Bursa Malaysia Daily Market Report - 3 July

Transcription

1. Monday , 03 July, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. 2. 3. Daily Market Commentary Weekly Strategy Weekly Technical Outlook Fundamental Reports 1. Banking Sector: Loan Growth Takes a Breather Technical Reports 1. Weekly Technical Stock Picks 2. Daily Money Flow Technical Stock Picks FBMKLCI Stocks Under Coverage PLANTATION Sector CONSTRUCTION Sector PROPERTY Sector 3. Weekly Ace Market Stock Watch 4. Weekly Small Cap Stock Watch 5. Weekly Stock Screen Foreign Technical Reports 1. Foreign Stock Watch (AUS) 2. Foreign Stock Watch (HK) 3. Foreign Stock Watch (FSSTI) 4. Foreign Stock Watch (US) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Monday, 03 July 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (30.06.2017) Volume (mil) +/-chg (RMmn) Main Market 1,131.9 221.9 2,236.0 Warrants 111.1 0.3 16.1 ACE Market 256.6 -114.3 59.4 Bond 7.8 3.3 2.7 ETF 0.1 0.03 0.1 Total 1,507.5 2,314.2 Off Market 33.6 -44.9 5.4 Value +/-chg 782.8 3.9 -29.0 0.8 0.04 -199.0 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP July 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 Review & Outlook Value/ Volume 1.98 0.14 0.23 0.35 1.22 1.54 0.16 Up Down 256 342 45 97 28 64 6 1 1 3 336 507 % chg % YTD chg 1,763.67 12,598.94 17,443.96 1,767.50 -7.69 -32.98 -26.56 -8.50 -0.43 -0.26 -0.15 -0.48 7.43 9.88 18.54 8.07 21,349.63 6,140.42 7,312.72 20,033.43 2,391.79 25,764.58 3,226.48 1,574.74 5,829.71 3,192.43 1,897.69 5,721.49 62.60 -3.93 -37.60 -186.87 -3.87 -200.84 -32.17 -3.38 0.00 4.36 5.42 -96.61 0.29 -0.06 -0.51 -0.92 -0.16 -0.77 -0.99 -0.21 0.00 0.14 0.29 -1.66 8.03 14.07 2.38 4.81 18.03 17.11 12.00 2.06 10.06 2.86 -3.63 0.98 Save for the grossly oversold daily stochastics indicator for the FBM KLCI following last week's correction, most other trend and momentum indicators, specifically fresh sell signals on weekly MACD and 14-day DMI indicators, suggest that further correction is possible this week. On the other hand, while a low-volume technical rebound can still happen, expect it to be brief and unsustainable. Given the decisive break below the 50-day moving average level at 1,771 and lower Bollinger band at 1,762 in intra-day trade last Friday, more downside to next support from the 100-day moving average at 1,747 will be at risk for the index. Stronger support is seen at 1,729, a prior support level in April. On the flipside, immediate resistance is downgraded to 1,771, then 1,782, followed by the recent peak of 1,796, and ultimately the 1,800 psychological level. Sector-wise, blue chips such as Genting Berhad, Genting Malaysia, Tenaga and TM are likely to stay under profit-taking pressures, while aviation stocks AirAsia and AirAsia X and property and oil & gas related counters like EcoWorld and Sapura Energy should attract buyers on further dips as good buying interest on these four stocks should cushion downside risk. News Bites • • • • • Top 10 KLCI Movers Based on Mkt Cap. Off Market HUBLINE BIMB ECOFIRS SEAL MEDAINC MEXTER PPB (mn) 14.0 10.8 2.5 2.3 1.9 1.0 1.0 @ @ @ @ @ @ @ (RM) 0.06 0.05 0.30 0.42 0.32 0.23 0.17 Counter SIME IHH CIMB PCHEM MAXIS AXIATA DIGI PETGAS GENTING IOICORP Mkt Cap. (RM’mn) 64,608 59,563 56,800 47,374 43,345 41,683 38,875 36,686 35,659 32,032 Chg (RM) -0.07 -0.06 -0.02 -0.18 -0.05 -0.06 -0.01 -0.16 -0.08 -0.04 Vol. (mn) 12.29 15.45 10.67 6.48 8.13 10.80 4.65 1.33 5.50 1.88 • • • • • • • Important Dates TDM - 1:10 Bonus Issue - BI of 150.5m shares. 1 bonus share for every 10 existing shares. Entitlement Date: 03/07/2017. LISTING ON: 04/07/2017. SCC - 1:10 Bonus Issue - BI of 4.3m shares. 1 bonus share for every 10 existing shares. Ex-Date: 06/07/2017. Entitlement Date: 10/07/2017. LISTING ON: 11/07/2017. Malaysia's loan growth eased in May, rising 5.5% YoY from growth of 6.1% April. Malaysia's Lotte Chemical Titan Holding Sdn Bhd will relaunch its initial public offering (IPO) today at a lower price of RM6.50/share than initially targeted range of RM7.60-8.00/share due to weak investor appetite. The Government will bear RM1.3bn from imbalance cost passthrough subsidy of 2.54 sen per Kwh to consumers from July 1 until Dec 31, 2017. Bumi Armada Bhd's chief executive officer Leon Harland says the group is expecting to record a stronger financial performance this year due to new projects that will come online in 2017. Public Mutual, a wholly owned subsidiary of Public Bank Berhad has declared distributions totalling RM147.0mn for 13 of its funds for the financial year ended June 30, 2017. Goldis Bhd is revising the options for its takeover offer for IGB Corp Bhd to allow all scheme shareholders to have the same election rights and the proportion of cash to new RCCPS has been revised from 20% in cash and 80% New RCCPS to 12% in cash and 88% new RCCPS. Pelikan International Corp Bhd are disposing of their businesses in Germany, France, Czech Republic and China for RM30.0mn. The managing director and two other executive directors of Ajinomoto (Malaysia) Bhd have been reassigned to other posts by Ajinomoto Co Inc Japan. Kumpulan Wang Persaraan (Diperbadanankan) or KWAP has disposed more than 9.3mn Malakoff Corp Bhd shares this month. The public tranche of earthworks and civil engineering services firm Advancecon Holdings Bhd's initial public offering has been oversubscribed by 10.28 times. Non-resident inflows into the Government bond market amounted to RM9bil in May, which was the second consecutive month of inflows, says Bank Negara Malaysia. China's official manufacturing purchasing managers' index published by the National Bureau of Statistics came in at 51.7 for June, up from May's level of 51.2. Exchange Rate USD/MYR 4.2918 -0.0015 USD/JPY 112.01 -0.5400 EUR/USD 1.140 -0.0003 Commodities Futures Palm Oil (RM/mt) 2,455.00 -9.00 Crude Oil ($/Barrel) 46.33 1.46 Gold ($/tr.oz.) 1,241.40 -4.20 DISCLAIMER The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD Kaladher Govindan, Head of Research
3. TA Securities Monday , July 03, 2017 FBMKLCI: 1,763.67 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Strategy Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Kaladher Govindan Market View Tel: +603-2167 9609 kaladher@ta.com.my www.taonline.com.my Further Mild Correction Likely The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FMB KLCI) went into correction mode with double-digit losses in the short three-day trading last week, with investors profit-taking after returning from the long four-day Hari Raya weekend break, and the absence of first-half window-dressing interest following further fall on overnight US equities, which spilled over to the region and locally. For the week, the FBM KLCI slumped another 15.78 points, or 0.89 percent to 1,763.67, with most of its losses due to BAT (-58sen), HLFG (-50sen), Petronas Gas (-36sen), Genting Malaysia (-33sen) and Genting Berhad (-31sen). Average daily traded volume and value dwindled to 1.43 billion shares, the slowest since late January, and RM1.9 billion, compared with the 1.67 billion shares and RM1.96 billion average respectively the previous week, as trading interest slowed with most investors still away even after the long Hari Raya Puasa extended break the previous week. The benchmark index’s performance last week came within expectations and was exacerbated by the hawkish comments from the US Federal Reserve (Fed) and the European Central Bank (ECB). Thus, until the release of June Fed meeting minutes this Thursday and the non-farm payroll number this Friday, we may see some sideway movements in the index later this week after initial buying support from the local institutional funds today and tomorrow. Better-than-expected Caixin China Manufacturing PMI today may help to improve market sentiment after a positive official PMI data last Friday failed to do so. Market views the Caixin survey as better reflection of the nation’s manufacturing activities due to its composition of smaller and medium-sized companies compared to larger and mostly stateowned companies under the official survey. It is forecast to be 49.8 in June, higher than the previous month’s 49.6, and could at least affirm confidence in the official GDP growth forecast of 6.5% for 2017 after an earlier rating downgrade by Moody’s Investors Service affected sentiment. Meanwhile, the language of Fed meeting minutes is likely to be consistent with Janet Yellen’s recent view about the nation’s ability to cope with higher interest rate on the back of improving employment and rising wages. While the June non-farm payrolls number is expected to affirm that view, it may not deviate much from the expected 175,000 new jobs due to tightness in the labour market after unemployment rate sank to 4.3% and labour force participation rate remained at its lowest level since May 2001. If growth in average hourly earnings remains weak, the Fed has more reasons to delay the next rate hike to the tail end of this year or even next year as the latest core PCE of 1.4% still far below its 2% target and the 1Q17’s economic growth of 1.4% is still nowhere near Trump’s 3% target to fear about runaway inflation due to delays in implementing his fiscal plans. Page 1 of 8
4. TA Securities 3-Jul-17 A Member of the TA Group There is no doubt that investors ’ perception about the market outlook for the remaining six months of 2017 will be largely influenced by the key centrals banks’ decisions on their monetary policy. Looking ahead, while mild corrections are expected in the 2H17 due to external noises arising from the speculations about US monetary tightening bias, weakness in crude oil prices and hiccups from China’s deleveraging process, market sentiment is expected to remain buoyant and PER multiple is set to expand as we approach the tail end of this year in anticipation of a sustained rally prior to a general election, which is highly likely within the next three to nine months. As the recovery in corporate earnings and country’s economic fundamental support this PER expansion, investors should lookout for buying opportunities among the undervalued blue chips (Tenaga TP:RM17.37, TM:RM7.50, Genting TP:RM11.53, AFG TP:RM4.80, Affin TP: RM3.70), and second liners that have sound fundamental (Unisem TP:RM 4.10 , MPI TP:RM15.90, Padini RM:4.10,etc.). Page 2 of 8
5. TA Securities 3-Jul-17 A Member of the TA Group News In Brief Corporate Malaysia 's Lotte Chemical Titan Holding Sdn Bhd will relaunch its initial public offering (IPO) today at a lower price than initially targeted due to weak investor appetite, three sources familiar with the deal said. The IPO, set to be Malaysia's biggest in five years, will likely be launched at RM6.50/share, raising RM4.8bn (US$1.1bn), the sources said, speaking on condition of anonymity as the process is private. The offering was earlier expected to price in the RM7.60-8.00/share range, raising up to US$1.4bn. The IPO involves a planned sale of 740.4mn shares. Lotte Chemical Titan did not immediately respond to a request for comment. One source said the IPO will be relaunched "to add more quality names to enhance the book." (StarBiz) The public tranche of earthworks and civil engineering services firm Advancecon Holdings Bhd's initial public offering (IPO) has been oversubscribed by 10.28 times. The group, which made available 30mn shares for subscription by the public, said it received 11,011 applications for 338.32mn shares with a total value of RM213.14mn. (The Edge Markets) The Government will bear RM1.3bn from imbalance cost pass-through (ICPT) subsidy of 2.54 sen per Kwh to consumers from July 1 until Dec 31, 2017. In a filing with Bursa Malaysia, Tenaga Nasional Bhd (TNB) said the actual imbalance cost for period January to June 2017 of RM523.2mn, resulting a surcharge of 1.02 sen/kWh. The new gas price of RM22.70 per mmBTU will be effective from July 1. The cost to continue the current ICPT rebate of 1.52 sen/kWh amounts to RM780.0mn. (StarBiz) Bumi Armada Bhd, which had sailed through some rough seas of late due to the fluctuation in oil prices, could come out stronger this year if things go as planned. The offshore energy facilities and services provider’s chief executive officer Leon Harland tells StarBizWeek that the group is expecting to record a stronger financial performance this year (financial year ending Dec 31). This is due to new projects that will come online in 2017 that will support its plans. (StarBiz) Public Mutual, a wholly owned subsidiary of Public Bank Berhad has declared distributions totalling RM147.0mn for 13 of its funds for the financial year ended June 30, 2017. The mutual fund said the distribution for the PB Growth Fund was 2.5 sen/unit while for the PB China Asean Equity Fund it was two sen and the PB Singapore Advantage-30 Equity Fund 1.5 sen. As for its PB Asia Equity Fund, the distribution was 1.50 sen, PB Islamic Asia Equity Fund one sen and PB Balanced Fund three sen. (StarBiz) LB Aluminium Bhd's fourth quarter ended April 30, 2017 (4QFY17) net profit fell 76% to RM1.38mn from RM5.9mn a year earlier mainly on higher taxes, while revenue rose 14.1% to RM124.5mn from RM109.2mn. For the full year, LB Aluminium said net profit rose to RM17.95 million from RM15.7mn a year earlier. Revenue was higher at RM466.0mn versus RM444.8mn. LB Aluminium proposed a dividend of 2.5 sen a share. (The Edge Markets) Goldis Bhd is revising the options for its takeover offer for IGB Corp Bhd. Originally, Goldis offered three options available to IGB shareholders — cash only or a cash plus Goldis shares on a 30:70 ratio respectively, and the third option is cash plus new redeemable convertible cumulative preference shares (RCCPS) on a 20:80 ratio respectively. Meanwhile, shareholders owning fewer than 100 IGB shares would be offered cash only. However, Goldis said it wants to allow all scheme shareholders to have the same election rights, whereby those with fewer than 100 IGB shares can elect for the Cash Option, the Cash and Share Option or the Revised Cash and New RCCPs Option. Secondly, the proportion of cash to new RCCPS to be offered under the Cash and New RCCPS Option has been revised from 20% in cash and 80% New RCCPS to 12% in cash and 88% new RCCPS. (The Edge Markets) Page 3 of 8
6. TA Securities 3-Jul-17 A Member of the TA Group Borneo Oil Bhd ’s net profit for its first quarter ended April 30, 2017 fell 50.8% to RM5.3mn from RM10.7mn a year ago, mainly because the previous period had recorded a one-off property disposal gain of RM4.3mn. Quarterly revenue was down 98.7% to RM19.4mn from RM1.5bn a year ago, mainly because its gold spot contract trading revenue for the quarter was not included in its 1Q report due to a change in the basis of revenue recognition from its third quarter ended Oct 31, 2016. (The Edge Markets) Lower contribution from Prolexus Bhd’s apparels division dragged its net profit down 54% YoY in its third quarter ended April 30, 2017 (3QFY17) to RM1.6mn. Earnings per share stood at 0.93 sen in the quarter versus 2.57 sen last year, the group said in a filing with Bursa Malaysia. Revenue was down 15% YoY at RM61.7mn. Its board declared an interim dividend of 1.25 sen for the financial year ending July 31, 2017 (FY17) at an entitlement date to be determined later. (The Edge Markets) Cypark Resources Bhd’s net profit for the second quarter ended April 30, 2017 (2QFY17) fell 24% to RM11.61mn from RM15.3mn a year earlier, as it incurred accounting expenses on the grant of equity-settled share options to its employees. The group said that excluding the grant, its net profit would have been RM16.8mn. Revenue came in at RM83.9mn, up 9.9% from Q2FY16. For the cumulative 1HFY17, Cypark posted a net profit of RM22.9mn, a decline of 9.9% from 1HFY16. Revenue in 1HFY17, meanwhile, rose 11.9% to RM162.4mn in the same period a year ago. It added that it is optimistic that several of the tenders are at advance stages of negotiations and will likely be secured this year. (The Edge Markets) Pelikan International Corp Bhd are disposing of their businesses in Germany, France, Czech Republic and China for RM30.0mn. The group said its printer consumable business is undertaken primarily via Pelikan Hardcopy Production AG (PHP), Pelikan Hardcopy Distribution GmbH & Co. KG (PHD) and Pelikan France S.a.s, and accounts for RM123.1mn or 9.3% of the group’s revenue in the year ending Dec 31, 2016 (FY16). (The Edge Markets) The managing director and two other executive directors of Ajinomoto (Malaysia) Bhd have been reassigned to other posts by Ajinomoto Co Inc Japan. The group said managing director Keiji Kaneko, 53, and executive directors Dr Masata Mitsuiki, 54, and Motohiro Komase, 46, have resigned from their current posts effective today. (The Edge Markets) Sarawak-based Subur Tiasa Holdings Bhd returned to the black in the third quarter ended April 30, 2017 (3QFY17) thanks to higher average export selling prices for timber and fresh fruit bunches (FFB) and lower production cost of FFB. The group reported a net profit of RM536,000 for the quarter, compared with a net loss of RM13.9mn in 3QFY16. Quarterly revenue came in at RM115.mn, up 4.7% from the RM110.2mn recorded in 3QFY16. For 9MFY17, Subur Tiasa’s net loss contracted 47.4% to RM8.2mn from RM15.6mn a year earlier, although revenue declined 9.5% to RM377.4mn. (The Edge Markets) Roofing product maker, Astino Bhd saw its pretax profit rise 43.4%YoY to RM16.8mn for the third quarter ended April 30, 2017, mainly due to the increase in sales and profit margin. Revenue increased by 1.7%YoY to RM128.4mn. The increase in group turnover for the current quarter was mainly due to the increase in overseas sales, from the preceding years corresponding quarter of RM7.0mn to RM12.0mn in the current quarter, Astino said in a filing to Bursa Malaysia. (StarBiz) The High Court in Kuching has fixed Aug 1 for its decision on a stay application made today by the board of Hock Seng Lee Bhd (HSL) against a disclosure order successfully obtained by its shareholder, Yii Chee Ming. The Sarawak-based construction and engineering group said an interim stay granted by the court yesterday will stay in force until then. (The Edge Markets) Page 4 of 8
7. TA Securities 3-Jul-17 A Member of the TA Group Kumpulan Wang Persaraan (Diperbadanankan) or KWAP has disposed more than 9.3mn Malakoff Corp Bhd shares this month. According to filings with Bursa Malaysia, KWAP has been selling shares in the independent power producer (IPP) with the latest disposal on June 23 for 1.315mn shares. Following the latest disposal, KWAP’s shareholding in Malakoff has been reduced to 8.145%, or 407.28mn shares. (StarBiz) Having been in the IT industry for 17 years since the dotcom boom at the start of the millennium, M3 Technologies (Asia) Bhd (M3Tech) has established a foothold in the mobile value-added services segment. The loss-making IT outfit believes that it will soon reap the fruits of its hard work after having gone through several failed attempts in the past. M3Tech is expected to return to the black after being in the red for five financial years. (Financial Daily) Robust expansion plans are expected to spur double-digit revenue growth for Thong Guan Industries Bhd in the next five to 10 years, with the packaging group expecting sales turnover to hit RM1.0bn in 2020. Executive Director Ang See Ming said the group expects additional revenue of RM100.0mn to RM120.0mn in 2018, due to rising demand for stretch film, which contributes 45% to the total revenue. (Financial Daily) Malaysia Airports Holdings Bhd (MAHB) has never implemented, as a policy, any segregation between male and female passengers during the security screening process. MAHB in a statement on its Fecebook account yesterday said the situation as highlighted by blogger nicootan had occurred from time to time on an isolated basis as a matter of expediency when there were insufficient number of female aviation security officers on certain shifts. (Financial Daily) Page 5 of 8
8. TA Securities 3-Jul-17 A Member of the TA Group News In Brief Economy Asia Foreign Inflow Into Government Bonds at RM9bil in May , Says BNM Non-resident inflows into the Government bond market amounted to RM9bil in May, which was the second consecutive month of inflows, says Bank Negara Malaysia (BNM). The central bank said the inflows reflected the positive developments arising from measures to develop the domestic financial market. “As a result, the three-year, five-year and 10-year MGS (Malaysian Government Securities) yields declined by 4, 13 and 17 basis points respectively,” it said. BNM pointed out the equity market also continued to receive nonresident inflows in May totalling RM2bil. The inflows were due to improved investor sentiment due to the stronger-than-expected Gross Domestic Product (GDP) growth in the first quarter of 2017 and improved ringgit outlook. However, a sell-off towards the end of the month, saw the Bursa Malaysia's benchmark index, the 30-stock FBM KLCI declining marginally by 0.1%. BNM also noted that its international reserves had increased steadily in 2017. As at June 15, 2017, the international reserves are sufficient to finance 8.2 months of retained imports, significantly higher than the three-month international threshold, and was 1.1 times the short-term external debt. (The Star) Malaysia Government to Give RM1.303bil Rebate to TNB Consumers The Government will bear RM1.303bil from imbalance cost pass-through (ICPT) subsidy of 2.54 sen per Kwh to consumers from July 1 until Dec 31, 2017. In a filing with Bursa Malaysia, Tenaga Nasional Bhd (TNB) said the actual imbalance cost for period January to June 2017 of RM523.23mil, resulting a surcharge of 1.02 sen/kWh. “This additional cost was mainly due to rising coal prices in the global market and due to the impact of foreign exchange rates on ringgit, additional gas cost of RM280mil following the Government’s subsidy rationalisation plan and Government’s decision to further increase the piped gas price by RM1.50 per million metric British thermal units (mmBTU) to the power sector from the current RM21.20 per mmBTU to RM22.70 per mmBTU,” TNB said in the filing. The new gas price of RM22.70 per mmBTU will be effective from July 1. The cost to continue the current ICPT rebate of 1.52 sen/kWh amounts to RM780mil. (The Star) Malaysia PPI Inflation Accelerates in May Malaysia's producer price inflation accelerated in May after easing in the previous two months, figures from the Department of Statistics showed. The producer price index for local production climbed 8.0% year-over-year in May, faster than the 7.5% rise in April. The price index for mining sector increased the most by 16.9% annually in May, followed by agriculture, forestry& fishing sector with 6.4% growth. On a monthly basis, producer prices dropped 0.2% from May, when it decreased by 0.9%. (Department of Statistics) Australia Private Sector Credit Rises as Expected in May Total credit to the private sector in Australia increased at a steady rate in May, in line with expectations, the Reserve Bank of Australia said. Private sector credit climbed a seasonally adjusted 0.4% month-over-month in May, the same rate of rise as in April. The figure also matched consensus estimate. On an annual basis, credit grew 5.0% in May compared to a 6.4% increase in the same month of 2016. Individually, housing credit added 0.6% over the month and 6.6% annually in May. At the same time, personal credit dropped 0.1% monthly and by 1.4%, yearly. (RTT News) China June Manufacturing Growth Beats Estimates Activity in China’s manufacturing sector crept up in June as output and new orders rose, according to an official gauge. The manufacturing purchasing managers’ index publish by the National Bureau of Statistics came in at 51.7 for June, up from May’s level of 51.2 and remaining above the 50-point level separating expansion from contraction. A median forecast from economists surveyed by Bloomberg predicted a fall to 51. The official gauge tracks larger and primarily state-owned enterprises. A sub-index for output came in at 54.4, compared to May’s figure of 53.4 with the new orders sub-index rising to 53.1 from 52.3 in the previous month. The sub-index for employment dipped to 49.0 from 49.4. The official Page 6 of 8
9. TA Securities 3-Jul-17 A Member of the TA Group non-manufacturing PMI for June edged up to 54 .9, from 54.5 in May. A sub-index for new orders rose half a point from its May level to 51.4. A June reading for the independent manufacturing PMI compiled by Caixin and Markit, which surveys smaller companies and private business, will be released on Monday. (Financial Times) United States Inflation Eases for Third Consecutive Month Inflation eased for the third consecutive month and consumer spending was tepid in May, potential complications for the Federal Reserve as it charts a course for interest rates. The Fed’s preferred measure of inflation, the price index for personal-consumption expenditures, rose 1.4% in May from a year earlier, the lowest level in six months, the Commerce Department said. Excluding the often-volatile categories of food and energy, socalled core prices were also up 1.4%, the lowest level since December 2015. The Fed, tasked with promoting full employment and stable prices, targets a 2% annual inflation rate. The price index poked above that threshold in February for the first time in nearly five years but has settled lower each month since. Personal-consumption expenditures, a measure of household spending on everything from new cars to medical care, increased a seasonally adjusted 0.1% in May from the prior month, the Commerce report said. The measure had risen 0.4% the prior two months. Instead of splashing out, Americans saved more, boosting the personal-saving rate to 5.5%, its highest level in eight months. Consumer confidence in the economy has been relatively high since Donald Trump won the presidential election, though it has moderated in recent months. The University of Michigan said its consumer-sentiment index was 95.1 in June, down from 97.1 in May and a nearterm peak of 98.5 in January. Personal income, a measure that includes wages, government assistance and other sources, climbed 0.4% from April, buoyed by a big jump in dividend payments. Wage growth was only 0.1%. (The Wall Street Journal) Europe and United Kingdom UK Consumer Confidence Slumps on Double Hit from Inflation and Weak Pay Consumers in Britain have suffered a sharp loss of confidence in the face of rising inflation and weakening wage growth, a survey showed, three weeks after the country's inconclusive national election. A monthly measure of consumer confidence published by market research firm GfK sank to -10, weaker than a median forecast of -7 in a poll of economists. It was the lowest reading since last July's -12, shortly after Britain voted to leave the European Union. "Strong consumer spending has propped up the economy since last June but now the twin pressures of higher prices and sluggish wage growth are squeezing household finances and adding to widespread fears of a Brexit-induced economic slowdown," Joe Staton, head of market dynamics at GfK, said. A measure of how willing consumers are to buy expensive items slumped to +1 from +9 in May, potentially raising alarm bells for retailers. The survey chimed with another measure of consumer confidence published by polling firm YouGov earlier this week which pinned the gloomier mood on Britain's messy election outcome and a weakening of the housing market. (The Star) Britain’s Economy Grew Just 0.2% at the Start of 2017 Britain’s economy grew just 0.2% in the first quarter of 2017, according to the Office for National Statistics’ third estimate of GDP growth at the start of 2017. GDP had initially been estimated at 0.3% but was revised down in May, as more data became available for the first three months of the year. The 0.2% figure makes Britain’s Q2 the worst performing major economy on earth right now. The third reading confirms the previous data released in May. Until the beginning of 2017, the UK economy fared better than all but the most optimistic of forecasters imagined in the immediate aftermath of the Brexit referendum, confounding predictions of an immediate recession, and virtually ignoring any uncertainty over the future. However, as the falling pound has pushed up inflation in recent months, regular Brits have started to feel the pinch, spending less, and slowing the consumer boom that has fuelled the country’s economic performance in the past handful of years. (Business Insider) Eurozone Inflation Falls Again in Setback for ECB The Eurozone’s annual rate of inflation fell for the second straight month in June to its lowest level in 2017, in a setback for the European Central Bank as its stimulus programs enter a fourth year. The European Union’s statistics agency said that consumer prices in the Page 7 of 8
10. TA Securities 3-Jul-17 A Member of the TA Group currency area were 1 .3% higher than a year earlier, compared with 1.4% in May. That means the annual rate of inflation is further away from the ECB’s target of just below 2%, a goal it has spent years trying to reach using a variety of stimulus measures. The ECB’s economists don’t expect inflation to meet the target at any point through 2019. June’s inflation reading was the lowest in 2017, largely reflecting a slowing of energy prices. It serves as a reminder of how difficult it has been for the central bank to boost consumer prices since it first resorted to extraordinary measures by taking one of its key interest rates into negative territory in June 2014. Back then, the headline rate of inflation was just 0.5%, so progress has been made. However, the measure of core, or underlying, inflation that excludes items such as energy and food—whose prices are largely beyond the ECB’s influence—tells a less heartening story. In June 2014, this measure stood at 0.8%—and wasn’t much higher in June 2017 at 1.1%, up from 0.9% the month before. (The Wall Street Journal) German Jobless Rate Steady at 5.7% Germany's unemployment rate remained unchanged at a record low in June, the Federal Labor Agency reportedly said. The jobless rate held steady at 5.7% in June, in line with expectations. The figure was the lowest since the reunification in 1990. The number of unemployed rose by 7,000 from May, confounding expectations for a decline of 10,000. Separately, Germany's retail sales recovered at a faster than expected pace in May, figures from Destatis revealed. Retail sales grew by real 4.8% in May from a year ago, reversing a 0.4% drop in April. This was the fastest growth since April 2016, when they climbed 5.4% and exceeded the expected growth of 2.8%. Month-on-month, retail sales climbed 0.5%, partially offsetting a 0.2% drop in April. Sales were forecast to climb 0.3%. During January to May, retail trade turnover advanced 1.7% from the same period of previous year. (RTT News) Share Buy-Back: 30 June 2017 Company BKAWAN GRANFLO TEXCHEM Bought Back Price (RM) Hi/Lo (RM) 8,500 30,000 1,000 18.90/18.82 0.23/0.225 1.41 18.90/18.82 0.23/0.225 1.41/1.39 Total Treasury Shares 32,596,231 6,338,800 2,581,500 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8 We accept no
11. T e c h n i c a l TA Securities V i e w Monday , July 03, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Outlook FBM KLCI: 1,763.67 (-15.78, -0.89%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist : Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Stronger KLCI Supports Seen at 1,747 and 1,729 The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FMB KLCI) went into correction mode with double-digit losses in the short three-day trading last week, with investors profit-taking after returning from the long four-day Hari Raya previous weekend break, and the absence of first-half window-dressing interest following further fall on overnight US equities which spilled over to the region and locally. For the week, the FBM KLCI slumped another 15.78 points, or 0.89 percent to 1,763.67, with most of its losses due to BAT (-58sen), HLFG (-50sen), Petronas Gas (-36sen), Genting Malaysia (-33sen) and Genting Berhad (-31sen). Average daily traded volume and value dwindled to 1.43 billion shares, the slowest since late January, and RM1.9 billion, compared with the 1.67 billion shares and RM1.96 billion average respectively the previous week, as trading interest slowed with most investors still away even after the long Hari Raya Puasa extended break the previous week. Blue chips on Bursa Malaysia slipped lower Wednesday on profit-taking by investors returning from the long four-day Hari Raya weekend break, dampened by weak buying momentum and the softer regional tone following the delayed US healthcare reform vote. The KLCI fell 8.22 points to close near the day’s low at 1,771.23, off an early high of 1,788.87, as losers beat gainers 476 to 374 on cautious turnover totaling 1.39bn shares worth RM1.85bn. Late profit-taking overshadowed earlier gains Thursday which was aided by the overnight rally on US financial and technology stocks which led a broad US market rebound. The KLCI ended flat at 1,771.36 after ranging between early high of 1,775.85 and low of 1,770.53, as gainers led losers 502 to 314 on slow trade totaling 1.39bn shares worth RM1.55bn. Stocks extended correction Friday as weak buying momentum, the absence of first-half window-dressing and further fall on overnight US equities spilled over to the region and locally. The index slumped 7.69 points to close at 1,763.67, off an early high of 1,772.59 and low of 1,755.65, as losers trounced gainers 507 to 336 on higher turnover of 1.51bn shares worth RM2.31bn. Trading range for the blue-chip benchmark index last week expanded further to 33.22 points, compared with the 19.73-point range the previous week, sparked by heavy profit-taking on selected index heavyweights. For the week, the FBM-EMAS Index eased 49.49 points or 0.39 percent to 12,598.94, but the FBM-Small Cap Index rose 60.01 points, or 0.35 percent to 17,443.96, as lower liners and small caps were less affected by profit-taking from investors. The past two-week profit-taking correction had forced the FBM KLCI’s daily slow stochastic momentum indicator down into oversold territory, while the weekly indicator’s signal line dipped sharply into neutral ground after flashing a sell signal in overbought territory the prior week. Meanwhile, the 14-day Relative Strength Index (RSI) indicator tumbled below the mid-point following last Friday’s slump, a bearish indication, while the 14-week RSI slipped into the neutral region with a reading of 59.12. Page 1 of 3
12. TA Securities 3-Jul-17 A Member of the TA Group Chart 1 On trend indicators , the daily Moving Average Convergence Divergence’s (MACD) signal line displayed bearish expansion, while the weekly MACD indicator’s signal line hooked down to trigger a fresh sell signal (Chart 2). The +DI and –DI lines on the 14-day Directional Movement Index (DMI) trend indicator also flashed a fresh sell signal due to the weak close on the index. Chart 2 Page 2 of 3
13. TA Securities 3-Jul-17 A Member of the TA Group Conclusion Save for the grossly oversold daily stochastics indicator for the FBM KLCI following last week ’s correction, most other trend and momentum indicators, specifically fresh sell signals on weekly MACD and 14-day DMI indicators, suggest that further correction is possible this week. On the other hand, while a low-volume technical rebound can still happen, expect it to be brief and unsustainable. Given the decisive break below the 50-day moving average level at 1,771 and lower Bollinger band at 1,762 in intra-day trade last Friday, more downside to next support from the 100-day moving average at 1,747 will be at risk for the index. Stronger support is seen at 1,729, a prior support level in April. On the flipside, immediate resistance is downgraded to 1,771, then 1,782, followed by the recent peak of 1,796, and ultimately the 1,800 psychological level. Sector-wise, blue chips such as Genting Berhad, Genting Malaysia, Tenaga and TM are likely to stay under profit-taking pressures, while aviation stocks AirAsia and AirAsia X and property and oil & gas related counters like EcoWorld and Sapura Energy should attract buyers on further dips as good buying interest on these four stocks should cushion downside risk. Chart 3 Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
14. TA Securities A Member of the TA Group SECTOR REPORT Monday , July 03, 2017 FBM KLCI: 1,763.67 Sector: Finance MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Banking Sector Loan Growth Takes a Breather THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Team Coverage Tel: +603-2167 9610 liwong@ta.com.my Loans and Advances Softened to 5.5% YoY Loan growth eased in May, rising 5.5% YoY from an increase of 6.1% April. YTD, loan growth is up 1.2%, vs. an increase of 0.9% a year ago. From a month ago, total loans outstanding climbed 0.2%. By segment, consumer loans accelerated by 5.8% YoY (+0.4% MoM). Business loans eased, contracting 0.1% MoM. Yearly, total business loans expanded by 5.2% in May vs. an expansion of 6.4% YoY in April. We believe that while loans to the SME segment remained buoyant, softer business loans were underpinned by decreases in the demand for working capital (+5.6% YoY, -0.4% MoM) – and by sector, mining and quarrying (-11.0% YoY, -1.0% MoM), real estate (+7.3% YoY, -1.0% MoM) and finance, insurance and business activities (+5.2% YoY, -1.3% MoM). Consumer loans continued to broaden on the back of drawdowns for residential mortgages (+8.6% YoY, +0.7% MoM). Advances for credit cards widened by 2.6% YoY and 0.6% MoM. Meanwhile, loans taken for the purchase of securities rose for the third straight month (+4.4% YoY, -0.2% MoM). Loans for the purchase of passenger cars resumed its downward momentum, contracting by 0.3% YoY and 0.1% MoM. Loan Applications Accelerated but Approvals Slipped Marginally Loan applications strengthened again May, and at a healthier pace of 4.5% YoY (-16.8% MoM). In the consumer segment, total loans applied surged 22.9% YoY and 15.8% MoM. Compared to a year ago, application for credit cards was higher by 8.8% YoY (+5.6% MoM). This is followed by YoY improvements registered by loan applications for the purchase of residential mortgages (+18.7% YoY, +11.9% MoM) and purchase of securities (+72.5% YoY, +51.2% MoM). Meanwhile, application for loans to buy passenger cars rebounded in May, rising 16.9% YoY (+15.3% MoM). In the business segment, application for credit slipped for the third straight month, decreasing by 13.9% YoY (+18.1% MoM). Meanwhile, total loans approved slipped 2.3% YoY but rose 15% MoM. Approvals were mostly supported by the increase in the consumer (+17.6% YoY, +15.2% MoM) segment. Muting stronger consumer approvals were another softer month for business loans (21.3% YoY, +14.8% MoM). Overall approval rate slipped MoM to 41.4% from 42.0% in April - comprising business and consumer loan approval rates of 41.4% and 41.3% respectively. By major sub-segments, approval for the purchase of residential properties stayed pat at 42.1% while approval for non-residential properties widened by some 1.6%-points MoM to 32.2%. Repayment of Loans Increased YoY Repayments climbed again in May, up 6.2% YoY. The banking system’s net impaired loans ratio stood at 1.2%. Loan loss provisions improved slightly to 83.0% from 82.3% in April. During the month, impairment ratios for non-residential properties, residential properties, personal loans and credit cards stood unchanged at 1.1%, 1.1%, 2.2% and 1.3%. The impairment ratio for the purchase of passenger cars also stayed pat at 0.9% in May. By segment, the gross impaired loans ratio for the construction and manufacturing sectors were also unchanged at 7.8% and 4.2% while wholesale, retail and trade as well as loans taken for working capital eased by 10 bps each to 2.1% and 2.5%. Page 1 of 3 TA Research Team Coverage
15. TA Securities 3-Jul-17 A Member of the TA Group Elsewhere , the banking system’s capital buffers remained ample with CET1 and Total Capital Ratio of 13.0% and 17.0%. Deposits Strengthened YoY, Higher CASA Ratio Total deposits (excl. Repo) advanced at a healthier pace of 3.7% YoY (+0.7% MoM). CASA balances in commercial banks maintained its upward momentum for the 8th month, increasing 8.8% YoY (+0.5% MoM). The CASA ratio climbed to 26.9% from 25.7% a year ago. The loan to deposit (LD) ratio stood at 89.6% (May 2016: 90.1%) while the liquidity coverage ratio (LCR), which is reported 1-month in arrear, jumped to 140% from 127% in April 2016. Stable Average Lending Rates Average 1 and 12 months fixed deposit rates stood unchanged at 2.87% and 3.08%. The average lending rate also stayed pat at 5.19% MoM as stability appears to be coming back to loan yields. Maintain Overweight We reiterate our overweight stance on the sector, premised on a more sanguine macro outlook and the sector’s attractive valuations. Operationally, we note that consumer spending remains resilient and supportive of loan growth while optimism among businesses have improved. Elsewhere, the banking system’s asset quality remains intact, backed by unchanged gross impaired loans ratio of 1.2% and LCR in excess of 100%. We believe the overall debt profile for the country remains healthy. Other drivers for earnings growth include potential hikes in the overnight policy rate (OPR), leading to margin expansion. We expect the increase in rate to augur well for the banking sector as margins are compressed by competitive pressures. We also maintain our stock recommendations for now, pending the release of our 2H 2017 strategy report. BUY maintained on Alliance Financial Group (AFG) and Affin. Reiterate HOLD on Maybank, CIMB, Public Bank and AMMB. SELL RHB Bank and Hong Leong Bank. Table 1: Peers comparison Ma yba nk CIMB Publ i c Ba nk Hong Leong AMMB RHB Bank Al l ia nce Affin Simple average Price (RM) 9.63 6.58 20.32 15.66 TP (RM) 9.90 7.00 22.10 15.90 HOLD HOLD HOLD SELL 4.88 5.06 3.85 2.68 5.30 5.20 4.60 3.50 HOLD SELL BUY BUY P/BV Ma yba nk CIMB Publ i c Ba nk Hong Leong AMMB RHB Ca p Al li a nce Affi n Simple average FY17 (x) 1.3 1.2 2.1 1.4 0.9 0.9 1.1 0.7 1.2 Mkt Cap RM mil 98,721.9 59,562.8 78,465.7 32,032.5 Net Profit FY17 FY18 (sen) (sen) 7,517.4 8,440.7 4,486.3 4,959.9 5,272.9 5,421.8 2,147.7 2,342.0 Profit growth FY17 FY18 (%) (%) 11.5 12.3 25.9 10.6 1.3 2.8 12.8 9.0 FY17 (x) 13.1 13.3 14.9 14.9 FY18 (x) 11.7 12.0 14.5 13.7 14,709.3 20,290.6 5,870.9 5,207.0 39,357.6 1,324.6 2,029.9 512.1 570.9 2,982.7 1.7 20.7 (1.9) 1.2 11.1 9.8 6.6 (9.5) 12.8 8.5 11.1 10.0 11.5 9.1 12.2 10.1 9.4 12.7 8.1 11.5 FY18 (sen) 50.0 22.4 58.0 41.0 18.0 12.0 16.0 8.0 28.2 Div yield FY17 FY18 (%) (%) 5.2% 5.2% 3.1% 3.4% 2.8% 2.9% 2.6% 2.6% 3.6% 3.7% 2.4% 2.4% 4.2% 4.2% 3.0% 3.0% 3.3% 3.4% ROE FY18 (x) 1.2 1.2 1.9 1.4 0.9 0.8 1.1 0.7 1.2 FY17 (%) 10.7 9.7 14.8 10.1 8.5 9.0 10.8 7.3 10.1 1,454.6 2,163.7 463.4 644.1 3,236.3 ROA FY18 (%) 11.3 10.2 13.9 10.7 8.8 9.0 9.3 8.8 10.2 FY17 (%) 1.0 0.9 1.4 1.1 1.0 0.8 0.9 0.8 1.0 Source: TA Research, Bursa M alaysia, B loomberg Page 2 of 3 DPS FY18 (%) 1.1 0.9 1.3 1.1 1.1 0.9 0.8 0.9 1.0 FY17 (sen) 50.0 20.2 56.0 41.0 17.6 12.0 16.0 8.0 27.6 PER
16. TA Securities 3-Jul-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Sector Recommendation Guideline OVERWEIGHT: The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months. NEUTRAL: The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months. UNDERWEIGHT: The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
17. Monday , 03 July, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Weekly Technical Stock Picks 2. Daily Money Flow 3. Technical Stock Picks a. FBMKLCI b. Stocks Under Coverage c. PLANTATION Sector d. CONSTRUCTION Sector e. PROPERTY Sector 4. Weekly Ace Market Stock Watch 5. Weekly Small Cap Stock Watch 6. Weekly Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
18. TA Securities T e c h n i c a l V i e w Monday , July 03, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Weekly Technical Stock Picks Malaysia THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my GENTING Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM9.41 10.09 9.76 9.42 SELL SIMPLE MOVING AVERAGES RM 9.64 RM 9.79 RM 9.78 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day GENTING M’SIA X Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI www.taonline.com.my RM5.50 5.87 5.66 5.46 SELL SELL SIMPLE MOVING AVERAGES RM 5.62 RM 5.75 RM 5.77 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 1 of 9
19. TENAGA Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM14 .14 14.60 14.17 13.74 BUY SIMPLE MOVING AVERAGES RM 14.25 RM 14.05 RM 13.97 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day TELEKOM Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM6.65 6.69 6.57 6.45 BUY SIMPLE MOVING AVERAGES RM 6.62 RM 6.53 RM 6.50 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 2 of 9
20. AIRASIA Upper Middle Lower BOLLINGER BANDS RM RM RM DMI Recent Signal Signal Change RM3 .25 3.44 3.23 3.03 SELL SIMPLE MOVING AVERAGES RM 3.21 RM 3.23 RM 3.27 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day AIRASIA X Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM0.41 0.43 0.41 0.40 10-day 30-day 50-day SELL Recent Signal Signal Change Page 3 of 9 SIMPLE MOVING AVERAGES RM 0.41 RM 0.43 RM 0.44 DAILY MACD BUY