r e t a i l m a r k e t m o n i t o r friday, 2 june 2017 · 2017. 6. 6. · r e t a i l m a r k e...
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R e t a i l M a r k e t M o n i t o r F r i day , 2 Ju ne 20 17
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M A L A Y S I A
MARKET NEWS
The FBMKLCI sank 2.76pt to close at 1,763.11 yesterday as weaker sentiment in the
overnight US market dragged index-linked counters lower. Meanwhile, Asian equities
were mixed, with Japanese equities climbing while Chinese stocks slipped, as investors
weighed economic data and the possible path for interest rates. The MSCI Asia Pacific
Index gained 0.3% to 153.19. The FBMKLCI’s top gainers were Astro Malaysia Holdings
(+2.4%), Genting Malaysia (+2.1%) and IHH Healthcare (+1.9%), while the top losers
were Westports Holdings (-5.2%), Axiata Group (-4.5%) and IOI Corporation (-2.2%). In
the broader market, losers outpaced gainers 505 to 414 with 336 counters unchanged.
Turnover was 2.22b shares valued at RM2.24b.
From the technical perspective, the outlook for the FBMKLCI remains timid as a lack of
catalysts pared down earlier gains. The index formed another “spinning top” pattern
yesterday as the selling pressure has been absorbed. Despite a shaky short-term outlook,
we remain optimistic for the index to recover once the selling pressure normalises. For
now, we expect sideways movement ahead with the benchmark index likely to
consolidate further. Support and resistance levels are as follows:
Support: 1,755,1,729
Resistance: 1,787, 1,800
US stocks made a winning start to the month on Thursday, as investors look ahead to the
release of the monthly jobs report, after the pace of private sector jobs growth surged in
May and with manufacturing activity having topped market expectations. The DJIA
notched up 135pts to close at 21,144.18. The S&P 500 closed 0.76% higher while the
Nasdaq Composite closed at 6246.83, up 0.78%. Rising stocks outnumbered declining
ones on the NYSE by 2,562 to 663 and 33 ended unchanged.
WHAT’S IN THE PACK
1Q17 Results Wrap-up Results largely in line. We marginally lift
our year-end FBMKLCI target after raising
2018 earnings expectations, but we
advocate being more defensive in the
near term.
Banking We expect both RHBBank (SELL) and
AMMB (HOLD) to trade downwards as
the market will be focusing on the
immediate dilutive impact of the deal.
Westports Holdings (WPRTS MK/HOLD/RM4.06/Target: RM3.80)
5M17 volumes contract, mainly from trans
shipment. Nevertheless, uncertainties
from CMA CGM have been removed and
gateway volumes are strong. We maintain
our stance that these risks are mostly
priced in.
Lion Industries Corporation
(LLB MK) Technical BUY with 19.8% potential return
BUY with a target price of RM1.39 and
stop-loss at RM0.995. Based on the daily
Ichimoku chart, a buying signal was seen
as the stock has been trading above the
Ichimoku cloud.
Sentoria Group (SNT MK) Technical BUY on breakout with +23.9%
potential return
BUY on breakout with a target price of
RM1.09 and stop-loss at RM0.795. Based
our last BUY call on 6 Apr 17, SNT initially
hit our targets at RM0.925 and RM0.995
before making a pullback to the current
level.
Lay Hong (LAY MK) Technical BUY on breakout with 17.3%
potential return
BUY on breakout with a target price of
RM1.12 and stop-loss at RM0.87. Based
on the daily chart, LAY has formed a series
of higher highs and higher lows toward the
all-time high of RM0.95.
FBMKLC I CHART
Source: Bursa Station
KEY IND ICES
Prev Close Chg (%)
YTD (%)
DJIA 21,144.18 0.65 6.99 S&P 500 2,430.06 0.76 8.54 FTSE 100 7,543.77 0.32 5.61 CSI 300 3,497.74 0.14 5.67 FSSTI 3,235.96 0.78 12.33 HSCEI 10,619.88 0.16 13.04 HSI 25,809.22 0.58 17.31 JCI 5,738.16 0.79 8.33 KLCI 1,763.11 (0.16) 7.39 KOSPI 2,344.61 (0.12) 15.70 Nikkei 225 19,860.03 1.07 3.90 SET 1,563.11 0.09 1.31 TWSE 10,087.42 0.47 9.01 BDI 850.00 (3.19) (11.55) CPO (RM/mt) 2,513.00 0.56 (19.17) Nymex Crude (US$/bbl) 48.10 (0.54) (15.26)
TOP VOLUME
Stock Price (RM)
Chg (%)
Vol (‘000)
Iris Corp Bhd 0.15 (9.09) 62,053 Borneo Oil Bhd 0.13 (3.85) 58,225 Netx Holdings Bhd 0.06 (8.33) 46,497
Ae Multi Holdings Bhd 0.21 28.13 37,553
Frontken Corp Bhd 0.29 7.41 36,772
TOP GA INERS
Stock Price (RM)
Chg (%)
Vol (‘000)
Ae Multi Holdings Bhd 0.21 28.13
37,553
Plastrade Technology Bhd
0.34 21.43
3,404
Accsoft Technology Bhd
0.53 17.78
142 Ralco Corp Bhd 0.59 14.7
1 4
Resintech Bhd 0.46 12.20
1,349
TOP LOSERS
Stock Price (RM)
Chg (%)
Vol (‘000)
Xingquan International Sports
0.07 (12.50) 5,997 Sino Hua-An International Bhd
0.04 (12.50) 83
Sunzen Biotech Bhd 0.29 (12.12) 14,469
Talam Transform Bhd 0.04 (11.11) 1,015
Scomi Energy Services Bhd
0.16 (11.11) 2,783 Source: Bloomberg
R e t a i l M a r k e t M o n i t o r F r i day , 2 Ju ne 20 17
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M A L A Y S I A
TRADERS’ CORNER
Lion Industries Corporation
(LLB MK) Technical BUY with +19.8% potential return
Last price: RM1.16
Target price: RM1.36, RM1.39
Support: RM1.00
Stop-loss: RM0.995
BUY with a target price of RM1.39 and
stop-loss at RM0.995. Based on the daily
Ichimoku chart, a buying signal was seen
as the stock has been trading above the
Ichimoku cloud. This is supported by the
Heat Wave indicators as the Tenkan-sen,
Kinjun-sen and Chikao span lines are inter-
crossing, which suggest a bullish signal. An
uptick in the RSI and DMI suggests buying
momentum is set to continue in the near
term. We peg our targets at RM1.36 and
RM1.39 in the near to medium term.
Expected Timeframe: 2 weeks to 2
months
Sentoria Group (SNT MK) Technical BUY on breakout with +23.9%
potential return
Last price: RM0.85
Target price: RM0.995, RM1.09
Support: RM0.80
Stop-loss: RM0.795
BUY on breakout with a target price of
RM1.09 and stop-loss at RM0.795. Based
our last BUY call on 6 Apr 17, SNT initially
hit our targets at RM0.925 and RM0.995
before making a pullback to the current
level. On yesterday’s movement, the share
price managed to close above the BBI line
to maintain the bullish momentum towards
the breakout level of RM0.88. This is
supported by the MACD’s bullish crossover
and is consistent with the uptick in the DMI,
which suggests stronger buying momentum
ahead. We peg our new targets at
RM0.995 and RM1.09 respectively in the
short to medium term.
Expected Timeframe: 2 weeks to 2
months.
R e t a i l M a r k e t M o n i t o r F r i day , 2 Ju ne 20 17
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M A L A Y S I A
TRADERS’ CORNER
Lay Hong (LAY MK) Technical BUY on breakout with +17.3%
potential return
Last price: RM0.935
Target price: RM1.06, RM1.12
Support: RM0.875
Stop-loss: RM0.87
BUY on breakout with a target price of
RM1.12 and stop-loss at RM0.87. Based
on the daily chart, LAY has formed a series
of higher highs and higher lows toward the
all-time high of RM0.95. We expect LAY
will continue the upside movement if the
price can penetrate above RM0.95 level.
This is supported by an uptick in the RSI.
Currently, both indicators such as the
MACD and DMI are showing a positive
signal to support the upward momentum.
We peg our targets based on 1.38x and
1.61x Fibonacci Extension level at RM1.06
and RM1.12 in the near term.
Expected Timeframe: 2 weeks to 2
months
ANALYST
Mohd Fakhrul Asyraq, MSTA, CFTe
+603 2147 1994
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M A L A Y S I A
CORPORATE NEWS
BFood: Lee quits as CEO to assume bigger role at Bermaz
Auto. Datuk Francis Lee Kok Chuan (pic) has resigned as Berjaya Food Bhd (BFood)
chief executive officer effective June 1 as he takes on the post of executive director at
Mazda vehicle distributor Bermaz Auto Bhd. BFood, which operates the Kenny Rogers
Roasters and Starbucks outlets in Malaysia, told Bursa Malaysia that Lee stepped down
after seven years at the helm due to “his work commitments at Bermaz Auto Bhd.” Bermaz
Auto (formerly Berjaya Auto Bhd) is at present working towards listing its indirect
subsidiary, Bermaz Auto Philippines Inc, on the main board of the Philippine stock
exchange. The circular to shareholders in February gave the tentative listing date as early
April 2017. (Source: The Star)
CAP: Faces trading suspension on June 8. China Automobile Parts
Holdings Ltd (CAP) faces a suspension in trading of its shares on June 8 if the group fails
to submit its quarterly report for the financial period ended March 31, 2017 (1QFY17) on or
before June 7. This was an expected development after CAP had said last week it would
not be able to finalise its quarterly report within the May 31 deadline after its auditor PKF
had retracted its audit report for FY15. In response to Bursa's suspension warning, the
company said today an application in relation to re-issuance of the audited financial
statements for the FYE 2015 has been submitted to Bursa Malaysia Securities. (Source:
The Edge Financial Daily)
Gamuda Land: Anniversary promotion recorded 394 sales
in three months. Gamuda Land’s 40th anniversary campaign recorded a total of
394 sales within the three-month campaign period, and also saw 90 prizes given out to
lucky customers who purchased the developer’s properties between Nov 25, 2016 and Feb
28, 2017. Purchaser of Bukit Bantayan Residences in Kota Kinabalu, Sabah, Ho Vui
Khiong and joint purchasers of Horizon Hills in Iskandar Puteri, Johor, Ng Qing-Mim and
Tan Mei Fong received the top prize of RM48,000 rebate for their property purchases.
Another three winners won themselves a RM10,000 rebate for their property purchase
while 80 winners brought home RM1,000 shopping vouchers. (Source: The Edge Financial
Daily)
New Hoong Fatt: Eyes 70% export revenue by 2021. Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) aims to
increase its export revenue contribution to 70% by 2021. Managing director Chin Jit Sin
said group sales from overseas market currently stood at 52%. “Asean remains a key
focus for the group, with a 30% contribution to total exports. We are making continuous
efforts to expand our product range and distribution coverage in the region, along with our
ongoing investment in human capital. “We are confident of being on course to meet the
target,“ he told reporters after the company’s AGM in Kuala Lumpur on Thursday. (Source:
The Star)
Star Media: Appoints two new independent directors. Star
Media Group Bhd has appointed Choong Tuck Oon and Wong You Fong as independent
and non-executive directors of the company. In a filing with Bursa Malaysia today, Star
Media said Choong, 59, specialises in technology, strategy and transformation. He is
active in the digital start-up ecosystem in Asean, where he is frequently called upon to
advise corporates, universities and startups on innovations, including fintech, media-tech,
ecommerce, data analytics and new-age technologies. He started his career in Petroliam
Nasional Bhd, where he held executive positions in various upstream and downstream
functions for more than 7 years. (Source: The Edge Financial Daily)
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M A L A Y S I A
Wah Seong: Becomes distributor for South Korean
Doosan Group. Wah Seong Corp Bhd has become a distributor for one of South
Korean Doosan Group’s subsidiaries to distribute construction equipment in Peninsular
Malaysia. In a filing with Bursa Malaysia today, Wah Seong said its indirect subsidiary
WDG Resources Sdn Bhd has entered into a distributorship agreement with Doosan
Infracore Co Ltd. The agreement is to appoint WDG as exclusive distributor of Doosan
Infracore’s products and to promote them through mutual cooperation. WDG is principally
involved in the distribution, rental and service of industrial machinery such as portable
power generation systems and construction equipment. (Source: The Edge Financial Daily)
7-Eleven Malaysia: Scraps RM61.67m rights issue. Convenient
store operator 7-Eleven Malaysia Holdings Bhd has scrapped plans for a RM61.67m rights
issue of warrants to fund working capital following lukewarm market response. In a filing
with Bursa Malaysia today, 7-Eleven Malaysia said it has decided not to proceed with the
exercise after taking into consideration general feedback, as well as market reaction to the
proposed rights issue. "The aborting of the proposed rights issue is not expected to have
any material effect on the earnings and net assets of the group," it added. (Source: The
Edge Financial Daily)
SECTOR
Aviation: Global passenger traffic for April rose by 10.7%,
says IATA. Global passenger traffic data for April 2017 showing that demand
(measured in revenue passenger kilometers or RPKs) rose by 10.7% compared to April
2016, which was the fastest pace in six years, according to the International Air Transport
Association (IATA). In a statement yesterday, IATA said April capacity (available seat
kilometers or ASKs) increased by 7.1%, and load factor climbed 2.7 percentage points to
82.0%- a record for the month of April. It said the strong performance is supported by a
pick-up in global economic activity and lower airfares. It said after adjusting for inflation, the
price of air travel in the first quarter was around 10% lower than in the year-ago period.
IATA estimated that falling airfares accounted for around half the demand growth in April.
(Source: The Edge Financial Daily)
Aviation: The redevelopment of Terminal 2 at the Sultan
Abdul Aziz Shah Airport in Subang, Selangor, is set to begin at
the end of 2017, said Subang SkyPark Sdn Bhd executive director Tan Sri Ravindran
Menon. The redevelopment project will bring SkyPark Terminal's total capacity to 5 million
passengers per year from 3 million passengers currently, he added. "We are looking
forward to expanding our airport. These developments will have a positive impact on
Malaysia's domestic tourism scene, particularly in the sense of connectivity when it comes
to domestic travel," Ravindran said in a statement today (Source: The Edge Financial
Daily)
Manufacturing: Production falls for first time in four
months. Manufacturing output contracted in May, the first time in four months, with
anecdotal evidence pointing to a downturn in client demand, according to the Nikkei
Malaysia Manufacturing PMI report. According to the report, the headline Purchasing
Managers’ Index (PMI) dipped below the 50.0 no-change mark to 48.7 in May. “The PMI
signalled a renewed deterioration in business conditions, contrasting with April’s marginal
improvement (the first in over two years). That said, the rate at which conditions worsened
was only modest overall,” IHS Markit said in the Nikkei Malaysia Manufacturing PMI report
Wednesday. (Source: The Star)
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M A L A Y S I A
FROM THE REGIONAL MORNING NOTES...
1Q17 Results: Entering A Lull Period 1Q17 results were largely in line with our 10.4% earnings growth forecast for 2017, led by
the sector heavyweight - banking. However, 1Q17 also revealed an exceptionally weak
quarter of domestic consumption. We sense that the market has now entered a lull period,
partly dampened by unusual issues (eg abrupt cancellation of Bandar Malaysia and Inland
Revenue going into overdrive). We advocate a slightly more defensive investment stance.
Banking: RHBBank - AMMB Merger: Early Days Of Discussion RHBBank and AMMB made a joint announcement on having received BNM’s approval to
commence discussions for a proposed merger. As discussions are in the preliminary stage,
details are scant. We do not discount the longer term upside from a cost synergies
perspective. However, this will require a certain gestation period with the market likely to
focus on the immediate term earnings dilution. We maintain our SELL call on RHBBank
(Target: RM4.65) and HOLD for AMMB (Target: RM4.90) given the lower share price
downside to our target price.
Westports Holdings: Volume Readjustments Coming Sooner Than Expected (WPRTS MK/HOLD/RM4.06/Target: RM3.80) Westports’ container volumes fell in 5M17. While transshipment in 2Q17 may appear
weaker than expected, the high-yielding gateway growth is commendable. We maintain our
stance that these risks are mostly priced in, noting that uncertainties at CMA-CGM’s
volume realignment have been removed. The Eastbound port calls are set to ramp up by
2H17. Although top-line remains volatile, we see low earnings risk, partly due to tax
shields. Maintain HOLD. Target price: RM3.80. Entry price: RM3.55.
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R e t a i l M a r k e t M o n i t o r F r i day , 2 Ju ne 20 17
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M A L A Y S I A
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M A L A Y S I A
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