TA Securities - Fundsupermart.com

TA Securities
Wednesday, April 08, 2015
FBMKLCI: 1,856.51
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Daily Brief
Market View, News In Brief: Corporate, Economy, and Share Buybacks
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
TA Research Team Coverage
Market View
Tel: +603 – 2072 1277
[email protected]
www.taonline.com.my
Range Bound Amid Overbought Momentum
Blue chips extended gains on Tuesday, lifting the benchmark index to a fresh five-month
high, buoyed by regional strength on optimism the US Federal Reserve could hold off raising
interest rates longer due to weaker-than-expected economic data. The KLCI added 13.57
points to settle at the day’s high of 1,856.51, off the opening low of 1,843.18, as gainers led
losers 502 to 354 on steady turnover of 1.94bn shares worth RM2.1bn.
Resistance at 1,858, Support at 1,830
The local market should extend range bound trade today, while blue chips are likely to slip
into profit-taking correction after recent gains increases overbought momentum. Immediate
resistance for the index stays at 1,858, the 3/11/14 high, followed by 1,882, the 31/12/13
peak, and subsequently the record high of 1,896. Immediate support is from the rising 10day moving average level at 1,830, and subsequently 1,811 and 1,807, the respective 30-day
and 50-day moving average levels.
Buy on Weakness IHH & Sime Darby
Any weakness on IHH is attractive to buy for rebound upside towards the 161.8%FP
(RM6.15), with a confirmed breakout to target the 176.4%FP (RM6.40) and 200%FP
(RM6.79) ahead. Key retracement supports are at the 138.2%FP (RM5.75) and 123.6%FP
(RM5.51). Similarly, look to buy Sime Darby on dips for recovery towards the 76.4%FR
(RM9.66), with the 19/11/13 peak of RM9.97 and 123.6%FP (RM10.27) as next upside
hurdles. Retracement supports are at the 38.2%FR (RM9.18) and 23.6%FR (RM8.99).
Asian Markets Advance on Central Bank Rate Conclusion
Central banks are the key theme in Asia on Tuesday, with equities in the region largely in
positive territory after the Reserve Bank of Australia (RBA) and Reserve Bank of India (RBI)
kept interest rates on hold. The RBA held borrowing costs steady at a record low of 2.25
percent, while the Indian central bank left its main repo rate at 7.5 percent after last month's
surprise cut. Meanwhile, the Bank of Japan (BoJ) kicks off its two-day monthly policy
meeting today. Following the monetary policy decision, Australia's S&P ASX 200 index pulled
back from a 10-day high attained in the morning session, while the Australian dollar surged
1.5 percent to $0.7701 from $0.7599 against the U.S. dollar. The benchmark index was in its
first trading day since being shuttered on Good Friday. Banks retreated immediately, with
Commonwealth Bank of Australia dipping its toes into negative territory, slipping 0.4
percent.
Page 1 of 7
TA Securities
8-Apr-15
A Member of the TA Group
Japan's Nikkei share average rose to a near two-week high, helped by expectations that the
U.S. Federal Reserve may wait longer before raising interest rates, with energy and financial
counters leading advances. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial
Group advanced 2.1 and 0.8 percent, respectively, while Inpex and JX Holdings climbed 4 and
3.6 percent each. Meanwhile, China stocks jumped more than 2 percent to fresh seven-year
highs on Tuesday ahead of the quarterly earnings season, as investors brushed aside
liquidity concerns after the official Xinhua news agency said an acceleration in initial public
offerings would not stop the market's bull run. The banking share index jumped nearly 3
percent, after China published rules to expedite the sale of asset-backed securities. Analysts
say the new rules would help banks move risky assets out of their balance sheets and
generate fresh cash for new businesses.
Wall Street Ends Down as Dollar Gains Offset Deal News
U.S. stocks ended slightly lower on Tuesday, reversing course late in the session as strength
in the dollar offset optimism about deal news. The dollar recovered from recent losses,
reaching session highs in afternoon trading. That shifted investor focus again to worries
about its impact on U.S. earnings. Earnings season unofficially begins this week, when Alcoa
Inc. reports results after the stock market closes Wednesday. In commodity markets, crude
oil settled higher at $53.98 a barrel, up 3.53 percent, extending Monday's 6 percent gain.
Stocks were in positive territory for most of the session, lifted by deal news that suggested
companies still see value in the market. FedEx Corp. advanced 2.7 percent after agreeing to
buy TNT Express NV for $4.8 billion. Axalta Coating Systems Ltd. rose 9.8 percent after
Berkshire Hathaway Inc. agreed to buy 20 million of its shares from affiliates of the Carlyle
Group LP. Meanwhile, General Motors shares fell 2.5 percent to $35.73 and the stock was
among the day’s most active after Canada agreed to sell nearly 73.4 million shares of the
automaker to Goldman Sachs. The Dow Jones Industrial Average fell 5.43 points, or 0.03
percent, to 17,875.42, the S&P 500 lost 4.29 points, or 0.21 percent, to 2,076.33 and the
Nasdaq Composite dropped 7.08 points, or 0.14 percent, to 4,910.23.
Page 2 of 7
TA Securities
8-Apr-15
A Member of the TA Group
News In Brief
Corporate
Malaysian Resources Corp Bhd has signed a sales and purchase agreement (SPA) with the
German government to acquire a 7,552.2 square metres of German Embassy land in Jalan Kia
Peng for RM259.2mn. The deal was inked via Legasi Azam Sdn Bhd (LASB), a 100% owned
unit of MRCB Land Sdn Bhd, which in turn is a wholly-owned subsidiary of MRCB. (New
Straits Times)
Guocoland (M) Bhd saw its net profit for the 3QFY15 fall 26.0% YoY to RM11.6mn, due to
lower contribution from its commercial property development business and joint venture
projects. It expects the property market outlook and sentiment to remain cautious, amid
credit tightening rules and uncertain economic environment. (The Edge)
Malayan Banking Bhd says it does not need to undertake any form of fund-raising to meet
the 60% liquidity coverage ratio (LCR), a requirement by Bank Negara for all financial
institutions, because it is already in a comfortable position. “We are well above the
requirement set by Bank Negara, so we don’t need (extra) funding,” said group CEO Datuk
Abdul Farid Alias. (Starbiz)
Kanger International Bhd, China’s bamboo flooring manufacturer, is eyeing up to 30%
sales growth this year from RM66.7mn last year. Managing director Leng Xingmin said that
in an effort to achieve the target, the company planned to widen its distribution network in
China to 80 from 30 at present. (Starbiz)
Ewein Bhd and Consortium Zenith BUCG Sdn Bhd will undertake the mixed development
project on 3.67 acres in Bandar Tanjong Pinang. The first property project on land alienated
in relation to Penang’s massive highway and traffic mitigation venture will have a gross
development value of RM800mn. It is expected to start in the second half of this year.
(Starbiz)
Encorp Bhd is still in preliminary discussion with its major shareholder, Felda, in exploring
potential collaboration. Encorp said no formal terms or agreement had been reached. It said
the announcement was being made to clarify a recent report in a local which stated that the
company was confident of securing joint ventures with Felda in developing landbanks in
Selangor, Malacca and Johor. (Bernama)
Taliworks Corp Bhd announced that the Securities Commission had authorised the
proposed issuance of the RM210mn Sukuk Murabahah. The sukuk, which is based on the
syariah principle of Murabahah, via a Tawarruq arrangement, would be undertaken by
Grand Sepadu (NK) Sdn Bhd, formerly known as Jejak Melewar Sdn Bhd. Taliworks said
Grand Sepadu operated and maintained the concession of the New North Klang Straits
Bypass Expressway. (Bernama)
Poultry farming company LTKM Bhd announced a series of corporate proposals today: a 1for-2 bonus issue, a 1-for-2 share-split and the setting-up of an employee’s share option
scheme (ESOS). LTKM expects to complete the series of corporate proposals by the second
half of 2015. (The Edge)
Texchem Resources Bhd is seeking a three-month extension from the Singapore Stock
Exchange (SGX) to submit its reasonable exit offer proposal. Texchem told Bursa Malaysia it
would not be able to meet the deadline to submit the proposal to the SGX, which falls on
April 7 (today). To recap, Texchem-Pack received the delisting notification after it failed to
rejuvenate its financials within the time frame specified by the bourse regulator. (The Edge)
Page 3 of 7
TA Securities
8-Apr-15
A Member of the TA Group
Sabah-based plantation player Kretam Holdings Bhd announced that its subsidiary Usaha
Dimega Sdn Bhd has extended the cut-off date to fulfil all the conditions precedent in the
bulking joint-venture agreement (BJVA) that the latter inked with Rikaworth Sdn Bhd. This
is the second extension of the BJVA. The first extension — up to March this year — was
announced on Jan 7, 2015. (The Edge)
Page 4 of 7
TA Securities
8-Apr-15
A Member of the TA Group
News In Brief
Economy
Malaysia
Bank Negara Reserves Increases to RM389.7 billion
The international reserves of Bank Negara Malaysia (BNM) amounted to RM389.7 billion as
at 31 March 2015, rising from RM386 billion as at 27 February 2015. In US dollar terms,
foreign reserves were USD105.1 billion.
The central bank said that the reserves position is sufficient to finance 8.1 months of
retained imports and is 1.1 times the short-term external debt, which includes short-term
offshore borrowing, non-resident holdings of short-term ringgit debt securities, nonresident deposits with the banking system and other short-term debt.
The main components of the international reserves were the foreign currency reserves
which stood at USD96 billion (RM355.96 billion), International Monetary Fund (IMF)
reserves position at USD0.8 billion (RM2.97 billion), special drawing rights (SDRs) of
USD1.8 billion (RM6.67 billion), gold at USD1.4 billion (RM5.19 billion) and other reserve
assets at USD5.1 billion (RM18.91 billion). (Source: The Edge Daily)
U.S.
Job Openings Climb to Highest Level in 14 Years, But Hiring Declines
U.S. job openings rose to a 14-year high of 5.1 million in February 2015 and beat estimates,
the U.S. Bureau of Labor Statistics reported yesterday. Economists had expected job
openings to hit 5 million in January 2015. February's numbers increased by 168,000 from
5 million job openings in January. Hires came in at 4.9 million in February 2015 and the
layoffs and discharges rate was at 1.1 percent. Separations were little changed at 4.7
million. However, Employment was slow to grow in March 2015, with nonfarm payrolls
increasing only 126,000. The weak gains were seen as the result of bad weather which
impacted overall economic activity in the first quarter. (Source: Reuters)
Consumer Credit in U.S. Increases on Jump in Non-Revolving Debt
Consumer borrowing in the U.S. increased in February 2015 as the value of non-revolving
debt climbed by the most since July 2011. The USD15.5 billion advance in household credit
followed a USD10.8 billion gain in January 2015 that was smaller than initially reported,
Federal Reserve figures showed. A surge in non-revolving loans such as those for
automobile purchases and education more than offset the biggest drop in revolving credit
since November 2010. Consumers burned by mounting debt during the recession will need
to see economic improvement in the way of wage gains and job growth to feel more
comfortable boosting their borrowing. While households have been willing to take out
loans for education and vehicles, they’ve remained reluctant to break out the plastic for
other spending. (Source: Bloomberg)
Asia
Rajan Holds India Rates as Banks Fail to Pass on Previous Cuts
India’s central bank left interest rates unchanged as commercial lenders in Asia’s thirdlargest economy have yet to pass on two previous cuts to customers. Governor Raghuram
Rajan kept the benchmark repurchase rate at 7.50%, the Reserve Bank of India said in a
statement in Mumbai on Tuesday, 7 April 2015, a move predicted by most economists.
“Going forward, the accommodative stance of monetary policy will be maintained, but
monetary policy actions will be conditioned by incoming data,” Rajan said. The bank will
watch for transmission of previous rate cuts, price rises, government moves to ease supply
and normalization of U.S. policy even as India is “better buffered” against volatility, he said.
After unscheduled cuts that put India in the group of almost 30 central banks easing
monetary policy this year, Rajan’s pause reflects a desire to ensure inflation stays below a
target of 6.0% by January. Key to his next move will be whether banks saddled with bad
loans and sliding profitability overcome their reluctance to lower lending rates. (Source:
Bloomberg)
Page 5 of 7
TA Securities
8-Apr-15
A Member of the TA Group
RBA Keeps Easing Bias as Rates Held Steady for Second Month
Australia’s central bank said for a second month it could ease policy at future meetings after
keeping interest rates unchanged at a record low as the economy grapples with tumbling
commodity prices. The overnight cash target was held at 2.25%, Reserve Bank of Australia
(RBA) Governor Glenn Stevens said in a statement Tuesday following a board meeting in
Sydney. The decision wrong-footed markets and was predicted by 17 of 30 economists
surveyed. Stevens is keeping his remaining policy powder dry as the central bank waits for
data that will indicate how much of a boost its February rate cut has given the economy. By
holding off on further easing, he’s avoiding encouraging a rampant Sydney property
market. “Further easing of policy may be appropriate over the period ahead, in order to foster
sustainable growth in demand and inflation consistent with the target,” Stevens said in the
statement. “The board will continue to assess the case for such action at forthcoming
meetings.” (Source: Bloomberg)
Euro-zone
Eurozone Factory Gate Prices Rise for First Time in Five Months
Prices at the euro-zone’s factory gates rose in February for the first time in five months, a
sign that inflation may soon return to the currency area, although at modest rates. The
European Union’s statistics agency said producer prices in February 2015 were 0.5%
higher than in January 2015, the largest month-to-month rise since August 2012. That was
the first increase since September 2014, but still left prices 2.8% lower than in the same
month of 2014. The rise in prices at the factory gates may indicate that consumers will soon
be paying more for the goods and services they buy, ending a period of deflation that
started in December and eased in March. Prices at the factory gates influence, but don’t
translate directly into, prices paid by consumers. With the unemployment rate close to a
record high, wages rising slowly, and credit from banks in short supply, consumer-facing
businesses are unlikely to believe they can raise their prices sharply even when the cost of
the goods they purchase is increasing. The rise in producer prices was driven by energy
producers, who raised their tariffs by 2.0% between January and February. However, those
price rises may not be sustained if the cost of oil and natural gas decline again. (Source: The
Wall Street Journal)
PMI Data Shows Economy Expanded at its Fastest Pace in 11 Months
Separately, surveys of purchasing managers showed that while the euro-zone economy
grew a little less rapidly than first estimated in March, it expanded at the fastest pace in 11
months. Data firm Markit, which surveys more than 5,000 businesses across the euro-zone,
said Tuesday its composite purchasing managers index—a measure of activity in the
manufacturing and services sectors—rose to 54.0 in March 2015 from 53.3 in February
2015. Markit had earlier estimated the PMI rose to 54.1. A reading below 50 indicates
activity is declining, while a reading above that level indicates it is increasing. The surveys
indicated the pickup in activity is likely to be sustained, with new orders rising at the
fastest pace in almost four years. In response, businesses hired new workers at the fastest
rate since August 2011, although it will likely take many months to return unemployment
to pre-crisis levels from the 11.3% rate recorded in February 2015. Ireland and Spain led
the March pickup, with Germany and Italy also recording accelerations. However, French
activity grew at a slower pace. (Source: The Wall Street Journal)
Page 6 of 7
TA Securities
8-Apr-15
A Member of the TA Group
Share Buy-Back: 07 -Apr 2015
Company
Bought Back
AMPROP
GRANFLO
HAIO
ILB
LBICAP
LBS
PARKSON
RCECAP
TNLOGIS
290,000
35,000
3,000
133,000
20,500
55,000
674,000
170,000
34,000
Price (RM)
Hi/Lo (RM)
0.93/ 0.885
0.275/ 0.27
2.25/ 2.24
0.71
1.32/ 1.30
1.50
2.09
0.33
1.14
0.935/ 0.88
0.275/ 0.265
2.26/ 2.23
0.715/ 0.70
1.36/ 1.30
1.51/ 1.50
2.10/ 2.08
0.325/ 0.32
1.14/ 1.12
Total Treasury
Shares
5,272,700
2,823,100
7,151,388
1,946,375
183,891
11,492,000
45,817,561
55,778,900
2,955,500
Source: Bursa Malaysia
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 7 of 7
For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company
Share Price
(RM)
07-Apr-15
Target Price
(RM)
BETA
EPS (sen)
FY15
FY16
PER (X)
FY15
FY16
0.83
3.46
11.14
0.83
3.60
11.90
0.81
0.80
0.96
13.1
31.2
88.7
14.4
32.7
91.7
6.3
11.1
12.6
5.7
10.6
12.1
2.4
2.3
4.0
2.4
2.8
4.2
0.98
3.48
12.68
-15.8
-0.6
-12.1
0.68
2.60
10.00
21.3
33.1
11.4
7.1
19.3
1.6
BANKS & FINANCIAL SERVICES
AFG
4.78
AFFIN
2.90
AMBANK
6.41
CIMB
6.30
HLBANK
14.60
MAYBANK
9.55
PBBANK
19.28
RHBCAP
8.27
BURSA
8.72
4.30
3.05
6.80
6.60
14.10
10.90
20.30
9.00
8.40
1.12
0.86
1.07
1.26
0.68
1.09
0.84
1.10
0.95
37.7
31.3
63.5
49.8
118.9
71.4
126.3
88.1
35.1
40.4
32.0
59.9
52.7
131.1
79.9
133.8
91.0
39.9
12.7
9.3
10.1
12.7
12.3
13.4
15.3
9.4
24.8
11.8
9.1
10.7
12.0
11.1
12.0
14.4
9.1
21.8
4.2
5.2
4.1
3.9
2.8
6.3
2.8
1.5
4.1
4.2
5.2
4.4
4.2
2.8
6.3
2.8
1.5
4.6
5.23
3.69
7.35
7.56
14.96
10.20
20.93
9.70
8.72
-8.6
-21.4
-12.8
-16.7
-2.4
-6.4
-7.9
-14.7
0.0
4.23
2.68
5.97
5.05
13.70
8.25
17.40
7.05
7.30
12.9
8.2
7.4
24.8
6.6
15.8
10.8
17.3
19.5
1.7
0.0
-2.9
13.3
4.4
4.1
5.4
8.5
7.7
CONSTRUCTION
BPURI
GAMUDA
IJM
NAIM
SENDAI
WCT
LITRAK
0.55
5.17
7.16
2.63
0.77
1.57
3.80
0.67
4.92
7.79
2.96
1.10
1.73
4.18
1.07
1.21
0.83
1.93
1.41
1.08
0.53
31.1
36.4
37.1
6.9
13.3
28.6
15.9
28.1
53.9
35.0
11.0
13.8
38.5
7.1
16.6
19.7
7.1
11.2
11.8
13.3
3.5
18.4
13.3
7.5
6.9
11.4
9.9
7.3
2.7
2.1
1.5
2.6
3.8
4.7
7.3
2.9
2.5
1.5
2.6
3.8
5.3
0.78
5.36
7.30
4.42
1.14
2.35
3.98
-29.5
-3.5
-1.9
-40.5
-32.9
-33.1
-4.5
0.50
4.40
6.13
2.51
0.49
1.38
3.39
10.0
17.5
16.8
4.8
57.7
13.8
12.1
1.9
3.2
9.0
-11.7
-1.9
-1.3
2.7
13.60
14.28
11.89
13.55
0.82
0.69
64.6
87.0
68.4
105.5
21.0
16.4
19.9
13.5
4.3
5.5
4.5
6.7
13.72
14.94
-0.9
-4.4
10.36
12.02
31.3
18.8
15.8
16.1
3.00
10.96
18.20
74.80
2.09
2.19
4.07
3.27
12.92
19.44
59.00
2.30
2.62
4.68
1.18
0.52
0.57
0.46
0.36
0.81
1.06
19.0
51.0
82.5
243.2
9.1
28.5
15.3
21.5
70.5
91.3
258.9
12.9
32.0
17.9
15.8
21.5
22.1
30.8
23.0
7.7
26.6
14.0
15.5
19.9
28.9
16.2
6.8
22.8
1.9
4.2
3.4
3.0
1.9
4.1
1.0
2.2
5.7
3.8
3.0
2.7
4.6
1.2
4.33
11.98
19.12
75.20
3.02
2.44
4.11
-30.7
-8.5
-4.8
-0.5
-30.8
-10.2
-1.0
2.64
9.87
15.42
63.50
1.90
1.13
3.02
13.6
11.1
18.0
17.8
10.0
93.8
34.8
-4.8
6.8
4.4
9.2
-12.2
51.0
23.3
69.30
73.15
0.77
336.8
346.8
20.6
20.0
4.8
4.9
74.40
-6.9
59.08
17.3
6.5
9.20
4.36
11.67
4.66
1.20
0.84
54.4
28.5
59.7
28.1
16.9
15.3
15.4
15.5
1.1
1.9
1.3
2.2
10.22
4.68
-10.0
-6.8
8.14
3.78
13.0
15.3
3.7
7.1
3.30
4.00
1.00
27.2
26.3
12.1
12.6
8.2
8.2
3.95
-16.5
3.28
0.6
-6.0
6.12
4.30
-2.1
0.0
3.78
2.97
58.5
44.8
24.3
16.2
8.69
5.87
2.60
5.69
4.70
-2.8
-0.3
-21.9
-5.1
-2.3
5.72
3.63
1.58
4.21
2.64
47.7
61.2
28.5
28.3
73.9
20.2
30.9
20.8
19.5
35.8
AUTOMOBILE
EPMB
MBMR
UMW
CONSUMER
Brewery
CARLSBG
GUINESS
Retail
AEON
AMWAY
F&N
NESTLE
PARKSON
POHUAT
QL
Tobacco
BAT
GAMING
Casino
GENTING
GENM
NFO
BJTOTO
Div Yield (%)
FY15 FY16
HEALTHCARE
Hospitals
IHH
5.99
5.10
0.83
11.5
14.0
52.1
42.8
0.7
0.8
KPJ
4.30
4.60
0.79
14.8
15.3
29.1
28.1
1.9
1.9
Rubber Gloves
HARTA
8.45
7.30
0.64
26.3
34.8
32.2
24.3
1.4
1.9
KOSSAN
5.85
6.30
0.52
30.3
34.5
19.3
16.9
2.3
2.7
SUPERMX
2.03
2.05
0.99
18.7
22.4
10.9
9.1
2.5
2.8
TOPGLOV
5.40
6.10
0.65
34.1
37.8
15.8
14.3
3.2
3.5
KAREX
4.59
4.60
na
15.6
19.1
29.4
24.0
0.5
0.6
Note: KAREXX proposed bonus issue shares on the basis of 1 for 2. For more details please refer to 27.03.15 report.
52weeks
High Price
% Chg
52weeks
Low Price
% Chg
% Chg
YTD
INDUSTRIAL
SCIENTX
SKPRES
UNIMECH
6.68
0.86
1.41
8.57
1.10
1.45
1.08
1.23
1.08
76.0
5.0
16.8
88.0
9.6
19.4
8.8
17.2
8.4
7.6
9.0
7.3
3.5
2.9
3.9
4.1
4.7
4.8
7.63
0.90
1.78
-12.5
-3.9
-20.8
5.63
0.32
1.38
18.7
173.0
2.2
-5.8
34.4
-5.4
MEDIA
MEDIA PRIMA
STAR
1.73
2.44
2.01
2.52
1.52
0.50
16.6
21.0
16.8
21.8
10.4
11.6
10.3
11.2
6.9
7.4
6.9
7.4
2.64
2.76
-34.5
-11.5
1.61
2.17
7.5
12.7
-1.7
6.9
OIL & GAS
ICON
MHB
PANTECH
PCHEM
PERISAI
SKPETRO
UMWOG
0.66
1.24
0.74
5.57
0.54
2.32
2.34
0.71
1.47
0.93
4.76
0.65
3.05
2.94
na
1.45
1.46
1.15
2.32
1.92
na
8.4
12.3
8.8
36.6
6.4
21.2
17.3
13.0
11.9
11.1
40.4
13.9
17.0
19.3
7.8
10.1
8.4
15.2
8.5
10.9
13.5
5.0
10.4
6.6
13.8
3.9
13.6
12.1
0.0
4.0
4.8
3.3
0.0
1.5
0.7
0.0
4.0
6.0
3.6
0.0
0.0
0.8
2.19
4.16
1.15
6.92
1.67
4.57
4.27
-70.1
-70.2
-36.1
-19.5
-67.7
-49.2
-45.2
0.62
1.06
0.71
4.65
0.38
2.02
1.91
6.5
17.0
4.3
19.8
42.1
14.9
22.5
-12.1
-30.3
-4.5
2.2
18.7
0.0
-0.4
For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company
Share Price
(RM)
Target Price
(RM)
BETA
EPS (sen)
FY15
FY16
PER (X)
FY15
FY16
4.48
2.10
3.60
4.60
23.10
1.96
9.29
6.38
5.65
2.48
4.26
4.22
20.47
1.60
10.06
7.38
0.63
na
1.02
1.06
1.06
0.18
0.73
0.50
34.7
13.8
13.8
17.4
93.5
5.2
36.3
22.6
36.5
16.4
17.7
22.2
118.1
7.3
50.9
35.2
12.9
15.2
26.1
26.5
24.7
37.5
25.6
28.3
12.3
12.8
20.3
20.7
19.6
26.9
18.3
18.1
2.5
4.3
2.2
2.6
2.2
1.0
2.9
2.2
2.9
4.3
2.8
2.8
2.8
1.0
3.2
3.4
5.66
4.66
4.03
5.36
25.14
2.27
9.80
7.53
-20.8
-54.9
-10.7
-14.2
-8.1
-13.7
-5.2
-15.3
4.38
2.02
3.12
4.36
19.60
1.88
8.78
6.00
2.3
4.0
15.4
5.5
17.9
4.3
5.8
6.3
-7.1
-3.7
-0.6
-4.2
1.3
-2.0
1.1
1.8
2.44
0.98
2.14
2.17
2.06
1.01
3.44
3.71
2.50
0.77
2.86
2.68
2.60
1.35
3.62
3.97
1.41
1.17
0.99
na
1.08
0.77
0.55
1.09
27.1
8.4
38.9
11.1
19.5
13.6
24.3
34.7
27.4
12.2
41.4
14.8
22.6
19.0
31.0
34.9
9.0
11.6
5.5
19.5
10.6
7.4
14.2
10.7
8.9
8.0
5.2
14.6
9.1
5.3
11.1
10.6
4.9
4.1
6.1
2.8
3.6
2.0
3.5
3.2
4.9
4.6
6.5
3.7
4.4
2.0
4.5
3.4
3.11
1.21
2.52
2.75
2.38
1.61
3.65
3.80
-21.5
-19.0
-15.1
-21.2
-13.4
-37.3
-5.8
-2.4
2.27
0.90
1.71
2.03
1.85
0.87
2.88
2.90
7.5
8.9
25.1
6.9
11.5
16.1
19.4
27.9
6.1
0.0
4.4
-7.8
-0.4
-17.9
4.2
12.8
1.70
1.52
1.75
1.69
0.47
0.60
8.5
7.8
10.3
8.9
19.9
19.6
16.6
17.1
5.3
5.4
6.3
6.2
1.70
1.66
0.0
-8.4
1.30
1.34
30.8
13.4
11.8
6.3
POWER & UTILITIES
PETDAG
PETGAS
TENAGA
YTLPOWR
21.02
23.08
14.56
1.50
17.08
24.45
16.25
1.94
1.05
1.21
1.12
0.83
74.3
87.9
117.3
15.0
78.7
88.2
113.6
15.0
28.3
26.3
12.4
10.0
26.7
26.2
12.8
10.0
2.9
2.5
2.4
0.6
3.0
2.5
2.3
0.6
30.43
24.96
16.96
1.70
-30.9
-7.5
-14.2
-11.8
14.40
20.60
11.50
1.42
46.0
12.0
26.6
5.6
24.2
4.2
5.5
1.4
TELECOMMUNICATIONS
AXIATA
DIGI
MAXIS
TM
7.07
6.33
7.20
7.60
7.08
7.80
6.58
8.96
0.83
0.83
0.70
0.74
30.2
27.4
30.3
23.5
32.4
28.7
32.3
25.4
23.4
23.1
23.7
32.3
21.8
22.1
22.3
30.0
3.3
4.3
4.2
3.4
3.5
4.5
4.5
3.5
7.29
6.65
7.30
7.79
-3.0
-4.8
-1.4
-2.4
6.50
5.20
6.21
5.81
8.8
21.7
15.9
30.8
0.3
2.6
5.1
10.5
TECHNOLOGY
Semiconductor & Electronics
IRIS
0.33
INARI
3.41
MPI
6.76
UNISEM
2.21
0.36
4.10
7.60
2.75
0.80
1.75
1.06
1.04
1.0
16.9
40.6
16.0
2.1
22.6
51.8
19.8
33.6
20.2
16.7
13.8
16.0
15.1
13.0
11.2
1.4
2.0
3.0
2.7
1.4
2.7
3.0
2.7
0.53
3.45
7.06
2.27
-37.1
-1.2
-4.2
-2.6
0.22
1.93
4.09
1.02
50.0
77.1
65.3
116.7
32.0
42.0
49.2
24.2
2.0
1.5
2.2
2.2
2.94
8.18
-23.1
-14.8
2.18
5.96
3.7
16.9
-16.9
8.3
1.1
3.1
1.1
3.4
9.14
4.05
-1.8
-1.2
6.01
2.45
49.4
63.3
24.4
19.0
PLANTATIONS
BSTEAD
FGV
IJMPLNT
IOICORP
KLK
KWANTAS
SIME
UMCCA
PROPERTY
CRESNDO
GLOMAC
HUAYANG
IOIPG
MAHSING
SNTORIA
SPSETIA
SUNWAY
REIT
SUNREIT
CMMT
TRANSPORTATION
Airlines
AIRASIA
2.26
3.44
0.98
24.6
24.5
9.2
9.2
AIRPORT
6.97
6.74
1.12
16.2
22.8
43.0
30.6
Note: AIRPORT proposed 1 for 5 rights issue shares. For more details please refer to 12.11.14 report.
Freight & Tankers
MISC
8.98
8.86
1.01
42.2
46.2
21.3
19.4
WPRTS
4.00
3.89
na
16.5
18.2
24.3
21.9
Div Yield (%)
FY15 FY16
52weeks
High Price
% Chg
52weeks
Low Price
% Chg
% Chg
YTD
SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE
Company
Share Price
(S$)
BANKS & FINANCIAL SERVICES
DBS
20.32
OCBC
10.65
UOB
23.43
PLANTATIONS
WILMAR
IFAR
3.24
0.74
Target Price
(S$)
Beta
EPS (cent)
FY15
FY16
PER (X)
FY15
FY16
Div Yield (%)
FY15 FY16
52week
High Price
% Chg
52week
Low Price
% Chg
21.60
12.10
26.60
1.04
0.97
1.11
172.0
99.4
219.1
183.5
107.5
238.9
11.8
10.7
10.7
11.1
9.9
9.8
2.9
4.7
3.2
2.9
5.7
3.2
20.67
10.66
24.72
-1.7
-0.1
-5.2
16.43
8.84
21.02
23.7
16.8
11.5
-1.4
1.8
-4.5
3.75
0.87
0.81
0.99
26.8
7.6
28.6
8.8
12.1
9.8
11.3
8.5
2.5
0.4
2.8
0.5
3.54
1.11
-8.5
-33.0
2.92
0.66
11.0
12.1
0.0
2.1
BUY : Total return within the next 12 months exceeds required rate of return by 5%-point.
HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
SELL : Total return is lower than the required rate of return.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months.
Required Rate of Return of 10% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
% Chg
YTD