Malaysia: Daily Market Commentary - 17 May

Transcription

1. Daily Note Daily Market Commentary TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only KLSE Market Statistics (16.05.2017) (mil) Main Market 2,440.0 Warrants 337.2 ACE Market 735.7 Bond 2.5 ETF 0.0 Total 3,515.4 Off Market 27.3 Volume +/-chg (RMmn) -198.2 3,677.4 77.3 42.8 -102.7 118.5 -2.9 1.6 -0.02 0.0 3,840.3 -15.6 67.5 Value +/-chg 878.1 5.5 -39.9 0.9 -0.03 -27.7 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 1,778.15 12,738.04 17,760.11 1,772.00 20,979.75 6,169.87 7,522.03 19,919.82 2,295.33 25,335.94 3,227.71 1,546.35 5,647.00 3,112.96 1,865.27 5,850.52 Off Market SPSETIA G3 BJASSET GPACKET UEMS (A Participating Organisation of Bursa Malaysia Securities Bhd) Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur Tel : 603 - 2072 1277. Fax : 603 - 2032 5048 Wednesday, 17 May 2017 (mn) 10.2 6.2 3.0 2.1 2.0 @ @ @ @ @ (RM) 3.62 1.40 1.20 0.44 1.28 Exchange Rate USD/MYR 4.3222 -0.0028 USD/JPY 113.64 0.1800 EUR/USD 1.105 0.0083 -0.50 -9.15 18.87 -5.00 -2.19 20.20 67.66 49.97 4.68 -35.65 -36.50 8.93 -41.87 22.74 38.24 12.12 Value/ Volume 1.51 0.13 0.16 0.64 1.08 1.09 2.47 Up Down 296 350 77 84 35 59 3 3 1 1 412 497 % chg % YTD chg -0.03 -0.07 0.11 -0.28 8.31 11.09 20.69 8.35 -0.01 0.33 0.91 0.25 0.20 -0.14 -1.12 0.58 -0.74 0.74 2.09 0.21 6.16 14.62 5.31 4.21 13.27 15.16 12.04 0.22 6.61 0.30 -5.27 3.26 Review & Outlook The local benchmark slid from a fresh two-year high on profit-taking Tuesday, as trading interest focused on stocks expected to bid for the mammoth Bandar Malaysia project. The KLCI ended off half-a-point at 1,778.15, after falling from early high of 1,787.54 to low of 1,773.09, as losers edged gainers 497 to 412 on lower turnover of 3.51bn shares worth RM3.84bn. While blue chips should slip into profit-taking consolidation, robust trading momentum is likely to center on potential candidates keen on bidding for the Bandar Malaysia project. Immediate upside hurdle for the benchmark is revised to yesterday's new two-year high of 1,787, followed by the 1,800 psychological level and 18 May 2015 high of 1,823. Immediate uptrend supports stays at the rising 30 and 50-day moving average levels, now at 1,755 and 1,748. Any further selloff on IHH below the 38.2%FR (RM5.88) or 3/3/17 low (RM5.78) will aggravate oversold conditions and encourage rebound going forward, while key overhead resistance is from the 61.8%FR (RM6.23) and 200-day ma (RM6.32). Likewise, further weakness on Malakoff to re-visit the 27/2/17 low (RM1.14) may attract bargain hunters looking for oversold rebound towards the 76.4%FR (RM1.30), while stronger support cushion is found at the 123.6%FP (98sen). • • • • • • Top 10 KLCI Movers Based on Mkt Cap. • Counter • Mkt Cap. (RM’mn) MAYBANK 95,822 TENAGA 78,887 PCHEM 58,000 MAXIS 49,193 IHH 48,759 DIGI 38,953 GENTING 37,210 GENM 32,650 TM 24,239 HAPSENG 22,208 Chg Vol. (RM) (mn) -0.03 11.15 -0.06 9.61 -0.02 11.81 -0.02 4.86 -0.25 16.77 -0.10 9.75 -0.01 2.93 -0.04 7.03 -0.03 3.96 -0.01 0.33 Commodities Futures Palm Oil (RM/mt) 2,610.00 -1.00 Crude Oil ($/Barrel) 48.23 -0.59 Gold ($/tr.oz.) 1,236.80 6.30 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. LISTING ON: 18/05/2017. 3A - 1:4 Bonus Issue - BI of 98.4m shares. Ex-Date: 23/05/2017. Entitlement Date: 25/05/2017. LISTING ON: 26/05/2017. • • • • • • • • • • News Bites IOI Corporation Berhad's 9MFY17 core profit increased by 30.0% YoY to RM844.6mn. It is within expectations. Inari Amerton Bhd posted a 9MFY17 core net profit of RM152.6mn (-18.0% QoQ, +40.8% YoY). This was within ours and consensus estimates. Dialog Group Bhd's 3QFY17 net profit increased by 22.0% to RM97.8mn mainly attributable to higher contributions from its joint ventures. BIMB Holdings Bhd's 1QFY17's revenue and PBT respectively increased by 3.2% YoY to RM919.6mn and 15.8% YoY to RM246.2mn. IWH CREC Sdn Bhd is allowed to bid for the Bandar Malaysia real estate project again as long as the offer is right for the Malaysian Government. Petroliam Nasional Bhd, through subsidiary Petronas LNG Ltd and shipping affiliate MISC Bhd, plans to team up with Gas4Sea partners and identify business opportunities in the supply of liquefied natural gas as marine fuel. Minister in the Prime Minister's Department Datuk Seri Abdul Rahman Dahlan has called for the adoption of the industrialised building system to be made mandatory for all players in the construction industry. Sime Darby Bhd has received its bondholders' approval to restructure its US$800mn sukuk, which forms part of its plan to create three independent listed companies. Sime Darby Motors, the automotive arm of Sime Darby Bhd, is selling its Australia and New Zealand Sime Darby Automobiles distribution businesses. Turkey's TAV Havalimanlari Holding AS will bid for the Istanbul unit of Malaysia Airports Holdings Bhd if a stake in the operator of Turkey's second-biggest airport is put up for sale. AirAsia Bhd is reportedly planning to set up a subsidiary company in Cambodia to cater to the anticipated rise in the number of passengers travelling to Phnom Penh, Siem Reap and Sihanoukville from Malaysia. MyEG Services Bhd is close to sealing a deal to buy a controlling stake in popular food review website Eat Drink KL say sources. Perdana Petroleum Bhd has proposed to undertake a private placement of up to 10% of the total number of its issued shares. Eversendai Corporation Bhd announced that it has secured projects worth RM557.6mn to-date, bringing a total of RM1.3bn projects secured for the year 2017. CAB Cakaran Corporation Bhd's 51% owned subsidiary, Tong Huat Poultry Processing Factory Pte Ltd, has exercised the option to purchase a factory site in Singapore for SGD6.1mn. Tadmax Resources Bhd, which sees a turnaround this year, said it will go in alone and build a 1,000MW combined-cycle gas-fired power plant project in Pulau Indah, Selangor after Tenaga Nasional Bhd declined the offer to participate in the project. Grand-Flo Bhd is disposing 8.1% of its equity interest in Simat Technologies Public Company Ltd for a total cash consideration of THB106.6mn. The US residential starts fell 2.6% to 1.17mn annualized rate vs. forecast 1.26mn, lowest since November, while permits decreased 2.5% to 1.23mn million annualized pace vs. forecast 1.27mn. 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
2. Technical Comments : Bargain IHH & Malakoff for Rebound Any further selloff on IHH below the 38.2%FR (RM5.88) or 3/3/17 low (RM5.78) will aggravate oversold conditions and encourage rebound going forward, while key overhead resistance is from the 61.8%FR (RM6.23) and 200-day ma (RM6.32). Likewise, further weakness on Malakoff to re-visit the 27/2/17 low (RM1.14) may attract bargain hunters looking for oversold rebound towards the 76.4%FR (RM1.30), while stronger support cushion is found at the 123.6%FP (98sen). IHH HEALTHCARE Upper Middle RM5.92 (-0.25) BOLLINGER BANDS RM RM 6.28 6.12 10-day 30-day RM 5.96 50-day Lower DMI SIMPLE MOVING AVERAGES RM 6.15 RM 6.08 RM 6.04 DAILY MACD Recent Signal SELL Recent Signal SELL Signal Change SELL Signal Change SELL MALAKOFF Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM1.18 (-0.04) 1.26 1.23 1.19 SELL SIMPLE MOVING AVERAGES RM 1.23 RM 1.23 RM 1.21 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4