Bursa Malaysia Daily Market Report - 8 March

Transcription

1. Thursday , 08 March, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only N ew s 1. D ai l y M arke t C om men t a ry 2. D ai l y B ri ef Fu nd a me n tal Rep o r ts 1 . C a p it a L a n d M a la ys ia M a ll T ru s t : A Ba rg a in B u y 2 . M a la ys i a n Ec o n o m y : O PR St a y s a t 3 .2 5 % Te ch n ic al R ep o rt s 1. D ai l y Te ch n ic a l St o ck Pi cks ( L oc al ) 2. D ai l y St o ck S cr een 3. D ai l y For ei gn T ech n i c al St o ck P i cks ( F SS T I ) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
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Daily Market Commentary Thursday , 08 March 2018 TA Research, e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (07.03.2018) (mil) Main Market 1,996.8 Warrants 607.1 ACE Market 500.5 Bond 3.8 ETF 0.2 LEAP 0.0 Total 3,108.4 Off Market 10.6 Volume +/-chg (RMmn) 195.3 2,998.0 181.9 100.2 -24.8 75.1 -11.7 0.8 0.1 0.2 (0.01) 0.0 3,174.3 -105.0 2.3 Value Value/ +/-chg Volume Up Down 1331.4 1.50 102 598 -273.4 0.17 44 277 -431.1 0.15 13 108 -3.9 0.20 3 5 0.2 1.51 1 3 0.0 0.00 0 0 1.02 163 991 -90.3 0.22 Major Indices Index +/- chg Malaysia FBMKLCI FBMEMAS FBMSCAP March Futures Other Markets DOW JONES NASDAQ (US) FTSE (UK) NIKKEI (JAPAN) KOSPI (KOREA) HANG SENG (HK) FSSTI (S'PORE) SET (BANGKOK) JCI (JAKARTA) SHANGHAI SHENZHEN AUSTRALIA % YTD chg 1,837.90 12,930.47 15,787.32 1,832.50 -10.47 -140.33 -378.53 -14.00 -0.57 -1.07 -2.34 -0.76 2.29 -0.09 -7.41 2.66 24,801.36 7,396.65 7,157.84 21,252.72 2,401.82 30,196.92 3,450.69 1,781.64 6,368.27 3,271.67 1,837.87 5,901.99 -82.76 24.64 11.09 -165.04 -9.59 -313.81 -41.23 -17.42 -131.84 -17.97 -14.36 -60.45 -0.33 0.33 0.16 -0.77 -0.40 -1.03 -1.18 -0.97 -2.03 -0.55 -0.78 -1.01 0.33 7.15 -6.89 -6.64 -2.66 0.93 1.40 1.59 0.20 -1.07 -3.24 -2.69 (mn) 4.4 @ 3.0 @ 1.0 @ (RM) 0.07 0.10 0.09 Exchange Rate USD/MYR 3.8980 0.004 USD/JPY 106.05 -0.110 EUR/USD 1.241 0.0004 Counter MAYBANK PBBANK TENAGA CIMB PCHEM MAXIS HLBANK SIMEPLT PETGAS GENTING Mkt Cap. Chg (RM’mn) (RM) 113,742 88,583 88,389 65,963 63,680 45,926 38,253 36,997 34,430 33,525 -0.02 -0.06 -0.04 -0.05 -0.02 -0.03 -0.12 -0.07 -0.22 -0.13 Market sentiment should remain fragile with increased concerns US protectionist policies may gain the upper hand to complicate global trade following the resignation of a key free trade advocate from the US government. Immediate support for the index is at the 50-day moving average now at 1,830, followed by the lower Bollinger band at 1,821, while stronger support is at 1,800. Crucial resistance-turn-support is at 1,796, the June 2017 peak matching the 6 Feb pivot low. Immediate resistance will be the overhead 10-day ma at 1,855, followed by last week's high of 1,872, with tough hurdle from the 2 Feb peak of 1,880. Another selloff on Sime Darby below the 61.8%FR (RM2.55) should grease slide towards the 50%FR (RM2.39), matching the 100-day ma and yesterday's low, with better supports from the 200-day ma (RM2.26) and 38.2%FR (RM2.23), while overhead resistance is from the 76.4%FR (RM2.74). A selloff on Westports below the 23.6%FR (RM3.43) could accelerate fall towards RM3.26, with crucial support from the 6/2/18 low (RM3.12), while resistance is seen from the 38.2%FR (RM3.62) and 50%FR (RM3.78). News Bites Top 10 KLCI Movers Based on Mkt Cap. Off Market XINGHE JAG PA % chg Stocks slumped again in sympathy with the region Wednesday on negative sentiment following the resignation of the US President's top economic adviser Gary Cohn, which reignited worries over more protectionist measures damaging global trade. The KLCI slid 10.47 points to close at 1,837.90, off the opening high of 1,848.85 and low of 1,834.66, as losers trashed gainers 991 to 163 on higher turnover of 3.11bn shares worth RM3.17bn. Vol. (mn) 38.29 7.46 11.10 12.31 5.98 1.29 0.62 4.18 0.42 3.99 Commodities Futures Palm Oil (RM/mt) 2,450.00 -35.00 Crude Oil ($/Barrel) 61.35 -1.01 Gold ($/tr.oz.) 1,326.30 -9.40 Important Dates HSSEB - 1:10 Rights Issue - RI of up to 31.9m shares together with BI of up to 15.9m shares and up to 47.9m free detachable warrants. 1 rights share for every 10 existing shares held, at an issue price of RM1.30 per rights share, together with 1 bonus share and 3 warrants for every 2 rights shares subscribed. Application Closed: 08/03/2018. LISTING ON: 21/03/2018. • The Monetary Policy Committee of Bank Negara Malaysia decided to maintain the Overnight Policy Rate at 3.25%. • Bank Negara Malaysia's international reserves rose by US$100mn to US$103.7bil as at Feb 28, 2017 from two weeks earlier, sufficient to finance 7.2 months of retained imports and is 1.1 times the short-term external debt. • The Ministry of Finance has taken back control of The Exchange 106 skyscraper at the Tun Razak Exchange, after buying a 51% stake in Mulia Property Development Sdn Bhd. • Sarawak will assume full regulatory authority over the upstream and downstream operations and activities of the Oil & Gas industry by July this year. • AirAsia has chosen US customer relationship management company, Salesforce, as its strategic technology partner towards revamping customer care for the digital era. • MyHSR Corporation Sdn Bhd will call for a tender to appoint the Final Survey Consultants for the Kuala Lumpur - Singapore High Speed Rail project on March 9, 2018. • Malayan Banking Bhd said the Monetary Authority of Singapore has approved an application for its wholly-owned subsidiary to acquire 100% equity interest in Singapore Unit Trusts Ltd. • Omesti Bhd has disposed of 90mn shares of 6.64% stake in Diversified Gateway Solutions Bhd for RM10.78mn cash. • Suria Capital Holdings Bhd has introduced RAPS Solutions Sdn Bhd as a shareholder in a subsidiary tasked to develop a 2MW solar photovoltaic power plant in Papar, Sabah. • Taliworks Corp Bhd is being sued by Tenaga Nasional Bhd for a total of RM35.7mn for outstanding payments of electricity bills. • SCH Group Bhd is acquiring an 83.33% equity interest in PK Fertilizers (Sarawak) Sdn Bhd for RM19.05mn, from PK Fertilizers Sdn Bhd. • JAKS Resources Bhd has agreed to complete Tower A of the Pacific Star project in Petaling Jaya by June 30 as demanded by Star Media Group Bhd. • Atta Global Bhd is buying Sungguh Gemilang Development Sdn Bhd that owns a 76,423 sq ft land in Penang for RM1.15mn, plus proposed assumption of liabilities of RM10.85mn. • Hiring at private U.S. employers grew by 235,000 in February, more than expected 200,000, according to Automatic Data Processing Inc. and Moody's Analytics. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan, Head of Research MENARA TA ONE, 22 JALAN for TA SECURITIES HOLDINGS BERHAD (14948-M) A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048 www.ta.com.my
3. Thursday , March 08, 2018 FBMKLCI: 1,837.90 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Brief Market View, News in Brief: Corporate, Economy, and Share Buybacks Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my M a r k e t V i e w Sentiment Damage Over Global Trade Complications Stocks slumped again in sympathy with the region Wednesday on negative sentiment following the resignation of the US President’s top economic adviser Gary Cohn, which reignited worries over more protectionist measures damaging global trade. The KLCI slid 10.47 points to close at 1,837.90, off the opening high of 1,848.85 and low of 1,834.66, as losers trashed gainers 991 to 163 on higher turnover of 3.11bn shares worth RM3.17bn. Support Now at 1,830, Resistance at 1,855 Market sentiment should remain fragile with increased concerns US protectionist policies may gain the upper hand to complicate global trade following the resignation of a key free trade advocate from the US government. Immediate support for the index is at the 50-day moving average now at 1,830, followed by the lower Bollinger band at 1,821, while stronger support is at 1,800. Crucial resistance-turn-support is at 1,796, the June 2017 peak matching the 6 Feb pivot low. Immediate resistance will be the overhead 10-day ma at 1,855, followed by last week’s high of 1,872, with tough hurdle from the 2 Feb peak of 1,880. SELL Sime Darby & Westports Another selloff on Sime Darby below the 61.8%FR (RM2.55) should grease slide towards the 50%FR (RM2.39), matching the 100-day ma and yesterday’s low, with better supports from the 200-day ma (RM2.26) and 38.2%FR (RM2.23), while overhead resistance is from the 76.4%FR (RM2.74). A selloff on Westports below the 23.6%FR (RM3.43) could accelerate fall towards RM3.26, with crucial support from the 6/2/18 low (RM3.12), while resistance is seen from the 38.2%FR (RM3.62) and 50%FR (RM3.78). Asian Markets Dragged Down By Gary Cohn’s Resignation Asia-Pacific stocks were broadly lower Wednesday with investors spooked by news that Gary Cohn would resign as President Donald Trump’s top economic adviser after he lost a fight over tariffs. Gary Cohn will resign from the White House after 14 months serving as President Donald Trump’s top economic adviser, he said Tuesday, days after Mr. Trump surprised his senior staff by announcing steel and aluminum tariffs that Mr. Cohn had opposed. Mr. Cohn’s departure could further rattle investors. Though not universally well liked on Wall Street, Mr. Cohn was widely admired for his market savvy and his pro-trade world view, which many traders and executives share. Japan’s Nikkei share average dropped on Wednesday, with commodities-related stocks, banks and auto makers sagging. Nikkei average dropped 0.8 percent to 21,252.72. South Korea's Kospi shed 0.4 percent to close at 2,401.82 after notching gains earlier in the day. In down under, the S&P/ASX 200 declined 1.01 percent to end at 5,902. All of the benchmark's subindexes finished the day in the red. China stocks also reversed gains from earlier in the session to end lower, as fears of a trade war were rekindled amid the departure of Gary Cohn, a key advocate for free trade in the White House. The Shanghai Composite index was down 0.5 percent at 3,271.67. Page 1 of 8
4. 8-Mar-18 Dow and S &P 500 Edge Lower as Trade War Fear Weighs The S&P 500 index and the Dow Jones Industrial Average closed well off session lows on Wednesday, as investors struggled to get a read on U.S. trade policy after the President Donald Trump proposed tariffs on steel and aluminum imports. Stocks fell sharply earlier on news that Trump's top economic advisor, Gary Cohn, had resigned after the president proposed tariffs on steel and aluminum imports. His decision to leave the role as the president’s top economic adviser adds to fears that Trump is adopting an increasingly protectionist stance and could spark a global trade war. However, on late Wednesday White House spokeswoman Sarah Sanders said Trump is expected to sign something by the end of the week with “potential carve-outs for Mexico and Canada based on national security, and possibly other countries as well”. Trump is expected to release more details on his tariffs plan on late Thursday or Friday. Meanwhile, some of the selling pressure eased following the release of the Federal Reserve’s beige book, which emphasized modest economic growth and moderate inflation, helping the indexes to bounce off intraday lows. Shares of industrial firms that would be most affected by higher commodity costs were among the worst performers Wednesday. Heavy machinery maker Caterpillar fell 1.5 percent, weighing on the Dow. The Dow Jones Industrial Average fell 82.76 points, or 0.33 percent, to end at 24,801.36, the S&P 500 lost 1.32 points, or 0.05 percent, to 2,726.80 and the Nasdaq Composite added 24.64 points, or 0.33 percent, to 7,396.65. Page 2 of 8
5. 8-Mar-18 N e w s I n B r i e f Corporate Sarawak will assume full regulatory authority over the upstream and downstream operations and activities of the Oil & Gas (O&G) industry by July this year. All companies or persons involved in the O&G industry must henceforth have the necessary licenses, leases and approvals required either under the Sarawak Oil Mining Ordinance 1958 or Sarawak Gas Distribution Ordinance 2016 (StarBiz). The Ministry of Finance (MoF) has taken back control of The Exchange 106 skyscraper at the Tun Razak Exchange (TRX) here, after buying a 51% stake in Mulia Property Development Sdn Bhd, which is developing the 3.42-acre TRX land (The Edge). AirAsia has chosen US customer relationship management company, Salesforce, as its strategic technology partner towards revamping customer care for the digital era. According to management, the customer-obsessed approach of Salesforce gives AirAsia a complete view of the airline's guests across all channels, allowing it to deliver a faster and more personalised service (StarBiz). MyHSR Corporation Sdn Bhd (MyHSR) will call for a tender to appoint the Final Survey Consultants (FSC) for the Kuala Lumpur - Singapore High Speed Rail (KL-SG HSR) project on March 9, 2018. The FSC tender will be divided into six packages, with three reserved for Bumiputera firms. The main scope of the FSC is to conduct land survey and provide land administration support for the land acquisition process for the KL-SG HSR project within Malaysia (Bernama). Malayan Banking Bhd (Maybank) said the Monetary Authority of Singapore (MAS) has approved an application for its wholly-owned subsidiary Maybank Asset Management Group Bhd (MAMG) to acquire 100% equity interest in Singapore Unit Trusts Ltd (SUTL). MAS approved applications for the acquisition as well as the proposed subscription by Permodalan Nasional Bhd (PNB) of 8.33mn shares or a 20% stake in MAMG (The Edge). Omesti Bhd has disposed of 90mn shares of 6.64% stake in Diversified Gateway Solutions Bhd DGSB) for RM10.78mn cash. According to Omesti, the net proceeds from the disposal will go towards paring down the group's borrowings and for working capital purposes (StarBiz). Suria Capital Holdings Bhd has introduced RAPS Solutions Sdn Bhd as a shareholder in a subsidiary tasked to develop a 2MW solar photovoltaic power plant in Papar, Sabah. In January 2017, Suria Capital acquired Borderless Unity Sdn Bhd — now renamed Suria RE Sdn Bhd — for it to serve as a special purpose vehicle for the solar plant project. RAPS now owns a 5% stake in Suria RE, whilst SCHB Engineering now holds a 35% stake in Suria RE, with the balance 60% held by Suria Capital (The Edge). Taliworks Corp Bhd is being sued by Tenaga Nasional Bhd (TNB) for a total of RM35.7mn. Taliworks said it had received two writs of summons from TNB claiming a total of RM35.7mn for outstanding payments of electricity bills. The first suit was for the outstanding sum of RM8.01mn and the second for RM27.69mn, both as at Jan 31, 2018. The suits have been fixed for case management on April 2 and April 19 respectively (The Edge). SCH Group Bhd (SCH) today announced its entry into the fertiliser business, a month after diversifying into the event equipment supply and rental activity. The group said it is acquiring an 83.33% equity interest in PK Fertilizers (Sarawak) Sdn Bhd (PKF Sarawak) for RM19.05mn, from PK Fertilizers Sdn Bhd. SCH said it will pay RM11.45mn in cash and issue 40mn new shares in the group at 19 sen per share (The Edge). Page 3 of 8
6. 8-Mar-18 JAKS Resources Bhd has agreed to complete Tower A of the Pacific Star project in Petaling Jaya by June 30 as demanded by Star Media Group Bhd . JAKS said it wrote to Star yesterday saying it "shall endeavour" to complete the building by that date as sought by Star in a notice of demand dated Feb 28 (The Edge). Atta Global Bhd is buying a property firm that owns a 76,423 sq ft land in Penang on which the group intends to undertake a mixed development project. The group is acquiring Sungguh Gemilang Development Sdn Bhd for RM1.15mn, plus proposed assumption of liabilities of RM10.85mn, bringing the total consideration to RM12mn. According to the group, the land was valued at RM12.5mn, based on a valuation exercise on March 3 by Henry Butcher Malaysia (Bursa Malaysia). Page 4 of 8
7. 8-Mar-18 N e w s I n B r i e f Economy Asia Monetary Policy Statement by Bank Negara Malaysia The Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.25%. The global economy continues to strengthen. Global trade is showing strong growth momentum. In the advanced economies, rising wages and policy support will provide further impetus to growth. In Asia, growth will be driven by sustained domestic activity and strong external demand. Recent adjustments in the financial markets, though short-lived, indicate that volatility may reemerge. Trade tensions have also risen in the recent period. At this point, risks to the global growth outlook remain balanced, pointing towards continuity in global economic expansion. For Malaysia, the strong growth performance in the fourth quarter of 2017 continued to be anchored by private sector spending. Looking ahead, growth prospects will be sustained by the positive global growth outlook and spillovers from the external sector to the domestic economy. Domestic demand will remain the key driver of growth, underpinned by favourable income and labour market conditions, spending on new and ongoing infrastructure projects and sustained capital investment by firms in the manufacturing and services sectors. With additional impetus from the external sector, growth is expected to remain strong in 2018. At the current level of the OPR, the degree of monetary accommodativeness is consistent with the policy stance to ensure that the domestic economy continues on a steady growth path amid lower inflation. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation. (BNM) Bank Negara's Foreign Reserves Higher at End-Feb Bank Negara Malaysia's international reserves rose by US$100mil to US$103.7bil as at Feb 28, 2017 from two weeks earlier. The central bank said the reserves position was sufficient to finance 7.2 months of retained imports and was 1.1 times the short-term external debt. The reserves rose from US$103.6bil as at Feb 15, 2018. The reserves position then was sufficient to finance 7.1 months of retained imports and is 1.1 times the short-term external debt. (The Star) Malaysia’s Weekly fuel prices: Petrol Up 1 Sen, Diesel Down 1 Sen The second week of March will see minimum changes to the retail fuel prices. RON95 petrol increased by one sen to RM2.21 per litre. RON97 petrol remained at RM2.47 per litre. Diesel, meanwhile, saw a one sen drop, at RM2.17 per litre compared to RM2.18 last week. The new prices, effective from March 8 to 14, were announced by the Domestic Trade, Cooperatives and Consumerism Ministry. The managed float system for fuel prices was implemented in March 2017. (New Straits Times) Australia's Central Bank Chief Slams U.S. Tariffs The head of Australia’s central bank is upbeat about domestic economic growth despite a disappointing end to last year, but fears the specter of a trade war calling threatened U.S. tariffs “highly regrettable.” President Donald Trump intends to slap duties on imports of steel and aluminum, a pledge that has met with warnings of retaliation from the rest of the world and spooked financial markets. Reserve Bank of Australia (RBA) Governor Philip Lowe’s comments come as data showed growth in Australia’s A$1.8 trillion ($1.40 trillion) economy slowed last quarter as bad weather hit exports, although a pickup in spending helped it extend its 26-year run without recession. Lowe slammed the tariffs at a business summit in Sydney, saying a tit-for-tat move from other countries would be very damaging. Australia’s export-driven economy relies heavily on international trade and capital. It is particularly vulnerable to a U.S.-led trade war, which threatens the outlook for global growth and the demand for commodities. Those concerns have been reflected in global financial markets, with investors dumping shares for the safety of gold, cash, the Japanese yen and Swiss francs. (Reuters) Page 5 of 8
8. 8-Mar-18 Australia GDP Growth Slows to 0 .4% Australia’s economy grew at a slower pace than expected in the fourth quarter as a rebound in household consumption was offset by a fall in exports. The country’s gross domestic product grew 0.4% quarter on quarter in the three months through the end of December, slowing from 0.7% growth in the previous quarter, according to the Australian Bureau of Statistics. That was below a median of economists’ estimates compiled by Reuters forecasting 0.6% growth. Household consumption grew 1% during the period while exports of rural goods and transport equipment fell and construction of homes was also lower. In year-onyear terms, GDP grew 2.4% in the fourth quarter, short of the 2.5% growth forecast and at a slower rate than the 2.8% pace recorded in the previous quarter. (Financial Times) United States U.S. Private Sector Adds 235,000 Jobs in February Hiring at private U.S. employers grew more than expected in February, according to a report. Firms across the country added 235,000 workers in February, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall Street Journal had expected the addition of 200,000 jobs. Still, natural resources and mining added only 2,000 jobs and the information sector posted a 1,000 job decline. The January figure was revised up to 244,000 from 234,000. The ADP report is based on privatepayroll data in addition to government data. The ADP report comes ahead of the monthly jobs report from the U.S. Bureau of Labor Statistics on Friday. Economists expect nonfarm jobs to rise by 205,000 for February, compared with 200,000 the prior month. (The Wall Street Journal) U.S. Fourth-Quarter Unit Labor Costs Revised Higher U.S. unit labor costs increased faster than initially thought in the fourth quarter amid weak worker productivity, but the trend pointed to a gradual increase in inflation. U.S. unit labor costs increased faster than initially thought in the fourth quarter amid weak worker productivity, but the trend pointed to a gradual increase in inflation. Inflation is expected to accelerate this year, driven by rising commodity prices and tightening labor market conditions. The labor market is considered to be either near or a little beyond full employment. Inflation has consistently undershot the Federal Reserve’s 2% target since mid2012. The increase in hourly compensation in the fourth quarter was revised up to a 2.4% rate from the previously reported 1.8% rate. Worker productivity was revised to show it unchanged instead of declining at a 0.1% rate as reported last month. Productivity grew at a 2.6% rate in the third quarter and increased at a 1.1% rate compared to the fourth quarter of 2016. Worker productivity has increased at an average annual rate of 1.2% from 2007 to 2017, below its long-term rate of 2.1% from 1947 to 2017. Sluggish productivity could make it difficult for the Trump administration to lift annual economic growth to 3% on a sustainable basis. (Reuters) Page 6 of 8
9. 8-Mar-18 U .S. Trade Deficit Widened Again in January The foreign-trade deficit widened in January for the fifth straight month and hit its largest level in over nine years, as exports weakened in the first month of 2018. The U.S. trade gap in goods and services expanded 5.0% from the prior month to a seasonally adjusted $56.60 billion in January, the Commerce Department said Wednesday. That was a fresh postrecession record; the monthly trade deficit was last larger in October 2008. Economists surveyed by The Wall Street Journal had projected a January trade deficit of $55.0 billion. Imports were unchanged from December, with a rise in petroleum imports offset by declines in other categories. Exports fell 1.3% in January, including reduced shipments of capital goods and industrial supplies. Excluding services, the U.S. trade gap for goods in January was the largest since July 2008. The monthly trade deficit in goods with China widened to its highest level since September 2015, and the U.S. goods deficit with Canada hit its highest level since the end of 2014. Those figures weren’t adjusted for seasonality. In general, data on international trade can be volatile from month to month, and the figures weren’t adjusted for inflation. The broader trend also shows a widening trade deficit. Compared with a year earlier, the trade gap in January widened 16.2% as imports climbed 7.4% and exports rose a more modest 5.1%. (The Wall Street Journal) Europe and Uni ted Kingdom Strong Eurozone Economy Confirmed at End of 2017 The Eurozone economy grew by 0.6% in the final quarter of last year, European statistics agency Eurostat confirmed, ensuring that the single currency bloc expanded at its fastest rate in more than decade last year. Eurostat confirmed its earlier estimate that the economy of the 19 countries sharing the Eurozone grew by 0.6% month-on-month and by 2.7% year-onyear. That followed expansion of 0.7% and 2.7% respectively in the third quarter. Overall in 2017, Eurozone GDP rose 2.3%, Eurostat said, the fastest rate of growth since a 3.0% rise in 2007. It had previously estimated 2017 growth at 2.5%. It said its revision was due to the removal of calendar day adjustments. The fourth-quarter expansion was on a par with that of the United States quarter-on-quarter and above the U.S. year-on-year growth rate of 2.5%. (Reuters) UK House Prices Rise at Slowest Pace in Nearly Five Years – Halifax British house prices rose at their slowest annual pace in nearly five years last month, figures from mortgage lender Halifax showed, the latest sign of weakening in the housing market as Britain approaches its departure from the European Union. Halifax said on Wednesday that average house prices increased by 1.8% in the three months to February compared with the same period of 2017, slowing from 2.2% in January and the weakest increase since March 2013. However, the rise was a bit faster than a forecast in a Reuters poll of economists for growth of 1.6%. In monthly terms, prices rose by 0.4% in February from January, the first increase in three months, Halifax said. Britain’s housing market has been hit by the squeeze on household incomes caused by higher inflation after the Brexit vote in 2016 pushed down the value of the pound. Weak wage growth has added to the strain on many households while the overall economy has slowed. Before the referendum, the Halifax house price index showed house prices were rising by as much as 10% a year. (Reuters) Page 7 of 8
10. 8-Mar-18 Share Buy-Back : 07 March 2018 Company AMPROP APM DAYA E&O FIMACOR FITTERS GLOMAC IJM KOMARK KPJ KSL MALAKOF NYLEX PRESTAR SALCON SAUDEE SNTORIA SUNWAY TITIJYA UNIMECH Bought Back 130,000 1,000 1,000 58,000 30,000 99,400 33,000 275,000 35,200 362,600 734,600 3,000,000 172,000 100,000 30,000 5,000 297,500 3,396,400 50,000 37,000 Price (RM) Hi/Lo (RM) 0.735/0.72 3.51 0.05 1.43 1.98/1.96 0.40 0.525/0.515 2.60/2.58 0.19 0.92 1.01 0.89/0.875 0.80/0.78 0.97/0.96 0.40 0.46 0.62/0.60 1.60/157 0.60/0.585 1.04/1.01 0.735/0.715 3.51/3.50 0.045/0.035 1.43/1.39 1.98/1.95 0.40/039 0.525/0.505 2.69/2.57 0.185/0.18 0.92/0.90 1.02/1.00 0.90/0.875 0.80/0.78 0.985/0.94 0.41/0.40 0.46/0.445 0.63/0.60 1.60/156 0.61/0.585 1.06/1.00 Total Treasury Shares 16,192,100 6,016,500 9,000 25,770,747 4,294,000 33,507,900 5,880,700 497,700 5,848,700 67,471,300 14,446,100 27,918,500 6,232,324 7,139,100 4,080,062 92,000 5,013,000 30,309,262 100,000 7,048,010 Source: Bursa Malaysia Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 8 of 8
11. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) PER (X) Div Yield (%) FY18 FY19 FY18 FY19 FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD 07-Mar-18 AUTOMOBILE BAUTO 2.02 2.50 23.8% Buy 2,341 0.50 14.3 19.9 14.2 10.2 5.7 5.9 2.47 -18.2 1.84 9.8 MBMR 2.27 2.47 8.8% Hold 887 0.69 24.7 26.9 9.2 8.4 2.6 3.1 2.60 -12.7 2.01 12.9 -8.2 3.2 PECCA 1.30 1.62 24.6% Buy 240 0.47 9.7 10.9 13.4 11.9 3.8 3.8 1.70 -23.5 1.26 3.2 -16.1 SIME 2.60 2.55 -1.9% Sell 17,682 1.58 13.2 16.4 19.7 15.9 1.3 1.6 3.06 -15.0 2.03 28.3 17.6 UMW 5.81 5.52 -5.0% Sell 6,788 1.33 28.6 40.2 20.3 14.5 2.4 3.4 6.98 -16.8 4.70 23.6 11.7 BANKS & FINANCIAL SERVICES ABMB 4.10 4.60 12.2% Buy 6,347 1.26 32.6 35.8 12.6 11.4 3.9 3.9 4.49 -8.7 3.62 13.3 0.5 AFFIN 2.53 2.40 -5.1% Sell 4,916 0.93 22.2 23.9 11.4 10.6 3.2 3.2 2.98 -15.0 2.22 13.9 9.5 -11.1 AMBANK 3.92 4.70 19.9% Buy 11,816 1.43 38.1 44.4 10.3 8.8 4.6 4.6 5.70 -31.2 3.92 0.0 CIMB 7.15 8.60 20.3% Buy 65,963 1.67 58.2 59.9 12.3 11.9 4.1 4.2 7.39 -3.2 5.31 34.7 9.3 HLBANK 18.70 19.30 3.2% Hold 38,253 0.81 116.8 126.8 16.0 14.7 2.6 2.6 20.02 -6.6 13.38 39.8 10.0 MAYBANK 10.48 11.50 9.7% Buy 113,742 1.00 74.1 78.3 14.1 13.4 5.2 5.2 10.58 -0.9 8.70 20.5 6.9 PBBANK 22.94 27.30 19.0% Buy 88,583 0.72 153.3 166.5 15.0 13.8 2.5 2.6 23.16 -0.9 19.66 16.7 10.4 RHBBANK 5.24 6.10 16.4% Buy 21,013 1.55 54.3 59.0 9.6 8.9 2.9 2.9 5.61 -6.6 4.71 11.3 4.8 BURSA 11.14 11.80 5.9% Buy 5,988 0.93 43.9 45.0 25.4 24.8 3.2 3.2 11.48 -3.0 8.88 25.5 10.1 Note: BURSA proposed bonus issue of shares on the basis of 1 for 2. Ex-Target price RM7.04 BUILDING MATERIALS ANNJOO 3.48 4.34 24.7% Buy 1,800 1.33 43.7 46.6 8.0 7.5 6.2 7.1 3.98 -12.6 2.27 53.3 -9.8 CHINHIN 1.06 1.39 31.1% Buy 590 0.99 11.4 11.1 9.3 9.5 6.0 5.3 1.49 -28.9 1.00 6.5 -12.4 ENGTEX 1.07 1.38 29.0% Buy 455 0.83 14.2 16.1 7.6 6.7 3.9 5.1 1.52 -29.6 1.01 5.9 -2.7 GADANG 1.00 1.69 69.0% Buy 660 1.12 14.2 18.1 7.0 5.5 3.0 3.0 1.37 -27.0 0.99 1.5 -9.9 GAMUDA 5.06 6.00 18.6% Buy 12,434 0.87 34.5 35.6 14.7 14.2 2.4 2.4 5.52 -8.3 4.58 10.5 2.0 IJM 2.59 2.89 11.6% Sell 9,398 1.17 13.7 18.2 18.9 14.3 3.7 3.7 3.61 -28.3 2.57 0.8 -15.1 CONSTRUCTION KAB 0.27 0.38 41.5% Buy 8 na 31.4 37.3 0.8 0.7 3.8 4.5 0.33 -19.7 0.25 8.2 -11.7 PESONA 0.37 0.46 24.3% Buy 257 1.11 5.0 4.5 7.5 8.2 4.1 4.1 0.74 -49.7 0.36 2.8 -17.8 SENDAI 0.76 0.55 -27.6% Sell 594 1.19 9.1 8.5 8.4 9.0 1.3 1.3 1.39 -45.3 0.58 32.2 -12.1 SUNCON 2.16 2.65 22.7% Hold 2,791 0.57 14.7 16.4 14.7 13.1 3.7 4.2 2.64 -18.2 1.70 27.1 -13.9 WCT 1.46 1.50 2.7% Sell 2,054 0.90 11.3 10.8 12.9 13.5 2.1 2.1 2.48 -41.0 1.45 0.7 -9.9 LITRAK 5.55 6.26 12.8% Hold 2,929 0.38 45.6 47.1 12.2 11.8 4.5 4.5 6.15 -9.8 5.40 2.8 0.0 CARLSBG 19.70 18.09 -8.2% Buy 6,060 0.75 87.8 91.8 22.4 21.5 4.4 4.5 19.80 -0.5 14.12 39.5 28.8 HEIM 21.90 21.64 -1.2% Hold 6,616 0.39 93.0 101.6 23.5 21.6 3.5 3.6 22.00 -0.5 16.98 29.0 15.9 AEON 1.76 1.97 11.9% Buy 2,471 0.31 7.5 8.9 23.4 19.7 2.6 2.8 2.52 -30.2 1.45 21.4 0.0 AMWAY 7.50 8.59 14.5% Buy 1,233 0.46 48.3 49.9 15.5 15.0 5.3 5.5 8.18 -8.3 7.04 6.5 1.6 F&N 30.74 33.74 9.8% Buy 11,267 0.25 122.7 145.8 25.1 21.1 2.6 3.1 31.50 -2.4 23.40 31.4 13.9 CONSUMER Brewery Retail HUPSENG 1.09 1.25 14.7% Buy 872 0.41 5.7 5.9 19.1 18.4 5.5 5.5 1.28 -14.8 1.05 3.8 0.0 JOHOTIN 1.02 1.48 45.1% Buy 317 1.00 11.1 12.0 9.2 8.5 5.9 6.4 1.76 -42.0 1.00 2.0 -15.7 NESTLE 137.00 129.90 -5.2% Hold 32,127 0.53 322.2 360.2 42.5 38.0 2.2 2.4 137.00 0.0 76.20 79.8 32.8 PADINI 5.10 4.67 -8.4% Sell 3,355 0.79 28.0 30.4 18.2 16.8 2.5 2.5 5.50 -7.3 2.86 78.4 -3.4 POHUAT 1.51 2.01 33.1% Buy 332 0.60 22.9 25.4 6.6 5.9 5.3 5.3 2.07 -27.0 1.43 5.6 -15.6 QL 4.86 5.41 11.3% Hold 7,885 0.59 12.8 14.7 37.9 33.0 0.9 1.0 4.98 -2.4 3.45 41.0 11.7 SIGN 0.59 0.92 57.3% Buy 134 0.69 6.9 9.2 8.4 6.4 4.3 6.0 1.07 -45.3 0.57 2.6 -17.0 28.02 34.72 23.9% Hold 8,001 1.43 170.8 168.8 16.4 16.6 5.7 5.7 49.00 -42.8 27.48 2.0 -30.0 GENTING 8.75 11.58 32.3% Buy 33,525 1.47 55.1 61.8 15.9 14.2 1.8 1.8 10.00 -12.5 8.70 0.6 -4.9 GENM 5.13 6.68 30.2% Buy 29,030 1.45 27.6 32.0 18.6 16.0 2.3 2.5 6.38 -19.6 4.87 5.3 -8.9 2.15 3.34 55.3% Buy 2,896 0.60 21.5 26.0 10.0 8.3 7.4 8.4 2.98 -27.9 2.15 0.0 -4.0 CCMDBIO 2.78 3.40 22.3% Buy 776 0.88 16.2 17.4 17.2 16.0 3.8 4.0 3.05 -8.9 1.97 41.1 9.9 IHH 6.05 6.40 5.8% Sell 49,849 0.79 11.9 15.0 50.9 40.5 0.5 0.6 6.33 -4.4 5.42 11.6 3.2 KPJ 0.92 1.13 22.8% Buy 3,878 0.55 3.9 4.4 23.5 21.1 2.4 2.6 1.14 -19.3 0.87 5.7 -5.2 HARTA 10.86 7.80 -28.2% Sell 17,979 1.13 25.2 28.8 43.2 37.7 1.4 1.6 12.18 -10.8 4.71 130.6 1.7 KOSSAN 7.72 9.73 26.0% Buy 4,937 0.54 37.4 42.1 20.6 18.4 2.4 2.7 8.79 -12.2 5.62 37.4 -4.8 Tobacco BAT GAMING Casino NFO BJTOTO HEALTHCARE Hospitals/ Pharmaceutical Rubber Gloves SUPERMX 2.57 2.70 5.1% Buy 1,685 0.63 20.0 22.6 12.9 11.4 2.0 2.4 2.74 -6.2 1.69 52.1 28.5 TOPGLOV 9.35 9.35 0.0% Sell 11,744 0.66 35.1 42.4 26.6 22.0 1.5 1.9 10.24 -8.7 4.56 105.0 17.0 KAREX 0.79 0.93 17.7% Sell 792 0.82 1.8 3.0 44.6 26.1 0.6 1.0 2.26 -65.0 0.79 0.6 -39.2 SCIENTX 8.45 10.01 18.5% Buy 4,131 0.89 67.5 79.4 12.5 10.6 2.5 3.1 9.85 -14.2 7.23 16.9 -2.4 SKPRES 1.74 2.20 26.4% Buy 2,175 0.87 10.4 14.8 16.8 11.8 3.0 4.2 2.35 -26.0 1.24 40.3 -23.7 ASTRO 2.36 3.10 31.4% Buy 12,305 0.83 14.0 13.7 16.9 17.3 5.5 5.7 2.94 -19.7 2.32 1.7 -10.9 MEDIA PRIMA 0.45 0.45 1.1% Sell 494 1.24 -3.8 -1.7 na na 0.0 0.0 1.28 -65.2 0.43 4.7 -41.4 STAR 1.29 1.20 -7.0% Sell 952 1.05 6.2 5.9 20.8 21.7 7.0 7.0 2.22 -41.8 1.29 0.0 -21.8 INDUSTRIAL MEDIA
12. For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE Company Share Price Target Price (RM) (RM) % upside Recom Market Cap. (RMm) BETA EPS (sen) FY18 FY19 PER (X) Div Yield (%) FY18 FY19 FY18 FY19 52weeks 52weeks % Chg High Price % Chg Low Price % Chg YTD OIL & GAS DNEX 0.41 0.72 75.6% Buy 720 1.58 4.2 4.5 9.8 9.1 2.4 2.4 0.69 -40.6 0.38 7.9 LCTITAN 5.68 6.10 7.4% Buy 12,911 na 56.3 60.9 10.1 9.3 4.4 4.8 6.53 -13.0 4.14 37.2 -15.5 20.9 MHB 0.74 0.81 10.2% Sell 1,176 1.37 0.5 1.7 153.0 44.1 0.0 0.0 1.16 -36.6 0.63 17.6 -10.9 MISC 6.78 7.00 3.2% Sell 30,265 1.12 50.1 53.8 13.5 12.6 4.4 4.4 7.90 -14.2 6.73 0.7 -8.6 PANTECH 0.58 0.69 19.0% Buy 432 1.24 6.1 6.8 9.6 8.5 4.7 5.3 0.74 -21.6 0.51 14.9 -10.1 PCHEM 7.96 8.84 11.1% Hold 63,680 0.86 52.5 53.8 15.2 14.8 3.3 3.3 8.28 -3.9 6.80 17.1 3.4 SAPNRG 0.51 1.25 145.1% Buy 3,056 1.99 -6.5 -5.0 na na 0.0 0.0 2.10 -75.7 0.50 2.0 -28.2 SERBADK 3.30 4.15 25.8% Buy 4,846 na 27.7 31.5 11.9 10.5 2.7 3.0 3.68 -10.3 1.63 102.5 1.9 UMWOG 0.30 0.39 30.0% Buy 2,465 1.84 0.4 1.2 78.6 25.9 0.0 0.0 0.68 -55.8 0.27 11.1 -1.6 UZMA 1.41 1.57 11.3% Hold 451 0.85 12.9 13.9 11.0 10.2 0.0 0.0 1.98 -28.8 1.26 11.9 10.2 FGV 1.79 1.98 10.6% Sell 6,530 1.63 3.5 4.4 51.9 41.1 2.8 2.8 2.18 -17.9 1.51 18.5 5.9 IJMPLNT 2.28 2.25 -1.3% Sell 2,008 0.22 6.7 10.8 33.8 21.1 3.5 3.9 3.31 -31.1 2.21 3.2 -16.8 IOICORP 4.79 5.08 6.1% Buy 30,100 0.92 20.9 21.6 22.9 22.1 6.1 3.6 4.82 -0.6 4.31 11.1 5.5 KFIMA 1.51 1.89 25.2% Buy 426 0.69 14.1 14.7 10.7 10.3 6.0 6.0 1.96 -23.0 1.45 4.1 -3.8 KLK 25.34 27.07 6.8% Hold 26,986 0.65 120.7 125.7 21.0 20.2 2.4 2.4 25.78 -1.7 23.66 7.1 1.4 SIMEPLT 5.44 6.25 14.9% Buy 36,997 na 21.0 22.1 25.9 24.7 2.6 2.8 6.00 -9.3 4.58 18.8 -9.3 TSH 1.57 1.97 25.5% Buy 2,168 0.51 9.3 9.6 16.9 16.3 1.5 1.6 1.90 -17.4 1.55 1.3 -4.8 UMCCA 6.27 6.73 7.3% Sell 1,315 0.39 22.7 34.8 27.6 18.0 2.7 2.9 7.08 -11.4 5.77 8.6 -3.7 GLOMAC 0.51 0.46 -8.9% Sell 401 0.73 3.0 4.4 17.1 11.4 4.0 4.0 0.67 -24.9 0.50 2.0 -8.9 HUAYANG 0.56 0.58 3.6% Sell 197 0.92 0.7 3.4 84.4 16.5 0.9 0.9 1.16 -51.7 0.55 1.8 -8.2 IBRACO 0.69 0.80 15.9% Buy 343 na 7.2 10.7 9.5 6.5 4.3 5.8 0.98 -29.2 0.50 38.0 -15.3 IOIPG 1.80 2.00 11.1% Sell 9,911 0.88 16.3 15.7 11.0 11.5 3.3 3.3 2.22 -18.9 1.79 0.6 -2.7 MAHSING 1.12 1.59 42.0% Buy 2,719 0.94 11.8 11.3 9.5 10.0 5.8 5.8 1.64 -31.7 1.10 1.8 -22.8 PLANTATIONS PROPERTY SIMEPROP 1.37 1.51 10.2% Hold 9,317 na 7.5 7.5 18.2 18.3 2.9 2.2 1.78 -23.0 1.04 31.7 -23.0 SNTORIA 0.63 0.76 20.6% Buy 354 0.15 8.3 8.6 7.6 7.3 1.6 1.6 0.91 -30.7 0.56 12.5 -9.4 SPB 4.60 5.10 10.9% Hold 1,581 0.56 18.7 24.0 24.6 19.1 2.6 2.6 5.50 -16.4 4.39 4.8 -6.1 SPSETIA 3.20 3.73 16.6% Buy 12,010 0.95 19.8 19.4 16.2 16.5 3.8 3.8 4.38 -27.0 3.07 4.2 -20.0 SUNWAY 1.60 1.75 9.4% Hold 7,827 0.92 11.8 12.4 13.5 12.9 3.8 3.8 1.96 -18.3 1.32 20.9 -1.8 SUNREIT 1.66 1.87 12.7% Hold 4,889 0.84 10.0 10.7 16.6 15.5 6.0 6.4 1.90 -12.6 1.64 1.2 -12.6 CMMT 1.00 1.48 48.0% Buy 2,038 0.74 7.8 8.3 12.7 12.1 8.1 8.6 1.83 -45.4 0.98 2.0 -45.4 -10.2 REIT POWER & UTILITIES MALAKOF 0.88 0.82 -6.8% Sell 4,373 0.93 6.6 7.2 13.3 12.2 8.0 8.0 1.30 -32.3 0.86 2.3 PETDAG 24.66 24.08 -2.4% Sell 24,499 0.44 114.7 116.3 21.5 21.2 3.5 3.5 26.20 -5.9 21.00 17.4 1.6 PETGAS 17.40 19.46 11.8% Buy 34,430 0.88 99.3 100.0 17.5 17.4 4.0 4.0 20.08 -13.3 15.82 10.0 -0.5 TENAGA 15.60 18.22 16.8% Buy 88,389 0.55 131.3 127.5 11.9 12.2 4.2 4.0 16.12 -3.2 13.44 16.1 2.2 YTLPOWR 1.06 1.16 9.4% Sell 8,405 0.92 8.6 8.9 12.3 11.9 4.7 4.7 1.50 -29.3 1.06 0.0 -17.8 -1.5 TELECOMMUNICATIONS AXIATA 5.41 6.50 20.1% Buy 48,954 1.54 15.9 19.4 33.9 27.8 1.5 2.9 5.82 -7.0 4.54 19.2 DIGI 4.74 5.15 8.6% Hold 36,854 0.96 19.7 20.4 24.1 23.3 4.2 4.3 5.19 -8.7 4.36 8.7 -7.1 MAXIS 5.88 6.05 2.9% Sell 45,926 1.08 25.2 25.0 23.3 23.5 3.4 3.4 6.60 -10.9 5.48 7.3 -2.2 TM 5.56 7.20 29.5% Buy 20,894 0.64 22.8 24.9 24.3 22.4 3.7 4.0 6.69 -16.9 5.49 1.3 -11.7 ELSOFT 2.54 3.30 29.9% Buy 699 0.86 13.1 15.0 19.4 17.0 3.6 4.1 2.95 -13.9 1.63 55.7 -5.9 IRIS 0.18 0.22 22.2% Buy 445 2.47 0.0 0.3 654.3 56.9 0.0 0.0 0.25 -26.5 0.12 56.5 -2.7 INARI 3.10 3.65 17.7% Buy 6,408 0.73 13.7 15.3 22.6 20.2 3.2 3.6 3.82 -18.8 1.88 65.2 -8.8 TECHNOLOGY Semiconductor & Electronics Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report. MPI 8.50 10.70 25.9% Buy 1,691 0.84 73.9 86.9 11.5 9.8 3.8 3.8 14.52 -41.5 8.50 0.0 -32.6 UNISEM 2.49 2.70 8.4% Sell 1,827 1.16 19.0 20.3 13.1 12.3 4.8 4.8 4.25 -41.4 2.49 0.0 -31.8 TRANSPORTATION Airlines AIRASIA 3.96 4.93 24.5% Hold 13,234 1.06 49.3 49.3 8.0 8.0 2.0 2.0 4.75 -16.6 2.73 45.1 18.2 AIRPORT 8.76 8.61 -1.7% Sell 14,535 1.29 18.0 18.8 48.8 46.6 1.5 1.1 9.45 -7.3 6.67 31.3 -0.3 Freight & Tankers PTRANS 0.28 0.46 64.3% Buy 353 na 2.3 3.8 12.0 7.4 2.5 4.0 0.38 -26.7 0.17 62.1 0.0 TNLOGIS 1.10 1.45 31.8% Buy 502 1.04 10.3 10.5 10.7 10.5 4.5 4.5 1.83 -40.0 1.10 0.0 -17.9 WPRTS 3.45 4.06 17.7% Buy 11,765 0.44 15.6 20.0 22.1 17.2 1.1 1.4 4.19 -17.7 3.12 10.6 -6.8 SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE Company Share Price Target Price (S$) (S$) % upside Recom Market Cap. (S$m) Beta EPS (cent) FY18 FY19 PER (X) FY18 FY19 Div Yield (%) FY18 FY19 52week 52week % Chg High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 28.09 30.50 8.6% Buy 72,019 1.14 212.3 246.0 13.2 11.4 2.3 2.5 29.7 -5.5 18.47 52.1 13.0 OCBC 13.21 14.30 8.3% Buy 55,282 1.22 109.5 123.2 12.1 10.7 6.7 7.7 13.6 -2.9 9.45 39.8 6.6 UOB 27.65 27.80 0.5% Hold 45,958 1.18 216.6 244.0 12.8 12.8 2.9 2.9 28.8 -4.0 21.30 29.8 4.5 PLANTATIONS WILMAR 3.18 3.31 4.1% Hold 20,347 0.80 27.4 29.3 11.6 10.9 3.1 3.5 3.9 -17.8 2.97 7.1 2.9 IFAR 0.32 0.36 12.5% Buy 459 0.98 3.8 4.1 8.4 7.8 1.6 1.8 0.5 -41.3 0.32 0.0 -17.9 BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
13. COMPANY UPDATE Thursday , March 08, 2018 FBMKLCI: 1,837.90 Sector: REIT THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TP: RM1.48 (+48.0%) CapitaLand Malaysia Mall Trust Last Traded: RM1.00 A Bargain Buy Buy Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my www.taonline.com.my CapitaLand Malaysia Mall Trust (CMMT) had been heavily sold down since the release of its 4QFY17 results in January. We believe the selldown is on the back of Bank Negara Malaysia’s (BNM) first rate hike in 3.5 years. We are taken aback by the severity of the selloff as earnings expectations were largely met. Given the absence of negative surprises and that interest risk had largely been mitigated by locking in fixed rates and extending its debt maturities, we believe the selldown is overdone. While the oversupply of commercial spaces may exert downward rental pressure, we believe CMMT’s strength in retail mall management would continue to offer sustainable dividend per unit (DPU) to unitholders in the long term. We revise our DDM-derived TP to RM1.48 (from RM1.64 previously), after factoring in lower rental and terminal growth rates assumptions along with higher discount rate. Backed by strong parentage, CMMT is now a bargain buy on cheap valuation (8.1% yield). Share Information Bloomberg Code Stock Code Listing Share Cap (mn) Market Cap (RMmn) 52-wk Hi/Lo (RM) 12-mth Avg Daily Vol ('000 shrs) Estimated Free Float (%) Beta Major Shareholders (%) Steep Fall in Share Price BNM’s decision to raise its Overnight Policy Rate (OPR) by 25bps to 3.25% in January had bruised the value of REITs listed on Bursa Malaysia. CMMT led the fall in share prices – see Figure 1. We are taken aback by the severity of the selloff as earnings expectations were largely met with no negative surprises and the interest risk has been largely mitigated by locking in fixed rates and extending its debt maturities. Forecast Revision Figure 1: Price Performance of Selected MREITs Net gearing (%) CFPS (sen) P/CFPS (x) ROE ROA NTA/Share (RM) Price/ NTA (x) Changes Share Price (RM) Since OPR Share Price (RM) YTD Changes 25-Jan-18 7-Mar-18 Hike (%) 29-Dec-17 7-Mar-18 (%) Sunway REIT 1.74 1.66 (4.6) 1.90 1.66 (12.6) CMMT 1.37 1.00 (27.0) 1.83 1.00 (45.4) KLCCP Stapled Group 7.80 7.71 (1.2) 8.64 7.71 (10.8) IGB REIT 1.61 1.51 (6.2) 1.80 1.51 (16.1) Pavilion REIT 1.55 1.36 (12.3) 1.61 1.36 (15.5) Axis REIT 1.40 1.26 (10.0) 1.50 1.26 (16.0) Al Salam 0.97 0.91 (6.2) 1.00 0.91 (9.0) 968.49 889.63 (8.1) 1057.35 889.63 (15.9) KLREIT Index CMMT MK 5180 Main Market 2037.8 2,037.8 1.83/0.98 1,171.2 25.7 0.7 CapitaLand Ltd (34.9) Skim Amanah Saham Bumiputera (10.2) Employees Provident Fund (9.6) Kumplan Wang Persaraan (8.5) Forecast Revision (%) Net profit (RMmn) Consensus TA's / Consensus (%) Previous Rating FY18 FY19 (0.7) (4.2) 161.2 170.4 167.7 172.0 96.2 99.1 Buy (Maintained) Financial Indicators Share Performance (%) Price Change 1 mth 3 mth 6 mth 12 mth FY18 32.5 7.1 14.2 6.0 3.8 1.3 0.8 FY19 32.8 9.9 10.1 6.4 4.0 1.3 0.8 CMMT (24.2) (29.6) (32.4) (40.5) FBM KLCI (0.1) 6.8 3.3 6.5 (12-Mth) Share Price relative to the FBMKLCI Source: Bloomberg FY17 Earnings Came Within Expectations To recap, CMMT’s FY17 results came in within ours and market expectations. FY17 DPU declined 2.5% YoY due to non-renewal of tenants at Sungei Wang Plaza and the Mines. However, we are not overly concerned for the nonrenewal as it presents an opportunity for CMMT to rebalance its trade mix at these malls in order to cater to current market needs. In addition, the exit of an anchor tenant at Sungei Wang Plaza was to facilitate its upcoming major Asset Enhancement Initiatives (AEIs). Source: Bloomberg Largely Insulated from Rate Hike Page 1 of 4
14. 8-Mar-18 Our economist believes BNM will maintain the OPR at 3 .25% for 2018, for now. Having said that, CMMT is largely insulated from any unexpected rise in interest rates over the next 12 months due to their high proportion of fixedrate debt and low need to refinance. Note that about 80% of CMMT’s borrowings are based on fixed rate financing (cost of debt 4.4% in FY17) while the average term to maturity for outstanding debt are 5.7 years. Asset Enhancement Initiatives (AEIs) Anchor Future Growth While the oversupply of commercial spaces may exert downward rental pressure, we believe CMMT’s strength in retail mall management via proactive asset management and AEIs, will continue offer sustainable DPU to unitholders in the long term. For 2018, CMMT targets to spend about RM80mn, with bulk of capex to be utilised for AEIs at the Sungei Wang Plaza. About RM55mn is allocated for the major refurbishment of the retail space from concourse to level 3 of Sungei Wang Plaza. We believe the worst for Sungei Wang Plaza is over as negative rental reversion continued to narrow, driven by new concepts and shopping clusters to be introduced in Sungei Wang Plaza. Meanwhile, East Coast Mall’s AEIs will be converting an anchor tenant space into specially lots with higher rents. Lastly, the AEIs at the Mines and Gurney Plaza will be focusing on the introduction new retail concepts. Reduced FY18-20 Earnings by 1-7% There are about 43% of CMMT’s total retail NLA is due for renewal this year. Backed by reputable sponsor, i.e. CapitaLand from Singapore and experienced management team, we believe it should not be a problem for CMMT to retain existing tenants and/or securing new tenants. However, the renewals could come at the expense of lower rental returns, in view of more shopping malls coming on stream in the Klang Valley, and growing competition from ecommerce. As such, we take this opportunity to tone down our rental rates assumption for the new/reconfigured spaces post completions of AEIs. Net impact to FY18 – 20 earnings is around 1 - 7%. Market has Priced in Earnings Risk CMMT is currently trading at FY18f distribution yield of 8.1%, significantly higher than its 5-year average yield of 5.7% - see Figure 4. From the asset standpoint, it is currently trading at 0.8x P/NAV (vs its 5-year average of 1.2x) – see Figure 5. We think CMMT is a bargain as retail focused REIT typically trade at a premium/or at par to NAV. Meanwhile, CMMT’s gearing level of 32.8% is largely in line with the sector’s average of c.30%. With that, CMMT has a permissible debt headroom of RM1.4bn for future acquisitions of properties and/or AEIs. At current share price, we believe that the market has priced in concerns about unexpected interest rate hike and weak rental reversions. Even in a worst-case scenario, where we forecast retail spaces are renewed at a rate which is 5% lower than the previous rental term, the dividend yield remains relatively appealing at 7.3%. Valuation We arrive at a new target price of RM1.48/unit (from RM1.64/unit previously), after factoring in the earnings revision, higher discount rate of 7.9% (from 7.7%) and lower terminal growth rate of 2% (previous 2.5%). CMMT is Page 2 of 4
15. 8-Mar-18 currently trading at FY18f distribution yield of 8 .1% and P/B of 0.8x. This compares with its peers’ forward distribution yields and P/B of 6.0% and 1.1x respectively – see peers comparison table. We believe the sell down on CMMT is excessive, and thus reiterate our Buy call on CMMT. Current valuation is attractive as we anticipate Sungei Wang Plaza and Tropicana City Mall to chart better performance, going forward. Figure 2 : Well-Spread Debt Maturity Profile Figure 3 : Interest Rate Profile Source: CMMT, TA Securities Source: CMMT, TA Securities Figure 4 : 5-Year Average Yield 5.7% Figure 5 : 5-Year Average P/NAV 1.2x Source: Bloomberg, TA Securities Source: Bloomberg, TA Securities Figure 6: Peers Comparison Call Price Target price Market Cap (RM) (RM) (RM bn) FY18 PER (x) FY19 FY18 Div Yield (%) FY19 4.9 16.0 15.3 6.0 P/NAV (x) 6.4 FY18 1.1 FY19 1.1 S unwa y RE IT Hold 1.66 1.87 CMMT B uy 1.00 1.48 2.0 12.6 12.0 8.1 8.6 0.8 0.8 KLCCP S ta pled Group* NR 7.71 NR 13.9 18.8 18.0 4.7 5.0 1.0 1.0 IGB RE IT* NR 1.51 NR 5.3 17.0 15.9 6.2 6.4 1.5 1.5 P a vilion RE IT* NR 1.36 NR 4.1 16.4 15.6 6.1 6.5 1.0 1.0 Axis RE IT* NR 1.26 NR 1.6 14.8 14.0 6.6 7.1 0.9 0.9 Al S a la m* NR 0.91 NR 0.5 13.8 16.1 13.6 15.4 6.3 6.0 6.8 6.4 0.9 0.9 1.1 1.1 Average ex CMMT * Based on consensus number Source: Bloomberg, TA Securities Page 3 of 4
16. 8-Mar-18 Earnings Summary FYE Dec FY16 FY17 FY18f FY19F FY20F Gross Revenue 372 .6 368.9 359.3 380.4 399.5 Net Property Income 242.5 237.1 241.0 251.8 264.6 Finance Cost (59.6) (59.7) (54.1) (55.1) (56.5) Receivables 16.0 23.5 29.5 31.3 32.8 Pretax profit 163.7 157.9 161.2 170.4 181.1 Cash 192.1 186.3 128.7 108.1 106.2 Total CA 208.1 209.8 158.2 139.4 139.1 4,148.9 4,177.9 4,206.7 4,228.2 4,278.1 110.6 115.0 118.1 125.1 131.3 43.7 58.2 58.2 58.2 58.2 154.3 173.2 176.3 183.3 189.5 2,162.5 2,172.2 2,184.0 2,196.0 2,208.3 523.0 515.0 498.7 481.2 462.5 Reported ent profit 167.8 162.1 161.2 170.4 181.1 Net Profit 163.7 157.9 161.2 170.4 181.1 EPU (sen) 8.1 8.0 7.9 8.4 8.9 EPU growth (%) (1.7) (1.3) (0.5) 5.7 6.3 PER (x) FYE Dec Non current assets Total Assets Trade and other payables FY16 FY17 FY18f 3,940.8 3,968.0 4,048.5 FY19F FY20F 4,088.8 4,139.1 12.4 12.6 12.6 12.0 11.3 GDPS (sen) 8.4 8.2 8.1 8.6 9.1 Borrowings Div yield (%) 8.4 8.2 8.1 8.6 9.1 Total CL Core ROE (%) 6.1 5.9 6.0 6.4 6.8 NPI margin (%) 65.1 64.3 67.1 66.2 66.2 Undistributed income PBT margin (%) 43.9 42.8 44.9 44.8 45.3 Total Unitholders' funds 2,685.6 2,687.2 2,682.6 2,677.2 2,670.9 Core net margin (%) 43.9 42.8 44.9 44.8 45.3 Borrowings 1,268.1 1,279.1 1,309.4 1,329.4 1,379.4 FYE Dec FY16 FY17 FY18f FY19F FY20F 40.9 38.4 38.4 38.4 38.4 PBT 167.8 162.1 161.2 170.4 181.1 Total Non Current Liabilities 1,309.0 1,317.5 1,347.8 1,367.8 1,417.8 Total Liabilities and Equities 4,148.9 4,177.9 4,206.7 4,228.2 4,278.1 FY16 FY17 FY18f FY19F FY20F 31.6 32.0 32.5 32.8 33.6 NTA/unit (RM) 1.3 1.3 1.3 1.3 1.3 P/NTA (x) 0.8 0.8 0.8 0.8 0.8 ROE (%) 6.1 5.9 6.0 6.4 6.8 ROA (%) 4.0 3.8 3.8 4.0 4.3 Unitholders' Capital Op profit before change in WC 228.7 222.9 227.6 238.2 250.7 CFO 227.2 215.2 224.7 243.4 255.4 Capex (54.9) (22.3) (81.0) (41.0) (51.0) 5.7 5.4 0.0 0.0 0.0 (49.1) (16.9) (81.0) (41.0) (51.0) Otheres CFI Net proceed from share issuance Net borrowings Dividend Others CFF Change in cash 0.0 0.0 0.0 0.0 0.0 80.0 0.0 30.3 20.0 50.0 (171.3) (167.1) (177.6) (187.8) (199.8) (78.1) (40.3) (54.1) (55.1) (56.5) (169.4) (207.4) (201.3) (222.9) (206.3) 8.6 (9.0) (57.6) (20.5) (1.9) Long term liabilities FYE Dec Gearing (%) Stock Recommendation Guideline BUY : HOLD : SELL : Not Rated: Total return within the next 12 months exceeds required rate of return by 5%-point. Total return within the next 12 months exceeds required rate of return by between 0-5%-point. Total return is lower than the required rate of return. The company is not under coverage. The report is for information only. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. As of Thursday, March 08, 2018, the analyst, Thiam Chiann Wen, who prepared this report, has interest in the following securities covered in this report: (a) nil Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 4 of 4
17. ECONOMIC UPDATE Thursday , March 08, 2018 FBMKLCI: 1,837.90 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Malaysian Economy OPR Stays at 3.25% Shazma Juliana Abu Bakar Farid Burhanuddin Tel: +603-2167 9608 Tel: +603-2167 9220 shazma@ta.com.my farid@ta.com.my www.taonline.com.my The decision At its second Monetary Policy Committee (MPC) meeting in 2018, Bank Negara Malaysia (BNM) decided to maintain the Overnight Policy Rate (OPR) at 3.25%. Note that, BNM increased OPR in January’s meeting by 25-basis points. Also, there is no change in Statutory Reserve Ratio (SRR) at 3.5%. The move was widely expected. BNM’s assessments for the economy In its accompanying statement, BNM viewed robust economic performance both globally and domestically. Global economy is showing strong growth momentum while rising wages and accommodative policy support will provide further impetus to growth especially in the advanced economies. In fact, PMI readings in major countries are posting an expansion (above 50-point threshold). Meanwhile, economic growth in Asia will be driven by sustained domestic activity and strong external demand. As such, risks to the global growth outlook remain balanced, pointing towards continuity in global economic expansion. Domestically, private expenditure will continue to be main driver for economic growth going forward underpinned by favourable income and labour market conditions, spending on new and ongoing infrastructure projects and sustained capital investment by firms in the manufacturing and services sectors. With additional impetus from the external sector, growth is expected to remain strong in 2018. To recap, private spending increased by 7.0% in 2017. Moreover, growth prospects will be sustained by the positive global growth outlook and spillovers from the external sector to the domestic economy. Inflation to moderate further As per our inflation report previously, headline inflation is projected to be lower in 2018 mainly to due to the high base factor. Nonetheless, with the expectation of higher global commodities, particularly Brent crude oil, the trajectory of headline inflation will be dependent on future global oil prices, which remain highly uncertain. Our forecast for 2018 inflation is 2.6% (2017: +3.7%) at this juncture, which is within the government’s range of 2.5% - 3.5%. Importantly, BNM also noted that underlying inflation, as measured by core inflation, is also projected to moderate due to improving labour productivity and ongoing investments for capacity expansion. Conclusion We opine that the central bank is adopting a wait-and-see approach, especially on the potential impact from US interest rate hike in March 2018. Hawkish statements from the Fed as well as increasing optimism for economic growth are pointing to stronger possibility for more than three times interest rate hike this year. Current implied probability for a rate hike in Fed’s March 20-21 meeting has risen above 90% chances. Thus, the interest rate differential between the OPR and FFR is expected to be narrower going forward from the current difference of 150 basis point. Note that, the month of February registered an outflow of RM1.2bn, the first monthly outflow since November 2017. Page 1 of 2
18. 8-Mar-18 All eyes will be on the BNM Annual Report for 2017 , which is due on 28 March 2018. The central bank is expected to give more insights on the economic outlook together with the latest key macroeconomic projections. Figure 1: Schedule of MPC and FOMC Meeting in 2018 No 1 2 3 4 5 6 7 8 MPC Meeting 24 & 25 Jan 2018 6 & 7 March 2018 9 & 10 May 2018 10 & 11 Jul 2018 4 & 5 Sep 2018 7 & 8 Nov 2018 FOMC Meeting 30 & 31 Jan 2018* 20 & 21 Mar 2018** 1 & 2 May 2018 12 & 13 Jun 2018** 31 Jul & 1 Aug 2018 25 & 26 Sep 2018** 7 & 8 Nov 2018 18 & 19 Dec 2018** Source: Department of Statistics, TA Securities Figure 2: Current Implied Probabilities of Fed Fund Rate Increase Source: Bloomberg, TA Securities Malaysia Economic Indicators Figure 3: OPR vs. SRR Figure 4: OPR vs. Headline & Core-CPI (January 2005 - March 2018) (January 2015 – January 2018) Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my Page 2 of 2
19. Thursday , 08 March, 2018 TA RESEARCH’S ‘DAILY COMPILED REPORTS’ For Internal Circulation Only L oc al Te ch n ic al R ep o r ts 1. D ai l y Te ch n ic a l St o ck s P ic ks 2. D ai l y S t o c k S c r e e n Disclaimer The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. Kaladher Govindan – Head of Research TA SECURITIES HOLDINGS BERHAD (14948-M) A Participating Organisation of Bursa Malaysia Securities Berhad Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048 www.ta.com.my
20. Technical View Thursday , March 08, 2018 THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* Daily Technical Stock Picks Malaysia FBM KLCI: 1,837.90 (-10.47, -0.57%) Chartist: Stephen Soo Close Name 7/Mar FBMKLCI 1837.90 Tel: +603-2167 9607 Change High Low (10.47) 1,848.85 1,834.66 Bollinger Bands RSI stsoo@ta.com.my Moving Averages www.taonline.com.my DMI MACD DMI Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff 1,816.34 1,846.43 1,876.51 51.92 1,857.04 1,847.60 1,828.29 25.22 29.41 20.57 (4.19) 7.50 9.95 (2.447) SELL MACD Recent Signal DMI MACD Signal Change SELL - - AFFIN 2.40 -0.02 2.42 2.38 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.018 BUY BUY - - ABMB 4.10 0.00 4.10 4.00 4.03 4.13 4.22 47.47 4.11 4.18 4.15 19.69 18.70 21.76 0.99 -0.02 -0.01 (0.010) BUY SELL - - AMBANK 3.92 -0.12 4.04 3.92 4.01 4.40 4.79 27.76 4.32 4.52 4.52 14.51 36.80 25.16 -22.29 -0.13 -0.07 (0.058) SELL SELL - - AXIATA 5.41 0.01 5.44 5.40 5.28 5.52 5.75 40.79 5.50 5.55 5.53 17.09 29.77 32.58 -12.68 -0.04 -0.01 (0.030) SELL SELL - - CIMB 7.15 -0.05 7.20 7.07 6.83 7.10 7.37 58.90 7.21 7.08 6.90 25.68 16.39 34.31 9.28 0.10 0.11 (0.005) BUY SELL - - DIGI 4.74 0.00 4.75 4.69 4.73 4.84 4.95 37.62 4.84 4.87 4.86 15.78 29.05 14.09 -13.27 -0.02 0.00 (0.018) SELL SELL - - GAMUDA 5.06 -0.02 5.08 5.01 4.83 4.98 5.13 55.43 5.02 5.04 5.03 22.11 16.72 16.42 5.38 0.00 0.00 0.006 BUY BUY - - GENTING 8.75 -0.13 8.92 8.75 8.75 9.00 9.25 41.65 9.00 9.20 9.25 12.13 25.01 23.21 -12.88 -0.09 -0.09 (0.004) SELL SELL - SELL - GENM 5.13 0.04 5.20 5.08 5.10 5.31 5.51 36.74 5.26 5.38 5.47 20.10 32.16 14.81 -12.06 -0.07 -0.06 (0.017) SELL SELL - IHH 6.05 0.00 6.13 6.04 5.86 6.02 6.18 52.81 6.04 6.01 5.96 20.56 15.44 17.59 5.12 0.03 0.03 (0.006) BUY SELL - - IOICORP 4.79 -0.02 4.82 4.78 4.63 4.73 4.84 63.81 4.77 4.71 4.66 22.87 20.46 13.00 2.42 0.04 0.04 0.001 BUY BUY - BUY MALAKOFF 0.88 -0.03 0.90 0.87 0.90 0.92 0.94 43.33 0.92 0.93 0.94 12.84 21.03 19.01 -8.19 -0.03 -0.03 (0.004) SELL SELL - - MAXIS 5.88 -0.03 5.99 5.79 5.76 5.98 6.19 46.11 5.94 6.01 6.00 17.91 30.18 25.79 -12.27 -0.05 -0.02 (0.026) SELL SELL - - 10.48 -0.02 10.52 10.46 9.89 10.23 10.57 77.04 10.38 10.15 9.98 31.07 13.25 38.15 17.82 0.15 0.13 0.014 BUY BUY - - MBSB 1.15 -0.03 1.18 1.14 1.14 1.20 1.26 47.04 1.22 1.20 1.17 18.48 20.73 17.43 -2.25 0.01 0.01 (0.007) SELL SELL - - RHBBANK 5.24 -0.15 5.39 5.24 5.09 5.30 5.51 56.18 5.39 5.33 5.23 21.26 17.16 18.10 4.10 0.05 0.04 0.003 BUY BUY - - SIME 2.60 -0.02 2.62 2.40 2.61 2.72 2.83 39.79 2.72 2.79 2.67 19.72 20.99 22.91 -1.27 -0.01 0.01 (0.021) SELL SELL - - 15.60 -0.04 15.64 15.58 15.58 15.70 15.82 46.31 15.68 15.74 15.63 14.48 17.99 14.36 -3.51 0.00 0.01 (0.014) SELL SELL - - TM 5.56 -0.06 5.61 5.51 5.72 5.97 6.21 31.25 5.91 6.00 6.04 13.75 35.30 16.65 -21.54 -0.08 -0.04 (0.039) SELL SELL - - WPRTS 3.45 -0.10 3.54 3.40 3.38 3.61 3.84 45.54 3.65 3.58 3.58 14.61 20.16 10.13 -5.54 0.02 0.03 (0.010) SELL SELL - - AIRASIA 3.96 -0.24 4.16 3.92 4.00 4.29 4.57 49.03 4.38 4.24 3.97 24.24 31.91 24.11 -7.68 0.10 0.13 (0.034) SELL SELL - - AIRASIA X 0.40 -0.02 0.41 0.39 0.37 0.41 0.44 51.99 0.42 0.40 0.39 21.18 18.38 27.51 2.80 0.01 0.01 (0.001) BUY SELL - - ARMADA 0.84 -0.01 0.84 0.80 0.80 0.84 0.89 50.54 0.86 0.84 0.83 19.10 21.11 18.16 -6.15 0.01 0.01 (0.002) SELL SELL - - BINAPURI 0.34 0.02 0.34 0.32 0.31 0.33 0.34 40.84 0.33 0.33 0.34 13.33 19.47 20.64 -8.35 0.00 0.00 0.000 SELL BUY - - MAYBANK TENAGA CMSB 4.16 0.00 4.21 4.13 4.01 4.24 4.47 45.01 4.29 4.22 4.10 17.82 26.17 17.61 -2.02 0.04 0.06 (0.027) SELL SELL - - DIALOG 2.64 -0.02 2.68 2.64 2.59 2.67 2.75 50.27 2.68 2.66 2.63 17.41 19.42 14.21 -2.02 0.02 0.02 (0.005) SELL SELL - - ECO WORLD 1.17 -0.12 1.29 1.15 1.27 1.34 1.42 26.02 1.31 1.37 1.38 3.84 30.30 50.73 -26.45 -0.03 -0.03 (0.004) SELL SELL - - EKOVEST 0.94 -0.03 0.97 0.94 0.94 1.00 1.05 41.92 1.00 1.01 1.01 16.53 24.07 14.43 -7.54 -0.01 0.00 (0.004) SELL SELL - - GADANG 1.00 -0.02 1.02 0.99 1.01 1.06 1.10 34.25 1.05 1.09 1.10 12.25 26.56 23.51 -14.31 -0.02 -0.02 (0.003) SELL SELL - - HSL 1.59 -0.02 1.59 1.53 1.54 1.60 1.66 53.63 1.62 1.59 1.54 23.07 29.32 15.04 -6.26 0.02 0.03 (0.004) SELL SELL - - ISKANDAR 1.30 -0.01 1.30 1.28 1.31 1.34 1.37 38.03 1.34 1.35 1.37 8.77 24.76 24.22 -16.00 -0.01 -0.01 (0.003) SELL SELL - - KIMLUN 2.10 -0.05 2.15 2.05 2.09 2.17 2.25 34.92 2.15 2.20 2.22 32.18 36.91 17.68 -4.73 -0.02 -0.03 0.003 SELL BUY - - KKBE 0.94 -0.02 0.96 0.94 0.88 0.94 0.99 48.97 0.96 0.95 0.96 37.53 19.89 27.64 17.64 0.00 0.00 0.003 BUY BUY - - MUDAJAYA 0.79 -0.05 0.83 0.77 0.84 0.87 0.90 36.88 0.87 0.89 0.90 22.79 30.36 13.15 -7.56 -0.01 -0.01 (0.002) SELL SELL - - MRCB 1.01 -0.02 1.03 1.00 1.03 1.10 1.17 34.10 1.10 1.13 1.16 14.24 28.40 19.77 -14.16 -0.03 -0.02 (0.009) SELL SELL - - NAIM 1.00 -0.01 1.00 1.00 0.98 1.02 1.06 42.56 1.03 1.04 1.09 21.67 20.63 16.25 1.03 -0.02 -0.02 0.001 BUY BUY BUY - SAPURA ENERGY 0.51 -0.05 0.56 0.50 0.60 0.68 0.75 23.40 0.66 0.71 0.74 12.23 40.06 27.71 -27.83 -0.05 -0.04 (0.007) SELL SELL - - SUNCON 2.16 -0.06 2.24 2.15 2.24 2.41 2.59 29.81 2.35 2.45 2.47 11.23 32.73 22.78 -21.49 -0.06 -0.04 (0.024) SELL SELL - - UEMS 0.99 -0.06 1.04 0.98 1.04 1.10 1.16 36.14 1.10 1.12 1.12 12.38 28.14 18.61 -15.76 -0.02 -0.01 (0.009) SELL SELL - - UMWOG 0.30 -0.01 0.31 0.29 0.30 0.32 0.34 40.11 0.32 0.33 0.34 17.09 20.22 14.49 -3.13 -0.01 -0.01 (0.001) SELL SELL - - WASEONG 1.49 -0.12 1.62 1.44 1.27 1.52 1.77 61.06 1.63 1.50 1.39 24.46 23.37 23.82 1.09 0.07 0.07 0.001 BUY BUY - - WCT 1.46 -0.04 1.51 1.45 1.47 1.56 1.65 41.09 1.58 1.59 1.62 22.42 20.47 16.90 1.96 -0.02 -0.02 (0.004) BUY SELL - - 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 3