% from a month earlier, the Federal Reserve said. Economists surveyed by The Wall Street Journal had expected the index to climb 0.5%. Output for February gained 0.1%. Capacity use, a measure of slack in the economy, increased 0.4 percentage point to 76.1%. Economists had expected 76.2%. Capacity use remains below the long-run average of 79.9%, a sign the economy is operating below its potential. Overall industrial production was boosted by an 8.6% jump in output at utilities, the largest rise in the index’s history, “as the demand for heating returned to seasonal norms after being suppressed by unusually warm weather in February,” the Fed said. Manufacturing output, the biggest component of industrial production, decreased 0.4% in March, the first decline since August 2016, while gains for January and February were revised down. Motor vehicles and parts were the biggest drag last month. U.S. factory activity was stagnant through much of 2016 but picked up a little early this year. March manufacturing output was up 0.8% from the same month a year earlier. Factory output increased at an annual rate of 2.7% in the first quarter, the Fed said. (The Wall Street Journal) U.K. May Calls for Early Election to Strengthen Brexit Hand British Prime Minister Theresa May called for an early election on June 8, saying she needed to strengthen her hand in divorce talks with the European Union by shoring up support for her Brexit plan. Standing outside her Downing Street office, May said she had been reluctant about asking parliament to back her move to bring forward the poll from 2020, but decided it was necessary to try to prevent opposition parties "jeopardizing" her work on Brexit. Some were surprised by her move - she has repeatedly said she does not want to be distracted by time-consuming campaigning - but opinion polls give her a strong lead, the economy is weathering the Brexit vote and she has faced opposition from her own party for some of her domestic reforms. Britain joins a list of western European countries scheduled to hold elections this year. Votes in France in April and May, and in Germany in September, have the potential to reshape the political landscape around the two years of Brexit talks with the EU expected to start in earnest in June. (Reuters) Page 7 of 8
10. TA Securities 19-Apr-17 A Member of the TA Group Share Buy-Back : 18 April 2017 Company FITTERS UNIMECH Bought Back Price (RM) Hi/Lo (RM) 100,000 4,600 0.41 1.08 0.41/0.405 1.08/1.07 Total Treasury Shares 17,531,600 6,214,810 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. liability for any direct or indirect loss arising from the use of this document. the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8 We accept no We, our associates, directors, employees may have an interest in
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 18-Apr-17 2.11 2.37 6.08 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.36 2.04 5.12 0.96 0.55 1.21 10.8 22.7 17.7 15.8 23.8 27.6 19.6 10.5 34.4 13.4 10.0 22.1 5.6 3.8 1.8 7.5 3.8 3.0 2.44 2.70 7.00 -13.5 -12.2 -13.1 1.95 1.95 4.43 8.2 21.5 37.2 -0.9 10.7 33.0 4.10 3.40 5.40 6.10 15.80 9.20 22.10 4.70 8.50 1.26 0.94 1.27 1.33 0.66 0.93 0.80 1.27 0.70 35.8 29.4 46.4 50.6 101.3 73.7 136.6 49.0 36.4 37.7 33.1 50.6 55.6 109.8 82.8 140.4 51.7 38.2 11.2 9.5 10.6 10.8 13.5 12.3 14.6 10.5 26.3 10.6 8.4 9.7 9.9 12.5 10.9 14.2 9.9 25.0 3.8 2.9 3.2 3.7 3.0 5.5 2.8 2.3 3.6 3.8 2.9 3.7 4.1 3.0 5.5 2.9 2.3 3.6 4.23 2.92 5.03 5.83 14.00 9.16 20.28 5.39 10.00 -5.4 -4.1 -2.0 -6.0 -2.1 -1.3 -1.8 -5.0 -4.3 3.60 2.08 3.90 4.11 12.70 7.50 18.52 4.43 8.20 11.1 34.6 26.4 33.3 7.9 20.5 7.6 15.6 16.7 7.5 17.2 14.4 21.5 1.5 10.2 1.0 8.7 8.1 0.45 1.29 5.20 3.48 0.71 1.85 2.06 5.97 0.49 1.45 5.49 3.27 0.58 1.90 1.50 5.58 0.81 0.71 1.04 1.09 1.16 na 1.05 0.13 5.9 12.8 31.6 16.8 9.6 12.6 12.8 44.3 5.9 13.1 36.4 20.9 9.9 12.5 12.7 45.8 7.6 10.1 16.4 20.7 7.4 14.6 16.1 13.5 7.6 9.8 14.3 16.6 7.2 14.7 16.2 13.0 0.0 2.2 2.3 2.7 1.4 3.0 1.5 4.2 2.2 2.2 2.3 2.7 1.4 3.0 1.5 4.2 0.51 1.35 5.33 3.61 0.75 1.87 2.14 6.13 -12.7 -4.6 -2.4 -3.6 -5.3 -1.1 -3.7 -2.6 0.36 0.78 4.59 3.07 0.41 1.42 1.41 5.02 23.6 64.5 13.3 13.4 75.3 30.3 46.1 18.9 2.3 22.9 8.8 8.7 23.5 8.8 19.1 1.5 1.99 2.00 0.46 15.4 15.6 12.9 12.8 5.0 5.0 2.40 -17.1 1.93 3.1 -1.0 15.00 17.92 15.41 21.08 0.57 0.59 69.6 93.1 77.5 21.5 101.9 19.3 19.4 17.6 4.6 4.7 5.1 5.1 15.20 18.74 -1.3 -4.4 12.38 14.56 21.2 23.1 7.8 9.4 2.40 7.55 24.30 81.30 3.04 1.79 4.71 0.95 2.23 9.59 26.14 83.60 3.76 2.74 4.17 1.10 0.45 0.34 0.34 0.38 0.49 0.71 0.45 0.56 6.5 35.9 102.6 288.8 22.3 25.1 12.7 9.3 7.5 40.5 124.5 313.3 24.7 25.3 15.8 12.8 36.9 21.0 23.7 28.2 13.6 7.1 37.1 10.3 31.8 18.7 19.5 25.9 12.3 7.1 29.9 7.4 0.8 4.0 2.6 3.5 4.9 4.5 1.0 5.3 0.9 5.0 3.1 3.8 5.6 4.5 1.1 5.3 3.00 9.53 27.00 81.98 3.08 2.04 4.72 1.07 -20.0 -20.8 -10.0 -0.8 -1.3 -12.3 -0.2 -11.0 2.11 7.30 20.24 74.12 1.93 1.43 4.14 0.78 13.7 3.4 20.1 9.7 57.7 25.2 13.7 21.8 -6.6 3.0 3.5 4.0 19.2 3.5 8.7 19.5 47.42 54.22 1.03 271.1 271.8 17.5 17.4 5.5 5.6 55.64 -14.8 40.31 17.6 7.4 9.49 5.56 10.34 6.10 1.34 1.26 45.0 25.7 50.9 27.9 21.1 21.6 18.6 19.9 0.5 1.4 0.6 1.6 9.90 5.81 -4.1 -4.3 7.50 4.17 26.6 33.2 19.4 23.0 2.81 0.12 3.81 0.10 0.72 1.23 22.1 0.2 24.6 0.3 12.7 53.3 11.4 39.7 5.7 0.0 6.8 0.0 3.42 0.13 -17.8 -7.7 2.80 0.05 0.4 140.0 -5.1 140.0 6.04 4.05 6.40 4.61 0.78 0.50 13.9 13.3 17.9 16.5 43.5 30.4 33.7 24.6 0.7 1.5 0.7 1.9 6.79 4.37 -11.0 -7.3 5.78 3.85 4.5 5.2 -4.9 -3.1 4.95 6.13 1.97 4.83 2.09 4.50 6.80 1.90 5.05 2.55 0.56 0.11 0.36 -0.20 0.29 18.2 35.8 16.2 26.6 4.3 21.2 40.5 18.2 30.2 7.1 27.2 17.1 12.2 18.2 48.7 23.3 15.1 10.8 16.0 29.6 1.7 2.9 2.5 2.8 0.5 1.9 3.3 2.8 3.1 0.8 5.03 7.07 2.84 5.45 2.65 -1.6 -13.3 -30.6 -11.4 -21.1 3.81 5.90 1.94 4.20 1.96 29.9 3.9 1.5 15.0 6.6 2.5 -7.0 -6.6 -9.7 -11.4 INDUSTRIAL SCIENTX SKPRES 8.15 1.28 8.50 1.75 0.54 0.50 75.3 8.8 83.0 13.7 10.8 14.5 9.8 9.4 2.6 3.4 2.9 5.3 8.15 1.44 0.0 -11.1 5.75 1.12 41.7 14.3 21.6 -0.8 MEDIA ASTRO MEDIA PRIMA STAR 2.69 1.16 2.35 3.20 0.85 1.95 1.04 0.69 0.59 13.3 7.7 15.0 14.5 8.0 15.8 20.3 15.0 15.7 18.6 14.6 14.9 4.6 5.3 7.7 4.8 5.5 7.7 3.01 1.52 2.70 -10.6 -23.7 -13.0 2.56 1.00 2.20 5.1 16.0 6.8 3.5 0.9 4.9 OIL & GAS EATECH MHB MISC PANTECH PCHEM SENERGY UMWOG UZMA 0.62 1.00 7.33 0.63 7.60 1.99 0.64 1.90 0.45 0.96 8.16 0.52 7.91 2.02 0.54 1.40 0.92 1.79 0.84 1.26 1.11 2.42 1.97 1.39 11.5 -0.4 50.6 3.7 34.7 5.2 -14.7 11.3 11.9 1.5 57.1 4.3 39.3 7.8 -12.4 12.2 5.3 na 14.5 16.9 21.9 38.0 na 16.8 5.2 66.9 12.8 14.6 19.3 25.5 na 15.5 0.0 0.0 4.1 2.4 2.5 0.5 0.0 0.0 0.0 0.0 4.1 2.8 2.5 0.5 0.0 0.0 1.18 1.34 9.00 0.64 7.80 2.10 1.04 2.04 -47.9 -25.4 -18.6 -0.8 -2.6 -5.2 -38.5 -6.9 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 38.2 19.0 6.5 44.8 27.7 54.3 5.8 46.2 -0.8 9.3 -0.3 41.6 8.9 22.8 -26.9 11.8 BANKS & FINANCIAL SERVICES AFG 4.00 AFFIN 2.80 AMBANK 4.93 CIMB 5.48 HLBANK 13.70 MAYBANK 9.04 PBBANK 19.92 5.12 RHBBANK BURSA 9.57 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.07 3.10 4.45 24.14 9.28 6.22 1.53 3.88 3.93 22.75 8.24 7.52 1.76 0.45 1.08 0.94 1.26 0.50 6.3 13.7 18.7 111.8 30.8 32.7 11.1 15.7 21.1 119.1 35.3 34.5 32.6 22.6 23.7 21.6 30.2 19.0 18.6 19.7 21.1 20.3 26.3 18.0 2.4 2.3 2.2 2.3 2.4 2.6 2.4 2.6 2.7 2.4 3.0 2.7 2.52 3.70 4.81 25.50 9.55 6.51 -17.9 -16.2 -7.5 -5.3 -2.8 -4.5 1.31 3.08 4.07 22.62 7.10 5.53 58.0 0.6 9.3 6.7 30.7 12.5 33.5 -8.8 1.1 0.6 14.6 3.7 0.71 1.07 0.93 2.05 1.48 0.81 3.69 3.32 0.69 1.09 1.00 2.10 1.60 0.80 4.10 3.40 0.65 0.64 0.33 0.92 0.69 0.31 0.67 0.48 3.4 20.0 7.3 14.7 14.5 6.4 27.8 31.2 7.0 17.4 11.2 15.3 12.5 9.7 24.7 33.3 20.6 5.4 12.7 13.9 10.2 12.7 13.3 10.6 10.1 6.1 8.3 13.4 11.8 8.4 14.9 10.0 5.6 3.7 3.8 3.4 4.1 1.2 3.8 3.6 5.6 3.3 4.3 3.7 3.7 1.2 3.8 3.6 0.83 1.43 1.06 2.46 1.70 1.00 3.77 3.32 -14.5 -25.3 -12.7 -16.7 -12.9 -19.0 -2.1 0.0 0.68 1.05 0.91 1.85 1.34 0.69 2.80 2.84 4.4 1.9 1.6 11.0 10.4 17.4 31.8 16.8 2.2 -5.3 -7.5 5.2 3.5 1.2 17.9 10.7 1.70 1.59 1.79 1.72 0.53 0.63 8.9 7.8 10.1 8.3 19.2 20.3 16.8 19.1 5.2 5.3 5.9 5.6 1.84 1.72 -7.6 -7.6 1.57 1.43 8.3 11.2 -1.2 3.9 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.20 24.08 19.30 13.72 1.49 1.45 20.19 19.02 17.19 1.81 0.71 0.75 0.78 1.02 0.58 6.9 98.4 88.2 133.8 8.8 8.3 102.3 101.3 132.7 10.6 17.3 24.5 21.9 10.3 17.0 14.5 23.5 19.1 10.3 14.1 5.8 3.0 3.2 4.2 6.7 4.8 3.2 3.7 2.9 6.7 1.80 25.70 22.66 14.90 1.64 -33.3 -6.3 -14.8 -7.9 -9.1 1.14 22.16 19.18 13.00 1.38 5.3 8.7 0.6 5.5 8.0 -12.4 1.2 -9.4 -1.3 0.0 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.09 5.14 6.46 6.45 5.25 4.90 5.95 6.95 1.27 0.97 0.73 0.67 17.0 20.8 25.1 21.4 17.9 21.1 25.4 22.3 29.9 24.7 25.7 30.1 28.4 24.4 25.4 28.9 1.7 4.1 3.1 3.0 1.8 4.1 3.1 3.1 5.99 5.19 6.49 6.90 -15.0 -1.0 -0.5 -6.5 4.11 4.31 5.36 5.81 23.8 19.3 20.5 11.0 7.8 6.4 8.0 8.4 TECHNOLOGY Semiconductor & Electronics IRIS 0.17 INARI 2.04 MPI 11.84 UNISEM 3.11 0.14 2.35 12.00 3.55 1.34 0.78 0.49 0.79 -1.1 10.4 84.2 26.9 0.8 12.4 96.5 29.1 na 19.7 14.1 11.5 19.9 16.5 12.3 10.7 0.0 2.0 2.3 3.9 0.0 2.4 2.3 3.9 0.24 2.13 12.22 3.30 -31.3 -4.2 -3.1 -5.8 0.10 1.28 6.86 2.12 65.0 59.1 72.6 46.7 50.0 22.9 59.8 31.8 3.13 7.20 3.02 7.68 1.16 1.46 40.3 9.8 41.9 10.2 7.8 73.2 7.5 70.8 1.3 1.4 1.6 1.4 3.30 7.31 -5.2 -1.5 1.88 5.76 66.5 25.0 36.7 18.8 1.76 4.10 1.88 4.51 0.84 0.66 15.4 19.3 21.5 17.4 11.4 21.2 8.2 23.6 3.1 3.5 4.0 3.2 1.87 4.59 -5.9 -10.7 1.23 3.74 43.1 9.6 10.7 -4.7 PROPERTY GLOMAC HUAYANG IBRACO IOIPG MAHSING SNTORIA SPSETIA SUNWAY REIT SUNREIT CMMT TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 18.92 OCBC 9.55 UOB 21.60 PLANTATIONS WILMAR IFAR 3.44 0.47 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52week 52week FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 16.70 8.50 19.40 1.21 1.12 1.08 173.8 87.8 195.7 190.2 10.9 92.5 10.9 209.4 11.0 9.9 10.3 10.3 3.2 5.7 3.2 3.2 6.7 3.2 19.4 9.8 22.2 -2.6 -2.4 -2.5 14.63 8.84 17.41 29.3 16.3 24.1 9.1 7.1 5.9 3.45 0.51 0.91 1.10 28.9 3.9 31.1 4.3 11.1 10.9 2.3 2.1 2.6 2.2 4.0 0.6 -14.0 -21.8 2.96 0.44 16.2 5.7 -4.2 -11.4 11.9 11.9 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. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. TA Securities RESULTS UPDATE Wednesday , 19 April, 2017 FBMKLCI: 1,740.60 Sector: REIT A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 TP: RM 1.72 (+8.0%) CapitaLand Malaysia Mall Trust Last Traded: RM 1.59 Retail Rental Under Pressure Hold THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my Review CapitaLand Malaysia Mall Trust (CMMT)’s 1Q17 realised net profit of RM40.2mn came in within expectations, accounting for 24% and 23% of ours’ and the street’s full-year estimates respectively. 1Q17 distribution per unit (DPU) stood at 2.08sen (-1.9% YoY), which translates to an annualised dividend yield of 5.3% based on last closing price. YoY, CMMT’s 1Q17 net property income (NPI) decreased 1.5% to RM59.7mn as revenue dipped 1.3% YoY. The weaker performance was largely due to lower contribution from shopping malls in the Klang Valley, i.e. Sg Wang Plaza, Tropicana City Mall and The Mines. Rental reversion continued to show weakness in 1QFY17 as CMMT renewed 59 leases with a rental reversion of -12.4%. This was worse than the -2.4% reversion rate achieved in the same corresponding period last year. Negative rental reversion recorded at Sungei Wang Plaza continued to impact CMMT’s overall portfolio rental reversion. The Mines and Tropicana City Mall also saw negative rental reversions of -6.5% and 4.1% respectively, largely due to change in trade mix in an effort to rebalance the Malls’ tenant portfolio. In terms of lease expiry, 44%, 29% and 23% of CMMT’s leases by gross rental income are due for renewal in 2017, 2018 and 2019 respectively. For 2017, bulk of the renewal will come from Gurney Plaza, with 10% of the NLA representing 15% of gross rental income is up for renewal. According to management, the renewal negotiations are at an advanced stage. Impact In view of the challenging market outlook, we cut: 1) average rental growth assumptions to 2% from 3% previously, 2) occupancy rates lower by 1-2% for the Klang Valley malls, and 3) blended NPI margin lower by 1ppt to 64%. Net impact to our FY17 and FY18 earnings is -3.4% and -2.0% respectively. Our FY19 forecast of 3.3% earnings growth is newly introduced. Share Information Bloomberg Code CMMT MK Stock Name CMMT Stock Code 5180 Listing Main Market Share cap (mn) 2034.6 Market Cap (RMmn) 3235.1 Par Value (RM) 1.00 52-wk Hi/Lo (RM) 1.72/1.43 12-mth Avg Daily Vol ('000 shrs) 2140.6 Estimated Free Float (%) 26.0 Beta (x) 0.6 Major Shareholders (%) CapitaMalls Asia Ltd (34.9) Skim Amanah Saham Bumiputera (11.9) Kumpulan Wang Persarran (9.3) Employees Provident Fund (8.4) Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus (RMm) TA's / Consensus (%) Previous Rating Page 1 of 3 FY16 FY17 (3.4) (2.0) 164.8 177.2 173.6 180.8 94.9 98.0 Hold (Maintained) Financial Indicators FY16 32.4 10.2 15.5 6.1 3.9 1.2 1.3 FY17 31.2 12.0 13.2 6.6 4.2 1.2 1.3 vs TA vs Consensus % of FY 24.0 23.0 Within Within Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth CMMT (4.8) (2.5) 3.2 9.7 FBM KLCI (0.3) 4.4 4.3 1.7 Gearing (%) FCPS (sen) Price / CFPS (x) ROE (%) ROA (%) NTA/Share (RM) Price/NTA (x) Scorecard (12-Mth) Share Price relative to the FBM KLCI Outlook Management foresees the retail industry to remain challenging as consumers tighten their belts amid this period of macro uncertainties. The retail landscape within the Klang Valley is facing strong headwinds and the impending completion of about 2.5mn sq. ft. of space (or 4.5% of existing space) by 1H2017 is expected to further intensify the competition level for retail malls. To ensure the competitiveness of the malls, CMMT will continue to embark in various asset enhancement initiatives and actively rebalancing the trade mix www.taonline.com.my Source: Bloomberg
14. TA Securities 19-Apr-17 A Member of the TA Group of its mall . All in, management expects flat NPI and DPU growth in 2017. Valuation Factoring in earnings adjustments and change in the valuation base year, we reduce our target price to RM1.72 from RM1.78 previously, based on DDM valuation and discount rate of 7.7%. We see near-term rental reversion to come under pressure due to rising competition in the retail space. Maintain Hold. Earnings Summary (RM mn) FYE Dec FY15 FY16 FY17F FY18F FY19F Gross Rental Income 344.8 372.6 379.9 397.6 405.5 Net Property Income 226.4 242.5 244.3 257.0 262.1 65.7 65.1 64.3 64.6 64.6 Pretax profit 155.1 163.7 164.8 177.2 183.6 Core Net Profit 155.1 163.7 164.8 177.2 183.6 Distributable income 162.8 171.1 176.7 189.4 195.8 NPI Margins (%) Core EPU (sen) 8.2 8.1 8.1 8.6 8.9 Core EPU Growth (%) (2.6) (1.7) 0.3 6.7 3.3 PER (x) 19.4 19.7 19.7 18.4 17.8 DPU (sen) 8.6 8.4 8.4 8.9 9.2 Div Yield (%) 5.4 5.3 5.3 5.6 5.8 ROE (%) 6.3 6.1 6.1 6.6 6.9 1Q17 Results Analysis (RM mn) FYE Dec 1Q16 4Q16 1Q17 QoQ (%) YoY (%) Gross Revenue 93.6 93.5 92.4 (1.1) (1.3) Net property income 60.6 60.4 59.7 (1.2) (1.5) Interest Income 1.5 1.4 1.4 0.6 (3.8) Change in fair value of inv prop 0.0 1.5 0.0 nm 0.0 Net investment Income 62.1 63.3 61.1 (3.4) (1.5) Finance Costs (14.7) (15.0) (14.7) (2.5) (0.5) Other trust expenses (0.4) 0.1 (0.4) >100 (4.0) Income before taxation 41.0 42.4 40.2 (5.1) (2.0) Net profit 41.0 42.4 40.2 (5.1) (2.0) Realised Net Profit 41.0 40.9 40.2 (1.7) (2.0) Income available for distribution 42.9 42.7 42.3 (0.8) (1.4) EPU (sen) 2.0 2.0 2.0 (1.9) (2.5) DPU (sen) 2.1 2.1 2.1 (1.0) (1.9) NPI Margin (%) 64.7 64.7 64.6 (0.1) (0.1) Core Net Margin (%) 43.8 43.8 43.5 (0.3) (0.3) Page 2 of 3
15. TA Securities 19-Apr-17 A Member of the TA Group Peers Comparison Call Sunway REIT Sell CMMT Hold KLCCP Stapled Group * NR IGB REIT* NR Pavilion REIT* NR Axis REIT* NR Al Salam* NR Average * Based on consensus number Price (RM) 1.70 1.59 7.81 1.70 1.75 1.64 1.04 Target price (RM) 1.79 1.72 NR NR NR NR NR Market Cap (RM bn) 5.0 3.2 14.1 5.9 5.3 1.8 0.6 PER (x) FY17 19.2 19.7 18.5 20.5 19.4 18.2 16.3 18.8 FY18 16.8 18.4 17.8 19.3 18.6 17.4 16.0 17.8 Div Yield (%) FY17 5.2 5.6 4.8 5.2 5.1 5.4 5.7 5.3 FY18 5.9 5.7 4.9 5.5 5.4 5.7 5.8 5.6 P/NAV FY17 1.1 1.3 1.1 1.6 1.4 1.3 1.0 1.3 FY18 1.1 1.3 1.1 1.6 1.4 1.3 1.0 1.3 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
16. TA Securities A Member of the TA Group MENARA TA ONE , 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 SECTOR UPDATE Wednesday, April 19, 2017 FBM KLCI: 1,740.60 Sector: Consumer Neutral Consumer Sector Consumers’ Take on Cigarettes THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel: +603 2072 1277 ext. 9602 damia@ta.com.my The Issues on Cigarettes Last month, the Deputy Health Minister Datuk Seri Dr. Hilmi Yahaya suggested that the average price of legal cigarettes should be increased from RM17.00/pack to RM21.50/pack to curb smoking habits in Malaysia. This is an increase of whooping 26.5%. Note that the last cigarette price hike was in Nov-2015, which increased by 23.2% for premium brands and 26.0% for value for money brands. As an aftermath, the illicit cigarette’s market share skyrocketed from 36.9% in 2015 to 57.1% in 2016 as more and more smokers started to buy contraband cigarettes, which cost between RM3 – RM5 per 20 sticks pack. Then in early-April, the Second Finance Minister Datuk Seri Johari Abdul Ghani shared with the media that the government has no intention of increasing cigarette tax at the moment. Instead, it will focus on curbing the rise in illicit trade. Note that in 2016, there was approximately 10.5bn illicit cigarettes (57.1% market share) sold in Malaysia, which cost the government over RM4.0bn in lost of tax revenue. Hence, the Customs Department will intensify the enforcement efforts by amending the laws to increase the penalties to include imprisonment for those involved in illicit cigarettes. Yesterday, The Section 135(1) of the Customs' Act 1967 has been proposed to be amended to raise the fine to a minimum of RM100,000 for offences related to contraband items such as cigarettes or liquors. The Customers director-general Datuk T. Subromaniam shared with a local media that the proposal was expected to be brought to Parliament this July. The response Following this, we have conducted a sample testing survey amongst 53 people on their smoking patterns and their response if the government does proceed with another round of cigarette price hike (see Figure 1 and 2). From the sample size, 62% of the respondents are smokers where 23 are males and 10 are females. Out of all the smokers, 16 of them (46%) are pure legal cigarettes smokers while others smoke other items on top of the legal cigarettes i.e. vape, illicit cigarettes and others. On average, they smoke about ten cigarettes in a typical day. Moreover, 14% of the smokers smoke more than 20 sticks a day. Figure 1: 62% of Sample Size are Smokers 25 43% 20 15 10 21% 19% 17% 5 0 Male Female Non- Smoker Smoker Source: TA Securities If cigarette price increases to RM21.50/pack... Our survey reveals that if cigarette price increases to RM21.50/pack, 48% of the smokers will continue with legal cigarettes purchase whereby out of this, 13% will continue to buy only legal cigarettes but smoke less, 18% will Page 1 of 6 www.taonline.com.my
17. TA Securities 19-Apr-17 A Member of the TA Group continue to buy legal cigarettes and find other alternatives , and 13% will maintain the volume purchase of legal cigarettes. Only 18% (6/33 people) said that they will stop smoking after the price increase to this level. 33% will stop buying legal cigarettes and find other smoking alternatives. If cigarette price increases to RM25.00/pack... Out of curiosity, when asked if the price were to increase to RM25.00/pack instead, the number of smokers who will continue buying legal cigarette reduces further to 28%. Of the 28%, 9% will continue to buy only legal cigarettes but smoke less, 6% will continue to buy legal cigarettes and find other alternatives, and 12% will maintain the purchase of legal cigarettes volume. The number of people who will stop smoking increases by additional 6%-pts to 24% (8/33 people). Meanwhile, the number of smokers who will stop purchasing legal cigarettes and find other alternatives increases to 49%. Encouraging smokers to find alternatives. The outcome of the survey does not spring any surprises as we believe the continuous increase in cigarettes price could only deter people from smoking to a certain extent. Majority of the smokers will find alternatives either through vape, illicit cigarettes or even recreational drugs. This has partly explained the stubbornly high illicit trades in Malaysia. Figure 2: Response to increase in cigarette price Source: TA Research Impact Only with strict enforcement would help to solve the issue of illicit trades. Otherwise, we will continue to think the illicit cigarette’s market share would go up further from the current 57.1%, if cigarette price increases to RM21.50/pack. In our consumer stock universe, British American Tobacco (M) Berhad (BAT) is the only company affected by this. After the news on the proposed increase in cigarette price in late March, BAT share price retreated for three days from RM47.98/share to as low as RM45.00/share (-6.2%). Slowly as the effect dissipated, share price increased to RM46.20/share level before the second Finance Minister announced the government plans to penalise the illicit cigarettes trader. Last close, BAT share price had recovered to RM47.42/share. Page 2 of 6
18. TA Securities 19-Apr-17 A Member of the TA Group Forecast In our forecast , we have assumed the cigarette price to remain unchanged for 2017. Our basis is that the legal cigarette market is still suffering from the aftermath of GST and excise duty hike in 2015 as evidenced by the sharp decline of 25.7% in total industry volume and the significant increase in illicit trade to 57.1% in 2016. We maintain our TIV growth assumptions of 1% for FY17/18/19. No change to our FY17-19 earnings projections pending BAT’s 1QFY17 results coming out tomorrow. Valuation We reiterate our Hold recommendation on BAT. The DCF valuation is maintained at RM54.22/share based on a discount rate of 6.3%. Maintain Neutral on Tobacco Sub-Sector within our Consumer universe. Note that the survey and the outcome may be biased or unjust due to the samples collected which are relatively small. We urge you to do the same to test the sensitivity of smokers to increase in cigarette prices. A copy of our questionnaire is appended below. Figure 3: Age Group of Respondents Figure 4: Respondents’ Smoking Background 30 50% 45% 25 46% 49% 40% 35% 20 30% 15 25% 25% 10 20% 15% 5 0% 2% 8% 2% 10% 9% 6% 21 - 25 26 - 45 11% 46 - 65 0% Yes vape Non- Smoker 11% 5% 0 21 and below 17% 14% Smoker Yes illicit cigarrete Yes cigars No, only legal cigarretes Others Source: TA Securities Source: TA Securities Figure 5: Average of 10 Cigarettes Smoked in a Typical Day Figure 6: Mostly Spent Less than RM20/week For Smoking 45% 45% 40% 40% 39% 35% 35% 38% 35% 30% 25% 30% 29% 25% 20% 20% 18% 15% 14% 10% 19% 15% 10% 8% 5% 5% 0% 0% 1-5 Source: TA Securities 6 - 10 11 - 19 Less than RM20 20 and above Source: TA Securities Page 3 of 6 RM21 - RM50 RM50 - RM100 > RM100
19. TA Securities 19-Apr-17 A Member of the TA Group Figure 7 : If Legal Cigarettes Price is RM21.50/pack; Will not stop buying legal cigarettes 48% Figure 8: If Legal Cigarettes Price is RM25.00/pack; Will not stop buying legal cigarettes 28% Will stop buying legal cigarettes 52% Will stop buying legal cigarettes 72% Source: TA Securities Source: TA Securities Figure 7: Peers’ Comparison Table Company Name Recom. Tobacco BAT F&B F&N QL Res ources Nes tl e Brewery Ca rl s berg Hei neken Retail Aeon Amwa y Pa di ni Industrial Sci entex Si gna ture Poh Hua t Share price TP Mkt Cap (RMmn) (MYR mn) P/E (x) CY17 CY18 54.22 13,539.8 17.5 17.5 14.7 0.1 5.5 5.6 133.5 128.5 Hol d Sel l Hol d 24.30 4.71 81.30 26.14 4.17 83.60 8,907.0 5,878.2 19,064.9 45.0 62.8 28.2 38.5 56.7 25.9 12.7 13.1 14.2 16.9 10.7 8.5 1.4 0.5 3.5 1.6 0.5 3.8 9.1 5.2 102.5 9.9 5.3 108.8 Hol d Buy 15.00 17.92 15.41 21.08 4,614.3 5,413.6 21.4 19.2 19.2 17.6 4.5 (34.2) 11.3 9.4 4.6 4.7 5.1 5.1 60.5 63.6 65.8 65.2 Sel l Buy Buy 2.40 7.55 3.04 2.23 9.59 3.76 3,369.6 1,241.1 2,000.0 36.9 21.0 13.6 31.8 18.7 12.3 14.4 12.3 6.8 16.1 12.6 10.8 0.8 4.0 2.6 0.9 5.0 3.0 6.3 26.8 15.2 6.6 29.6 15.1 Buy Buy Buy 8.15 0.95 1.79 8.50 1.10 2.74 3,778.0 217.6 382.1 21.7 17.3 8.1 19.1 14.0 8.3 26.4 13.0 11.0 13.5 23.7 (3.3) 1.3 2.6 4.3 0.8 2.8 4.3 10.9 90.1 20.2 10.5 100.2 17.4 Do you currently smoke cigarettes, or not? o o Yes No What is your gender? o o 3. ROE (%) CY17 CY18 47.42 Appendix: Survey Questions 2. Dividend Yield (%) CY17 CY18 Hol d Source: Bloomberg, TA Securities 1. EPS Growth (%) CY17 CY18 Male Female What is your age? o o o o 21 and below 21 – 25 26 – 45 46 – 65 Page 4 of 6
20. TA Securities 19-Apr-17 A Member of the TA Group 4 . What do you work as or what is your job rank? o o o o o o o o o o 5. Assistant Manager / Senior associate Senior Manager Assistant Vice President / Vice President C-Suite Level Unemployed Others Yes, vape Yes, illicit cigarettes Yes, cigars No, only legal cigarettes Others 1-5 6 - 10 11 - 19 20 and above Less than RM20 RM21 - RM50 RM50 - RM100 > RM100 None Current price of legal cigarettes are sold at an average price of RM17.00/pack, will you stop buying legal cigarettes if the average price increases to RM21.50/pack? o o o o o 9. Executive How much do you spend, in Ringgit Malaysia, on cigarettes in a typical week? o o o o o 8. Clerk/staff About how many cigarettes do you smoke in a typical day? o o o o 7. Business owner Do you smoke anything other than cigarettes sold legally? o o o o o 6. Student Yes, I will find alternative ways to smoke like vape, illicit cigarettes etc. Yes, I will stop smoking No, but will buy less legal cigarettes and smoke less No, but will buy less legal cigarettes and find other alternatives to maintain my lifestyle No, I will maintain the volume of my purchase If the average price of legal cigarettes is increased to RM25.00/pack instead, will you stop buying legal cigarettes? o o o o o Yes, I will find alternative ways to smoke like vape, illicit cigarettes etc. Yes, I will stop smoking No, but will buy less legal cigarettes and smoke less No, but will buy less legal cigarettes and find other alternatives to maintain my lifestyle No, I will maintain the volume of my purchase Page 5 of 6
21. TA Securities 19-Apr-17 A Member of the TA Group 10 . Please share your personal opinion if it's wise for the government to increase the price of legal cigarettes in 2017? _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ [ T HE RE M AI NI NG OF T HI S P AG E I S I NT E NT I ON AL L Y LE FT B L AN K] Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 6 of 6
22. RESULTS UPDATE TA Securities Wednesday , April 19, 2017 FBMKLCI: 1,740.60 Sector: Technology A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Malaysian Pacific Industries Berhad TP: RM12.00 (+1.4%) Last Traded: RM11.84 Announced Higher Dividends UNDER REVIEW THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Paul Yap Tel: +603-2167 9603 paulyap@ta.com.my Review MPI reported a 9MFY17 profit of RM137.9mn (-21.4% QoQ, 4.4% YoY). This was within ours, but above consensus expectations at 78.0% and 82.1%. A higher second interim dividend of 19.0sen/share (YTD: 27.0sen/share) was declared. QoQ. Due to a shorter number of working days and Chinese New Year celebrations, a seasonally weaker revenue was expected in line with historical trends. We estimate USD revenue declined 4.0% QoQ, but was buffered by a higher USD/MYR rate of RM4.45 (+2.8% QoQ). By segments, USA reported the largest decline at 6.3% QoQ. EBITDA margin contracted 3.8pp, in line with its high operating leverage. YTD, while USD revenue stood flattish, topline growth (+3.3% YoY) benefitted from a weaker ringgit. EBITDA margin improved slightly by 0.7pp. Depreciation and amortisation expenses decreased 10.5% YoY. Absent writebacks, however, this was offset by higher taxes. www.taonline.com.my Share Information Bloomberg Code MPI MK Stock Code 3867 Listing Main Market 198.9 Share Cap (mn) 2,354.9 Market Cap (RMmn) 12.22/6.86 52-wk Hi/Lo (RM) 209.7 12-mth Avg Daily Vol ('000 shrs) 29.7 Estimated Free Float (%) 0.49 Beta Major Shareholders (%) Hong Leong Co Malaysia Bhd - 55.4 Forecast Revision Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 (0.1) 176.8 202.6 167.9 168.4 105.3 120.3 Under Review Its net cash position continues to accumulate, rising to RM419.7mn. Financial Indicators Impact Revise our estimates to reflect the higher dividends announced. We tweak our FY18/FY19 earnings downwards by 0.1% to RM202.6mn/ RM223.7mn. Outlook The automotive industry is one of the fastest growing segments with a projected 5-year CAGR of 4.9% YoY. Well positioned, the group already has existing coverage of 7 out of the top 10 automotive suppliers. The more stable nature of automotive sales will help ease volatility from the smartphone market. Aims are to eventually grow automotive contributions to 50% of its total revenue. Rerating catalysts can come in the form of potential acquisitions or exercises to improve liquidity. While there is nothing concrete at the moment, the group is on the lookout for acquisitions. We also do not discount the possibility of increased dividends, supported by its healthy projected FCFE of 94.7sen/share (translating into a FCFE yield of 8.0%). Net Debt/Equity (%) CFPS (sen) Price/CFPS (x) ROA (%) ROE (%) NTA/Share (RM) Price/NTA (x) FY18 Net cash 204.1 5.8 12.1 17.3 5.9 2.0 % of FY 78.0 82.1 Within Above MPI 16.5 50.4 50.3 66.1 FBM KLCI (0.3) 4.4 4.3 1.7 Scorecard vs TA vs Consensus Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth (12-Mth) Share Price relative to the FBM KLCI Valuation We value MPI at an unchanged TP of RM12.00/share – based on an EV/EBITDA multiple of 4.0x and CY18 EBITDA. Given the narrowed upside, our recommendation for the stock is currently Under Review. If any, adjustments will be made after an analyst briefing scheduled to be held today. Source: Bloomberg Page 1 of 3 FY17 Net cash 182.0 6.5 12.0 17.0 5.2 2.3
23. TA Securities 19-Apr-17 A Member of the TA Group Table 1 : Earnings Summary (RMmn) FYE Jun 30 Revenue EBITDA EBITDA margin (%) Depreciation and amortisation EBIT Net finance cost EI PBT Tax MI Net profit Core net profit EPS (sen) EPS Growth (%) PER (x) EV/EBITDA (x) DPS (sen) Div Yield (%) FY15 1,390.1 358.4 25.8 (204.1) 154.3 (1.3) 0.0 153.0 (30.4) (14.1) 108.5 108.5 51.7 87.2 22.9 6.0 20.0 1.7 FY16 1,463.3 420.2 28.7 (209.4) 210.8 (1.1) (13.3) 196.4 0.4 (39.3) 157.5 170.8 81.4 57.5 14.5 5.2 23.0 1.9 Figure 1: Forward EV/EBITDA FY17F 1,615.3 461.2 28.6 (192.2) 269.0 7.3 0.0 276.3 (55.3) (44.2) 176.8 176.8 84.2 3.5 14.1 4.7 27.0 2.3 FY18F 1,687.3 489.7 29.0 (184.4) 305.3 11.2 0.0 316.5 (63.3) (50.6) 202.6 202.6 96.5 14.6 12.3 4.4 27.0 2.3 FY19F 1,749.8 514.5 29.4 (180.9) 333.6 16.0 0.0 349.5 (69.9) (55.9) 223.7 223.7 106.6 10.4 11.1 4.2 27.0 2.3 Figure 2: Forwad PB x x 8.0 2.5 7.0 2.0 +1sd: 5.6x 6.0 5.0 +1sd: 1.7x Mean: 4.3x 1.5 Mean: 1.3x 4.0 1.0 3.0 -1sd: 2.9x 2.0 -1sd: 0.9x 0.5 1.0 Jan-17 Sep-16 Jan-16 May-16 Sep-15 Jan-15 May-15 Sep-14 Jan-14 May-14 Sep-13 Jan-13 May-13 Sep-12 Jan-12 May-12 Sep-11 Jan-11 May-11 Sep-10 Jan-10 Source: Bloomberg, TA Securities May-10 Jan-17 Sep-16 Jan-16 May-16 Sep-15 Jan-15 May-15 Sep-14 Jan-14 May-14 Sep-13 Jan-13 May-13 Sep-12 Jan-12 May-12 Sep-11 Jan-11 May-11 Sep-10 Jan-10 0.0 May-10 0.0 Source: Bloomberg, TA Securities Table 2: 9MFY17 Results Analysis (RMmn) FYE Jun 30 Revenue EBITDA Depreciation & Amortisation EBIT Net finance cost EI PBT Tax MI Net profit Core net profit Capex USD/MYR rate (RM) EPS (sen) DPS (sen) Profitability ratios EBITDA margin (%) PBT margin (%) Net profit margin (%) Tax rate (%) 3QFY16 352.1 102.3 (51.2) 51.1 (0.3) (3.3) 47.5 (2.8) (5.7) 39.0 42.3 31.5 4.19 20.5 15.0 2QFY17 401.4 127.0 (47.4) 79.6 0.0 0.0 79.6 (12.4) (12.2) 55.0 55.0 19.2 4.32 29.0 0.0 3QFY17 396.0 110.2 (48.2) 62.0 0.3 0.0 62.3 (9.0) (10.1) 43.2 43.2 54.7 4.45 22.8 19.0 QoQ (%) (1.3) (13.2) 1.6 (22.1) 520.8 n/a (21.7) (27.7) (17.3) (21.4) (21.4) 184.4 2.8 (21.4) n/a YoY (%) 12.5 7.7 (5.9) 21.3 (204.6) n/a 31.1 223.4 75.4 10.8 2.2 73.8 6.1 10.8 26.7 9MFY16 1,118.5 322.0 (160.0) 162.0 (0.9) (13.3) 147.9 (0.7) (28.3) 118.8 132.1 108.5 4.18 62.6 23.0 9MFY17 1,155.4 340.6 (143.2) 197.5 0.3 0.0 197.7 (27.6) (32.1) 137.9 137.9 94.7 4.27 72.6 27.0 YoY (%) 3.3 5.8 (10.5) 21.9 (129.5) n/a 33.7 3,805.2 13.5 16.0 4.4 (12.8) 2.3 16.0 17.4 29.1 13.5 12.0 5.9 31.6 19.8 13.7 15.6 27.8 15.7 10.9 14.4 pp (3.8) (4.1) (2.8) (1.2) pp (1.2) 2.2 (1.1) 8.6 28.8 13.2 11.8 0.5 29.5 17.1 11.9 14.0 pp 0.7 3.9 0.1 13.5 Page 2 of 3
24. TA Securities 19-Apr-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
25. COMPANY UPDATE TA Securities Wednesday , April 19, 2017 FBM KLCI: 1,740.6 Sector: Plantation A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Sime Darby Berhad TP: RM8.24 (-11.2%) Last Traded: RM9.28 Proposed Cash Offer to Buy Back USD800mn Sukuk Sell THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Angeline Chin Tel: +603-2167 9611 angelinechin@ta.com.my Sime Darby announced that it has proposed a cash offer to repurchase its outstanding sukuk of USD800mn due in 2018 and 2023. Besides, it is also seeking consent from sukuk holders for Sime Darby Plantation to be the new obligor. The sukuk tender offer will expire on May 11 and the settlement date for both proposals is expected to be 23 May 2017. The proposals are conditional on sukuk holders representing at least 75% of the outstanding sukuk’s face amount to pass the extraordinary resolutions. Details on the USD Sukuk Both Sukuk were part of the multi-currency sukuk programme of up to USD1.5bn set up by the Sime Darby on Jan 11, 2013. The 5-year sukuk was issued at a fixed coupon rate of 2.053% while the 10-year sukuk was issued at 3.29%. Most of the sukuk holders are from Asia, Middle East and Europe. Yesterday, Moody's Investors Service has assigned a first-time Baa1 issuer rating to Sime Darby Plantation Sdn Bhd (SDP) with stable rating outlook. Meanwhile, Fitch Ratings also expected to assign SDP a Long-Term ForeignCurrency Issuer Default Rating (IDR) of 'BBB+(EXP)' with stable outlook, and an expected senior unsecured rating of 'BBB+(EXP)'. Not Overly Positive on the Proposals Management guided that the tender offers are part of its internal asset and debt restructuring exercise prior to the de-merger of Sime Darby Plantation and Sime Darby Property. We are not overly positive on the proposals as the savings in interest payments are not significant to bottomline. According to Sime Darby’s annual report, the USD sukuk represents the lowest ever coupon issued globally by any corporate organisation in the USD Sukuk market; the lowest ever USD coupon in Sukuk format by an Asian issuer; and the lowest ever coupon by a Malaysian borrower in the USD market, in both the five and ten year tenures. Assuming all sukuk holders tender their sukuk and no fund-raising exercise takes place in Sime Darby, a quick back-of-the-envelope calculation revealed that the deal will enhance Sime Darby’s FY17-FY18 earnings by merely 1% – 2.4% (MYRUSD rate: 4.40). That said, the saving could be more significant with the weakening of USD. Valuation We maintain our FY17-18 earnings projections pending the outcome of sukuk tenders. Maintain Sell on Sime Darby with an unchanged target price of RM8.24, based on SOP valuation. Sime Darby is currently trading at a lofty valuation of approximately 29x CY17 EPS versus its 5-year average rolling forward PER of 24x. The earnings growth has been priced in, in our view. Maintain SELL on Sime Darby. Page 1 of 4 www.taonline.com.my 8 Share Information 0. Bloomberg Code SIME MK Stock Code 4197 Listing Main Market Share Cap (mn) 6,801 Market Cap (RMmn) 63,112 Par Value 0.50 52-wk Hi/Lo (RM) 9.55/7.1 12-mth Avg Daily Vol ('000 shrs) 6,226 Estimated Free Float (%) 31.3 Beta 1.26 Major Shareholders (%) Skim Amanah Saham Bumiputera - 40.45 EPF - 9.83 PNB - 5.75 KWAP - 5.11 LTH - 2.42 Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 2,092 2,402 2,291 2,555 91 94 Sell (Maintained) Financial Indicators Net debt/equity (%) CFPS (sen) P/CFPS (x) ROA (%) NTA/Share (RM) Price/ NTA (x) Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY17 26.1 30.6 30.3 3.2 5.0 1.9 FY18 24.0 2.6 353.4 3.6 4.9 1.9 SIME (0.6) 8.7 16.7 16.9 FBM KLCI (0.3) 4.4 4.3 1.7 (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg
26. TA Securities 19-Apr-17 A Member of the TA Group Figure 1 : The Tender Offer Description of the Sukuk Outstanding face amount (USD mn) Tender consideration Total early tender consideration Due in 2018 400 98% of the face amount of the Sukuk plus Accrued Periodic Distribution Amounts 101% of the face amount of the Sukuk plus Accrued Periodic Distribution Amounts Due in 2023 400 97% of the face amount of the Sukuk plus Accrued Periodic Distribution Amounts 100% of the face amount of the Sukuk plus Accrued Periodic Distribution Amounts Source: Bursa announcement, TA Research Figure 2: 5-Year Sukuk Information Source: Cbonds, TA Research Page 2 of 4
27. TA Securities 19-Apr-17 A Member of the TA Group Figure 3 : 10-Year Sukuk Information Source: Cbonds, TA Research Page 3 of 4
28. TA Securities 19-Apr-17 A Member of the TA Group Earnings Summary (RMmn) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
29. TA Securities COMPANY UPDATE Wednesday , 19 April 2017 FBMKLCI: 1,740.60 A Member of the TA Group Sector: Property MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 TP: RM4.10 (+11.1%) SP Setia Berhad Last Traded: RM3.69 Wins Land Tender in Singapore Buy THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my Wins Land Tender In Singapore SP Setia has won a tender for a 4.6-acre (18,721.4 sqm) parcel of residential land at Toh Tuck Road in Singapore (99-year lease term) for SGD265mn (or RM847.6mn) from the Urban Redevelopment Authority of Singapore. According to the announcement, SP Setia intends to fund the tender bid through a combination of bank borrowings and/or internally generated funds. Location of the Land The 4.6-acre residential plot at Toh Tuck Road is situated near prime Bukit Timah housing district and is within walking distance to Beauty World MRT Station – see Figure 1. Amenities in the vicinity include international schools, tertiary education centres, parks and shopping malls. It has a maximum permissible gross floor area (GFA) of 26,210 sqm, which would allow the developer to build a 5 storey condominium with 327 units. Tender price is 2% above the second highest bid The tender price of SGD265mn translates to SGD939psf per plot ratio. According to URA, SP Setia’s bid came in highest among 24 bidders and at 2% above the second highest bid of SGD260.2mn by Singaiyi Investments – see Figure 2. The bidding war suggests that developers remain upbeat on residential development within Singapore and show great interest on prime residential land with close proximity to public transportation and is surrounded by good amenities and services. Third foray into the Singapore property market SP Setia intends to build a 5 storey condominium with an estimated GDV of SGD457mn. Official launch is targeted in 2018. The project is expected to span a development period of 5 years. Meanwhile, we deem the land cost-to-GDV ratio of 58% of total project GDV fair, given that land typically makes up 40% to 60% of GDV in Singapore. Overall, we are positive on SP Setia’s third foray into the Singapore property market. This will allow the group to diversify market risks and help strengthen its corporate branding in the regional market, which would be helpful to market its products to foreign buyers. In addition, we believe the land tender provides an opportunity for the group to replenish its landbank in Singapore. It is a timely win as SP Setia’s 18 Woodsville and Eco Sanctuary have been successfully completed in 2015 and 2016 respectively. i Share Information n Bloomberg Code Stock Name Stock Code Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) Page 1 of 4 SPSB MK SP Setia 8664 Main Market 2853.8 10530.4 0.75 3.77/2.80 2215 22.7 0.67 PNB (68.0) KWAP (10.4) EPF (6.2) Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 0.0 0.0 730.5 650.1 736.6 676.6 99.2 96.1 Buy (Maintained) Financial Indicators Net Debt / Equity (%) FCFPS (sen) Price / FCF (x) ROA (%) NTA/Share (RM) Price/NTA (x) Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY17 20.8 4.0 91.2 3.8 3.3 1.1 FY18 18.5 20.1 18.4 3.2 3.4 1.1 SP Setia 8.5 13.2 4.8 14.2 FBM KLCI (0.3) 4.4 4.3 1.7 (12-Mth) Share Price relative to the FBM KLCI Forecast We raise our FY19 earnings by 1%, after factoring in the launch of this project in 2018. Nevertheless, we have not factored in earnings contribution from I&P and the Bangi land acquisition pending the completion of the deals. Recommendation Target price is maintained at RM4.10/share, based on unchanged 18x CY18 EPS. We are positive on the proposed acquisition of I&P, which will further solidify SP Setia as a dominant township player in the central Klang Valley and Johor. Maintain Buy. www.taonline.com.my Source: Bloomberg
30. TA Securities 19-Apr-17 A Member of the TA Group Figure 1 : Location of I&P Group and SP Setia’s Project – Klang Valley Source: Urban Redevelopment Authority, SP Setia Page 2 of 4
31. TA Securities 19-Apr-17 A Member of the TA Group Figure 2 : Tender Bids Received Source: URA Page 3 of 4
32. TA Securities 19-Apr-17 A Member of the TA Group Financial Statement Profit and Loss (RM'mn) FYE Dec Revenue COGS Gross profit EBITDA Depreciation & Amortisation EBIT JV and Associates Finance cost PBT EI PBT Adj 2015** 6,746.3 (4,683.1) 2,063.3 2,010.1 (33.0) 1,977.1 (440.3) (110.3) 1,426.4 0.0 1,426.4 2016 4,957.2 (3,515.8) 1,441.4 1,270.8 (39.5) 1,231.4 73.6 (120.3) 1,184.7 0.0 1,184.7 2017F 4,240.5 (2,798.7) 1,441.8 1,005.0 (64.4) 940.6 239.0 (69.5) 1,096.9 0.0 1,096.9 2018F 5,101.6 (3,367.1) 1,734.6 1,188.7 (66.2) 1,122.5 0.0 (87.8) 1,034.8 0.0 1,034.8 2019F 5,624.0 (3,711.8) 1,912.1 1,279.6 (64.3) 1,215.3 55.4 (96.5) 1,174.2 0.0 1,174.2 Tax MI Net profit Core net profit (415.4) (50.5) 918.3 918.3 (285.4) (55.0) 808.0 808.0 (268.7) (62.5) 730.5 730.5 (258.7) (90.8) 650.1 650.1 (293.6) (145.3) 700.1 700.1 Core EPS (sen) DPS (sen) 35.7 23.0 28.3 20.0 25.6 14.0 22.8 14.0 24.5 15.0 Cash Flow (RM'mn) PBT Depr & Amort Tax Others CFO 1,426.4 33.0 (301.6) 527.1 1,685.0 1,184.7 39.5 (285.4) (835.6) 103.2 1,096.9 64.4 (268.7) 322.9 1,215.5 1,034.8 66.2 (258.7) (139.7) 702.5 1,174.2 64.3 (293.6) (179.5) 765.5 Capex Others CFI (1,131.9) (29.7) (1,161.6) (900.0) 0.0 (900.0) (1,100.0) 0.0 (1,100.0) (130.0) 0.0 (130.0) (130.0) 0.0 (130.0) 819.0 (31.4) (61.6) 726.0 1,617.7 (570.7) 255.3 1,302.3 600.0 (399.5) (197.4) 3.1 800.0 (399.5) (177.6) 222.9 800.0 (428.0) (159.9) 212.1 Net Cash Flow 1,249.4 505.4 118.6 795.4 847.6 FCF FCF/share (sen) 523.4 19.9 (796.8) (27.9) 115.5 4.0 572.5 20.1 635.5 22.3 5,028.8 22.7 6,819.5 22.3 Net Addition/Rpmt Dividend Paid Others CFF Asssumptions (RM'mn) New Property Sales 4,320.0 3,823.0 4,008.0 Property margins (%) 23.7 23.4 22.4 ** comprising 14-month earnings from Nov-14 to Dec-15 Balance Sheet RM'mn) FYE Dec PPE Land held for dev Concession assets Investment Properties Associates Others LT Assets 2015** 260.1 5,304.3 7.2 726.4 1,086.8 1,333.6 7,631.6 2016 271.5 5,579.6 11.6 1,016.0 1,677.7 1,965.1 8,843.8 2017F 2018F 2019F 307.1 271.0 236.6 6,579.6 6,679.6 6,779.6 11.6 11.6 11.6 1,016.0 1,016.0 1,016.0 1,916.7 1,916.7 1,972.2 2,204.1 2,204.1 2,259.5 10,118.4 10,182.3 10,303.4 Property dev. Cost Inventories Trade & other receivables Cash & Cash equivalent Others ST Assets 2,111.8 878.9 1,450.5 3,752.1 597.8 8,791.2 2,105.7 877.9 1,925.3 4,170.1 767.1 9,846.1 2,205.7 698.9 1,045.6 4,288.7 767.1 9,006.0 Total Assets 16,422.7 18,689.9 19,124.4 20,437.9 21,721.5 Trade and other payables ST Borrowings Others ST Liabilities 2,592.7 1,782.9 146.5 4,522.1 2,455.7 1,973.8 112.2 4,541.7 2,058.9 1,776.4 112.2 3,947.5 2,373.5 1,598.8 112.2 4,084.4 2,564.3 1,438.9 112.2 4,115.3 LT Borrowings Others LT Liabilities 3,467.8 40.5 3,508.2 3,892.1 13.1 3,905.2 4,492.1 13.1 4,505.2 5,292.1 13.1 5,305.2 6,092.1 13.1 6,105.2 Share Cap Share Cap - i Reserves Perpetual Bond MI 1,971.3 0.0 5,423.4 7,394.6 610.8 387.0 2,140.1 11.3 7,049.1 9,200.6 610.8 431.7 2,140.1 11.3 7,380.2 9,531.6 646.0 494.2 2,140.1 11.3 7,630.8 9,782.2 681.2 585.0 2,140.1 11.3 7,902.9 10,054.3 716.4 730.3 Liabilities + Equities 16,422.7 18,689.9 19,124.4 20,437.9 21,721.5 Ratios EPS Growth (%) PER (x) GDPS (sen) Div Yield (%) Net Debt (RMm) Net gearing (x) ROE (%) ROA (%) NTA (RM) P/NTA (x) 118.8 10.3 23.0 6.2 1,498.5 0.2 12.4 5.6 2.8 1.3 Shareholder's Funds (20.6) 13.0 20.0 5.4 1,695.7 0.2 8.8 4.3 3.2 1.1 (9.6) 14.4 14.0 3.8 1,979.7 0.2 7.7 3.8 3.3 1.1 2,305.7 2,405.7 840.8 926.9 1,257.9 1,386.7 5,084.1 5,931.7 767.1 767.1 10,255.6 11,418.1 (11.0) 16.2 14.0 3.8 1,806.7 0.2 6.6 3.2 3.4 1.1 7.7 15.0 15.0 4.1 1,599.2 0.2 7.0 3.2 3.5 1.0 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
33. Wednesday , 19 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
34. T e c h n i c a l TA Securities V i e w Wednesday , April 19, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Technical Stock Picks Malaysia FBM KLCI: 1,740.60 (+6.67, +0.38%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SAPURA ENERGY SUNCON UEMS WASEONG WCT Close 18-Apr 1740.60 2.80 4.00 4.93 5.09 5.48 5.14 5.20 9.49 5.56 6.04 4.45 1.20 6.46 9.04 1.19 5.12 9.28 13.72 6.45 4.10 3.13 0.39 0.79 0.45 4.35 1.82 1.51 1.29 1.66 3.10 2.22 1.34 1.06 1.63 1.54 1.99 1.85 1.24 0.89 2.06 Change 6.67 0.02 0.04 0.05 0.01 0.03 0.04 0.10 0.23 0.06 0.00 0.03 -0.02 0.03 0.02 0.00 0.02 0.00 0.02 0.03 0.01 0.09 -0.01 0.01 0.00 0.05 0.04 0.03 0.00 0.00 0.14 -0.03 0.01 0.01 -0.04 -0.02 0.02 0.01 0.04 0.01 0.05 Tel: +603-2167-9607 High Low 1,741.51 1,735.31 2.80 4.08 4.95 5.10 5.50 5.15 5.20 9.49 5.61 6.04 4.49 1.23 6.47 9.04 1.21 5.14 9.30 13.78 6.47 4.14 3.13 0.40 0.79 0.45 4.35 1.83 1.52 1.31 1.66 3.11 2.23 1.34 1.11 1.68 1.57 2.00 1.85 1.24 0.90 2.08 2.78 3.98 4.90 5.04 5.46 5.11 5.10 9.28 5.54 5.96 4.42 1.20 6.41 9.01 1.18 5.11 9.26 13.70 6.43 4.05 3.04 0.39 0.78 0.44 4.30 1.78 1.48 1.28 1.66 2.99 2.21 1.33 1.06 1.62 1.52 1.97 1.83 1.20 0.89 2.02 Bollinger Bands Lower Mid Upper 1,731.71 1,743.10 1,754.48 2.78 3.94 4.73 4.94 5.37 5.07 5.06 9.18 5.39 5.97 4.38 1.16 6.35 8.91 1.16 5.05 9.20 13.68 6.33 3.96 2.85 0.39 0.72 0.43 4.23 1.67 1.46 1.23 1.66 2.44 2.18 1.19 0.91 1.59 1.47 1.78 1.74 1.20 0.87 1.79 2.85 4.06 4.85 5.06 5.53 5.12 5.19 9.51 5.55 6.01 4.60 1.22 6.42 8.98 1.24 5.21 9.33 13.73 6.39 4.05 3.04 0.40 0.77 0.45 4.30 1.77 1.51 1.28 1.68 2.84 2.22 1.29 1.06 1.69 1.55 1.95 1.81 1.26 0.89 1.97 2.92 4.18 4.98 5.18 5.68 5.18 5.33 9.84 5.72 6.06 4.81 1.28 6.48 9.04 1.32 5.37 9.46 13.77 6.46 4.15 3.22 0.41 0.82 0.46 4.37 1.88 1.56 1.33 1.70 3.24 2.27 1.39 1.20 1.78 1.63 2.11 1.88 1.33 0.91 2.16 stsoo@ta.com.my RSI Moving Averages 14d 10d 30d 50d 53.74 1,738.91 1,739.02 1,725.73 DMI DI + DI - ADX 25.42 20.37 24.76 46.90 46.95 57.54 55.98 52.71 59.47 56.07 53.10 53.82 52.82 36.00 42.59 60.13 64.40 45.11 45.29 51.38 51.38 64.36 56.17 63.24 42.86 58.60 48.64 59.56 60.34 51.17 54.90 41.73 71.78 49.33 61.23 54.79 47.98 44.46 54.52 63.63 50.39 51.53 61.76 14.57 19.49 24.21 25.55 23.92 18.15 23.31 22.68 21.74 23.40 17.07 20.22 16.98 23.09 18.95 15.25 16.58 17.31 24.85 23.83 25.35 12.54 25.97 25.41 18.17 28.45 22.48 29.34 15.53 39.63 24.53 33.84 36.18 27.01 24.72 24.13 21.52 18.00 29.14 26.52 2.84 4.02 4.87 5.08 5.46 5.10 5.15 9.37 5.54 6.03 4.52 1.24 6.41 8.98 1.21 5.17 9.30 13.72 6.39 4.07 3.06 0.40 0.79 0.45 4.32 1.81 1.50 1.30 1.67 2.98 2.24 1.34 1.11 1.70 1.59 2.02 1.84 1.25 0.89 2.04 2.86 4.06 4.86 4.98 5.51 5.12 5.15 9.53 5.51 5.99 4.62 1.21 6.41 8.93 1.22 5.21 9.29 13.73 6.37 4.01 2.98 0.40 0.75 0.45 4.27 1.74 1.51 1.28 1.69 2.72 2.22 1.28 1.01 1.64 1.55 1.93 1.78 1.25 0.88 1.94 2.74 4.00 4.78 4.89 5.36 5.10 5.06 9.28 5.37 6.04 4.64 1.22 6.39 8.75 1.19 5.15 9.21 13.65 6.29 4.03 2.86 0.40 0.74 0.45 4.24 1.69 1.51 1.21 1.69 2.09 2.21 1.30 0.96 1.57 1.58 1.92 1.76 1.21 0.89 1.92 23.80 21.78 17.32 16.95 22.51 17.88 18.38 17.12 16.02 19.41 29.63 18.97 13.84 16.26 26.19 24.42 20.84 16.29 15.47 19.64 12.62 14.20 14.80 17.07 21.20 17.02 16.22 17.43 27.90 16.59 19.31 21.39 18.91 17.16 21.19 20.97 11.58 20.22 16.93 21.46 30.38 23.06 17.28 22.22 25.03 16.70 15.00 29.47 26.96 15.05 23.02 27.15 9.91 18.02 29.55 17.91 11.25 15.34 25.19 20.10 30.28 15.48 31.17 25.42 12.76 41.28 25.82 36.94 15.49 48.80 21.92 25.97 40.72 50.31 24.18 22.52 30.88 30.34 23.79 18.35 www.taonline.com.my Diff 5.06 (9.23) (2.29) 6.89 8.60 1.41 0.27 4.93 5.55 5.72 3.99 (12.56) 1.25 3.14 6.84 (7.24) (9.17) (4.26) 1.02 9.37 4.20 12.74 (1.66) 8.34 (3.03) 11.43 11.43 6.26 11.92 (12.37) 23.04 5.22 12.45 17.27 9.86 3.53 3.16 9.94 (2.21) 12.20 5.06 Line 2.96 0.01 -0.01 0.03 0.06 0.01 0.00 0.02 0.00 0.05 0.00 -0.06 0.00 0.02 0.07 0.00 -0.01 0.03 0.01 0.03 0.02 0.07 0.00 0.02 0.00 0.03 0.04 0.00 0.02 -0.01 0.25 0.01 0.02 0.04 0.03 0.01 0.04 0.03 0.00 0.00 0.04 MACD Signal Diff 5.47 (2.516) 0.03 0.01 0.03 0.07 0.04 0.01 0.03 0.04 0.07 0.00 -0.04 0.00 0.02 0.08 0.01 0.01 0.04 0.01 0.04 0.01 0.08 0.00 0.02 0.00 0.03 0.04 0.00 0.03 0.00 0.29 0.01 0.01 0.05 0.05 0.01 0.04 0.03 0.01 0.01 0.04 (0.020) (0.019) 0.001 (0.007) (0.027) (0.003) (0.016) (0.042) (0.013) 0.009 (0.024) (0.004) 0.000 (0.013) (0.013) (0.023) (0.019) (0.006) (0.003) 0.005 (0.010) (0.001) (0.001) 0.000 (0.001) (0.004) (0.004) (0.007) (0.003) (0.040) (0.002) 0.007 (0.009) (0.017) 0.001 0.001 0.002 (0.011) (0.001) (0.002) DMI MACD Recent Signal BUY SELL DMI MACD Signal Change - SELL SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY SELL SELL SELL BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY BUY SELL SELL SELL BUY BUY SELL - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. 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
35. Technical Comments : Buy on Weakness Genting Bhd & IOI Corp Hook-up momentum indicators with a daily stochastics buy signal on Genting Berhad supports rebound upside towards the mid Bollinger band (RM9.51), with a breakout to re-test the 21/3/17 high (RM9.90). Key retracement support from the 23.6%FR (RM9.21) is reinforced by the lower band. Similarly, IOI Corp should stage oversold rebound towards the 61.8%FR (RM4.53), while a breakout should aim for the 76.4%FR (RM4.72) or upper Bollinger band (RM4.81) ahead. Key retracement support at the 50%FR (RM4.37) limited downside risk. GENTING BHD Upper Middle RM9.49 (+0.23) BOLLINGER BANDS RM RM 9.84 9.51 10-day 30-day RM 9.18 50-day Lower DMI Recent Signal BUY Recent Signal BUY Signal Change IOI CORP Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM 9.28 DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 9.37 RM 9.53 SELL RM4.45 (+0.03) 4.81 4.60 4.38 SELL SIMPLE MOVING AVERAGES RM 4.52 RM 4.62 RM 4.64 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
36. T e c h n i c a l TA Securities V i e w Wednesday , April 19, 2017 FBMKLCI: 1,740.60 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Stock Screen s Malaysia End Day Census of 18.04.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name LUSTER INDUSTRIE BORNEO OIL BHD HO WAH GENTING TIGER SYNERGY BH PERAK TRANSIT BH BIOALPHA HOLDING IRIS CORP BHD JAG BHD WINTONI GROUP BH RGB INTERNATIONA PRIVASIA TECHNOL NOVA MSC BHD NICHE CAPITAL GAMUDA BHD INIX TECHNOLOGIE DIGISTAR CORP METRONIC GLOBAL HIBISCS JKG LAND BHD D&O GREEN TECH SMTRACK BHD VIZIONE HOLDINGS TANCO HLDGS BHD INARI AMERTRON B CUSCAPI BHD GENTING MALAYSIA BCM ALLIANCE B M3 TECHNOLOGIES ASIA POLY HOLDIN STERLING PROGRES Price 0.12 0.19 0.07 0.06 0.26 0.27 0.17 0.12 0.05 0.29 0.20 0.10 0.12 5.20 0.09 0.21 0.08 0.44 0.12 0.65 0.07 0.13 0.13 2.04 0.28 5.56 0.22 0.09 0.21 0.21 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.11 0.18 0.06 0.04 0.22 0.24 0.13 0.10 0.03 0.28 0.17 0.08 0.07 5.06 0.08 0.19 0.07 0.38 0.11 0.61 0.04 0.11 0.09 1.94 0.24 5.39 0.16 0.06 0.17 0.19 0.12 0.19 0.06 0.05 0.25 0.26 0.16 0.11 0.04 0.29 0.19 0.10 0.10 5.19 0.09 0.21 0.07 0.44 0.12 0.64 0.07 0.13 0.11 2.03 0.28 5.55 0.20 0.08 0.20 0.20 0.13 0.19 0.07 0.06 0.27 0.28 0.19 0.12 0.05 0.30 0.21 0.11 0.13 5.33 0.10 0.22 0.08 0.49 0.13 0.67 0.09 0.14 0.13 2.13 0.31 5.72 0.25 0.09 0.22 0.21 56.30 61.00 53.07 60.61 66.34 56.59 55.88 55.14 55.94 49.79 57.01 55.31 56.68 56.07 54.87 54.07 53.63 47.24 48.41 59.29 55.76 53.19 61.50 54.32 55.52 53.82 57.83 61.29 64.17 51.61 0.12 0.19 0.06 0.06 0.24 0.27 0.17 0.12 0.05 0.29 0.19 0.10 0.12 5.15 0.09 0.21 0.07 0.46 0.12 0.64 0.08 0.13 0.12 2.03 0.29 5.54 0.22 0.08 0.21 0.21 0.11 0.18 0.06 0.05 0.24 0.26 0.15 0.11 0.04 0.29 0.18 0.09 0.10 5.15 0.08 0.20 0.07 0.43 0.12 0.63 0.06 0.12 0.10 2.01 0.26 5.51 0.19 0.07 0.19 0.21 0.11 0.18 0.06 0.05 0.21 0.25 0.14 0.12 0.05 0.30 0.18 0.09 0.10 5.06 0.08 0.19 0.08 0.46 0.13 0.54 0.05 0.12 0.10 1.96 0.24 5.37 0.18 0.07 0.18 0.21 Vol 23,790,700 22,422,100 22,008,900 21,718,700 19,349,300 18,339,300 15,405,300 15,255,200 12,614,000 12,564,400 11,623,700 11,588,900 10,007,600 9,745,100 9,272,400 8,933,200 8,904,000 8,573,500 7,603,300 6,920,100 6,474,300 5,841,600 5,734,200 5,446,600 5,214,600 4,576,500 4,560,700 4,407,100 3,948,600 3,543,500 20-day avg vol 27,292,840 60,150,850 12,234,370 17,415,320 9,035,510 14,295,110 29,556,100 5,764,030 4,688,085 7,928,625 8,041,970 7,824,370 8,264,750 8,130,465 6,593,460 14,860,430 10,660,410 27,978,980 20,882,160 8,412,055 12,031,040 22,072,700 9,806,810 9,428,940 12,705,970 11,365,660 10,874,480 9,814,175 8,065,015 10,928,620 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The mediumterm trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
37. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name INDUSTRONICS BHD LTKM BHD FSBM HOLDINGS BH ARK RESOURCE BHD K-STAR SPORTS LT A & M REALTY BHD SYF RESOURCES BH WILLOWGLEN MSC B SEACERA GROUP WING TAI MALAYSI AHMAD ZAKI RES PLASTRADE TECHNO TEX CYCLE TECH EA HOLDINGS SP SETIA BHD YTL HOSPITALITY MALAYAN BANKING WARISAN TC HLDGS ANCOM LOGISTICS HANDAL RESOURCES Raw data sourced from Bloomberg 20 Price 0.32 1.41 0.28 0.60 0.09 1.74 0.61 1.49 1.04 1.11 1.09 0.44 1.18 0.11 3.69 1.19 9.04 2.10 0.14 0.32 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.22 1.22 0.15 0.39 0.06 1.29 0.54 0.69 0.89 1.04 0.89 0.22 1.07 0.06 3.38 1.16 8.91 1.70 0.09 0.25 0.26 1.29 0.20 0.48 0.07 1.50 0.58 1.08 0.95 1.08 0.99 0.33 1.11 0.08 3.53 1.17 8.98 1.89 0.11 0.28 0.30 1.36 0.25 0.57 0.08 1.71 0.61 1.46 1.01 1.11 1.08 0.43 1.16 0.11 3.68 1.19 9.04 2.08 0.13 0.31 84.23 73.39 69.10 66.01 71.14 80.90 61.64 84.38 70.26 58.69 74.96 73.25 67.25 79.96 71.33 57.87 64.40 62.77 79.22 66.91 0.27 1.30 0.21 0.51 0.08 1.59 0.58 1.23 0.96 1.08 1.02 0.37 1.12 0.09 3.57 1.18 8.98 1.95 0.12 0.29 0.24 1.30 0.19 0.47 0.07 1.47 0.58 1.01 0.96 1.08 0.97 0.30 1.11 0.08 3.49 1.18 8.93 1.88 0.11 0.27 0.21 1.31 0.19 0.41 0.07 1.40 0.60 0.94 0.95 1.06 0.86 0.26 1.12 0.07 3.45 1.19 8.75 1.89 0.10 0.27 Vol 5,968,000 293,100 56,100 38,900 3,111,700 975,300 7,597,600 6,345,100 7,138,500 45,000 4,610,600 5,699,200 211,300 52,158,400 5,149,000 781,900 15,438,900 1,500 1,889,000 805,300 20-day avg vol 865,825 44,420 12,370 13,290 1,257,090 405,055 3,161,530 2,649,830 3,048,640 20,545 2,475,820 3,286,335 125,930 36,114,700 3,954,235 609,820 12,397,840 1,270 1,637,440 704,210 *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. p [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name BATU KAWAN BHD PETRONAS GAS BHD UMS HLDGS BHD KECK SENG MALAYS BINTULU PORT HLD SEE HUP CONSD MULTI-USAGE HLDG TMC LIFE SCIENCE MBM RESOURCES HUME INDUSTRIES EA TECHNIQUE M B BRAHIM'S HOLDING KANGER INTERNATI JAYA TIASA HLDG UMS-NEIKEN GRP REACH ENERGY BHD BERJAYA FOOD BHD LFE CORP BHD PARKSON HOLDINGS AMEDIA Price 18.98 19.30 2.52 4.95 6.06 1.01 0.78 0.90 2.37 2.63 0.62 0.71 0.21 1.14 1.22 0.55 1.70 0.30 0.62 0.11 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 19.04 19.35 2.55 4.98 6.08 1.03 0.80 0.91 2.38 2.64 0.62 0.71 0.21 1.14 1.22 0.55 1.70 0.30 0.62 0.11 19.38 19.69 2.71 5.10 6.13 1.05 0.90 0.94 2.49 2.72 0.66 0.74 0.23 1.21 1.26 0.59 1.75 0.31 0.64 0.13 19.72 20.04 2.86 5.23 6.19 1.07 1.00 0.96 2.59 2.80 0.70 0.77 0.24 1.27 1.29 0.63 1.79 0.33 0.65 0.14 32.09 27.37 33.84 25.73 37.07 32.89 38.47 27.61 34.60 35.66 30.67 33.83 29.45 23.31 31.68 23.00 39.19 34.13 34.70 37.90 19.27 19.58 2.65 5.06 6.12 1.05 0.89 0.93 2.48 2.71 0.65 0.73 0.22 1.19 1.25 0.58 1.74 0.31 0.63 0.12 19.39 19.72 2.72 5.11 6.12 1.05 0.94 0.94 2.47 2.73 0.67 0.75 0.23 1.23 1.26 0.60 1.79 0.31 0.64 0.12 19.49 19.98 2.70 5.07 6.18 1.05 0.89 0.94 2.43 2.74 0.67 0.76 0.24 1.27 1.27 0.61 1.77 0.31 0.65 0.11 Vol 21,800 735,100 6,000 136,400 1,010,600 1,600 2,000 974,000 130,800 32,200 133,900 318,000 834,000 1,617,500 140,000 2,851,400 10,200 419,500 418,000 77,100 20-day avg vol 21,825 1,022,290 3,345 65,710 96,080 11,030 7,210 403,905 233,610 60,460 808,700 304,420 792,725 2,668,455 21,665 2,665,475 390,100 582,330 1,341,985 1,446,560 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
38. Wednesday , 19 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (HK) 3. Foreign Technical Stock Watch (FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
39. T e c h n i c a l TA Securities V i e w Wednesday , April 19, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Australia ASX: 5,836.74 (-53.21, -0.90%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIELD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIRWAYS SIMS METAL MGMT Tel: +603-2167 9607 stsoo@ta.com.my Close Bollinger Bands RSI Moving Averages DMI Change High Low 18-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff 5836.74 -53.21 5889.90 5820.40 5695.85 5836.46 5977.06 50.57 5882.70 5812.98 5783.46 27.70 26.03 24.61 1.67 23.93 58.00 85.51 34.49 31.66 32.85 44.50 33.01 23.98 9.21 5.09 12.62 7.40 5.24 3.68 87.15 13.40 17.93 7.35 10.78 15.33 4.95 1.73 13.87 3.91 11.58 -0.38 -1.15 -0.74 -0.26 -0.24 -0.24 -0.64 -0.14 -1.15 -0.11 -0.41 -0.01 -0.12 0.01 -0.12 -0.75 -0.10 0.12 -0.15 0.01 -0.05 0.01 -0.03 0.09 0.01 -0.03 24.09 58.63 86.54 34.87 32.07 33.30 45.00 33.26 24.26 9.35 5.41 12.75 7.55 5.25 3.78 87.86 13.50 17.98 7.42 10.80 15.43 4.98 1.75 13.95 3.95 11.68 23.77 57.68 85.22 34.24 31.40 32.54 44.28 32.76 23.45 9.17 5.05 12.58 7.30 5.19 3.63 86.35 13.33 17.55 7.29 10.74 15.31 4.91 1.70 13.65 3.89 11.36 23.27 58.30 82.73 33.50 30.85 31.67 43.29 30.33 21.33 8.43 5.45 12.55 6.46 4.91 3.62 86.45 12.77 17.31 6.79 10.32 14.53 4.42 1.72 13.57 3.81 11.77 24.40 60.43 85.15 34.53 31.66 32.73 44.45 32.20 23.28 8.87 6.13 12.82 7.06 5.13 3.77 88.42 13.15 17.72 7.23 10.63 15.06 4.69 1.78 13.92 3.91 12.39 25.54 62.56 87.57 35.56 32.46 33.79 45.62 34.07 25.23 9.32 6.81 13.09 7.67 5.36 3.92 90.39 13.54 18.13 7.67 10.94 15.58 4.96 1.84 14.27 4.01 13.01 42.60 37.99 53.12 50.19 51.45 53.15 52.99 59.97 58.81 66.29 23.87 44.75 66.36 60.71 43.28 43.76 56.39 50.76 56.13 61.02 66.95 76.78 39.63 49.94 55.39 33.90 24.66 60.42 85.79 34.67 31.75 32.94 44.70 32.97 24.09 9.05 5.97 12.84 7.30 5.22 3.79 88.50 13.18 17.76 7.41 10.73 15.22 4.79 1.79 13.99 3.93 12.24 24.46 60.58 84.81 34.59 31.66 32.69 44.25 31.82 22.69 8.78 6.23 12.83 6.87 5.09 3.72 88.38 13.22 17.89 7.13 10.56 14.81 4.65 1.81 13.93 3.87 12.46 25.04 62.63 84.24 34.11 31.11 32.23 43.47 31.69 22.72 8.85 6.43 12.70 6.87 5.08 3.79 87.50 13.26 18.18 7.10 10.38 14.69 4.62 1.86 13.71 3.73 12.40 27.41 22.91 23.54 24.44 21.91 24.22 21.48 33.01 33.73 34.20 11.15 22.75 36.38 25.01 22.42 18.53 25.93 21.59 25.84 22.85 26.08 36.04 19.40 16.85 19.51 18.00 30.98 38.95 21.27 27.32 26.11 24.00 23.74 22.43 24.85 9.27 48.67 25.76 19.47 14.56 29.90 28.27 20.26 23.54 21.23 14.65 15.30 8.53 30.25 24.95 18.73 36.22 14.39 16.14 15.26 14.19 15.90 17.41 17.14 27.77 28.58 32.93 30.95 14.99 31.22 24.06 14.96 11.36 14.05 15.91 24.81 23.82 23.45 32.59 11.15 18.98 20.38 14.10 (3.57) (16.04) 2.27 (2.88) (4.20) 0.22 (2.26) 10.58 8.88 24.94 (37.52) (3.01) 16.91 10.45 (7.48) (9.74) 5.67 (1.94) 4.61 8.20 10.79 27.50 (10.84) (8.10) 0.79 (18.22) www.taonline.com.my MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 35.22 35.64 (0.422) BUY SELL - SELL -0.06 -0.12 0.064 SELL BUY SELL -0.58 -0.56 (0.023) SELL SELL - SELL 0.54 0.54 0.004 BUY BUY 0.15 0.19 (0.043) SELL SELL SELL 0.16 0.20 (0.034) SELL SELL SELL 0.21 0.25 (0.031) BUY SELL 0.36 0.42 (0.054) SELL SELL SELL 0.54 0.42 0.119 BUY BUY 0.67 0.52 0.153 BUY BUY 0.11 0.07 0.046 BUY BUY -0.22 -0.13 (0.095) SELL SELL 0.02 0.05 (0.033) SELL SELL 0.20 0.15 0.047 BUY BUY 0.06 0.05 0.012 BUY BUY 0.01 0.01 0.002 SELL BUY 0.13 0.35 (0.217) SELL SELL 0.03 -0.02 0.055 BUY BUY -0.07 -0.13 0.066 SELL BUY SELL 0.13 0.11 0.022 BUY BUY 0.11 0.12 (0.003) BUY SELL 0.20 0.19 0.014 BUY BUY 0.09 0.05 0.030 BUY BUY -0.02 -0.02 (0.001) SELL SELL - SELL 0.06 0.10 (0.040) SELL SELL 0.05 0.06 (0.015) BUY SELL BUY -0.14 -0.05 (0.093) SELL SELL - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 3
40. TA Securities A Member of the TA Group Corporate News : National Australia Bank Ltd. become more exposed to its domestic market after jettisoning legacy overseas assets earlier in 2016 such as Clydesdale in the U.K. Net interest margin may stabilize further after fiscal 1Q, as higher home loan rates in Australia may offset rising funding cost. – Bloomberg. Technical Comments: Any further weakness on National Australia Bank would be good opportunity to accumulate on weakness for potential technical rebound towards the upper Bollinger band (AUD33.77), with the 76.4%FR (AUD34.57) and the peak of 13/04/15 (AUD37.89) acting as the stronger resistance, going forward. Crucial support is found at 50%FR (AUD30.85). NATIONAL AUSTRALIA BANK Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS AUD AUD AUD DMI 33.77 32.71 31.65 SELL AUD32.83 (-0.26) SIMPLE MOVING AVERAGES AUD 32.92 AUD 32.68 AUD 32.22 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 3
41. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIELD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIRWAYS SGM AU SIMS METAL MGMT EPS ($) Div Yield(%) PER(x) 52week Price % Chg Close Target Price % upside 23.93 27.82 14% 58.00 70.87 18% 4.65 3.39 9.4 12.9 4.647 3.453 85.51 84.67 -1% 5.64 5.85 15.2 14.6 4.960 5.103 34.49 34.44 0% 2.41 2.51 14.3 13.7 5.404 5.396 31.66 31.68 0% 2.39 2.43 13.2 13.0 5.104 32.85 32.81 0% 2.42 2.47 13.6 13.3 44.50 43.46 -2% 2.61 2.63 17.1 16.9 33.01 32.87 0% 1.26 1.45 19.7 17.2 3.057 3.472 33.97 24.98 5.94 23.98 22.92 -5% 0.74 0.93 24.5 19.5 0.721 1.038 27.20 16.35 18.42 9.21 9.48 3% 0.33 0.36 21.1 19.4 2.780 2.834 11.14 8.21 -1.81 5.09 6.46 21% 0.82 0.50 4.7 7.7 6.365 3.929 7.27 2.81 -13.58 12.62 13.64 7% 0.64 0.81 14.9 11.8 3.360 3.970 13.28 9.22 1.61 7.40 7.44 1% 0.30 0.56 24.4 13.2 0.000 1.324 7.57 4.65 12.29 5.24 5.31 1% 0.36 0.37 14.8 14.0 5.534 5.782 5.96 4.39 3.97 3.68 4.40 16% 0.14 0.19 20.4 14.9 1.005 2.092 5.07 3.30 -8.46 87.15 88.37 1% 6.16 6.36 14.1 13.7 4.876 5.089 90.93 61.05 0.03 13.40 13.77 3% 0.90 0.97 14.8 13.8 5.425 5.858 13.95 11.27 -0.89 17.93 16.75 -7% 1.05 1.13 17.2 15.9 2.962 3.212 19.49 12.04 1.41 7.35 7.98 8% 0.21 0.25 26.3 22.3 1.197 1.442 7.75 6.16 2.51 10.78 9.92 -9% 0.57 0.60 18.8 18.1 4.443 4.573 10.87 7.94 6.52 15.33 15.97 4% 0.61 0.65 19.1 17.8 2.785 3.118 16.66 13.62 2.54 4.95 4.83 -2% 0.32 0.34 15.4 14.7 5.192 5.394 5.11 4.03 8.08 1.73 1.86 7% 0.11 0.10 11.8 13.6 6.145 6.087 2.04 1.21 -5.74 13.87 13.82 0% 0.55 0.61 19.1 17.2 1.889 2.019 14.33 8.63 11.32 3.91 4.39 11% 0.53 0.53 7.42 7.39 3.760 4.604 4.02 2.58 17.42 11.58 12.42 7% 0.64 0.73 18.2 15.9 3.307 3.402 13.62 7.40 -9.74 2017 2018 2017 2018 2017 2018 High Low YTD 1.50 1.27 12.0 14.3 3.590 3.331 27.96 17.29 -4.51 69.80 41.51 -3.17 86.68 69.22 3.76 35.39 27.57 5.80 5.171 32.44 22.66 4.08 5.967 5.860 33.63 23.90 7.11 4.962 5.038 46.06 38.62 5.60 Note : The above data is based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
42. T e c h n i c a l TA Securities V i e w Wednesday , April 19, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Hong Kong HSI: 23,924.54 (-337.12, -1.39%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Close Change High Tel: +603-2167 9607 18-Apr HANG SENG 23,924.54 (337.12) 24,276.31 23,892.59 HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA GALAXY 62.40 83.55 6.14 4.93 9.24 22.55 3.65 118.20 5.63 228.00 191.70 94.10 42.00 6.29 17.94 80.25 3.26 31.25 155.20 15.38 74.90 20.20 65.65 23.10 68.00 5.27 49.50 5.83 3.99 10.20 30.95 5.99 44.35 13.08 19.00 9.77 22.20 22.45 13.90 4.04 10.90 10.80 8.34 2.66 2.38 49.20 36.50 43.40 (0.95) (0.95) (0.12) (0.09) (0.19) (0.50) (0.06) (1.10) (0.06) (2.60) (2.50) (0.70) (0.35) (0.08) (0.14) (1.50) (0.03) (0.30) (0.90) (0.40) (0.95) (0.55) (1.70) (0.20) (0.50) 0.00 (0.55) (0.11) (0.14) (0.44) (0.50) (0.12) (0.30) (0.38) (0.44) (0.17) (0.55) (0.25) (0.62) 0.15 (0.04) (0.20) (0.15) (0.05) (0.02) (0.65) (0.75) 0.15 63.25 84.30 6.30 5.05 9.37 23.05 3.71 119.70 5.68 231.80 195.30 95.50 42.70 6.40 18.26 81.40 3.29 31.70 156.60 15.78 75.85 21.00 67.25 23.45 68.40 5.27 49.95 5.98 4.11 10.54 31.45 6.14 44.70 13.44 19.60 9.95 22.90 22.70 14.56 4.07 10.98 11.00 8.48 2.72 2.40 50.00 37.20 43.60 62.25 83.40 6.13 4.92 9.21 22.50 3.65 117.60 5.61 228.00 191.50 93.50 41.90 6.28 17.90 80.05 3.21 31.15 155.00 15.32 74.60 20.15 65.45 23.00 67.70 5.27 49.25 5.82 3.98 10.18 30.65 5.96 44.20 13.02 18.96 9.72 22.10 22.40 13.90 3.95 10.90 10.80 8.30 2.66 2.38 49.00 36.30 42.90 RSI Bollinger Bands Low Name Lower 24,011.48 62.54 82.66 6.14 4.94 8.93 22.53 3.62 112.79 5.60 221.65 192.12 94.25 41.98 5.98 17.28 79.51 3.08 31.36 155.68 15.05 75.18 20.06 65.51 21.57 66.31 4.94 46.66 5.84 3.90 9.99 31.31 5.93 42.34 13.19 17.31 9.53 21.08 21.61 13.72 3.67 10.87 10.80 8.25 2.55 2.31 49.03 34.43 40.35 Mid stsoo@ta.com.my Upper 14d 24,290.47 24,569.45 44.21 63.36 86.44 6.32 5.10 9.28 23.90 3.84 115.85 5.75 226.47 195.83 96.16 43.21 6.29 18.30 81.24 3.52 31.95 158.04 15.54 77.47 20.52 67.43 23.24 67.79 5.14 48.58 6.04 4.07 10.47 32.02 6.49 43.65 13.65 18.29 9.76 22.05 22.32 14.31 3.91 11.17 11.11 8.54 2.94 2.39 49.67 36.21 42.44 64.17 90.22 6.51 5.25 9.62 25.27 4.05 118.90 5.89 231.29 199.54 98.07 44.43 6.60 19.33 82.97 3.96 32.53 160.40 16.04 79.75 20.98 69.34 24.91 69.27 5.35 50.50 6.24 4.23 10.94 32.73 7.05 44.96 14.10 19.28 9.98 23.01 23.04 14.90 4.14 11.47 11.42 8.84 3.33 2.46 50.31 37.98 44.53 38.78 38.03 41.84 39.41 46.94 30.92 31.94 64.94 37.96 58.84 39.89 36.27 40.29 52.49 53.17 47.21 31.42 42.24 39.65 47.13 33.73 48.07 46.98 46.82 48.80 57.23 68.98 34.91 45.84 48.47 34.31 30.05 66.03 38.28 61.73 51.21 54.43 54.74 42.07 54.69 38.63 36.96 44.52 32.46 49.20 47.54 56.61 66.95 Moving Averages 10d 24,216.52 63.36 85.18 6.25 5.03 9.39 23.41 3.74 117.01 5.70 227.30 195.14 95.33 42.76 6.40 18.21 81.79 3.32 31.81 157.50 15.74 77.12 20.44 66.64 22.85 68.19 5.11 49.27 5.96 4.08 10.60 31.88 6.26 44.17 13.50 18.57 9.74 22.06 22.57 14.21 3.97 11.14 11.02 8.51 2.78 2.38 49.54 36.91 43.26 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 24,107.69 23,974.76 19.19 29.54 19.52 (10.35) 63.89 117.13 (53.233) SELL SELL - - 63.39 85.86 6.29 5.07 9.18 23.87 3.84 114.86 5.76 221.91 194.67 96.12 42.73 6.16 17.54 80.35 3.56 31.73 158.18 15.36 78.12 20.31 66.64 23.58 67.88 5.19 47.51 6.04 4.03 10.16 31.99 6.64 43.01 13.53 18.08 9.81 21.78 22.03 14.31 3.95 11.30 11.10 8.52 3.03 2.39 49.52 35.42 41.17 64.35 86.41 6.24 5.04 9.30 23.87 3.84 113.15 5.88 216.39 195.20 94.95 42.32 6.14 17.03 79.38 3.51 31.51 159.54 15.18 78.86 20.05 63.92 23.69 68.81 5.21 46.20 6.06 4.07 9.86 32.45 6.55 42.08 13.32 17.79 9.71 21.47 21.86 14.18 4.02 11.23 11.25 8.48 2.97 2.37 49.03 34.22 39.22 29.80 28.50 22.89 28.89 21.20 26.79 33.32 14.66 25.54 16.34 21.78 26.37 16.06 17.19 21.32 24.87 33.74 23.22 24.20 27.96 27.95 18.65 18.08 19.70 17.04 18.62 14.23 27.73 20.53 18.04 32.07 29.60 12.81 22.87 8.87 16.15 15.79 10.33 19.79 20.33 24.57 28.01 18.12 26.40 15.50 21.79 16.13 10.09 8.87 18.66 15.58 18.37 20.71 19.69 24.62 26.81 16.49 25.66 14.07 24.48 25.31 28.52 27.29 35.17 28.03 21.37 22.66 37.27 17.39 17.41 28.02 19.59 17.20 19.21 38.49 16.73 13.94 35.97 19.10 26.25 50.25 24.28 32.02 17.77 20.60 23.54 17.01 13.67 15.11 25.58 13.61 28.10 27.92 15.65 34.81 49.86 (7.35) (12.95) (6.38) (11.25) (0.09) (12.80) (15.63) 10.40 (7.75) 12.68 (8.62) (15.29) 0.10 5.92 6.21 (7.55) (20.59) (11.54) (15.25) (11.28) (13.57) 2.52 1.75 2.00 (1.10) 3.49 14.68 (14.28) 3.64 2.29 (20.54) (17.53) 14.78 (9.85) 25.91 8.32 10.71 11.10 0.26 6.00 (2.55) (17.99) (0.02) (11.27) 13.29 (3.88) 5.94 15.10 -0.20 -0.54 -0.01 -0.02 0.05 -0.24 -0.05 1.50 -0.05 3.68 -0.19 -0.14 0.01 0.09 0.34 0.71 -0.09 0.03 -0.62 0.17 -0.84 0.15 0.56 -0.21 0.05 0.00 1.06 -0.05 0.02 0.21 -0.22 -0.17 0.74 0.00 0.38 0.02 0.30 0.26 0.01 0.01 -0.08 -0.08 -0.01 -0.10 0.00 0.14 0.80 1.24 -0.22 -0.25 0.01 0.01 0.03 -0.07 -0.02 1.33 -0.05 4.00 0.26 0.18 0.24 0.10 0.45 0.91 -0.05 0.16 -0.34 0.20 -0.53 0.20 0.97 -0.25 -0.10 -0.02 1.06 -0.02 0.01 0.26 -0.12 -0.10 0.73 0.08 0.30 0.01 0.27 0.27 0.03 -0.01 -0.03 -0.06 0.02 -0.06 0.00 0.20 0.82 1.35 0.020 (0.291) (0.026) (0.024) 0.013 (0.174) (0.025) 0.177 (0.000) (0.316) (0.449) (0.320) (0.229) (0.005) (0.110) (0.191) (0.033) (0.124) (0.276) (0.028) (0.308) (0.052) (0.408) 0.047 0.146 0.017 0.002 (0.022) 0.005 (0.059) (0.100) (0.065) 0.009 (0.087) 0.081 0.005 0.031 (0.009) (0.017) 0.015 (0.047) (0.017) (0.035) (0.041) 0.000 (0.069) (0.023) (0.109) SELL SELL SELL SELL SELL SELL SELL BUY SELL BUY SELL SELL BUY BUY BUY SELL SELL SELL SELL SELL SELL BUY BUY BUY SELL BUY BUY SELL BUY BUY SELL SELL BUY SELL BUY BUY BUY BUY BUY BUY SELL SELL SELL SELL BUY SELL BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY BUY BUY SELL BUY SELL SELL SELL BUY SELL BUY BUY BUY SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL - SELL SELL SELL SELL SELL SELL - 22.45 15.55 16.51 17.64 21.11 13.99 17.69 25.06 17.79 29.03 13.16 11.07 16.16 23.11 27.53 17.32 13.15 11.68 8.95 16.68 14.38 21.17 19.83 21.69 15.94 22.11 28.91 13.44 24.17 20.33 11.52 12.07 27.59 13.02 34.78 24.48 26.50 21.43 20.05 26.33 22.02 10.03 18.10 15.14 28.78 17.92 22.07 25.19 The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
43. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker 5 941 939 1398 883 2628 3988 16 857 700 388 1 2318 386 1088 2 494 2388 11 3 19 101 4 688 6 1880 12 3328 1898 762 23 330 66 83 291 17 1109 144 836 2600 293 267 1199 2038 678 1299 1928 27 HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK EPS ($) PER(x) Div Yield(%) 52week Price % Chg Stock Name Close Target Price % upside 2017 2018 2017 2018 2017 2018 High Low YTD HSBC CH MOBILE CCONB ICBC CNOOC CH LIFE BOC SHK PROP PETRO CH TENCENT HKSE CK HUTCHISON PING AN SINOPEC CORP CH SHENHUA CLP LI & FUNG BOC HK HS BANK HK&CH GAS SWIRE HL PROP WHARF CH OV LAND POWER ASSETS BELLE HENDERSON BOCOMM CH COAL CH UNICOM BK EASIA ESPRIT MTR SINO LAND CH RES NEW WORLD CH RES LAND CH MERCHANT CH RES POWER ALCORP CATHAY CITIC COSCO FIH MOBILE LTD GENHK AIA SANDS CHINA LTD GALAXY 62.40 62.70 0% 0.6 0.6 13.6 12.4 0.8 0.8 69.10 44.50 0.24 83.55 106.47 22% 5.7 6.1 13.1 12.2 3.1 3.4 99.30 80.30 1.64 6.14 7.56 19% 0.9 1.0 5.8 5.5 4.6 4.9 6.55 4.50 2.85 4.93 6.01 18% 0.8 0.8 5.5 5.3 4.8 5.0 5.27 3.82 9.24 11.10 17% 0.6 0.8 13.9 10.5 3.6 3.8 10.88 8.70 -4.74 22.55 28.37 21% 0.9 1.1 21.7 18.0 1.4 1.6 25.50 16.00 11.63 3.65 4.47 18% 0.6 0.6 5.6 5.3 4.8 5.2 4.08 2.90 6.10 118.20 129.72 9% 8.8 9.5 13.5 12.4 3.4 3.5 123.30 85.40 20.61 0.3 0.4 19.5 12.7 2.0 3.0 6.38 6.02 5.63 7.00 20% 4.92 -2.60 228.00 258.30 12% 6.2 7.9 32.8 25.6 0.3 0.4 233.80 152.20 20.19 191.70 197.45 3% 5.7 6.3 33.8 30.4 2.7 2.9 213.20 175.00 4.64 94.10 114.40 18% 9.3 10.1 10.2 9.4 3.1 3.3 103.90 80.60 7.05 42.00 56.85 26% 3.7 4.1 10.1 9.1 1.7 1.8 32.50 8.25 6.29 7.37 15% 0.4 0.5 12.6 11.1 4.0 4.5 6.57 4.96 14.36 17.94 19.10 6% 1.6 1.5 10.2 10.6 3.2 3.2 19.78 11.40 22.88 80.25 79.60 -1% 5.0 5.2 15.9 15.5 3.6 3.7 84.35 69.65 12.63 3.26 3.16 -3% 0.0 0.0 15.0 13.5 0.8 0.8 5.15 3.21 -4.40 31.25 35.87 13% 2.7 2.9 11.7 10.8 4.4 4.6 32.55 21.01 12.61 155.20 154.53 0% 9.2 10.1 4.3 164.40 127.60 7.55 15.38 12.92 -19% 0.6 0.6 25.8 24.8 2.4 2.6 15.92 12.95 11.94 74.90 77.17 3% 5.0 5.2 15.1 14.3 3.6 3.9 94.40 72.20 1.15 20.20 19.66 -3% 1.2 1.1 16.8 18.6 65.65 66.22 1% 4.7 4.8 14.0 13.6 3.3 3.5 69.95 40.05 27.35 23.10 28.95 20% 3.2 3.6 7.2 6.4 3.6 4.1 27.85 20.15 12.41 68.00 74.22 8% 3.4 3.5 19.8 19.2 4.1 4.1 75.73 62.78 6.42 5.27 4.92 -7% 0.4 0.4 11.7 11.6 4.6 4.7 5.79 4.07 20.87 49.50 48.82 -1% 3.3 3.2 15.4 3.1 3.2 50.20 39.64 20.00 5.83 6.10 4% 0.9 0.9 5.8 5.5 4.7 4.9 6.44 4.46 3.99 4.67 15% 0.3 0.3 12.3 13.0 2.1 1.8 4.88 2.92 8.42 10.20 12.18 16% 0.2 0.4 39.3 21.8 0.8 1.5 11.20 7.70 12.96 30.95 25.91 34.75 26.35 16.8 15.1 15.4 4.1 3.7 3.7 44.95 21.00 13.64 22.87 3.92 -19% 2.2 1.8 14.1 17.5 3.0 2.6 5.99 5.89 -2% 0.0 0.2 206.6 37.2 0.0 1.2 7.62 5.34 -1.64 44.35 39.91 -11% 1.6 1.6 28.0 27.1 7.4 2.5 44.80 35.55 17.64 13.08 13.86 6% 0.8 0.8 15.6 15.8 3.9 3.9 14.48 10.96 12.56 19.00 19.03 0% 0.6 0.7 29.9 25.6 1.1 1.2 19.60 13.71 23.38 9.77 11.22 13% 0.8 0.8 12.6 11.9 4.5 4.5 10.46 6.91 19.15 22.20 28.28 22% 2.8 3.2 8.0 6.9 22.45 24.61 9% 1.6 1.7 13.8 13.5 3.3 3.5 24.10 18.80 16.68 13.90 15.03 8% 1.4 1.5 10.2 9.2 6.0 6.2 15.10 10.70 12.82 26.25 3.6 4.1 23.85 16.50 4.21 27.29 4.04 4.71 14% 0.2 0.2 17.4 15.2 0.3 0.5 4.45 2.25 10.90 9.91 -10% -0.1 0.2 N/A 45.6 0.5 0.8 13.50 10.00 6.86 10.80 12.35 13% 1.6 1.7 6.9 6.4 3.1 4.0 12.78 10.54 -2.70 8.34 9.11 8% 0.1 0.1 13.6 12.5 0.4 0.4 9.48 7.28 7.06 3.07 42.8 13.7 0.5 0.5 13% 0.0 0.0 2.38 2.45 3% 0.0 0.0 N/A N/A 0.0 0.0 2.80 2.00 5.31 49.20 2.66 56.81 13% 0.4 0.4 17.1 15.5 0.3 0.3 54.15 3.35 42.30 2.31 12.46 8.57 36.50 38.23 5% 0.2 0.2 24.3 21.8 0.7 0.7 39.30 24.60 8.31 43.40 44.02 1% 1.7 1.8 26.1 24.0 1.1 1.2 44.05 21.73 29.21 Note : The above data based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
44. T e c h n i c a l TA Securities V i e w Wednesday , April 19, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 • Foreign Technical Stock Watch FSSTI: 3,137.54 (-0.76, -0.02%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Change 18-Apr 3,137.54 (0.76) 3.71 18.92 9.55 21.60 65.00 3.44 7.70 3.64 1.09 6.82 7.46 10.17 2.33 0.17 10.22 41.55 3.39 44.96 0.36 3.75 1.90 2.01 3.12 1.81 2.66 2.83 3.67 0.47 1.12 (0.04) 0.02 (0.04) (0.05) 0.35 0.01 (0.02) 0.00 0.01 (0.03) (0.03) 0.00 (0.01) (0.01) 0.02 0.40 (0.02) 0.03 0.00 0.05 (0.01) 0.01 0.00 (0.01) 0.05 0.00 0.01 (0.01) (0.01) Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my High Low Bollinger Bands RSI Lower Mid Upper 14d 3,162.58 3,134.28 3,118.83 3,162.37 3,205.92 44.66 Moving Averages 10d 30d 50d DI + 3,169.58 3,156.73 3,135.47 17.16 DI 25.56 ADX 15.58 Diff (8.40) Line 7.82 MACD DMI MACD DMI MACD Signal Diff Recent Signal Signal Change 14.15 (6.330) SELL SELL - 3.79 19.08 9.66 21.82 65.32 3.49 7.78 3.69 1.09 6.90 7.54 10.21 2.38 0.18 10.32 41.75 3.43 45.53 0.36 3.78 1.91 2.02 3.15 1.83 2.66 2.84 3.68 0.48 1.14 3.71 18.87 9.53 21.58 64.69 3.43 7.69 3.64 1.08 6.81 7.45 10.15 2.33 0.17 10.18 41.34 3.38 44.84 0.35 3.73 1.90 2.00 3.11 1.80 2.60 2.81 3.65 0.47 1.11 3.85 19.10 9.66 21.91 65.61 3.51 7.72 3.68 1.06 6.88 7.60 10.19 2.32 0.18 10.32 41.66 3.50 45.50 0.37 3.69 1.94 1.99 3.14 1.85 2.63 2.86 3.68 0.50 1.15 32.40 26.29 24.85 22.56 20.97 23.65 8.49 15.83 10.34 22.85 21.17 18.09 11.20 33.36 20.72 14.23 34.09 16.41 26.91 16.92 23.02 10.78 22.63 28.01 14.04 26.33 12.61 34.92 14.21 18.58 10.71 12.26 18.78 14.85 25.66 47.95 18.78 33.44 16.25 14.61 11.11 42.07 27.56 29.72 34.59 24.75 16.63 24.21 17.90 21.76 26.20 11.80 24.56 19.43 12.28 17.26 21.41 41.77 (21.00) (4.34) (8.30) (6.48) (5.49) (14.00) 19.97 2.05 19.36 0.31 (3.84) (2.00) 26.30 (23.02) 3.85 11.09 (19.16) 4.47 (16.58) 11.35 (9.82) 16.13 (6.30) (3.44) 10.13 (8.77) 0.66 (25.35) 6.36 -0.04 0.03 0.01 0.06 0.15 -0.04 0.18 0.02 0.03 0.03 -0.01 0.05 0.05 -0.01 0.10 0.51 -0.02 0.45 -0.01 0.02 -0.01 0.01 -0.01 0.01 0.03 0.00 0.00 -0.01 0.02 -0.02 0.07 0.03 0.12 0.32 -0.04 0.19 0.03 0.02 0.04 0.02 0.06 0.05 -0.01 0.14 0.67 0.00 0.53 -0.01 0.02 -0.01 0.01 -0.01 0.02 0.03 0.00 0.01 -0.01 0.03 3.75 18.61 9.48 21.54 64.09 3.45 7.13 3.61 0.96 6.73 7.42 9.96 2.17 0.18 10.12 39.71 3.42 43.68 0.35 3.60 1.85 1.93 3.10 1.81 2.48 2.82 3.65 0.48 1.10 3.88 19.06 9.64 21.88 65.63 3.52 7.57 3.67 1.03 6.86 7.62 10.14 2.30 0.19 10.31 41.52 3.54 45.00 0.38 3.69 1.91 1.97 3.15 1.86 2.59 2.87 3.68 0.51 1.14 4.01 19.52 9.81 22.23 67.16 3.60 8.00 3.74 1.11 7.00 7.81 10.32 2.43 0.20 10.49 43.33 3.65 46.31 0.40 3.77 1.98 2.02 3.20 1.92 2.69 2.92 3.71 0.55 1.17 23.01 45.68 44.10 42.12 48.04 36.06 62.55 48.14 69.82 48.33 38.15 54.13 63.26 29.26 50.75 54.31 33.13 51.63 30.74 59.03 38.88 67.67 41.75 41.93 66.60 43.62 48.34 23.79 51.09 3.90 19.07 9.62 21.79 65.64 3.55 7.40 3.67 1.02 6.85 7.60 10.09 2.23 0.19 10.27 40.86 3.52 44.78 0.38 3.68 1.92 1.96 3.17 1.88 2.56 2.87 3.68 0.52 1.13 3.92 18.94 9.60 21.57 64.88 3.65 7.17 3.62 1.01 6.79 7.58 10.00 2.18 0.20 9.95 39.89 3.51 43.82 0.39 3.63 1.98 1.96 3.18 1.79 2.52 2.85 3.68 0.52 1.06 11.40 21.96 16.56 16.08 15.48 9.65 28.46 17.88 29.70 23.17 17.33 16.09 37.50 10.34 24.57 25.32 14.92 20.89 10.33 28.28 13.20 26.92 16.33 24.58 24.17 17.56 13.27 9.57 20.57 DMI (0.022) (0.039) (0.018) (0.063) (0.166) (0.003) (0.008) (0.011) 0.006 (0.013) (0.028) (0.007) (0.004) (0.001) (0.039) (0.163) (0.020) (0.081) (0.002) 0.001 0.001 0.005 (0.003) (0.015) 0.001 (0.004) (0.004) (0.005) (0.009) SELL SELL SELL SELL SELL SELL BUY BUY BUY BUY SELL SELL BUY SELL BUY BUY SELL BUY SELL BUY SELL BUY SELL SELL BUY SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY BUY SELL SELL BUY SELL SELL SELL SELL BUY BUY - SELL BUY BUY - The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
45. INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP EPS ($) PER(x) Div Yield(%) 52week Price % Chg Stock Name Close Target Price SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI 3.71 4.21 18.92 9.55 21.60 21.18 -2% 1.9 2.1 11.2 10.4 3.4 3.4 22.15 17.41 5.88 65.00 63.99 -0.02 4.1 4.4 15.8 14.8 2.4 2.5 67.27 52.42 17.65 3.44 3.86 11% 0.2 0.2 12.5 11.7 2.1 2.2 4.00 2.96 -4.18 7.70 7.43 -4% 0.4 0.4 19.6 18.9 2.5 2.6 7.88 5.79 21.64 3.64 4.08 11% 0.2 0.2 17.3 17.8 2.8 2.9 3.79 2.85 20.53 1.09 1.06 -3% 0.0 0.0 31.1 28.7 2.7 2.8 1.10 0.69 20.44 6.82 7.03 3% 0.5 0.6 13.4 12.3 3.2 3.5 7.23 5.10 17.79 7.46 7.98 6% 0.3 0.4 22.3 20.6 3.9 4.3 8.05 6.96 4.19 10.17 9.76 -4% 0.4 0.4 23.0 23.5 3.5 2.7 11.67 9.60 5.17 2.33 2.19 -6% 0.1 0.1 30.3 30.7 1.8 1.9 2.41 1.92 11.48 YZJSGD SP YZJ % upside 2017 2018 2017 2018 2017 2018 High Low YTD 12% 0.2 0.3 15.3 14.5 4.8 5.0 4.36 3.59 1.64 19.44 3% 1.794 1.963 10.5 9.6 3.3 3.4 19.42 14.63 9.11 9.57 0% 0.9 0.9 11.1 10.2 3.8 4.0 9.78 8.21 7.06 0.17 0.22 0.23 0.0 0.0 8.1 5.5 0.0 0.0 0.36 0.11 -0.59 10.22 10.88 6% 0.6 0.7 16.1 14.9 1.5 1.5 10.65 7.86 23.43 41.55 41.25 -1% 2.8 3.0 15.1 14.0 0.8 0.8 43.78 27.35 25.15 3.39 3.28 -3% 0.1 0.2 22.8 22.5 5.0 4.8 4.13 3.38 -3.97 44.96 50.63 11% 2.2 2.5 14.5 13.1 1.9 2.1 46.38 31.60 9.05 0.36 0.38 8% 0.0 0.0 15.9 14.1 2.0 2.3 0.45 0.33 -17.44 3.75 3.68 -2% 0.2 0.2 21.7 20.6 4.1 4.2 3.78 3.01 16.10 1.90 1.99 5% 0.1 0.1 14.0 13.5 2.5 2.6 2.17 1.58 -3.81 2.01 2.13 6% 0.1 0.1 17.6 17.2 5.5 5.5 2.25 1.87 6.63 3.12 3.59 13% 0.2 0.3 13.1 10.8 2.9 3.3 3.38 2.44 9.47 1.81 1.72 -5% 0.1 0.1 34.1 26.2 1.5 1.8 2.09 1.22 30.80 2.66 2.94 10% 0.2 0.2 16.9 16.3 4.1 4.5 3.02 2.37 7.69 2.83 2.61 -9% 0.2 0.2 17.5 18.4 5.7 5.6 3.97 2.73 0.71 3.67 3.55 -3% 0.2 0.2 23.8 23.7 4.2 4.0 3.91 3.35 8.90 0.47 0.59 21% 427 500 10.3 8.8 15923 17817 0.60 0.44 -11.43 1.12 1.07 -4% 0.5 0.5 11.3 11.9 17.4 17.4 1.19 0.71 37.42 Note : The above data based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2