Malaysia: Daily Market Commentary - 5 May

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1. 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 Friday, 05 May 2017 TA Research e-mail : taresearch@ta.com.my For Internal Circulation Only Review & Outlook KLSE Market Statistics (04.05.2017) Volume (mil) +/-chg (RMmn) Main Market 2,329.8 -343.8 2,749.7 Warrants 287.0 34.8 30.4 ACE Market 815.8 -142.0 107.5 Bond 17.3 1.0 1.2 ETF 0.0 -0.02 0.0 Total 3,449.9 2,888.8 Off Market 410.0 346.3 72.4 Value +/-chg -113.4 2.7 -42.3 -0.5 -0.02 -173.4 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) 300.0 45.0 40.2 15.7 3.0 2.0 1.6 1.2 1.0 Up Down 140 570 20 161 22 85 2 8 1 0 185 824 % chg % YTD chg 1,758.67 12,561.65 17,590.91 1,756.00 -13.84 -108.36 -182.58 -7.00 -0.78 -0.86 -1.03 -0.40 7.12 9.55 19.54 7.37 20,951.47 6,075.34 7,248.10 19,445.70 2,241.24 24,683.88 3,228.62 1,573.05 5,669.44 3,127.37 1,896.36 5,876.37 -6.43 2.79 13.57 0.00 21.57 -12.25 -9.19 8.93 22.07 -7.98 -5.39 -15.97 -0.03 0.05 0.19 0.00 0.97 -0.05 -0.28 0.57 0.39 -0.25 -0.28 -0.27 6.02 12.86 1.47 1.73 10.60 12.20 12.08 1.95 7.04 0.76 -3.69 3.72 Top 10 KLCI Movers Based on Mkt Cap. Off Market XDL-WC PTRANS REACH SPSETIA SIME IGBREIT VERSATL BTM MEXTER Value/ Volume 1.18 0.11 0.13 0.07 1.47 0.84 0.18 @ @ @ @ @ @ @ @ @ (RM) 0.01 0.20 0.51 0.37 9.30 1.68 1.25 0.20 0.25 Counter Mkt Cap. (RM’mn) MAYBANK 94,146 TENAGA 78,660 PBBANK 77,153 PCHEM 57,040 CIMB 52,412 IHH 50,954 AXIATA 46,036 GENTING 36,612 GENM 32,650 TM 24,276 Chg Vol. (RM) (mn) -0.39 19.42 -0.04 8.73 -0.16 5.38 -0.02 6.96 -0.02 16.08 -0.01 5.83 -0.08 4.99 -0.13 2.88 -0.10 5.56 -0.01 4.58 Important Dates KGR OUP - 2:2 Rights Issue - RI of up to 1,251.2m shares together GROUP with up to 625.6m free detachable warrants. 2 rights shares for every 2 existing shares held, at an issue price of RM0.05 per rights share. LISTING ON: 05/05/2017. PASUK GB - 1:1 Rights Issue - RI of up to 405.8m shares. SUKGB 1 rights share for every 1 existing share held, at an issue price of RM0.10 per rights share. LISTING ON: 11/05/2017. The local market slipped further into profit-taking correction mode Thursday, after the government aborted the sale of Bandar Malaysia to IWH and CREC, and the more certainty for US interest rate hike in June encouraged investors to take profits and reduce positions. The KLCI ended 13.84 points down to 1,758.67, off an early high of 1,768.71 and low of 1,754.23, as losers trashed gainers 824 to 185 on lower turnover of 3.44bn shares worth RM2.88bn. With sell signals triggered on daily momentum indicators, more downside is likely ahead of the weekend, before overbought momentum is fully neutralized to pave way for bargain hunters to return and nibble. Immediate uptrend supports for the index are at 1,749 and 1,738, the rising 30 and 50-day moving average levels, with better support from the lower Bollinger band at 1,722. 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. Hook-down momentum indicators on Ekovest implies near-term downside risk, with key chart supports from 95sen and 200-day ma (92sen) and 76.4%FR (82sen) cushioning downside risk, while rebounds should be capped by the 150%FP (RM1.24), 161.8%FP (RM1.31) and 176.4%FP (RM1.40). Likewise, IWCB shares should correct to the 23.6%FR (RM2.70), 38.2%FR (RM2.34) and 50%FR (RM2.05) upon trade resumption, with key supports from the 61.8%FR (RM1.75) and 76.4%FR (RM1.39) padded by the 200-day ma (RM1.29). News Bites • • • • • • • • • • • MISC Bhd reported a higher net profit of RM676.2mn for the 1QFY17, from RM571.0mn a year ago mainly due to stronger contribution from the group's offshore business segment. Ekuiti Nasional Bhd has terminated the proposed consolidation exercise involving UMW Oil & Gas Corporation Bhd, Icon Offshore Bhd and Orkim Sdn Bhd. The demerger between UMW Holdings Bhd and UMW Oil & Gas Corp Bhd is progressing as planned to be completed by July, despite the latter's three-party merger with Icon Offshore Bhd and Orkim Sdn Bhd coming to a halt. UMW Oil & Gas Corp Bhd is making a cash call to raise RM1.8bn to pare down debts after the three-way merger with Icon Offshore Bhd and Orkim Sdn Bhd was called off. Sime Darby Property, Kumpulan Wang Persaraan (Diperbadankan) and Brunsfield Development Sdn Bhd have signed a MoUto lead the development of Malaysia Vision Valley. PUC Founder (MSC) Bhd has embarked on the next phase of its development by unveiling a new leadership team and reiterating its commitment to its business direction. ECM Libra Financial Group Bhd has identified hotel management and ownership as its new core business after disposing of its investment banking and securities business in 2012. Fraser & neave Holdings Bhd is allocating an additional RM200mn for capital expenditure, on top of the RM300mn accounted previously, to develop ongoing projects in Malaysia and Thailand. Pos Malaysia Bhd is still waiting for clarity from the government on whether it can raise the tariff for its domestic and international postal services by this year. The Caixin-Markit services purchasing managers' index for China dropped to 51.5 last month, down from 52.2 in March. Initial jobless claims, a proxy for layoffs across the U.S., declined 19,000 to a seasonally adjusted 238,000 in the week ended April 29. Exchange Rate USD/MYR 4.3270 0.0054 USD/JPY 112.98 0.7800 EUR/USD 1.093 0.0021 Commodities Futures Palm Oil (RM/mt) 2,475.00 12.00 Crude Oil ($/Barrel) 45.49 -2.06 Gold ($/tr.oz.) 1,228.40 -10.10 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 : Sell Ekovest & IWCB Hook-down momentum indicators on Ekovest implies near-term downside risk, with key chart supports from 95sen and 200-day ma (92sen) and 76.4%FR (82sen) cushioning downside risk, while rebounds should be capped by the 150%FP (RM1.24), 161.8%FP (RM1.31) and 176.4%FP (RM1.40). Likewise, IWCB shares should correct to the 23.6%FR (RM2.70), 38.2%FR (RM2.34) and 50%FR (RM2.05) upon trade resumption, with key supports from the 61.8%FR (RM1.75) and 76.4%FR (RM1.39) padded by the 200-day ma (RM1.29). EKOVEST Upper Middle RM1.17 (-0.26) BOLLINGER BANDS RM RM 1.49 1.37 10-day 30-day RM 1.25 50-day Lower DMI SIMPLE MOVING AVERAGES RM 1.37 RM 1.38 RM 1.34 DAILY MACD Recent Signal SELL Recent Signal SELL Signal Change SELL Signal Change SELL IWCB Upper Middle Lower Recent Signal Signal Change BOLLINGER BANDS RM RM RM DMI RM3.08 (UNCH) 3.20 3.03 2.87 BUY SIMPLE MOVING AVERAGES RM 3.09 RM 2.91 RM 2.46 DAILY MACD Recent Signal SELL Signal Change 10-day 30-day 50-day Page 2 of 4