Bursa Malaysia Daily Market Report - 21 April

Transcription

1. Friday , 21 April, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. British American Tobacco (Malaysia) Berhad: Still Suffering from 2015 Price Hike 2. Hua Yang Berhad: Still Early to Factor in the Synergies 3. Public Bank Berhad: 1QFY17 Results Within Expectations Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS, HK & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Friday, 21 April 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (20.04.2017) Volume (mil) +/-chg (RMmn) Main Market 1,773.0 -11.4 2,120.8 Warrants 200.3 40.0 23.9 ACE Market 667.3 -233.0 95.5 Bond 3.6 -5.9 0.4 ETF 0.0 -0.04 0.0 Total 2,644.2 2,240.6 Off Market 150.8 78.4 81.2 Value +/-chg 75.1 1.1 -21.7 -0.7 -0.06 -47.8 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 (mn) 90.0 17.8 10.0 7.5 7.0 6.0 3.5 3.0 2.0 1.4 1.0 Up Down 355 263 84 69 55 32 3 3 1 1 498 368 % chg % YTD chg 1,741.61 12,398.27 17,279.95 1,738.50 2.66 17.28 77.68 6.00 0.15 0.14 0.45 0.35 6.08 8.13 17.43 6.30 20,578.71 5,916.78 7,118.54 18,430.49 2,149.15 24,056.98 3,137.88 1,566.28 5,595.31 3,172.10 1,928.78 5,821.39 174.22 53.74 4.18 -1.71 10.75 231.10 11.60 -0.91 -11.21 1.41 -3.69 17.38 0.85 0.92 0.06 -0.01 0.50 0.97 0.37 -0.06 -0.20 0.04 -0.19 0.30 4.13 9.91 -0.34 -3.58 6.05 9.35 8.93 1.51 5.64 2.21 -2.05 2.75 Top 10 KLCI Movers Based on Mkt Cap. Off Market BIOOSMO N2N PTRANS HUBLINE PANPAGE INARI LITRAK SEACERA SEM GBGAQRS HEVEA Value/ Volume 1.20 0.12 0.14 0.11 1.01 0.85 0.54 @ @ @ @ @ @ @ @ @ @ @ (RM) 0.08 0.77 0.25 0.08 0.30 1.80 5.90 1.05 1.60 1.24 1.15 Exchange Rate USD/MYR 4.3977 -0.0014 USD/JPY 109.09 0.2300 EUR/USD 1.076 0.0029 Counter Mkt Cap. (RM’mn) MAYBANK 92,466 TENAGA 78,002 SIME 62,976 IHH 49,555 CIMB 48,776 AXIATA 45,497 DIGI 40,041 IOICORP 28,484 KLK 25,793 TM 24,276 Chg (RM) 0.03 0.08 0.01 0.02 0.02 0.02 0.01 0.03 0.06 0.01 Blue chips recovered on mild bargain hunting interest Thursday in banking stocks, and as oil prices rebounded off lows and geopolitical tensions over North Korea eased. The KLCI rose 2.66 points to settle at 1,741.61, off an early low of 1,736.4 and high of 1,743.56, as gainers led losers 498 to 368 on moderate volume totaling 2.64bn shares worth RM2.24bn. The local market is likely to extend sideways trade ahead of the weekend, given the political uncertainties in Europe which will focus on the first round of French elections this weekend. Immediate support for the index is at 1,728, the current 50-day moving average level, which 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, remains a key upside hurdle. Hook-up momentum indicators on Mudajaya implies good rebound upside potential towards the 61.8%FR (RM1.17), with a breakout to aim for the 76.4%FR (RM1.28) and 6/4/16 peak (RM1.45) ahead. Key retracement support from the 38.2%FR (RM1.00) is reinforced by the 200-day ma (98sen). WCT Holdings should attract buyers on dips towards RM1.98 (previous Nov 2016 peak), while a convincing breakout above the 5/4/17 peak (RM2.14) will target the 123.6%FP (RM2.19) and 138.2%FP (RM2.32) going forward. News Bites • • • • Vol. (mn) 24.08 6.45 3.96 4.20 9.10 0.76 5.15 5.17 1.45 3.69 • Commodities Futures Palm Oil (RM/mt) 2,504.00 39.00 Crude Oil ($/Barrel) 50.26 -0.32 Gold ($/tr.oz.) 1,283.60 1.60 • • • • • • • 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. • • Public Bank Bhd's 1QFY17 net profit rose 1.6% YoY to RM1.25bn on higher net interest and Islamic banking income. It was within expectations. British American Tobacco (M) Bhd's earnings shrink further in 1QFY17 as it has sold fewer cigarettes. Its quarterly net profit declined 33% YoY to RM114.23mn. It was below ours and consensus expectations. Petroliam Nasional Bhd has launched its Terengganu Gas Terminal, which will ensure gas supply security and sustainability in Malaysia. MISC Bhd is expecting its petroleum segment to remain profitable in FY17 despite a more subdued outlook towards the petroleum spot charter rate this year. Syarikat Pembinaan Anggerik Sdn Bhd, which undertook construction work at the Penang International Airport, is suing Malaysia Airports Holdings Bhd for RM43.99mn over alleged losses pertaining to the work. KPJ Healthcare Bhd has proposed to undertake a share split involving the subdivision of every 1 ordinary share in KPJ into 4 ordinary shares in KPJ held on an entitlement date to be determined and announced later. Malayan Banking Bhd has launched Maybank2u Pay, a platform to support e-commerce transactions. Serba Dinamik Holdings Bhd has signed a memorandum of agreement with UK-based Nicol & Andrew Group Plc to set out the intention to enter into an exclusive service partnership. Carlsberg Brewery Malaysia Bhd expects growth in revenue this year despite poor consumer sentiments and contraband alcohol affecting sales. Aeon Credit Service (M) Bhd is offering asset-backed personal financing for the first time via its partnership with HelloGold Sdn Bhd. Meda Inc Bhd is disposing of its hotel The Summit Hotel Bukit Mertajam in Penang for RM20mn to partially fund its working capital requirements. Gabungan AQRS Bhd executive director and deputy chairman Alvin Ng Chun Kooi has ceased to be a substantial shareholder in the company, after disposing of 5.66mn shares or a 1.4% stake. Perwaja Holdings Bhd will be de-listed on May 4. Initial jobless claims, a proxy for layoffs across the U.S., increased by 10,000 to a seasonally adjusted 244,000 in the week ended April 15. DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Friday , April 21, 2017 FBMKLCI: 1,741.61 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 Sideways Ahead of French Elections Blue chips recovered on mild bargain hunting interest Thursday in banking stocks, and as oil prices rebounded off lows and geopolitical tensions over North Korea eased. The KLCI rose 2.66 points to settle at 1,741.61, off an early low of 1,736.4 and high of 1,743.56, as gainers led losers 498 to 368 on moderate volume totaling 2.64bn shares worth RM2.24bn. 1,758 Key Upside Hurdle The local market is likely to extend sideways trade ahead of the weekend, given the political uncertainties in Europe which will focus on the first round of French elections this weekend. Immediate support for the index is at 1,728, the current 50-day moving average level, which 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, remains a key upside hurdle. Buy on Weakness Mudajaya & WCT Holdings Hook-up momentum indicators on Mudajaya implies good rebound upside potential towards the 61.8%FR (RM1.17), with a breakout to aim for the 76.4%FR (RM1.28) and 6/4/16 peak (RM1.45) ahead. Key retracement support from the 38.2%FR (RM1.00) is reinforced by the 200-day ma (98sen). WCT Holdings should attract buyers on dips towards RM1.98 (previous Nov 2016 peak), while a convincing breakout above the 5/4/17 peak (RM2.14) will target the 123.6%FP (RM2.19) and 138.2%FP (RM2.32) going forward. Asian Markets Higher as Oil Prices Rebound Asian markets were mostly higher as as crude oil recouped some losses after falling to a twoweek low, prompting some bargain hunting among investors. Gains are muted amid cautious trades following the mixed cues overnight from Wall Street and as investors continued to keep a close eye on the upcoming election in France. Centrist Emmanuel Macron clung on to his status as favorite to win France's presidential election in a four-way race that is too close to call, as the camp of far-right challenger Marine Le Pen ramped up its Eurosceptic rhetoric in a row with Brussels. Japan’s Nikkei reversed earlier gains and closed nearly flat as mounting tensions over North Korea and geopolitical risk overshadowed Japan's exports which rose more than expected in March at 12 percent. The Nikkei closed nearly flat at 18,430.49 while the broader Topix gained 0.09 percent to 1,472.81. Meanwhile, Australian benchmark ASX 200 rose 0.3 percent to 5,821.40 as gains in the telecom services, real estate investment and financials sectors propelled shares higher. Pressure on capital outflows from China eased significantly in the first quarter, a spokeswoman for the country's foreign exchange regulator said yesterday. China stocks snapped a four-day losing streak on Thursday as investors continuing to seek cover in defensives stocks like consumer and healthcare sectors, while fleeing small caps and stocks related to the new Xiongan economic zone. The blue-chip CSI300 index rose 0.45 percent to 3,461.55 points, while the Shanghai Composite Index added 0.04 percent to 3,172.10. Page 1 of 7
4. TA Securities 21-Apr-17 A Member of the TA Group US Markets Higher on Solid Earnings and Mnuchin ’s Tax Remarks US equities closed higher on Thursday as a round of solid earnings and comments from the Treasury Secretary that bolstered bets the Trump administration would cut taxes soon pushed equities higher. The Dow average rose with American Express contributing the most gains. The credit-card giant reported better-than-expected first-quarter earnings, buoyed in part by higher spending numbers from card members. Comments by Treasury Secretary Steven Mnuchin, who said that President Donald Trump's tax overhaul plans aren't linked to the outcome of a health care bill, also bolstered sentiment. Mnuchin’s comments eased growing concern that President Donald Trump’s fiscal agenda is foundering, while the odds for a rates hike in June surged toward 60 percent after Dallas Fed President Robert Kaplan reiterated that three increases this year remain appropriate. Investors also looked ahead to the first round of the French presidential election, which is scheduled for Sunday. Uncertainty around the election has grown over the past month after far-left candidate JeanLuc Melenchon's surprising surge in the polls. The Dow Jones Industrial Average rose 174.22 points, or 0.85 percent, to 20,578.71, the S&P 500 gain 17.67 points, or 0.76 percent, to 2,355.84 and the Nasdaq Composite added 53.74 points, or 0.92 percent, to 5,916.77. Page 2 of 7
5. TA Securities 21-Apr-17 A Member of the TA Group News In Brief Corporate Petroliam Nasional Bhd (Petronas) has launched its Terengganu Gas Terminal (TGAST), which will ensure gas supply security and sustainability in Malaysia. The company launched the TGAST in Kertih last Tuesday (April 18) and would supply gas to Petronas' customers in Peninsular Malaysia and Petronas' facilities. The TGAST is able to process up to 700mn standard cu ft per day of gas from the Malaysia-Thailand joint development area and North Malay Basin offshore Terengganu. (The Edge) MISC Bhd is expecting its petroleum segment to remain profitable in FY17 despite a more subdued outlook towards the petroleum spot charter rate this year. It is not going to be impacted by a "dire, oversupplied" LNG market, as all MISC's LNG tankers — old and new — have secured long-term charters. Furthermore, it is prospecting up to four new possible floating production storage and offloading contracts as part of plans to diversify its profit stream contribution across all segments. (Bernama /The Edge) A company that undertook construction work at the Penang International Airport is suing Malaysia Airports Holdings Bhd for RM43.99mn over alleged losses pertaining to the work. Syarikat Pembinaan Anggerik Sdn Bhd is claiming for losses arising from development and upgrading work awarded to the firm in 2010, and construction and completion of site office, central utilities building and airside drainage work awarded in 2011. (Bursa Malaysia) KPJ Healthcare Bhd has proposed to undertake a share split involving the subdivision of every 1 ordinary share in KPJ into 4 ordinary shares in KPJ held on an entitlement date to be determined and announced later. As at 18 April 2017, the group’s number of issued shares is 1.06bn and subsequent to the share split, the enlarged number of issued shares would increase to at least 4.26bn. In a maximum scenario which assumes that all treasury shares are resold to the market and all outstanding warrants and employee share option scheme options are exercised, the enlarged number of issued shares would increase to 4.76bn shares. Conditional upon obtaining approvals from relevant parties, the proposed share spit is expected to be completed by 3QCY17. (Bursa Malaysia) Comments: We view the share split as positive for the trading liquidity of the group’s shares as the number of shares in issue will be greatly enlarged, by four times in this instance. As from a financial standpoint, the impact on group’s earnings is negligible (minor impact from expenses for the proposed exercise) but earnings on a per share basis will be diluted accordingly (divided by four). We reiterate our Buy recommendation on KPJ with a TP of RM4.60 per share. Adjustments to our TP will be made accordingly upon completion of the proposed share split. Malayan Banking Bhd has launched Maybank2u Pay, a platform to support e-commerce transactions. Maybank2u Pay is part of the group's initiative to enable electronic payment capabilities for e-commerce entities. (The Edge) Serba Dinamik Holdings Bhd has signed a memorandum of agreement with UK-based Nicol & Andrew Group Plc to set out the intention to enter into an exclusive service partnership. The partnership is to collaborate on maintenance, repair and overhaul and insitu or on-site services for the Malaysian oil and gas, petrochemical, oleochemical, marine, plantation, energy, power production and distribution, water and waste water as well as general industries. (Bursa Malaysia) Carlsberg Brewery Malaysia Bhd expects growth in revenue this year despite poor consumer sentiments and contraband alcohol affecting sales. The group plans to drive growth through the introduction of a new revenue stream this year, and the fortification of its premium brands. (The Edge) Page 3 of 7
6. TA Securities 21-Apr-17 A Member of the TA Group Aeon Credit Service (M) Bhd is offering asset-backed personal financing for the first time via its partnership with HelloGold Sdn Bhd. The move is deemed crucial to grow non-bank lender Aeon Credit's customer base. (The Edge) Meda Inc Bhd is disposing of its hotel The Summit Hotel Bukit Mertajam in Penang for RM20mn to partially fund its working capital requirements. The price represents a premium of 45.14% over the market value of the property of RM13mn as ascribed by LaurelCap Sdn Bhd on Dec 30, 2016. (Bursa Malaysia) Gabungan AQRS Bhd executive director and deputy chairman Alvin Ng Chun Kooi has ceased to be a substantial shareholder in the company, after disposing of 5.66mn shares or a 1.4% stake. At the same time, his brother, Ng Chun Seong, disposed of his entire 13.44mn shares or a 3.4% stake in the company. (Bursa Malaysia) Public Bank Bhd reported a 1.6% rise in 1QFY17 net profit at RM1.25bn from RM1.23bn a year earlier on higher net interest and Islamic banking income. Lower taxes also led to higher net profit. It is looking at organic expansion to further grow its business. (Bursa Malaysia) British American Tobacco (M) Bhd's earnings shrink further in 1QFY17 as it has sold fewer cigarettes. Its quarterly net profit declined 33% to RM114.23mn from RM172.61mn in the previous corresponding period. It declared a lower dividend of 40 sen per share, compared with 55 sen a year ago. (Bursa Malaysia) WZ Satu Bhd's net profit grew 9% in 2QFY17 to RM5.33mn, from RM4.89mn a year ago, thanks for better performance in its manufacturing and oil and gas operations. Cumulatively, the group's 1HFY17 recorded a net profit of RM13.83mn, which was 48% higher than RM9.33mn in 1HFY16. (Bursa Malaysia) Perwaja Holdings Bhd will be de-listed on May 4. Perwaja fell into PN17 status in November 2013, and it failed to submit its regularisation plan within the stipulated timeframe and subsequently had its application for time extension for submission rejected by Bursa. (Bursa Malaysia) Eversafe Rubber Bhd will begin trading on the ACE Market of Bursa Malaysia. It raised about RM17.28mn from its initial public offering, which will be mostly spent on upgrading its facility in Ipoh, Perak. (The Edge) Page 4 of 7
7. TA Securities 21-Apr-17 A Member of the TA Group News In Brief Economy Asia Japan Import Growth Hits 3-year High as Exports Continue Climb Japan ’s export and import growth revved up in March, with the former marking a fourth straight month of expansion and a stronger yen helping the latter notch its fastest rise in more than three years. The value of Japan’s exports grew 12% year on year last month, according to Japan’s Ministry of Finance, coming in far above a median estimate of 6.7% from economists surveyed and edging higher from February’s rise of 11.3%. The value of exports to China rose 16.4% year on year after jumping to 28.2% in February, while shipments to all of Asia rose 16.3% after accelerating to 20.9% a month prior. But exports to the US saw marked improvement with growth of 3.4% after barely exiting contraction in February with a rise 0.4%. The recovery for growth in outbound shipments came as the yen ended last month firmer against the dollar, strengthening 1.2% over the course of March to around ¥111.4. That helped the value of Japan’s imports jump 15.8% year on year last month after expanding only 1.2% in February. That was the quickest clip since March 2014. Inbound shipments from Asia rose 10.5% after falling 8% the previous month, as those from China rebounded to growth of 10.3% from a fall of 17.7%. Imports from the US jumped to growth of 16.3% after contracting 0.7% in February. Those flows shook out to a trade surplus of ¥614.7bn ($5.6bn), down from February’s level but coming in above a median forecast of ¥575bn to mark a second month in the black after January’s deficit snapped a five-month streak of surpluses. (Financial Times) Australia's Business Conditions Improve in Q1: NAB Australia's business conditions improved in the first quarter driven by an increase in profitability and employment, quarterly survey data from the National Australia Bank showed. The current conditions index rose 2 points, to +8 in the first quarter. Business conditions were positive for all industries other than retail. At the same time, the business confidence index held steady at 6, marginally above the long-run average. More firms indicated that they were less comfortable with the current level of the Australian dollar, compared to the previous quarter. The survey still pointed to very subdued inflationary pressures. (RTT News) U.S. Trump Signals Provide Comfort to Central Bankers, Finance Ministers The Trump administration appears unlikely to upend seven decades of global financial cooperation by scorning the International Monetary Fund and World Bank, a source of comfort to central bankers and finance ministers gathering this week in Washington. In recent days, the new administration has shown signs the U.S. is taking a more traditional approach to economic diplomacy and the use of “soft power” than early administration rhetoric suggested. President Donald Trump, after meeting with NATO’s chief earlier this month, praised the alliance and reaffirmed Washington’s commitment to it. Nikki Haley, U.S. ambassador to the United Nations, has been leveraging the institution to advance Mr. Trump’s foreign-policy agenda. Other signals of the shift that are being seen by some officials at the meetings included the administration’s relatively modest proposed changes to the North American Free Trade Agreement and its about-face last week on censuring China for its currency policy. (The Wall Street Journal) U.S. Jobless Claims Rise for First Time in Four Weeks The number of Americans applying for new unemployment benefits rose last week, but remained at a low level, suggesting steady job growth. Initial jobless claims, a proxy for layoffs across the U.S., increased by 10,000 to a seasonally adjusted 244,000 in the week ended April 15, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal had expected 240,000 new claims last week. The claims figure for the prior week was unrevised at 234,000. Claims increased last week for the first time since the week ended March 18. Data on unemployment applications can be volatile from week to week. A more stable measure, the four-week moving average of initial claims, fell by 4,250 last week to 243,000. Jobless claims have remained below 300,000 for 111 consecutive weeks, the longest such streak since 1970—when the U.S. workforce and population were much Page 5 of 7
8. TA Securities 21-Apr-17 A Member of the TA Group smaller than they are today . The number of weekly claims has generally declined since the recession ended in 2009. A low level of layoffs typically indicates steady employment growth. (The Wall Street Journal) Philly Fed Index Indicates Notably Slower Growth In April Results from the Federal Reserve Bank of Philadelphia's manufacturing business outlook survey suggest that regional manufacturing activity continued to expand in April, but the pace of growth slowed by more than anticipated. The Philly Fed said its index for current manufacturing activity in the region fell to 22.0 in April from 32.8 in March, although a positive reading indicates continued growth. Economists had expected the index to drop to 25.5. The bigger than expected decrease by the headline index was partly due to a significant slowdown in the pace of new orders growth, as the new orders index tumbled to 27.4 in April from 38.6 in March. The shipments index also slumped to 23.4 in April from 32.9 in March, indicating a notable slowdown in the pace of growth. The report also said the prices paid index slid to 33.7 in April from 40.7 in the previous month, while the prices received index fell to 16.6 from 20.6. On the other hand, the number of employees index rose to 19.9 in April from 17.5 in March, continuing to suggest expanding employment in the manufacturing sector. (RTT News) Europe Germany PPI Climbs Less Than Expected In March Germany's producer prices increased for the fifth consecutive month in March, though at a slower-than-expected pace, data from Destatis showed. The producer price index climbed at a steady rate of 3.1% year-over-year in March, just below the 3.2% rise expected by economists. Excluding energy, overall producer prices rose 2.6% annually in March and energy prices alone grew by 4.5%. Prices of intermediate goods increased 3.9% and those of consumer goods gained by 2.7%. On a monthly basis, consumer prices showed no variations in March, after a 0.2% rise in February. Meanwhile, economists had expected the same 0.2% increase for the month. Energy prices registered a decline of 0.6%. (RTT News) Eurozone Consumer Confidence Improves For Second Month Eurozone consumer confidence improved for a second straight month in April, preliminary data from the European Commission showed Thursday. The flash consumer confidence index for April rose to -3.6 from -5 in March. The corresponding indicator for EU rose by 0.8 point to -3.4 in March. Final figures for April will be released along with the Economic Sentiment Indicator on April 27. Separately, Eurozone construction output increased notably in February, after falling in the previous two months, figures from Eurostat showed. Construction output climbed a seasonally adjusted 6.9% month-on-month in February, reversing a 2.4% decrease in January, which was revised from a 2.3% drop reported earlier. Moreover, this was the sharpest rate of growth since March 2012, when production had grown 8.4%. The increase was mainly driven by a 10.1% surge in civil engineering production. Building sector output registered a spike of 6.2%. On an annual basis, construction output rebounded strongly by 7.1% in February, following a 5.1% decline in the prior month, revised from -6.2%. (RTT News) Page 6 of 7
9. TA Securities 21-Apr-17 A Member of the TA Group Share Buy-Back : 20 April 2017 Company FITTERS UNIMECH Bought Back Price (RM) Hi/Lo (RM) 34,000 5,000 0.41 1.08 0.41 1.08 Total Treasury Shares 17,565,600 6,225,410 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. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 7 of 7 We accept no
10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 20-Apr-17 2.10 2.35 6.14 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 19.5 10.4 34.8 13.3 9.9 22.3 5.7 3.8 1.8 7.5 3.8 2.9 2.44 2.70 7.00 -13.9 -13.0 -12.3 1.95 1.95 4.43 7.7 20.5 38.6 -1.4 9.8 34.4 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 9.7 10.8 10.9 13.5 12.3 14.6 10.8 25.9 10.6 8.6 9.9 9.9 12.5 11.0 14.2 10.2 24.7 3.8 2.8 3.2 3.7 3.0 5.5 2.8 2.3 3.6 3.8 2.8 3.6 4.0 3.0 5.5 2.9 2.3 3.6 4.23 2.92 5.04 5.83 14.00 9.09 20.28 5.39 10.00 -5.4 -2.4 -0.2 -5.7 -2.1 -0.1 -1.8 -2.0 -5.6 3.60 2.08 3.90 4.11 12.70 7.50 18.52 4.43 8.20 11.1 37.0 29.0 33.7 7.9 21.1 7.6 19.2 15.1 7.5 19.2 16.7 22.0 1.5 10.7 1.0 12.1 6.7 0.44 1.24 5.10 3.49 0.77 1.85 2.04 5.90 0.49 1.55 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 14.7 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 7.5 8.5 16.1 20.7 8.0 14.6 15.9 13.3 7.5 9.4 14.0 16.7 7.8 14.7 16.0 12.9 0.0 2.3 2.4 2.7 1.3 3.0 1.5 4.2 2.3 2.3 2.4 2.7 1.3 3.0 1.5 4.2 0.51 1.35 5.33 3.61 0.77 1.87 2.14 6.13 -13.7 -8.3 -4.3 -3.3 0.0 -1.1 -4.7 -3.8 0.36 0.80 4.59 3.07 0.41 1.42 1.41 5.02 22.2 55.8 11.1 13.7 90.1 30.3 44.7 17.5 1.1 18.1 6.7 9.1 33.9 8.8 17.9 0.3 1.98 2.00 0.46 15.4 15.6 12.8 12.7 5.1 5.1 2.40 -17.5 1.93 2.6 -1.5 14.86 17.90 15.41 21.08 0.57 0.59 69.6 93.1 77.5 21.3 101.9 19.2 19.2 17.6 4.7 4.7 5.2 5.1 15.20 18.74 -2.2 -4.5 12.38 14.58 20.0 22.8 6.8 9.3 2.38 7.52 24.90 81.38 3.16 1.77 4.68 0.96 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 36.6 20.9 24.3 28.2 14.2 7.1 36.9 10.3 31.5 18.6 20.0 26.0 12.8 7.0 29.7 7.5 0.8 4.0 2.5 3.5 4.7 4.5 1.0 5.2 1.0 5.1 3.0 3.8 5.4 4.5 1.1 5.2 3.00 9.53 27.00 81.98 3.20 2.04 4.75 1.07 -20.7 -21.1 -7.8 -0.7 -1.2 -13.2 -1.5 -10.5 2.11 7.30 20.68 74.12 2.08 1.43 4.14 0.78 12.8 3.0 20.4 9.8 52.2 23.8 13.0 22.4 -7.4 2.6 6.0 4.1 23.9 2.3 8.0 20.1 47.06 52.08 1.03 198.6 187.4 23.7 25.1 4.2 4.2 55.64 -15.4 40.31 16.7 6.5 9.70 5.59 10.34 6.10 1.34 1.26 45.0 25.7 50.9 27.9 21.6 21.8 19.0 20.1 0.5 1.4 0.6 1.6 9.90 5.81 -2.0 -3.8 7.50 4.17 29.4 33.9 22.1 23.7 2.78 0.13 3.81 0.10 0.72 1.23 22.1 0.2 24.6 0.3 12.6 55.5 11.3 41.4 5.8 0.0 6.8 0.0 3.42 0.13 -18.7 -3.8 2.78 0.05 0.0 150.0 -6.1 150.0 6.02 4.00 6.40 4.61 0.78 0.50 13.9 13.3 17.9 16.5 43.3 30.0 33.6 24.3 0.7 1.5 0.7 1.9 6.79 4.37 -11.3 -8.5 5.78 3.85 4.2 3.9 -5.2 -4.3 4.97 6.10 1.96 4.78 2.07 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 27.3 17.0 12.1 18.0 48.3 23.4 15.1 10.7 15.8 29.3 1.6 2.9 2.5 2.8 0.5 1.9 3.3 2.8 3.2 0.9 5.03 7.07 2.81 5.45 2.64 -1.2 -13.7 -30.2 -12.3 -21.6 3.81 5.90 1.94 4.20 1.96 30.4 3.4 1.0 13.8 5.6 2.9 -7.4 -7.1 -10.7 -12.3 INDUSTRIAL SCIENTX SKPRES 8.55 1.27 8.50 1.75 0.54 0.50 75.3 8.8 83.0 13.7 11.4 14.4 10.3 9.3 2.5 3.5 2.8 5.4 8.65 1.44 -1.2 -11.8 5.75 1.12 48.7 13.4 27.6 -1.6 MEDIA ASTRO MEDIA PRIMA STAR 2.73 1.14 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 20.6 14.7 15.7 18.9 14.3 14.9 4.6 5.4 7.7 4.8 5.6 7.7 3.01 1.52 2.70 -9.3 -25.0 -13.0 2.56 1.00 2.20 6.6 14.0 6.8 5.0 -0.9 4.9 OIL & GAS EATECH MHB MISC PANTECH PCHEM SENERGY UMWOG UZMA 0.60 1.04 7.30 0.61 7.52 1.95 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 5.2 na 14.4 16.4 21.7 37.2 na 16.8 5.0 69.6 12.8 14.2 19.1 25.0 na 15.5 0.0 0.0 4.1 2.5 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 -49.2 -22.4 -18.9 -3.9 -3.6 -7.1 -38.9 -6.9 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 34.8 23.8 6.1 40.2 26.4 51.2 5.0 46.2 -3.2 13.7 -0.7 37.1 7.7 20.4 -27.4 11.8 BANKS & FINANCIAL SERVICES AFG 4.00 AFFIN 2.85 AMBANK 5.03 CIMB 5.50 HLBANK 13.70 MAYBANK 9.08 PBBANK 19.92 5.28 RHBBANK BURSA 9.44 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA 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 2.01 3.08 4.53 24.22 9.26 6.15 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 31.7 22.5 24.2 21.7 30.1 18.8 18.1 19.6 21.5 20.3 26.2 17.8 2.5 2.3 2.2 2.3 2.4 2.6 2.5 2.6 2.6 2.4 3.0 2.8 2.52 3.70 4.81 25.50 9.55 6.51 -20.2 -16.8 -5.8 -5.0 -3.0 -5.5 1.31 3.06 4.07 22.62 7.10 5.53 53.4 0.7 11.3 7.1 30.4 11.2 29.7 -9.4 3.0 0.9 14.3 2.5 0.71 1.07 0.91 2.04 1.48 0.80 3.65 3.35 0.69 1.07 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 12.5 13.9 10.2 12.6 13.1 10.7 10.1 6.1 8.2 13.3 11.8 8.3 14.8 10.1 5.6 3.7 3.8 3.4 4.1 1.3 3.8 3.6 5.6 3.3 4.4 3.7 3.7 1.3 3.8 3.6 0.83 1.43 1.05 2.46 1.70 1.00 3.77 3.37 -14.5 -25.3 -13.3 -17.1 -12.9 -20.0 -3.2 -0.6 0.68 1.05 0.91 1.85 1.34 0.69 2.80 2.84 4.4 1.9 0.0 10.4 10.4 15.9 30.4 17.9 2.2 -5.3 -9.0 4.6 3.5 0.0 16.6 11.7 1.70 1.55 1.79 1.72 0.53 0.63 8.9 7.8 10.1 8.3 19.2 19.8 16.8 18.6 5.2 5.4 5.9 5.7 1.84 1.72 -7.6 -9.9 1.57 1.43 8.3 8.4 -1.2 1.3 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.22 24.00 18.34 13.80 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 17.6 24.4 20.8 10.3 17.0 14.7 23.5 18.1 10.4 14.1 5.7 3.0 3.4 4.2 6.7 4.7 3.2 3.9 2.8 6.7 1.80 25.70 22.66 14.90 1.64 -32.2 -6.6 -19.1 -7.4 -9.1 1.14 22.16 18.12 13.00 1.38 7.0 8.3 1.2 6.2 8.0 -10.9 0.8 -13.9 -0.7 0.0 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.07 5.15 6.39 6.46 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 29.8 24.7 25.5 30.1 28.3 24.4 25.1 29.0 1.7 4.0 3.1 3.0 1.8 4.1 3.1 3.1 5.99 5.19 6.49 6.90 -15.4 -0.8 -1.5 -6.4 4.11 4.31 5.36 5.81 23.4 19.5 19.2 11.2 7.4 6.6 6.9 8.6 TECHNOLOGY Semiconductor & Electronics IRIS 0.17 INARI 2.04 MPI 11.62 UNISEM 3.07 0.14 2.35 13.15 3.55 1.34 0.78 0.49 0.79 -1.1 10.4 89.2 26.9 0.8 na 12.4 19.7 109.6 13.0 29.1 11.4 20.5 16.5 10.6 10.6 0.0 2.0 2.3 3.9 0.0 2.4 2.3 3.9 0.24 2.13 12.22 3.30 -29.2 -4.2 -4.9 -7.0 0.10 1.28 6.86 2.12 70.0 59.1 69.4 44.8 54.5 22.9 56.8 30.1 3.22 7.19 3.02 7.68 1.16 1.46 40.3 9.8 41.9 10.2 8.0 73.1 7.7 70.7 1.2 1.4 1.6 1.4 3.30 7.31 -2.4 -1.6 1.88 5.76 71.3 24.8 40.6 18.6 1.75 4.04 1.88 4.51 0.84 0.66 15.4 19.3 21.5 17.4 11.3 20.9 8.1 23.2 3.1 3.6 4.0 3.2 1.87 4.59 -6.4 -12.0 1.23 3.74 42.3 8.0 10.1 -6.0 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 18.91 OCBC 9.60 UOB 21.75 PLANTATIONS WILMAR IFAR 3.51 0.46 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 11.1 9.9 10.4 10.4 3.2 5.7 3.2 3.2 6.7 3.2 19.4 9.8 22.2 -2.6 -1.8 -1.8 14.63 8.84 17.41 29.3 16.9 24.9 9.1 7.6 6.6 3.45 0.51 0.91 1.10 28.9 3.9 31.1 4.3 11.3 10.8 2.3 2.1 2.6 2.3 4.0 0.6 -12.3 -22.7 2.96 0.44 18.6 4.5 -2.2 -12.4 12.1 11.8 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
12. RESULTS UPDATE TA Securities Friday , April 21, 2017 FBMKLCI: 1,741.61 Sector: Consumer A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 British American Tobacco (Malaysia) Berhad TP: RM52.08(+10.7%) Still Suffering from 2015 Price Hike Last Traded: RM47.06 Hold THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel : +603-2072 1277 ext. 9602 damia@ta.com.my Review BAT’s 1QFY17 earnings came in below ours and consensus expectations at 16% of full-year forecasts. Excluding all exceptional items i.e. FX losses, derivatives gains and restructuring costs (RM2.1mn), BAT’s adjusted net profit declined by 23.2% QoQ to RM120.9mn. This was due to decline in Domestic and Duty Free volume, on the back of growth in illegal cigarettes post GST implementation in Apr-15 and excise duty hike in Nov-15 whereby cigarettes prices increased to an average of RM17.50/packet from RM13.00/packet in 2014. YoY, BAT’s revenue dropped due to 24.5% lower domestic sale and export volume. Meanwhile, operating expenses reduced by 18.1% YoY due to i) lower recharges from related entities, ii) overhead savings from the cessation of manufacturing activity, and iii) timing of spends. These have filtered down to the bottomline with core profit slipped by 31.2%. 1QFY17 revenue decreased by 8.3% QoQ to RM770.7mn due to decline in sale volume of 20%. The adjusted net profit declined by significant 23.2% due to higher taxation. www.taonline.com.my Share Information Bloomberg Code Stock Code Listing Share Cap (mn) Market Cap (RMmn) 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) British American Tobacco Pls Aberdeen Employee Provident Fund ROTH MK 4162 Main Market 285.5 13,435.6 55.64/40.31 301.4 40.9 1.0 50% 7% 6% Forecast Revision Forecast Revision (%) Core Net Profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 (30.9) (31.0) 567.0 535.2 733.3 769.8 77.3 69.5 Hold (Maintained) Financial Indicators In terms of market share for the Aspirational Premiums brands; Dunhill and Peter Stuyvesant are collectively gaining traction and leading the segment at 12.1% (+1.3%-pts). While the Premium segment; Pall Mall saw a decline in market share of 4.9%-pts to 37.3% QoQ. Overall, BAT’s market share declined by 3.6%-pts to 53.5% in the current quarter. Net debt/ equity (%) ROE (%) ROA (%) NTA/Share (RM) Price/NTA (x) FY17 23.2 92.7 50.7 2.1 24.5 FY18 33.3 90.5 52.8 2.0 26.0 % of FY17 16 16 Below Below Scorecard The board declared an interim dividend of 40sen for the quarter under review. Impact We reduced our earnings by 30.9% and 31.0% for FY17 and FY18 respectively after reducing our domestic sales projections by 15.0% and 10.0% respectively. We have also changed our total industry volume growth assumption from 1% improvement to 10% decline for FY17 and FY18 due to the rise in market share of illicit cigarettes. vs TA vs Consensus Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth BAT FBM KLCI (1.3) (0.4) 7.7 4.6 (2.0) 4.5 (11.8) 1.9 (12-Mth) Share Price relative to the FBM KLCI Outlook We view that illegal cigarettes trade will continue to be a cause for concern for the tobacco manufacturers in Malaysia, including BAT. Strict enforcement in curbing illicit trade is much needed than ever given that illegal cigarette market share has climbed to 57.1%. Meanwhile, the increase in excise duty which will lead to higher cigarette price may exacerbate the situation. Moving forward, BAT will source its cigarettes from Indonesia, Korea and Singapore. Majority of the volume will be imported from Indonesia where payments will be in USD. Page 1 of 3 Source: Bloomberg
13. TA Securities 21-Apr-17 A Member of the TA Group Valuation Hence , we downgrade our target price to RM52.08/share (previously RM54.22/share) based on DCF valuation with a discount rate of 6.3%. We maintain our Hold recommendation call and we expect no excise duty and cigarette price increase for this year. 1QFY17 Results Analysis (RMmn) FYE 31 Dec Revenue Cost of sales Gross Profit EBITDA Depreciation & amortisation EBIT Exceptional items Net interest Profit before tax Taxation Reported net profit Adj. Net Profit 1QFY16* 1,021.0 (667.5) 353.6 244.5 (9.4) 235.1 (0.1) (4.0) 231.1 (55.6) 175.5 175.6 4QFY16* 840.6 (572.8) 267.8 319.3 (2.3) 317.0 131.9 (0.5) 316.5 (27.2) 289.3 157.4 1QFY17 770.7 (514.4) 256.3 159.3 (1.4) 157.9 (2.1) (1.5) 156.4 (37.6) 118.8 120.9 QoQ (%) (8.3) (10.2) (4.3) (50.1) (38.3) (50.2) nm >100 (50.6) 38.4 (58.9) (23.2) YoY (%) (24.5) (22.9) (27.5) (34.8) (84.9) (32.8) nm (62.7) (32.3) (32.4) (32.3) (31.2) Basic EPS DPS Dividend Payout (sen) (sen) (%) 61.5 55.0 89.4 101.3 77.0 76.0 41.6 40.0 96.2 (58.9) (48.1) 26.5 (32.4) (27.3) 7.5 EBIT Margin EBITDA Margin PBT Margin Tax Rate Net Profit Margin (%) (%) (%) (%) (%) 23.0 23.9 22.6 (24.1) 17.2 37.7 38.0 37.7 (8.6) 34.4 20.5 20.7 20.3 (24.0) 15.4 % pts (17.2) (17.3) (17.4) (15.5) (19.0) % pts (2.5) (3.3) (2.3) 0.0 (1.8) Industry volume BAT Volume; Domestic and duty free Contract manufacturing (bn) 2.1 1.9 1.8 (%) (3.7) (%) (12.1) (bn) (bn) 1.4 2.0 1.2 0.8 1.1 2.0 (11.7) > 100 (23.1) 2.2 *Restated Earnings Summary (RMmn) FYE 31 Dec Revenue Cost of sales Gross profit EBITDA EBIT Exceptional Item Reported PBT Taxation Reported net profit Adj. Net profit Adj. EPS EPS Growth PER Net Dividend Dividend Yield (sen) (%) (x) (sen) (%) FY15 4,581.5 (2,907.4) 1,674.1 1,201.2 1,240.2 3.2 1,231.0 (320.9) 910.1 913.3 FY16 3,756.4 (2,486.8) 1,269.6 906.3 919.0 142.7 908.5 (187.2) 721.3 864.0 FY17E 3,079.1 (2,083.7) 995.5 709.8 715.3 708.8 (141.8) 567.0 567.0 FY18F 2,868.2 (1,931.7) 936.5 670.3 675.5 669.0 (133.8) 535.2 535.2 FY19F 2,671.7 (1,794.6) 877.2 626.3 634.0 626.2 (125.2) 501.0 501.0 319.9 0.9 19.7 312.0 5.0 302.6 (20.7) 19.7 278.0 5.6 198.6 (21.4) 26.2 200.0 3.8 187.4 (5.6) 27.8 200.0 3.8 175.4 (6.4) 29.7 200.0 3.8 Page 2 of 3
14. TA Securities 21-Apr-17 A Member of the TA Group (THIS PAGE IS INTENTIONALLY LEFT BLANK) 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
15. TA Securities COMPANY UPDATE Friday , 21 April 2017 FBMKLCI: 1,741.61 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: RM1.07 (+0.0%) Hua Yang Berhad Last traded: RM1.07 Still Early to Factor in the Synergies Sell THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my www.taonline.com.my Hua Yang hosted a conference call to share the rationale and the impact of further increasing its stake in Magna Prima Bhd (MPB) to 31%. As the single largest shareholder-to-be of MPB, Hua Yang does not plan to raise its stake in MPB further. We are a little disappointed that management is unable to share much information on MPB’s upcoming projects. Meanwhile, management maintains that the company is not in imminent need of fresh cash to fund this acquisition. Lastly, the investment in MPB will not stop HYB for more land acquisitions. As MPB’s on-going project is coming to its tail end this year and there is no definite dates yet for the launch of new projects, we think earnings contribution from MPB could be insignificant over the next 12 months. No change to our FY17-19 earnings forecasts. Based on unchanged target P/E multiple of 6x, target price is revised to RM1.07/share after rolling forward our valuation base year to CY18. Maintain Sell. Share Information Bl oomberg Code HYB MK Stock Na me HUAYANG Stock Code 5062 Li s ti ng Ma i n Ma rket Sha re Ca p (mn) 352.0 Ma rket Ca p (RMmn) 376.6 Pa r Va l ue 1.00 52-wk Hi /Lo (RM) 1.43/1.05 12-mth Avg Da i l y Vol ('000 s hrs ) 250.4 Es ti ma ted Free Fl oa t (%) 58.4 Beta 0.6 Major Shareholders (%) Heng Hol di ngs - 31.1 Key takeaways from conference call are: 1) To keep an associate stake in MPB for now During the conference call, management stated that it is comfortable with a 31% stake in MPB and does not intend to raise its stake higher. It is Hua Yang’s intention to remain as a strategic investor and participate in MPB’s future development at the shareholder or project level. At the moment, the two companies are exploring potential options for further collaboration. Apart from potential joint acquisition of new landbank and/or development of wider range of property product, their collaboration also includes sharing of resources to enhance operational efficiencies, especially in administration support. Foreca s t Revi s i on (%) Net profi t (RMm) Cons ens us TA's / Cons ens us (%) Previ ous Ra ti ng 2) MPB’s upcoming project details are sketchy We are a little disappointed that management is unable to share much information on MPB’s development schedule. Note that MPB has 34.9 acres of undeveloped landbank, strategically located within Klang Valley, with easy accessibility and established amenities – see Figure 1. Figure 2 & 3 show MPB’s development portfolio. MPB’s upcoming GDV in Shah Alam worth RM1.6bn GDV. However, there is no definite date yet for the launch of the projects. 3) No equity raising for this acquisition Management maintains that the company is not in imminent need of fresh cash to fund this acquisition. Factoring in future cash flow from its on-going property projects and debt facilities available to the group, management forecasts that the group’s net gearing will below its internal target of 0.6x upon completion of the acquisition. 4) Landbanking plan remains intact The investment in MPB will not stop Hua Yang from further expand its businesses. We understand that the group is still actively scouting for more landbanks for future developments. We see Hua Yang will work closely with MPB to look out for landbanking opportunities. According to management, future new landbank identified will be jointly developed on a 50:50 basis. Page 1 of 4 Forecast Revision FY17 FY18 0.0 70.4 73.2 96.1 0.0 61.4 80.8 76.0 Sel l (Ma i nta i ned) Financial Indicators Net Debt / Equi ty (%) FCFPS (s en) Pri ce / CFPS (x) ROE (%) ROA (%) NTA/Sha re (RM) Pri ce/NTA (x) Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY17 FY18 (6.1) 0.0 (16.4) (22.1) 7.2 1.7 0.6 (0.7) 4.6 4.3 1.2 6.0 1.8 0.6 HUAYANG FBM KLCI (10.1) (7.1) (9.7) (10.7) 0.4 0.6 (2.1) (1.9) (12mths)Share Price relative to the FBM KLCI Source: Bloomberg
16. TA Securities 21-Apr-17 A Member of the TA Group Our View As MPB ’s on-going project is coming to its tail end this year and there is no definite dates yet for the launch of new projects, we think earnings contribution from MPB could be insignificant over the next 12 months. Although we acknowledge that the MPB deal will provide Hua Yang with more business opportunities over the long term, we believe a strong rerating to share price would be capped by further earnings risks come 2018- 2019 due to sluggish property sales. Forecast No change to our FY17-19 earnings forecast. We have not factored in the share of associate profits pending shareholders’ approvals. Valuation Based on unchanged target P/E multiple of 6x, target price is revised to RM1.07/share after rolling forward our valuation base year to CY18. Maintain Sell. Figure 1: MPB’s Landbank Note *-: The proposed land acquisition is expected to complete in May-17 Source: Bursa Malaysia, Hua Yang, TA Research Page 2 of 4
17. TA Securities 21-Apr-17 A Member of the TA Group Figure 2 : MPB’s Completed and On-going Projects Completed projects The Avare The Istana Melbourne Total GDV RM321mn AUD210mn On-going projects Desa Mentari, Old Klang Road Boulevard Business Park, Jalan Kuching Total GDV RM68mn RM635mn One Sierra, Selayang RM198mn Seri Jalil, Bandar Bukit Jalil RM126mn Alam D'16, Shah Alam RM75mn Completion 2009 2014 Component Freehold condominium 25-storey single tower apartment Expected completion Component 3QCY17 3-storey shop office Completed Integrated mixed development 2.5-storey superlink, zero lot villa, Completed 2-storey garden bungalow 2.5-storey superlink, semiCompleted detached house Completed Double-storey link house Source: Hua Yang, TA Research Figure 3: MPB’s Future Projects Future Development Project Magna EcoCity (Shah Alam) Seksyen 13 (Shah Alam)* Jalan Ampang 33 Sentral Park (Jalan Gasing) Tenure Leasehold expiring 2083 Leasehold expiring 2102 Freehold Freehold Note *-: The proposed land acquisition is expected to complete in May-17 Source: Hua Yang, TA Research Page 3 of 4 Acres NAV (RM mn) Est GDV (RM mn) 20.0 125.1 1400 5.3 43.0 221 2.6 7.0 34.9 382.0 65.0 615.1 n.a. n.a.
18. TA Securities 21-Apr-17 A Member of the TA Group Earnings Summary (RM mn) Profit & Loss (RMm) YE Mar 31 Revenue EBITDA Dep. & amortisation Net finance cost PBT Taxation MI Net profit Core net profit Reported EPS (diluted) Core EPS (diluted) PER GDPS Div Yield EV/EBITDA (sen) (sen) (x) (sen) (%) (x) Cash Flow (RMm) YE Mar 31 PBT Adjustments Dep. & amortisation Changes in WC Operational cash flow Capex Others Investment cash flow Debt raised/(repaid) Equity raised(repaid) Dividend Others Financial cash flow Net cash flow Assumptions YE Mar 31 New Sales Property Development Margins 2015 583.6 155.9 (1.0) (1.5) 153.4 (42.9) 0.0 110.6 110.6 31.4 31.4 3.4 9.8 9.2 2.2 2016 575.7 153.1 (2.5) (0.6) 144.8 (34.6) 0.0 110.1 110.1 31.3 31.3 3.4 3.8 3.5 1.9 2017f 405.0 98.5 (1.2) (2.2) 95.2 (24.7) 0.0 70.4 70.4 20.0 20.0 5.3 4.0 3.8 3.1 2018f 344.1 87.4 (2.3) (2.1) 83.0 (21.6) 0.0 61.4 61.4 17.4 17.4 6.1 3.5 3.3 3.4 2019f 366.2 90.9 (3.3) (2.0) 85.7 (22.3) 0.0 63.4 63.4 18.0 18.0 5.9 3.5 3.3 3.1 2015 153.4 (34.0) 1.0 (19.1) 101.4 (69.5) (2.6) (72.2) 18.9 0.0 (44.9) 0.0 (26.0) 3.2 2016 144.8 (45.3) 2.5 63.7 165.7 (67.2) (17.4) (84.6) (38.2) 0.0 (34.3) 0.0 (72.5) 8.6 2017f 95.2 (24.7) 1.2 1.7 73.3 (60.0) (10.0) (70.0) (10.0) 0.0 (14.1) 0.0 (24.1) (20.8) 2018f 83.0 (21.6) 2.3 1.8 65.5 (30.0) (10.0) (40.0) (10.0) 0.0 (12.3) 0.0 (22.3) 3.2 2019f 85.7 (22.3) 3.3 1.8 68.5 (30.0) (10.0) (40.0) (15.0) 0.0 (12.3) 0.0 (27.3) 1.2 (RM mn) 2015 460.0 2016 336.8 2017f 241.1 2018f 383.8 2019f 485.0 (%) 26.5 25.0 24.2 24.9 24.1 Balance Sheet (RMm) YE Mar 31 Fixed assets Others Total Cash Others CA 2015 409.1 20.3 429.4 40.9 458.1 499.0 2016 433.0 28.7 461.8 45.8 444.4 490.2 2017f 501.9 28.7 530.6 25.1 447.1 472.1 2018f 539.6 28.7 568.3 28.2 449.8 478.1 2019f 576.3 28.7 605.0 29.4 452.7 482.1 Total assets 928.4 952.0 1,002.7 1,046.3 1,087.1 ST debt Other liabilities CL Shareholders' funds LT borrowings LT liabilities Total long term Liabilities 78.6 172.7 251.3 465.9 192.1 19.2 211.3 59.0 161.0 220.1 541.7 169.9 20.3 190.2 61.5 165.4 227.0 598.0 157.4 20.3 177.7 64.0 170.0 234.0 647.1 144.9 20.3 165.2 66.3 174.6 240.9 698.2 127.7 20.3 148.0 Total Equity and Liabilities 928.4 952.0 1,002.7 1,046.3 1,087.1 2015 2016 2017f 2018f 2019f Ratio YE Mar 31 Profitability ratios ROE ROA EBITDA Margins PBT Margins (%) (%) (%) (%) 25.9 12.6 26.7 26.3 21.9 11.7 26.6 25.1 12.4 7.2 24.3 23.5 9.9 6.0 25.4 24.1 9.4 5.9 24.8 23.4 Liquidity ratios Current ratio Quick ratio (x) (x) 2.0 1.8 2.2 2.0 2.1 2.0 2.0 1.9 2.0 1.9 Leverage ratios Total liabilities / equity Net debt / Equity (x) (x) 1.0 0.5 0.8 0.3 0.7 0.3 0.6 0.3 0.6 0.2 Growth ratios Revenue Pretax Profit Core net earnings Total assets (%) (%) (%) (%) 14.5 36.6 34.5 11.5 (1.3) (5.7) (0.4) 2.5 (29.7) (34.3) (36.1) 5.3 (15.0) (12.8) (12.8) 4.4 6.4 3.2 3.2 3.9 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
19. RESULTS UPDATE TA Securities Friday , April 21, 2017 FBM KLCI: 1,741.61 Sector: Finance A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 . Public Bank Berhad TP: RM 22.10 (+10.9%) Last traded: RM 19.92 1QFY17 Results Within Expectations BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel: +603-2167 9610 liwong@ta.com.my Review 1QFY17 results came within expectations. Representing a 1.5% YoY increase, PBB reported net profit of RM1.25bn. PBB’s bottomline accounted for 24% of ours and consensus full year estimates respectively. ROE decreased to 14.9% from 16.5% in Dec 2016. Total operating income broadened by 1% QoQ and 3.3% YoY. Despite that, PBT dipped on both a QoQ and YoY basis, underpinned by the steep increase in operating expenses (+10.1% QoQ, +12.5% YoY). Net profit declined 15.8% QoQ on the back of normalization of loan allowances, vs. net writeback of RM37.3mn reported in 4Q FY16. Net interet income (NII) expanded at a decent pace of 1.3% QoQ and 8.3% YoY. Domestic loans accelerated at an annualized pace of 4.7%. Loan growth for the entire group increased at a softer pace of 3.6%. PBB’s domestic loans market share stood unchanged QoQ at 17.7%, but increased 30 bps from 17.4% in 2015. Stronger sequential net interest margin (NIM) gave boost to PBB’s 1Q NII. Jumping to 2.31% from 2.22% in the previous quarter, NIM broadened on the back of: 1) stable loan yields, 2) increase in core deposits, 3) some impact from repricing of matured deposits in tandem with the OPR cut in July, and 4) slight contraction of costly wholesale deposits during the quarter. From a year ago, NIM widened by 11 bps to 2.20%. PBB’s total and domestic deposits expanded at 8.1% and 7.9% YoY. PBB’s market share in the customer deposit space, stood at 16.6% (from 16.9% in FY16). Amid stronger deposit growth, the group’s net loan to deposit (LD) ratio softened to 93.3% (FY16: 94.3%). Non-interest income (non-NII) contracted by 2.7% QoQ and 13.1% YoY. The decline was underpinned by softer forex income (-46.0% YoY) and investment income (to RM4.0mn from RM40.9mn a year ago). Stable fee and commission income, along with the pickup (+11.6% YoY) in unit trust income helped cushion the decline in non-NII. Both these segments accounted for 41% and 33% of total non-NII. Total Net Asset Value of Funds (NAV) under management widened to RM74.4mn (FY16: RM70.3mn) while annualized new premium (ANP) in the banca business stood at RM64.6mn – representing 27% of total ANP of RM239.2mn reported in FY16. Share Information Bloomberg Code PBK MK Stock Code 1295 Listing Main Market Share Cap (mn) 3861.5 Market Cap (RMmn) 76921.1 Par Value 1.00 52-wk Hi/Lo (RM) 20.28/18.52 12-mth Avg Daily Vol ('000 shrs) 5300.7 Estimated Free Float (%) 56.0 Beta 0.8 Major Shareholders (%) Tan Sri Dato’ Dr. Teh Hong Piow - 23.9 EPF - 13.9 Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating Page 1 of 3 FY17 FY18 5,272.9 5,421.8 5,257.0 5,677.0 100.3 95.5 Buy (maintained) Financial Indicators ROE (%) ROA (%) CTI Ratio (%) Gross Impaired Loans Ratio (%) Loan loss coverage ratio (%) BV/ Share (RM) Price/ BV (x) FY17 14.7 1.4 33.3 0.6 97.9 9.6 2.1 FY18 13.9 1.3 34.2 0.5 110.8 10.4 1.9 % of FY 24.0 24.0 Within Within PBK (0.8) (0.9) 0.6 4.3 FBM KLCI (0.7) 4.6 4.3 1.2 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 By segment, PBB’s overseas operations registered PBT growth of 3.5% YoY. Overseas operations accounted for some 10% of the group’s loan portfolio. Treasury operations and Investment banking saw weaker PBT of -21.8% YoY and -24.7% YoY. Elsewhere, Retail operations (comprising individuals and SMEs), which accounts for 52% of total segment profits increased by 2.6% while HP climbed 13.4% YoY. Growths were also observed in the Fund management (+11.2% YoY) and Corporate lending (+11.2% YoY) segments. Asset quality remained solid with total allowances rising by only marginal 0.8% YoY. Compared to the net writeback recorded in the previous www.taonline.com.my Source: Bloomberg
20. TA Securities 21-Apr-17 A Member of the TA Group quarter , PBB reported total allowances of RM67.5mn in 1QFY17. Nevertheless, the gross impaired loans ratio (GIL) stayed pat at 0.5% (Dec 2016: 0.5%) while the loan loss coverage strengthened to 104.0% (Dec 2016: 102.7%). On that note, PBB reported a slight 10 bps improvement in GIL for residential financing. No increase in GIL were observed for other key segments namely transport vehicle financing (0.6%) and domestic SME financing (0.3%). PBB is backed by solid capital position with Common Equity Tier 1 (CET1) Capital Ratio, Tier 1 Capital Ratio and Total Capital Ratio of 11.4%, 12.2% and 15.2% respectively. Impact No change to our earnings estimates. Outlook Going into 2017, we continue to foresee banks remaining cautious amid the challenging macro environment and concerns over rising geopolication tensions. Nevertheless, the domestic economy remains resilient and fuel growth for the sector. Potential increase in the OPR may give an added boost to earnings. Excluding a hike, management had earlier noted that loan yields should remain stable. Nevertheless, competition for deposits will prevail in 2017. Additionally, asset quality could weaken as management noted that collection efforts has had to be intensified. Rising cost of living could add further strains to repayment capabilities. Taken together, management had conservatively guided for a lower FY17 ROE target of between 14% and 15%. Valuation We maintain PBB’s TP at RM22.10. This values the stock at an implied FY17e PBV of 2.3x. We reiterate our BUY recommendation on PBB. Key upside/downside risks to PBB’s TP include: 1) stronger-than-expected contributions from operations overseas, 2) higher contributions from the sale of bancassurance and wealth management, 3) unexpected increase in unemployment rate resulting in high default rates among retail borrowers, 4) cost and loan yield pressures resulting in further NIM compression, and 5) external risk factors due to uncertainties in the global market and potential outflow of foreign funds resulting in an sharp exit by foreign shareholders. Page 2 of 3
21. TA Securities 21-Apr-17 A Member of the TA Group Table 1 : Earnings Summary (RMmn) FYE Dec 2015 2016 2017F 2018F 2019F Net interest income 6377.0 6920.4 7142.7 7489.3 7971.6 Non-interest income 2340.1 2094.4 2157.2 2157.2 2157.2 Islamic Banking 828.6 941.6 1017.0 1098.3 1186.2 Total operating income 9545.8 9956.5 10316.9 10744.8 11315.0 Pre-provisioning profit 6630.6 6745.0 6882.8 7070.6 7381.1 Pretax profit 6491.4 6554.0 6666.8 6853.0 7135.5 Net profit 5062.2 5206.9 5272.9 5421.8 5647.8 EPS (sen) 120.2 123.6 125.2 128.7 134.1 EPS growth (%) 12.0 2.9 1.3 2.8 4.2 Gross div (sen) 56.0 58.0 56.0 58.0 60.0 Div yield (%) 2.8 2.9 2.8 2.9 3.0 1QFY17 Results Analysis (RMmn) 1QFY16 1,684.7 227.5 592.0 2,504.2 (788.5) 1,715.7 (67.0) 2.9 1,651.6 1,229.8 31.8 YE 31 Dec Net interest income Income from Islamic Banking business Non interest income Total income Operating expenses Operating profit Loan impairment allowances Profit from associates PBT Net profit EPS (sen) 4QFY16 1,799.9 232.0 528.9 2,560.8 (805.5) 1,755.3 37.3 0.1 1,792.7 1,482.8 38.4 1QFY17 1,824.2 247.7 514.5 2,586.4 (886.9) 1,699.5 (67.5) (0.5) 1,631.5 1,248.0 32.3 QoQ 1.3 6.8 (2.7) 1.0 10.1 (3.2) (281.0) (612.8) (9.0) (15.8) (15.8) YoY 8.3 8.9 (13.1) 3.3 12.5 (0.9) 0.8 (116.8) (1.2) 1.5 1.5 YTD FY16 1,684.7 227.5 592.0 2,504.2 (788.5) 1,715.7 (67.0) 2.9 1,651.6 1,229.8 31.8 YTD FY17 1,824.2 247.7 514.5 2,586.4 (886.9) 1,699.5 (67.5) (0.5) 1,631.5 1,248.0 32.3 YoY 8.3 8.9 (13.1) 3.3 12.5 (0.9) 0.8 (116.8) (1.2) 1.5 1.5 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
22. Friday , 21 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
23. T e c h n i c a l TA Securities V i e w Friday , April 21, 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: 1,741.61 (+2.66, +0.15%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SAPURA ENERGY SUNCON UEMS WASEONG WCT Close 20-Apr 1741.61 2.85 4.00 5.03 5.07 5.50 5.15 5.10 9.70 5.59 6.02 4.53 1.22 6.39 9.08 1.28 5.28 9.26 13.80 6.46 4.04 3.22 0.40 0.75 0.44 4.46 1.80 1.49 1.24 1.65 3.05 2.22 1.34 1.10 1.57 1.53 1.95 1.85 1.24 0.89 2.04 Change 2.66 0.03 -0.03 0.10 0.02 0.02 0.01 -0.04 0.00 -0.06 0.02 0.03 0.01 -0.05 0.03 0.10 0.16 0.01 0.08 0.01 0.05 0.02 0.00 -0.02 0.00 0.06 -0.01 -0.04 -0.03 -0.01 0.04 0.00 0.01 0.07 -0.03 0.01 -0.01 0.01 0.01 0.00 -0.01 Tel: +603-2167-9607 High Low 1,743.56 1,736.40 2.85 4.01 5.04 5.08 5.53 5.15 5.12 9.71 5.66 6.04 4.55 1.24 6.45 9.09 1.28 5.28 9.28 13.80 6.46 4.05 3.26 0.41 0.77 0.44 4.50 1.81 1.55 1.26 1.66 3.07 2.22 1.34 1.13 1.61 1.54 1.96 1.87 1.25 0.89 2.05 2.80 3.98 4.95 5.04 5.46 5.13 5.10 9.62 5.59 5.98 4.49 1.20 6.38 9.03 1.17 5.12 9.25 13.70 6.45 3.98 3.16 0.40 0.75 0.44 4.42 1.79 1.49 1.22 1.65 2.93 2.21 1.34 1.03 1.55 1.53 1.94 1.85 1.22 0.89 2.03 Bollinger Bands Lower Mid Upper 1,731.28 1,742.36 1,753.45 2.78 3.93 4.71 4.94 5.37 5.07 5.05 9.18 5.41 5.97 4.38 1.17 6.36 8.90 1.15 5.05 9.21 13.67 6.33 3.96 2.92 0.39 0.72 0.43 4.20 1.69 1.46 1.23 1.65 2.51 2.19 1.21 0.92 1.57 1.47 1.80 1.75 1.19 0.87 1.83 2.85 4.05 4.86 5.06 5.52 5.12 5.19 9.51 5.57 6.02 4.57 1.23 6.42 8.99 1.24 5.20 9.32 13.73 6.40 4.05 3.07 0.40 0.77 0.44 4.31 1.78 1.51 1.28 1.67 2.89 2.23 1.30 1.06 1.68 1.55 1.96 1.82 1.25 0.89 1.99 2.91 4.17 5.01 5.18 5.66 5.18 5.32 9.83 5.73 6.06 4.77 1.28 6.48 9.07 1.32 5.34 9.42 13.78 6.47 4.14 3.23 0.41 0.82 0.46 4.42 1.88 1.56 1.33 1.70 3.26 2.27 1.40 1.21 1.79 1.63 2.12 1.88 1.32 0.91 2.16 stsoo@ta.com.my Moving Averages RSI 14d 10d 30d 50d 54.37 1,738.54 1,740.28 1,727.80 DMI DI + DI - ADX 24.43 18.04 23.16 56.82 47.10 64.09 54.34 54.79 61.77 47.00 59.47 54.47 49.58 45.80 49.20 48.26 67.46 61.75 58.66 49.08 61.65 65.60 49.88 68.57 52.01 46.37 45.50 69.07 56.53 46.21 45.57 38.18 67.12 49.33 60.20 59.15 40.60 43.24 49.73 62.41 50.49 51.53 58.66 21.49 17.56 27.95 24.83 24.10 17.69 21.04 28.34 22.04 23.95 20.70 19.36 14.67 26.22 31.71 22.76 15.30 20.66 24.02 20.28 31.95 13.75 22.76 24.72 30.26 25.94 23.18 24.85 14.16 35.02 23.37 31.28 39.49 21.79 22.71 22.60 23.74 17.92 27.71 24.88 2.83 4.00 4.90 5.09 5.45 5.11 5.14 9.43 5.56 6.03 4.49 1.24 6.41 9.01 1.21 5.16 9.29 13.72 6.40 4.05 3.09 0.40 0.78 0.45 4.34 1.82 1.50 1.28 1.67 2.99 2.24 1.35 1.09 1.66 1.58 2.01 1.85 1.23 0.89 2.03 2.86 4.05 4.86 5.00 5.52 5.13 5.15 9.56 5.52 6.00 4.61 1.21 6.41 8.95 1.22 5.21 9.30 13.73 6.39 4.01 3.00 0.40 0.76 0.45 4.28 1.75 1.51 1.28 1.68 2.80 2.22 1.28 1.02 1.64 1.55 1.93 1.79 1.25 0.89 1.95 2.75 4.01 4.80 4.89 5.38 5.10 5.07 9.33 5.40 6.03 4.64 1.22 6.40 8.79 1.20 5.15 9.22 13.67 6.31 4.02 2.88 0.40 0.74 0.45 4.25 1.70 1.51 1.22 1.69 2.18 2.21 1.29 0.97 1.57 1.57 1.92 1.77 1.22 0.89 1.92 19.80 20.76 15.11 17.61 21.07 15.87 19.37 14.42 14.15 17.18 25.00 15.99 14.83 14.68 21.45 21.80 21.74 19.37 14.96 22.40 10.31 11.70 20.71 16.61 17.23 15.52 14.92 26.27 29.68 18.03 18.39 19.77 19.42 22.25 19.47 23.52 10.27 17.96 18.47 21.42 27.25 20.85 18.35 21.29 22.14 15.14 14.01 29.85 26.25 14.77 21.70 24.30 8.78 19.01 28.21 17.51 12.09 14.32 24.92 17.88 32.77 14.45 28.08 24.63 13.88 39.05 25.65 33.04 18.24 47.09 20.54 25.50 38.94 43.79 21.91 19.82 31.45 26.55 23.27 17.05 www.taonline.com.my Diff 6.39 1.68 (3.20) 12.85 7.22 3.03 1.81 1.67 13.92 7.89 6.77 (4.30) 3.37 (0.16) 11.54 10.26 0.96 (6.45) 1.29 9.06 (2.12) 21.63 2.04 8.11 13.03 10.42 10.42 8.25 (1.42) (15.53) 17.00 4.97 11.51 20.07 (0.46) 3.25 (0.93) 13.46 (0.03) 9.24 3.46 Line 2.72 0.01 -0.01 0.04 0.05 0.01 0.01 0.01 0.04 0.05 0.00 -0.05 0.00 0.01 0.07 0.00 0.00 0.02 0.01 0.04 0.01 0.08 0.00 0.01 0.00 0.04 0.03 0.00 0.01 -0.01 0.23 0.01 0.02 0.03 0.01 0.00 0.03 0.03 0.00 0.00 0.04 MACD Signal Diff 4.48 (1.762) 0.03 0.00 0.03 0.07 0.03 0.01 0.02 0.04 0.06 0.00 -0.04 0.00 0.01 0.07 0.01 0.00 0.03 0.01 0.04 0.01 0.08 0.00 0.02 0.00 0.03 0.04 0.00 0.02 -0.01 0.27 0.01 0.02 0.04 0.04 0.00 0.03 0.03 0.01 0.00 0.04 (0.013) (0.012) 0.010 (0.012) (0.017) 0.002 (0.016) 0.002 (0.008) 0.004 (0.009) (0.002) (0.002) (0.006) (0.005) (0.007) (0.019) 0.001 0.000 (0.002) 0.002 0.000 (0.005) (0.001) 0.009 (0.006) (0.002) (0.010) (0.003) (0.041) (0.003) 0.004 (0.010) (0.024) (0.004) (0.007) 0.000 (0.007) (0.001) (0.001) DMI MACD Recent Signal BUY SELL DMI MACD Signal Change - BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY SELL BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY BUY SELL BUY BUY BUY SELL SELL SELL - SELL SELL BUY SELL SELL BUY SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL SELL BUY BUY SELL BUY BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL BUY BUY SELL BUY BUY BUY BUY - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
24. Technical Comments : Buy on Weakness Mudajaya & WCT Holdings Hook-up momentum indicators on Mudajaya implies good rebound upside potential towards the 61.8%FR (RM1.17), with a breakout to aim for the 76.4%FR (RM1.28) and 6/4/16 peak (RM1.45) ahead. Key retracement support from the 38.2%FR (RM1.00) is reinforced by the 200-day ma (98sen). WCT Holdings should attract buyers on dips towards RM1.98 (previous Nov 2016 peak), while a convincing breakout above the 5/4/17 peak (RM2.14) will target the 123.6%FP (RM2.19) and 138.2%FP (RM2.32) going forward. MUDAJAYA Upper Middle RM1.10 (+0.07) BOLLINGER BANDS RM RM 1.21 1.06 10-day 30-day RM 0.92 50-day Lower DMI Recent Signal BUY 0.97 Recent Signal SELL Signal Change WCT HOLDINGS Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 1.09 RM 1.02 BOLLINGER BANDS RM RM RM DMI RM2.04 (-0.01) 2.16 1.99 1.83 BUY SIMPLE MOVING AVERAGES RM 2.03 RM 1.95 RM 1.92 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
25. T e c h n i c a l TA Securities V i e w Friday , April 21, 2017 FBMKLCI: 1,741.61 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 20.04.2017 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 Price REACH ENERGY BHD BIO OSMO BHD AIRASIA X BHD XOX BHD TIGER SYNERGY BH OLYMPIA INDS BHD TANCO HLDGS BHD PRIVASIA TECHNOL IJM CORP BHD BIOALPHA HOLDING RGB INTERNATIONA MNC WIRELESS BHD VIZIONE HOLDINGS PAN MALAYSIA HLD IHH HEALTHCARE B STERLING PROGRES LUSTER INDUSTRIE AWC BHD ORION IXL BHD METRONIC GLOBAL NICHE CAPITAL SOLUTION ENGINEE SUPERCOMNET TECH OCK GROUP BHD M3 TECHNOLOGIES BINTAI KINDEN NWP HLDGS BHD GRAND-FLO BHD O&C RESOURCES BH NOTION VTEC BHD 0.59 0.10 0.40 0.11 0.06 0.16 0.12 0.20 3.49 0.26 0.29 0.08 0.14 0.18 6.02 0.21 0.13 1.01 0.31 0.08 0.12 0.33 0.19 0.90 0.09 0.24 0.22 0.25 0.63 1.20 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.54 0.08 0.39 0.10 0.04 0.14 0.09 0.17 3.43 0.24 0.28 0.06 0.11 0.14 5.97 0.19 0.11 0.97 0.28 0.07 0.08 0.31 0.14 0.86 0.06 0.22 0.20 0.22 0.60 1.12 0.59 0.09 0.40 0.11 0.05 0.15 0.11 0.19 3.48 0.26 0.29 0.08 0.13 0.18 6.02 0.20 0.12 1.01 0.30 0.07 0.11 0.33 0.18 0.90 0.08 0.23 0.22 0.24 0.62 1.19 0.63 0.10 0.41 0.11 0.06 0.17 0.13 0.21 3.54 0.28 0.30 0.09 0.14 0.21 6.06 0.21 0.13 1.04 0.32 0.08 0.14 0.34 0.22 0.93 0.09 0.25 0.23 0.25 0.64 1.27 51.14 61.84 52.01 55.60 60.61 54.80 57.62 55.86 54.63 52.79 50.10 56.95 57.55 52.13 49.58 51.61 61.28 51.37 68.00 53.63 56.09 51.87 57.33 55.30 59.48 55.81 53.29 62.99 53.98 57.47 0.57 0.10 0.40 0.11 0.06 0.16 0.12 0.19 3.47 0.26 0.29 0.08 0.13 0.19 6.03 0.21 0.12 1.00 0.31 0.07 0.12 0.33 0.19 0.89 0.08 0.23 0.22 0.23 0.63 1.17 0.59 0.09 0.40 0.10 0.05 0.15 0.11 0.18 3.47 0.26 0.29 0.07 0.13 0.17 6.00 0.21 0.12 1.01 0.27 0.07 0.10 0.33 0.16 0.89 0.07 0.23 0.22 0.23 0.63 1.20 0.61 0.08 0.40 0.10 0.05 0.13 0.10 0.18 3.44 0.25 0.30 0.07 0.12 0.16 6.03 0.21 0.11 1.00 0.25 0.08 0.10 0.33 0.15 0.87 0.07 0.23 0.21 0.23 0.59 1.07 Vol 24,330,400 20,309,900 19,390,800 18,895,100 17,028,500 10,980,400 9,875,100 9,482,300 6,925,700 6,361,300 5,000,000 4,900,500 4,527,000 4,332,200 4,202,200 3,436,600 3,079,900 2,708,700 2,542,600 2,423,100 2,290,200 2,028,100 1,936,200 1,913,300 1,770,100 1,516,700 1,497,800 1,351,400 1,293,500 1,171,500 20-day avg vol 4,063,195 13,254,280 11,911,420 22,346,230 20,700,780 30,570,190 8,347,005 7,661,845 4,857,705 13,588,590 7,569,740 14,069,110 21,750,780 4,490,050 3,932,335 9,608,300 23,551,780 1,104,680 9,425,940 10,205,340 8,479,370 2,954,080 7,941,315 1,803,725 9,805,500 1,865,065 2,143,660 545,815 2,344,230 2,446,535 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
26. 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 EP MANUFACTURING GUAN CHONG BHD LTKM BHD SCC BERJAYA MEDIA BH HIL INDUSTRIES B SEACERA GROUP CN ASIA CORP TEX CYCLE TECH JAG BHD YEE LEE CORP KEY ASIC BHD ANCOM BHD VITROX CORP BHD I-BHD LPI CAPITAL BHD EVERSENDAI CORP MALAYAN BANKING SCIENTEX BHD IQ GROUP HLDGS Raw data sourced from Bloomberg 20 Price 0.84 1.07 1.66 1.89 0.44 1.11 1.29 0.52 1.27 0.13 2.70 0.15 0.59 5.08 0.63 17.32 0.77 9.08 8.55 3.75 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.42 0.86 1.13 1.65 0.33 0.84 0.80 0.36 1.04 0.10 2.47 0.12 0.41 4.33 0.59 16.92 0.65 8.90 6.91 3.20 0.58 0.96 1.32 1.74 0.37 0.94 0.98 0.42 1.13 0.12 2.57 0.14 0.49 4.66 0.61 17.12 0.71 8.99 7.66 3.46 0.74 1.07 1.52 1.83 0.42 1.04 1.15 0.49 1.21 0.13 2.67 0.15 0.58 5.00 0.62 17.32 0.76 9.07 8.41 3.72 85.00 69.55 87.58 71.94 73.46 77.60 86.83 70.16 78.70 64.39 69.06 68.86 76.63 75.01 59.12 67.21 69.57 67.46 87.22 68.98 0.62 1.00 1.36 1.73 0.37 0.96 1.01 0.45 1.15 0.12 2.59 0.14 0.53 4.70 0.61 17.20 0.72 9.01 7.96 3.48 0.56 0.95 1.32 1.74 0.37 0.94 0.97 0.41 1.12 0.11 2.55 0.13 0.48 4.59 0.61 17.09 0.68 8.95 7.56 3.39 0.55 0.98 1.32 1.73 0.35 0.94 0.97 0.37 1.12 0.12 2.56 0.11 0.44 4.38 0.61 17.05 0.67 8.79 7.43 3.29 Vol 2,937,600 7,104,600 1,395,000 910,000 134,000 906,900 21,469,300 72,500 460,200 27,300,400 858,600 9,480,600 1,525,800 557,600 2,107,400 84,400 3,961,800 24,082,600 636,300 306,800 20-day avg vol 223,410 700,530 147,340 96,965 19,085 163,810 4,705,045 19,080 157,815 9,761,595 318,475 3,661,265 693,090 276,935 1,048,235 42,475 2,067,020 13,140,320 349,785 202,865 *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 PETRONAS GAS BHD UMS HLDGS BHD ANZO HOLDINGS BH OSK HOLDINGS BHD COUNTRY HEIGHTS MCT BHD LFE CORP BHD CIMB FTSE CHINA BOUSTEAD HEAVY I PCCS GROUP BHD CHUAN HUAT RES BERJAYA LAND CAPITALAND MALAY BINTULU PORT HLD DRB-HICOM BHD TOP GLOVE CORP B SCOMI ENGINEERIN DOLOMITE CORP BH EURO HOLDINGS BH SCOMI ENERGY SER Price 18.34 2.52 0.33 1.53 1.22 1.07 0.28 1.43 2.39 0.42 0.49 0.53 1.55 6.05 1.32 4.78 0.35 0.34 0.24 0.20 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 18.79 2.55 0.35 1.55 1.23 1.08 0.29 1.44 2.40 0.43 0.50 0.53 1.55 6.05 1.32 4.78 0.35 0.34 0.24 0.20 19.56 2.71 0.49 1.60 1.34 1.15 0.31 1.48 2.47 0.47 0.52 0.56 1.62 6.13 1.37 4.92 0.39 0.36 0.25 0.22 20.33 2.86 0.63 1.65 1.44 1.22 0.33 1.53 2.55 0.52 0.55 0.58 1.68 6.20 1.41 5.06 0.43 0.38 0.26 0.23 13.40 33.84 39.20 39.76 34.40 42.18 25.22 36.62 44.02 36.69 32.95 29.11 26.93 35.88 41.08 23.45 30.53 37.13 40.21 38.37 19.34 2.65 0.47 1.60 1.34 1.13 0.30 1.48 2.46 0.45 0.51 0.55 1.59 6.11 1.35 4.87 0.38 0.36 0.25 0.22 19.64 2.72 0.44 1.58 1.34 1.12 0.31 1.48 2.47 0.48 0.53 0.56 1.63 6.12 1.37 5.00 0.40 0.36 0.25 0.22 19.90 2.70 0.37 1.53 1.36 1.05 0.31 1.45 2.33 0.43 0.52 0.57 1.62 6.17 1.37 5.06 0.41 0.37 0.24 0.23 Vol 1,520,900 6,000 75,681,500 823,700 55,000 72,300 1,311,800 2,500 14,000 1,000 42,100 76,000 303,400 16,800 8,033,300 4,271,300 18,500 31,000 577,400 1,632,700 20-day avg vol 987,350 2,150 36,702,520 1,097,150 154,285 26,570 535,980 9,165 48,205 28,725 131,435 119,395 505,440 164,380 6,228,355 1,839,705 181,890 184,795 1,359,495 2,094,960 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
27. Friday , 21 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
28. T e c h n i c a l TA Securities V i e w Friday , April 21, 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: 5,821.39 (+17.38, +0.30%) 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 www.taonline.com.my Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD DMI MACD Change High Low 20-Apr Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change 5821.39 17.38 5826.10 5801.20 5703.87 5840.05 5976.23 48.79 5872.32 5816.90 5791.22 24.65 27.66 22.02 (3.01) 22.24 31.63 (9.392) SELL SELL 23.65 -0.27 23.95 23.52 23.14 24.31 25.47 40.13 24.63 24.34 24.96 23.64 31.84 14.45 (8.20) -0.16 -0.13 (0.038) SELL SELL - SELL 58.67 -0.23 59.76 58.33 58.07 60.11 62.15 41.52 60.19 60.38 62.38 25.24 33.34 16.28 (8.10) -0.71 -0.60 (0.107) SELL SELL 85.13 0.51 85.31 84.76 82.81 85.20 87.58 50.63 85.53 84.90 84.37 21.23 23.55 13.94 (2.33) 0.36 0.49 (0.123) SELL SELL 34.17 0.06 34.36 34.12 33.44 34.50 35.55 45.93 34.49 34.58 34.20 24.36 29.80 14.09 (5.44) 0.06 0.15 (0.092) SELL SELL 31.54 0.38 31.58 31.24 30.81 31.64 32.47 49.95 31.64 31.66 31.21 20.11 25.98 15.68 (5.87) 0.09 0.16 (0.074) SELL SELL 32.75 0.29 32.84 32.53 31.75 32.77 33.79 51.50 32.81 32.71 32.31 22.04 22.68 15.33 (0.64) 0.15 0.21 (0.067) SELL SELL 44.41 0.05 44.70 44.20 43.41 44.51 45.60 51.84 44.59 44.34 43.63 18.83 21.75 15.72 (2.92) 0.28 0.37 (0.098) SELL SELL 32.32 -0.39 32.44 32.17 30.54 32.32 34.10 50.28 33.03 31.92 31.73 28.29 27.37 24.82 0.93 0.42 0.43 (0.016) BUY SELL - SELL 23.58 -0.27 23.61 23.07 21.63 23.44 25.25 53.34 24.23 22.86 22.74 28.29 24.95 25.81 3.33 0.54 0.54 0.001 BUY BUY 9.22 0.14 9.26 9.13 8.51 8.93 9.35 63.32 9.09 8.81 8.86 32.07 13.97 33.44 18.10 0.11 0.08 0.032 BUY BUY 5.18 -0.06 5.37 5.16 5.21 5.99 6.77 28.32 5.79 6.15 6.38 11.26 43.09 35.10 (31.83) -0.29 -0.18 (0.108) SELL SELL 12.44 0.07 12.47 12.36 12.41 12.77 13.13 41.09 12.76 12.79 12.70 19.38 32.24 16.36 (12.86) -0.04 0.02 (0.063) SELL SELL 7.36 -0.02 7.41 7.32 6.58 7.14 7.69 63.79 7.37 6.94 6.89 32.57 17.43 31.09 15.14 0.19 0.17 0.019 BUY BUY 5.20 0.00 5.25 5.19 4.94 5.15 5.36 55.93 5.23 5.10 5.08 22.32 12.99 24.39 9.33 0.05 0.05 0.000 BUY BUY 3.57 -0.09 3.61 3.53 3.58 3.76 3.93 37.16 3.77 3.72 3.78 19.10 32.56 15.95 (13.46) -0.02 0.00 (0.018) SELL SELL 86.87 0.23 87.49 86.77 86.03 88.24 90.44 42.85 88.01 88.34 87.63 19.06 26.44 12.47 (7.38) -0.11 0.20 (0.310) SELL SELL 13.45 0.15 13.47 13.34 12.76 13.17 13.58 57.27 13.27 13.22 13.28 25.34 23.53 12.57 1.81 0.05 0.00 0.045 BUY BUY BUY 17.59 -0.03 17.81 17.52 17.29 17.70 18.11 44.57 17.76 17.79 18.14 19.59 20.15 13.88 (0.55) -0.09 -0.12 0.027 SELL BUY 7.17 -0.04 7.22 7.13 6.87 7.26 7.65 46.78 7.39 7.14 7.11 21.42 27.15 23.01 (5.73) 0.08 0.10 (0.018) SELL SELL 10.74 0.02 10.77 10.68 10.41 10.67 10.93 58.08 10.74 10.58 10.42 20.67 16.28 22.29 4.39 0.10 0.11 (0.011) BUY SELL 15.40 0.20 15.48 15.28 14.69 15.13 15.57 65.81 15.27 14.88 14.73 24.55 16.84 22.41 7.70 0.19 0.19 0.002 BUY BUY - BUY 4.90 0.06 4.91 4.86 4.47 4.73 4.98 65.84 4.83 4.66 4.64 29.49 15.22 32.50 14.27 0.08 0.07 0.019 BUY BUY 1.78 -0.02 1.81 1.77 1.73 1.78 1.84 47.23 1.79 1.80 1.85 24.16 25.71 10.14 (1.55) -0.02 -0.02 0.002 SELL BUY 13.53 -0.06 13.69 13.48 13.47 13.89 14.30 40.11 13.90 13.91 13.74 14.80 26.00 19.87 (11.20) 0.00 0.07 (0.072) SELL SELL 3.95 0.01 3.97 3.91 3.84 3.93 4.01 59.31 3.93 3.88 3.76 19.38 16.86 18.36 2.52 0.05 0.06 (0.012) BUY SELL 11.49 -0.07 11.58 11.43 11.51 12.27 13.02 32.60 12.12 12.37 12.41 16.83 35.47 16.92 (18.64) -0.22 -0.10 (0.114) 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 2
29. 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 23.65 27.76 15% 58.67 71.26 18% 4.69 3.42 9.4 12.9 4.706 3.448 85.13 84.53 -1% 5.64 5.86 15.1 14.5 4.984 5.137 34.17 34.41 1% 2.41 2.51 14.2 13.6 5.455 5.452 31.54 31.64 0% 2.39 2.43 13.2 13.0 5.124 32.75 32.81 0% 2.42 2.48 13.5 13.2 44.41 43.46 -2% 2.61 2.63 17.0 16.9 32.32 32.87 2% 1.26 1.44 19.3 16.9 3.113 3.540 33.97 25.10 3.72 23.58 22.91 -3% 0.71 0.91 25.0 19.5 0.742 1.043 27.20 16.35 16.44 9.22 9.48 3% 0.33 0.36 21.0 19.3 2.777 2.831 11.14 8.21 -1.71 5.18 6.30 18% 0.81 0.50 4.8 7.8 5.965 3.803 7.27 2.81 -12.05 12.44 13.64 9% 0.64 0.80 14.6 11.6 3.408 4.011 13.28 9.22 0.16 7.36 7.36 0% 0.30 0.56 24.3 13.2 0.000 1.332 7.57 4.69 11.68 5.20 5.31 2% 0.36 0.37 14.6 13.9 5.577 5.827 5.96 4.39 3.17 3.57 4.34 18% 0.13 0.18 20.0 15.2 1.008 2.101 5.07 3.30 -11.19 86.87 88.73 2% 6.16 6.36 14.1 13.7 4.891 5.105 90.93 61.05 -0.29 13.45 13.77 2% 0.90 0.97 14.9 13.8 5.405 5.836 13.95 11.27 -0.52 17.59 16.75 -5% 1.05 1.13 16.8 15.6 3.019 3.275 19.49 12.04 -0.51 2017 2018 2017 2018 2017 2018 High Low YTD 1.51 1.33 11.8 13.3 3.653 3.366 27.96 17.29 -5.63 69.80 41.51 -2.05 86.68 69.22 3.30 35.39 27.57 4.82 5.200 32.44 22.66 3.68 5.985 5.915 33.63 23.90 6.78 4.972 5.051 46.06 38.62 5.39 7.17 8.01 11% 0.21 0.25 25.7 22.0 1.213 1.450 7.75 6.19 0.00 10.74 9.92 -8% 0.57 0.60 18.7 18.1 4.460 4.590 10.87 7.94 6.13 15.40 15.97 4% 0.61 0.65 19.1 17.8 2.773 3.104 16.66 13.62 3.01 4.90 4.83 -1% 0.32 0.34 15.3 14.6 5.245 5.449 5.11 4.03 6.99 -2.73 1.78 1.86 4% 0.11 0.10 12.0 13.8 6.011 5.843 2.04 1.21 13.53 13.82 2% 0.55 0.61 18.6 16.7 1.936 2.069 14.33 8.63 8.59 3.95 4.39 10% 0.53 0.53 7.50 7.47 3.722 4.557 4.02 2.58 18.62 11.49 12.23 6% 0.64 0.73 18.1 15.8 3.333 3.429 13.62 7.40 -10.44 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 2 of 2
30. T e c h n i c a l TA Securities V i e w Friday , April 21, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Hong Kong HSI: 24,056.98 (+231.10, +0.97%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Close Name 20-Apr HANG SENG 24,056.98 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 62.25 84.15 6.16 4.95 9.09 22.85 3.65 117.30 5.56 236.60 191.50 93.90 42.05 6.23 17.94 79.80 3.26 30.90 154.50 15.38 74.55 19.70 66.90 22.95 68.20 5.27 49.30 5.82 3.94 10.38 31.30 6.00 44.20 13.10 19.14 9.72 22.05 21.90 13.86 4.15 10.80 10.84 8.33 2.67 2.36 49.55 36.00 42.30 Change High Tel: +603-2167 9607 Lower 231.10 0.15 0.95 0.06 0.04 (0.04) 0.35 0.02 1.10 0.00 6.40 0.70 0.20 0.15 0.03 0.10 0.45 0.02 (0.10) 1.10 0.14 0.30 (0.06) 1.25 (0.05) 0.30 0.00 0.20 0.04 0.01 0.26 0.55 0.02 0.20 0.18 0.18 0.11 (0.05) 0.05 0.06 0.00 (0.06) 0.12 0.00 0.02 (0.01) 0.85 0.40 (0.05) 24,058.87 23,827.07 62.25 84.40 6.16 4.95 9.10 22.95 3.66 117.80 5.56 236.60 192.30 94.10 42.15 6.26 18.04 79.80 3.26 31.10 154.80 15.50 74.85 19.94 67.20 23.05 68.25 5.27 49.50 5.82 3.97 10.38 31.35 6.09 44.20 13.18 19.16 9.72 22.25 22.00 13.94 4.15 10.84 10.84 8.39 2.69 2.36 49.80 36.20 42.45 61.80 83.55 6.08 4.88 8.96 22.50 3.61 116.30 5.48 231.60 190.00 93.05 41.65 6.16 17.76 78.85 3.21 30.65 153.00 15.20 74.00 19.60 65.40 22.70 67.60 5.27 48.80 5.75 3.86 10.12 30.75 5.99 43.70 12.80 18.60 9.55 21.75 21.70 13.70 4.03 10.72 10.66 8.28 2.64 2.34 49.00 35.45 41.75 RSI Bollinger Bands Low 23,906.01 62.20 82.29 6.09 4.90 8.93 22.37 3.58 113.00 5.56 221.04 191.08 93.57 41.66 6.06 17.77 79.43 3.05 31.01 154.31 15.11 74.22 19.80 65.30 21.72 66.31 4.96 47.48 5.78 3.88 9.98 30.98 5.85 42.59 13.00 17.40 9.51 21.09 21.62 13.65 3.65 10.77 10.72 8.21 2.50 2.33 48.84 34.54 40.86 Mid stsoo@ta.com.my Upper 14d 24,244.02 24,582.02 48.75 63.19 85.93 6.29 5.07 9.28 23.66 3.80 116.04 5.72 227.30 195.10 95.84 43.08 6.31 18.31 81.22 3.46 31.83 157.47 15.56 77.11 20.46 67.20 23.07 67.78 5.14 48.85 6.00 4.05 10.47 31.92 6.39 43.78 13.60 18.42 9.74 22.03 22.33 14.23 3.93 11.13 11.06 8.52 2.89 2.37 49.60 36.25 42.60 64.18 89.57 6.49 5.25 9.62 24.94 4.03 119.07 5.88 233.56 199.12 98.11 44.51 6.56 18.86 83.01 3.88 32.65 160.63 16.01 80.00 21.12 69.10 24.41 69.24 5.31 50.21 6.21 4.22 10.95 32.86 6.93 44.97 14.19 19.44 9.96 22.96 23.03 14.82 4.20 11.49 11.40 8.83 3.28 2.42 50.35 37.96 44.33 38.47 42.77 44.20 42.30 40.90 38.42 33.73 58.07 33.75 69.07 40.43 36.14 41.77 48.66 53.07 45.24 32.86 37.51 39.66 47.98 33.68 41.12 54.59 44.49 51.16 57.23 64.41 36.45 43.49 52.43 41.97 31.06 61.99 41.14 63.09 49.38 52.42 45.70 41.87 59.32 35.55 40.76 44.18 34.01 44.65 51.72 51.63 55.30 Moving Averages 10d 24,167.50 63.12 84.81 6.22 5.00 9.36 23.17 3.70 117.41 5.67 229.18 194.20 94.99 42.48 6.38 18.16 81.38 3.30 31.58 156.65 15.67 76.37 20.38 66.55 22.99 68.43 5.15 49.43 5.91 4.07 10.52 31.62 6.15 44.24 13.37 18.82 9.75 22.24 22.41 14.16 4.03 11.04 10.95 8.45 2.70 2.39 49.52 36.87 43.17 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 24,132.15 24,002.87 21.80 30.55 19.97 (8.75) 20.41 83.74 (63.333) SELL SELL - - 63.32 85.78 6.28 5.07 9.18 23.82 3.83 115.14 5.74 223.59 194.64 96.01 42.77 6.18 17.65 80.36 3.54 31.72 157.84 15.38 77.75 20.33 66.94 23.56 67.83 5.19 47.79 6.03 4.03 10.22 31.92 6.57 43.19 13.50 18.17 9.79 21.89 22.06 14.27 3.95 11.25 11.08 8.51 2.99 2.40 49.53 35.60 41.44 64.19 86.24 6.25 5.05 9.27 23.89 3.85 113.50 5.86 217.48 195.38 95.03 42.39 6.14 17.09 79.51 3.51 31.52 159.29 15.21 78.72 20.06 64.24 23.70 68.72 5.22 46.46 6.06 4.07 9.90 32.38 6.55 42.24 13.33 17.91 9.74 21.58 21.90 14.20 4.02 11.25 11.23 8.50 2.98 2.37 49.10 34.32 39.50 31.27 27.35 23.75 28.51 28.17 26.47 33.84 21.82 30.51 13.66 24.36 26.10 17.80 22.20 22.20 29.33 32.24 28.84 27.16 26.45 30.56 23.44 17.35 21.57 16.13 18.62 19.41 30.21 23.82 19.44 29.07 27.61 17.58 24.75 12.52 20.41 18.48 18.94 22.31 17.15 23.36 29.12 17.52 27.15 22.85 24.44 20.99 16.51 10.59 19.96 16.42 19.91 20.72 20.98 26.18 23.43 18.66 26.96 16.71 27.12 22.95 25.37 24.32 34.83 30.64 25.09 27.21 36.54 20.87 16.55 25.37 17.57 15.52 17.75 35.15 20.53 12.77 31.50 21.92 27.86 45.38 25.78 34.06 15.41 20.17 20.56 15.82 14.62 13.64 29.57 12.13 28.52 26.15 15.85 30.78 45.41 (11.17) (10.39) (8.15) (13.00) (10.56) (9.72) (17.91) (0.79) (15.22) 19.55 (11.44) (16.51) (2.21) (2.36) 2.88 (14.72) (20.62) (18.46) (19.57) (12.99) (18.27) (4.82) 6.77 (2.03) (1.99) 3.49 8.10 (18.56) (3.48) 1.38 (14.04) (13.88) 6.50 (11.97) 16.94 0.26 5.72 (0.69) (3.99) 8.86 0.91 (20.56) (0.99) (12.50) 3.43 (4.44) (2.23) 5.26 -0.33 -0.67 -0.03 -0.03 0.01 -0.30 -0.06 1.28 -0.07 4.11 -0.66 -0.35 -0.09 0.06 0.25 0.36 -0.09 -0.08 -1.00 0.10 -1.06 0.02 0.42 -0.19 0.03 0.01 0.92 -0.06 -0.01 0.14 -0.29 -0.18 0.64 -0.07 0.39 0.00 0.24 0.14 -0.05 0.03 -0.10 -0.10 -0.03 -0.10 0.00 0.06 0.57 0.97 -0.25 -0.40 0.00 -0.01 0.03 -0.15 -0.03 1.32 -0.06 3.96 -0.04 0.00 0.12 0.09 0.38 0.73 -0.07 0.08 -0.56 0.17 -0.71 0.15 0.77 -0.23 -0.05 -0.01 1.02 -0.04 0.01 0.22 -0.18 -0.13 0.70 0.03 0.33 0.01 0.26 0.23 0.01 0.00 -0.05 -0.08 0.00 -0.07 0.00 0.15 0.75 1.23 (0.081) (0.270) (0.027) (0.023) (0.021) (0.154) (0.022) (0.042) (0.009) 0.142 (0.616) (0.353) (0.219) (0.026) (0.128) (0.375) (0.024) (0.163) (0.438) (0.067) (0.350) (0.125) (0.351) 0.041 0.083 0.023 (0.097) (0.025) (0.013) (0.079) (0.111) (0.054) (0.064) (0.099) 0.060 (0.007) (0.021) (0.092) (0.053) 0.028 (0.050) (0.025) (0.035) (0.031) (0.003) (0.091) (0.179) (0.259) SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY BUY SELL SELL BUY SELL SELL BUY SELL BUY BUY BUY SELL SELL BUY BUY SELL SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY BUY SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL BUY BUY - SELL BUY SELL - 20.10 16.96 15.60 15.51 17.60 16.76 15.93 21.03 15.29 33.20 12.92 9.58 15.59 19.83 25.08 14.61 11.62 10.38 7.59 13.45 12.30 18.62 24.12 19.54 14.15 22.11 27.51 11.66 20.34 20.83 15.03 13.73 24.08 12.78 29.45 20.67 24.20 18.24 18.31 26.01 24.28 8.56 16.53 14.65 26.28 20.00 18.76 21.77 The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
31. 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 62.20 62.89 1% 0.6 0.6 13.6 12.3 0.8 0.8 69.10 44.50 -0.08 84.20 106.47 21% 5.7 6.1 13.2 12.2 3.1 3.4 99.30 80.30 2.43 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 9.07 11.08 18% 0.6 0.8 13.7 10.3 3.6 3.9 10.88 8.70 -6.49 22.85 27.77 18% 0.9 1.1 22.0 18.2 1.4 1.6 25.50 16.00 13.12 3.65 4.47 18% 0.6 0.6 5.6 5.3 4.8 5.2 4.08 2.90 6.10 117.00 129.72 10% 8.8 9.5 13.3 12.3 3.4 3.6 123.30 85.40 19.39 6.02 5.55 7.00 21% 0.3 0.4 19.2 12.5 2.0 3.0 6.38 4.92 -3.98 236.00 259.08 9% 6.2 7.9 33.9 26.4 0.3 0.4 236.40 152.20 24.41 191.40 197.45 3% 5.7 6.3 33.7 30.4 2.7 2.9 213.20 175.00 4.48 93.75 114.40 18% 9.3 10.1 10.1 9.3 3.1 3.3 103.90 80.60 6.66 42.05 44.95 55.49 24% 3.7 4.1 10.1 9.1 1.7 1.9 32.50 8.38 6.24 7.35 15% 0.4 0.5 12.5 11.0 4.0 4.5 6.57 4.96 13.45 17.96 19.10 6% 1.6 1.5 10.2 10.6 3.2 3.2 19.78 11.40 23.01 79.60 79.60 0% 5.0 5.2 15.8 15.3 3.6 3.7 84.35 69.65 11.72 3.25 3.16 -3% 0.0 0.0 14.9 13.5 0.8 0.8 5.15 3.18 -4.69 11.35 30.90 35.87 14% 2.7 2.9 11.6 10.7 4.4 4.6 32.55 21.01 154.20 154.53 0% 9.2 10.1 16.7 15.3 4.1 4.3 164.40 127.60 6.86 15.42 12.92 -19% 0.6 0.6 25.9 24.8 2.4 2.6 15.92 12.95 12.23 74.70 77.17 19.74 19.66 0% 1.2 1.1 16.4 18.2 3.8 3.8 21.00 13.64 20.07 66.70 66.22 -1% 4.7 4.8 14.3 13.8 3.3 3.5 69.95 40.05 29.39 22.95 28.95 21% 3.2 3.6 7.1 6.3 3.6 4.1 27.85 20.15 11.68 68.10 74.22 8% 3.4 3.5 19.8 19.2 4.1 4.1 75.73 62.78 6.57 5.27 4.98 -6% 0.4 0.4 11.7 11.6 4.6 4.7 5.79 4.07 20.87 49.15 48.99 0% 3.3 3.2 15.2 3.1 3.2 50.20 39.64 19.15 5.80 6.10 5% 0.9 0.9 5.7 5.5 4.7 4.9 6.44 4.46 3.39 3.91 4.68 16% 0.3 0.3 11.3 11.9 2.2 1.9 4.88 2.92 6.25 10.36 12.18 15% 0.2 0.4 39.9 22.2 0.8 1.4 11.20 7.70 14.73 31.20 25.91 34.75 26.35 3% 5.0 5.2 15.1 14.9 14.2 3.6 3.9 94.40 72.20 0.88 -20% 2.2 1.8 14.2 17.6 3.0 2.6 6.02 5.89 -2% 0.0 0.2 207.6 37.4 0.0 1.2 7.62 5.34 -1.15 44.10 39.91 -10% 1.6 1.6 27.8 27.0 7.5 2.6 44.80 35.55 16.98 5.05 13.12 13.86 5% 0.8 0.8 15.7 15.8 3.9 3.9 14.48 10.96 12.91 19.16 19.03 -1% 0.6 0.7 30.1 25.9 1.0 1.2 19.60 13.75 24.42 12.5 9.70 11.22 14% 0.8 0.8 11.8 4.5 4.6 10.46 6.91 18.29 22.05 28.28 22% 2.8 3.2 8.0 6.9 3.6 4.2 23.85 16.50 26.43 21.90 24.73 11% 1.6 1.7 13.5 13.1 3.4 3.6 23.95 18.80 13.83 13.86 15.04 8% 1.4 1.5 10.2 9.2 6.0 6.2 15.10 10.70 12.50 0.3 0.5 2.25 29.69 4.15 4.71 12% 0.2 0.2 17.8 15.6 10.78 10.10 -7% -0.1 0.2 N/A 45.3 0.5 0.8 13.50 10.00 5.69 10.80 12.35 13% 1.6 1.7 6.9 6.4 3.1 4.0 12.78 4.45 10.54 -2.70 8.32 9.09 9% 0.1 0.1 13.5 12.4 0.4 0.4 9.48 7.28 6.80 2.67 3.08 13% 0.0 0.0 49.1 13.7 0.5 0.6 3.35 2.31 2.34 2.45 4% 0.0 0.0 N/A N/A 0.0 0.0 2.80 2.00 3.54 49.75 56.81 12% 0.4 0.4 17.3 15.7 0.2 0.3 54.15 42.30 13.71 36.00 38.23 6% 0.2 0.2 24.1 21.6 0.7 0.7 39.30 24.60 6.82 42.10 44.02 4% 1.7 1.8 25.2 23.2 1.2 1.3 44.05 21.73 25.34 8.98 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
32. T e c h n i c a l TA Securities V i e w Friday , April 21, 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: 3,137.88 (+11.60, +0.37%) 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 Tel: +603-2167 9607 Close Bollinger Bands RSI Change High Low 20-Apr Lower Mid Upper 14d 3,137.88 11.60 3,144.05 3,117.97 3,118.36 3,161.74 3,205.13 45.72 3.74 18.91 9.60 21.75 65.50 3.51 7.64 3.64 1.07 6.55 7.45 10.15 2.34 0.15 10.15 42.20 3.37 45.40 0.35 3.78 1.88 2.01 3.07 1.72 2.66 2.76 3.67 0.46 1.08 (0.02) 0.12 0.07 0.21 1.47 0.05 (0.01) 0.00 0.01 (0.09) (0.03) (0.02) 0.01 (0.01) (0.07) 1.28 0.00 0.85 0.00 (0.01) (0.02) (0.01) 0.01 (0.03) 0.05 (0.05) 0.00 0.00 0.01 3.75 18.98 9.62 21.83 65.50 3.52 7.71 3.68 1.08 6.59 7.51 10.20 2.34 0.16 10.20 42.37 3.40 45.53 0.35 3.80 1.90 2.02 3.08 1.72 2.67 2.83 3.68 0.47 1.08 3.72 18.77 9.51 21.49 63.94 3.42 7.60 3.63 1.06 6.47 7.45 10.08 2.32 0.15 10.09 40.99 3.36 44.70 0.34 3.77 1.87 2.00 3.01 1.68 2.59 2.76 3.65 0.46 1.06 3.72 18.62 9.49 21.53 63.90 3.44 7.22 3.61 0.97 6.64 7.40 10.01 2.27 0.16 10.11 40.33 3.37 43.71 0.34 3.60 1.85 1.93 3.07 1.75 2.50 2.79 3.65 0.46 1.08 3.86 19.06 9.64 21.88 65.49 3.52 7.61 3.67 1.04 6.85 7.61 10.16 2.32 0.18 10.29 41.71 3.52 45.01 0.37 3.70 1.91 1.98 3.14 1.85 2.60 2.86 3.68 0.50 1.13 4.01 19.50 9.79 22.23 67.09 3.60 7.99 3.73 1.11 7.05 7.82 10.31 2.38 0.21 10.48 43.09 3.66 46.31 0.40 3.80 1.98 2.02 3.21 1.95 2.70 2.93 3.70 0.55 1.19 31.86 46.33 48.76 49.31 51.53 46.06 58.42 48.14 60.58 34.91 38.16 52.50 64.84 22.01 47.86 57.69 31.41 54.78 25.96 61.22 36.25 64.45 35.76 30.47 62.23 34.56 48.34 22.50 42.07 stsoo@ta.com.my www.taonline.com.my Moving Averages 10d 30d 50d DI + 3,160.43 3,156.35 3,137.99 18.94 DI 27.55 ADX 16.77 Diff (8.61) Line 2.46 MACD DMI MACD DMI MACD Signal Diff Recent Signal Signal Change 10.24 (7.780) SELL SELL - 3.81 19.03 9.63 21.83 65.59 3.50 7.72 3.68 1.07 6.83 7.55 10.18 2.32 0.18 10.31 41.58 3.46 45.46 0.36 3.72 1.92 2.00 3.13 1.83 2.63 2.84 3.67 0.49 1.13 29.01 28.98 23.51 24.35 21.34 21.20 12.45 16.23 16.26 38.80 21.46 19.61 12.24 44.16 23.90 15.80 33.35 16.73 30.36 14.80 27.30 13.61 31.04 40.95 12.40 30.09 13.08 38.03 23.32 22.86 11.32 14.06 18.60 16.46 27.04 45.94 16.45 32.12 18.00 14.23 11.77 42.83 32.61 26.48 32.64 26.92 15.46 28.14 19.50 23.83 25.87 15.65 25.79 20.34 14.55 15.52 27.31 37.82 (19.25) (4.80) (9.49) (3.35) (8.95) (8.66) 12.45 0.79 8.92 (20.60) (3.28) (5.81) 22.25 (35.77) (2.81) 11.67 (18.44) 4.49 (21.57) 12.38 (15.88) 8.48 (18.25) (22.46) 11.02 (15.27) 0.74 (29.74) (6.23) -0.05 -0.01 0.00 0.02 0.04 -0.04 0.15 0.01 0.02 -0.02 -0.03 0.05 0.04 -0.01 0.07 0.45 -0.03 0.35 -0.01 0.03 -0.01 0.02 -0.02 -0.01 0.03 -0.01 0.00 -0.02 0.01 -0.03 0.04 0.02 0.09 0.21 -0.04 0.18 0.02 0.02 0.02 0.00 0.06 0.05 -0.01 0.11 0.59 -0.01 0.47 -0.01 0.03 -0.01 0.01 -0.02 0.01 0.03 0.00 0.00 -0.01 0.02 3.89 19.05 9.63 21.80 65.56 3.54 7.44 3.67 1.03 6.82 7.59 10.10 2.25 0.19 10.30 40.97 3.52 44.84 0.37 3.69 1.92 1.96 3.16 1.86 2.57 2.86 3.68 0.51 1.13 3.91 18.94 9.59 21.61 64.98 3.63 7.21 3.63 1.01 6.80 7.58 10.02 2.19 0.20 9.97 40.05 3.50 43.93 0.39 3.65 1.97 1.96 3.18 1.80 2.53 2.85 3.68 0.52 1.07 9.76 24.18 14.02 21.00 12.39 12.54 24.90 17.02 25.19 18.20 18.17 13.79 34.49 8.39 21.09 27.48 14.90 21.23 8.79 27.18 11.42 22.08 12.79 18.49 23.43 14.81 13.83 8.29 17.09 DMI (0.018) (0.049) (0.019) (0.065) (0.173) 0.001 (0.026) (0.012) 0.002 (0.041) (0.029) (0.012) (0.005) (0.003) (0.048) (0.137) (0.023) (0.113) (0.002) 0.006 (0.001) 0.004 (0.009) (0.023) (0.000) (0.010) (0.004) (0.006) (0.015) SELL SELL SELL SELL SELL SELL BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY SELL BUY SELL BUY SELL BUY SELL SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL SELL BUY SELL SELL BUY SELL SELL SELL SELL SELL SELL SELL SELL SELL SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL SELL BUY BUY - BUY SELL - 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 3
33. Corporate News : Singapore Telecommunications may struggle to boost mobile revenue now that TPG Telecom is set to compete in both Singapore and Australia. Temasek-controlled Singtel may look to raise its stakes in regional telecom operators to blunt the impact of intensifying competition in its two largest markets. – Bloomberg. Technical Comments: Any weakness on Singtel shares towards support from the 23.6%FR (SGD3.66) and the low of 26/01/16 (SGD3.38) would be good buying opportunity for oversold rebound towards the upper Bollinger band (SGD4.01), with a breakout to target 76.4%FR (SGD4.22) and the high of 16/04/15 (SGD4.57) going forward. SINGAPORE TELECOMMUNICATIONS SGD3.74 (-0.02) \\ Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI 4.01 3.86 3.72 SELL SIMPLE MOVING AVERAGES SGD 3.81 SGD 3.89 SGD 3.91 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 3
34. 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 3.74 4.21 18.91 9.60 21.75 21.18 -3% 1.9 2.1 11.2 10.5 3.3 3.4 22.15 17.41 6.62 65.50 64.13 -0.02 4.1 4.4 16.0 14.9 2.4 2.5 67.27 52.42 18.55 3.51 3.84 9% 0.2 0.2 12.8 12.0 2.0 2.2 4.00 2.96 -2.23 7.64 7.43 -3% 0.4 0.4 19.4 18.8 2.5 2.6 7.88 5.79 20.70 3.64 4.08 11% 0.2 0.2 17.3 17.8 2.8 2.9 3.79 2.85 20.53 1.07 1.06 -1% 0.0 0.0 30.6 28.2 2.7 2.8 1.10 0.69 18.23 6.55 7.03 7% 0.5 0.6 12.9 11.8 3.3 3.6 7.23 5.10 13.13 7.45 7.98 7% 0.3 0.4 22.3 20.6 3.9 4.3 8.05 6.96 4.05 10.15 9.76 -4% 0.4 0.4 23.0 23.5 3.5 2.7 11.67 9.60 4.96 2.34 2.19 -7% 0.1 0.1 30.4 30.8 1.8 1.9 2.41 1.92 11.96 YZJSGD SP YZJ % upside 2017 2018 2017 2018 2017 2018 High Low YTD 11% 0.2 0.3 15.5 14.6 4.8 4.9 4.36 3.59 2.47 19.44 3% 1.793 1.963 10.5 9.6 3.3 3.4 19.42 14.63 9.05 9.57 0% 0.9 0.9 11.2 10.3 3.8 4.0 9.78 8.21 7.62 0.15 0.22 0.31 0.0 0.0 7.3 4.9 0.0 0.0 0.36 0.11 -10.59 10.15 10.88 7% 0.6 0.7 16.0 14.8 1.5 1.5 10.65 7.86 22.58 42.20 41.42 -2% 2.8 3.0 15.3 14.2 0.8 0.8 43.78 27.35 27.11 3.37 3.28 -3% 0.1 0.2 22.6 22.3 5.0 4.9 4.13 3.36 -4.53 45.40 50.63 10% 2.2 2.5 14.6 13.3 1.9 2.1 46.38 31.60 10.11 0.35 0.38 9% 0.0 0.0 15.4 13.7 2.0 2.3 0.45 0.33 -19.77 3.78 3.68 -3% 0.2 0.2 21.8 20.8 4.1 4.2 3.80 3.01 17.03 1.88 1.99 6% 0.1 0.1 13.9 13.4 2.6 2.6 2.17 1.58 -4.57 2.01 2.13 6% 0.1 0.1 17.6 17.2 5.5 5.5 2.25 1.87 6.63 3.07 3.59 14% 0.2 0.3 12.9 10.7 3.0 3.4 3.38 2.44 7.72 1.72 1.72 0% 0.1 0.1 32.4 24.9 1.6 1.9 2.09 1.22 24.28 2.66 2.93 9% 0.2 0.2 17.1 16.3 4.1 4.5 3.02 2.37 7.69 2.76 2.61 -6% 0.2 0.2 17.0 17.9 5.8 5.7 3.97 2.73 -1.78 3.67 3.55 -3% 0.2 0.2 23.8 23.7 4.2 4.0 3.91 3.35 8.90 0.46 0.59 22% 427 500 10.3 8.8 16097 18011 0.60 0.44 -12.38 1.08 1.07 0% 0.5 0.5 10.9 11.4 18.1 18.1 1.19 0.71 31.90 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 3 of 3