Bursa Malaysia Daily Market Report - 4 May

Transcription

1. Thursday , 04 May, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED REPORTS’ News 1. Daily Market Commentary 2. Daily Brief Fundamental Reports 1. Fraser & Neave Berhad: Great Support from Thailand Division 2. Sunway Real Estate Investment Trust: DPU Guided to Ease in FY17 3. US Economy: Fed Keeps Rate Hike on the Table, But Keeps Door Open As Early as June Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen 3. Foreign Technical Stock Watch (AUS & FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
2. Daily Note Daily Market Commentary (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Thursday, 04 May 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (03.05.2017) Volume (mil) +/-chg (RMmn) Main Market 2,673.6 121.3 2,863.1 Warrants 252.2 -103.5 27.7 ACE Market 957.8 15.5 149.8 Bond 16.3 -17.0 1.7 ETF 0.0 0.00 0.0 Total 3,899.9 3,042.4 Off Market 63.7 -106.6 245.9 Value +/-chg -424.0 -12.8 -4.7 -0.1 0.00 -279.0 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP May 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) 20.0 17.0 5.7 5.0 4.0 2.9 2.5 2.3 1.5 1.0 Up Down 300 354 46 110 40 61 5 5 0 5 391 535 % chg % YTD chg 1,772.51 12,670.01 17,773.49 1,763.00 -5.96 -40.29 -19.71 -6.00 -0.34 -0.32 -0.11 -0.34 7.97 10.50 20.78 7.80 20,957.90 6,072.55 7,234.53 19,445.70 2,219.67 24,696.13 3,237.81 1,564.12 5,647.37 3,135.35 1,901.75 5,892.34 8.01 -22.82 -15.52 0.00 0.00 0.00 26.70 0.00 -28.44 -8.37 -5.13 -58.02 0.04 -0.37 -0.21 0.00 0.00 0.00 0.83 0.00 -0.50 -0.27 -0.27 -0.98 6.05 12.81 1.28 1.73 9.53 12.25 12.39 1.37 6.62 1.02 -3.42 4.00 Top 10 KLCI Movers Based on Mkt Cap. Off Market MAYBANK YONGTAI EKOVEST SERBADK RANHILL VERSATL PENTIU AIM MASTEEL KGB Value/ Volume 1.07 0.11 0.16 0.11 1.25 0.78 3.86 @ @ @ @ @ @ @ @ @ @ (RM) 9.57 1.27 1.40 1.90 0.82 1.23 1.60 0.20 0.98 0.65 Exchange Rate USD/MYR 4.3216 -0.0054 USD/JPY 112.20 -0.0400 EUR/USD 1.091 -0.0007 Counter Mkt Cap. (RM’mn) MAYBANK 98,083 PBBANK 77,770 SIME 63,248 PCHEM 57,200 CIMB 52,593 DIGI 38,953 GENTING 37,097 GENM 33,217 IOICORP 28,359 KLK 26,198 Chg Vol. (RM) (mn) -0.01 20.03 -0.10 1.75 -0.03 9.01 -0.13 16.14 -0.07 9.95 -0.02 8.00 -0.05 3.68 -0.13 4.60 -0.08 5.27 -0.04 0.68 Local stocks fell for profit-taking correction on Wednesday, led by key blue-chip heavyweights in tandem with regional markets with traders looking ahead to the U.S. Federal Reserve meeting conclusion. The KLCI fell 5.96 points to close at 1,772.51, off an early two-year high of 1,784.79 and low of 1,770.06, as losers led gainers 535 to 391 on strong turnover of 3.89bn shares worth RM3.04bn. With the technical reading from both daily RSI and stochastics deep in overbought levels, stocks are poised for further profit-taking corrections so that current overbought momentum can be neutralized before investors return to bargain at cheaper levels. For the index, key uptrend supports cushioning downside are at 1,761, 1,749 and 1,737, the respective rising 10, 30 and 50-day moving average levels. Immediate upside hurdle stays at 1,782, the 76.4%FR of the 1,867 to 1,503 downswing, followed by 1,800 psychological level and the 18 May 2015 high of 1,823. Further rally on AirAsia towards the 123.6%FP (RM3.90) would aggravate overbought momentum and spark profit-taking correction, with good supports at RM3.28 and RM3.11, the 10 and 30-day moving averages cushioning downside. Likewise, a further rise on AirAsia X towards the 123.6%FP (54sen) would encourage profit-taking, with key retracement chart supports seen at the 76.4%FR (44sen) and 61.8%FR (40sen), going forward. News Bites • • • • • • • • • • • Commodities Futures Palm Oil (RM/mt) 2,463.00 -26.00 Crude Oil ($/Barrel) 47.55 -0.53 Gold ($/tr.oz.) 1,238.50 -19.30 Important Dates L&G - 8:5 Rights Issue - RI of up to 1,914.1m shares. 8 rights shares for every 5 existing share held, at an issue price of RM0.21 per rights share. Application Closed: 03/05/2017. LISTING ON: 18/05/2017. • • • • • • Malaysia Airlines Bhd, which is on the road to recovery, plans to add 26 additional routes to its list of destinations in 2018. SHL Consolidated Bhd has signed a JV agreement with Marubeni Corporation to undertake the development of a piece of land in Cheras, Selangor. Ancom Bhd has entered into a term sheet with ManagePay Systems Bhd (MPay) to set up a JV company to acquire electronic payment services in Malaysia. Cagamas Bhd, is eyeing to issue a mixture of RM11.0bn worth of bonds and sukuk this year compared with RM5.7bn last year. I-Berhad is confident of achieving between RM300mn and RM400mn in sales this year. Tenaga Nasional Bhd has taken a majority stake in a consortium to develop a RM4.7bn power plant in Pasir Gudang, Johor. Berjaya Assets Bhd (BAssets) has acquired 6.65mn shares, representing a 0.6% equity interest, in 7-Eleven Malaysia Holdings Bhd for RM10.7mn. Westports Holdings Bhd has confirmed that it is keen to participate in the Hayleys PLC-led consortium bidding to complete the construction of Colombo Port's East Container Terminal in Sri Lanka. Serba Dinamik Holdings Bhd plans to conduct a feasibility study for an integrated solid waste management and water desalination plant in Bahrain. IWH CREC Sdn Bhd, a 60:40 joint-venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd, has disputed claims by TRX City Sdn Bhd over the sale of a 60% equity interest in Bandar Malaysia Sdn Bhd. Daibochi Plastic and Packaging Industry Bhd has received regulatory approval from Myanmar for its JV proposal to set up flexible packaging operations in that country and export the product to other countries. The Kuala Lumpur High Court has issued a restraining order against Elite Cosmo Group Ltd, from effecting the resolutions passed at IreTex Corp Bhd's EGM. Malaysia's fuel prices dropped across the board for the first week of May under the weekly pricing mechanism. The jobless rate in New Zealand came in at a seasonally adjusted 4.9% in 1Q 2017, beneath estimates for 5.1%. The Federal Reserve held short-term interest rates steady. Private U.S. employers continued to hire solidly in April, but the growth slowed from recent months as the economy returns to full employment. Germany's unemployment declined more than expected in April. 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 Thursday , May 04, 2017 FBMKLCI: 1,772.51 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Brief Market View, News In Brief: Corporate, Economy, and Share Buybacks THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Market View Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my Overbought Correction on the Cards Local stocks fell for profit-taking correction on Wednesday, led by key blue-chip heavyweights in tandem with regional markets with traders looking ahead to the U.S. Federal Reserve meeting conclusion. The KLCI fell 5.96 points to close at 1,772.51, off an early two-year high of 1,784.79 and low of 1,770.06, as losers led gainers 535 to 391 on strong turnover of 3.89bn shares worth RM3.04bn. Uptrend Supports at 1,761, Then 1,749 With the technical reading from both daily RSI and stochastics deep in overbought levels, stocks are poised for further profit-taking corrections so that current overbought momentum can be neutralized before investors return to bargain at cheaper levels. For the index, key uptrend supports cushioning downside are at 1,761, 1,749 and 1,737, the respective rising 10, 30 and 50-day moving average levels. Immediate upside hurdle stays at 1,782, the 76.4%FR of the 1,867 to 1,503 downswing, followed by 1,800 psychological level and the 18 May 2015 high of 1,823. Sell AirAsia & AirAsia X Further rally on AirAsia towards the 123.6%FP (RM3.90) would aggravate overbought momentum and spark profit-taking correction, with good supports at RM3.28 and RM3.11, the 10 and 30-day moving averages cushioning downside. Likewise, a further rise on AirAsia X towards the 123.6%FP (54sen) would encourage profit-taking, with key retracement chart supports seen at the 76.4%FR (44sen) and 61.8%FR (40sen), going forward. Asian Markets Mostly Lower Ahead of Fed Decision Markets across Asia were mostly lower on Wednesday, as a handful of public holidays kept regional trading volumes subdued and investors gearing up for the Federal Reserve’s policy meeting later on Wednesday. The Federal Reserve is widely expected to leave interest rates unchanged, but investors will pay close attention to the accompanying statement for clues about future rate hikes. Friday sees the next key event when the US government releases jobs creation figures for April, which will be used by the Fed to gauge when it will next raise borrowing costs. The benchmark ASX 200 traded down 0.98 percent or 58.06 points to close at 5,892.30, with both financials and materials weighing. Meanwhile, China stocks fell as investors were restrained by lingering worries over tougher regulation and a shift toward tighter policy to defuse potential debt-fueled bubbles in the economy. The blue-chip CSI300 index fell 0.4 percent, to 3,413.13 points, while the Shanghai Composite Index dropped 0.27 percent to 3,135.35 points. Markets in South Korea and Hong Kong are shut Wednesday for Buddha’s birthday, while Japan is shut for the rest of the week for the Golden Week holiday. Wall Street Slightly Lower as Fed Holds on Rates Wall Street ended slightly lower on Wednesday after the U.S. Federal Reserve left monetary policy unchanged, as expected, and investors digested another heavy round of earnings Page 1 of 8
4. TA Securities 4-May-17 A Member of the TA Group reports . In a statement, the Fed's policymaking committee did express some misgivings about the U.S. economy growing just 0.7 percent in the first quarter, but added they see the weakness as "transitory." Investors are betting on a 65 percent chance of a hike in June, according to Thomson Reuters data. The S&P financial sector, seen benefiting in a rising rate environment, ended up 0.6 percent after the Fed's bullish statement, leading all groups. Apple Inc. was down 0.3 percent, knocking the Nasdaq composite off an all-time high. The company reported a mixed quarter overall, with adjusted earnings per share topping analyst expectations while revenue fell just short. IPhone shipments totaled 50.8mn in the previous quarter, below the expected number of 52mn. The Dow Jones Industrial Average rose 8.01 points, or 0.04 percent, to 20,957.90, the S&P 500 fell 3.04 points, or 0.13 percent, to 2,388.13 and the Nasdaq Composite dropped 22.82 points, or 0.37 percent, to 6,072.55. Page 2 of 8
5. TA Securities 4-May-17 A Member of the TA Group News In Brief Corporate Tenaga Nasional Bhd , which in 2015 withdrew from a consortium to develop a power plant in Pasir Gudang, Johor, has made a U-turn and taken a majority stake in the RM4.7bn project. In a filing with Bursa Malaysia, the utility giant said it was buying a 51% stake in Southern Power Generation Sdn Bhd, the special purpose vehicle to develop the 1,440MW combined-cycle gas turbine power plant, for RM51. (StarBiz/Bursa Malaysia) Comment: We are positive on this announcement as it finally enables this project to kick start after multiyear delays. Additionally, Tenaga's majority stake enables the group to spearhead this project, thus compensating for SIPP's lack of expertise and track record. Despite the sheer scale of this project, it would not result in a strain to Tenaga’s balance sheet. This is given Tenaga's robust net gearing of 0.6x, and ample cash of RM4.0bn. Furthermore, the group does not have any major pipeline projects post-completion of the 1000MW Manjung 5 plant in Oct17, except for 2000MW Jimah East, (status: 50% completion). Assuming 20:80 debt:equity financing, this translates to a cash outlay of RM480.0mn, which is well within Tenaga’s means. Maintain Buy on Tenaga with TP of RM17.19 based on DCF. Malaysia Airlines Bhd, which is on the road to recovery, plans to add 26 additional routes to its list of destinations in 2018, says Chief Executive Officer Peter Bellew. In evaluating the potential routes, he said the national carrier has invited all major airports in ASEAN, Australia and India to meet in Kuala Lumpur in the coming weeks to negotiate the routes and promote tourism here. (Bernama) SHL Consolidated Bhd has signed a joint venture agreement with Marubeni Corporation to undertake the development of a piece of land in Cheras, Selangor. Under the agreement, both the companies' subsidiaries, Sin Heap Lee Development Sdn Bhd and MC Chance Malaysia Sdn Bhd, will incorporate a new company to carry out land development activities. (Bernama) Ancom Bhd has entered into a term sheet with ManagePay Systems Bhd (MPay) to set up a joint venture company to acquire electronic payment services in Malaysia in a move to promote the Malaysian tourist industry among Chinese tourists. In a filing to Bursa Malaysia, Ancom said the proposal would enable the company to expand its earning base and diversify into new business. (Bernama/Bursa Malaysia) National mortgage corporation of Malaysia, Cagamas Bhd, is eyeing to issue a mixture of RM11.0bn worth of bonds and sukuk this year compared with RM5.7bn last year. Chief Executive Officer Datuk Chung Chee Leong said the higher projection was due to expectation of better demand from banks for the company's bond and sukuk to comply with the stringent Basel III requirements. (Bernama) I-Berhad, the master developer of i-City, is confident of achieving between RM300mn and RM400mn in sales this year from its Hill10 Residence@i-City project and other ongoing projects, said its Deputy Chairman, Datuk Eu Hong Chew. He also said that demand for properties in i-City would remain strong, underpinned by the progress from its four projects, namely i-Suite, Liberty Tower, Parisien Tower and Hyde Tower in i-City. (Bernama) Berjaya Assets Bhd (BAssets) has acquired 6.65 million shares, representing a 0.6% equity interest, in 7-Eleven Malaysia Holdings Bhd for RM10.7mn, at an average price of RM1.61 per share. In a filing with Bursa Malaysia, BAssets said the shares were acquired in the open market on April 27 and 28 through its wholly-owned subsidiary Sublime Cartel Sdn Bhd. (The Edge Markets/Bursa Malaysia) Page 3 of 8
6. TA Securities 4-May-17 A Member of the TA Group Westports Holdings Bhd has confirmed that it is keen to participate in the Hayleys PLCled consortium bidding to complete the construction of Colombo Port ’s East Container Terminal in Sri Lanka. The project at Sri Lanka’s busiest port has been reported to be worth anything from US$400mn (RM1.73bn) up to US$600mn (RM2.6bn). (StarBiz) Malaysia’s largest corporate venture capital fund Axiata Digital Innovation Fund has received RM10.0mn in investment from Johor Corp to further drive Malaysia’s digital industry. ADIF, a collaboration between Axiata Group Bhd and Malaysia Venture Capital Management Bhd, aims to build up the capabilities of local digital companies, especially bumiputra ones, to become successful regional and international players. (StarBiz) Serba Dinamik Holdings Bhd plans to conduct a feasibility study for an integrated solid waste management and water desalination plant in Bahrain, which is estimated to cost BHD320mn (about RM3.2bn). The group, in a consortium with local firm EAG Capital Sdn Bhd, inked a memorandum of understanding with the Malaysia-Bahrain Business Council & Bahrain-Malaysia Business Council, to set out the parties intention to ink an agreement to pave the way for the study to be conducted. (The Edge Markets) Felda Global Ventures Holdings Bhd is still in discussions with the Federal Land Development Authority on options to undertake which include relook at a land lease agreement (LLA) that will benefit various stakeholders, according to a Bernama report. (The Edge Markets) IWH CREC Sdn Bhd, a 60:40 joint-venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd, has disputed claims by TRX City Sdn Bhd over the sale of a 60% equity interest in Bandar Malaysia Sdn Bhd. IWH is the single largest shareholder of Iskandar Waterfront City Bhd, with a 38.34% stake. (The Edge Markets) Daibochi Plastic and Packaging Industry Bhd has received regulatory approval from Myanmar for its joint venture proposal to set up flexible packaging operations in that country and export the product to other countries. With the approval, Daibochi said the company targets to officially commence operations in a month’s time. (The Edge Markets) REDtone International Bhd's former group managing director, Datuk Wei Chuan Beng, has quit the board as a non-independent non-executive director. According to a bourse filing, his resignation will be effective on May 31, as he pursues his other private businesses. (The Edge Markets) The Kuala Lumpur High Court has issued a restraining order against Elite Cosmo Group Ltd, Raja Hizad Raja Kamarulzaman and Hamdan Mohd Nor from effecting the resolutions passed at Ire-Tex Corp Bhd’s extraordinary general meeting (EGM) last Thursday. In a filing with Bursa Malaysia, Ire-Tex said it had filed the originating summons against Elite Cosmo and Raja Hizad and Hamdan — who were elected as directors of the company at the EGM — on April 28. (The Edge Markets/Bursa Malaysia) Hock Seng Lee Bhd (HSL), which failed to obtain a High Court order last month to strike out a suit to remove four directors of the company, has brought the matter to the Court of Appeal. HSL, together with managing director Datuk Paul Yu Chee Hoe and three other directors, are being sued over issues of disclosure to the relevant authorities in relation to the acquisition and disposal of shares in HSL's holding company, Hock Seng Lee Enterprise Sdn Bhd. (The Edge markets) Java Bhd, a Practice Note 17 company said, it is unable to release its annual report for the financial year ended December 31,2016 (FY16) to Bursa Securities by the April 28 deadline. Java blamed the delay to the company’s lack of resources for the finalisation of the audited financial statement and annual report FY16. (Financial Daily/Bursa Malaysia) Page 4 of 8
7. TA Securities 4-May-17 A Member of the TA Group Fraser & Neave Holdings Bhd's (F&N) pre-tax profit for the second quarter ended March 31, 2017 rose to RM116.8mn from RM107.6mn recorded in the same period last year. Revenue decreased to RM992.7mn from RM1.01bn previously, according to its filing to Bursa Malaysia. (Bernama/Bursa Malaysia) Sunway Real Estate Investment Trust's pre-tax profit rose to RM70.4mn for the third quarter ended March 31, 2017 from RM64.8mn recorded in the same period in 2016. Revenue also increased to RM134.6mn from RM130.4mn. (Bernama/Bursa Malaysia) Page 5 of 8
8. TA Securities 4-May-17 A Member of the TA Group News In Brief Economy Asia Malaysia ’s Fuel Prices Down for First Week of May Fuel prices dropped across the board for the first week of May under the weekly pricing mechanism. Both RON 95 and RON 97 petrol went down by 10 sen per litre respectively. The price of RON95 petrol priced at RM2.11 per litre compared to RM2.21 last week, while the price of RON97 petrol at RM2.39, down 10 sen from RM2.49 per litre last week. The price of diesel also down by six sen to RM2.08 compared to RM2.14 per litre last week. The new prices come into effect today and will remain in effect until May 10. The Domestic Trade, Cooperatives and Consumerism Ministry posted the new weekly fuel prices on Twitter. Previously, its minister Datuk Seri Hamzah Zainudin announced that a new weekly fuel pricing mechanism would be used from April. The prices of petrol and diesel had been placed on a managed monthly float system since Dec 1, 2014, following the removal of fuel subsidies. (The Star) Australia Service PMI Climbs to 53.0 in April – AiG The service sector in Australia continued to expand in April, and at a faster rate, the latest survey from the Australian Industry Group revealed with a Performance of Service Index score of 53.0. That's up from 51.7 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, sales, new orders, employment and supplier deliveries all expanded in April, while stocks remained in contraction. Among sub-sectors, property, finance and wholesale all continued to grow. (RTT News) New Zealand Unemployment Rate Drops to 4.9% The jobless rate in New Zealand came in at a seasonally adjusted 4.9% in the first quarter of 2017, Statistics New Zealand said. That was beneath estimates for 5.1% and down from 5.2% in the previous three months. The employment change was 1.2% on quarter, again topping forecasts for 0.8% and up from 0.7% in the three months prior. On a yearly basis, the employment change saw a jump of 5.7% - exceeding expectations for 5.3% after adding 5.8% in the previous quarter. Men provided the main contribution to this increase, with more males in both full-time and part-time employment. In the March quarter, 6,000 fewer people were unemployed. The unemployment rate for men fell from 4.8% to 4.2%, making it the lowest rate since the December 2008 quarter. However, the unemployment rate for women was unchanged. Unemployed people are those who are available to work, and who had either actively sought work or had a new job to start within the next four weeks, the bureau noted. For the sixth quarter in a row, employment growth exceeded growth in the working-age population (which was 0.7%). This meant New Zealand's employment rate was up by 0.3 percentage points, to 67.1%. (RTT News) United States Fed Holds Rates Steady, Sees Recent Economic Slowdown as Temporary The Federal Reserve held short-term interest rates steady and indicated Wednesday that recent softness in economic data wouldn’t alter its plans to proceed with gradual rate increases this year. Following a two-day policy meeting, officials unanimously held their benchmark rate steady in a range between 0.75% and 1%, while noting in a statement that slow growth earlier this year was “likely to be transitory.” The central bank raised rates by one quarter percentage point at its March meeting, when officials penciled in two more quarter-point moves this year. Many analysts expect those actions in June and September. Investors hadn’t expected the Fed to raise rates Wednesday and were looking for signals about whether recent softness in economic data, including a slowdown in inflation in March, might alter plans for their next meeting, June 13-14. As of Wednesday morning, investors placed a roughly 70% probability of at least one rate increase by June. While officials noted that economic activity had slowed, they also pointed to continued strengthening in the labor market and firmer spending from businesses, which has lagged behind in recent quarters. (The Wall Street Journal) Page 6 of 8
9. TA Securities 4-May-17 A Member of the TA Group ADP Reports 177 ,000 Rise in Private Payrolls Private U.S. employers continued to hire solidly in April, but the growth slowed from recent months as the economy returns to full employment. Firms across the country added 177,000 workers to their ranks last month, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall Street Journal expected an increase of 175,000. Despite a dip in job creation, the growth is more than strong enough to accommodate the growing population as the labor market nears full employment. Job growth slowed primarily due to a pullback in construction and retail jobs. March’s jobs gain, initially reported at 263,000, was cut slightly to 255,000. The ADP report is based on private payroll data in addition to lagged behind government data. (The Wall Street Journal) U.S. Service-Sector Activity Accelerated in April U.S. service-sector activity accelerated in April, a sign of momentum for a broad swath of the economy heading into the second quarter of the year. The Institute for Supply Management said its index of nonmanufacturing activity—which tracks industries including health care, finance, agriculture and construction—rose to 57.5 in April from 55.2 in March. A number above 50 indicates expansion. Economic activity in the nonmanufacturing sector grew for the 88th consecutive month. One dark spot was the employment index, which declined to 51.4 from 51.6. The Labor Department will release payrolls data for April on Friday. The prices index in Wednesday’s ISM report, which tracks companies’ costs for materials and services, increased to 57.6 last month, driven by rising transportation, produce and fuel costs. The broader economy has recently sent mixed messages. The labor market slowed in March and gross domestic product, a measure of economic output, stumbled in the first quarter on tepid consumer spending. The price index for personal-consumption expenditures, the Fed’s preferred inflation gauge, declined 0.2% in March. A separate ISM gauge that tracks activity in the much-smaller manufacturing sector pulled back in April, falling to 54.8 from 57.2 the month prior. (The Wall Street Journal) Europe & United Kingdom Eurozone Economy Outperforms U.S. with Robust Start to Year The Eurozone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates showed. The improving economy may weaken the euroskeptic parties that have gained ground in several European Union states over the past years, many of which have denounced the poor state of their economies and called for ditching the euro and returning to national currencies. The gross domestic product of the 19-country Eurozone bloc grew by 0.5% on the quarter in the first quarter, which translates to annualized growth of 1.8% in all of 2017, the European statistics agency Eurostat said. The preliminary Eurozone figure is much higher than the 0.7% annualized growth recorded in the United States in the same quarter, the weakest performance since the first quarter of 2014, according to U.S. estimates. The weaker performance of the U.S. economy was a blow for the administration of Donald Trump, who has promised strong growth with a protectionist agenda. The contrasting data from the U.S. and the Eurozone may weaken the French presidential candidate Marine Le Pen, who is calling for tariff barriers to protect the French economy. She faces free-trade supporter Emmanuel Macron in a May 7 runoff, which polls show Macron is likely to win. Separately, Eurozone inflation figures continue to fluctuate. Data on industrial producer prices, also released by Eurostat, showed a marked slowdown in March. Producer prices fell 0.3% in March and year-on-year growth slowed to 3.9% from February's 4.5%, which was the highest in more than five years. (Reuters) Germany's Unemployment Falls More than Forecast Germany's unemployment declined more than expected in April, reports said citing data from the Federal Labor Agency. The number of people out of work decreased by 15,000 compared to the expected fall of 11,000. The jobless rate held steady at 5.8%, the lowest since the German reunification in 1990 and in line with expectations. (RTT News) Page 7 of 8
10. TA Securities 4-May-17 A Member of the TA Group U .K. Construction Growth Surprises, Hitting Four-Month High – PMI Growth in Britain's construction industry accelerated to a four-month high in April, adding to tentative signs that the economy might be recovering a little momentum after a lackluster start to 2017, a survey showed. The Markit/CIPS UK Construction Purchasing Managers' Index (PMI) rose to 53.1 from 52.2 in March, against forecasts in a poll of economists for a slight fall. Civil engineering grew at the fastest pace in just over a year and growth in house-building hit a four-month high. The figures followed a similar survey published on Monday that showed British factories had their best month in three years in April. The readings should come as a relief for Prime Minister Theresa May as she gears up for a national election on June 8. Official data last week showed the economy slowed sharply in the first three months of the year as inflation hurt consumers. (Reuters) U.K. Shop Price Deflation Slowing in the Face of Weaker Pound Shop prices fell 0.5% year on year in April, the smallest decline in almost three and a half years as retailers were impacted by a weaker pound, according to data from the British Retail Consortium. The BRC’s U.K. Shop Price Index found overall prices fell at the slowest year on year rate since November 2013 and against a 0.8% fall in March. Helen Dickinson, chief executive of the BRC said the April figures marked four years of falling shop prices but that the rate of deflation was slowing as a weaker pound impacted input prices. (Financial Times) Share Buy-Back: 03 May 2017 Company AMPROP MELATI Bought Back Price (RM) Hi/Lo (RM) 58,600 21,000 0.82/0.805 0.88/0.875 0.82/0.80 0.885/0.87 Total Treasury Shares 13,385,200 624,000 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. liability for any direct or indirect loss arising from the use of this document. the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 8 of 8 We accept no We, our associates, directors, employees may have an interest in
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company AUTOMOBILE BAUTO MBMR UMW Share Price (RM) 03-May-17 2.14 2.56 6.26 Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 2.36 2.04 5.12 0.96 0.58 1.23 10.8 22.7 17.7 15.8 23.8 27.6 19.9 11.3 35.4 13.6 10.8 22.7 5.6 3.5 1.8 7.3 3.5 2.9 2.44 2.70 7.00 -12.3 -5.2 -10.6 1.95 1.95 4.43 9.7 31.3 41.3 0.5 19.6 37.0 4.10 3.40 5.40 6.10 15.80 9.20 22.10 4.70 10.00 1.28 0.96 1.33 1.34 0.66 0.95 0.80 1.31 0.70 35.8 29.4 46.4 50.6 101.3 73.6 136.6 49.0 40.3 37.7 33.1 50.6 55.6 109.8 82.6 140.4 51.7 39.0 11.9 10.1 12.1 11.5 13.7 13.0 14.7 11.3 25.1 11.3 9.0 11.1 10.4 12.6 11.6 14.3 10.7 25.9 3.5 2.7 2.9 3.5 3.0 5.2 2.8 2.2 3.4 3.5 2.7 3.2 3.8 3.0 5.2 2.9 2.2 3.4 4.28 3.00 5.70 5.96 14.00 9.68 20.58 5.59 10.38 -0.5 -1.0 -1.8 -2.5 -1.1 -0.9 -2.1 -1.3 -2.5 3.60 2.08 3.90 4.11 12.70 7.50 18.56 4.43 8.20 18.3 42.8 43.6 41.3 9.0 27.9 8.5 24.6 23.4 14.5 24.3 29.9 28.8 2.5 17.0 2.1 17.2 14.4 0.45 1.26 5.34 3.50 0.97 2.06 2.18 5.90 0.49 1.55 5.49 3.27 0.58 1.90 1.49 5.58 0.80 0.68 1.06 1.09 1.22 na 1.11 0.12 5.7 14.6 31.6 16.8 9.6 12.6 11.9 44.3 5.7 13.1 36.4 20.9 9.9 12.5 11.8 45.8 7.9 8.6 16.9 20.8 10.0 16.3 18.4 13.3 7.9 9.6 14.7 16.7 9.8 16.4 18.5 12.9 0.0 2.2 2.2 2.7 1.0 2.7 1.4 4.2 2.2 2.2 2.2 2.7 1.0 2.7 1.4 4.2 0.51 1.35 5.34 3.61 0.99 2.08 2.30 6.13 -11.8 -6.8 0.0 -3.0 -2.0 -1.0 -5.2 -3.8 0.36 0.80 4.64 3.07 0.41 1.42 1.41 5.02 25.0 58.3 15.1 14.0 138.3 45.1 54.6 17.5 3.4 20.0 11.7 9.4 67.8 21.2 26.0 0.3 2.00 2.00 0.46 15.4 15.6 13.0 12.8 5.0 5.0 2.40 -16.7 1.93 3.6 -0.5 14.46 17.80 15.41 21.08 0.52 0.57 69.6 93.1 77.5 20.8 101.9 19.1 18.7 17.5 4.8 4.7 5.3 5.2 15.30 18.74 -5.5 -5.0 12.38 14.58 16.8 22.1 3.9 8.7 2.47 7.65 24.88 82.78 3.20 1.80 4.85 1.02 2.23 9.59 26.14 88.66 3.76 2.74 4.17 1.10 0.49 0.35 0.36 0.37 0.50 0.69 0.43 0.59 6.5 35.9 102.6 293.6 22.3 25.1 12.7 9.3 7.5 40.5 124.5 326.2 24.7 25.3 15.8 12.8 38.0 21.3 24.3 28.2 14.4 7.2 38.2 11.0 32.7 18.9 20.0 25.4 13.0 7.1 30.8 8.0 0.8 3.9 2.5 3.3 4.7 4.4 0.9 4.9 0.9 5.0 3.0 3.4 5.3 4.4 1.0 4.9 3.00 9.53 27.00 83.68 3.25 2.04 4.85 1.07 -17.7 -19.7 -7.9 -1.1 -1.5 -11.8 0.0 -4.7 2.11 7.30 22.16 74.12 2.11 1.43 4.14 0.78 17.1 4.8 12.3 11.7 51.9 25.9 17.1 30.8 -3.9 4.4 6.0 5.9 25.5 4.0 12.0 28.3 46.14 52.08 1.05 198.6 187.4 23.2 24.6 4.3 4.3 55.64 -17.1 40.61 13.6 4.5 9.95 5.86 10.34 6.10 1.35 1.27 45.0 25.7 51.0 27.9 22.1 22.8 19.5 21.0 0.5 1.4 0.6 1.5 10.00 6.07 -0.5 -3.5 7.50 4.17 32.7 40.4 25.2 29.7 2.80 0.14 3.81 0.10 0.72 1.33 22.1 0.2 24.6 0.3 12.7 70.9 11.4 46.4 5.7 0.0 6.8 0.0 3.42 0.15 -18.1 -3.4 2.73 0.05 2.6 180.0 -5.4 180.0 6.20 4.20 6.40 4.61 0.78 0.52 13.9 13.3 17.9 16.5 44.6 31.5 34.6 25.5 0.7 1.5 0.7 1.8 6.79 4.37 -8.7 -3.9 5.78 3.85 7.3 9.1 -2.4 0.5 4.91 5.64 1.90 4.59 2.12 6.05 6.80 1.90 5.05 2.55 0.57 0.13 0.30 -0.22 0.28 20.0 35.8 16.2 26.6 4.3 24.2 40.5 18.3 30.2 7.1 24.5 15.7 11.7 17.3 49.4 20.3 13.9 10.4 15.2 30.0 1.8 3.2 2.6 2.9 0.5 2.2 3.6 2.9 3.3 0.8 5.03 7.07 2.73 5.45 2.64 -2.4 -20.2 -30.4 -15.8 -19.7 3.81 5.62 1.88 4.20 1.96 28.9 0.4 1.1 9.3 8.2 1.7 -14.4 -10.0 -14.2 -10.2 INDUSTRIAL SCIENTX SKPRES 8.30 1.29 8.50 1.75 0.57 0.48 67.9 9.1 78.0 14.1 12.2 14.2 10.6 9.2 2.5 3.4 2.9 5.3 8.99 1.44 -7.7 -10.4 5.75 1.12 44.3 15.2 23.9 0.0 MEDIA ASTRO MEDIA PRIMA STAR 2.73 1.19 2.33 3.20 0.85 1.95 1.03 0.69 0.62 13.2 7.7 15.0 14.5 8.0 15.8 20.6 15.4 15.6 18.9 14.9 14.7 4.6 5.2 7.7 4.8 5.4 7.7 3.01 1.52 2.70 -9.3 -21.7 -13.7 2.56 1.00 2.20 6.6 19.0 5.9 5.0 3.5 4.0 OIL & GAS EATECH MHB MISC PANTECH PCHEM SENERGY UMWOG UZMA 0.62 1.00 7.39 0.64 7.15 1.96 0.69 1.82 0.45 0.95 8.16 0.69 7.91 2.02 0.54 1.40 1.04 1.81 0.82 1.28 1.07 2.41 2.00 1.39 11.5 -1.2 50.6 4.1 34.7 5.3 -14.7 11.3 11.9 1.3 57.1 5.0 39.3 4.6 -12.4 12.2 5.4 na 14.6 15.3 20.6 37.3 na 16.1 5.2 76.3 12.9 12.7 18.2 42.3 na 14.9 0.0 0.0 4.1 2.8 2.7 0.0 0.0 0.0 0.0 0.0 4.1 3.1 2.7 0.0 0.0 0.0 1.18 1.23 8.46 0.67 7.80 2.10 1.04 2.02 -47.5 -18.7 -12.6 -4.5 -8.3 -6.7 -33.7 -9.9 0.45 0.84 6.88 0.44 5.95 1.29 0.61 1.30 39.3 19.0 7.4 46.0 20.2 51.9 14.0 40.0 0.0 9.3 0.5 42.7 2.4 21.0 -21.1 7.1 BANKS & FINANCIAL SERVICES AFG 4.26 AFFIN 2.97 AMBANK 5.60 CIMB 5.81 HLBANK 13.84 MAYBANK 9.59 PBBANK 20.14 5.52 RHBBANK BURSA 10.12 CONSTRUCTION BPURI GADANG GAMUDA IJM SENDAI SUNCON WCT LITRAK Building Materials WTHORSE CONSUMER Brewery CARLSBG HEIM Retail AEON AMWAY F&N NESTLE PADINI POHUAT QL SIGN Tobacco BAT GAMING Casino GENTING GENM NFO BJTOTO LUSTER HEALTHCARE Hospitals IHH KPJ Rubber Gloves HARTA KOSSAN SUPERMX TOPGLOV KAREX
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price (RM) PLANTATIONS FGV IJMPLNT IOICORP KLK SIME UMCCA Target Price BETA (RM) EPS (sen) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52weeks 52weeks FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 1.94 3.08 4.51 24.60 9.30 6.23 1.53 3.88 3.93 22.75 8.24 7.52 1.79 0.46 1.09 0.91 1.25 0.50 6.3 13.7 18.7 111.8 30.8 32.7 11.1 15.7 21.1 119.1 35.3 34.5 30.6 22.5 24.1 22.0 30.2 19.0 17.5 19.6 21.4 20.7 26.3 18.1 2.6 2.3 2.2 2.2 2.4 2.6 2.6 2.6 2.7 2.4 3.0 2.7 2.52 3.70 4.81 25.50 9.55 6.51 -23.0 -16.8 -6.2 -3.5 -2.6 -4.3 1.31 3.00 4.07 22.62 7.10 5.53 48.1 2.7 10.8 8.8 31.0 12.7 25.2 -9.4 2.5 2.5 14.8 3.8 0.70 1.10 0.90 2.12 1.52 0.77 3.67 3.44 0.69 1.07 1.00 2.10 1.60 0.80 4.10 3.40 0.65 0.66 0.33 0.93 0.71 0.29 0.67 0.49 3.4 20.0 7.3 14.7 14.5 6.4 25.6 27.2 7.0 17.4 11.2 15.3 12.5 9.7 22.8 29.1 20.3 5.5 12.3 14.4 10.5 12.1 14.3 12.6 10.0 6.3 8.0 13.8 12.1 8.0 16.1 11.8 5.7 3.6 3.9 3.3 3.9 1.3 3.8 3.5 5.7 3.2 4.5 3.5 3.6 1.3 3.8 3.5 0.83 1.43 1.05 2.46 1.70 1.00 3.77 3.50 -15.2 -23.2 -14.8 -13.8 -10.6 -23.0 -2.7 -1.7 0.68 1.05 0.86 1.85 1.34 0.69 2.80 2.84 2.9 4.8 4.1 14.8 13.4 11.6 31.1 21.1 0.7 -2.7 -10.5 8.7 6.3 -3.8 17.3 14.7 1.71 1.50 1.86 1.72 0.54 0.59 8.9 8.1 10.1 8.6 19.3 18.6 16.9 17.4 5.2 5.6 5.9 6.0 1.84 1.72 -7.1 -12.8 1.59 1.44 7.5 4.2 -0.6 -2.0 POWER & UTILITIES MALAKOF PETDAG PETGAS TENAGA YTLPOWR 1.24 23.96 19.00 13.94 1.51 1.45 20.19 19.02 17.19 1.81 0.72 0.74 0.76 1.02 0.59 6.9 98.4 88.2 131.9 8.8 8.3 102.3 101.3 130.8 10.6 17.9 24.4 21.5 10.6 17.3 15.0 23.4 18.8 10.7 14.3 5.6 3.0 3.2 4.2 6.6 4.7 3.2 3.7 2.8 6.6 1.80 25.70 22.66 14.90 1.64 -31.1 -6.8 -16.2 -6.4 -7.9 1.14 22.16 18.10 13.00 1.38 8.8 8.1 5.0 7.2 9.4 -9.5 0.7 -10.8 0.3 1.3 TELECOMMUNICATIONS AXIATA DIGI MAXIS TM 5.21 5.01 6.46 6.47 5.25 4.95 5.95 6.95 1.26 0.95 0.71 0.68 16.7 20.8 25.1 21.4 17.6 21.1 25.4 22.3 31.2 24.0 25.7 30.2 29.6 23.8 25.4 29.0 1.6 4.2 3.1 3.0 1.7 4.2 3.1 3.1 5.99 5.19 6.49 6.90 -13.0 -3.5 -0.5 -6.2 4.11 4.36 5.36 5.81 26.8 14.9 20.5 11.4 10.4 3.7 8.0 8.7 TECHNOLOGY Semiconductor & Electronics IRIS 0.20 INARI 2.09 MPI 12.58 UNISEM 3.40 0.14 2.35 13.15 3.55 1.42 0.78 0.51 0.83 -1.2 10.5 94.2 26.9 0.9 na 12.6 19.9 115.7 13.4 29.1 12.6 21.6 16.6 10.9 11.7 0.0 2.0 2.1 3.5 0.0 2.4 2.1 3.5 0.24 2.13 12.76 3.43 -18.8 -1.9 -1.4 -0.9 0.10 1.28 7.02 2.14 95.0 63.0 79.2 58.9 77.3 25.9 69.8 44.1 3.38 8.02 3.02 8.10 1.17 1.46 33.5 17.2 34.9 17.5 10.1 46.5 9.7 45.9 1.2 1.2 1.5 1.2 3.42 8.10 -1.2 -1.0 1.90 5.76 77.9 39.2 47.6 32.3 1.77 3.84 1.88 4.51 0.81 0.68 15.4 19.3 21.5 17.4 11.5 19.9 8.2 22.1 3.1 3.8 4.0 3.4 1.87 4.59 -5.3 -16.3 1.23 3.74 43.9 2.7 11.3 -10.7 PROPERTY GLOMAC HUAYANG IBRACO IOIPG MAHSING SNTORIA SPSETIA SUNWAY REIT SUNREIT CMMT TRANSPORTATION Airlines AIRASIA AIRPORT Freight & Tankers TNLOGIS WPRTS SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price (S$) BANKS & FINANCIAL SERVICES DBS 20.83 OCBC 10.18 UOB 23.24 PLANTATIONS WILMAR IFAR 3.54 0.49 Target Price Beta (S$) EPS (cent) PER (X) FY17 FY18 FY17 FY18 Div Yield (%) 52week 52week FY17 FY18 High Price % Chg Low Price % Chg % Chg YTD 21.40 8.50 23.60 1.22 1.12 1.08 173.8 87.8 195.7 190.2 12.0 92.5 11.6 209.4 11.9 11.0 11.0 11.1 2.9 5.7 3.0 2.9 6.7 3.0 20.8 10.2 23.4 0.0 -0.1 -0.8 14.63 8.84 17.41 42.4 24.0 33.5 20.1 14.1 13.9 3.45 0.53 0.91 1.12 28.9 3.9 31.1 4.3 11.4 11.5 2.3 2.0 2.5 2.1 4.0 0.6 -11.5 -17.6 2.96 0.44 19.6 11.4 -1.4 -6.7 12.2 12.5 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. TA Securities RESULTS UPDATE Thursday , May 04, 2017 A Member of the TA Group FBMKLCI: 1,772.51 Sector: Consumer MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Fraser & Neave Berhad TP: RM26.14 (+5.1%) Last Traded: RM24.88 Great Support from Thailand Division Under Review THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel: +603-2072 1277 ext. 9602 damia@ta.com.my Review • Fraser and Neave Berhad’s (F&N) 1HFY17 adjusted net profit came in above ours and consensus full-year earnings estimates at 63% and 61% respectively. The variance was due to higher-than-expected operating profit from F&B Thailand. • • • • • After removing exceptional items of RM3.2mn, the adjusted net profit improved by 1.8% YoY to RM237.6mn. This was due to: i) higher sales from F&B Thailand, ii) strengthening of Thai Bath against Ringgit, amidst iii) lower consumer sentiment in Malaysia. For the F&B division, Malaysian operation recorded a lower 1HFY17 revenue which was attributable to: i) subdued Chinese New Year festivities sales and ii) weak consumer sentiment. However, F&B Thailand managed to cushion this impact with an improvement in revenue of 10.1% YoY from: i) higher demand for its core products e.g. condensed milk and evaporated milk variants, and ii) more favourable exchange rate between Ringgit Malaysia and Thai Baht. Overall, F&N recorded a slightly higher revenue by less than 1% to RM2.1bn. F&N’s operating profit declined by 7.2% YoY to RM254.5mn underpinned by 26.0% decline in operating profit in the Malaysia F&B division due to: i) lower local sales, ii) higher raw material costs i.e. sugar, and iii) restructuring costs. These were partly offset by lower trade spending and higher profit from overseas sales. On the other hand, F&B Thailand recorded stellar growth of 34.4% in operating profit for 1HFY17, in tandem with growth in revenue and favourable input costs i.e. milk based products. QoQ, 1QFY17 revenue declined by 9% in tandem with weak consumer sentiment amid the rising costs of living. The operating profit declined by 14.9%, which was dragged down: 1) lower sales in Malaysia; 2) increased in input cost; and 3) restructuring cost. Share Information Bloomberg Code Stock Code Listing Share Cap (m) Market Cap (RMm) 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000) Estimated Free Float (%) Beta Major Shareholders (%) Fraser & Neave Ltd Employees Provident Fund Skim Amanah Saham Bumiputera Forecast Revision (%) Forecast Revision Core net profit (RMm) Consensus TA/Consensus Previous Rating Net debt/equity (%) ROE (%) ROA (%) NTA/Share Price/NTA 55.51 10.88 9.53 FY17 FY18 0.0 0.0 376.0 456.4 387.6 426.8 97.0 106.9 Hold (Maintained) FY17 FY18 Net cash Net cash 17.6 19.7 11.0 12.8 5.5 6.0 4.5 4.2 Scorecard vs TA vs Consensus Share Performance Price chg (%) 1 mth 3 mth 6 mth 12 mth % of FY16 63 61 Above Above KLCI 1.0 4.7 2.4 11.1 FNH 1.5 5.2 7.5 7.3 (12-Mth) Share Price relative to the FBM KLCI Impact • No change to our earnings forecast pending analyst briefing today. Page 1 of 3 FNH 3689 Main Board 366.5 9118.5 27.00/22.16 372.1 11.5 0.36 Financial Indicators The group declared a first interim single tier dividend of 27 sen/share for the quarter under review. Outlook • Management guided that the coming quarters are expected to be challenging due to increasing commodity prices (sugar, milk, whey powder, aluminium and soy) coupled with the overall weak Ringgit. www.taonline.com.my Source: Bloomberg
14. TA Securities 4-May-17 A Member of the TA Group • We believe that the F&B Thailand division will continue to offset declining contributions from F&B Malaysia. Note that F&B Thailand surpassed F&N Malaysia’s contribution in 1HFY17, covering 56.9% of the group’s operating profit as compared to 39.3% contribution in 1HFY16. Valuation • We maintain F&N’s DDM valuation at RM26.14/share based on a discount rate of 6.8%%. We keep our call Under Review pending analyst briefing. 2QFY17 Results Analysis (RMmn) FYE September (RM'mn) Revenue F&B Malaysia F&B Thailand Property Others EBIT F&B Malaysia F&B Thailand Property Others Adj. EBIT Net Interest Extra-Ordinary Items Associates & joint venture Pretax Profit Taxation Reported Net Profit Adj. Net Profit Basic EPS Dividend (sen) (sen) EBIT Margin PBT Margin Net Margin Effective Tax Rate (%) (%) (%) (%) 2QFY16* 1,013.1 631.5 381.8 0.2 (0.4) 104.1 64.3 41.2 0.0 (1.4) 112.1 0.9 (7.9) 2.6 107.6 (17.0) 90.6 98.5 26.9 27.0 1QFY17 1,091.1 647.1 443.7 0.2 0.1 141.9 60.4 78.1 0.3 3.3 139.2 (0.1) 2.7 2.2 144.0 (16.7) 127.3 124.6 34.8 - 2QFY17 992.7 543.9 448.5 0.2 0.1 112.5 47.6 66.8 0.3 (2.1) 118.5 (0.1) (5.9) 4.4 116.8 (9.7) 107.1 113.0 29.2 27.0 10.3 10.6 8.9 15.8 13.0 13.2 11.7 11.6 11.3 11.8 10.8 8.3 QoQ (%) (9.0) (15.9) 1.1 (1.1) 1.7 (20.7) (21.1) (14.5) 1.8 nm (14.9) 5.1 nm 102.2 (18.9) (41.9) (15.9) (9.3) (16.1) nm %-points (1.6) (1.4) (0.8) (3.3) Earnings Summary (RMmn) FYE 30 Sept Revenue Core EBITDA Reported PBT MI Net profit Core net profit EPS Core EPS EPS Growth PER Net Dividend Div Yield (sen) (sen) (%) (x) (sen) (%) 2015 4,107.6 372.0 287.2 0.0 233.4 334.9 76.5 91.4 26.9 27.2 57.5 2.3 2016 4,167.6 523.7 442.9 0.0 385.4 343.3 105.3 93.7 2.5 26.6 57.5 2.3 2017E 4,797.4 531.5 432.1 0.0 376.0 376.0 102.6 102.6 9.5 24.3 63.0 2.5 2018F 4,906.9 623.1 524.6 0.0 456.4 456.4 124.5 124.5 21.4 20.0 75.0 3.0 Page 2 of 3 2019F 5,006.4 651.9 555.5 0.0 483.3 483.3 131.9 131.9 5.9 18.9 95.0 3.8 YoY (%) (2.0) (13.9) 17.5 (14.6) nm 8.0 (25.9) 62.0 nm nm 5.7 nm (25.2) 69.6 8.5 (43.0) 18.2 14.7 8.6 nm %-points 1.05 1.14 1.85 (7.5) 1HFY16 2,082.5 1,271.8 810.0 0.5 0.2 274.1 145.9 107.8 0.2 20.2 265.2 1.2 8.9 4.2 279.5 (37.2) 242.2 233.3 82.3 27.0 1HFY17 2,083.8 1,191.0 892.2 0.4 0.2 254.5 108.0 144.8 0.5 1.1 257.7 (0.2) (3.2) 6.6 260.8 (26.4) 234.3 237.6 64.0 27.0 7.0 13.4 11.6 13.3 5.2 12.5 11.2 10.1 YoY (%) 0.1 (6.4) 10.1 (21.7) 0.9 (7.2) (26.0) 34.4 >100 (94.3) (2.8) nm nm 56.4 (6.7) (28.9) (3.3) 1.8 (22.3) nm %-points (1.8) (0.9) (0.4) (3.2)
15. TA Securities 4-May-17 A Member of the TA Group ( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
16. TA Securities RESULTS UPDATE Thursday , 4 May 2017 FBMKLCI: 1,772.51 Sector: REIT A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 TP: RM 1.86 (+8.8 %) Sunway Real Estate Investment Trust Last Traded: RM 1.71 DPU Guided to Ease in FY17 HOLD THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my Review Sunway REIT reported realised net profit of RM203.8mn in 9MFY17, registering a marginal growth of 0.9% YoY. Results were within expectations, accounting for 78% and 75% ours and consensus’ full-year estimates. A distribution per unit (DPU) of 2.37sen was declared for this quarter, bringing the YTD 9MFY17 DPU to 6.92sen (-2.0% YoY). This translates to an annualised distribution yield of 5.4%, based on yesterday’s closing price. YoY, Sunway REIT’s 9MFY17 revenue and net property income (NPI) grew 1.8% and 2.3% to RM390.3mn and RM290.3mnmn respectively. NPI growth was largely driven by commendable performance from the retail segment (+8.2% YoY) and office segment (+16.4% YoY), but partially offset by lower contribution from the hospitality segment (-21.9% YoY). In terms of segmental performance, the retail segment recorded strong NPI growth due to: 1) higher average rental for Sunway Pyramid, 2) additional rental income from Sunway Carnival following the completion of the new food and beverage area with NLA of approximately, 16,000 sq ft (3% of total NLA) and 3) better performance from Sunway Putra Mall given that the mall’s 9MFY16 results were affected by a 2.5 months of rent-free period. The hospitality segment performance was lower largely due to the closure of Sunway Pyramid Hotel for refurbishment since Apr-16. Meanwhile, the office segment showed gradual improvement, with 3QFY17 NPI increasing by 13.5% QoQ and 69.4% YoY, largely due to improvement in occupancy rates. Impact No change to our FY17-19 earnings forecasts. Conference Call Highlights Management expects the outlook for the retail segment to remain challenging, in view of the oversupply of retail spaces and weak consumer sentiment. For 9MFY17, retail spaces which were due for renewal in Sunway Pyramid, were renewed at a single digit rental reversion. This is in line with management’s expectations, given the persistently challenging retail landscape that will pose pressure on prospects of healthy rental reversions. Recall, Sunway Pyramid Hotel has been closed for renovation since April16. Nevertheless, the hotel has progressively re-opened for business as at 31 Mar 2017. The entire refurbishment exercise is expected to complete in 4QFY17 (2QCY17), increasing the hotel’s room inventory to 564 rooms from the current 549 rooms and elevate the hotel from a superior to a deluxe category 4-star international hotel. We believe the refurbishment Page 1 of 3 www.taonline.com.my Share Information Bloomberg Code SREIT MK Stock Name SUNREIT Stock Code 5176 Listing Main Market Units in circulation (mn) 2945.1 Market Cap (RMmn) 5036.1 Par Value 1.00 52-wk Hi/Lo (RM) 1.84/1.59 12-mth Avg Daily Vol ('000 shrs) 2454.8 Estimated Free Float (%) 30.8 Beta 0.5 Major Shareholders (%) Sunway Berhad (37.3) EPF (12.3) Skim Amanah Saham Bumiputera (7.4) Tan Sri Cheah Fook Ling (5.6) Forecast Revision Forecast Revision (%) Net profit (RMm) Consensus TA's / Consensus (%) Previous Rating FY17 FY18 0.0 0.0 261.7 297.7 271.2 296.6 96.5 100.4 Sell (Upgraded) Financial Indicators FY17 35.8 5.7 30.1 6.5 4.0 1.5 1.2 FY18 36.2 13.0 13.2 7.3 4.5 1.5 1.2 vs TA vs Consensus % of FY 78.0 75.0 Within Within Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth SunREIT 0.0 (3.4) (3.4) 6.9 FBM KLCI 1.4 5.2 7.5 6.9 Gearing (%) FCPS (sen) Price / CFPS (x) ROE (%) ROA (%) NTA/Share (RM) Price/NTA (x) Scorecard (12-Mth) Share Price relative to the FBM KLCI Source: Bloomberg
17. TA Securities 4-May-17 A Member of the TA Group exercise is crucial in order to ensure that this hotel remains competitive . As for the newly introduced tourism tax, management believes that it will likely to be passed on to consumers. However, margin could be affected as the hotel operator may require to provide more offers/discounts to attract customers. Office segment showed gradual improvement. Notably, Sunway Putra Tower’s average occupancy rate improved from 31.2% in 2QFY17 to 34.8% for YTD 3Q FY17. The improvement was attributable to commencement of new tenants occupying 51,500 sq.ft. (16% of total NLA) and 12,000 sq.ft. (4% of total NLA) which commenced operations in 2Q FY17 and 3QFY17 respectively. Note that Sunway Putra Tower’s occupancy rate stood at 42% as at 31 Mar 2017. All in, management maintains its FY17 DPU guidance - expecting a dip in DPU in FY17 compared to FY16. This is largely due to: i) closure of Sunway Pyramid Hotel, and ii) lower surplus cash as Sunway REIT will pay the entire amount of manager’s fee in cash in FY17, instead of 75%:25% in the form of cash and issuance of new units in FY16. In our earnings model, we expect FY17 DPU to decrease by 3.4% YoY. Valuation Factoring a change in our valuation base year to FY18, we raise our target price to RM1.86 from RM1.79 previously, based on DDM valuation. Our target price implies forward yields of 5.5%, which is in line the sector peers’ average. Upgrade to Hold. Earnings Summary (RM mn) FYE June Gross Rental Income Net Property Income NPI Margins Pretax profit Core Net Profit Distributable income EPU (Sen) EPU Growth (%) PER (x) DPU (sen) Div Yield (%) ROE (%) FY15 453.5 340.8 75.2 240.6 242.0 256.1 8.2 3.7 20.8 8.7 5.1 6.3 FY16 507.0 373.9 73.7 260.2 262.5 270.6 8.9 8.2 19.2 9.2 5.4 6.5 Page 2 of 3 FY17f 548.2 393.3 71.7 261.7 261.7 261.7 8.9 (0.3) 19.3 8.9 5.2 6.5 FY18f 601.5 433.2 72.0 297.7 297.7 297.7 10.1 13.8 16.9 10.1 5.9 7.3 FY19f 618.2 446.0 72.1 307.9 307.9 307.9 10.4 3.4 16.4 10.4 6.1 7.6
18. TA Securities 4-May-17 A Member of the TA Group 3Q17 Results Analysis (RM mn) FYE June Total revenue - Retail - Hospitality - Office - Healthcare 3Q16 130.3 101.8 16.3 6.9 5.4 2Q17 126.9 98.8 14.8 7.9 5.4 3Q17 134.6 105.7 15.2 8.1 5.6 QoQ (%) 6.1 6.9 2.8 3.3 3.5 YoY (%) 3.2 3.8 (6.9) 18.3 3.5 9MFY16 383.4 286.3 58.7 22.7 15.8 9MFY17 390.3 304.2 46.4 23.4 16.3 YoY (%) 1.8 6.3 (21.0) 3.2 3.5 Total Net Property Income - Retail - Hospitality - Office - Healthcare 96.7 73.3 15.3 2.7 5.4 94.1 70.8 13.9 4.0 5.4 100.2 75.9 14.2 4.5 5.6 6.5 7.2 2.3 13.5 3.5 3.6 3.5 (7.2) 69.4 3.5 283.7 201.6 55.8 10.5 15.8 290.3 218.2 43.6 12.3 16.3 2.3 8.2 (21.9) 16.4 3.5 Other Income Changed in fair value Net Investment Income Manager & Trustee Fee Finance Costs Other expenses Income Before Taxation Net Profit Realised Net Profit 1.0 0.0 97.7 (8.0) (21.6) (3.3) 64.8 64.8 67.7 5.2 0.0 99.2 (8.1) (22.1) 2.1 71.1 71.1 67.1 1.3 0.0 101.5 (8.3) (22.5) (0.3) 70.4 70.4 69.9 (75.4) 0.0 2.2 2.1 2.0 (115.1) (1.1) (1.1) 4.1 27.0 0.0 3.9 2.9 4.2 (90.4) 8.6 8.6 3.2 10.7 0.0 294.4 (24.1) (64.7) (4.8) 200.8 200.8 201.9 7.4 0.0 297.7 (24.5) (66.3) (1.2) 205.6 208.2 203.8 (31.2) 0.0 1.1 1.7 2.5 (75.7) 2.4 3.7 0.9 Realised EPU DPU (sen) (sen) 2.3 2.4 2.3 2.3 2.4 2.4 2.6 3.9 1.7 0.0 6.9 7.1 6.9 6.9 0.7 (2.0) NPI Margin Realised Net Margin (%) (%) 74.2 51.9 74.1 52.9 74.4 51.9 0.3 (1.0) 0.3 (0.0) 74.0 52.6 74.4 52.2 0.5 (0.4) Peers Comparison Recommendation Sunway REIT CMMT KLCCP Stapled Group* IGB REIT* Pavilion REIT* Axis REIT* Al Salam* Average * Based on consensus Price (RM) 1.71 1.61 7.85 1.69 1.72 1.70 1.03 Hold Hold NR NR NR NR NR Target price (RM) 1.86 1.72 NR NR NR NR NR Market Cap (RM bn) 5.0 3.3 14.2 5.9 5.2 1.9 0.6 PER (x) FY17 FY18 19.3 16.9 19.9 18.7 18.6 17.9 20.4 19.2 19.1 18.3 18.9 18.1 16.1 15.8 18.9 17.8 Div Yield (%) FY17 FY18 5.2 5.9 5.6 5.6 4.7 4.9 5.3 5.6 5.2 5.5 5.2 5.5 5.7 5.8 5.3 5.5 P/NAV (x) FY17 FY18 1.2 1.2 1.3 1.3 1.1 1.1 1.6 1.6 1.3 1.3 1.4 1.4 1.0 1.0 1.3 1.3 Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 3 of 3
19. TA Securities ECONOMIC REPORT Thursday , May 04, 2017 FBMKLCI: 1,772.51 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 US Economy Fed Keeps Rate Hike on the Table, But Keeps Door Open As Early as June THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Shazma Juliana Abu Bakar Tel: +603-2617 9608 shazma@ta.com.my Summary: • The US Federal Reserve kept its interest rates steady at 0.75% and 1.00% at the conclusion of its two-day meeting yesterday, with a unanimous vote. Investors had widely been expecting the central bank to keep rates on hold, given that economic data has been somewhat weaker in the past month and that the Fed still has ample of time to realize its plan to raise interest rates twice more this year. • The US central bank downplayed recent weak economic data, citing a recent slowdown in growth was likely “transitory”. According to the accompanied statement, the labour market continued to strengthen and other indicators of the economy's health continue to be strong even as growth in economic activity slowed. The first estimate of 1Q17 real GDP showed weaker-than-expected growth of by 0.7% annualized QoQ in 1Q17 (4Q16: 2.1% annualized QoQ), the slowest pace in 3 years, due to a slowdown in consumer spending. The slowdown was attributed to a collection of temporary factors: warmer weather which shrank spending on heating bills, a drop-off in auto sales after a strong fourth quarter and a delay in sending out tax refund checks, which also dampened spending. • The US economic prospects for the rest of the year, nevertheless, appear to remain solid. Consumer spending is expected to rebound supported by continued strong job growth, accelerating wage gains and record stock levels. Weakness in the first quarter followed by a stronger expansion thereafter has become a pattern in recent years. Furthermore, the US economic growth still remain resilient on an annual comparison, expanding by 1.9% YoY (4Q16: 2.0% YoY). Growth is expected to accelerate by 2.6% in 2Q17 and 2.4% in 2Q17. Figure 1: US Quarterly GDP Growth and Forecast (1Q14 – 4Q17F) % forecast 1Q17 GDP: 0.7% q-o-q 1.9% y-o-y 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 % QoQ 4Q17F 3Q17F 2Q17E 1Q17 4Q16 3Q16 2Q16 1Q16 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 -2.0 % YoY Source: Bloomberg, TA Securities • We will be watching upcoming economic data closely, especially April’s non-farm payroll this Friday, to see whether lackluster reports on the economy that have emerged in the last month are evidence of a sustained trend. Previously, the number of new jobs created in March 2017 was only 98,000, fell far short of the high levels seen in January 2017 and February 2017 (more than 200,000 levels), while inflation measures remain below the Fed’s targeted rates. According to the Bloomberg survey, April’s non-farm payroll data is expected Page 1 of 2 www.taonline.com.my d o m e s
20. TA Securities 4-May-17 A Member of the TA Group to be about 190 ,000 with unemployment rate of to edge up slightly to 4.6% (March 2017: 4.5%). • Markets are more confident of seeing a rate hike as early as June 2017, when the Fed is scheduled to hold a news conference where it can provide more details on its decision. The probability of a rate hike in June is now increased to 90% (compared to last week was only less than 70%) and is even higher for September meeting onwards. Figure 2: US Interest Rate Probability (as at 3 May 2017) Source: Bloomberg • But, if the string of disappointing figures continues, it might persuade the Federal Reserve to hold off on raising rates for some time. The central bank has emphasized that the pace of rate hikes will hinge on the state of the economy. In its statement, the Fed mentioned that the economy will “evolve in a manner that will warrant gradual increases” in its interest rate, the same language it has been using in previous months. • The Fed will update its key macroeconomic forecasts including annual GDP growth, inflation, unemployment and interest rates in the next June FOMC meeting. Officials may want to assess the tone of economic data and market developments between now and then before deciding what signal to send about the path of rates. Previously, Fed officials predicted that: - • Real GDP for the US economy to expand by 2.1% in 2017 to 2018. Growth is expected to edge down slightly to 1.9% in 2019; Jobless rate to remain low at 4.5% in 2017 - 2019 Inflation is expected to increase at a slightly faster pace in 2017, with core PCE to reach 1.9% in the fourth quarter of this year and 2.0% in both 2018 and 2019. The Fed’s preferred measure of inflation rose 1.8% YoY in March 2017, while core PCE stood at 1.6% YoY. Also, the Fed’s statement did not modify its long-standing vow to reinvest payments from its mortgage-backed securities and roll over maturing Treasury bonds, effectively maintaining the USD4.5 trillion portfolio it amassed during and after the financial crisis and recession. Discussion has begun in earnest at the March FOMC meeting, but officials still need to work through a myriad of technical details for how to reduce the portfolio. So far, Fed officials have indicated that their benchmark federal-funds rate to remain as the primary tool for managing monetary policy. This suggests that the balance-sheet wind-down will be in an orderly and predictable manner. 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 2 of 2
21. Thursday , 04 May, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’ Local Technical Reports 1. Daily Technical Stock Picks 2. Daily Stock Screen Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
22. T e c h n i c a l TA Securities V i e w Thursday , May 04, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Technical Stock Picks Malaysia FBM KLCI: 1,772.51 (-5.96, -0.34%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name FBMKLCI AFFIN AFG AMBANK AXIATA CIMB DIGI GAMUDA GENTING GENM IHH IOICORP MALAKOFF MAXIS MAYBANK MBSB RHBBANK SIME TENAGA TM WPRTS AIRASIA AIRASIA X ARMADA BINAPURI CMSB DIALOG ECO WORLD GADANG HSL ISKANDAR KIMLUN KKBE MUDAJAYA MRCB NAIM SAPURA ENERGY SUNCON UEMS WASEONG WCT Close 3-May 1772.51 2.97 4.26 5.60 5.21 5.81 5.01 5.34 9.95 5.86 6.20 4.51 1.24 6.46 9.59 1.32 5.52 9.30 13.94 6.47 3.84 3.38 0.47 0.78 0.45 4.65 1.92 1.52 1.26 1.71 3.08 2.32 1.42 1.16 1.56 1.58 1.96 2.06 1.28 0.90 2.18 Change (5.96) 0.00 0.03 -0.02 0.04 -0.07 -0.02 0.03 -0.05 -0.13 0.01 -0.08 -0.01 0.02 -0.01 0.01 -0.02 -0.03 0.02 0.00 -0.11 -0.01 -0.01 -0.02 0.00 0.05 -0.02 -0.01 -0.03 0.02 -0.14 -0.06 0.05 -0.03 -0.01 -0.02 -0.06 -0.01 -0.01 -0.01 -0.09 Tel: +603-2167-9607 High Low 1,784.79 1,770.06 3.00 4.28 5.70 5.22 5.96 5.04 5.34 10.00 6.00 6.23 4.60 1.24 6.48 9.68 1.36 5.59 9.34 13.96 6.50 3.94 3.42 0.49 0.80 0.46 4.70 1.94 1.53 1.29 1.76 3.24 2.39 1.45 1.19 1.57 1.60 2.02 2.08 1.30 0.91 2.27 2.97 4.22 5.58 5.17 5.78 5.00 5.30 9.86 5.84 6.16 4.49 1.22 6.38 9.56 1.31 5.50 9.30 13.86 6.45 3.80 3.37 0.47 0.78 0.45 4.54 1.90 1.52 1.26 1.68 3.07 2.32 1.39 1.16 1.55 1.58 1.95 2.05 1.27 0.89 2.16 Bollinger Bands Lower Mid Upper 1,721.06 1,750.17 1,779.28 2.76 3.90 4.52 4.98 5.28 5.03 5.04 9.09 5.30 5.93 4.39 1.19 6.35 8.67 1.15 4.98 9.25 13.61 6.34 3.91 2.92 0.36 0.75 0.43 4.18 1.73 1.47 1.24 1.64 2.87 2.16 1.26 1.01 1.49 1.49 1.93 1.73 1.19 0.88 1.92 2.88 4.07 5.09 5.10 5.57 5.11 5.18 9.59 5.68 6.07 4.54 1.24 6.42 9.18 1.25 5.26 9.30 13.78 6.43 4.04 3.17 0.41 0.78 0.45 4.41 1.84 1.51 1.29 1.67 3.03 2.27 1.34 1.12 1.64 1.57 2.00 1.89 1.25 0.89 2.08 2.99 4.23 5.66 5.22 5.87 5.20 5.32 10.09 6.07 6.21 4.69 1.28 6.48 9.68 1.35 5.53 9.36 13.94 6.52 4.17 3.43 0.47 0.82 0.46 4.64 1.94 1.54 1.33 1.70 3.20 2.37 1.41 1.24 1.80 1.64 2.08 2.05 1.31 0.91 2.23 stsoo@ta.com.my RSI Moving Averages 14d 10d 30d 50d 67.04 1,761.43 1,749.21 1,737.23 DI + 39.44 DI 9.38 71.00 70.62 81.23 63.17 68.90 30.36 65.71 62.90 57.52 68.45 42.96 53.88 56.17 82.73 65.28 70.03 52.06 68.71 61.75 34.05 74.84 72.21 53.06 54.06 78.53 67.22 51.59 48.33 60.81 61.84 59.09 72.03 60.39 42.69 54.79 49.11 75.69 57.10 53.14 63.80 37.61 35.62 47.26 30.18 36.70 14.25 31.29 31.09 27.48 33.40 15.44 19.00 13.05 43.32 37.68 32.39 15.58 27.50 24.95 13.07 33.87 36.57 26.77 25.52 34.72 33.43 18.29 25.65 38.63 32.14 38.47 53.09 35.21 17.92 29.08 22.35 38.31 23.44 33.68 35.79 12.80 14.01 7.17 14.33 10.80 22.46 11.81 10.28 11.02 9.44 24.48 18.01 10.37 5.78 13.68 11.44 21.58 11.30 14.12 29.21 7.59 4.22 17.63 14.48 9.63 12.82 12.21 16.80 15.06 16.00 16.58 17.23 16.15 20.83 13.70 20.75 11.85 14.74 13.31 15.10 2.91 4.10 5.31 5.12 5.68 5.13 5.21 9.81 5.83 6.12 4.55 1.23 6.43 9.37 1.28 5.34 9.30 13.83 6.47 4.00 3.28 0.43 0.78 0.44 4.51 1.86 1.52 1.27 1.68 3.09 2.29 1.35 1.13 1.57 1.55 1.98 1.95 1.25 0.89 2.12 2.87 4.08 5.00 5.08 5.58 5.12 5.20 9.62 5.65 6.05 4.59 1.22 6.42 9.11 1.25 5.26 9.32 13.76 6.42 4.03 3.11 0.41 0.77 0.44 4.37 1.80 1.52 1.28 1.68 2.91 2.25 1.31 1.08 1.65 1.55 1.96 1.85 1.26 0.89 2.02 2.81 4.04 4.92 4.92 5.47 5.10 5.11 9.50 5.52 6.02 4.62 1.21 6.40 8.95 1.22 5.20 9.25 13.71 6.35 4.00 2.98 0.41 0.76 0.45 4.29 1.74 1.52 1.24 1.69 2.46 2.23 1.29 1.00 1.58 1.55 1.94 1.81 1.23 0.89 1.96 DMI ADX 35.01 32.44 22.18 37.61 23.62 31.09 17.10 22.07 36.82 34.33 28.12 16.71 20.77 7.05 40.13 31.55 23.51 11.94 20.47 27.88 14.43 43.34 34.75 26.14 21.63 25.02 42.39 22.94 25.23 19.67 42.58 30.99 25.33 40.31 28.40 21.77 15.00 39.76 20.85 28.00 23.88 Diff 30.06 24.81 21.60 40.09 15.85 25.90 (8.21) 19.48 20.81 16.46 23.96 (9.04) 0.99 2.68 37.54 24.00 20.95 (6.00) 16.20 10.83 (16.14) 26.28 32.35 11.04 25.08 20.61 20.61 6.09 8.86 23.58 16.14 21.89 35.86 19.05 (2.91) 15.38 1.60 26.46 8.71 20.36 20.69 www.taonline.com.my Line 10.20 0.04 0.04 0.19 0.06 0.09 -0.01 0.04 0.14 0.13 0.04 -0.02 0.00 0.01 0.19 0.03 0.08 0.02 0.05 0.04 -0.02 0.11 0.02 0.01 0.00 0.09 0.05 0.00 0.01 0.00 0.18 0.03 0.02 0.05 -0.02 0.00 0.02 0.07 0.01 0.00 0.07 MACD Signal 7.72 0.03 0.02 0.13 0.06 0.06 0.01 0.03 0.10 0.11 0.02 -0.03 0.00 0.01 0.14 0.02 0.04 0.02 0.03 0.04 0.00 0.10 0.01 0.01 0.00 0.07 0.04 0.00 0.01 0.00 0.21 0.02 0.02 0.04 0.00 0.00 0.02 0.05 0.00 0.00 0.05 Diff 2.482 DMI MACD Recent Signal BUY BUY DMI MACD Signal Change - 0.009 0.023 0.066 0.002 0.030 (0.012) 0.016 0.039 0.017 0.019 0.010 0.002 (0.000) 0.047 0.008 0.037 (0.004) 0.021 (0.002) (0.019) 0.015 0.008 (0.001) 0.000 0.023 0.008 0.002 (0.005) 0.005 (0.032) 0.012 0.006 0.004 (0.016) 0.003 (0.005) 0.019 0.003 (0.000) 0.015 BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY SELL BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY BUY - BUY BUY BUY BUY BUY SELL BUY BUY BUY BUY BUY BUY SELL BUY BUY BUY SELL BUY SELL SELL BUY BUY SELL BUY BUY BUY BUY SELL BUY SELL BUY BUY BUY SELL BUY SELL BUY BUY SELL BUY BUY BUY - The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. INTERPRETATION OF TECHNICAL INDICATORS: Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Page 1 of 4
23. Technical Comments : Sell AirAsia & AirAsia X Further rally on AirAsia towards the 123.6%FP (RM3.90) would aggravate overbought momentum and spark profit-taking correction, with good supports at RM3.28 and RM3.11, the 10 and 30-day moving averages cushioning downside. Likewise, a further rise on AirAsia X towards the 123.6%FP (54sen) would encourage profit-taking, with key retracement chart supports seen at the 76.4%FR (44sen) and 61.8%FR (40sen), going forward. AIRASIA Upper Middle RM3.38 (-0.01) BOLLINGER BANDS RM RM 3.43 3.17 10-day 30-day RM 2.92 50-day Lower DMI Recent Signal BUY 2.98 Recent Signal BUY Signal Change AIRASIA X Recent Signal Signal Change RM DAILY MACD Signal Change Upper Middle Lower SIMPLE MOVING AVERAGES RM 3.28 RM 3.11 BOLLINGER BANDS RM RM RM DMI RM0.47 (-0.01) 0.47 0.41 0.36 BUY SIMPLE MOVING AVERAGES RM 0.43 RM 0.41 RM 0.41 DAILY MACD Recent Signal BUY Signal Change 10-day 30-day 50-day Page 2 of 4
24. T e c h n i c a l TA Securities V i e w Thursday , May 04, 2017 FBMKLCI: 1,772.51 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Daily Stock Screen s Malaysia End Day Census of 03.05.2017 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my Report Description: The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger band. [MIDDLE BOLLINGER RANGEBOUND] List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Stock Name Price GLOBALTEC FORMAT MNC WIRELESS BHD M3 TECHNOLOGIES K-STAR SPORTS LT JOHAN HLDGS BHD PERAK TRANSIT BH OLYMPIA INDS BHD JAG BHD HIAP TECK VENTUR PRIVASIA TECHNOL KARYON INDUS BHD SKH CONSORTIUM B PUC FOUNDER MSC LION DIVERSIFIED COMPUGATES HOLDI EA HOLDINGS TANCO HLDGS BHD SUPERCOMNET TECH EMICO HLDGS BHD ASIA POLY HOLDIN D&O GREEN TECH IJM CORP BHD VIZIONE HOLDINGS BIO OSMO BHD GREEN OCEAN CORP JCY INTERNATIONA PRINSIPTEK CORPO DIGISTAR CORP MARCO HOLDINGS B MALAKOFF CORP BH 0.06 0.09 0.09 0.09 0.33 0.26 0.16 0.14 0.33 0.21 0.29 0.16 0.14 0.06 0.04 0.10 0.13 0.20 0.33 0.22 0.66 3.50 0.14 0.10 0.14 0.63 0.20 0.21 0.17 1.24 RSI Bollinger Band Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.04 0.07 0.08 0.06 0.22 0.23 0.14 0.11 0.29 0.18 0.25 0.12 0.13 0.04 0.03 0.07 0.11 0.16 0.30 0.19 0.61 3.44 0.13 0.08 0.11 0.59 0.18 0.20 0.16 1.19 0.05 0.08 0.08 0.09 0.31 0.25 0.16 0.12 0.31 0.20 0.28 0.15 0.14 0.05 0.04 0.10 0.12 0.19 0.32 0.21 0.64 3.49 0.13 0.10 0.13 0.62 0.19 0.21 0.17 1.24 0.06 0.09 0.09 0.11 0.41 0.27 0.17 0.14 0.33 0.21 0.31 0.19 0.15 0.07 0.04 0.13 0.13 0.21 0.33 0.22 0.67 3.53 0.14 0.12 0.14 0.64 0.20 0.22 0.18 1.28 56.97 65.90 63.61 53.70 60.74 59.11 56.97 62.32 56.51 59.59 59.91 61.53 57.59 53.01 57.73 55.67 59.60 60.95 59.24 66.41 57.89 54.98 55.50 53.46 69.20 55.20 60.99 53.90 54.60 53.88 0.05 0.08 0.08 0.10 0.32 0.26 0.16 0.13 0.31 0.20 0.27 0.16 0.14 0.05 0.04 0.11 0.12 0.19 0.31 0.21 0.65 3.50 0.13 0.11 0.13 0.62 0.19 0.21 0.17 1.23 0.05 0.08 0.08 0.08 0.27 0.25 0.16 0.12 0.32 0.19 0.28 0.13 0.14 0.05 0.04 0.09 0.11 0.18 0.31 0.20 0.64 3.49 0.13 0.09 0.12 0.61 0.19 0.21 0.17 1.22 0.05 0.07 0.07 0.07 0.24 0.23 0.14 0.12 0.33 0.18 0.26 0.10 0.12 0.05 0.04 0.08 0.10 0.16 0.30 0.19 0.59 3.45 0.12 0.08 0.11 0.62 0.17 0.20 0.17 1.21 Vol 56,299,500 40,769,800 28,298,300 20,675,500 20,235,500 17,503,100 16,230,200 15,544,300 14,150,800 11,548,700 11,543,800 10,359,400 9,752,400 8,789,000 8,773,800 8,356,700 7,688,600 7,444,200 7,058,000 6,645,200 6,348,200 6,316,200 5,893,700 5,626,200 5,616,700 5,495,000 4,788,700 4,786,500 4,637,000 4,475,700 20-day avg vol 15,936,840 14,575,100 10,778,760 3,612,150 26,441,950 8,377,080 20,124,270 14,320,000 4,923,100 8,902,290 6,225,725 40,539,620 14,656,910 6,927,175 4,186,195 33,974,960 7,193,300 7,672,785 1,508,010 4,498,440 6,983,270 4,577,800 13,573,560 17,890,730 3,419,005 2,202,890 4,064,835 11,874,980 4,050,280 8,443,540 Raw data sourced from Bloomberg *Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns. INTERPRETATION OF TECHNICAL INDICATORS: Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The mediumterm trend is positive if share price stays above the 30-day, and negative if it remains below this average. 14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further near-term downside risk. Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when projecting price targets. Page 1 of 2
25. TA Securities A Member of the TA Group *Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades. [UPPER BOLLINGER BREAKOUT] Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Stock Name YLI HLDGS BHD POLY GLASS FIBRE LEADER STEEL HLD WANG-ZHENG BHD INDUSTRONICS BHD CARING PHARMACY K SENG SENG CORP FOCUS DYNAMICS G WEIDA M BHD LB ALUMINIUM BHD DUTCH LADY MILK ABLEGROUP BHD HOVID BHD PARAGON UNION FAVELLE FAVCO BH APEX EQUITY HDGS ORION IXL BHD EONMETALL GROUP OPENSYS M BHD HOCK SENG LEE Raw data sourced from Bloomberg 20 Price 0.62 0.88 0.53 1.04 0.38 1.87 0.52 0.16 2.01 0.79 58.18 0.19 0.36 0.53 2.82 1.81 0.35 0.64 0.38 1.71 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 0.41 0.09 0.38 0.90 0.23 1.24 0.44 0.08 1.79 0.66 56.31 0.07 0.33 0.43 2.66 1.33 0.29 0.60 0.34 1.64 0.48 0.36 0.43 0.95 0.29 1.47 0.47 0.11 1.87 0.71 57.16 0.12 0.34 0.47 2.72 1.52 0.31 0.62 0.35 1.67 0.54 0.63 0.48 1.01 0.35 1.70 0.50 0.14 1.95 0.77 58.00 0.17 0.35 0.51 2.77 1.72 0.33 0.63 0.37 1.70 88.47 88.85 71.86 72.47 79.54 86.35 68.62 83.12 74.47 73.99 70.54 87.53 72.80 65.34 70.04 80.80 74.98 65.19 69.72 60.81 0.48 0.41 0.44 0.97 0.32 1.53 0.47 0.12 1.89 0.71 57.45 0.13 0.34 0.47 2.72 1.59 0.31 0.62 0.35 1.68 0.47 0.34 0.43 0.94 0.27 1.42 0.46 0.11 1.87 0.72 57.22 0.12 0.34 0.46 2.71 1.46 0.30 0.61 0.35 1.68 0.47 0.33 0.44 0.91 0.24 1.41 0.45 0.10 1.88 0.71 56.34 0.11 0.33 0.48 2.71 1.43 0.26 0.60 0.35 1.69 Vol 4,572,000 6,368,600 7,835,200 1,265,500 26,929,800 281,600 1,501,500 42,533,800 1,584,300 15,776,300 127,000 41,055,300 16,410,200 455,700 825,100 219,800 30,025,900 2,492,300 12,011,100 761,900 20-day avg vol 275,200 385,155 652,520 130,645 2,892,100 31,970 184,665 5,248,760 205,255 2,141,425 18,075 6,455,155 3,064,650 88,885 162,200 43,365 5,934,175 493,950 2,395,145 155,855 *Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off. p [LOWER BOLLINGER BREAKDOWN] Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide) No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Stock Name Price CARLSBERG BREWER MKH BHD CYCLE & CARR BIN WESTPORTS HOLDIN PCHEM 7-ELEVEN MALAYSI CHIN WELL HOLDIN BLD PLANTATION DIGI.COM BHD CLASSIC SCENIC ES CERAMICS TECH ICON OFFSHORE AMFIRST REIT TH HEAVY ENGINEE PAVILION REIT FORMOSA PROSONIC KOSSAN RUBBER IN ATURMAJU RESOURC HOMERIZ CORP BHD KEY ALLIANCE GRO 14.46 2.38 2.57 3.84 7.15 1.53 1.63 8.40 5.01 1.85 0.41 0.39 0.78 0.09 1.72 0.85 5.64 0.38 0.93 0.05 Bollinger Band RSI Moving Average Lower Middle Upper 14-day 10-day 30-day 50-day 14.69 2.47 2.64 3.91 7.21 1.56 1.65 8.42 5.03 1.87 0.42 0.40 0.79 0.09 1.72 0.85 5.64 0.38 0.93 0.05 15.01 2.80 2.79 4.04 7.57 1.66 1.73 8.53 5.11 1.94 0.47 0.46 0.81 0.13 1.74 0.86 6.05 0.41 0.97 0.08 15.32 3.13 2.94 4.17 7.94 1.75 1.81 8.64 5.20 2.02 0.52 0.52 0.83 0.17 1.75 0.88 6.45 0.44 1.00 0.10 36.30 14.40 20.75 34.05 27.41 36.01 25.00 32.09 30.36 31.20 22.71 20.98 33.90 20.82 41.31 33.18 15.37 34.96 25.73 38.14 14.97 2.72 2.74 4.00 7.43 1.65 1.71 8.50 5.13 1.92 0.45 0.44 0.80 0.12 1.74 0.87 5.90 0.40 0.95 0.07 14.96 2.86 2.81 4.03 7.58 1.61 1.75 8.53 5.12 1.95 0.47 0.46 0.81 0.13 1.74 0.88 6.13 0.41 0.98 0.07 14.75 2.89 2.85 4.00 7.49 1.56 1.74 8.50 5.10 1.95 0.47 0.46 0.81 0.14 1.74 0.91 6.22 0.42 0.99 0.06 Vol 261,100 253,500 455,500 10,810,000 16,141,100 1,230,900 1,073,300 10,100 8,004,100 119,200 1,635,900 2,596,900 170,400 9,039,900 4,124,400 423,800 456,400 79,800 637,500 148,531,100 20-day avg vol 156,580 446,675 86,570 2,403,100 7,961,500 1,414,405 371,040 3,305 5,331,950 62,425 748,640 5,425,360 635,945 7,814,145 903,295 158,070 429,145 109,660 416,675 97,739,590 Raw data sourced from Bloomberg Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
26. Thursday , 04 May, 2017 For Internal Circulation Only TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’ Asian Technical Reports 1. Foreign Technical Stock Watch (AUS) 2. Foreign Technical Stock Watch (FSSTI) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research
27. T e c h n i c a l TA Securities V i e w Thursday , May 04, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 Foreign Technical Stock Watch Australia ASX: 5,892.34 (-58.02, -0.98%) THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Name ASX 200 BHP BILLITON RIO TINTO COMMONW BK AUSTR WESTPAC BANKING AUST AND NZ BANK NATL AUST BANK WESFARMERS WOODSIDE PETRO NEWCREST MINING WESTFIELD GROUP FORTESCUE METALS QBE INSURANCE ORIGIN ENERGY AMP SANTOS MACQUARIE GROUP SUNCORP GROUP ORICA OIL SEARCH COCA-COLA AMATIL AMCOR STOCKLAND ALUMINA COMPUTERSHARE QANTAS AIRWAYS SIMS METAL MGMT Tel: +603-2167 9607 stsoo@ta.com.my Close Bollinger Bands RSI Moving Averages DMI Change High Low 3-May Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff 5892.34 -58.02 5950.40 5882.20 5803.62 5886.76 5969.90 53.62 5890.81 5854.58 5817.20 28.75 23.15 20.40 5.61 23.21 59.39 85.35 34.32 31.35 33.09 43.39 32.14 20.99 9.12 5.22 12.98 7.53 5.37 3.63 91.54 14.09 18.42 7.23 9.54 15.20 4.92 1.72 14.71 4.36 12.31 -0.55 -0.57 -1.48 -0.66 -0.90 -0.92 0.08 -0.16 0.03 -0.07 -0.05 0.10 0.17 -0.02 0.07 -1.16 -0.04 -0.24 0.14 0.04 -0.51 -0.05 -0.04 -0.02 0.00 -0.15 23.54 59.89 86.94 34.96 32.20 33.94 43.80 32.59 21.27 9.24 5.31 13.08 7.54 5.40 3.67 93.10 14.12 18.76 7.26 9.59 15.71 4.98 1.76 14.86 4.42 12.49 23.14 58.88 85.20 34.19 31.28 33.02 43.26 32.05 20.83 9.06 5.18 12.72 7.35 5.34 3.53 91.42 14.03 18.33 7.10 9.45 15.20 4.88 1.71 14.59 4.34 12.15 22.97 58.07 84.27 33.96 30.96 32.19 42.95 31.60 20.56 8.89 4.75 12.41 7.01 5.11 3.41 85.22 12.70 17.20 7.06 8.96 14.92 4.65 1.72 13.33 3.70 11.41 24.24 60.09 86.07 34.68 31.92 33.19 44.20 32.64 23.21 9.08 5.63 12.79 7.33 5.26 3.68 89.52 13.46 18.01 7.32 10.22 15.38 4.84 1.79 14.10 4.03 12.12 25.50 62.11 87.86 35.40 32.87 34.19 45.44 33.68 25.85 9.27 6.51 13.17 7.66 5.41 3.94 93.82 14.22 18.82 7.58 11.47 15.85 5.03 1.86 14.87 4.36 12.83 37.17 45.32 47.24 45.89 43.90 49.82 43.33 47.68 29.38 55.35 35.72 55.96 63.05 66.70 47.91 58.21 71.87 56.20 50.07 30.41 47.17 60.10 41.08 65.30 81.89 52.59 23.81 59.76 86.34 34.68 32.09 33.43 43.70 32.31 22.32 9.11 5.28 12.74 7.37 5.29 3.57 90.53 13.74 18.27 7.22 9.71 15.54 4.89 1.79 14.22 4.13 11.99 24.20 60.21 85.55 34.58 31.80 32.96 44.20 32.24 22.96 8.95 5.85 12.79 7.16 5.19 3.70 89.13 13.35 17.90 7.23 10.32 15.22 4.76 1.79 14.02 3.99 12.25 24.57 61.20 84.88 34.50 31.61 32.71 43.86 31.82 22.60 8.87 6.14 12.74 6.92 5.10 3.72 88.54 13.34 18.12 7.14 10.34 14.86 4.70 1.83 13.93 3.88 12.42 18.80 20.00 21.82 21.95 23.45 24.44 20.45 27.54 20.67 26.54 9.50 24.84 36.52 24.42 24.16 34.31 34.83 26.44 20.00 14.43 26.87 22.06 20.96 31.35 39.75 24.83 35.64 30.00 25.46 25.18 29.90 22.65 25.68 27.20 38.72 16.14 34.81 21.29 24.37 7.38 29.37 20.66 14.43 15.14 24.76 41.19 26.45 21.08 32.28 19.96 8.31 19.23 17.02 14.41 14.53 12.28 15.66 19.40 17.88 15.98 25.66 26.35 43.86 14.39 24.95 33.42 20.10 20.52 20.54 21.75 16.60 39.88 24.36 21.81 10.22 19.51 30.87 13.48 (16.84) (10.00) (3.64) (3.23) (6.45) 1.79 (5.23) 0.34 (18.04) 10.40 (25.31) 3.55 12.15 17.04 (5.20) 13.65 20.41 11.29 (4.76) (26.76) 0.42 0.98 (11.32) 11.38 31.44 5.60 www.taonline.com.my MACD Line Signal Diff 30.97 29.59 1.379 -0.28 -0.38 0.53 0.12 0.20 0.32 -0.18 0.09 -0.42 0.08 -0.28 0.04 0.12 0.07 -0.06 1.16 0.21 0.17 0.01 -0.29 0.20 0.07 -0.01 0.22 0.13 -0.05 -0.21 -0.45 0.57 0.13 0.22 0.29 0.00 0.21 -0.01 0.08 -0.27 0.01 0.14 0.06 -0.05 0.73 0.13 0.07 0.05 -0.18 0.22 0.07 -0.01 0.13 0.09 -0.12 (0.068) 0.072 (0.037) (0.008) (0.017) 0.027 (0.175) (0.122) (0.413) (0.006) (0.009) 0.029 (0.022) 0.010 (0.013) 0.432 0.081 0.095 (0.032) (0.114) (0.022) (0.001) (0.002) 0.096 0.039 0.063 DMI MACD Recent Signal BUY BUY SELL SELL SELL SELL SELL BUY SELL BUY SELL BUY SELL BUY BUY BUY SELL BUY BUY BUY SELL SELL BUY BUY SELL BUY BUY BUY SELL BUY SELL SELL SELL BUY SELL SELL SELL SELL SELL BUY SELL BUY SELL BUY BUY BUY SELL SELL SELL SELL SELL BUY BUY BUY DMI MACD Signal Change SELL SELL SELL SELL SELL SELL BUY SELL SELL SELL - The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
28. TA Securities A Member of the TA Group INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker Stock Name BHP AU BHP BILLITON LTD RIO AU RIO TINTO LTD CBA AU COMMONW BK AUSTR WBC AU WESTPAC BANKING ANZ AU AUST AND NZ BANK NAB AU NATL AUST BANK WES AU WESFARMERS LTD WPL AU WOODSIDE PETRO NCM AU NEWCREST MINING WFD AU WESTFIELD GROUP FMG AU FORTESCUE METALS QBE AU QBE INSURANCE ORG AU ORIGIN ENERGY AMP AU AMP LTD STO AU SANTOS LTD MQG AU MACQUARIE GROUP SUN AU SUNCORP GROUP LT ORI AU ORICA LTD OSH AU OIL SEARCH LTD CCL AU COCA-COLA AMATIL AMC AU AMCOR LTD SGP AU STOCKLAND AWC AU ALUMINA LTD CPU AU COMPUTERSHARE LT QAN AU QANTAS AIRWAYS SGM AU SIMS METAL MGMT EPS ($) Div Yield(%) PER(x) Close Target Price % upside 23.21 27.70 16% 59.39 70.56 16% 4.64 3.44 9.6 12.9 4.605 3.460 85.35 83.86 -2% 5.65 5.87 15.1 14.5 4.970 5.120 34.32 34.40 0% 2.42 2.52 14.2 13.6 5.431 5.481 31.35 31.95 2% 2.34 2.42 13.4 12.9 5.136 33.09 32.83 -1% 2.42 2.48 13.7 13.3 43.39 43.44 0% 2.58 2.62 16.8 32.14 33.15 3% 1.26 1.44 19.1 20.99 22.25 6% 0.62 0.83 9.12 9.48 4% 0.33 0.36 52week Price % Chg 2017 2018 2017 2018 2017 2018 High Low YTD 1.47 1.25 11.9 13.9 3.692 3.447 27.96 17.29 -7.38 69.80 41.51 -0.85 87.74 69.22 3.57 35.39 27.57 5.28 5.199 32.95 22.66 3.06 5.935 5.911 34.09 23.90 7.89 16.6 5.056 5.137 46.06 38.62 2.97 16.8 3.174 3.550 33.97 25.10 3.15 25.2 19.0 0.710 1.053 27.20 16.35 3.65 20.7 19.0 2.807 2.862 11.14 8.21 -2.77 -11.38 5.22 6.21 16% 0.77 0.50 5.1 7.9 5.881 3.678 7.27 2.81 12.98 13.67 5% 0.64 0.81 15.1 12.1 3.282 3.860 13.28 9.22 4.51 7.53 7.36 -2% 0.30 0.55 25.2 13.7 0.000 1.408 7.57 4.69 14.26 5.37 5.31 -1% 0.36 0.37 15.1 14.4 5.400 5.661 5.96 4.39 6.55 3.63 4.34 16% 0.12 0.17 22.5 16.2 0.937 1.818 5.07 3.30 -9.70 91.54 90.52 -1% 6.15 6.38 14.9 14.3 4.664 4.881 94.75 62.13 5.07 14.09 13.80 -2% 0.90 0.97 15.6 14.5 5.181 5.571 14.13 11.27 4.22 18.42 16.75 -10% 1.05 1.13 17.5 16.2 2.894 3.143 19.49 12.04 4.19 7.23 8.03 10% 0.21 0.24 25.9 22.2 1.203 1.452 7.75 6.19 0.84 -5.73 9.54 9.47 -1% 0.55 0.57 17.3 16.7 4.811 4.937 10.87 7.94 15.20 15.97 5% 0.61 0.65 18.7 17.5 2.809 3.145 16.66 13.62 1.67 4.92 4.83 -2% 0.32 0.34 15.3 14.6 5.224 5.427 5.11 4.03 7.42 1.72 1.79 4% 0.11 0.10 12.0 13.5 6.064 5.948 2.04 1.21 -6.28 14.71 14.07 -5% 0.56 0.62 19.7 17.8 1.822 1.951 15.04 8.63 18.06 4.36 4.53 4% 0.52 0.53 8.34 8.26 3.394 3.876 4.42 2.58 30.93 12.31 12.31 0% 0.63 0.71 19.6 17.3 3.095 3.119 13.62 7.40 -4.05 Note : The above data is based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2
29. T e c h n i c a l TA Securities V i e w Thursday , May 04, 2017 A Member of the TA Group MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 • Foreign Technical Stock Watch FSSTI: 3,237.81 (+26.70, +0.83%) Singapore THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Chartist: Stephen Soo Stock Name FSSTI SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI YZJ Close Change 3-May 3,237.81 26.70 3.74 20.83 10.18 23.24 65.07 3.54 7.75 3.66 1.11 6.49 7.43 10.28 2.37 0.12 10.85 42.22 3.40 47.53 0.36 3.78 1.89 1.97 3.00 1.64 2.71 2.78 3.83 0.49 1.16 0.01 0.97 0.20 0.44 (0.10) (0.01) 0.05 (0.03) (0.02) (0.01) 0.02 (0.07) (0.01) (0.01) (0.04) 0.27 0.02 (0.49) (0.01) (0.04) 0.01 0.00 (0.01) (0.01) (0.06) 0.01 0.03 0.00 (0.02) Tel: +603-2167 9607 stsoo@ta.com.my High Low Bollinger Bands RSI Lower Mid Upper 14d 3,238.94 3,221.75 3,116.80 3,168.86 3,220.92 71.59 Moving Averages 10d 30d 50d DI + 3,168.14 3,164.30 3,151.26 35.11 DI 17.40 ADX 15.01 Diff 17.72 MACD Line Signal Diff 13.54 7.28 6.266 DMI MACD Recent Signal BUY BUY 3.75 20.83 10.19 23.43 65.48 3.56 7.77 3.71 1.13 6.52 7.44 10.32 2.37 0.13 10.89 42.27 3.41 47.95 0.37 3.81 1.90 1.98 3.02 1.65 2.72 2.80 3.86 0.50 1.19 3.72 20.26 10.02 22.93 64.62 3.52 7.70 3.63 1.11 6.42 7.35 10.27 2.36 0.12 10.63 42.12 3.38 47.30 0.36 3.76 1.88 1.96 2.98 1.64 2.67 2.76 3.80 0.49 1.16 3.74 19.32 9.75 21.99 64.81 3.53 7.69 3.68 1.09 6.55 7.44 10.25 2.35 0.15 10.51 41.98 3.42 47.11 0.35 3.79 1.90 1.99 3.06 1.70 2.71 2.78 3.71 0.48 1.12 25.34 12.81 12.81 18.62 15.69 15.88 10.72 16.20 15.85 35.73 22.84 18.02 10.79 50.15 19.16 13.98 31.50 15.11 22.06 12.96 27.23 25.10 33.15 40.90 19.58 21.69 9.59 23.48 16.33 35.32 16.61 16.75 18.47 17.34 18.01 43.61 16.17 29.03 21.83 14.71 10.19 47.48 49.85 27.71 31.41 21.43 25.40 23.16 18.89 26.14 19.80 28.60 28.72 30.24 14.66 25.02 25.39 26.93 (16.05) 38.31 24.58 28.45 (2.54) (1.96) 16.76 2.16 12.65 (17.74) (8.78) (3.91) 22.54 (44.43) 12.74 10.76 (12.23) 12.28 (0.26) 6.34 (13.12) (7.18) (22.78) (23.25) 7.41 (4.62) 32.24 (4.55) 8.06 -0.05 0.23 0.09 0.18 -0.09 -0.01 0.09 0.02 0.03 -0.09 -0.05 0.06 0.04 -0.02 0.18 0.41 -0.03 0.89 -0.01 0.04 -0.01 0.00 -0.04 -0.05 0.05 -0.02 0.02 -0.01 0.01 SELL BUY BUY BUY SELL SELL BUY BUY BUY SELL SELL SELL BUY SELL BUY BUY SELL BUY SELL BUY SELL SELL SELL SELL BUY SELL BUY SELL BUY 3.65 18.34 9.41 21.15 63.80 3.44 7.57 3.60 1.02 6.37 7.32 10.09 2.29 0.12 9.91 40.99 3.33 43.94 0.34 3.62 1.87 1.95 3.00 1.61 2.57 2.74 3.61 0.45 1.07 3.79 19.21 9.70 21.95 65.21 3.52 7.70 3.68 1.08 6.71 7.52 10.22 2.34 0.17 10.40 41.82 3.46 46.30 0.36 3.74 1.92 1.99 3.10 1.78 2.67 2.82 3.70 0.49 1.14 3.94 20.09 10.00 22.75 66.62 3.59 7.83 3.76 1.14 7.06 7.71 10.35 2.39 0.21 10.89 42.65 3.59 48.67 0.38 3.86 1.97 2.02 3.20 1.94 2.77 2.91 3.78 0.53 1.20 36.41 78.92 77.30 74.25 50.10 49.97 59.65 48.74 62.33 35.45 41.07 56.69 65.22 13.66 69.63 56.29 40.65 60.47 46.25 56.26 41.57 44.75 31.93 28.48 59.45 41.60 74.45 47.51 57.14 3.83 19.15 9.68 21.92 65.36 3.52 7.61 3.68 1.05 6.76 7.56 10.18 2.32 0.17 10.35 41.68 3.50 45.70 0.37 3.72 1.91 1.98 3.12 1.81 2.63 2.84 3.69 0.50 1.13 3.88 19.08 9.63 21.79 65.11 3.57 7.35 3.66 1.03 6.81 7.55 10.08 2.23 0.19 10.14 40.62 3.50 44.79 0.37 3.70 1.94 1.97 3.17 1.83 2.57 2.85 3.69 0.51 1.10 9.29 51.11 37.39 47.07 13.15 13.92 27.49 18.36 28.49 17.99 14.06 14.10 33.32 5.72 31.90 24.74 19.27 27.38 21.80 19.31 14.12 17.92 10.37 17.65 26.99 17.07 41.84 18.93 24.39 DMI www.taonline.com.my -0.04 0.08 0.04 0.07 -0.04 -0.02 0.12 0.02 0.02 -0.06 -0.04 0.06 0.04 -0.01 0.13 0.45 -0.02 0.77 -0.01 0.04 -0.01 0.01 -0.03 -0.03 0.05 -0.02 0.01 -0.01 0.01 (0.000) 0.147 0.048 0.110 (0.048) 0.011 (0.023) 0.000 0.002 (0.029) (0.012) 0.004 (0.003) (0.004) 0.051 (0.046) (0.003) 0.123 0.002 0.001 (0.000) (0.005) (0.009) (0.018) 0.004 (0.004) 0.015 0.003 0.002 SELL BUY BUY BUY SELL BUY SELL BUY BUY SELL SELL BUY SELL SELL BUY SELL SELL BUY BUY BUY SELL SELL SELL SELL BUY SELL BUY BUY BUY DMI MACD Signal Change - SELL - The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section. The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date. Page 1 of 2
30. INTERPRETATION OF TECHNICAL INDICATORS : Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band. 14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term downside risk. Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches below this level. Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend. Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero. Fundamentals of Foreign Technical Picks Bloomberg Ticker ST DBS OCBC UOB JM WIL HKL CAPL GENS KEP SGX SIA FNN NOBL CIT JS SPH JCNC GGR STE OLAM CT SCI SMM CD STH SIE IFAR SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP SP EPS ($) PER(x) Div Yield(%) 52week Price % Chg Stock Name Close Target Price SINGTEL DBS OCBC UOB JARDINE M. WILMAR HK LAND CAPLAND GENSP KEPPEL SGX SIA FNN NOBLE CITY DEV JARDINE S. SG PRESS JARDINE C&C GOLDEN AGRI SG TECH OLAM INT CAP TRUST SEMBCORP SEMCORP M. CMFT DELGRO STARHUB SIA ENG IFOOD AGRI 3.74 4.21 20.83 10.18 23.24 21.94 -6% 2.0 2.1 11.9 11.1 3.1 3.2 23.43 17.41 13.92 65.07 64.13 -0.01 4.1 4.4 15.9 14.8 2.4 2.5 67.27 52.42 17.77 3.54 3.84 8% 0.2 0.2 12.9 12.1 2.0 2.1 4.00 2.96 -1.39 7.75 7.54 -3% 0.4 0.4 19.7 19.0 2.5 2.5 7.88 5.79 22.43 3.66 4.13 11% 0.2 0.2 17.2 17.9 2.8 2.9 3.79 2.85 21.19 1.11 1.06 -4% 0.0 0.0 31.7 29.2 2.6 2.7 1.14 0.69 22.65 6.49 7.06 8% 0.5 0.5 13.5 12.2 3.3 3.6 7.23 5.10 12.09 7.43 7.95 7% 0.3 0.4 22.8 20.9 3.9 4.2 7.84 6.96 3.77 10.28 9.89 -4% 0.4 0.4 23.3 23.9 3.4 2.6 11.67 9.60 6.31 2.37 2.19 -8% 0.1 0.1 30.8 31.2 1.8 1.9 2.41 1.92 13.40 YZJSGD SP YZJ % upside 2017 2018 2017 2018 2017 2018 High Low YTD 11% 0.2 0.3 15.5 14.6 4.8 4.9 4.36 3.59 2.47 20.44 -2% 1.822 1.989 11.4 10.5 3.0 3.0 20.83 14.63 20.13 9.53 -7% 0.9 0.9 11.8 10.8 3.6 3.8 10.19 8.21 14.13 0.12 0.22 0.44 0.0 0.0 5.9 4.2 0.8 0.8 0.35 0.11 -27.65 10.85 10.92 1% 0.6 0.7 17.1 15.8 1.4 1.4 10.93 7.83 31.53 42.22 41.42 -2% 2.8 3.0 15.3 14.2 0.8 0.8 43.78 27.35 27.17 3.40 3.28 -4% 0.1 0.2 22.8 22.5 4.9 4.8 4.05 3.36 -3.68 47.53 50.63 6% 2.2 2.5 15.3 13.9 1.8 2.0 48.50 31.60 15.28 0.36 0.38 5% 0.0 0.0 16.1 14.3 1.9 2.2 0.45 0.33 -16.28 3.78 3.68 -3% 0.2 0.2 21.8 20.8 4.1 4.2 3.82 3.01 17.03 1.89 1.99 5% 0.1 0.1 14.0 13.5 2.5 2.6 2.17 1.58 -4.06 1.97 2.12 7% 0.1 0.1 17.3 16.7 5.6 5.6 2.25 1.87 4.51 3.00 3.55 15% 0.2 0.3 12.7 10.5 3.1 3.4 3.38 2.44 5.26 1.64 1.68 2% 0.0 0.1 34.9 25.6 1.5 1.8 2.09 1.22 18.84 2.71 2.93 8% 0.2 0.2 17.4 16.6 4.1 4.4 3.02 2.37 9.72 2.78 2.60 -7% 0.2 0.2 17.2 18.2 5.8 5.7 3.97 2.73 -1.07 3.83 3.55 -8% 0.2 0.2 24.9 24.2 4.0 3.9 3.91 3.35 13.65 0.49 0.59 17% 451 500 10.4 9.4 15111 16908 0.60 0.44 -6.67 1.16 1.14 -2% 0.5 0.5 11.7 12.2 17.1 17.1 1.19 0.71 42.33 Note : The above data based on Bloomberg consensus. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research Page 2 of 2