Bursa Malaysia Daily Market Report - 29 March

Transcription

1. Wednesday , 29 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. Astro Malaysia Holdings Berhad: Resilient Pay TV Business 2. United Malacca Berhad: Better-than-Expected Results Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS, HK & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Wednesday, 29 March 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (28.03.2017) (mil) Main Market 2,246.4 Warrants 188.4 ACE Market 623.1 Bond 9.4 ETF 0.0 Total 3,067.3 Off Market 61.5 Volume +/-chg (RMmn) -523.9 2,277.8 -34.3 30.2 -340.2 108.7 -6.0 1.1 0.02 0.1 2,417.8 -60.7 67.6 Value +/-chg -27.2 -3.7 -40.0 -0.6 0.02 -509.4 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP March Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA Value/ Volume 1.01 0.16 0.17 0.12 1.27 0.79 1.10 Up Down 372 263 71 64 66 34 1 5 3 0 513 366 % chg % YTD chg 1,754.42 12,422.47 16,880.63 1,764.50 9.47 71.23 80.82 17.00 0.54 0.58 0.48 0.97 6.86 8.34 14.71 7.89 20,701.50 5,875.14 7,343.42 19,202.87 2,163.31 24,345.87 3,157.82 1,576.72 5,541.20 3,252.95 2,034.22 5,821.23 150.52 34.77 49.92 217.28 7.65 152.17 30.94 6.22 0.00 -14.01 -5.19 74.54 0.73 0.60 0.68 1.14 0.35 0.63 0.99 0.40 0.00 -0.43 -0.25 1.30 4.75 9.14 2.81 0.46 6.75 10.66 9.62 2.19 4.62 4.81 3.31 2.74 The local stock market rose on Tuesday, helped by rebound in key banking and oil & gas stocks as local funds return to nibble following the previous day's profittaking correction. The KLCI gained 9.47 points to close at 1,754.42, off an early high of 1,756.27 and low of 1,748.65, as gainers led losers 513 to 366 on slower turnover totaling 3.06bn shares worth RM2.42bn. While relative strength on global markets should cushion profit-taking corrections, and outlook for more market friendly economic data from the US underpins positive sentiment, more robust buying momentum is critical to promote further gains. Immediate overhead resistance stays at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing matching last week's high, with stronger hurdles from 1,782, the 76.4%FR of the 1,867 to 1,503 correction, followed by 1,800 and the 18/5/15 high of 1,823. Important uptrend support remain at the rising 10-day moving average at 1,744, with 1,722 and 1,705, the respective 30 and 50-day mas, acting as stronger supports. Weak momentum indicators on AFG implies limited upside bias, with significant resistance from the upper Bollinger band (RM4.18) and 13/4/16 high (RM4.37), and potential profit-taking correction towards the 200-day ma (RM3.91) or the 61.8%FR (RM3.87) before buyers return to cushion downside. Overbought momentum on Maybank calls for profit-taking correction towards the 76.4%FR (RM8.79), with stronger support from the 61.8%FR (RM8.54), while key overhead resistance is from the 13/4/16 peak (RM9.20). News Bites • • • • • • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market GBGAQRS INARI FPGROUP LAYHONG ALAQAR SGB-PA Y&G OPCOM IRETEX (mn) 25.0 10.0 7.0 4.3 4.0 4.0 3.0 2.0 1.0 @ @ @ @ @ @ @ @ @ (RM) 1.17 1.80 0.68 0.90 1.55 0.10 1.00 0.60 0.22 Exchange Rate USD/MYR 4.4142 0.0040 USD/JPY 110.57 0.2100 EUR/USD 1.085 -0.0011 Counter Mkt Cap. (RM’mn) MAYBANK 91,743 TENAGA 77,663 PCHEM 60,800 IHH 49,390 MAXIS 48,367 AXIATA 45,316 DIGI 40,197 PETGAS 39,495 GENTING 36,306 MISC 33,032 Chg (RM) 0.03 0.04 0.02 0.01 0.02 0.07 0.02 0.24 0.25 0.03 Vol. (mn) 11.54 5.99 8.72 3.90 3.80 13.38 9.16 1.01 3.81 1.92 Commodities Futures Palm Oil (RM/mt) 2,706.00 13.00 Crude Oil ($/Barrel) 48.44 0.59 Gold ($/tr.oz.) 1,251.40 -2.70 Important Dates JK GLAND - 2:1 Rights Issue - RI of up to 1,516.6m shares. JKGLAND 2 rights shares for every 1 existing share held, at an issue price of RM0.10 per rights share. Trading of Rights: 27/03 - 31/03/2017. Application Closed: 10/04/2017. LISTING ON: 21/04/2017. • • • • • • • • • • • Astro Malaysia Holdings Berhad's FY17 core profit of RM690mn (+7.3% QoQ, +5.2% YoY) was within ours and consensus estimates. After stripping out the unrealized forex loss of RM15.1mn and the gain from sale of equity shares of RM20.1mn, United Malacca Berhad's 9MFY17 core net profit increased 28.4% YoY to RM50.5mn. It was above expectations. V.S. Industry Bhd's 2QFY17 earnings increased by 29.1% YoY to RM35.5mn mainly due to higher sales orders from key customers. Sources alleged some early specifications and breakdown of the tenders for the East Coast Rail Line could be announced as early as next month. The total value of subcontracts to be awarded to bumiputera contractors for the Sarawak portion of the Pan Borneo Highway project is estimated at RM5.2bn. The government plans to introduce a rent-to-buy scheme to help civil servants, especially new staff, to own their first home. The international trade and industry ministry said that the government will continue to offer reduced excise duty to car manufacturing companies involved in value-added activities using local automotive components. Tenaga Nasional Bhd and the French power company, Electricite de France, have signed a memorandum of understanding to forge a knowledge sharing collaboration between the two companies. Petronas Dagangan Bhd will observe the market's response to the new fuel ceiling price mechanism before seeking approval from the Government to offer discounted pump prices. DRB-Hicom Bhd has confirmed that all parties that submitted bids to be Proton Holdings Bhd's foreign strategic partner are still in the running and the national carmaker hopes to complete the search by the end of the first half 2017. Tropicana Corporation Bhd declared a second interim dividend comprising a share dividends on the basis of 1.2 treasury shares for every 100 existing ordinary shares. Econpile Holdings Bhd, has secured a RM92.5mn contract from Mujur Minat Sdn Bhd to build the diaphragm wall at the Kampung Baru North Station of the Mass Rapid Transit Line 2 project. Prestariang Bhd has entered into a heads of agreement with France's Thales Group to implement an integrated technology platform to transform the core applications and infrastructure of the national immigration system. Cypark Resources Bhd has bagged 3 contracts collectively worth RM28.5mn for the operation of the leachate treatment plants for landfills in Negeri Sembilan and Pahang. TAHPS Group Bhd, through its property arm, is looking to launch a landed property development project with a GDV of more than RM100mn, which is part of the planned RM10bn township at Bukit Puchong. Iris Corporation Bhd clarified that it does not foresee any estimated potential liability that will arise from the suit against it by Roxwell Group Sdn Bhd as it opines the suit is vexatious and frivolous. Perak Transit Bhd's 99.89% owned subsidiary is acquiring 2 parcels of land collectively measuring 67,327 square metres in Mukim Belanja, Perak for RM7.8mn. Kelington Group Bhd's subsidiary was awarded by Hanwha Q CELLS Malaysia Sdn Bhd (Hanwha) a RM20mn contract over 10 years for the onsite supply of nitrogen gas. The issue price of Bina Puri Holdings Bhd's 3rd tranche of 3.5mn placement shares has been fixed at RM0.405 per placement share. Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank could raise short-term interest rates four times this year if inflation picks up, but suggested three increases remain more plausible. DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Wednesday , March 29, 2017 FBMKLCI: 1,754.42 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 Stronger Buying Momentum Crucial for Further Upside The local stock market rose on Tuesday, helped by rebound in key banking and oil & gas stocks as local funds return to nibble following the previous day’s profit-taking correction. The KLCI gained 9.47 points to close at 1,754.42, off an early high of 1,756.27 and low of 1,748.65, as gainers led losers 513 to 366 on slower turnover totaling 3.06bn shares worth RM2.42bn. Key Resistance From 1,758, Then 1,782 While relative strength on global markets should cushion profit-taking corrections, and outlook for more market friendly economic data from the US underpins positive sentiment, more robust buying momentum is critical to promote further gains. Immediate overhead resistance stays at 1,758, the 23.6%FR of the 1,310 to 1,896 upswing matching last week’s high, with stronger hurdles from 1,782, the 76.4%FR of the 1,867 to 1,503 correction, followed by 1,800 and the 18/5/15 high of 1,823. Important uptrend support remain at the rising 10-day moving average at 1,744, with 1,722 and 1,705, the respective 30 and 50-day mas, acting as stronger supports. Take Profit on AFG & Maybank Weak momentum indicators on AFG implies limited upside bias, with significant resistance from the upper Bollinger band (RM4.18) and 13/4/16 high (RM4.37), and potential profittaking correction towards the 200-day ma (RM3.91) or the 61.8%FR (RM3.87) before buyers return to cushion downside. Overbought momentum on Maybank calls for profit-taking correction towards the 76.4%FR (RM8.79), with stronger support from the 61.8%FR (RM8.54), while key overhead resistance is from the 13/4/16 peak (RM9.20). Australia’s ASX 200 Outperformed Regional Peers Most Asian markets recovered on Tuesday, as concern over Donald Trump's setback on his healthcare reform bill gave away to tentative hopes for the U.S. President's planned stimulus policies. The GOP bill faced opposition not just from Democrats, but also from conservative and more moderate Republicans, and was not able to secure enough votes to pass. However, some analysts and investors are hopeful the healthcare bill's failure will pave the way for quicker action on legislation deemed desirable by investors, namely tax reform. In Down Under, the ASX 200 added 1.3 percent or 74.5 points at 5,821.2, underpinned by strength in its energy sub-index, which was up 1.45 percent, and the materials sub-index, which was up 1.06 percent. Japan's Nikkei share average also rebounded from a more than six-week low as a rally in the yen paused and investors bought high-yield stocks before they went ex-dividend. The Nikkei rose 1.1 percent to 19,202.87, after plumbing to its lowest since Feb. 9 in the previous session. Meanwhile, China stocks fell on Tuesday on concerns about tightening liquidity conditions after the central bank refrained from injecting short-term funds into the banking system for the third session in a row. The blue-chip CSI300 index fell 0.2 percent to 3,469.81 points, while the Shanghai Composite Index lost 0.4 percent to 3,252.95. Page 1 of 8
4. TA Securities 29-Mar-17 A Member of the TA Group Dow Ends Losing Streak on Strong Consumer Data U .S. stocks ended sharply higher on Tuesday, with financial shares surging as data showed U.S. consumer confidence soaring to a more than 16-year high. U.S. consumer confidence surged to a more than 16-year high in March amid growing labor market optimism, while the trade deficit in goods narrowed sharply in February. The economy's strengthening fundamentals were bolstered by other data showing further increases in house prices in January. Tuesday's gains follow declines last week as investors fretted over Trump's ability to enact his agenda after his fellow Republicans failed to pass their healthcare bill. However, investors appear to have shrugged off the setback, choosing instead to focus on Trump's promise of reforming the U.S. tax code, which has been a key driver in the post-election record rally. The financial sector jumped 1.4 percent, with JPMorgan and Bank of America giving big boosts to the S&P 500. The Dow Jones Industrial Average rose 150.52 points, or 0.73 percent, to 20,701.5, the S&P 500 gained 16.98 points, or 0.73 percent, to 2,358.57 and the Nasdaq Composite added 34.77 points, or 0.6 percent, to 5,875.14. Page 2 of 8
5. TA Securities 29-Mar-17 A Member of the TA Group News In Brief Corporate The East Coast Rail Line , estimated at RM55bn and the largest ever railway project to be undertaken by the private sector is poised to kick off. Sources alleged some early specifications and breakdown of the tenders could be announced as early as next month. (The Star) The total value of subcontracts to be awarded to bumiputera contractors for the Sarawak portion of the Pan Borneo Highway project is estimated at RM5.2bn. (The Edge) The government plans to introduce a rent-to-buy scheme to help civil servants, especially new staff, to own their first home. The scheme is still being carefully studied before a proposal would be submitted to the treasury and prime minister. (The Edge) The international trade and industry ministry said that the government will continue to offer reduced excise duty to car manufacturing companies involved in value-added activities using local automotive components. (The Edge) Tenaga Nasional Bhd and the French power company, Electricite de France, have signed a memorandum of understanding to forge a knowledge sharing collaboration between the two companies. Both parties will benefit from sharing of experience and exchanging of information on administration, management and technical aspects related to the energy sector. (Bursa Malaysia) Petronas Dagangan Bhd will observe the market’s response to the new fuel ceiling price mechanism before seeking approval from the Government to offer discounted pump prices. (Bursa Malaysia) Astro Malaysia Holdings Bhd’s 4QFY17 earnings declined by 28.8% YoY to RM145.1mn mainly due to higher net finance cost, decrease in EBITDA and decrease in share of post-tax result from investment accounted for using equity method, albeit offset by decrease in depreciation of property, plant and equipment and lower tax expenses. Revenue dipped marginally by 0.3% YoY to RM1.4bn mainly due to a decrease in subscription, homeshopping and other revenue. For FY17, revenue and earnings respectively grew by 2.5% YoY to RM5.6bn and 1.4% YoY to RM623.7mn. A fourth interim dividend of 3.0sen per share and final dividend of 0.5sen per share were declared. (Bursa Malaysia) DRB-Hicom Bhd has confirmed that all parties that submitted bids to be Proton Holdings Bhd’s foreign strategic partner are still in the running and the national carmaker hopes to complete the search by the end of the first half 2017. (Bursa Malaysia) V.S. Industry Bhd’s 2QFY17 earnings increased by 29.1% YoY to RM35.5mn mainly due to higher sales orders from key customers. Revenue grew by 52.4% YoY to RM763.8mn. An interim dividend of 1.2sen per share was declared. (Bursa Malaysia) Tropicana Corporation Bhd declared a second interim dividend comprising a share dividends on the basis of 1.2 treasury shares for every 100 existing ordinary shares. Any fractions arising from the distribution of share dividend will be disregarded. (Bursa Malaysia) United Malacca Bhd’s 3QFY17 PBT increased by 143.9% YoY to RM39.4mn. Excluding exceptional items, core PBT increased by 203.4% YoY to RM27.1mn mainly due to higher average prices of crude palm oil and palm kernel by 42% and 80% respectively as well as higher FFB production. Revenue increased by 51.4% YoY to RM75.8mn. (Bursa Malaysia) Page 3 of 8
6. TA Securities 29-Mar-17 A Member of the TA Group Piling and foundation specialist , Econpile Holdings Bhd, has secured a RM92.5mn contract from Mujur Minat Sdn Bhd to build the diaphragm wall at the Kampung Baru North Station of the Mass Rapid Transit Line 2 project. (Bursa Malaysia) Prestariang Bhd has entered into a heads of agreement with France’s Thales Group to implement an integrated technology platform to transform the core applications and infrastructure of the national immigration system. (The Edge) Cypark Resources Bhd has bagged 3 contracts collectively worth RM28.5mn for the operation of the leachate treatment plants for landfills in Negeri Sembilan and Pahang. (Bursa Malaysia) TAHPS Group Bhd, through its property arm, Bukit Hitam Development Sdn Bhd, is looking to launch a landed property development project with a gross development value of more than RM100mn. This is part of the planned RM10bn township at Bukit Puchong announced in 2015. (Bursa Malaysia) Kim Hin Industry Bhd has proposed a final dividend of 3% (tax exempt) for the financial year ended 31 December 2016, subject to approval of shareholders at its forthcoming annual general meeting. (Bursa Malaysia) With regards to the recent writ of summons filed by Roxwell Group Sdn Bhd (Roxwell) against Iris Corporation Bhd (Iris), Iris clarified that it does not foresee any estimated potential liability that will arise from the suit as it opines that Roxwell’s action in filing the suit is vexatious and frivolous. (Bursa Malaysia) Perak Transit Bhd’s 99.89% owned subsidiary, The Combined Bus Services Sdn Bhd, is acquiring 2 parcels of land collectively measuring 67,327 square metres in Mukim Belanja, Perak for RM7.8mn. The acquisition is line with the group’s overall strategy to develop integrated transportation terminals in other parts of Perak. (Bursa Malaysia) Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Anzo Holdings Bhd (Anzo) due to the sharp rise in the group’s share price recently. In response to the query, Anzo’s board of directors have clarified that the group is not aware of any corporate development, rumour or report, and any possible explanation to account for the UMA. (Bursa Malaysia) Kelington Group Bhd’s (Kelington) subsidiary, Ace Gases Marketing Sdn Bhd, was awarded by Hanwha Q CELLS Malaysia Sdn Bhd (Hanwha) a contract for the onsite supply of nitrogen gas. Under the contract, Kelington will setup an onsite generator to produce nitrogen gas at Hanwha’s manufacturing plant in Cyberjaya, Malaysia. In return, Hanwha will pay a fixed facility fee amounting to approximately RM20mn over a period of 10 years. (Bursa Malaysia) The issue price of Bina Puri Holdings Bhd’s 3rd tranche of 3.5mn placement shares has been fixed at RM0.405 per placement share. This represents a discount of approximately RM0.0447 or 9.94% to the group’s 5-day volume weighted average market price of RM0.4497 per share. (Bursa Malaysia) Adventa Bhd’s 1QFY17 earnings declined by 79.6% YoY to RM0.2mn due to lower contribution from the distribution segment. Revenue declined by 23.8% YoY to RM9.4mn. No dividends were declared for the quarter. (Bursa Malaysia) Sapura Industrial Bhd’s 4QFY17 earnings declined by 30.1% YoY to RM3.6mn while revenue increased by 19.4% YoY to RM73.0mn on the back of the introduction of new models by national car makers. For FY17, revenue was almost unchanged, declining marginally by 0.2% YoY to RM223.9mn but earnings declined at a stronger pace by 20.5% YoY to 6.1mn due to higher cost of imported raw materials. No dividends were declared for Page 4 of 8
7. TA Securities 29-Mar-17 A Member of the TA Group the quarter . (Bursa Malaysia) Multi-Usage Holdings Bhd’s board of directors has resolved to further extend the suspension of its director, Mr Tan Chew Hua, for a period of 2 months up to 28 May 2017 with immediate effect. This is in view of the new board committee only being set up on 28 February 2017 and hence, more time is required to form an independent investigative committee in order to carry out the investigation. (Bursa Malaysia) Handal Resources Bhd’s wholly-owned subsidiary, Handal Offshore Services Sdn Bhd, was awarded by SapuraKencana Energy a RM2.3mn contract for the provision of pedestal crane maintenance services. (Bursa Malaysia) Vsolar Group Bhd is re-evaluating certain terms of its proposed rights issue with warrants, which was announced in December 2014. (The Edge) Page 5 of 8
8. TA Securities 29-Mar-17 A Member of the TA Group News In Brief Economy Asia BNM sees March Inflation Exceeding Eight Year High Higher fuel costs probably pushed up Malaysia ’s inflation rate this month to above the 4.5% rate posted in February, though there’s no evidence that price pressures are spreading more broadly in the economy, an official from the central bank said. Last month’s inflation rate -- which was the highest in more than eight years and exceeded the median estimate of 3.9% in a Bloomberg survey -- wasn’t a surprise to the central bank, Fraziali Ismail, director of the economics department at Bank Negara Malaysia, said in an interview. If oil prices stay where they are, it’s a “question of arithmetic” that inflation would accelerate, he said. “Typically in the past, there could be second-round effects if the economy is above potential” and there are demand pressures, he said on March 24. “Yes, the economy is on the up, but we don’t see those pressures emanating at the moment.” Bank Negara Malaysia said in its annual report released last week that inflation will probably average 3% to 4% this year, up from 2.1% in 2016. The spike in inflation is complicating Bank Negara’s job as it seeks to keep interest rates low enough to support the economy. The bank has left its benchmark rate unchanged at 3% since a surprise cut in July, and economists surveyed by Bloomberg are divided in their views on whether it will raise, reduce or keep rates unchanged this year. (The Star) Mustapa: Hollande's State Visit to Draw More French Investments to Malaysia French President Francois Hollande's state visit will draw more French companies to invest in Malaysia, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said currently there are at least 270 French companies operating in Malaysia, with an investment value of RM15 billion and in sectors that include manufacturing, services and finance. "France is a country with a huge investment in Malaysia and also a superpower. "Hence, this partnership will further enhance our business relationship. It will at the same time improve Malaysia's profile in the energy sector," he told reporters after witnessing the signing of six memorandums of understanding between the two governments in Kuala Lumpur on Tuesday. The MoUs cover the energy, solar power generation and gas sectors. Mustapa said the frequent contacts between Malaysia and France has resulted in productive bilateral outcomes. He also said his ministry would hold continuous engagements with French companies in Malaysia. (The Star) South Korea GDP Bumped Up To 0.5% In Q4 South Korea's gross domestic product expanded a seasonally adjusted annualized 0.5% on quarter in the fourth quarter of 2016, the Bank of Korea said in the revised reading. That was moved up from 0.4% in January's preliminary reading and was unchanged from the three months prior. On a yearly basis, GDP was revised up to 2.4% from January's 2.3%. In the third quarter, GDP had expanded 2.6%. For all of 2016, GDP was moved up to 2.8% - up from 2.7% in the preliminary read and from 2.6% in 2015. The growth in real GDP was mainly due to increases in private and government consumption, and the expansion of construction investment growth. The growth of facilities investment meanwhile shifted to negative. Real gross national income climbed 4.0% on year. Agriculture, forestry & fishing fell 2.9% in 2016, mainly due to deteriorating weather conditions. Manufacturing jumped 2.3%. While transportation equipment contracted, the growth in petroleum & chemical products and electrical & electronic equipment expanded. (RTT News) Australia Consumer Confidence Improves Australia's consumer confidence improved during the week ended March 26, after declining in the previous three weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed. The consumer confidence index climbed by 1.6% to 113.8 from 112.0 in the preceding week. Households' views of the 12-month outlook rose 2.7%, reversing a 3.3% fall in the previous week. However, their current finances fell slightly by 0.9%, while the future finances index grew at a solid rate of 3.0%. (RTT News) Page 6 of 8
9. TA Securities 29-Mar-17 A Member of the TA Group U .S. Fed’s Evans: Three 2017 Rate Rises Plausible, Four Possible if Inflation Picks Up Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank could raise short-term interest rates four times this year if inflation picks up, but suggested three increases remain more plausible. “At the moment, I don’t see the data, I don’t have the confidence” for four rate increases in 2017, he said at an event held in Madrid by the Global Interdependence Center. “If I thought that I was inclined to four rate hikes for 2017, I would presumably be seeing a much stronger lift in inflation.” Mr. Evans said long-term inflation expectations in the U.S. are running below the central bank’s 2% target, even though shortterm prices are nearing that objective. The failure of the health-care bill that was backed by Republican House leaders adds to the uncertainties confronting the U.S. economy, Mr. Evans said. U.S. trade policy is another area of uncertainty. “We’re waiting in the U.S., as around the world, for a better articulation of exactly what the trade policies will be,” he said. Mr. Evans is a voting member of the interest-rate-setting Federal Open Market Committee this year. Earlier this month, the FOMC, with Mr. Evans’s support, boosted shortterm interest rates for the first time this year and the third time since the financial crisis, lifting its overnight target rate range to 0.75% to 1%. (The Wall Street Journal) U.S. Home Prices Rise at Fastest Rate in 31 Months, Case-Shiller Says Home prices in January rose at their fastest rate since mid-2014, a trend that bodes well for sellers but could ultimately start to dampen buyer demand this spring selling season. The S&P CoreLogic Case-Shiller Indices, which cover the entire nation, rose 5.9% in the 12 months ended in January, the strongest increase in 31 months, up from a 5.7% year-overyear increase reported in December. The 10-city index gained 5.1% over the year, up from 4.8% the prior month, and the 20-city index gained 5.7% year-over-year, up from a 5.5% increase in December. Economists surveyed by The Wall Street Journal expected the 20-city index to climb by 5.6%. The strong growth in prices poses a challenge for first-time buyers trying to get into the market this year. The hottest markets in the country remain concentrated in the northwest. Seattle led the way with a 11.3% increase, Portland reported a 9.7% year-over-year gain and Denver had a 9.2% annual increase in home prices. (The Wall Street Journal) US Consumer Confidence Jumps to Highest Level Since 2000 US consumer confidence in March climbed to its highest level in more than 16 years, as Americans took a cheerier view of current economic conditions. The Conference Board’s consumer confidence index jumped to 125.60 in March from 116.1 the previous month, improving for the second consecutive month. It also eclipsed economists’ estimates of 114. Consumers’ appraisal of current conditions improved considerably in March. The percentage saying business conditions are “good” increased to 32.2%, from 28.2%. Their assessment of the labour market also improved, with the percentage of consumers saying jobs are “plentiful” rising to 31.7% from 26.9%. The report showed consumers expressing a more upbeat view of the short-term outlook for business, jobs and personal income. (Financial Times) Page 7 of 8
10. TA Securities 29-Mar-17 A Member of the TA Group Share Buy-Back : 28 Mar 2017 Company AMPROP ANNJOO FIAMMA FITTERS PPG PWF SIGN SNTORIA UNIMECH Bought Back Price (RM) Hi/Lo (RM) 66,300 80,000 220,000 52,800 35,000 215,000 57,900 50,000 137,900 0.835/0.83 2.34/2.31 0.58/0.575 0.41 0.64 0.90/0.88 0.92 0.72 1.07 0.84/0.82 2.41/2.31 0.58/0.575 0.41/0.405 0.64/0.635 0.90/0.88 0.925/0.92 0.74/0.71 1.08/1.07 Total Treasury Shares 12,771,600 22,997,000 14,518,000 16,996,300 3,445,500 4,135,018 11,158,100 931,000 5,850,810 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. liability for any direct or indirect loss arising from the use of this document. the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8 We accept no We, our associates, directors, employees may have an interest in
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 29-Mar-17 2.00 2.50 6.03 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 0.98 0.54 1.21 10.8 22.7 17.7 15.8 23.8 27.6 18.6 11.0 34.1 12.7 10.5 21.9 6.0 3.6 1.8 7.9 3.6 3.0 2.44 2.70 7.03 -18.0 -7.4 -14.2 1.95 1.95 4.43 2.6 28.2 36.1 -6.1 16.8 31.9 3.90 3.20 5.00 5.60 14.90 8.60 20.90 4.40 8.50 1.26 0.93 1.26 1.32 0.66 0.92 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 11.6 9.7 10.4 11.0 13.5 12.2 14.6 10.8 27.2 11.0 8.6 9.6 10.0 12.4 10.9 14.2 10.3 25.9 3.6 2.8 3.3 3.6 3.0 5.6 2.8 2.3 3.4 3.6 2.8 3.7 4.0 3.0 5.6 2.9 2.3 3.4 4.37 2.92 5.03 5.83 13.80 9.20 20.28 5.39 10.00 -5.3 -2.7 -3.6 -4.6 -1.0 -2.2 -1.8 -1.7 -1.0 3.60 2.08 3.90 4.11 12.70 7.50 18.48 4.42 8.20 15.0 36.5 24.4 35.2 7.6 20.0 7.8 19.8 20.7 11.3 18.8 12.5 23.3 1.2 9.8 1.0 12.5 11.9 0.44 1.26 5.25 3.51 0.67 1.80 1.85 5.95 0.49 1.45 5.49 3.27 0.58 1.90 1.50 5.58 0.81 0.70 1.04 1.08 1.16 na 1.04 0.13 6.0 12.9 31.6 16.8 9.6 12.6 12.8 44.4 6.0 13.2 36.5 20.9 9.9 12.5 12.7 45.8 7.3 9.8 16.6 20.8 6.9 14.2 14.4 13.4 7.3 9.5 14.4 16.8 6.7 14.3 14.5 13.0 0.0 2.2 2.3 2.7 1.5 3.1 1.6 4.2 2.3 2.2 2.3 2.7 1.5 3.1 1.6 4.2 0.51 1.35 5.31 3.61 0.75 1.82 1.98 6.06 -14.7 -6.8 -1.1 -2.8 -11.3 -1.1 -6.6 -1.8 0.36 0.76 4.59 3.07 0.41 1.42 1.41 5.02 20.8 65.8 14.4 14.3 64.2 26.8 31.2 18.5 0.0 20.0 9.8 9.7 15.7 5.9 6.9 1.2 1.98 2.00 0.47 15.4 15.6 12.9 12.7 5.1 5.1 2.40 -17.5 1.93 2.6 -1.5 14.94 17.82 15.41 21.08 0.57 0.59 69.6 93.1 77.5 21.5 101.9 19.1 19.3 17.5 4.6 4.7 5.2 5.1 15.20 18.74 -1.7 -4.9 12.38 13.60 20.7 31.0 7.3 8.8 2.37 7.44 24.88 78.60 2.91 1.88 4.59 0.92 2.23 9.59 26.14 83.60 4.00 2.74 4.17 1.10 0.46 0.33 0.34 0.38 0.47 0.68 0.46 0.56 6.5 35.9 97.9 291.3 23.5 25.1 12.7 9.6 7.5 40.5 119.6 318.0 26.5 25.3 15.8 13.2 36.5 20.7 25.4 27.0 12.4 7.5 36.2 9.6 31.4 18.4 20.8 24.7 11.0 7.4 29.1 7.0 0.8 4.0 2.5 3.6 5.2 4.3 1.0 5.4 1.0 5.1 3.0 3.8 6.2 4.3 1.1 5.4 3.00 9.58 27.00 81.80 3.08 2.04 4.70 1.07 -21.0 -22.3 -7.9 -3.9 -5.5 -7.8 -2.3 -13.8 2.11 7.31 19.70 73.84 1.92 1.42 4.14 0.78 12.3 1.8 26.3 6.4 51.7 32.4 10.8 17.9 -7.8 1.5 6.0 0.5 14.1 8.7 6.0 15.7 47.90 54.22 1.02 271.1 271.8 17.7 17.6 5.5 5.5 55.64 -13.9 40.31 18.8 8.4 9.75 5.75 10.34 6.10 1.34 1.27 45.0 25.7 51.0 27.9 21.6 22.4 19.1 20.6 0.5 1.4 0.6 1.6 9.90 5.75 -1.5 0.0 7.50 4.17 30.0 37.8 22.7 27.3 2.93 0.12 3.81 0.10 0.72 1.26 22.1 0.2 24.6 0.3 13.3 51.1 11.9 38.1 5.5 0.0 6.5 0.0 3.42 0.13 -14.3 -11.5 2.86 0.05 2.4 130.0 -1.0 130.0 6.00 4.00 6.40 4.61 0.78 0.50 13.9 13.3 17.9 16.5 43.2 30.0 33.4 24.3 0.7 1.5 0.8 1.9 6.79 4.37 -11.6 -8.5 5.78 3.85 3.8 3.9 -5.5 -4.3 4.94 6.30 1.99 4.99 2.10 4.50 6.80 1.90 5.05 2.55 0.54 0.10 0.36 -0.21 0.30 18.2 35.8 16.2 26.6 4.3 21.2 40.5 18.2 30.2 7.1 27.2 17.6 12.3 18.8 49.0 23.2 15.6 10.9 16.5 29.7 1.7 2.8 2.4 2.7 0.5 1.9 3.2 2.7 3.0 0.8 5.03 7.07 2.88 5.45 2.74 -1.8 -10.9 -30.9 -8.4 -23.4 3.81 5.90 1.98 4.20 1.96 29.7 6.8 0.5 18.8 7.1 2.3 -4.4 -5.7 -6.7 -11.0 INDUSTRIAL SCIENTX SKPRES 7.30 1.28 8.50 1.75 0.54 0.49 67.9 9.3 78.0 14.4 10.8 13.7 9.4 8.9 2.7 3.4 3.2 5.3 7.61 1.44 -4.1 -11.1 5.75 1.12 27.0 14.3 9.0 -0.8 MEDIA ASTRO MEDIA PRIMA STAR 2.87 1.15 2.50 3.20 0.85 1.95 1.04 0.67 0.58 13.2 7.7 15.0 14.5 8.0 15.8 21.7 14.9 16.7 19.8 14.4 15.8 4.4 5.4 7.2 4.5 5.5 7.2 3.02 1.54 2.70 -5.0 -25.3 -7.4 2.56 1.00 2.20 12.1 15.0 13.6 10.4 0.0 11.6 OIL & GAS EATECH MHB MISC PANTECH PCHEM SKPETRO UMWOG UZMA 0.68 0.95 7.40 0.56 7.60 1.87 0.62 1.81 0.45 0.96 8.16 0.52 7.91 1.92 0.54 1.40 na 1.79 0.86 1.26 1.13 2.43 1.96 1.40 11.5 -0.4 49.5 3.7 34.7 5.3 -14.7 11.3 11.9 1.1 56.1 4.3 39.3 4.6 -12.4 12.2 5.9 na 14.9 15.0 21.9 35.6 na 16.0 5.7 84.7 13.2 13.0 19.3 40.3 na 14.8 5.0 0.0 4.1 2.7 2.5 0.0 0.0 0.0 6.0 0.0 4.1 3.0 2.9 0.0 0.0 0.0 1.25 1.34 9.00 0.58 7.75 2.09 1.04 2.04 -46.0 -29.5 -17.8 -2.6 -1.9 -10.5 -40.9 -11.3 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 51.7 12.5 7.6 28.7 27.7 45.0 1.7 39.2 8.9 3.3 0.7 25.8 8.9 15.4 -29.7 6.5 BANKS & FINANCIAL SERVICES AFG 4.14 AFFIN 2.84 AMBANK 4.85 CIMB 5.56 HLBANK 13.66 MAYBANK 9.00 PBBANK 19.92 5.30 RHBBANK BURSA 9.90 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.05 3.15 4.71 24.78 9.39 6.10 1.53 3.88 3.93 22.75 8.24 7.52 1.75 0.45 1.06 0.94 1.25 0.50 6.3 13.7 18.7 111.8 30.8 32.7 11.1 15.7 21.1 119.1 35.3 34.5 32.3 23.0 25.1 22.2 30.5 18.6 18.5 20.0 22.4 20.8 26.6 17.7 2.4 2.2 2.1 2.2 2.3 2.6 2.4 2.5 2.5 2.4 3.0 2.8 2.52 3.74 4.81 25.50 9.55 6.20 -18.7 -15.8 -2.1 -2.8 -1.7 -1.6 1.31 3.15 4.07 22.62 7.10 5.53 56.5 0.0 15.7 9.5 32.3 10.3 32.3 -7.4 7.0 3.3 15.9 1.7 0.73 1.13 0.95 2.04 1.48 0.72 3.56 3.25 0.69 1.09 1.00 2.10 1.60 0.80 3.82 3.40 0.64 0.64 0.34 0.92 0.68 0.31 0.67 0.49 3.4 20.0 7.3 14.7 14.5 6.4 27.7 31.2 7.0 17.4 11.2 15.3 12.5 9.7 24.5 33.3 21.0 5.7 13.1 13.9 10.2 11.3 12.9 10.4 10.3 6.5 8.5 13.3 11.8 7.4 14.5 9.8 5.5 3.5 3.7 3.4 4.1 1.4 3.9 3.7 5.5 3.1 4.2 3.7 3.7 1.4 3.9 3.7 0.84 1.43 1.09 2.46 1.70 0.86 3.61 3.28 -13.7 -21.1 -12.8 -17.1 -12.9 -16.3 -1.4 -0.9 0.68 1.05 0.91 1.85 1.34 0.69 2.80 2.87 6.6 7.6 4.4 10.4 10.4 4.3 27.1 13.2 4.3 0.0 -5.0 4.6 3.5 -10.0 13.7 7.3 1.72 1.67 1.79 1.78 0.54 0.62 8.9 8.1 10.1 8.5 19.4 20.6 17.0 19.6 5.2 5.4 5.9 5.6 1.84 1.72 -6.5 -2.9 1.54 1.43 11.7 16.8 0.0 9.2 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.19 24.84 19.96 13.74 1.52 1.45 20.19 19.64 17.19 1.81 na 0.77 0.78 1.02 0.59 6.9 98.4 89.4 129.4 8.8 8.3 102.3 91.6 132.7 10.6 17.2 25.3 22.3 10.6 17.4 14.4 24.3 21.8 10.4 14.4 5.9 2.9 3.2 2.5 6.6 4.9 3.1 3.0 2.6 6.6 1.80 25.70 22.66 14.90 1.64 -33.9 -3.3 -11.9 -7.8 -7.3 1.14 22.16 19.56 13.00 1.38 4.4 12.1 2.0 5.7 10.1 -13.1 4.4 -6.3 -1.2 2.0 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.05 5.17 6.44 6.41 5.25 4.90 5.95 6.95 1.27 0.96 0.72 0.68 16.7 20.8 25.1 21.4 17.6 21.1 25.4 22.3 30.2 24.8 25.7 29.9 28.7 24.5 25.3 28.7 1.7 4.0 3.1 3.0 1.8 4.1 3.1 3.1 5.99 5.18 6.49 6.90 -15.7 -0.2 -0.8 -7.1 4.11 4.31 5.36 5.81 22.9 20.0 20.1 10.3 7.0 7.0 7.7 7.7 TECHNOLOGY Semiconductor & Electronics IRIS 0.14 INARI 2.09 MPI 11.98 UNISEM 3.21 0.14 2.05 10.55 3.15 1.30 0.75 0.45 0.78 -1.2 10.7 88.9 26.9 0.9 na 12.8 19.5 101.9 13.5 29.1 11.9 15.5 16.3 11.8 11.0 0.0 2.0 1.9 3.7 0.0 2.4 1.9 3.7 0.24 2.10 12.22 3.30 -41.7 -0.5 -2.0 -2.7 0.10 1.28 6.86 2.12 40.0 63.0 74.6 51.4 27.3 25.9 61.7 36.0 3.06 7.00 3.02 7.68 1.18 1.45 33.5 9.8 34.9 10.2 9.1 71.1 8.8 68.8 0.0 1.4 0.0 1.4 3.30 7.30 -7.3 -4.1 1.77 5.76 72.9 21.5 33.6 15.5 1.69 4.08 1.88 4.51 0.86 0.69 15.5 19.3 21.7 17.4 10.9 21.1 7.8 23.4 3.3 3.6 4.1 3.2 1.76 4.59 -4.0 -11.1 1.22 3.74 38.5 9.1 6.3 -5.1 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$) BANKS & FINANCIAL SERVICES DBS 19.01 OCBC 9.62 UOB 21.92 PLANTATIONS WILMAR IFAR 3.52 0.53 Target Price Beta (S$) 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 11.0 209.4 11.2 10.0 10.4 10.5 3.2 5.7 3.2 3.2 6.7 3.2 19.4 9.8 22.0 -1.8 -1.6 -0.8 14.63 8.84 17.41 30.0 17.2 25.6 9.6 7.8 7.5 3.45 0.51 0.91 1.12 28.9 3.9 31.1 4.3 11.3 12.3 2.3 1.8 2.6 2.0 4.0 0.6 -12.0 -16.8 2.96 0.44 18.9 18.2 -1.9 0.0 12.2 13.4 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. RESULTS UPDATE TA Securities Wednesday , March 29, 2017 FBMKLCI: 1,754.42 Sector: Media A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Astro Malaysia Holdings Berhad TP: RM3.20 (+11.5%) Last Traded: RM2.87 Resilient Pay TV Business BUY THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Paul Yap Tel: +603-2167 9603 paulyap@ta.com.my Review Astro announced a FY17 core profit of RM690mn (+7.3% QoQ, +5.2% YoY). This was within ours and consensus estimates at 104.1% and 104.7%. Dividends of 3.5sen/share (YTD: 12.5sen/share) were also announced. Overall performance remained resilient, in spite of prevailing macro conditions. The Pay TV segment reported solid numbers, with 24k subscriber net adds (reversing three consecutive quarters of decline) and a higher ARPU of RM100.4. However, holding back optimism, the segment remains challenging, with management expecting Pay TV subscribers to remain flat in the immediate future. Home shopping revenues (-1.6% YoY) were affected by delivery disruptions due to floods and resource issues faced by its logistic partners during the festive season. YTD. Revenue improved 2.5% YoY to RM5.6bn. Barring flattish TV subscription revenues, growth was broad based across the group. Its home shopping business (+37.4% YoY), Go Shop, continues to grow well, but remains in the red with a LBT of RM20.7mn. Targets for FY18 are to increase revenues to RM500mn, while expanding margins by 5.0%. The group continues to gain market share with higher radio (+10.8% YoY) and TV (+9.6% YoY) adex. Its current share of radio and TV adex stands at 73% (+3pp) and 38% (+3pp) respectively. Radio stations acquired from Star Media Group are expected to be launched towards the second and third quarter. Premised on weak macro conditions, Pay TV revenues stood flattish. Higher Pay TV ARPU (+1.1% YoY) helped offset a net decrease of 83k Pay TV subscribers. Improved ARPU was premised on take up of value added services and price revisions to its sports packages. On the flip side, NJOI trends remained healthy with 386k subscriber net adds. With NJOI ARPU still low at RM2, there are plans to further monetise this customer base. Initiatives include providing customers access to on demand titles on an a la carte basis. EBITDA decreased 6.4% YoY. Content costs increased 8.6% YoY due to the double sporting year and a weaker ringgit. Administrative costs also increased 17.6% YoY. Elsewhere, costs were well managed with a decline in marketing & distribution (-6.4% YoY) and operating (-3.3% YoY) expenses. Share Information Bloomberg Code ASTRO MK Stock Code 6399 Listing Main Market Share Cap (mn) 5209.5 Market Cap (RMmn) 14,951.3 Par Value 0.10 52-wk Hi/Lo (RM) 3.02/2.56 12-mth Avg Daily Vol ('000 shrs) 1938.6 Estimated Free Float (%) 39.5 Beta 1.0 Major Shareholders (%) Pantai Cahaya Bulan Ventures - 20.7 All Asia Media Equities Limited - 19.5 E Asia Broadcast Network Systems - 8.1 EPF- 6.4 Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY18 (1.7) 753.8 744.9 101.2 FY19 (3.4) 739.9 809.0 91.5 Buy (Maintained) Financial Indicators FY18 4.1 40.3 7.1 11.8 111.1 (0.3) (10.9) FY19 3.8 40.6 7.1 11.2 97.3 (0.3) (11.1) vs TA vs Consensus % of FY 104.1 104.7 Within Within Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth ASTRO 0.7 8.3 1.4 (3.7) FBM KLCI 3.6 7.1 5.1 2.3 Net Gearing (%) CFPS (sen) P/CFPS (x) ROE (%) ROA (%) NTA/Share (RM) P/NTA (x) Scorecard (12-Mth) Share Price relative to the FBM KLCI Impact Imputing year-end figures into our model and adjusting for lower-thanexpected margins at its home shopping business, we decrease our FY18 and FY19 earnings by 1.7 and 3.4%. We also introduce our FY20 earnings estimates of RM807mn. Source: Bloomberg Page 1 of 4 www.taonline.com.my
14. TA Securities 29-Mar-17 A Member of the TA Group Outlook We estimate a 9 .3% YoY earnings growth in FY18. Coming off a double sporting year, this is expected to be driven by a moderation in content cost to 34-35% of TV revenues. The Pay TV segment is anticipated to remain challenging, with projections of a flattish base of 3.4-3.5mn subscribers. Instead, Pay TV revenues are expected to be driven by higher Pay TV ARPU of RM103-104 – driven by premium households. Elsewhere, we continue to expect healthy adex and home shopping revenue growth. Go Shop targets to raise its revenues to RM500mn, by increasing its product breadth, live hours, premium delivery options and payment options. Valuation We value Astro at a slightly lower TP of RM3.20/share (from RM3.30/share) – premised on a DCF valuation with an unchanged WACC at 7.0% and long term growth rate of 1.0%. We like the company for its resilient Pay TV revenues and ability to grow adex. From a valuation standpoint, it is trading at an undemanding EV/EBITDA of 9.2x, 1SD below its historical average. Dividend yields are also attractive at 4.5-4.9%. BUY. Figure 1: Forward PE Figure 2: Forward EV/EBITDA x x 32.0 11.5 30.0 +1sd: 29.0x 11.0 28.0 10.5 26.0 10.0 Mean: 25.1x 24.0 +1sd: 10.4x Mean: 9.8x 9.5 22.0 -1sd: 9.2x 9.0 -1sd: 21.2x 8.5 Source: Companies, TA Securities Table 1: Earnings Summary (RMmn) FYE Jan 31 (RMmn) FY16 Revenue 5,475.4 EBITDA 1,940.6 Depreciation & amortisation* (825.7) EBIT 1,114.9 Net finance costs (293.8) Share of associates 8.3 EI 0.0 PBT 829.4 Taxation (221.4) MI 7.3 Net profit 615.3 Core net profit 656.1 EPS (sen) 12.6 PE (x) 22.8 EV/EBITDA (x) 9.1 DPS (sen) 12.0 Dividend yield (x) 4.2 *excludes amortisation of film library and programme rights FY17 5,612.6 1,816.5 (721.4) 1,095.1 (236.3) 1.8 (15.1) 845.5 (228.5) 6.7 623.7 689.9 13.3 21.7 9.7 12.5 4.4 Page 2 of 4 FY18F 5,827.4 1,922.4 (687.9) 1,234.5 (234.2) 1.9 0.0 1,002.2 (240.5) (7.8) 753.8 753.8 14.5 19.8 9.2 13.0 4.5 FY19F 6,107.2 1,902.0 (674.4) 1,227.7 (236.7) 2.0 0.0 992.9 (238.3) (14.7) 739.9 739.9 14.2 20.2 9.3 13.5 4.7 FY20F 6,442.2 2,006.1 (675.8) 1,330.3 (238.8) 2.1 0.0 1,093.6 (262.5) (24.5) 806.7 806.7 15.5 18.5 8.8 14.0 4.9 Feb-17 Nov-16 Aug-16 Feb-16 May-16 Aug-15 Nov-15 Feb-15 May-15 Aug-14 Nov-14 Feb-14 May-14 Aug-13 Nov-13 Nov-12 Source: Companies, TA Securities Feb-13 8.0 Feb-17 Aug-16 Nov-16 Feb-16 May-16 Aug-15 Nov-15 Feb-15 May-15 Aug-14 Nov-14 Feb-14 May-14 Aug-13 Nov-13 Feb-13 May-13 Nov-12 18.0 May-13 20.0
15. TA Securities 29-Mar-17 A Member of the TA Group Table 2 : Results Analysis (RMmn) 4QFY16 1,402 96 1,096 78 63 68 505 (207) 297 56 (78) 3 0 278 (75) 1 204 154 3.9 3.8 105 141 3QFY17 1,424 105 1,090 83 62 84 469 (177) 292 9 (77) (0) (15) 209 (60) 2 151 176 2.9 3.0 59 46 4QFY17 1,397 95 1,094 86 61 62 444 (171) 274 6 (91) (1) 0 188 (45) 2 145 189 2.8 3.5 116 55 QoQ (%) (1.9) (9.5) 0.4 3.6 (1.6) (26.2) (5.3) (3.7) (6.2) (39.8) 17.5 700.0 n/a (10.1) (25.5) (8.7) (3.9) 7.3 (3.8) 16.7 96.6 19.6 YoY (%) (0.3) (1.0) (0.2) 10.3 (3.2) (8.8) (11.9) (17.6) (8.0) (89.9) 16.2 (126.7) n/a (32.5) (40.5) 110.0 (28.8) 22.3 (28.8) (6.7) 10.5 (61.0) FY16 5,475 344 4,360 296 190 284 1,941 (826) 1,115 102 (395) 8 0 829 (221) 7 615 656 11.8 12.0 303 316 FY17 5,613 377 4,355 328 261 290 1,817 (722) 1,095 81 (318) 2 (15) 846 (229) 7 624 690 12.0 12.5 246 163 YoY (%) 2.5 9.6 (0.1) 10.8 37.4 2.1 (6.4) (12.6) (1.8) (20.1) (19.7) (77.1) n/a 2.0 3.3 (9.6) 1.4 5.2 1.3 4.2 (18.8) (48.4) Profitability ratio EBITDA margin (%) PBT margin (%) Net profit margin (%) Tax rate (%) 36.0 19.8 11.0 27.1 32.9 14.7 12.4 28.8 31.8 13.4 13.5 23.9 (1.1) (1.2) 1.2 (4.9) (4.2) (6.4) 2.5 (3.2) 35.4 15.1 12.0 26.7 32.4 15.1 12.3 27.0 (3.1) (0.1) 0.3 0.3 Operating expenditure Content costs Marketing and distribution costs Operating expenses Administrative expenses 420 139 436 118 469 120 415 133 430 136 417 147 (8.3) 13.3 0.5 10.5 2.4 (2.2) (4.4) 24.6 1,655 528 1,721 494 1,797 494 1,665 581 8.6 (6.4) (3.3) 17.6 Operational info Pay TV subscribers NJOI subscribers 3,550 1,268 3,443 1,579 3,467 1,654 Net adds 24 75 Net adds (83) 386 Pay TV ARPU (RM) MAT churn (%) 99 10 100 12 100 12 0.5 (0.4) 1.1 2.5 Revenue TV adex TV subscription Radio Go Shop Other EBITDA Depreciation and amortisation EBIT Finance income Finance costs Associates and JV EI PBT Tax MI Net profit Core net profit EPS (sen) DPS (sen) Cash capex Capitalised capex Figure 3: TV Household Penetration '000 NJOI 5,000 Pay TV Figure 4: Pay TV Subscribers TV household penetration 4,500 % '000 80 3,800 70 3,700 60 3,600 Pay TV subscribers RM ARPU 100 100 4,000 3,500 105 95 3,467 90 3,000 50 3,500 2,500 40 3,400 2,000 30 3,300 20 3,200 10 3,100 65 0 3,000 60 85 80 75 1,500 Source: Companies, TA Securities Source: Companies, TA Securities Page 3 of 4 4QFY17 3QFY17 2QFY17 1QFY17 4QFY16 3QFY16 2QFY16 1QFY16 4QFY15 3QFY15 2QFY15 1QFY15 2QFY14 4QFY17 3QFY17 2QFY17 1QFY17 4QFY16 3QFY16 2QFY16 1QFY16 4QFY15 3QFY15 2QFY15 1QFY15 4QFY14 3QFY14 2QFY14 0 70 4QFY14 500 3QFY14 1,000
16. TA Securities 29-Mar-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 4 of 4
17. RESULTS UPDATE TA Securities A Member of the TA Group Wednesday , March 29, 2017 FBMKLCI: 1,754.42 Sector: Plantation MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 United Malacca Berhad TP: RM7.52 (+23%) Last traded: RM6.10 Better-than-Expected Results Buy THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Angeline Chin Tel: +603-2167 9611 angelinechin@ta.com.my Review United Malacca’s 3QFY17 financial results come in above expectations. The better-than-expected results were mainly due to higher-thanexpected commodity prices and contribution from Indonesia’s operations. After stripping out the unrealized forex loss of RM15.1mn and the gain from sale of equity shares of RM20.1mn, 9MFY17 core net profit increased 57.8% YoY to RM50.5mn. www.taonline.com.my Share Information Bloomberg Code Stock Code Listing Share Cap (mn) Market Cap (RMmn) Par Value 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) Despite lower FFB production, revenue rose 29.5% YoY to RM204.4mn mainly underpinned by higher average selling prices of CPO at RM2,769/tonne (+29% YoY) and palm kernel at RM1,573/tonne (+78% YoY). UMR MK 2593 Main Market 209.2 1,276 1.00 6.20/5.53 68 77 0.5 OCBC- 19.8 Aberdeen-11.01 HSBC - 8.53 EPF - 8.16 Forecast Revision For 3QFY17, Malaysia recorded lower FFB production of 15% or 13,066 tonnes on QoQ basis. This was partially offset by increased FFB production of 23% by its Indonesian operating unit. No dividend was declared for the quarter under review. Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 26.0 8.0 68.4 72.2 54.3 71.3 126.0 101.3 Buy (Maintained) Financial Indicators Impact We upgrade FY17/FY18/FY19 earnings estimates by 26%/8%/13% respectively, after factoring in higher contribution from Indonesia. Outlook Management advised that FY17 oil palm production growth should be stronger YoY due to increase in mature hectarage by additional 833 ha in Malaysia; ii) higher yield from the young palms in Sabah, and iii) full-year contribution from its 83%-owned company, Lifere Agro Kapuas (LAK) (acquisition was completed in January 2016). For FY18, management expects FFB production to increase by 10% as another 3,000 - 4,000 ha will come to maturity. Valuation Rolling forward our valuation base year to CY18, we upgrade United Malacca’s target price to RM7.52 (previously RM6.53) based on 21x CY18 EPS. We continue to like United Malacca for its young tree profile, a strong growth prospect and attractive valuations. Maintain BUY on United Malacca. Key risk factors to our call are, 1) a downcycle in CPO price, 2) weakening of USD, 3) global economic slowdown, 4) a prolonged drought resulting in lower FFB production, 5) large supply of soybean oil in the market. ROE (%) Net Gearing (%) NTA/Share (RM) Price/NTA (x) FY18 4.1 0.1 8.1 0.8 Scorecard % of FY vs TA 93 Above vs Consensus 93 Above UMR 4.8 5.2 7.2 1.2 FBM KLCI 3.6 7.1 5.1 2.3 Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg Page 1 of 3 FY17 4.0 0.1 7.9 0.8
18. TA Securities 29-Mar-17 A Member of the TA Group Figure 1 : Production Statistics (Malaysia) 3QFY16 2QFY17 FFB (tonnes) 67,461 89,870 76,804 CPO (tonnes) 13,926 18,552 13,852 3,346 4,392 3,194 PK (tonnes) 3QFY17 % QoQ % YoY 9MFY16 9MFY17 % YoY (14.5) 13.8 256,680 242,947 (5.4) (25.3) (0.5) 54,702 47,618 (13.0) (27.3) (4.5) 13,536 11,314 (16.4) Source: Bursa Announcements, TA Research Figure 2: FFB Production (in tonnes) Figure 3: CPO Production (in tonnes) Source: Bursa Announcements, TA Research Source: Bursa Announcements, TA Research 3QFY17 Results Analysis (RMmn) FYE 30 April (RMmn) 3QFY16 Turnover 50.0 EBIT 8.9 Net Int Inc/ (exp) 0.5 EI 6.8 Pretax 16.2 Taxation (1.4) MI 0.0 Reported net profit 14.8 Core net profit 8.0 2QFY17 74.4 28.7 (0.7) (2.3) 25.7 (7.0) (0.2) 18.5 20.8 3QFY17 75.8 27.4 (0.7) 12.7 39.4 (5.6) (0.2) 33.7 21.0 3.9 0.0 10.0 8.0 17.7 32.3 8.5 38.5 34.5 27.1 Core EPS (sen) GDPS (sen) EBIT Margin (%) Pretax Margin (%) Tax Rate (%) Earnings Summary (RMmn) FYE April 30 Revenue EBITDA EBITDA Margin (%) Pretax profit Reported net profit Core net profit Reported EPS (sen) Core EPS (sen) Core EPS Growth (%) PER (x) Gross Div (sen) Div Yield (%) ROE (%) 9MFY16 157.8 37.8 1.5 7.3 46.7 (7.3) 0.0 39.3 32.0 9MFY17 204.4 67.8 (2.0) 5.0 70.8 (14.9) (0.3) 55.6 50.5 10.1 0.0 15.4 8.0 24.2 8.0 36.2 52.1 14.3 23.9 29.6 15.7 33.2 34.6 21.1 FY15 213.2 92.5 43.4 58.4 47.2 47.2 22.8 22.8 (27.1) 26.8 16.0 2.6 2.8 Page 2 of 3 QOQ% 1.8 (4.3) (3.8) nm 53.4 19.5 35.1 82.0 1.1 FY16 205.7 88.5 43.0 70.2 59.6 46.6 28.5 22.3 (2.1) 27.4 16.0 2.6 3.5 YoY % 51.4 209.0 (235.5) nm >100 >-100 nm >100 >100 FY17E 248.8 107.1 43.0 88.2 68.4 68.4 32.6 32.6 46.2 18.7 17.0 2.8 4.0 FY18F 284.9 115.5 40.6 94.4 72.2 72.2 34.1 34.1 4.7 17.9 17.0 2.8 4.1 YoY% 29.5 79.3 nm nm 51.7 >-100 nm 41.2 57.8 FY19F 308.1 128.2 41.6 104.1 78.1 78.1 36.7 36.7 7.4 16.6 18.0 3.0 4.3
19. TA Securities 29-Mar-17 A Member of the TA Group (THIS PAGE IS INTENTIONALLY LEFY 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 and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. This report has been prepared by TA SECURITIES HOLDINGS BERHAD for purposes of CMDF-Bursa Research Scheme ("CBRS") administered by Bursa Malaysia Berhad and will be compensated to undertake the scheme. TA SECURITIES HOLDINGS BERHAD has produced this report independent of any influence from the CBRS or the subject company. For more information about CBRS and other research reports, please visit Bursa Malaysia’s website at: http://www.bursamalaysia.com/market/listed-companies/research-repository/research-reports for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
20. Wednesday , 29 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
21. T e c h n i c a l TA Securities V i e w Wednesday , March 29, 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: 1,754.42 (+9.47, +0.54%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SKPETRO SUNCON UEMS WASEONG WCT Close 28-Mar 1754.42 2.84 4.14 4.85 5.05 5.56 5.17 5.25 9.75 5.75 6.00 4.71 1.19 6.44 9.00 1.26 5.30 9.39 13.74 6.41 4.08 3.06 0.41 0.74 0.44 4.23 1.73 1.51 1.26 1.67 2.57 2.20 1.25 0.97 1.64 1.51 1.87 1.80 1.28 0.89 1.85 Change 9.47 0.02 0.14 0.12 0.07 -0.06 0.02 0.06 0.25 0.10 0.01 0.01 0.01 0.02 0.03 0.03 0.16 -0.06 0.04 0.03 0.14 0.11 0.01 0.01 0.00 -0.02 0.01 0.00 -0.01 -0.01 0.08 0.00 0.00 0.00 -0.02 0.00 0.01 0.02 0.03 0.00 -0.02 Tel: +603-2167-9607 High Low 1,756.27 1,748.65 2.88 4.14 4.87 5.08 5.63 5.17 5.27 9.75 5.75 6.03 4.75 1.20 6.48 9.00 1.26 5.32 9.44 13.78 6.44 4.08 3.07 0.42 0.75 0.44 4.26 1.73 1.51 1.27 1.68 2.59 2.21 1.25 0.98 1.67 1.53 1.87 1.80 1.28 0.90 1.88 2.84 4.02 4.76 4.99 5.55 5.15 5.19 9.55 5.64 5.99 4.69 1.18 6.41 8.96 1.22 5.18 9.38 13.60 6.34 3.98 2.96 0.40 0.73 0.44 4.21 1.71 1.50 1.25 1.67 2.49 2.20 1.24 0.97 1.63 1.51 1.85 1.78 1.26 0.89 1.84 Bollinger Bands Lower Mid Upper 1,698.90 1,731.34 1,763.79 2.66 3.88 4.73 4.47 5.14 5.00 4.85 9.03 5.13 5.84 4.62 1.16 6.31 8.64 1.11 5.01 8.95 13.58 6.19 3.83 2.62 0.39 0.69 0.43 4.12 1.63 1.47 1.13 1.66 0.96 2.10 1.21 0.81 1.39 1.50 1.77 1.67 1.13 0.85 1.82 2.83 4.03 4.88 4.82 5.46 5.10 5.07 9.52 5.43 5.96 4.70 1.19 6.39 8.85 1.19 5.20 9.22 13.70 6.32 3.96 2.83 0.40 0.73 0.45 4.22 1.68 1.51 1.24 1.70 2.18 2.22 1.25 0.92 1.54 1.53 1.90 1.74 1.23 0.88 1.86 3.01 4.19 5.03 5.17 5.79 5.20 5.29 10.01 5.72 6.08 4.78 1.21 6.46 9.06 1.27 5.40 9.49 13.82 6.45 4.09 3.04 0.41 0.76 0.47 4.32 1.73 1.55 1.35 1.74 3.41 2.34 1.29 1.03 1.69 1.55 2.04 1.80 1.33 0.90 1.90 stsoo@ta.com.my RSI Moving Averages 14d 10d 30d 50d 69.50 1,744.42 1,722.32 1,705.83 DMI DI + DI - ADX 40.53 16.48 40.95 Diff 24.05 62.21 61.26 54.30 62.12 64.29 66.37 67.05 64.44 67.40 47.98 53.51 45.37 59.07 67.92 72.56 58.89 61.55 56.02 64.45 56.56 68.51 58.45 55.62 43.28 51.84 67.56 51.79 60.80 43.74 74.34 50.63 45.33 58.15 64.17 39.41 49.65 63.34 63.45 55.55 47.32 25.13 23.39 20.25 31.27 38.46 20.42 25.30 28.37 33.14 18.73 23.72 15.57 20.17 27.02 25.91 19.93 26.74 14.00 25.05 17.82 32.91 23.02 22.85 21.43 20.79 27.81 22.82 26.23 20.15 37.12 21.56 19.94 37.22 32.61 20.83 18.75 21.20 27.38 28.51 13.51 10.05 7.20 (3.41) 11.04 23.51 2.41 13.73 16.46 23.04 (0.63) 9.95 (2.34) 1.79 10.18 16.90 (0.33) 6.97 (5.62) 15.80 (5.45) 20.02 13.77 2.18 3.99 19.28 19.28 10.64 14.01 (5.44) 19.46 1.74 (11.69) 19.20 26.64 (3.19) (8.34) 13.51 14.97 13.45 (10.07) 2.87 4.08 4.86 4.97 5.59 5.14 5.17 9.73 5.54 6.00 4.70 1.18 6.39 8.93 1.22 5.27 9.34 13.72 6.37 3.96 2.89 0.40 0.74 0.45 4.24 1.69 1.52 1.27 1.70 2.64 2.20 1.25 0.96 1.60 1.52 1.87 1.76 1.27 0.88 1.86 2.73 3.99 4.79 4.78 5.33 5.09 5.02 9.32 5.35 6.01 4.68 1.20 6.39 8.72 1.18 5.14 9.19 13.64 6.26 3.99 2.78 0.40 0.73 0.45 4.21 1.66 1.51 1.19 1.70 1.86 2.20 1.28 0.91 1.51 1.56 1.90 1.74 1.21 0.88 1.87 2.61 3.92 4.68 4.81 5.17 5.05 4.98 8.93 5.16 6.13 4.63 1.24 6.29 8.53 1.15 5.07 9.04 13.65 6.19 4.08 2.69 0.40 0.69 0.45 4.19 1.61 1.47 1.14 1.68 1.48 2.17 1.30 0.90 1.49 1.59 1.84 1.73 1.17 0.87 1.86 15.08 16.19 23.66 20.22 14.94 18.02 11.57 11.92 10.09 19.35 13.77 17.91 18.37 16.85 9.01 20.26 19.76 19.62 9.25 23.27 12.88 9.25 18.59 19.25 16.80 8.52 12.17 12.22 25.58 17.66 19.82 31.64 18.02 5.97 24.02 27.08 7.68 12.41 15.06 23.58 48.06 32.44 30.87 21.55 43.95 12.42 24.56 60.57 44.97 15.04 20.73 20.75 14.79 34.53 38.74 22.94 20.72 21.19 29.16 43.94 25.38 22.86 18.79 21.25 18.84 45.08 32.83 45.86 11.97 55.42 18.36 17.15 31.47 50.97 21.87 24.95 29.53 43.83 19.96 21.73 www.taonline.com.my Line 13.64 0.08 0.05 0.05 0.08 0.14 0.03 0.08 0.23 0.14 -0.03 0.02 0.01 0.03 0.14 0.03 0.07 0.11 0.03 0.06 -0.02 0.08 0.00 0.01 0.00 0.03 0.03 0.01 0.04 0.00 0.36 0.00 -0.01 0.03 0.05 -0.02 0.00 0.02 0.03 0.00 0.00 MACD Signal Diff 12.93 0.708 0.09 0.05 0.07 0.05 0.14 0.03 0.06 0.26 0.12 -0.05 0.02 0.01 0.03 0.14 0.03 0.07 0.10 0.03 0.06 -0.04 0.07 0.00 0.01 0.00 0.03 0.03 0.01 0.04 0.01 0.38 0.01 -0.02 0.02 0.04 -0.02 0.01 0.01 0.03 0.00 0.00 (0.015) (0.002) (0.021) 0.029 (0.004) 0.002 0.019 (0.031) 0.016 0.018 (0.005) (0.003) (0.003) (0.002) 0.004 (0.003) 0.011 0.001 (0.000) 0.023 0.008 0.000 (0.001) (0.002) 0.002 0.002 (0.003) (0.005) (0.005) (0.020) (0.005) 0.002 0.007 0.012 0.000 (0.008) 0.007 0.002 0.001 (0.001) DMI MACD Recent Signal BUY BUY DMI MACD Signal Change - BUY BUY SELL BUY BUY BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY SELL BUY SELL BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL BUY BUY SELL SELL BUY BUY BUY SELL BUY - SELL SELL SELL BUY SELL BUY BUY SELL BUY BUY SELL SELL SELL SELL BUY SELL BUY BUY SELL BUY BUY BUY SELL SELL BUY BUY SELL SELL SELL SELL SELL BUY BUY BUY BUY SELL BUY BUY BUY SELL SELL 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
22. Technical Comments : Weak momentum indicators on AFG implies limited upside bias, with significant resistance from the upper Bollinger band (RM4.18) and 13/4/16 high (RM4.37), and potential profit-taking correction towards the 200-day ma (RM3.91) or the 61.8%FR (RM3.87) before buyers return to cushion downside. Overbought momentum on Maybank calls for profit-taking correction towards the 76.4%FR (RM8.79), with stronger support from the 61.8%FR (RM8.54), while key overhead resistance is from the 13/4/16 peak (RM9.20). AFG Upper Middle RM4.14 (+0.14) BOLLINGER BANDS RM RM 4.19 4.03 10-day 30-day RM 3.88 50-day Lower DMI Recent Signal BUY 3.92 Recent Signal SELL Signal Change MAYBANK Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 4.08 RM 3.99 BOLLINGER BANDS RM RM RM DMI RM9.00 (+0.03) 9.06 8.85 8.64 BUY SIMPLE MOVING AVERAGES RM 8.93 RM 8.72 RM 8.53 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4
23. T e c h n i c a l TA Securities V i e w Wednesday , March 29, 2017 FBMKLCI: 1,754.42 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 28.03.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name BORNEO OIL BHD HO WAH GENTING BERJAYA CORP BHD MALAKOFF CORP BH SMTRACK BHD YFG BHD PDZ HOLDINGS BHD IRIS CORP BHD ECO WORLD DEVELO DBE GURNEY RESOU O&C RESOURCES BH DIVERSIFIED GATE IOI CORP BHD ALAM MARITIM RES CHINA AUTOMOBILE TALAM TRANSFORM TA GLOBAL BHD AT SYSTEMATIZATI PALETTE MULTIMED KAREX BHD MNC WIRELESS BHD BIOALPHA HOLDING ADV SYNERGY BHD HOVID BHD COMINTEL CORP BH PAN MALAYSIA HLD XIDELANG HOLDING GLOBALTEC FORMAT LAY HONG BHD TECHNODEX BHD Price 0.19 0.07 0.39 1.19 0.05 0.07 0.07 0.14 1.51 0.05 0.62 0.06 4.71 0.30 0.03 0.05 0.37 0.05 0.08 2.10 0.07 0.26 0.16 0.33 0.92 0.16 0.04 0.05 0.92 0.16 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.16 0.05 0.38 1.16 0.03 0.05 0.06 0.11 1.47 0.03 0.53 0.03 4.62 0.28 0.02 0.04 0.32 0.03 0.06 1.99 0.06 0.23 0.12 0.31 0.87 0.11 0.03 0.04 0.89 0.14 0.18 0.06 0.39 1.19 0.04 0.06 0.07 0.13 1.51 0.04 0.61 0.05 4.70 0.29 0.03 0.04 0.36 0.04 0.07 2.10 0.06 0.25 0.15 0.33 0.91 0.15 0.03 0.05 0.91 0.16 0.19 0.07 0.40 1.21 0.05 0.07 0.07 0.16 1.55 0.05 0.68 0.07 4.78 0.31 0.03 0.05 0.39 0.06 0.08 2.21 0.07 0.27 0.18 0.34 0.95 0.19 0.04 0.05 0.93 0.17 60.49 56.30 54.10 45.37 58.32 64.67 53.77 53.36 51.79 55.93 57.76 59.85 53.51 49.18 53.33 53.57 60.87 51.42 58.81 41.31 59.42 58.35 57.21 54.42 54.18 55.12 65.53 53.93 57.73 54.68 0.18 0.06 0.39 1.18 0.04 0.06 0.07 0.15 1.52 0.04 0.64 0.05 4.69 0.29 0.03 0.05 0.37 0.05 0.07 2.08 0.06 0.25 0.16 0.33 0.91 0.17 0.03 0.05 0.91 0.16 0.17 0.06 0.39 1.20 0.04 0.06 0.07 0.13 1.51 0.04 0.57 0.04 4.68 0.31 0.03 0.04 0.34 0.04 0.07 2.19 0.06 0.24 0.14 0.32 0.90 0.15 0.03 0.05 0.90 0.15 0.17 0.06 0.38 1.24 0.04 0.05 0.07 0.13 1.47 0.04 0.54 0.04 4.62 0.30 0.03 0.04 0.31 0.04 0.06 2.28 0.06 0.23 0.13 0.32 0.87 0.14 0.03 0.05 0.88 0.15 Vol 60,016,200 22,272,500 9,455,400 9,040,600 8,668,900 6,024,300 5,672,600 5,626,400 5,528,400 5,340,000 4,836,100 4,562,400 4,496,900 4,438,800 4,338,100 3,863,000 3,704,300 3,364,400 3,330,000 3,261,600 3,228,200 2,973,500 2,735,700 2,707,000 2,569,000 2,424,000 2,235,000 2,235,000 2,124,400 2,082,300 20-day avg vol 75,812,020 19,083,980 18,197,900 5,792,370 2,506,565 4,041,585 7,000,560 15,638,380 5,278,945 21,232,790 5,096,195 6,031,995 5,981,050 4,474,795 10,533,820 9,189,380 6,983,440 25,736,280 4,189,575 3,875,375 11,224,830 23,830,630 5,705,080 7,267,695 1,868,650 4,814,020 5,708,095 6,773,105 1,094,745 2,434,885 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
24. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name Price BERJAYA ASSETS B AE MULTI HOLDING SCOMI GROUP BHD MALAYSIAN BULK ASIA BRANDS BHD BCM ALLIANCE B SANBUMI HOLDINGS CHIN TECK PLANTS TONG HERR RESOUR SERSOL BHD SAUDEE GROUP BHD KAMDAR GROUP M B SOUTH MALAY INDS PERMAJU INDUS SANICHI TECHNOLO MTOUCHE TECH MESB BHD ASDION BHD TEO GUAN LEE COR 0.90 0.19 0.21 0.84 1.11 0.19 0.23 8.10 2.79 0.21 0.38 0.39 0.20 0.19 0.09 0.21 0.74 0.29 1.51 0.28 LKL INTERNATIONA Raw data sourced from Bloomberg 20 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.84 0.14 0.16 0.70 0.84 0.16 0.16 7.77 2.31 0.14 0.30 0.31 0.14 0.15 0.06 0.15 0.55 0.22 1.31 0.25 0.87 0.16 0.18 0.75 0.97 0.17 0.18 7.92 2.50 0.17 0.33 0.34 0.17 0.17 0.07 0.18 0.62 0.25 1.40 0.26 0.89 0.18 0.20 0.80 1.10 0.18 0.21 8.07 2.70 0.20 0.37 0.38 0.20 0.18 0.09 0.20 0.69 0.29 1.49 0.27 61.95 71.50 65.96 74.34 72.17 67.41 76.05 64.91 81.78 71.42 77.23 67.19 73.44 66.75 68.89 63.74 66.24 64.42 58.74 59.96 0.86 0.16 0.18 0.75 0.96 0.17 0.18 7.94 2.53 0.17 0.34 0.36 0.18 0.17 0.08 0.18 0.62 0.25 1.39 0.26 0.87 0.15 0.18 0.74 0.98 0.17 0.18 7.86 2.36 0.17 0.33 0.33 0.17 0.17 0.07 0.17 0.62 0.25 1.41 0.26 0.87 0.15 0.17 0.74 0.98 0.18 0.16 7.81 2.23 0.16 0.32 0.33 0.16 0.17 0.07 0.17 0.64 0.23 1.42 0.26 Vol 715,300 56,281,600 75,729,900 15,566,000 33,500 24,217,900 5,601,600 7,500 423,900 14,029,200 826,800 45,000 4,849,100 4,914,300 52,502,200 4,101,400 32,100 581,900 10,000 3,376,400 20-day avg vol 30,700 2,722,440 3,913,750 1,093,775 2,490 2,410,025 598,850 875 57,605 2,058,135 140,130 7,990 881,385 944,685 11,286,430 913,710 7,570 137,970 2,380 816,540 *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 RAPID SYNERGY SOUTHERN STEEL HONG LEONG INDS MCE HOLDINGS BHD IMASPRO CORP BHD BINA DARULAMAN HEVEABOARD BHD JAYCORP BHD TOP GLOVE CORP B UMW OIL & GAS CO SHH RESOURCES HL BOX-PAK BHD MAGNA PRIMA BHD ASIA BIOENERGY T YI-LAI BHD OPCOM HOLDINGS EVERGREEN FIBREB MEDA INC BHD COMPUTER FORMS SEG INTERNATIONA Price 5.40 1.27 9.38 0.72 1.95 0.77 1.39 1.33 4.99 0.62 1.60 1.74 1.54 0.05 0.77 0.59 0.85 0.47 1.05 1.07 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 5.55 1.31 9.40 0.74 1.97 0.78 1.40 1.34 5.00 0.62 1.60 1.74 1.54 0.05 0.77 0.59 0.85 0.47 1.05 1.07 5.71 1.44 9.50 0.76 2.02 0.81 1.48 1.37 5.13 0.64 1.62 1.81 1.59 0.06 0.78 0.61 0.88 0.48 1.11 1.08 5.87 1.56 9.59 0.78 2.07 0.83 1.55 1.41 5.27 0.66 1.64 1.88 1.64 0.06 0.80 0.62 0.91 0.50 1.16 1.10 28.78 31.08 39.36 39.69 29.39 41.40 31.83 34.14 34.58 30.64 36.76 33.31 36.95 37.14 38.58 38.44 31.61 30.62 30.53 32.82 5.71 1.42 9.49 0.76 2.00 0.80 1.46 1.37 5.13 0.64 1.62 1.79 1.58 0.06 0.78 0.61 0.87 0.48 1.09 1.08 5.71 1.45 9.52 0.76 2.02 0.81 1.49 1.39 5.14 0.66 1.64 1.85 1.61 0.06 0.80 0.62 0.91 0.49 1.12 1.09 5.74 1.39 9.54 0.73 2.03 0.76 1.49 1.40 5.16 0.70 1.65 1.94 1.59 0.06 0.81 0.62 0.93 0.49 1.17 1.11 Vol 88,300 395,300 27,900 22,000 100,000 1,517,100 7,497,100 72,100 2,461,300 2,469,800 9,200 65,300 30,000 10,006,100 300 167,000 1,565,500 134,100 2,500 289,900 20-day avg vol 39,080 263,725 29,965 20,630 21,420 1,000,765 1,903,155 261,815 2,326,070 2,096,885 34,100 120,085 235,390 7,678,095 30,270 152,535 4,168,250 143,500 875 391,915 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
25. Wednesday , 29 March, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (HK) 3. Foreign Technical Stock Watch (FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
26. T e c h n i c a l TA Securities V i e w Wednesday , March 29, 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: 5,821.23 (+74.54, +1.30%) 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 28-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change 5821.23 74.54 5821.23 5746.70 5693.33 5756.94 5820.54 59.64 5762.69 5764.04 5725.71 33.42 20.13 18.20 13.29 8.76 9.22 (0.459) BUY SELL 23.90 0.35 23.99 23.59 23.14 24.55 25.96 41.15 24.35 25.06 25.66 25.77 38.29 16.56 (12.52) -0.46 -0.43 (0.027) SELL SELL 59.93 0.91 60.02 58.93 58.28 60.89 63.50 42.24 60.90 62.74 63.86 24.19 37.33 22.28 (13.15) -1.07 -1.02 (0.046) SELL SELL 85.26 1.86 85.26 83.73 82.42 83.88 85.34 60.41 84.07 83.98 83.28 30.79 20.33 12.71 10.46 0.17 0.20 (0.027) BUY SELL BUY 34.70 0.70 34.71 34.22 33.40 34.38 35.36 58.46 34.21 34.22 33.40 30.92 24.62 19.90 6.31 0.14 0.25 (0.106) BUY SELL BUY 31.94 0.49 31.99 31.49 30.76 31.48 32.20 61.54 31.44 31.22 30.52 29.43 16.69 23.44 12.74 0.22 0.28 (0.056) BUY SELL 32.84 0.63 32.91 32.38 31.55 32.40 33.24 61.60 32.19 32.23 31.54 30.27 20.34 22.54 9.93 0.16 0.22 (0.062) BUY SELL 44.38 0.38 44.46 43.90 42.71 43.70 44.69 62.39 43.86 43.42 42.49 25.37 16.84 21.78 8.54 0.39 0.43 (0.040) BUY SELL 31.63 0.42 31.81 31.36 30.53 31.06 31.58 56.44 31.18 31.24 31.51 25.03 22.13 19.95 2.90 -0.05 -0.11 0.056 BUY BUY BUY 22.77 -0.05 22.82 22.53 20.69 21.87 23.05 60.81 22.34 22.23 22.23 30.86 22.89 13.77 7.97 0.16 0.04 0.122 BUY BUY 8.79 0.06 8.82 8.72 8.39 8.64 8.88 55.16 8.62 8.74 8.83 24.10 21.04 26.03 3.05 -0.06 -0.09 0.033 BUY BUY BUY 6.15 0.08 6.21 5.75 5.96 6.41 6.86 41.46 6.44 6.56 6.54 16.74 38.87 18.64 (22.13) -0.09 -0.05 (0.040) SELL SELL 12.79 0.08 12.86 12.70 12.36 12.76 13.16 52.31 12.82 12.70 12.56 31.44 23.23 15.64 8.21 0.06 0.08 (0.022) BUY SELL 6.93 0.09 6.96 6.87 6.19 6.55 6.91 60.27 6.71 6.65 6.86 34.52 19.38 18.04 15.13 0.01 -0.05 0.058 BUY BUY 5.06 0.04 5.06 5.00 4.92 5.00 5.08 54.52 5.01 5.00 5.04 21.32 21.37 13.58 (0.05) -0.01 -0.01 0.008 SELL BUY 3.81 0.05 3.82 3.76 3.51 3.67 3.83 54.66 3.70 3.76 3.85 25.73 22.77 21.44 2.96 -0.03 -0.06 0.029 BUY BUY 88.10 0.74 88.65 87.65 86.22 87.96 89.69 53.45 88.03 87.66 86.37 23.71 21.71 13.06 2.00 0.31 0.47 (0.169) BUY SELL BUY 13.14 0.14 13.22 12.99 12.93 13.27 13.61 46.38 13.15 13.31 13.26 23.23 27.01 14.67 (3.78) -0.07 -0.05 (0.029) SELL SELL 17.75 0.35 17.80 17.35 16.86 18.16 19.47 44.75 17.69 18.27 18.43 19.17 28.12 23.64 (8.95) -0.26 -0.21 (0.050) SELL SELL 7.15 0.15 7.15 7.05 6.76 6.95 7.14 59.49 6.95 7.00 7.01 23.10 20.56 16.82 2.55 0.00 -0.03 0.025 BUY BUY BUY 10.59 0.12 10.61 10.48 10.19 10.40 10.61 60.38 10.41 10.34 10.16 30.80 17.75 19.90 13.05 0.09 0.09 0.001 BUY BUY - BUY 15.10 0.19 15.12 14.93 13.93 14.46 14.99 69.28 14.66 14.48 14.50 30.68 15.95 15.03 14.73 0.12 0.03 0.086 BUY BUY 4.66 0.03 4.68 4.62 4.41 4.59 4.78 60.09 4.54 4.60 4.52 25.68 15.55 17.58 10.13 0.00 0.00 0.004 BUY BUY - BUY 1.77 0.04 1.77 1.72 1.70 1.84 1.97 41.20 1.79 1.87 1.88 20.55 31.63 16.23 (11.08) -0.04 -0.03 (0.010) SELL SELL 13.90 0.19 13.94 13.63 13.49 13.83 14.18 57.55 13.81 13.76 13.36 21.80 19.10 22.85 2.70 0.10 0.16 (0.053) BUY SELL BUY 3.98 0.06 4.00 3.93 3.67 3.81 3.95 72.84 3.85 3.73 3.60 32.32 12.82 29.55 19.49 0.09 0.08 0.005 BUY BUY - BUY 12.52 0.11 12.64 12.31 12.11 12.62 13.14 50.24 12.55 12.61 12.29 23.82 22.19 17.81 1.62 0.01 0.05 (0.036) BUY SELL BUY - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
27. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker 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 23.90 27.85 14% 59.93 70.63 15% 4.43 3.23 10.3 14.1 4.422 3.331 69.80 41.51 0.05 85.26 83.99 -2% 5.64 5.83 15.1 14.6 4.971 5.103 86.09 69.22 3.46 34.70 34.03 -2% 2.41 2.50 14.4 13.9 5.372 5.363 35.26 27.57 6.44 31.94 31.14 -3% 2.39 2.43 13.3 13.1 5.056 5.122 32.05 22.06 5.00 32.84 32.26 -2% 2.41 2.46 13.6 13.4 5.950 5.828 33.28 23.90 7.08 44.38 43.35 -2% 2.61 2.64 17.0 16.8 4.975 5.047 46.06 38.62 5.32 31.63 33.23 5% 1.31 1.49 18.4 16.2 3.190 3.636 32.59 23.82 1.51 22.77 22.94 1% 0.74 0.93 23.3 18.6 0.755 1.098 27.20 16.25 12.44 8.79 9.48 7% 0.33 0.36 20.2 18.6 2.924 2.969 11.14 8.21 -6.29 6.15 6.57 6% 0.84 0.50 5.6 9.4 5.317 3.285 7.27 2.47 4.41 12.79 13.66 6% 0.64 0.80 15.2 12.1 3.315 3.917 13.28 9.22 2.98 6.93 7.33 5% 0.32 0.53 21.5 13.0 0.000 1.270 7.47 4.42 5.16 5.06 5.29 4% 0.36 0.37 14.3 13.6 5.731 5.988 5.96 4.39 0.40 3.81 4.42 14% 0.14 0.20 20.2 14.8 0.945 2.021 5.07 3.30 -5.22 88.10 88.37 0% 6.16 6.36 14.3 13.9 4.823 5.034 89.88 61.05 1.12 13.14 13.90 5% 0.91 0.98 14.4 13.5 5.571 5.974 13.95 11.27 -2.81 17.75 16.66 -7% 1.05 1.13 17.0 15.7 2.997 3.256 19.49 12.04 0.40 7.15 7.98 10% 0.21 0.26 25.9 21.1 1.175 1.497 7.75 5.98 -0.28 10.59 9.92 -7% 0.57 0.59 18.5 17.8 4.533 4.655 10.70 7.94 4.64 15.10 15.97 5% 0.61 0.65 18.9 17.7 2.828 3.166 16.66 13.62 1.00 4.66 4.82 3% 0.31 0.33 14.8 14.1 5.515 5.730 5.11 4.03 1.75 2017 2018 2017 2018 2017 2018 High Low YTD 1.51 1.30 12.0 14.0 3.490 3.017 27.96 15.85 -4.63 1.77 1.87 6% 0.11 0.10 12.7 14.1 5.836 5.836 2.04 1.19 -3.55 13.90 13.19 -5% 0.55 0.60 19.3 17.5 1.914 2.022 14.28 8.63 11.56 3.98 4.34 8% 0.53 0.53 7.57 7.48 3.668 4.472 4.22 2.58 19.52 12.52 12.42 -1% 0.64 0.73 19.7 17.2 3.059 3.147 13.62 7.40 -2.42 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
28. T e c h n i c a l TA Securities V i e w Wednesday , March 29, 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: 24,345.87 (+152.17, +0.63%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Close Name 28-Mar HANG SENG 24,345.87 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 63.30 86.80 6.38 5.15 9.31 24.05 3.91 114.40 5.77 226.00 195.40 96.90 43.80 6.28 18.50 81.30 3.76 32.05 158.40 15.50 78.45 20.60 67.25 22.65 67.20 5.09 48.20 6.09 3.98 10.48 32.35 6.69 43.35 13.82 17.80 9.66 21.90 22.15 14.14 3.78 11.20 11.10 8.33 3.08 2.38 49.30 36.25 42.65 Change Tel: +603-2167 9607 High Lower 152.17 0.55 0.60 0.05 0.03 0.07 0.25 0.04 0.00 0.02 1.20 0.40 0.05 0.30 0.07 0.22 0.40 0.04 (0.05) 1.10 0.04 0.65 0.00 (0.70) (0.05) 0.20 0.07 0.00 0.04 0.05 (0.04) 0.20 0.11 0.40 0.00 (0.04) 0.02 0.05 (0.15) 0.02 0.18 0.02 0.12 (0.26) 0.00 0.03 0.00 1.40 1.45 24,360.00 24,274.52 63.55 87.05 6.39 5.16 9.32 24.35 3.93 114.70 5.82 227.00 196.80 97.50 44.10 6.30 18.60 81.30 3.77 32.35 158.60 15.50 78.45 20.95 67.40 22.95 67.30 5.10 48.60 6.15 3.99 10.58 32.50 6.69 43.40 14.14 18.14 9.76 22.10 22.55 14.28 3.78 11.28 11.12 8.80 3.11 2.38 49.80 36.30 42.70 62.90 86.20 6.34 5.12 9.25 23.95 3.89 113.40 5.74 224.80 195.10 96.80 43.60 6.23 18.08 80.35 3.70 32.05 157.50 15.40 77.70 20.45 66.45 22.55 66.90 5.03 48.10 6.08 3.90 10.38 32.25 6.53 42.90 13.74 17.64 9.62 21.70 21.80 14.06 3.63 11.14 11.00 8.25 3.06 2.35 49.00 35.00 41.40 RSI Bollinger Bands Low 23,293.87 62.45 82.13 6.05 4.88 8.77 22.91 3.75 111.62 5.65 202.21 188.39 95.08 40.40 5.74 14.40 77.08 3.42 30.61 156.07 14.75 76.74 19.27 60.30 22.64 66.44 5.04 43.75 5.96 3.84 8.99 31.45 6.50 40.92 12.96 17.24 9.62 20.14 21.07 13.91 3.68 10.89 10.83 8.29 3.02 2.30 48.39 32.64 36.93 Mid stsoo@ta.com.my Upper 14d 23,993.84 24,693.82 60.38 63.38 86.15 6.30 5.07 9.05 24.06 3.89 113.82 5.80 217.22 194.26 96.48 42.45 6.01 16.97 79.44 3.66 31.58 158.78 15.13 78.87 20.14 66.13 24.07 67.97 5.24 46.36 6.09 4.02 9.83 32.06 6.89 42.23 13.54 17.82 9.91 21.59 21.67 14.38 3.98 11.40 11.14 8.52 3.15 2.39 49.48 34.40 39.73 64.30 90.17 6.55 5.27 9.33 25.20 4.03 116.02 5.96 232.23 200.13 97.88 44.49 6.27 19.54 81.81 3.89 32.56 161.48 15.51 81.00 21.01 71.96 25.50 69.49 5.45 48.97 6.23 4.20 10.67 32.67 7.28 43.54 14.11 18.40 10.19 23.04 22.27 14.85 4.28 11.90 11.44 8.74 3.29 2.49 50.56 36.16 42.53 45.44 50.82 56.08 56.71 55.64 51.14 53.09 59.47 42.63 67.12 51.31 58.94 64.81 65.72 66.42 69.19 61.90 59.26 48.75 69.79 47.67 63.55 61.99 35.38 39.14 44.44 72.73 50.62 46.51 74.10 51.62 48.86 70.31 62.20 52.64 45.98 54.35 60.43 47.18 43.41 48.49 45.80 43.87 51.46 49.94 51.03 69.79 77.36 Moving Averages 10d 24,303.21 63.46 87.41 6.40 5.16 9.09 24.46 3.94 114.40 5.80 223.86 196.83 97.07 43.37 6.08 17.93 80.08 3.75 32.01 158.63 15.26 78.06 20.49 68.44 24.18 67.52 5.22 47.40 6.12 4.04 10.20 32.10 6.76 42.79 13.68 18.00 9.82 22.23 21.89 14.46 3.89 11.21 11.22 8.57 3.12 2.40 49.69 35.18 40.93 30d www.taonline.com.my DMI 50d DI + DMI MACD DI - ADX Diff Line Signal Diff MACD Recent Signal DMI MACD Signal Change 24,002.37 23,692.16 31.13 20.01 29.88 11.12 203.55 193.13 10.417 BUY BUY - - 64.16 86.38 6.33 5.09 9.17 24.13 3.92 113.06 5.90 215.28 195.87 95.57 42.35 6.04 16.80 78.92 3.61 31.50 159.94 15.07 79.42 20.01 64.38 24.06 68.56 5.26 45.78 6.14 4.08 9.69 32.43 6.78 41.79 13.35 17.77 9.85 21.51 21.69 14.34 4.03 11.35 11.26 8.52 3.10 2.38 49.25 33.69 38.69 64.78 86.75 6.13 4.97 9.40 23.37 3.78 110.65 6.00 210.05 193.19 94.04 41.64 6.08 16.54 77.88 3.52 31.17 158.86 14.90 79.10 19.59 61.80 23.68 68.86 5.12 44.71 6.00 4.05 9.47 32.52 6.48 40.87 13.14 17.01 9.53 20.78 21.40 14.00 3.98 11.09 11.34 8.30 2.90 2.36 48.54 33.70 37.42 27.11 21.85 17.04 20.05 20.54 23.72 20.19 17.79 23.95 16.37 19.07 13.37 10.03 13.82 16.53 11.95 13.57 15.89 19.82 8.62 15.16 10.39 17.47 32.90 21.36 27.25 10.84 22.43 25.32 9.74 15.39 20.33 9.12 10.63 17.92 23.26 20.74 13.57 20.11 24.28 21.43 22.49 20.46 14.39 24.14 22.08 15.59 6.71 11.44 25.16 21.91 24.87 23.84 25.62 25.45 32.86 18.78 25.09 18.40 28.25 37.21 18.47 31.18 38.15 22.09 19.13 15.44 30.40 12.84 32.89 43.94 26.22 19.47 24.29 39.58 12.57 12.66 40.92 13.66 29.17 55.23 33.10 22.47 24.32 26.48 12.23 24.90 17.55 22.66 20.96 23.32 37.20 36.83 27.50 30.73 42.36 (0.22) 0.84 6.38 8.10 7.40 3.41 7.18 6.30 (4.28) 17.68 3.53 8.09 22.33 17.84 22.15 21.00 12.06 8.70 (2.19) 19.38 1.98 14.14 12.31 (15.73) (7.59) (8.64) 18.76 (0.86) (3.21) 28.92 4.87 1.25 23.69 19.67 6.51 (6.53) 6.36 9.98 (0.20) (3.47) (2.72) (4.79) 0.17 2.75 12.53 5.92 18.96 27.39 -0.43 0.34 0.07 0.05 -0.06 0.22 0.03 1.12 -0.05 4.99 0.77 0.91 0.63 0.05 0.66 0.86 0.07 0.33 -0.22 0.16 -0.45 0.34 2.07 -0.07 -0.50 -0.01 1.07 0.02 -0.01 0.28 -0.09 0.02 0.65 0.22 0.24 0.04 0.41 0.20 0.11 -0.06 0.00 -0.05 0.06 0.04 0.00 0.36 0.63 1.34 0.005 0.092 (0.007) (0.002) 0.057 (0.098) (0.011) (0.166) 0.005 0.481 (0.002) (0.085) 0.116 0.039 0.208 0.161 (0.000) 0.020 (0.240) 0.035 (0.140) 0.010 (0.171) (0.253) (0.092) (0.042) 0.181 (0.013) (0.005) 0.067 0.055 (0.064) 0.031 0.024 (0.053) (0.063) (0.035) 0.043 (0.065) (0.040) (0.056) 0.000 (0.021) (0.030) (0.011) (0.084) 0.136 0.184 SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL SELL SELL BUY SELL SELL BUY BUY BUY BUY BUY BUY SELL BUY BUY SELL SELL SELL SELL BUY BUY BUY BUY BUY BUY BUY BUY SELL SELL BUY SELL SELL SELL BUY BUY SELL SELL BUY BUY BUY BUY SELL BUY SELL BUY SELL BUY SELL SELL SELL SELL BUY SELL SELL BUY BUY SELL BUY BUY SELL SELL SELL BUY SELL SELL SELL BUY SELL SELL SELL SELL BUY BUY - BUY SELL SELL - 26.90 22.69 23.42 28.15 27.93 27.12 27.37 24.09 19.67 34.06 22.61 21.47 32.36 31.66 38.68 32.95 25.63 24.59 17.63 28.00 17.14 24.53 29.78 17.17 13.77 18.61 29.60 21.57 22.11 38.66 20.26 21.57 32.81 30.30 24.42 16.73 27.11 23.54 19.91 20.81 18.71 17.71 20.63 17.15 36.67 27.99 34.54 34.10 -0.43 0.24 0.08 0.06 -0.12 0.32 0.04 1.29 -0.06 4.51 0.77 0.99 0.51 0.01 0.45 0.70 0.07 0.31 0.02 0.12 -0.31 0.33 2.24 0.18 -0.41 0.03 0.88 0.03 0.00 0.22 -0.15 0.09 0.62 0.20 0.29 0.11 0.44 0.16 0.17 -0.02 0.05 -0.05 0.08 0.07 0.01 0.44 0.49 1.15 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
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 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 63.40 63.37 0% 0.6 0.7 13.7 12.5 0.8 0.8 69.10 44.50 1.85 86.80 107.59 19% 5.6 6.1 13.6 12.7 3.0 3.3 99.30 80.30 5.60 6.38 7.41 14% 0.9 0.9 6.2 6.0 4.3 4.3 6.55 4.50 6.87 5.15 6.10 16% 0.8 0.8 5.9 5.8 4.5 4.5 5.27 3.82 10.75 9.29 11.10 0.8 N/A 10.6 3.6 10.88 8.46 24.05 28.09 14% 0.9 1.1 23.0 19.0 1.3 1.4 25.50 16.00 19.06 3.90 4.46 12% 16% 0.6 0.6 0.6 6.1 6.0 4.4 3.4 4.4 4.08 2.90 13.37 -4.23 114.00 123.30 85.40 16.33 129.67 12% 8.8 9.5 13.0 12.0 3.5 3.6 5.77 7.15 19% 0.0 0.3 104.4 17.6 0.7 2.3 6.38 4.76 -0.17 226.00 256.94 12% 6.2 7.8 32.2 25.7 0.3 0.4 229.80 152.20 19.14 195.40 193.21 -1% 5.6 6.1 35.0 31.8 2.6 2.9 213.20 175.00 6.66 96.95 114.19 15% 9.2 10.2 10.5 9.5 3.0 3.2 103.90 80.60 10.24 43.80 44.95 56.15 22% 3.6 4.0 10.8 9.8 1.6 1.7 32.50 12.89 6.28 7.30 14% 0.4 0.5 12.6 11.0 4.0 4.6 6.35 4.66 14.18 18.50 19.00 3% 1.5 1.5 10.7 11.0 3.0 3.1 19.78 11.40 26.71 81.30 79.08 -3% 5.0 5.2 16.2 15.7 3.5 3.6 84.35 68.75 14.11 3.34 -12% 0.0 0.0 14.2 13.4 0.8 0.8 3.24 10.26 32.05 34.47 7% 2.2 2.5 14.4 12.7 5.6 4.0 32.55 21.01 15.50 158.40 3.76 154.98 -2% 9.3 10.2 17.1 15.6 4.0 4.2 164.40 5.15 127.60 9.77 15.50 12.85 -21% 0.6 0.6 26.0 24.9 2.4 2.6 15.50 12.75 12.81 78.45 78.15 0% 4.8 5.1 16.2 15.3 3.4 3.6 94.40 72.20 5.94 20.60 19.63 -5% 1.2 1.1 17.1 19.0 3.7 3.6 20.95 13.64 25.30 67.25 65.70 -2% 4.7 4.8 14.4 13.9 3.2 3.4 69.95 39.00 30.46 22.65 28.85 21% 3.2 3.6 7.0 6.2 3.7 4.3 27.85 20.15 10.22 67.20 74.22 9% 3.4 3.5 19.6 19.0 4.1 4.2 75.73 62.78 5.16 5.09 4.92 -3% 0.4 0.4 11.3 11.3 4.8 4.8 5.79 4.07 16.74 48.15 48.82 1% 3.3 3.2 14.6 15.0 3.2 3.3 49.30 39.64 16.73 6.09 5.98 -2% 0.9 0.9 6.1 5.8 4.3 4.4 6.44 4.46 8.56 3.98 4.52 12% 0.3 0.3 13.0 13.5 1.9 1.7 4.88 2.92 8.15 10.50 11.74 11% 0.2 0.4 39.8 22.7 0.8 1.4 10.76 7.70 16.28 32.35 25.72 -26% 2.1 1.8 15.6 18.3 2.9 2.5 34.75 26.35 8.92 6.64 6.11 -9% 0.0 0.2 N/A 41.2 0.0 1.1 7.62 5.34 9.03 43.35 39.12 -11% 1.6 1.6 27.4 26.7 7.6 2.6 44.50 35.02 14.99 13.76 13.64 -1% 0.8 0.8 16.5 16.7 3.7 3.7 14.48 10.96 18.93 17.80 18.95 6% 0.6 0.7 28.1 24.3 9.64 11.22 14% 0.8 0.8 12.4 11.7 4.6 4.6 10.46 6.91 17.56 21.90 28.19 22% 2.8 3.2 7.9 6.9 3.6 4.1 23.85 16.50 25.57 22.15 23.35 13.9 3.0 3.3 24.95 18.80 14.14 14.78 4% 1.4 1.5 10.1 9.4 5.9 6.0 15.50 10.70 14.77 3.78 4.43 15% 0.2 0.2 16.9 15.6 0.2 0.4 4.45 2.25 18.13 11.22 9.97 -12% -0.1 0.2 N/A 47.5 0.5 0.7 13.50 10.00 10.00 11.10 12.35 10% 1.6 1.7 7.1 6.6 3.0 3.9 12.78 10.54 0.00 8.32 9.09 8% 0.1 0.1 13.2 12.5 0.4 0.4 9.48 7.28 6.80 19.9 17.3 0.4 0.4 2.31 26.12 3.09 3.15 5% 1.4 1.6 15.9 1.1 1.2 18.90 3.38 12.85 15.58 15.12 2% 0.0 0.0 2.38 2.45 3% 0.0 0.0 N/A N/A 0.0 0.0 3.00 2.00 5.31 49.20 56.69 13% 0.4 0.4 17.3 15.5 0.3 0.3 54.15 41.70 12.46 36.20 37.85 4% 0.2 0.2 23.8 21.6 0.7 0.7 39.30 24.60 7.42 42.65 42.75 0% 1.6 1.7 26.6 24.6 1.1 1.3 42.70 21.73 26.98 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
30. T e c h n i c a l TA Securities V i e w Wednesday , March 29, 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: 3,157.82 (+30.94, +0.99%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Change 28-Mar 3,157.82 30.94 3.92 19.02 9.62 21.87 66.45 3.52 7.28 3.66 1.01 6.86 7.71 10.12 2.33 0.19 10.33 42.21 3.57 44.29 0.38 3.73 1.89 1.96 3.15 1.87 2.56 2.90 3.68 0.52 1.13 0.04 0.32 0.05 0.11 0.85 0.03 0.08 0.02 0.02 0.08 0.15 0.11 (0.02) 0.00 0.05 1.71 0.03 0.17 0.01 0.07 0.02 0.01 0.02 0.02 0.07 0.04 0.01 0.01 0.01 Tel: +603-2167 9607 stsoo@ta.com.my High Low Bollinger Bands RSI Lower Mid Upper 14d 3,158.97 3,139.04 3,107.18 3,139.45 3,171.71 57.93 Moving Averages 10d 30d 50d DI + 3,146.73 3,128.49 3,097.42 31.26 DI 24.95 ADX 22.04 Diff 6.30 MACD DMI MACD DMI MACD Line Signal Diff Recent Signal Signal Change 13.96 17.87 (3.915) BUY SELL BUY - 3.93 19.02 9.67 21.95 66.50 3.52 7.28 3.69 1.02 6.86 7.73 10.12 2.35 0.19 10.37 42.24 3.57 44.49 0.38 3.73 1.91 1.97 3.16 1.88 2.59 2.90 3.70 0.53 1.14 3.88 18.80 9.59 21.81 65.62 3.49 7.22 3.65 0.99 6.79 7.57 10.02 2.32 0.19 10.29 40.51 3.53 44.16 0.38 3.66 1.87 1.95 3.13 1.85 2.50 2.86 3.67 0.52 1.12 3.94 18.92 9.59 21.75 65.95 3.56 7.21 3.69 1.00 6.80 7.58 10.01 2.20 0.19 10.38 40.23 3.55 44.75 0.38 3.68 1.89 1.94 3.17 1.87 2.52 2.87 3.68 0.53 1.12 19.77 28.31 20.12 15.91 19.92 27.69 11.81 19.65 13.94 25.12 18.12 15.16 9.21 26.30 14.84 12.89 12.52 23.72 20.79 16.41 25.12 12.37 23.32 20.10 17.83 20.49 10.09 21.11 14.67 15.90 15.55 10.91 24.99 24.50 28.60 33.33 31.89 17.95 24.20 13.32 12.43 26.67 23.33 41.50 30.43 31.13 11.25 26.16 22.88 35.78 12.32 19.60 35.88 11.83 10.94 28.51 12.00 42.94 (2.12) (1.01) 5.67 14.28 2.53 (14.80) 15.08 4.84 8.08 6.66 12.18 3.83 38.43 (9.37) 18.24 20.57 12.38 (0.35) (10.69) 12.29 (11.24) 4.42 (0.08) 13.31 8.39 (0.71) 5.12 (3.66) 15.59 0.00 0.03 0.02 0.15 0.76 -0.06 0.11 0.05 0.01 0.04 0.02 0.04 0.05 -0.01 0.25 0.73 0.02 0.55 -0.01 0.04 -0.04 0.00 -0.01 0.04 0.01 0.00 0.01 0.00 0.05 3.87 18.64 9.43 21.32 64.37 3.49 6.83 3.54 0.97 6.54 7.39 9.87 1.96 0.18 9.38 38.32 3.43 43.17 0.37 3.61 1.83 1.92 3.08 1.79 2.48 2.82 3.65 0.51 1.03 3.93 18.98 9.56 21.64 65.73 3.59 7.10 3.65 0.99 6.88 7.54 9.98 2.14 0.21 10.11 39.90 3.52 44.40 0.38 3.67 1.94 1.94 3.21 1.91 2.51 2.87 3.69 0.52 1.11 4.00 19.33 9.69 21.95 67.09 3.68 7.37 3.76 1.01 7.22 7.68 10.09 2.32 0.23 10.85 41.47 3.60 45.62 0.39 3.73 2.05 1.96 3.33 2.03 2.55 2.92 3.73 0.54 1.19 49.07 54.63 55.40 60.59 58.62 37.71 65.63 54.89 57.95 55.11 62.18 61.36 73.33 41.82 59.43 69.10 59.84 53.36 42.89 61.14 37.03 55.74 46.25 56.87 61.10 54.99 53.48 44.81 62.54 3.95 18.87 9.55 21.54 64.99 3.65 7.01 3.62 0.99 6.83 7.55 9.95 2.13 0.22 9.86 39.34 3.50 43.49 0.39 3.65 1.99 1.95 3.21 1.82 2.49 2.85 3.68 0.53 1.05 3.91 18.80 9.52 21.26 63.65 3.75 6.92 3.50 0.98 6.60 7.54 9.94 2.13 0.20 9.61 38.63 3.50 42.77 0.40 3.53 2.00 1.95 3.19 1.69 2.47 2.89 3.63 0.54 0.96 17.65 27.30 25.79 30.19 22.45 12.89 26.89 24.49 22.02 31.77 30.29 18.99 47.64 16.93 33.08 33.46 24.90 23.37 10.10 28.70 13.88 16.79 23.24 33.40 26.22 19.78 15.21 17.45 30.25 DMI www.taonline.com.my 0.01 0.07 0.03 0.15 0.86 -0.06 0.10 0.06 0.01 0.07 0.02 0.03 0.02 0.00 0.27 0.59 0.01 0.66 -0.01 0.05 -0.04 0.00 0.00 0.07 0.01 0.00 0.02 0.00 0.05 (0.009) (0.045) (0.006) (0.008) (0.100) (0.002) 0.008 (0.015) (0.000) (0.025) 0.007 0.009 0.028 (0.003) (0.023) 0.146 0.007 (0.111) 0.002 (0.008) (0.005) 0.003 (0.013) (0.021) 0.000 0.004 (0.008) 0.000 (0.008) SELL SELL BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY SELL SELL BUY SELL BUY SELL BUY BUY SELL BUY SELL BUY SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL BUY BUY BUY SELL SELL BUY BUY SELL BUY SELL SELL BUY SELL SELL BUY BUY SELL BUY SELL BUY BUY BUY BUY - BUY BUY - The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 3
31. Corporate News : The Committee on Future Economy proposes widening range of public financing and supporting Singapore Exchange as a listing venue for companies in high tech, biopharmaceutical and life sciences industries. The Group recommends allowing dual-class share structures, with “appropriate safeguards” to promote market transparency. - Bloomberg. Technical Comments: Fresh MACD and DMI buy signal on Singapore Exchange shares support further near-term strength towards the SGD8.00 level, with higher upside targets at 76.4%FR (SGD8.28) and the peak of 18/05/15 (SGD8.80), while immediate support cushioning downside is found at the 23.6%FR (SGD7.12). SINGAPORE EXCHANGE SGD7.71 (+0.15) \\ Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS SGD SGD SGD DMI 7.68 7.54 7.39 BUY BUY SIMPLE MOVING AVERAGES SGD 7.58 SGD 7.55 SGD 7.54 DAILY MACD Recent Signal BUY Signal Change BUY 10-day 30-day 50-day Page 2 of 3
32. 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 3.92 4.25 19.01 9.62 21.92 21.18 -4% 1.9 2.1 11.3 10.6 3.3 3.4 22.04 17.41 7.45 66.45 63.99 -0.04 4.1 4.4 16.3 15.3 2.4 2.5 67.27 52.42 20.27 3.52 3.80 7% 0.2 0.2 12.6 11.7 2.0 2.2 4.00 2.96 -1.95 7.28 7.38 1% 0.4 0.4 18.5 17.9 2.7 2.7 7.35 5.77 15.01 3.68 4.02 9% 0.2 0.2 17.7 18.5 2.7 2.8 3.79 2.85 21.85 1.01 1.06 5% 0.0 0.0 28.9 25.9 2.9 3.0 1.04 0.69 11.60 6.82 6.89 1% 0.5 0.6 13.2 12.3 3.2 3.4 7.23 5.10 17.79 7.71 7.89 2% 0.3 0.4 23.1 21.3 3.8 4.1 8.05 6.96 7.68 10.12 9.71 -4% 0.4 0.4 22.7 23.3 3.4 2.7 11.67 9.60 4.65 2.33 2.19 -6% 0.1 0.1 30.3 30.7 1.8 1.9 2.41 1.92 11.48 YZJSGD SP YZJ % upside 2017 2018 2017 2018 2017 2018 High Low YTD 8% 0.2 0.3 16.1 15.2 4.5 4.7 4.36 3.59 7.40 19.44 2% 1.789 1.963 10.6 9.7 3.2 3.3 19.37 14.63 9.63 9.57 -1% 0.9 0.9 11.2 10.3 3.8 4.0 9.78 8.21 7.85 0.19 0.22 0.13 0.0 0.0 9.1 6.2 0.0 0.0 0.36 0.11 12.35 10.33 10.73 4% 0.6 0.7 16.0 15.0 1.4 1.4 10.65 7.68 24.76 42.21 40.36 -5% 2.7 2.9 15.5 14.4 0.8 0.8 42.24 27.35 27.14 3.57 3.19 -12% 0.2 0.2 23.3 23.3 4.8 4.6 4.13 3.45 1.13 44.29 49.97 11% 2.1 2.3 14.8 13.6 1.8 2.0 46.23 31.60 7.42 0.38 0.39 2% 0.0 0.0 17.0 14.3 1.8 1.8 0.45 0.33 -11.63 3.71 3.62 -3% 0.2 0.2 21.4 20.5 4.2 4.3 3.77 3.01 14.86 1.89 1.99 5% 0.1 0.1 14.2 14.2 2.4 2.4 2.17 1.58 -4.06 1.97 2.13 8% 0.1 0.1 17.2 16.8 5.6 5.6 2.25 1.87 4.24 3.15 3.52 10% 0.2 0.3 13.1 10.9 2.9 3.3 3.38 2.44 10.53 1.87 1.65 -13% 0.1 0.1 35.9 26.6 1.4 1.7 2.09 1.22 35.14 2.57 2.94 13% 0.2 0.2 16.4 15.8 4.3 4.7 3.02 2.37 4.05 2.90 2.64 -10% 0.2 0.2 18.0 18.8 5.5 5.4 3.97 2.73 3.20 3.68 3.55 -4% 0.2 0.2 23.9 23.7 4.2 4.0 3.91 3.35 9.20 0.53 0.58 9% 436 583 11.5 8.6 12299 17959 0.63 0.44 0.00 1.13 1.07 -5% 0.5 0.5 11.5 12.0 17.3 17.3 1.19 0.71 38.65 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