Bursa Malaysia Daily Market Report - 3 April

Transcription

1. Tuesday , 03 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1 . A u t o m o t i ve S e c t o r : N e w Di re c t io n f o r M a la y s i a Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck Pi cks , D a i ly M on e y Fl ow , D ai l y St o ck S cr een (L o c al ) 2. D ai l y For ei gn T ech n i c al St o ck W a t ch ( F SS T I ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
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Daily Market Commentary Tuesday , 03 April 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (02.04.2018) Volume (mil) +/-chg (RMmn) Main Market 1,311.8 Warrants 270.5 ACE Market 487.8 Bond 4.2 ETF 1.3 LEAP 0.0 Total 2,075.5 Off Market 118.5 126.0 47.2 75.8 1.1 1.3 0.0 Value Value/ +/-chg Volume Up Down 1,524.0 26.4 85.5 0.9 1.6 0.0 1,638.5 81.7 290.7 -285.3 3.8 17.6 0.3 1.5 0.0 112.2 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP April Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA (mn) 353 128 63 5 4 0 553 % chg % YTD chg -5.11 -34.12 -38.06 -10.50 -0.27 -0.26 -0.26 -0.56 3.42 0.53 -13.09 3.89 23,644.19 6,870.12 7,056.61 21,388.58 2,444.16 30,093.38 3,430.76 1,782.28 6,240.57 3,163.18 1,856.66 5,759.37 -458.92 -193.33 0.00 -65.72 -1.69 0.00 2.79 6.02 51.58 -5.72 2.94 0.00 -1.90 -2.74 0.00 -0.31 -0.07 0.00 0.08 0.34 0.83 -0.18 0.16 0.00 -4.35 -0.48 -8.21 -6.05 -0.95 0.58 0.82 1.63 -1.81 -4.35 -2.25 -5.04 0.10 10.54 2.64 0.88 0.22 0.18 0.40 0.11 1.43 Counter MAYBANK PBBANK TENAGA AXIATA MAXIS HLBANK MISC IOICORP KLK PETDAG Mkt Cap. Chg (RM’mn) (RM) 114,592 92,290 91,789 48,683 44,520 38,253 31,336 29,188 27,221 24,538 Important Dates LPI - 1:5 Bonus Issue - BI of up to 66.4m shares. 1 bonus share for every 5 existing shares held. Ex-Date: 09/04/2018. Entitlement Date: 11/04/2018. LISTING ON: 12/04/2018. BURSA - 1:2 Bonus Issue - BI of up to 269.8m shares. 1 bonus share for every 2 existing shares held. Ex-Date: 10/04/2018. Entitlement Date: 12/04/2018. LISTING ON: 13/04/2018. -0.08 -0.10 -0.04 -0.07 -0.04 -0.10 -0.03 -0.01 -0.02 -0.18 Further downside bias is anticipated given concerns over swelling USChina trade tensions, which would adversely impact global trade. A breakdown of immediate support for the index at the 30-day moving average level at 1,856 will test better supports from the 50-day ma at 1,850 and lower Bollinger band at 1,836. Immediate resistance remains the recent high of 1,876, followed by the 2 Feb peak of 1,880. Bearish technical momentum on ABMB implies further near-term correction potential, with a breakdown below the 61.8%FR (RM4.15) to grease slide to the 50%FR (RM4.04) or 200-day ma (RM3.97) before stalling. Overhead resistance is from the upper Bollinger band (RM4.41) and 11/5/17 high (RM4.49). Similarly,Axiata should weaken towards the 61.8%FR (RM5.27) or 200-day ma (RM5.21) support before stabilizing, while overhead resistance is from the upper Bollinger band (RM5.56), followed by the 16/ 8/16 peak (RM5.99). News Bites Top 10 KLCI Movers Based on Mkt Cap. (RM) @ @ @ @ @ @ @ @ @ 202 82 23 5 1 0 313 1,858.35 13,011.47 14,818.27 1,854.50 Off Market CUSCAPI-WA 40.0 MAYBANK 20.0 SIME 20.0 MCT 19.0 RGB 10.0 NWP 2.9 ACOSTEC 2.8 GSB 2.0 JAKS 1.0 1.16 0.10 0.18 0.23 1.18 0.00 0.79 2.45 Bursa Malaysia shares ended lower on the first day of the second quarter, with banks leading falls on regional weakness after China imposed more tariffs on US imports in a tit-for-tat trade war.The KLCI shed 5.11 points to close at 1,858.35, off an early high of 1,864.17 and low of 1,857.44, as losers beat gainers 553 to 313 on total turnover of 2.07bn shares worth RM1.63bn. Vol. (mn) 11.48 3.91 6.16 1.07 0.37 0.15 0.46 1.97 0.29 0.58 • Tenaga Nasional Bhd has inked a new £120mn financing facility with Bayerische Landesbank to refinance its 80% stake in renewable energy companies. • Malaysian Bulk Carriers Bhd is disposing of its 21.23% stake in lossmaking Singapore-listed PACC Offshore Services Holdings Ltd to shareholders of Maybulk at an offer price to be determined later. • WCT Holdings Bhd is acquiring a 60% stake in Subang Skypark Sdn Bhd for RM44.6mn cash. • Pasukhas Group Bhd has proposed to diversify its business to include property development and coal trading. • GFM Services Bhd has bagged an RM51.8mn contract from Sinar UniResources Sdn Bhd to provide integrated facilities management services for the Sabah state administration centre in Kota Kinabalu. • Datasonic Group Bhd is buying a factory in Klang for RM18.9mn to be used for smart card manufacturing. • CIMB Group Holdings Bhd received approval from the Securities Commission Malaysia for the proposed sale of its Malaysia cash equities business to Jupiter Securities Sdn Bhd. • Leweko Resources Bhd's subsidiary Dura Technology Sdn Bhd has inked a licensing agreement with India-based Shinde Developers Pte Ltd to allow Shinde to use Dura's know-how and technology related to ultrahigh performance cementitious composite technology. • Bursa Malaysia has enhanced the regulatory framework for listed collective investment scheme and business trust under the Main Market listing requirements. • Rhone Ma Holdings Bhd has entered into a distribution agreement with Zoetis Malaysia Sdn Bhd for the distribution of animal health products related to poultry. • Hibiscus Petroleum Bhd's wholly-owned subsidiary has completed the acquisition of a 50% participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract for USD25mn from Shell. • The headline Nikkei Malaysia Manufacturing Purchasing Managers' fell from 49.9 in February to 49.5 in March. • The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies. Exchange Rate USD/MYR 3.8620 -0.002 USD/JPY 105.88 -0.320 EUR/USD 1.230 -0.0025 Commodities Futures Palm Oil (RM/mt) 2,455.00 30.00 Crude Oil ($/Barrel) 62.96 -1.95 Gold ($/tr.oz.) 1,344.30 19.30 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
3. Tuesday , April 03, 2018 FBMKLCI: 1,858.35 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w Weaker on Growing US-China Trade Tensions Bursa Malaysia shares ended lower on the first day of the second quarter, with banks leading falls on regional weakness after China imposed more tariffs on US imports in a tit-for-tat trade war. The KLCI shed 5.11 points to close at 1,858.35, off an early high of 1,864.17 and low of 1,857.44, as losers beat gainers 553 to 313 on total turnover of 2.07bn shares worth RM1.63bn. Break Below 1,856 to Test 1,850/1,836 Further downside bias is anticipated given concerns over swelling US-China trade tensions, which would adversely impact global trade. A breakdown of immediate support for the index at the 30-day moving average level at 1,856 will test better supports from the 50-day ma at 1,850 and lower Bollinger band at 1,836. Immediate resistance remains the recent high of 1,876, followed by the 2 Feb peak of 1,880. SELL ABMB & AXIATA Bearish technical momentum on ABMB implies further near-term correction potential, with a breakdown below the 61.8%FR (RM4.15) to grease slide to the 50%FR (RM4.04) or 200-day ma (RM3.97) before stalling. Overhead resistance is from the upper Bollinger band (RM4.41) and 11/5/17 high (RM4.49). Similarly, Axiata should weaken towards the 61.8%FR (RM5.27) or 200-day ma (RM5.21) support before stabilizing, while overhead resistance is from the upper Bollinger band (RM5.56), followed by the 16/8/16 peak (RM5.99). Asian Markets Erase Gains as China Retaliates Against U.S. Tariffs Asia Pacific stocks finished the first trading day of the quarter on a weaker note Monday, as markets reversed gains seen earlier in the day, signaling that a rebound in equity markets across the region may be shaky after China imposed new tariffs on a range of U.S. goods. China has increased tariffs by up to 25 percent on 128 U.S. products including frozen pork, wine and certain fruits and nuts, escalating a spat between the world’s biggest economies in response to U.S. duties on imports of aluminum and steel. The tariffs, to take effect on Monday, were announced late on Sunday by China’s finance ministry and matched a list of potential tariffs on up to USD3 billion in U.S. goods published by China on March 23. The Trump administration didn’t immediately comment on the Chinese action. Meanwhile, Chinese manufacturing data also offered a mixed signal on factory performance with a private gauge released Monday showing weaker activity while official data at the weekend indicated a three-year high. Tokyo shares edged lower in choppy trade, with volume falling to the lowest in more than three months, while real estate and banks underperformed. The Nikkei ended 0.3 percent lower at 21,388.58 after flirting in positive territory. Elsewhere, South Korea's Kospi index slipped 0.07 percent to end at 2,444.16. Declines in the country's largest ship makers weighed on the broader index. China stocks also kicked off the first quarter with mild losses on Monday, amid lingering worries of a full-blown trade war between the United States and China, and as investors assessed mixed economic readings. The Shanghai Composite index was down 0.2 percent at 3,163.18. Markets in Australia, Hong Kong and New Zealand were closed on Monday for the Easter holiday. Page 1 of 7
4. 3-Apr-18 Wall Street Sinks On Deepening Tech Woes Wall Street shares plunged on Monday , as sliding technology shares and rising global trade tensions dragged major indexes lower. Trade policy continued to be in the forefront in the minds of investors after China announced tariffs on about 130 U.S. goods. The news means China has made good on its threat to retaliate against the Trump administration’s tariffs on Chinese steel and aluminum imports. The day’s weakness was broad-based, with all 11 S&P 500 sectors dropping and eight of them shedding more than 2 percent. There was particular weakness in the technology and consumer-discretionary sectors, which took the Nasdaq into negative territory for the year and brought it within striking distance of closing in correction territory, defined as a 10 percent drop from a peak. Amazon.com was the biggest drag on the S&P 500, after President Donald Trump tweeted on Saturday that Amazon was scamming the U.S. Postal Service, adding the service loses "billions of dollars" delivering packages for the e-commerce giant. Amazon has been one of the bestperforming stocks over the past year, rising nearly 64 percent in that time period. Facebook, Netflix and Alphabet also closed sharply lower, dropping 2.8 percent, 5.1 percent and 2.4 percent, respectively. The Dow Jones Industrial Average fell 458.92 points, or 1.9 percent, to 23,644.19 after dipping below its 200-day moving average. The S&P 500 fell 58.99 points, or 2.23 percent, to 2,581.88 and the Nasdaq Composite dropped 193.33 points, or 2.74 percent, to 6,870.12. Page 2 of 7
5. 3-Apr-18 News In Brief Corporate Tenaga Nasional Bhd (TNB) has inked a new £120mn (RM651.9mn) financing facility with Bayerische Landesbank to refinance its 80% stake in renewable energy companies GVO Wind Ltd and Bluemerang Capital Ltd held by its wholly-owned subsidiary Tenaga Wind Ventures UK Ltd. (Bursa Malaysia / The Edge) Malaysian Bulk Carriers Bhd (Maybulk), controlled by tycoon Robert Kuok, is exiting the offshore services sector via the proposed disposal of its 21.23% stake in loss-making Singapore-listed PACC Offshore Services Holdings Ltd to shareholders of Maybulk at an offer price to be determined later, as it seeks to raise funds to strengthen its future operations in the dry bulk sector. Assuming an offer price of 88 sen based on an approximate 20% discount to the five-day volume weighted average market price of POSH shares up to and including the latest practicable date as at March 9, 2018 of RM1.1043, the expected gross proceeds from the exercise is RM340mn. (Bursa Malaysia / The Edge) WCT Holdings Bhd is acquiring a 60% stake in Subang Skypark Sdn Bhd — operator of the Skypark Terminal (formerly Terminal 3) of the Sultan Abdul Aziz Shah Airport in Subang, Selangor — for RM44.6mn cash. WCT said the acquisition is to enable it to invest in Subang Skypark, which it believes has potential for value enhancement, as well as potential for development of the car park area into a mixed commercial development project. (Bursa Malaysia / The Edge) Comments: Not much details were provided in the announcement. The acquisition is less than 0.5% of WCT’s total assets and we expect the acquisition to have minimal earnings impact in the foreseeable future as the enhancement initiatives and mix commercial development are expected to take some time to materialise. We see potential in the development project given its good accessibility of Subang Skypark. Furthermore, a KTM Komuter shuttle service, which is expected to commence operation in May 2018 is expected to boost the connectivity to the Skypark. However, we are slightly negative on the proposed retail extension (not specifically stated in company announcement but recently reported by media) given the competition in surrounding area and challenging industry outlook, as well as relatively high existing parking rate, which may deter shoppers’ footfalls. For now, we maintain SELL call on the stock with an unchanged target price of RM1.50. Pasukhas Group Bhd has proposed to diversify its business to include property development and coal trading. Pasukhas executive director cum chief executive officer Wan Thean Hoe said the diversification is within the group's expansion plans, which is to diversify into new viable businesses to enhance its income stream. Separately, Pasukhas said it plans to raise up to RM13.9mn via a special issuance of new shares. It is proposing to issue up to 116.1mn new shares or a 12.5% stake of the group’s enlarged issued share capital to bumiputera investors to be identified and/or approved by the ministry of international trade and industry. Wan said the gross proceeds will be used for its future business projects or investments in the energy utilities services and power generation business segments within the next two years. (Bursa Malaysia / The Edge) GFM Services Bhd has bagged an RM51.8mn contract from Sinar Uni-Resources Sdn Bhd to provide integrated facilities management services for the Sabah state administration centre in Kota Kinabalu. The contract is for five years from January this year to January 2023. (Bursa Malaysia / The Edge) Page 3 of 7
6. 3-Apr-18 Datasonic Group Bhd is buying a factory in Klang for RM18 .9mn to be used for smart card manufacturing. The group said its wholly-owned subsidiary Datasonic Manufacturing Sdn Bhd has inked an agreement with KlangGroup Holdings Sdn Bhd to acquire the factory located at the Excellent Technology Park II Phase 2. The factory is currently being built on 84,032.76 sq ft of freehold land. (Bursa Malaysia / The Edge) CIMB Group Holdings Bhd received approval from the Securities Commission Malaysia for the proposed sale of its Malaysia cash equities business to Jupiter Securities Sdn Bhd. This includes the sale of a 100% equity interest in CIMB Futures Sdn Bhd. (Bursa Malaysia / The Edge) Leweko Resources Bhd’s subsidiary Dura Technology Sdn Bhd has inked a licensing agreement with India-based Shinde Developers Pte Ltd (Shinde) to allow Shinde to use Dura's know-how and technology related to ultra-high performance cementitious composite technology. Under the agreement, Shinde will have the right to manufacture, sell and export a list of products under the Dura brand name within India and other South Asian countries like Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. The agreement will be valid for a period of 15 years. (Bursa Malaysia / The Edge) Bursa Malaysia has enhanced the regulatory framework for listed collective investment scheme (CIS) and business trust under the Main Market listing requirements. CIS includes real estate investment trusts, exchange traded funds and closed-end funds. Under the enhancements, the function to approve new issue of securities by listed CIS and business trust is now transferred to Bursa as the approving authority. (Bursa Malaysia / The Edge) Rhone Ma Holdings Bhd has entered into a distribution agreement with Zoetis Malaysia Sdn Bhd for the distribution of animal health products related to poultry. The contract allows Rhone Ma's unit Rhone Ma Malaysia Sdn Bhd to distribute the products for a period of three years with an automatic renewal of one year and an option for further extension. (Bursa Malaysia / StarBiz) Hibiscus Petroleum Bhd announced its wholly-owned subsidiary SEA Hibiscus Sdn Bhd has completed the acquisition of a 50% participating interest in the North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC) for USD25mn (about RM96.4mn) from Shell. (Bursa Malaysia / The Edge) Page 4 of 7
7. 3-Apr-18 N e w s I n B r i e f Economy Asia Malaysia ’s PMI Slips Below 50-Point Level Again in March to 49.5 The headline Nikkei Malaysia Manufacturing Purchasing Managers’ (PMI) – a composite singlefigure indicator of manufacturing performance – fell from 49.9 in February to 49.5 in March. A PMI of more than 50 points represents expansion in the manufacturing sector, while that below 50 indicates contraction. IHS Markit, which compiles the survey, said this was consistent with a marginal deterioration in operating conditions. It said the latest figure was broadly in line with the long-run series average (49.4) since July 2012. IHS Markit said central to the downward movement in the headline PMI was a fall in manufacturing production for the first time in eight months. Panelists widely associated falls in output with lower order book volumes. That said, the rate of contraction was marginal. The poor performance in the sector was also driven by a decline in new business placed at Malaysian manufacturing firms. (The Edge Market) Johari: Government Mulls More Levies to Reduce Foreign Workers The government is considering an imposition of more levies eventually to reduce foreign worker count in selected industries, said Second Finance Minister Datuk Seri Johari Abdul Ghani. “We will impose more levies. At this moment the levies are already high so we will give them time. We need to manage our reliance on foreign workers,” he said at the sidelines of MBSB Bank’s launch at KL Sentral on Monday. “We understand that we cannot have zero foreign workers, we still need them but we need to reduce the numbers. Industries that rely heavily on foreign workers: we have to do away with this,” he said further. “If we want to ensure the country can afford the minimum wage of what Bank Negara has indicated. We need to put more attention into automating our industries. We have to start using artificial intelligence etc.,” Johari added. (The Star) Japanese Businesses Plan More Investment Even as Sentiment Slips Japan’s large companies plan to increase investment this year, even as a stronger yen may be undercutting their confidence, which slipped a little from the highest level in more than a decade. Sentiment among large manufacturers fell to 24 from three months ago (forecast 25), according to the quarterly Tankan survey released by the Bank of Japan. The outlook among large manufacturers fell to 20 (forecast 22). Large non-manufacturers’ sentiment fell to 23 (forecast 24). Large companies across all industries say they plan to raise fixed investment by 2.3 percent in the year through March 2019 (forecast 1%). Despite a stronger yen, which cuts into profits, large companies said they plan to increase capital spending more than economists forecast. The yen was the second-biggest gainer among major currencies in the first quarter and its continued appreciation could damp pay raises this year, hurting the Bank of Japan’s efforts to end deflation. (Bloomberg) Japan Final Manufacturing PMI Cools Slightly, Overall Economy Still Solid Japanese manufacturing activity expanded at a slightly slower pace in March, revised data from a survey showed on Monday, as growth in new orders and output moderated slightly though the economy overall remained in solid shape. The Final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) fell to 53.1 in March on a seasonally adjusted basis, slightly below a preliminary 53.2 and below a final 54.1 in February. The headline reading fell for the second consecutive month, but remained above the 50 threshold that separates contraction from expansion for the 19th executive month. The final index for new orders was 53.1, below the preliminary reading of 53.2 and down from 54.7 in the previous month. The new export orders index was unchanged from the advance estimate at 52.5, but down compared with a final 54.1 in February. (Reuters) Page 5 of 7
8. 3-Apr-18 China Factory Growth Cools to Four-Month Low : Caixin PMI China’s manufacturing activity expanded at its weakest pace in four months in March as export demand faltered, prompting companies to shed staff more quickly as they looked to cut costs, a private survey showed. The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) fell to 51.0 in March from February’s 51.6, countering economists’ expectations for a slight uptick to 51.7. While the index remained above the 50-point mark that divides growth from contraction on a monthly basis, it was the weakest reading since November and signaled only a marginal improvement in operating conditions at the end of the first quarter. The findings contrasted with official data on Saturday, which showed manufacturing growth picked up more than expected in March in response to stronger domestic and overseas demand. The two reports often diverge, possibly due to differences in the number and type of businesses surveyed. The Caixin PMI, which tends to focus on smaller firms, suggested output and new orders grew only modestly in March, with growth in export orders slumping to a 10-month low even as fears grow of a possible trade war between the United States and China. (Reuters) Singapore House Prices Rise Most Since 2010 Singapore house prices increased the most since 2010, flash data published by the Urban Redevelopment Authority showed. House prices grew 3.1% sequentially in the first quarter, the fastest increase since the second quarter of 2010. Prices had advanced 0.8% in the fourth quarter of 2017. Prices of non-landed private residential properties increased 5.0% in core central region and that in the rest of central region gained 1.1%. At the same time, prices in outside central region grew 3.8%. (The Star) United States U.S. Factory Sector Cooled in March; Inflation Pressures Rise Activity in the U.S. factory sector cooled in March, though a measure of prices for commodities rose quickly in a sign of rising inflation. The Institute for Supply Management said its closely watched index of manufacturing activity fell to 59.3 in March from 60.8 in February. Economists surveyed by The Wall Street Journal expected the index to fall to 59.8 in March. An index above 50 suggests growing activity, as measured by factors like product sales, commodities prices and production. In February, factory activity reached the highest level since 2004. Monday’s report showed that in March, an index of prices rose quickly to 78.1 from 74.2 a month earlier. A measure of new orders—or sales—fell to 61.9 from 64.2. (WSJ) U.S. Construction Spending Rises Less than Expected in February A report released by the Commerce Department on Monday showed a much smaller than expected increase in U.S. construction spending in the month of February. The Commerce Department said construction spending inched up by 0.1 percent to an annual rate of $1.273 trillion in February after coming in nearly unchanged at $1.272 trillion in January. Economists had expected spending to climb by 0.6 percent. The uptick in construction spending was primarily due to an increase in spending on private construction, which rose by 0.7 percent to a rate of $982.0 billion in February from $974.8 billion in January. Spending on residential construction edged up by 0.1 percent to a rate of $533.4 billion, while spending on nonresidential construction jumped by 1.5 percent to a rate of $448.6 billion. (RTT) Trump to Unveil China Tariff List This Week, Targeting Tech Goods The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world’s two largest economies. The list of $50 billion to $60 billion worth of annual imports is expected to target “largely high-technology” products and it may be more than two months before tariffs take effect, administration officials have said. The U.S. Trade Representative’s office needs to unveil the list of products by Friday under President Donald Trump’s China tariff proclamation signed on March 22. The tariffs are Page 6 of 7
9. 3-Apr-18 aimed at forcing changes to Chinese government policies that USTR says results in the “uneconomic” transfer of U.S. intellectual property to Chinese companies. The agency’s “Section 301” investigation authorizing the tariffs alleges China has systematically sought to misappropriate U.S. intellectual property through joint venture requirements, unfair technology licensing rules, purchases of U.S. technology firms with state funding and outright theft. (Reuters) Share Buy-Back 02-April 2018 Company AJIYA AMPROP DUFU EMETALL GLOMAC GRANFLO KOMARK MALAKOF P&O PECCA SAUDEE SNTORIA SUNWAY SYSCORP UNIMECH YILAI Bought Back 23,000 100,000 90,000 3,900 2,000 30,000 90,000 1,000,000 12,000 2,000 15,000 215,000 300,000 493,000 10,000 10,000 Price (RM) Hi/ Lo (RM) 0.50 0.695/0.69 1.08 0.60 0.48 0.215/0.21 0.18/0.175 0.89/0.885 1.09/1.08 1.28/1.26 0.45/0.435 0.61/0.60 1.52/1.50 0.24/0.235 0.98 0.72 0.525/0.52 0.695/0.685 1.08/1.05 0.61/0.60 0.48 0.22/0.205 0.18/0.17 0.89/0.88 1.09/1.05 1.28/1.25 0.45/0.41 0.62/0.60 1.53.49 0.245/0.225 0.99/0.97 0.72 Total Treasury Shares 4,838,300 16,969,700 11,349,400 1,769,700 6,898,300 9,228,000 6,148,600 56,538,000 11,686,093 3,563,300 107,000 6,369,100 42,111,262 3,331,100 7,532,010 9,911,708 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 7 of 7
10. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) PER (X) Div Yield (%) FY18 FY19 FY18 FY19 FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD 02-Apr-18 AUTOMOBILE BAUTO 2.15 2.33 8.4% Buy 2,492 0.50 12.1 19.0 17.8 11.3 5.1 5.3 2.47 -13.0 1.84 16.8 -2.3 MBMR 2.43 2.68 10.3% Hold 950 0.69 24.7 26.9 9.8 9.0 2.5 2.9 2.60 -6.5 2.01 20.9 10.5 PECCA 1.28 1.62 26.6% Buy 236 0.47 9.7 10.9 13.2 11.7 3.9 3.9 1.70 -24.7 1.23 4.1 -17.4 SIME 2.64 2.55 -3.4% Sell 17,954 1.57 13.2 16.4 20.0 16.1 1.2 1.6 3.06 -13.7 2.03 30.3 19.5 UMW 6.10 5.52 -9.5% Sell 7,127 1.47 28.6 40.2 21.3 15.2 2.3 3.3 6.98 -12.6 4.70 29.8 17.3 BANKS & FINANCIAL SERVICES ABMB 4.16 4.60 10.6% Buy 6,440 1.12 32.6 35.8 12.7 11.6 3.8 3.8 4.49 -7.3 3.62 14.9 2.0 AFFIN 2.53 2.40 -5.1% Sell 4,916 0.93 22.2 23.9 11.4 10.6 3.2 3.2 2.98 -15.0 2.22 13.9 9.5 AMBANK 3.90 4.70 20.5% Buy 11,755 1.42 38.1 44.4 10.2 8.8 4.6 4.6 5.70 -31.6 3.88 0.5 -11.6 CIMB 7.20 8.60 19.4% Buy 66,424 1.62 58.2 59.9 12.4 12.0 4.0 4.2 7.39 -2.6 5.32 35.3 10.1 HLBANK 18.70 19.30 3.2% Hold 38,253 0.84 116.8 126.8 16.0 14.7 2.6 2.6 20.02 -6.6 13.52 38.3 10.0 MAYBANK 10.52 11.50 9.3% Buy 114,592 1.00 73.8 77.9 14.3 13.5 5.2 5.2 10.60 -0.8 8.90 18.2 7.3 PBBANK 23.90 27.30 14.2% Buy 92,290 0.72 153.3 166.5 15.6 14.4 2.4 2.5 24.12 -0.9 19.86 20.3 15.0 RHBBANK 5.29 6.10 15.3% Buy 21,213 1.47 54.3 59.0 9.7 9.0 2.8 2.8 5.61 -5.7 4.71 12.3 5.8 BURSA 10.92 11.80 8.1% Buy 5,870 0.88 43.9 45.0 24.9 24.3 3.3 3.3 11.48 -4.9 9.30 17.4 7.9 -18.7 Note: BURSA bonus issue of shares on the basis of 1 for 2. Ex-Target price RM7.04 BUILDING MATERIALS ANNJOO 3.14 4.34 38.2% Buy 1,641 1.23 43.5 46.3 7.2 6.8 6.9 7.9 3.98 -21.1 2.33 34.8 CHINHIN 1.11 1.39 25.2% Buy 618 0.99 11.4 11.1 9.7 10.0 5.7 5.1 1.49 -25.5 1.00 11.6 -8.3 CSCSTEL 1.39 1.70 22.3% Buy 513 0.72 17.4 17.9 8.0 7.8 6.7 6.9 2.05 -32.0 1.33 4.5 -9.7 ENGTEX 1.01 1.38 36.6% Buy 440 0.80 13.8 15.7 7.3 6.4 4.1 5.4 1.52 -33.6 0.99 2.0 -8.2 GADANG 0.90 1.69 87.8% Buy 596 1.08 14.2 18.1 6.3 5.0 3.3 3.3 1.37 -34.3 0.88 2.9 -18.9 GAMUDA 5.17 6.00 16.1% Buy 12,716 0.86 34.4 35.6 15.0 14.5 2.3 2.3 5.52 -6.3 4.58 12.9 4.2 IJM 2.67 2.96 10.9% Hold 9,686 1.20 13.7 18.6 19.5 14.3 3.6 3.6 3.60 -25.8 2.55 4.7 -12.5 CONSTRUCTION KAB 0.24 0.38 56.3% Buy 8 na 31.4 37.3 0.8 0.6 4.2 5.0 0.33 -27.3 0.24 2.1 -20.0 PESONA 0.36 0.45 25.0% Buy 250 1.19 4.8 4.6 7.5 7.8 4.2 4.2 0.74 -51.0 0.36 1.4 -20.0 SENDAI 1.01 0.79 -21.8% Sell 789 1.40 9.9 8.7 10.2 11.5 1.0 1.0 1.39 -27.3 0.68 48.5 16.8 SUNCON 2.06 2.65 28.6% Hold 2,662 0.65 14.7 16.4 14.0 12.5 3.9 4.4 2.64 -22.0 1.75 17.7 -17.9 WCT 1.22 1.50 23.0% Sell 1,716 0.94 11.3 10.8 10.8 11.3 2.5 2.5 2.48 -50.7 1.22 0.0 -24.7 LITRAK 5.62 6.26 11.4% Hold 2,967 0.32 45.6 47.1 12.3 11.9 4.4 4.4 6.15 -8.6 5.40 4.1 1.3 CARLSBG 18.96 18.09 -4.6% Buy 5,832 0.73 87.8 91.8 21.6 20.7 4.5 4.7 21.00 -9.7 14.36 32.0 23.9 HEIM 20.88 21.64 3.6% Hold 6,308 0.41 93.0 101.6 22.4 20.6 3.6 3.8 23.04 -9.4 16.98 23.0 10.5 AEON 1.78 1.97 10.7% Buy 2,499 0.17 7.5 8.9 23.6 19.9 2.5 2.8 2.52 -29.4 1.45 22.8 1.1 AMWAY 7.60 8.59 13.0% Buy 1,249 0.47 48.3 49.9 15.7 15.2 5.3 5.4 8.10 -6.2 6.97 9.0 4.0 F&N 33.40 33.74 1.0% Buy 12,242 0.28 122.7 145.8 27.2 22.9 2.4 2.8 34.50 -3.2 23.40 42.7 23.7 CONSUMER Brewery Retail HUPSENG 1.05 1.25 19.0% Buy 840 0.39 5.7 5.9 18.4 17.8 5.7 5.7 1.28 -18.0 1.03 1.9 -3.7 JOHOTIN 1.01 1.48 46.5% Buy 314 1.01 11.1 11.7 9.1 8.6 5.9 6.4 1.76 -42.6 1.00 1.0 -16.5 NESTLE 154.60 129.90 -16.0% Hold 36,254 0.55 322.2 360.2 48.0 42.9 1.9 2.1 163.00 -5.2 79.00 95.7 49.8 PADINI 4.41 4.67 5.9% Sell 2,901 0.78 28.0 30.4 15.8 14.5 2.8 2.9 5.50 -19.8 2.91 51.7 -16.5 -26.8 POHUAT 1.31 1.78 35.9% Buy 288 0.45 20.1 23.1 6.5 5.7 4.6 6.1 2.07 -36.7 1.26 4.0 QL 5.05 5.41 7.1% Hold 8,193 0.61 13.3 15.5 37.9 32.5 0.9 0.9 5.10 -1.0 3.49 44.9 16.1 SIGN 0.57 0.92 61.4% Buy 130 0.58 6.6 8.7 8.6 6.5 4.4 6.1 1.07 -46.7 0.57 0.9 -19.1 26.02 34.72 33.4% Hold 7,429 1.49 170.8 168.8 15.2 15.4 6.1 6.1 47.48 -45.2 26.02 0.0 -35.0 GENTING 8.80 11.58 31.6% Buy 33,717 1.44 55.1 61.8 16.0 14.2 1.8 1.8 9.92 -11.3 8.63 1.9 -3.6 GENM 4.90 6.68 36.3% Buy 27,727 1.41 27.6 32.0 17.8 15.3 2.4 2.7 6.28 -22.0 4.80 2.2 -11.6 2.16 3.22 49.1% Buy 2,910 0.58 19.9 26.0 10.9 8.3 7.4 8.3 2.92 -26.0 2.06 4.9 -3.6 CCMDBIO 2.78 3.40 22.3% Buy 776 0.88 16.2 17.7 17.1 15.7 1.7 1.8 3.05 -8.9 1.97 41.1 9.9 IHH 6.05 6.40 5.8% Sell 49,850 0.72 11.9 15.0 50.9 40.5 0.5 0.6 6.33 -4.4 5.42 11.6 3.2 KPJ 0.88 1.13 28.4% Buy 3,708 0.55 3.9 4.3 22.5 20.2 2.5 2.7 1.14 -22.8 0.87 1.1 -9.3 HARTA 6.20 3.90 -37.1% Sell 20,534 1.12 12.6 14.4 49.3 43.0 1.2 1.4 6.22 -0.3 2.44 154.6 16.1 KOSSAN 7.58 9.73 28.4% Buy 4,847 0.58 37.4 42.1 20.3 18.0 2.5 2.8 8.79 -13.8 5.62 34.9 -6.5 SUPERMX 2.44 2.70 10.7% Buy 1,600 0.53 20.0 22.6 12.2 10.8 2.1 2.5 2.92 -16.4 1.69 44.4 22.0 TOPGLOV 10.00 12.20 22.0% Buy 12,563 0.65 35.3 42.7 28.3 23.4 1.4 1.7 10.24 -2.3 4.56 119.3 25.2 KAREX 0.80 0.93 16.3% Sell 802 0.76 1.8 3.0 45.2 26.4 0.6 0.9 2.26 -64.6 0.76 5.3 -38.5 SCIENTX 8.30 10.01 20.6% Buy 4,058 0.86 67.5 79.4 12.3 10.5 2.5 3.1 9.85 -15.7 7.38 12.5 -4.2 SKPRES 1.45 2.20 51.7% Buy 1,813 0.85 10.4 14.8 14.0 9.8 3.6 5.1 2.35 -38.3 1.25 16.0 -36.4 ASTRO 1.99 2.90 45.7% Buy 10,376 0.82 12.4 13.8 16.0 14.4 6.3 6.3 2.94 -32.3 1.97 1.0 -24.9 MEDIA PRIMA 0.38 0.45 18.4% Sell 421 1.28 -3.8 -1.7 na na 0.0 0.0 1.24 -69.4 0.38 1.3 -50.0 STAR 1.13 1.20 6.2% Sell 834 1.05 6.2 5.9 18.2 19.1 8.0 8.0 2.22 -49.0 1.12 0.9 -31.5 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves INDUSTRIAL MEDIA
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 PER (X) Div Yield (%) FY19 FY18 FY19 FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD OIL & GAS DNEX 0.40 0.69 72.5% Buy 703 1.62 4.0 4.3 10.1 9.3 2.5 2.5 0.69 -42.0 0.39 2.6 -17.5 LCTITAN 6.01 7.60 26.5% Buy 13,661 na 56.3 60.9 10.7 9.9 4.2 4.5 6.53 -8.0 4.14 45.2 27.9 MHB 0.75 0.81 8.7% Sell 1,192 1.47 0.5 1.7 155.1 44.7 0.0 0.0 1.16 -35.8 0.63 19.2 -9.7 MISC 7.02 7.00 -0.3% Sell 31,336 1.13 50.1 53.8 14.0 13.1 4.3 4.3 7.90 -11.1 6.73 4.3 -5.4 PANTECH 0.57 0.69 22.1% Buy 421 1.23 6.1 6.8 9.3 8.3 4.8 5.4 0.74 -23.6 0.55 3.7 -12.4 PCHEM 8.29 8.84 6.6% Hold 66,320 0.84 52.5 53.8 15.8 15.4 3.1 3.1 8.38 -1.1 6.80 21.9 7.7 SAPNRG 0.55 0.65 19.3% Buy 3,266 2.18 -5.0 -1.7 na na 0.0 0.0 2.10 -74.0 0.40 38.0 -23.2 SERBADK 3.40 4.15 22.1% Buy 4,993 na 27.7 31.5 12.3 10.8 2.6 2.9 3.68 -7.6 1.63 108.6 4.9 UMWOG 0.32 0.39 23.8% Buy 2,588 1.85 0.4 1.2 82.5 27.2 0.0 0.0 0.68 -53.6 0.27 16.7 3.3 UZMA 1.44 1.57 9.0% Hold 461 0.83 12.9 13.9 11.2 10.4 0.0 0.0 1.98 -27.3 1.26 14.3 12.5 FGV 1.68 2.09 24.4% Buy 6,129 1.59 2.0 3.4 83.1 49.3 3.0 3.0 2.18 -22.9 1.51 11.3 -0.6 IJMPLNT 2.19 2.23 1.8% Sell 1,928 0.21 6.5 8.2 33.5 26.7 3.7 4.1 3.23 -32.2 2.19 0.0 -20.1 IOICORP 4.78 5.43 13.6% Buy 29,188 0.91 19.0 21.3 25.1 22.5 5.5 3.5 4.81 -0.6 4.21 13.7 7.9 KFIMA 1.49 1.89 26.8% Buy 420 0.67 13.7 13.8 10.9 10.8 6.0 6.0 1.96 -24.0 1.45 2.8 -5.1 KLK 25.56 27.76 8.6% Hold 27,221 0.65 107.6 116.0 23.8 22.0 2.1 2.2 25.78 -0.9 23.66 8.0 2.2 SIMEPLT 5.53 6.27 13.4% Buy 37,609 na 19.6 20.0 28.2 27.7 2.5 2.9 6.00 -7.8 4.58 20.7 -7.8 TSH 1.46 1.81 24.0% Buy 2,016 0.47 9.3 9.6 15.7 15.2 1.6 1.7 1.85 -21.1 1.43 2.1 -11.5 UMCCA 6.18 6.21 0.5% Sell 1,296 0.39 17.0 22.4 36.5 27.6 2.6 2.9 7.08 -12.7 5.97 3.5 -5.1 GLOMAC 0.48 0.40 -16.7% Sell 381 0.73 1.5 2.5 31.8 19.4 2.1 2.1 0.66 -27.2 0.46 5.5 -13.4 HUAYANG 0.48 0.58 22.1% Sell 167 0.82 0.7 3.4 71.6 14.0 1.1 1.1 1.14 -58.3 0.48 0.0 -22.1 IBRACO 0.73 0.80 10.3% Buy 360 na 7.2 10.7 10.0 6.8 4.1 5.5 0.98 -25.6 0.50 45.0 -11.0 IOIPG 1.62 2.00 23.5% Sell 8,920 0.83 16.3 15.7 9.9 10.4 3.7 3.7 2.22 -27.0 1.56 3.8 -12.4 MAHSING 1.00 1.59 59.8% Buy 2,416 0.92 11.8 11.3 8.4 8.8 6.5 6.5 1.64 -39.3 0.98 1.5 -31.4 SIMEPROP 1.40 1.51 7.9% Hold 9,521 na 7.5 7.5 18.6 18.7 2.9 2.1 1.78 -21.3 1.04 34.6 -21.3 SNTORIA 0.60 0.76 26.7% Buy 337 0.16 8.3 8.6 7.3 7.0 1.7 1.7 0.91 -34.0 0.56 7.1 -13.7 SPB 4.40 5.10 15.9% Hold 1,512 0.58 18.7 24.0 23.5 18.3 2.7 2.7 5.50 -20.0 4.35 1.1 -10.2 SPSETIA 2.90 3.73 28.6% Buy 10,890 0.89 19.8 19.4 14.6 14.9 4.1 4.1 4.38 -33.8 2.90 0.0 -27.5 SUNWAY 1.52 1.75 15.1% Hold 7,414 0.86 11.8 12.4 12.9 12.2 3.9 3.9 1.96 -22.4 1.36 11.9 -6.7 SUNREIT 1.57 1.87 19.1% Hold 4,624 0.81 10.0 10.7 15.7 14.7 6.4 6.8 1.90 -17.4 1.52 3.3 -17.4 CMMT 1.08 1.48 37.0% Buy 2,204 0.75 7.9 8.4 13.7 12.9 7.5 8.0 1.83 -41.0 0.98 10.2 -41.0 PLANTATIONS PROPERTY REIT POWER & UTILITIES MALAKOF 0.89 0.82 -7.3% Sell 4,376 0.97 6.7 7.2 13.3 12.2 7.9 7.9 1.30 -31.9 0.86 3.5 -9.7 PETDAG 24.70 24.08 -2.5% Sell 24,538 0.48 114.7 116.3 21.5 21.2 3.5 3.5 25.97 -4.9 20.81 18.7 2.7 PETGAS 17.98 19.46 8.2% Buy 35,578 0.85 99.3 100.0 18.1 18.0 3.9 3.9 19.90 -9.6 15.82 13.7 2.9 TENAGA 16.20 18.22 12.5% Buy 91,789 0.58 131.3 127.5 12.3 12.7 4.1 3.9 16.34 -0.9 13.62 18.9 6.2 YTLPOWR 1.01 1.16 14.9% Sell 8,009 0.93 8.5 8.7 11.9 11.5 5.0 5.0 1.50 -32.7 1.00 1.0 -21.7 TELECOMMUNICATIONS AXIATA 5.38 6.50 20.8% Buy 48,683 1.57 15.9 19.4 33.8 27.7 1.5 2.9 5.82 -7.6 4.54 18.5 -2.0 DIGI 4.65 5.15 10.8% Hold 36,154 1.01 19.7 20.4 23.6 22.8 4.2 4.4 5.19 -10.4 4.36 6.7 -8.8 MAXIS 5.70 6.05 6.1% Sell 44,520 1.11 25.2 25.0 22.6 22.8 3.5 3.5 6.60 -13.6 5.48 4.0 -5.2 TM 5.06 7.20 42.3% Buy 19,015 0.66 22.8 24.9 22.2 20.4 4.1 4.4 6.69 -24.4 5.05 0.2 -19.7 ELSOFT 2.50 3.30 32.0% Buy 688 0.86 13.1 15.0 19.1 16.7 3.7 4.2 2.95 -15.3 1.94 28.9 -7.4 IRIS 0.19 0.22 18.9% Buy 457 2.47 0.0 0.3 672.5 58.4 0.0 0.0 0.25 -24.5 0.14 37.0 0.0 INARI 2.82 3.65 29.4% Buy 5,849 0.66 13.7 15.3 20.6 18.5 3.5 3.9 3.82 -26.2 1.89 49.5 -17.1 TECHNOLOGY Semiconductor & Electronics Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report. MPI 8.50 10.70 25.9% Buy 1,691 0.83 73.9 86.9 11.5 9.8 3.8 3.8 14.52 -41.5 8.42 1.0 -32.6 UNISEM 2.39 2.70 13.0% Sell 1,754 1.08 19.0 20.3 12.6 11.8 5.0 5.0 4.25 -43.8 2.34 2.1 -34.5 TRANSPORTATION Airlines AIRASIA 3.93 4.93 25.4% Hold 13,134 1.09 5.5 5.5 72.0 72.0 2.0 2.0 4.75 -17.3 2.89 36.0 17.3 AIRPORT 8.92 8.61 -3.5% Sell 14,800 1.13 18.0 18.8 49.6 47.5 1.5 1.1 9.45 -5.6 6.98 27.8 1.5 Freight & Tankers PTRANS 0.26 0.46 80.4% Buy 323 na 2.3 3.7 11.1 6.9 2.7 4.4 0.38 -33.2 0.21 22.0 -8.9 TNLOGIS 1.03 1.45 40.8% Buy 460 0.99 10.3 10.5 10.0 9.8 4.9 4.9 1.83 -43.8 1.00 3.5 -23.1 WPRTS 3.56 4.06 14.0% Buy 12,140 0.46 15.6 20.0 22.8 17.8 1.1 1.4 4.19 -15.0 3.12 14.1 -3.8 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52week 52week % Chg High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 27.32 30.50 11.6% Buy 70,045 1.11 212.3 246.0 12.9 11.1 2.4 2.6 29.7 -8.0 18.65 46.5 9.9 OCBC 12.77 14.30 12.0% Buy 53,426 1.20 109.5 123.3 11.7 10.4 6.7 7.7 13.6 -6.2 9.49 34.6 3.1 UOB 27.40 27.80 1.5% Hold 45,521 1.17 216.8 244.1 12.6 12.6 2.9 2.9 29.0 -5.5 21.38 28.2 3.6 PLANTATIONS WILMAR 3.21 3.50 9.0% Buy 20,539 0.82 25.4 27.7 12.6 11.6 3.1 3.4 3.9 -17.1 2.97 8.1 3.9 IFAR 0.32 0.37 15.6% Buy 459 1.04 3.1 3.9 10.5 8.3 1.3 1.7 0.5 -40.2 0.32 0.0 -17.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
12. SECTOR UPDATE Tuesday , April 03, 2018 FBMKLCI: 1,858.35 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Underweight Automotive Sector (Maintained) New Direction for Malaysia Abel Goon Tel: +603-2072 1277 ext. 1641 abelgoon@ta.com.my www.taonline.com.my Time for a Revised NAP According to recent news articles, the National Automotive Policy (NAP) is due for an update. To recap, the NAP was formed on 19 October 2005 (released: 2006) by the Prime Minister’s department and underwent two revisions in 2009 and 2014. We understand that the 2018 revision will be announced in the middle of this year. Although the plan has not been fully fleshed out, we expect the revision to expand on Malaysia’s continued goal to be the regional Energy Efficient Vehicle (EEV) hub. Furthermore, we expect incentives for technological transfers through partnerships with foreign manufacturers. Additionally, we are hopeful to see more meaningful export incentives and exploration of various technological advances such as 1) autonomous vehicles, 2) green car technology and vehicular security. We explore various initiatives that could be included, based on various news reports and global developments in the automotive sector. Continued EEV incentives To recap, a standard definition was established for EEVs, and certain incentives were given to promote Malaysia as a regional automotive EEV hub. However, incentives were given on a case-by-case basis with scant structure. We understand that the process of applying for the incentives is lengthy, which increases unnecessary costs for manufacturers. Therefore, we believe NAP 2018 may introduce a more structured incentive package for ease of use, similar to eco-car (EC) incentives in Thailand and low cost green car (LCGC) incentives in Indonesia. To recap, both Thai and Indonesian incentives have been successful, as EC and LCGC vehicles now make up about 15% and 20% of new vehicles sold in Thailand and Indonesia respectively in FY17. That said, despite less structured EEV incentives in Malaysia, it boosted market share of EEVs to 52% in 2017, from 14% in 2014. Therefore, we believe the adoption rate will increase even more if a structured incentive programme is adopted. Historically, we see a price drop of between 5%-10% when a model acquires the EEV status. We believe all stakeholders will benefit from this, as manufacturers work towards this goal, and consumers will also benefit from lower priced cars. Indonesian LCGC incentives Criteria Tax Reduction >28km/litre 100% In between 20km/litre and 28km/litre 50% Cars have to be locally assembled in Indonesia and cost less than IDR100mn to qualify Thailand Eco-car incentives Criteria Benefits Petrol engines no more than 1,300cc or diesel engine no 6-year corporate income more than 1,500cc tax waiver, import duty Compliant to Euro 5 emission standards exemption on machinery CO2 emissions not more than 100g/km import, additional income Fuel consumption more than 23km/litre tax waiver for vendor Manufacturer must invest at least THB6.5bn development initiatives Page 1 of 5
13. 3-Apr-18 Change in Malaysian Car Prices After Incentives Model Before (RM K) After (RM K) % Change Toyota Fortuner 193.4 179.6 -7.1 Volvo XC60 303.9 282.9 -6.9 Volvo V40 192.9 180.9 -6.2 BMW 1 Series 204.3 188.3 -7.8 BMW 3 Series 263.1 244.1 -7.2 BMW 5 Series 380.1 342.1 -10.0 BMW X3 335.8 306.8 -8.6 Source: paultan.org Tax incentives for exporting We believe the NAP may include additional tax incentives for car exporters. This could be in the form of tax credits for every car exported or a reduction in corporate tax rate. We believe the main beneficiary if this materialises is Bermaz Auto, which has established a Mazda CX-5 export hub in Malaysia. That said, we believe Malaysia will be hard pressed to challenge Thailand’s dominance in the area. We note that Thailand exports more than 1.1mn units whilst Malaysia’s TIV has never surpassed 700k units. Nevertheless, we do not discount the possibility that Malaysia will focus on specialisation, i.e. export EEVs only. Grants for adoption or research of technology After the NAP 2014’s main focus on EEV vehicles, we expect the NAP 2018 to look ahead, focusing on technological advances and next-gen vehicles. Furthermore, we believe there will be focus on Industry 4.0 development to increase efficiency within the manufacturing plants. Besides that, we believe there will be attractive incentives for domestic players and foreign investors to facilitate technological transfer. Lastly, there may be some development to expand into the sharing economy, i.e. car sharing, ride hailing apps and autonomous transport. If this materialises, we believe Malaysia’s automotive industry will be taking a step in the right direction. We note that regional peers, Singapore and Thailand have already adopted electric car sharing apps, i.e. On the self-driving front, nuTonomy, an autonomous vehicle software startup, has debuted self-driving taxis in Singapore and will begin commercial services in 2QCY18. Thus, we believe Malaysia will follow suit possibly introducing regulations for ride-sharing apps, inviting foreign companies to introduce new technology or provide research grants for local companies. Still in Early Stages At this juncture, the Malaysian Automotive Institute (MAI) has not decided on any measures to be taken to achieve its goals of increased automation and next-gen vehicles. MAI is still discussing with various stakeholders in order to develop the NAP 2018. We opine that the success of NAP 2018 will depend largely on political will and will be a step in a new direction with the main focus being exports and technological advancement. UMW and Bermaz to Benefit We expect the key beneficiaries to be UMW and Bermaz. The former due to its new plant’s high level of automation (60-70%) and the latter due to the establishment of a Mazda CX-5 export hub in Malaysia. We believe both companies will enjoy certain tax incentives when the NAP 2018 rolls out. Besides that, we believe there will be little short-term impact on TIV and other companies under our coverage. Maintain Underweight We maintain our Underweight stance on the industry and our 2018 TIV forecast at 589k units (+2.1% YoY). We believe the NAP 2018 will do little to stimulate the industry in the near-term but will focus on long-term development and increased efficiency. We maintain BAuto and Pecca as Buy with TP of RM2.33 and RM1.62 Page 2 of 5
14. 3-Apr-18 respectively due to handsome dividends and potential earnings growth . Meanwhile, Sime Darby and UMW are rated as Sell with TP of RM2.55 and RM5.52 respectively whilst MBM is our only Hold with TP of RM2.68. Price Tgt.Price (RM) (RM) BAuto 2.15 2.33 MBM Resources 2.43 Company Mkt Cap Upside (RM mn) (%) CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 Buy 2,491.4 8.4 12.9 10.1 4.2 3.4 5.2 5.9 32.3 33.8 2.68 Hold 949.9 10.3 9.8 9.0 0.5 0.5 1.2 2.5 5.5 5.7 11.3 Call PE (x) PB(x) Dividend Yield (%) ROE (%) Pecca 1.28 1.62 Buy 240.6 26.6 12.7 11.3 1.4 1.3 3.9 4.3 10.7 SDB 2.64 2.55 Sell 17,954.1 (3.4) 17.9 15.6 1.1 1.1 1.4 1.6 6.3 6.8 UMW 6.10 5.52 Sell 7,126.6 (9.5) 21.3 15.2 1.6 1.5 0.0 2.3 7.6 10.0 14.9 12.2 1.8 1.6 2.9 3.3 12.5 13.5 Average [ TH E RE M A ININ G OF T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K] Page 3 of 5
15. 3-Apr-18 National Automotive Policy (NAP) Framework The policy was formed on 19 October 2005 by the Prime Minister’s Department. NAP 2006 Highlights The policy is formed on the basis of the following 5 major objectives: To promote a competitive and viable automotive sector, in particular national car manufacturers. To become a regional hub for manufacturing, assembly and distribution for automotive vehicles. To enhance value added and local capabilities in the automotive sector. To promote export-oriented Malaysian manufacturers as well as component and parts vendors. To promote competitive and broad-based Bumiputera participation in vehicle manufacturing, distribution and importation as well as in component and parts manufacturing. Highlights of the review were: Local assembly of luxury passenger above 1,800cc and priced above RM150,000 on-the-road fully liberalised. Foreigners can own 100% of assembly operations. APs to be stopped by Dec 2015.Audit on AP recipients on-going and checks to be done. Those flouting rules will be removed from list. Gradual introduction of Vehicle End of Life Policy. For starters, vehicles above 15 years will have to undergo mandatory inspection during renewal of road tax. Import Duty structure maintained at 0% for CKD and 5% for CBU for AFTA. Excise duty structure remains. No changes. All imported used vehicles prices will be gazetted to prevent under-declaration. Manufacturing of critical components for cars such as brake system and transmission to get tax incentives such as Pioneer Status/Investment Tax Allowance. The import of used parts/components will be prohibited from June 2011. Proton to establish strategic partnership with a global OEM. The current policy on the freeze of manufacturing licence for reconditioning and reassembling (rebuilt) activities is maintained. NAP Review 2009 Highlights Objectives from NAP 2006 were maintained but the following factors became the main focus of the review: Bring in more sophisticated latest technology into the domestic auto industry Draw up competitive safety standards and environmental-friendly opportunities Enhance implementation of the NAP plans Highlights of the review were: All duties and taxes on CKD and CBU vehicles remain unchanged. Franchise AP system to be terminated by 31 December 2020. Open AP system to be terminated by 31 December 2015. RM 10,000 will be collected for each Open AP, starting 1 January 2010. AP holders will be audited twice a year. The Customs will maintain an official price list for used CBU vehicles to prevent under-declaration of the prices of parallel imported vehicles. Import of used vehicles will not be allowed after 2015. Import of used automotive parts to be banned from June 2011. Incentives will be provided to encourage the development of local automotive parts. Mandatory annual comprehensive inspection for vehicles aged 15 years or more before road tax renewal. A detailed plan will be introduced further down the road to scrap old vehicles; vintage vehicles will be exempted. Proton to form a strategic partnership with an established Original Equipment Manufacturer (OEM). Manufacturing Licence (ML) can now be issued for selected vehicle types such as luxury vehicles, hybrid and electric vehicles, trucks and commercial vehicles. No equity condition will be imposed in return for the ML. Incentives, in the form of tax breaks, duties exemption and grants, will be offered to local assemblers and manufacturers of hybrid and electric vehicles. NAP Review 2014 Highlights Objectives from NAP 2009 remained largely similar with the following additional objectives: Develop Malaysia as the regional automotive hub in Energy Efficient Vehicle (EEV) Enhance the ecosystem of the manufacturing and after market sectors of the domestic automotive industry Highlights of the review were: Defined EEV and issued new manufacturing licenses and customised incentives for this vehicle category Import tax and excise duty exemption for CKD hybrid vehicles from 1 January 2014 until 31 December 2015 and CKD electric vehicles from 1 January 2014 until 31 December 2017. Beyond these dates, incentives will be customised based on strategic level of the CKD investments Provision of soft loans for development of EEV infrastructure, adoption of new technologies and purchase of equipment Accelerate assimilation of graduates from the apprenticeship programme into the domestic automotive industry Introduction of voluntary vehicle inspection programme and adoption of global 3R (Reduce, Reuse, Recycle) standard Page 4 of 5
16. 3-Apr-18 (TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K ) Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 03, 2018, the analyst, Abel Goon, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 5 of 5
17. Tuesday , 03 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. D ai l y Te ch n ic a l St o ck s P ic ks 2. D ai l y Mon e y F low of T e ch n i c a l St o ck Pi ck s 3. D ai l y Mon e y F low of FB MK L CI 4. D ai l y S t o c k S c r e e n Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
18. Technical View Tuesday , April 03, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Picks Malaysia FBM KLCI: 1,858.35 (-5.11, -0.27%) Chartist: Stephen Soo Close Name 2/Apr FBMKLCI 1858.35 Tel: +603-2167 9607 Change High Low (5.11) 1,864.17 1,857.44 Bollinger Bands RSI stsoo@ta.com.my Moving Averages www.taonline.com.my DMI MACD DMI MACD DMI MACD Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change 1,834.66 1,854.93 1,875.20 55.10 1,861.23 1,856.38 1,849.72 28.74 25.92 10.69 2.82 4.52 4.96 (0.43) BUY SELL BUY - AFFIN 2.40 0.00 2.42 2.39 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.02 BUY BUY - - ABMB 4.16 -0.21 4.30 4.16 4.02 4.23 4.43 60.76 4.27 4.20 4.20 23.75 16.87 17.28 6.88 0.03 0.03 0.00 BUY BUY - BUY AMBANK 3.90 0.01 3.93 3.88 3.87 4.05 4.24 31.80 4.05 4.18 4.36 15.55 34.24 23.63 (18.68) -0.10 -0.10 (0.01) SELL SELL - - AXIATA 5.38 -0.07 5.43 5.35 5.28 5.42 5.56 49.41 5.46 5.47 5.51 15.74 28.36 26.40 (12.61) -0.01 -0.02 0.01 SELL BUY - - CIMB 7.20 0.01 7.23 7.13 7.12 7.21 7.30 51.23 7.22 7.20 7.12 19.60 29.49 21.19 (9.89) 0.03 0.05 (0.02) SELL SELL - - DIGI 4.65 0.01 4.67 4.61 4.56 4.68 4.81 42.64 4.65 4.74 4.80 15.18 21.27 22.29 (6.09) -0.05 -0.05 0.00 SELL BUY - BUY GAMUDA 5.17 -0.01 5.22 5.16 4.95 5.07 5.19 62.88 5.11 5.05 5.05 23.82 11.14 21.45 12.68 0.04 0.02 0.01 BUY BUY - - GENTING 8.80 0.07 8.83 8.76 8.68 8.89 9.11 40.48 8.90 8.92 9.07 8.66 19.54 25.33 (10.88) -0.06 -0.04 (0.02) SELL SELL - - GENM 4.90 0.00 4.93 4.88 4.85 5.12 5.40 36.60 5.07 5.16 5.24 13.55 30.31 17.47 (16.76) -0.08 -0.05 (0.03) SELL SELL - - IHH 6.05 0.00 6.09 6.01 5.97 6.06 6.14 50.73 6.05 6.06 6.03 18.99 12.76 17.43 6.23 0.00 0.01 (0.01) BUY SELL - - IOICORP 4.78 -0.01 4.80 4.78 4.60 4.72 4.84 62.81 4.74 4.69 4.64 18.48 20.61 14.30 (2.13) 0.04 0.04 0.01 SELL BUY - - MALAKOFF 0.89 -0.01 0.89 0.88 0.85 0.88 0.91 49.30 0.88 0.89 0.91 18.40 12.33 19.19 6.07 -0.08 -0.08 (0.00) BUY SELL - - MAXIS 5.70 -0.04 5.73 5.62 5.64 5.82 6.00 42.94 5.81 5.88 5.94 11.30 20.08 26.35 (8.78) -0.05 -0.05 (0.01) SELL SELL - - 10.52 -0.08 10.58 10.50 10.28 10.45 10.61 68.53 10.46 10.40 10.25 22.84 13.46 22.33 9.38 0.08 0.08 0.00 BUY BUY - BUY - MAYBANK MBSB 1.10 -0.02 1.13 1.10 1.08 1.15 1.21 42.95 1.12 1.17 1.18 17.08 25.92 20.82 (8.84) -0.02 -0.02 (0.01) SELL SELL - RHBBANK 5.29 0.06 5.34 5.21 5.17 5.31 5.45 45.66 5.29 5.33 5.31 12.20 21.87 15.65 (9.67) -0.02 0.00 (0.02) SELL SELL - - SIME 2.64 0.00 2.66 2.62 2.55 2.62 2.69 49.83 2.61 2.66 2.72 15.98 21.89 22.20 (5.91) -0.02 -0.03 0.00 SELL BUY - BUY 16.20 -0.04 16.26 16.14 15.40 15.74 16.08 79.57 15.85 15.72 15.74 39.18 7.95 24.24 31.23 0.09 0.04 0.05 BUY BUY - - TM TENAGA 5.06 -0.16 5.25 5.05 5.22 5.52 5.82 24.21 5.40 5.67 5.82 15.42 32.84 24.42 (17.42) -0.16 -0.14 (0.02) SELL SELL - - WPRTS 3.56 -0.03 3.60 3.54 3.47 3.55 3.64 51.96 3.56 3.59 3.57 11.86 16.40 18.47 (4.55) -0.01 -0.01 (0.00) SELL SELL - - AIRASIA 3.93 -0.03 3.98 3.93 3.85 4.04 4.23 42.14 4.00 4.16 4.15 15.40 26.54 25.14 (11.14) -0.06 -0.04 (0.02) SELL SELL - - AIRASIA X 0.38 -0.01 0.39 0.38 0.37 0.40 0.42 43.77 0.39 0.40 0.40 17.68 21.92 17.95 (4.25) -0.01 0.00 (0.00) SELL SELL - - ARMADA 0.84 0.01 0.85 0.84 0.82 0.84 0.85 48.63 0.84 0.84 0.84 16.95 17.06 12.34 (0.12) 0.00 0.00 (0.00) SELL SELL - - DIALOG 3.15 0.08 3.20 3.05 2.53 2.78 3.03 71.80 2.88 2.75 2.70 35.15 10.56 23.45 24.59 0.08 0.06 0.02 BUY BUY - - DNEX 0.40 0.00 0.41 0.40 0.39 0.42 0.45 35.19 0.42 0.44 0.45 17.82 30.19 17.44 (12.37) -0.01 -0.01 (0.00) SELL SELL - - ECO WORLD 1.02 0.02 1.04 1.01 0.91 1.09 1.26 21.80 1.02 1.17 1.26 8.44 36.44 60.10 (28.00) -0.08 -0.08 (0.00) SELL SELL - - EKOVEST 0.96 0.01 0.98 0.95 0.94 0.97 1.00 45.18 0.97 0.98 1.00 25.06 11.83 13.50 13.23 -0.01 -0.01 0.00 BUY BUY - - FGV 1.68 -0.02 1.72 1.67 1.65 1.78 1.91 38.14 1.73 1.85 1.88 11.10 25.29 32.89 (14.19) -0.06 -0.05 (0.01) SELL SELL - - GADANG 0.90 -0.02 0.94 0.90 0.87 0.95 1.03 30.22 0.92 0.99 1.04 12.83 34.52 48.37 (21.69) -0.04 -0.04 0.00 SELL BUY - - HIAP TECK 0.42 0.00 0.43 0.41 0.41 0.44 0.47 34.39 0.43 0.47 0.47 16.73 28.12 29.53 (11.39) -0.02 -0.01 (0.00) SELL SELL - - HIBISCUS 0.85 0.03 0.88 0.83 0.80 0.87 0.93 37.49 0.84 0.90 0.92 17.79 24.01 14.75 (6.22) -0.03 -0.02 (0.00) SELL SELL - - KUB 0.44 -0.01 0.45 0.44 0.42 0.46 0.50 46.58 0.45 0.47 0.46 26.10 23.09 12.30 3.01 -0.01 0.00 (0.00) BUY SELL BUY - MALTON 0.86 0.06 0.86 0.80 0.79 0.87 0.96 33.77 0.83 0.90 0.91 22.46 25.10 14.97 (2.64) -0.03 -0.03 (0.01) SELL SELL - - MUDAJAYA 0.73 0.00 0.73 0.72 0.67 0.75 0.84 32.99 0.72 0.80 0.84 18.45 37.66 32.70 (19.21) -0.04 -0.04 0.00 SELL BUY - BUY MRCB 0.99 -0.02 1.01 0.99 0.97 1.01 1.05 44.85 0.99 1.04 1.09 24.74 21.51 22.51 3.23 -0.03 -0.03 0.00 BUY BUY BUY - SAPURA ENERGY 0.55 0.00 0.58 0.54 0.42 0.51 0.60 47.57 0.52 0.57 0.64 20.00 27.38 28.12 (7.38) -0.03 -0.04 0.01 SELL BUY - - SUNCON 2.06 0.00 2.07 2.05 2.01 2.12 2.23 35.01 2.08 2.22 2.33 12.21 26.20 31.25 (13.99) -0.08 -0.08 0.00 SELL BUY - BUY UEMS 1.00 -0.01 1.01 1.00 0.97 1.00 1.03 46.29 0.99 1.04 1.08 13.89 19.72 28.07 (5.83) -0.02 -0.03 0.00 SELL BUY - - UMWOG 0.32 0.01 0.32 0.31 0.30 0.31 0.32 47.65 0.31 0.31 0.32 19.09 15.38 14.31 3.71 0.00 0.00 0.00 BUY BUY - - WASEONG 1.45 0.00 1.47 1.44 1.43 1.55 1.66 42.18 1.53 1.57 1.51 15.28 31.41 21.29 (16.12) -0.01 0.01 (0.02) SELL SELL - - WCT 1.22 -0.09 1.32 1.22 1.23 1.37 1.50 35.25 1.32 1.44 1.51 12.89 29.48 29.81 (16.59) -0.06 -0.06 0.00 SELL BUY - - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
19. 3-Apr-18 Technical Comments : SELL ABMB & AXIATA Bearish technical momentum on ABMB implies further near-term correction potential, with a breakdown below the 61.8%FR (RM4.15) to grease slide to the 50%FR (RM4.04) or 200-day ma (RM3.97) before stalling. Overhead resistance is from the upper Bollinger band (RM4.41) and 11/5/17 high (RM4.49). Similarly, Axiata should weaken towards the 61.8%FR (RM5.27) or 200-day ma (RM5.21) support before stabilizing, while overhead resistance is from the upper Bollinger band (RM5.56), followed by the 16/8/16 peak (RM5.99). ABMB RM4.16 (-0.21) Z BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 4.41 4.23 4.05 10-day 30-day 50-day RM RM RM DAILY MACD BUY Recent Signal DMI Recent Signal Signal Change BUY Signal Change AXIATA RM5.38 (-0.07) BOLLINGER BANDS Upper Middle Lower RM RM RM SIMPLE MOVING AVERAGES 5.56 5.42 5.28 10-day 30-day 50-day DMI Recent Signal Signal Change 4.25 4.19 4.20 SELL Recent Signal Signal Change RM RM RM DAILY MACD 5.46 5.45 5.50 BUY Page 2 of 4
20. 3-Apr-18 Daily Money Flow of Technical Stock Picks Malaysia Chartist : Stephen Soo No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 39 40 41 Name Tel: +603-2167 9607 Total Money Flow (RM'mn) stsoo@ta.com.my (A) Total 5D MF Prv. Chg www.taonline.com.my CLOSING PRICE (B) Cur. Chg 26-Mar 27-Mar 28-Mar 29-Mar 30-Mar Chg (A+B) DMF 26-Mar 27-Mar 28-Mar 29-Mar 30-Mar FBMKLCI 2.6 13.0 (28.5) (0.5) 21.4 8.0 27.9 21.9 1,860 1,862 1,858 1,856 1,863 7.11 IN AFFIN ABMB AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA DIALOG DNEX ECO WORLD EKOVEST FGV GADANG HIAP TECK HIBISCUS KUB MALTON MUDAJAYA MRCB SAPURA ENERGY SUNCON UEMS UMWOG WASEONG WCT (0.0) (0.1) (0.1) 0.1 4.1 0.4 (1.6) 0.5 (2.0) 0.8 0.1 (0.1) 0.2 (3.0) (0.5) (0.1) (1.1) (0.1) 1.7 0.0 0.5 (0.1) (0.0) (0.0) (0.1) (0.1) (0.4) (0.9) (0.0) 0.0 0.3 0.0 0.3 (0.0) 0.1 (1.8) 0.0 0.0 0.2 0.1 0.1 (0.0) (0.1) 0.2 1.5 (5.7) 0.4 3.7 (0.3) 1.2 1.6 0.1 (0.1) 0.0 1.4 (0.2) (0.1) (1.2) (0.6) 0.2 (2.0) (0.5) 0.0 0.1 (0.5) (0.2) (0.0) (0.6) (1.2) 0.1 (0.0) (0.5) 0.1 0.0 0.0 0.3 (0.9) 0.1 (0.0) (0.1) 0.0 0.0 (0.1) (0.0) 0.7 0.9 (3.4) 0.0 (0.1) (0.9) (3.6) (3.0) (1.6) 0.2 (0.9) (0.1) (0.1) (0.2) 0.4 (16.2) 2.8 0.1 (1.9) 0.2 (0.1) 0.0 (0.2) 0.1 (0.6) (1.6) (0.0) (0.1) (0.5) (0.0) (0.0) (0.0) 0.0 1.1 0.1 (0.0) (0.3) (0.1) 0.0 0.0 0.2 (0.2) 0.1 (2.7) (0.3) (0.2) 13.1 (2.7) 0.1 1.7 0.0 (0.3) 2.9 (0.1) (0.1) (2.7) 0.7 0.1 0.0 (1.7) 0.1 (0.0) 0.9 (0.1) 0.1 0.7 (0.1) 0.0 (0.2) 0.3 0.1 0.0 0.0 0.4 0.4 (0.1) 0.0 0.0 (0.0) 0.0 0.0 0.1 (0.0) 0.3 3.4 0.5 (0.1) 0.8 0.2 0.2 0.1 (0.1) (0.1) 8.9 (0.1) (0.2) (1.0) 10.7 0.6 0.0 0.3 0.1 (0.2) 0.9 (0.1) 0.1 0.0 (0.2) 0.0 0.0 (0.1) 0.0 0.0 0.0 0.2 0.9 0.1 (0.1) (0.0) (0.0) (0.1) (0.1) 0.1 0.6 2.9 (4.4) 1.0 1.6 13.1 (7.0) (0.4) 0.4 (0.1) (1.1) 10.0 (1.0) (0.5) (5.6) (5.4) 5.4 (1.9) (3.3) 0.3 (0.2) 1.2 (0.8) 0.1 (0.9) (4.0) 0.1 (0.3) (0.4) 0.2 0.3 0.0 1.0 (0.3) 0.2 (0.0) (0.3) (0.1) 0.1 0.1 0.2 (0.9) (0.8) 0.7 (0.3) (0.1) 14.0 0.9 3.2 3.4 (0.1) 0.6 3.0 0.0 0.1 (3.1) 16.9 (2.7) (0.1) 0.2 (0.1) 0.1 0.8 0.1 (0.0) 1.3 1.4 0.0 (0.2) 0.8 0.1 0.0 0.0 0.3 (0.7) (0.1) 0.0 0.4 0.1 (0.0) 0.0 (0.0) 0.2 0.2 6.1 0.8 0.1 (12.3) 2.9 0.0 (1.6) (0.2) 0.1 6.1 (0.1) (0.1) 1.7 10.1 0.6 0.0 2.0 (0.1) (0.2) 0.0 0.0 0.0 (0.7) (0.1) 0.0 0.2 (0.4) (0.0) 0.0 0.0 (0.1) 0.5 0.1 (0.1) (0.1) 0.0 (0.1) 2.40 4.16 4.05 5.46 7.20 4.64 5.11 8.86 5.08 6.00 4.79 0.89 5.84 10.52 1.11 5.25 2.55 15.76 5.40 3.50 3.94 0.38 0.83 2.84 0.42 1.00 0.97 1.74 0.91 0.44 0.86 0.44 0.81 0.70 0.99 0.57 2.07 0.99 0.31 1.53 1.31 2.41 4.18 4.05 5.47 7.24 4.61 5.14 8.90 5.05 6.03 4.80 0.88 5.80 10.52 1.10 5.22 2.59 15.72 5.39 3.55 3.99 0.38 0.85 2.91 0.41 1.00 0.96 1.71 0.93 0.44 0.84 0.45 0.86 0.71 0.99 0.55 2.06 1.00 0.31 1.55 1.32 2.40 4.27 3.94 5.48 7.17 4.65 5.10 8.85 4.87 6.05 4.80 0.88 5.77 10.50 1.09 5.25 2.62 15.80 5.33 3.55 3.94 0.39 0.85 2.84 0.41 1.00 0.97 1.69 0.92 0.41 0.82 0.44 0.82 0.71 0.97 0.50 2.02 0.98 0.31 1.49 1.33 2.40 4.27 3.88 5.46 7.16 4.63 5.15 8.70 4.85 6.00 4.78 0.90 5.68 10.52 1.08 5.17 2.62 16.16 5.21 3.53 3.96 0.38 0.83 2.96 0.41 1.00 1.01 1.66 0.92 0.42 0.82 0.44 0.81 0.72 0.97 0.51 2.05 1.00 0.31 1.49 1.33 2.40 4.37 3.89 5.45 7.19 4.64 5.18 8.73 4.90 6.05 4.79 0.89 5.74 10.60 1.12 5.23 2.64 16.24 5.22 3.59 3.93 0.39 0.84 3.07 0.40 1.00 0.96 1.70 0.92 0.42 0.82 0.45 0.81 0.73 1.01 0.55 2.06 1.01 0.31 1.45 1.31 0.00 0.10 0.01 (0.01) 0.03 0.01 0.03 0.03 0.05 0.05 0.01 (0.01) 0.06 0.08 0.04 0.06 0.02 0.08 0.01 0.06 (0.03) 0.01 0.01 0.11 (0.01) 0.00 (0.06) 0.04 0.00 (0.01) 0.00 0.01 (0.01) 0.01 0.04 0.04 0.01 0.02 0.00 (0.04) (0.02) IN IN OUT OUT IN IN IN IN IN IN IN OUT IN IN OUT IN OUT IN OUT OUT IN OUT OUT IN IN OUT IN IN IN IN IN IN IN IN IN OUT OUT OUT IN IN OUT Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Page 3 of 4
21. 3-Apr-18 Daily Money Flow of FBMKLCI Malaysia Chartist : Stephen Soo No Name 26-Mar Tel: +603-2167 9607 Total Money Flow (RM'mn) 27-Mar 28-Mar 29-Mar Total stsoo@ta.com.my 30-Mar 5D MF (A) Prv. Chg (B) Cur. Chg 26-Mar 27-Mar www.taonline.com.my CLOSING PRICE 28-Mar 29-Mar (A+B) 30-Mar Chg DMF FBMKLCI 2.6 13.0 (28.5) (0.5) 21.4 8.0 27.9 21.9 1,860 1,862 1,858 1,856 1,863 7.11 1 MAYBANK (3.0) 1.4 (0.1) 2.9 8.9 10.0 3.0 6.1 10.52 10.52 10.50 10.52 10.60 0.08 IN 2 PBBANK 3.8 (0.7) (2.5) (11.8) (4.5) (15.6) (9.3) 7.3 23.92 23.98 23.96 24.00 24.00 0.00 OUT 3 TENAGA (0.1) (0.6) (16.2) 0.7 10.7 (5.4) 16.9 10.1 15.76 15.72 15.80 16.16 16.24 0.08 IN 4 CIMB 4.1 (5.7) (3.4) (2.7) 3.4 (4.4) 0.7 6.1 7.20 7.24 7.17 7.16 7.19 0.03 IN 5 PCHEM (1.1) 4.3 (2.2) (0.7) 0.3 0.6 1.5 0.9 8.15 8.28 8.25 8.15 8.26 0.11 IN 6 IHH 0.8 1.6 (3.0) 0.1 0.2 (0.4) 3.2 0.0 6.00 6.03 6.05 6.00 6.05 0.05 IN 7 AXIATA 0.1 1.5 0.9 0.1 0.3 2.9 (0.8) 0.2 5.46 5.47 5.48 5.46 5.45 (0.01) OUT 8 MAXIS 0.2 0.0 (0.9) (0.3) (0.1) (1.1) 0.6 0.1 5.84 5.80 5.77 5.68 5.74 0.06 IN 9 HLBANK (0.3) (0.1) 0.1 0.8 0.4 0.9 0.7 (0.4) 18.56 18.52 18.58 18.70 18.80 0.10 IN 10 SIME PLT (0.3) (0.2) (0.9) 1.1 (0.6) (0.8) 2.0 (1.7) 5.58 5.59 5.52 5.50 5.52 0.02 IN 11 DIGI 0.4 0.4 0.0 (0.3) 0.5 1.0 (0.3) 0.8 4.64 4.61 4.65 4.63 4.64 0.01 IN 12 NESTLE (1.1) 2.4 0.2 (2.5) (0.4) (1.4) (2.7) 2.1 148.00 149.70 149.70 151.00 154.50 3.50 OUT 13 PETGAS 0.5 0.1 (0.7) (0.2) 0.1 (0.3) 0.6 0.2 17.80 17.82 17.84 17.82 17.84 0.02 IN 14 GENTING 0.5 (0.3) (0.9) 13.1 0.8 13.1 14.0 (12.3) 8.86 8.90 8.85 8.70 8.73 0.03 IN 15 MISC (1.2) (0.6) (0.2) 0.2 0.3 (1.4) 0.4 0.1 7.15 7.04 7.05 7.05 7.05 0.00 IN 16 IOI CORP 0.1 0.1 (1.6) 1.7 0.1 0.4 3.4 (1.6) 4.79 4.80 4.80 4.78 4.79 0.01 IN 17 GENM (2.0) 1.2 (3.6) (2.7) 0.2 (7.0) 0.9 2.9 5.08 5.05 4.87 4.85 4.90 0.05 IN 18 KLK 1.1 5.5 3.1 0.6 0.4 10.7 (2.5) (0.2) 25.48 25.56 25.56 25.58 25.58 0.00 OUT 19 PETDAG 0.0 0.4 (0.1) (0.2) 0.5 0.7 (0.2) 0.8 24.70 24.70 24.76 24.70 24.88 0.18 IN 20 HAP SENG 0.1 0.0 0.2 0.4 (0.0) 0.7 0.3 (0.5) 9.70 9.70 9.71 9.72 9.86 0.14 OUT 21 HLFG 0.0 0.8 1.0 0.7 0.2 2.6 (0.3) (0.5) 19.02 19.10 19.18 19.18 19.26 0.08 OUT 22 PPB 0.3 3.1 (0.8) (0.1) 0.8 3.4 0.7 0.9 18.96 19.18 19.16 19.14 19.14 0.00 IN 23 TM 1.7 0.2 2.8 0.1 0.6 5.4 (2.7) 0.6 5.40 5.39 5.33 5.21 5.22 0.01 OUT 24 RHBBANK (0.1) (0.1) (0.2) (0.1) (0.2) (0.5) 0.1 (0.1) 5.25 5.22 5.25 5.17 5.23 0.06 IN 25 PMETAL (0.5) 0.0 (0.8) 1.0 (0.8) (1.0) 1.8 (1.8) 4.85 4.80 4.77 4.54 4.32 (0.22) OUT 26 SIME (1.1) (1.2) 0.4 (2.7) (1.0) (5.6) (3.1) 1.7 2.55 2.59 2.62 2.62 2.64 0.02 OUT 27 YTLCORP (0.1) (0.2) 0.1 0.2 (0.0) 0.1 0.1 (0.2) 1.38 1.39 1.36 1.34 1.35 0.01 OUT 28 KLCCS (0.4) (0.2) (0.0) 0.0 0.4 (0.1) 0.1 0.4 6.89 6.95 7.02 7.14 7.17 0.03 IN 29 AMBANK (0.1) 0.2 0.7 (0.2) (0.0) 0.6 (0.9) 0.2 4.05 4.05 3.94 3.88 3.89 0.01 OUT 30 ASTRO 0.1 (0.2) (0.0) 0.0 (0.2) (0.3) 0.0 (0.3) 2.06 2.03 2.02 2.04 2.00 (0.04) OUT 13.8 (11.2) 2.6 23.0 (9.9) 13.1 9.5 (37.9) (28.5) 23.8 (24.4) (0.6) 29.1 (3.3) 25.8 99.2 (86.8) 12.4 16 (14) 18 (12) 11 (19) 17 (13) 19 (11) IN (RM'mn) INFLOW OUTFLOW NET FLOW Daily Trading Participation COMPANIES INFLOW OUTFLOW Date Retail Institution Foreign Total 26-Mar 27-Mar 28-Mar 29-Mar 30-Mar 24.4% 22.1% 22.2% 19.6% 22.2% 49.2% 55.8% 50.8% 51.3% 60.2% 26.4% 22.1% 27.0% 29.1% 17.6% 100% 100% 100% 100% 100% Sources: Bloomberg, TA Securities Daily Money Flow (DMF) Formulation If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”. Money Flow (MF) Calculation The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks. Daily Money Flow (DMF) Interpretation In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 03, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
22. Technical View Tuesday , April 03, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Stock Screen Malaysia End Day Census of 02.04.2018 Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL) No Stock Name Price RSI Lower Middle Upper 14-day 10-day 30-day 50-day Vol 20-day avg vol 1 DUTCH LADY MILK INDS BHD 68.00 64.93 67.44 69.96 57.13 66.73 67.12 65.45 109,000 40,365 2 FRASER & NEAVE HOLDINGS BHD 33.40 30.12 32.24 34.35 68.15 32.77 31.54 30.62 853,400 523,360 3 PPB GROUP BERHAD 19.04 17.80 18.63 19.45 73.56 18.93 18.32 17.97 956,600 1,179,625 4 FAR EAST HOLDINGS BHD 9.16 8.39 8.92 9.45 53.75 9.09 8.90 9.08 6,800 2,475 5 CHIN TECK PLANTATIONS BHD 7.70 7.33 7.65 7.97 52.45 7.58 7.64 7.68 4,100 1,530 6 NPC RESOURCES BHD 2.00 1.75 1.97 2.20 51.32 1.91 1.96 2.07 5,000 600 7 AMWAY MALAYSIA HOLDINGS BHD 7.60 7.39 7.56 7.74 53.00 7.58 7.55 7.61 8,000 9,530 8 EDARAN BHD 0.71 0.50 0.66 0.83 53.97 0.71 0.65 0.66 374,400 419,600 9 GRAND HOOVER BHD 0.72 0.51 0.66 0.82 53.55 0.69 0.65 0.69 673,400 77,795 10 MALAYAN BANKING BHD 10.52 10.28 10.45 10.62 59.96 10.46 10.40 10.25 11,482,500 14,355,580 11 KHIND HOLDINGS BERHAD 1.91 1.72 1.86 2.00 49.19 1.88 1.90 2.02 70,000 4,475 12 PETRONAS CHEMICALS GROUP BHD 8.29 7.94 8.15 8.36 60.26 8.21 8.12 8.09 4,922,500 6,966,250 13 GOPENG BHD 1.41 1.31 1.39 1.47 59.24 1.40 1.38 1.38 12,000 7,645 14 IMASPRO CORP BHD 1.84 1.76 1.82 1.89 52.64 1.85 1.82 1.83 27,000 8,900 15 SARAWAK OIL PALMS BERHAD 3.70 3.60 3.67 3.74 51.25 3.65 3.69 3.71 112,100 105,630 16 HCK CAPITAL GROUP BHD 1.30 1.23 1.29 1.34 54.12 1.31 1.26 1.26 50,000 33,715 17 SAPURA ENERGY BHD 0.55 0.43 0.51 0.58 47.57 0.52 0.57 0.64 150,106,200 143,818,600 18 PINEAPPLE RESOURCES BHD 0.45 0.36 0.43 0.49 54.65 0.44 0.42 0.41 12,100 15,720 19 PAVILION REAL ESTATE INVEST 1.41 1.33 1.39 1.44 52.50 1.38 1.38 1.44 1,385,700 665,880 20 GAMUDA BHD 5.17 4.94 5.07 5.20 61.49 5.11 5.05 5.05 4,084,200 4,489,780 21 TURBO-MECH BHD 0.78 0.72 0.76 0.80 52.39 0.76 0.76 0.78 3,000 3,105 22 YKGI HOLDINGS BHD 0.39 0.33 0.37 0.41 62.76 0.36 0.33 0.27 3,863,500 5,288,485 23 CAPITALAND MALAYSIA MALL TRU 1.08 0.97 1.03 1.09 51.15 1.03 1.05 1.17 4,111,100 3,886,845 24 LEADER STEEL HOLDINGS BHD 0.46 0.42 0.45 0.47 52.26 0.44 0.46 0.46 746,800 169,515 25 K-STAR SPORTS LTD 0.12 0.08 0.10 0.13 59.96 0.11 0.10 0.11 6,513,700 5,443,785 26 ELK-DESA RESOURCES 1.19 1.14 1.17 1.20 58.92 1.17 1.17 1.17 106,300 65,325 27 PAOS HOLDINGS BHD 0.44 0.37 0.41 0.44 54.61 0.40 0.42 0.43 31,000 5,375 28 MY EG SERVICES BHD 2.90 2.50 2.71 2.91 78.82 2.77 2.69 2.63 9,576,300 10,869,740 29 AL-SALAM REAL ESTATE INVESTM 0.93 0.88 0.91 0.94 53.54 0.91 0.92 0.94 55,800 52,025 30 THREE-A RESOURCES BHD 1.07 1.00 1.04 1.07 57.54 1.04 1.05 1.03 1,345,100 495,240 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
23. *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/ SELL guide) No Stock Name Price Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day Vol 20-day avg vol 1 DIALOG GROUP BHD 3.15 2.51 2.80 3.09 74.90 2.88 2.75 2.70 11,381,000 13,480,120 2 CAELY HOLDINGS BHD 1.13 0.84 0.96 1.08 65.29 0.92 0.99 1.01 4,920,800 563,115 3 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.25 0.23 NA 14,500 1,225 4 TENAGA NASIONAL BHD 16.20 15.37 15.76 16.16 75.74 15.85 15.72 15.74 6,157,300 8,698,050 5 EVERSENDAI CORP BHD 1.01 0.62 0.80 0.98 77.38 0.83 0.81 0.80 8,610,400 2,390,680 6 HARTALEGA HOLDINGS BHD 6.20 5.40 5.79 6.18 64.10 5.86 5.77 5.76 3,184,200 2,593,250 3,969,645 7 PANSAR BHD 1.22 0.81 1.01 1.20 91.35 1.06 0.94 0.78 6,284,700 8 KUMPULAN PERANGSANG SELANGOR 1.31 1.20 1.25 1.29 61.66 1.23 1.27 1.28 749,600 106,515 9 SHANGRI-LA HOTELS (MAL) BHD 5.50 4.60 5.04 5.49 70.94 5.11 5.02 5.03 288,200 120,240 10 SIN HENG CHAN (MALAYA) BHD 0.60 0.48 0.53 0.59 60.66 0.53 0.54 0.56 38,100 4,355 11 KIM LOONG RESOURCES BHD 1.44 1.37 1.40 1.43 63.21 1.40 1.40 1.40 28,300 106,860 12 MESB BHD 0.41 0.35 0.38 0.40 64.45 0.37 0.38 0.38 2,200 78,365 13 DEGEM BHD 1.05 0.94 0.99 1.04 59.08 0.99 0.99 0.98 6,800 7,315 14 PUC BHD 0.26 0.16 0.21 0.25 64.32 0.19 0.22 0.24 136,200,500 33,592,400 15 PERMAJU INDUSTRIES BERHAD 0.26 0.22 0.24 0.26 57.41 0.23 0.24 0.25 1,119,500 1,324,255 16 ACOUSTECH BHD 0.43 0.38 0.40 0.43 59.84 0.40 0.40 0.41 137,400 96,345 17 DKSH HOLDINGS MALAYSIA BHD 3.90 3.83 3.86 3.90 54.20 3.86 3.86 3.87 5,000 43,840 18 HANDAL RESOURCES BHD 0.27 0.23 0.25 0.27 60.94 0.25 0.25 0.24 29,000 145,390 19 KARAMBUNAI CORP BHD 0.08 0.07 0.07 0.08 69.70 0.08 0.07 0.07 4,538,300 6,179,240 20 SC ESTATE BUILDER BHD 0.04 0.02 0.03 0.04 56.97 0.03 0.03 0.03 3,225,400 876,415 Raw data sourced from Bloomberg *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No Stock Name Price Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day Vol 20-day avg vol 1 PRESS METAL ALUMINIUM HOLDIN 4.36 4.44 4.87 5.30 19.29 4.81 5.18 5.37 4,772,100 2 TELEKOM MALAYSIA BHD 5.06 5.14 5.49 5.83 19.75 5.40 5.67 5.82 946,500 10,118,610 3,253,875 3 V.S. INDUSTRY BERHAD 2.21 2.28 2.56 2.84 27.99 2.55 2.72 2.84 6,509,300 6,684,100 4 MGB BHD 1.26 1.32 1.52 1.72 21.29 1.49 1.59 1.62 1,084,200 254,140 5 ROHAS TECNIC BHD 1.23 1.28 1.37 1.46 25.49 1.36 1.40 1.42 34,600 68,470 6 SP SETIA BHD 2.90 2.94 3.13 3.31 28.62 3.09 3.19 3.21 373,300 1,597,040 7 ISKANDAR WATERFRONT CITY BHD 1.06 1.10 1.33 1.55 22.63 1.32 1.34 1.35 726,000 2,702,835 8 SKP RESOURCES BHD 1.45 1.49 1.65 1.81 28.63 1.63 1.74 1.80 5,235,100 4,337,490 9 QUALITY CONCRETE HLDGS BHD 0.75 0.78 0.96 1.14 33.62 0.96 1.02 1.08 100 825 10 MMS VENTURES BHD 1.28 1.32 1.43 1.55 30.18 1.41 1.49 1.54 242,300 299,780 11 BRITISH AMERICAN TOBACCO BHD 26.02 26.05 27.42 28.79 28.39 27.51 28.12 29.91 179,300 277,890 12 KNUSFORD BHD 0.70 0.73 0.87 1.01 24.00 0.87 0.92 1.02 3,900 905 13 BERJAYA FOOD BHD 1.68 1.71 1.78 1.84 32.02 1.77 1.79 1.79 25,800 173,380 14 HUME INDUSTRIES BHD 1.70 1.73 1.90 2.08 16.34 1.86 1.94 2.00 57,100 23,880 15 ORIENTAL INTEREST BHD 2.10 2.13 2.21 2.30 36.57 2.20 2.25 2.32 15,800 2,865 16 MUHIBBAH ENGINEERING (M) BHD 2.87 2.90 2.99 3.08 32.19 2.98 3.03 3.07 823,000 851,510 17 COMFORT GLOVE BHD 0.99 1.01 1.08 1.15 34.23 1.08 1.10 1.09 2,366,500 2,418,100 18 MYNEWS HOLDINGS BHD 1.40 1.43 1.63 1.83 28.06 1.58 1.64 1.60 688,400 455,925 19 MINTYE BHD 0.91 0.93 1.01 1.08 29.73 1.00 1.02 1.03 22,800 3,375 20 UEM EDGENTA BHD 2.30 2.32 2.46 2.61 37.57 2.43 2.46 2.38 367,400 236,030 Raw data sourced from Bloomberg S Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 03, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2
24. Tuesday , 03 April, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only As i an Te ch n ic al R ep o r ts 1. Fore i gn Te ch n i ca l St o c k W at ch ( F SS T I ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
25. Technical View Tuesday , April 03, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Picks Singapore FSSTI: 3,430.76 (+2.79, +0.08%) Chartist: Stephen Soo Stock Name Close 2-Apr FSSTI 3,430.76 SINGTEL Tel: +603-2167 9607 Change High Low 2.79 3,443.88 3,424.03 Bollinger Bands Lower 3,387.59 Mid 3,479.38 Upper RSI 14d 3,571.18 43.66 stsoo@ta.com.my Moving Averages 10d 30d 3,461.02 3,488.72 www.taonline.com.my DMI 50d DI + DI - ADX MACD Diff DMI MACD Line Signal Diff Recent Signal 3,492.99 16.80 33.83 19.94 (17.03) -18.40 -6.44 (11.95) SELL SELL 3.39 0.02 3.41 3.37 3.29 3.39 3.50 44.78 3.42 3.39 3.44 16.67 25.21 22.34 (8.54) -0.01 -0.01 (0.00) SELL SELL DBS 27.32 (0.18) 27.54 27.31 26.99 28.13 29.28 45.68 27.77 28.41 27.69 16.97 34.56 22.22 (17.59) -0.15 0.05 (0.20) SELL SELL OCBC 12.77 (0.05) 12.87 12.76 12.67 13.19 13.72 44.23 13.06 13.17 13.01 17.50 31.90 23.02 (14.40) -0.05 0.04 (0.09) SELL SELL UOB 27.40 (0.10) 27.52 27.31 27.00 28.04 29.07 46.16 27.83 27.94 27.70 21.20 30.96 18.37 (9.76) -0.05 0.10 (0.15) SELL SELL JARDINE M. 62.16 0.54 62.19 61.84 60.73 62.43 64.13 44.51 61.83 62.56 62.86 22.76 26.95 13.55 (4.19) -0.35 -0.23 (0.12) SELL SELL 3.21 0.03 3.24 3.19 3.14 3.19 3.25 50.22 3.19 3.17 3.15 17.36 22.02 12.37 (4.67) 0.01 0.02 (0.01) SELL SELL HK LAND 6.88 (0.01) 6.93 6.85 6.76 6.90 7.04 47.08 6.88 6.94 7.00 21.02 20.84 13.24 0.19 -0.03 -0.04 0.00 BUY BUY CAPLAND 3.62 0.05 3.63 3.57 3.52 3.62 3.72 43.09 3.62 3.61 3.65 16.10 24.66 15.77 (8.55) -0.01 0.00 (0.01) SELL SELL GENSP 1.09 0.01 1.10 1.07 1.07 1.12 1.16 32.60 1.10 1.16 1.22 14.08 31.95 36.50 (17.88) -0.04 -0.04 0.00 SELL BUY WILMAR KEPPEL 7.80 0.03 7.85 7.78 7.60 7.77 7.93 47.05 7.76 7.86 8.06 23.38 26.94 15.25 (3.56) -0.06 -0.07 0.01 SELL BUY SGX 7.34 (0.03) 7.43 7.33 7.33 7.47 7.61 40.37 7.43 7.50 7.71 16.02 27.25 24.00 (11.23) -0.07 -0.06 (0.01) SELL SELL SIA 10.81 (0.03) 10.90 10.72 10.63 10.96 11.30 44.96 10.91 11.05 11.09 14.41 28.56 24.57 (14.14) -0.08 -0.04 (0.03) SELL SELL FNN 2.16 0.02 2.17 2.16 2.15 2.26 2.38 26.82 2.22 2.30 2.38 10.15 35.83 40.42 (25.68) -0.06 -0.05 (0.01) SELL SELL NOBLE 0.07 (0.00) 0.08 0.07 0.06 0.12 0.19 25.66 0.10 0.14 0.18 13.69 36.78 27.52 (23.09) -0.03 -0.02 (0.00) SELL SELL CITY DEV 13.20 0.20 13.21 13.02 12.47 13.08 13.70 49.56 13.11 12.96 12.98 13.84 27.04 18.05 (13.20) 0.03 0.07 (0.05) SELL SELL JARDINE S. 38.73 0.39 38.73 38.15 37.75 39.01 40.27 44.84 38.80 38.89 39.15 13.51 24.67 17.72 (11.16) -0.20 -0.10 (0.10) SELL SELL 2.53 0.01 2.55 2.51 2.43 2.51 2.58 48.16 2.48 2.55 2.59 19.15 22.25 25.69 (3.09) -0.03 -0.04 0.00 SELL BUY JARDINE C&C SG PRESS 34.75 0.25 35.00 34.66 33.36 35.17 36.98 38.81 34.38 35.97 37.28 12.86 26.80 53.23 (13.94) -0.91 -0.94 0.03 SELL BUY GOLDEN AGRI 0.35 0.00 0.36 0.35 0.34 0.35 0.36 45.38 0.35 0.35 0.36 12.90 14.19 16.53 (1.30) 0.00 0.00 0.00 SELL BUY SG TECH 3.56 (0.03) 3.62 3.55 3.32 3.47 3.62 64.65 3.52 3.44 3.40 26.98 17.84 23.17 9.14 0.05 0.04 0.00 BUY BUY OLAM INT 2.32 (0.02) 2.35 2.31 2.24 2.35 2.46 52.45 2.37 2.32 2.26 27.08 21.78 33.11 5.29 0.03 0.04 (0.01) BUY SELL CAP TRUST 2.07 (0.01) 2.09 2.06 1.98 2.04 2.10 58.23 2.06 2.03 2.04 19.60 19.37 12.94 0.22 0.01 0.01 0.00 BUY BUY SEMBCORP 3.11 0.00 3.18 3.10 3.02 3.07 3.12 49.25 3.07 3.13 3.23 24.79 21.07 13.00 3.71 -0.04 -0.05 0.01 BUY BUY SEMCORP M. 2.22 (0.03) 2.28 2.20 1.93 2.09 2.25 55.42 2.14 2.18 2.32 30.97 25.73 22.34 5.24 -0.02 -0.05 0.03 BUY BUY CMFT DELGRO 2.06 0.01 2.08 2.04 1.98 2.02 2.06 55.11 2.02 2.02 2.04 28.44 17.44 11.27 11.00 0.00 0.00 0.00 BUY BUY STARHUB 2.33 0.03 2.35 2.31 2.30 2.41 2.51 24.71 2.36 2.45 2.62 6.87 37.32 50.02 (30.45) -0.08 -0.08 (0.00) SELL SELL SIA ENG 3.20 0.02 3.20 3.18 3.16 3.23 3.30 34.89 3.20 3.26 3.27 19.61 26.26 31.71 (6.65) -0.03 -0.02 (0.01) SELL SELL IFOOD AGRI 0.32 (0.01) 0.33 0.32 0.32 0.33 0.33 42.01 0.33 0.34 0.36 13.97 22.36 30.69 (8.40) -0.01 -0.01 0.00 SELL BUY YZJ 1.21 0.00 1.23 1.19 1.19 1.30 1.41 33.82 1.26 1.36 1.42 10.10 28.95 32.75 (18.85) -0.06 -0.05 (0.01) SELL SELL The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last two columns are auto generated. Page 1 of 3
26. 3-Apr-18 Corporate News : City Developments is the best positioned among Singapore’s major developers to profit from a turnaround in the residential market. A demand recovery and the company’s strong project pipeline will likely sustain sales growth, which rose 55% in 2017. – Bloomberg. Technical Comments: City Development would need to overcome the upper Bollinger band (SGD13.69) to enhance upside momentum and target the 123.6%FP (SGD14.92), with a confirmed breakout to challenge the 138.2%FP (SGD15.74), going forward. Immediate support is capped at 76.4%FR (SGD12.27). CITY DEVELOPMENTS LTD SGD13.20 (+0.20) BOLLINGER BANDS Upper Middle Lower SGD SGD SGD SIMPLE MOVING AVERAGES 13.69 13.10 12.51 10-day 30-day 50-day DMI Recent Signal SGD SGD SGD 13.08 12.97 12.97 DAILY MACD SELL Recent Signal SELL Page 2 of 3
27. 3-Apr-18 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. 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 YZJSGD Stock Name SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP 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 Target Price % upside EPS ($) PER(x) Div Yield(%) 2017 2018 2017 2018 2017 2018 52week Price High % Chg Low YTD -5.04 3.39 4.14 18% 0.2 0.2 13.8 13.9 6.0 5.3 3.97 3.30 27.32 31.15 12% 2.2 2.5 12.2 10.8 4.3 4.5 29.71 18.65 9.94 12.77 14.40 11% 1.1 1.2 11.6 10.4 3.3 3.6 13.61 9.49 3.07 27.40 30.52 10% 2.3 2.6 11.7 10.6 3.6 3.9 28.99 21.38 3.59 62.16 66.37 6% 4.6 4.9 13.6 12.7 2.7 2.9 68.11 59.73 2.32 3.21 3.62 11% 0.2 0.2 12.8 11.6 2.3 2.6 3.87 2.97 3.88 6.88 7.88 13% 0.4 0.4 15.9 15.6 3.1 3.1 7.89 6.72 -2.27 3.62 4.27 15% 0.2 0.2 16.3 15.8 3.3 3.3 3.88 3.42 2.55 1.09 1.44 25% 0.1 0.1 17.6 17.0 3.2 3.3 1.41 1.01 -16.79 7.80 9.02 13% 0.5 0.6 14.5 13.3 3.3 3.5 8.92 6.16 6.12 7.34 8.14 10% 0.3 0.4 21.2 19.9 4.1 4.3 8.50 7.20 -1.34 10.81 11.65 7% 0.6 0.6 18.4 19.1 2.9 2.7 11.50 9.66 1.31 2.16 2.83 24% 0.1 0.1 21.6 19.6 2.5 2.5 2.66 2.12 -16.28 -63.00 0.07 NA NA 0.2 0.2 NA 0.3 0.0 67.6 1.96 0.07 13.20 14.56 9% 0.7 0.7 18.9 18.2 1.3 1.3 13.60 9.95 5.68 38.73 42.75 9% 3.1 3.4 12.5 11.4 0.9 0.9 46.48 37.50 -2.15 2.53 2.54 1% 0.1 0.1 19.0 19.0 5.5 5.3 3.52 2.41 -4.53 34.75 44.13 21% 2.3 2.5 11.6 10.7 2.6 2.8 48.50 33.48 -14.56 0.35 0.35 0% 0.0 0.0 16.7 16.7 1.4 1.4 0.41 0.34 -5.41 3.56 3.98 10% 0.2 0.2 20.2 18.8 4.4 4.6 3.86 3.16 9.20 2.32 NA NA 0.1 0.2 16.0 15.0 2.4 2.5 2.50 1.87 14.29 2.07 2.24 7% 0.1 0.1 17.3 18.5 5.3 5.4 2.17 1.92 -2.82 3.11 3.60 14% 0.2 0.3 14.1 11.6 2.7 3.2 3.60 2.89 2.64 2.22 2.18 -2% 0.0 0.1 67.3 41.9 0.9 1.2 2.81 1.55 20.65 2.06 2.25 8% 0.1 0.1 15.0 14.6 5.0 5.2 2.80 1.89 4.04 2.33 2.39 2% 0.1 0.1 18.2 19.1 6.7 6.6 2.99 2.26 -18.25 3.20 3.74 14% 0.2 0.2 21.3 20.0 4.4 4.4 4.16 3.08 2.24 0.32 0.42 24% 449.6 510.0 7.5 6.6 NA NA 0.54 0.32 -17.95 1.21 1.47 18% 0.6 0.6 9.8 9.9 17.4 17.4 1.74 1.06 -17.69 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 and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Tuesday, April 03, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 3 of 3