BIMB SECURITIES RESEARCH MARKET INSIGHT · PDF file 3 | Market Insight LOCAL CORPORATE NEWS Hap Seng, Naza TTDI in RM3.8bn property project Hap Seng Consolidated and Naza TTDI SB will

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Bursa Malaysia

Bursa Malaysia Close Change +/- Change %

FBMKLCI 1,667.80 33.27 2.04

FBMEMAS 11,567.65 212.50 1.87

FBM100 11,279.86 213.03 1.92

FBMEMAS Shariah 12,420.82 226.28 1.86

FBM Hijrah Shariah 13,904.43 209.50 1.53

Volume (mn) 2,501.46 679.89 37.32

Value (RMmn) 4,029.50 1,568.55 63.74

FBMKLCI YTD Chg -1.46

Scoreboard

Close Change+/- (+/- %)

Gainers 691 334 93.56

Losers 282 -231 -45.03

Unchanged 261 -62 -19.20

Regional Indices

Close Change (+/-)

Change (+/- %)

YTD Chg (%)

DJIA 16,449.18 -17.12 -0.10 -5.60

NASDAQ 4,620.37 6.41 0.14 -7.73

S&P 500 1,939.38 -0.86 -0.04 -5.12

FTSE 100 6,060.10 -23.69 -0.39 -2.92

Nikkei 225 17,865.23 346.93 1.98 -6.14

HSI 19,595.50 -87.61 -0.45 -10.58

SHCOMP 2,688.85 -48.75 -1.78 -24.03

KOSPI 1,924.82 12.76 0.67 -1.86

TWSE 8,156.96 11.75 0.14 -2.17

STI 2,602.41 -26.70 -1.02 -9.72

JCI 4,624.64 9.47 0.21 0.69

SET 1,297.34 -3.64 -0.28 0.72

PSEi 6,701.36 13.74 0.21 -3.61 Market Valuation (PER)

FY16 FY17 5Y Average

FBMKLCI 15.12 14.04 15.70

SHCOMP 9.74 7.77 11.05

HSI 8.80 7.52 11.09 JCI 14.36 12.46 15.18 SET 12.49 12.37 13.67

STI 10.51 9.33 13.99

PSEi 14.85 14.99 17.41

The Research Team

[email protected]

03-26131735

KLCI Performance

KLCI Year-End Target: 1,820 points

Major Highlights

Hap Seng, Naza TTDI in RM3.8bn property project

Puncak Niaga to operate Sabah water treatment plant

Barakah wins Sarawak gas pipeline contract

Shell to sell stake in Malaysian plant to China private refiner

Ryanair says Q3 profit more than doubles

Local & Global Economic News

Ringgit Closes Higher Against US Dollar

US manufacturing index shows continued contraction in January

US small business borrowing sank in 2015

Global factory growth remained weak at start of 2016: PMI

China central bank injects ¥1.53trn yuan liquidity before Lunar

New Year

Regionally

Key regional markets ended mostly positive yesterday. N225 emerged as the top gainer, gained 1.98% to close at 17,865.23 followed by KOSPI (+0.67%), JCI (+0.21%), PSEi (+0.21%), TWSE (+0.14%). Meanwhile SHCOMP (-1.78%), STI (-1.02%), HSI (-0.45%) and SET (-0.28%) were the losers.

Locally The FBMKLCI gained 33.27 points to close at 1,667.80 on Friday. Bursa’s market breath was positive with 691 gainers against 282 losers while 261 counters were traded unchanged. GENP (+94sen), PETDAG (+80sen) and PETGAS (+70sen) led the gainers. While KOSSAN (-63sen), MPI (-56en) and MAXIS (-46sen) led the losers.

Market Preview

Shares in Europe closed lower, weighed down by lackluster manufacturing reports from the Eurozone and China. Wall Street also ended lower with sentiment hit by renewed declines in oil futures. The DJIA and S&P500 fell 0.10% and 0.04% respectively to end at 16,449.18 and 1,939.38 respectively. Meanwhile in Asia, stocks ended mixed with strong gains in Japan after the BOJ surprised investors by cutting interest rates to negative territory. China however closed sharply lower as its manufacturing purchasing managers index fell to 49.4 in January, marking the sixth-consecutive month of contraction. Locally, the FBMKLCI ended sharply higher on previous close, added 33.27 points or 2.04% to 1,667.80 due to bargain hunting, mainly on plantation counters. Trading participation saw net buying by foreign institutions while local institutions and retail were net sellers. We expect the local market to trend sideways due to mixed sentiments around the world with the index to hover around 1,665-70.

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MARKET INSIGHT BIMB SECURITIES RESEARCH

Tuesday, 2 February 2016

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Market Insight

Sector Indices


Industrial 3,320.61 89.30 2.76

Consumer 586.78 3.87 0.66

Industrial Products 150.33 1.63 1.10

Construction 272.90 4.68 1.74

Finance 13,882.41 212.71 1.56

Property 1,111.47 13.58 1.24

Plantation 7,916.20 341.68 4.51

Technology 22.35 -0.29 -1.28

KLCI Futures

Contracts Feb-16 Mar-16

High 1,688.50 1,704.00

Low 1,591.50 1,448.00

Last 1,660.00 1,653.00

Volume 12,483.00 230.00

Commodities (Most Recent Close)

Close Change +/- (+/- %) % Brent Crude (USD/bbl) 34.24 -1.75 -4.86

WTI Crude (USD/bbl) 31.62 -0.18 -0.57

Gold (USD/ounce) 1,128.40 0.02 0.00

CPO (RM/MT) 2,443.00 -38.00 -1.53

SMR 20 (sen/kg) 444.50 -6.00 -1.33

Latex (sen/kg) 367.50 -4.50 -1.21

Soybean Oil 30.76 -0.12 -0.39

Forex

(per USD1) Close Change +/- Change % MYR 4.1615 -0.0440 -1.05

JPY 120.9900 -0.1500 -0.12

EUR 0.9184 -0.0049 -0.53

SGD 1.4226 -0.0017 -0.12

Major Rates

KLIBOR 3-mth 3.79%

KLIBOR 6-mth 3.87%

KLIBOR 12-mth 3.95%

5-yr MGS 3.34%

10-yr MGS 3.85%

Active Stock


Tiger Synergy 0.09 0.00 0.00

Airasia X 0.25 0.01 4.26

Airasia 1.42 0.08 5.97

KNM 0.49 0.03 6.52 CIMB 4.15 0.05 1.22

Top Gainers


Genting Plantations 11.44 0.94 8.95

Petronas Dagangan 25.54 0.80 3.23

Petronas Gas 22.88 0.70 3.16

Kuala Lumpur Kepong 23.90 0.56 2.40

Nestle 74.00 0.50 0.68

Top Losers


Kossan Rubber Industries 7.11 -0.63 -8.14

Malaysian Pacific Industries 8.10 -0.56 -6.47

Maxis 5.72 -0.46 -7.44

Hartalega Holdings 5.40 -0.35 -6.09

TAHPS Group 6.15 -0.30 -4.65 Daily Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Institution 57.3 1998.3 2616.9 -618.6

Local Retail 12.2 448.5 536.0 -87.5

Foreign 30.5 1582.8 876.7 706.1

Total 100.0 4,029.6 4,029.6 0.0

Weekly Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Institution 57.6 5124.9 6243.0 -1,118.1

Local Retail 15.4 1367.0 1483.6 -116.6

Foreign 27.0 3361.5 2126.8 1,234.7

Total 100.00 9,853.4 9,853.4 0.0


Market Insight

LOCAL CORPORATE NEWS

Hap Seng, Naza TTDI in RM3.8bn property project Hap Seng Consolidated and Naza TTDI SB will co-develop a 8.95-acre mixed development project in Kuala Lumpur with a GDV of RM3.8bn. Hap Seng Land Development SB had signed both a shareholders’ agreement and a development rights agreement with TTDI KL Metropolis. To develop the leasehold land, the companies will set up a JV company, Golden Suncity SB, with Hap Seng Land Development and TTDI KL Metropolis having 70% and 30% stake respectively. Under the development rights agreement, Golden Suncity will be granted exclusive right to develop the land within the KL Metropolis masterplan. This includes the right to design, develop, build and complete a proposed mixed commercial development on the land. (Source: StarBiz) Puncak Niaga to operate Sabah water treatment plant The Energy, Green Technology and Water Ministry’s water supply department has awarded Puncak Niaga Holdings the tender to operate and maintain a water treatment plant in Beaufort, Sabah. The 3-year job given to its unit, Puncak Niaga Construction SB, involved water treatment facilities with a total design capacity of 76m litres per day at Kampung Lawa Gadong which supplies water to Labuan. Puncak Niaga did not give the value of the contract which runs from Feb 1, 2016, to Jan 31, 2019. The contract document for the project will be signed between the parties in due course. (Source: StarBiz) Barakah wins Sarawak gas pipeline contract Barakah Offshore Petroleum has received a contract to install 2 gas pipelines under the Petronas Carigali-operated Baram Delta Gas Gathering Project 2 (Bardegg 2) and Baronia enhanced oil recovery project offshore Miri, Sarawak. The oil and gas service provider, PBJV Group BS had received the 2016 work scope for the “Transportation and Installation Of Offshore Facilities for Year 2014-2016”. The 2 projects under the work scope were the 43km Bardegg and Baronia 24-inch pipeline from the TTJT-A wellhead platform to the Baronia B central processing platform (BNCPP-B) (tentative installation date is March 2016) and the 125km Bardegg and Baronia 24-inch pipeline from DNCPP-B to the E11RC platform (tentative installation date is May 2016). Barakah did not provide the estimated value of the contract. (Source: StarBiz)

Shell to sell stake in Malaysian plant to China private refiner Royal Dutch Shell had agreed to sell its shares in Shell Refining Company in Malaysia to a unit of a private Chinese refiner for US$66.3m. It marks the first overseas refinery acquisition by a private Chinese refiner, shortly after Beijing allowed dozens of the country's independent, small oil plants to import crude for the first time. Shell will sell the 51% stake to Malaysia Hengyuan International Ltd, while the remaining shares are held by institutional and public shareholders. The transaction is expected to be completed in 2016, subject to regulatory approval, Shell. Shell Malaysia Trading will continue to supply its retail and commercial customers in Malaysia and honour its existing commitments which include a long-term offtake deal from Shell Refining Company. (Source: StarBiz) Ryanair says Q3 profit more than doubles Irish no-frills airline Ryanair 3Q net profit more than doubled on surging passenger numbers, and unveiled an €800m (US$866mn) share buyback programme. EAT rocketed 110% to €103mn the 3 months to the end of December, compared with €49mn a year earlier. Customer traffic jumped by a fifth to 25m people. The Dublin-based carrier added that it would return €800mn to investors via a share buyback, and cited its rising profitability and improving cashflow. Ryanair added that price promotions and heavy discounts offset the impact of weaker demand following last November’s deadly Paris attacks. (Source: StarBiz)


Market Insight

LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Higher Against US Dollar The ringgit closed higher against the US dollar today to hit a three-and-a-half month high as global crude oil price extended its gains. At 5 pm, the local unit was traded at 4.1500/1600 from 4.2040/2100 against the greenback on Thursday. News of a possible cut in oil output by the world's major oil-producing countries had resulted oil prices to rise. The benchmark Brent futures went up to nearly US$36 a barrel. The dealer said Japan's central bank's decision to unexpectedly cut a benchmark interest rate to -0.1% also lend support for the local note. The ringgit was traded higher against other major currencies. It rose against the Singapore dollar to 2.9143/9228 from 2.9477/9525 on Thursday and strengthened against the yen at 3.4337/4429 from 3.5399/5453 yesterday. The local note appreciated against the British pound to 5.9598/9758 from 5.9949/9051 yesterday and rose against the euro to 4.5206/5323 from 4.5828/5906 yesterday. (Source: Bernama) US manufacturing index shows continued contraction in January The US economy's manufacturing sector contracted for a fourth straight month in January but at a slower pace than the previous month, while employment in the sector slumped to a six-and-a-half year low. The Institute for Supply Management (ISM) index of national factory activity rose to 48.2 from 48.0 the month before. The reading was just above expectations of 48.1 from a Reuters poll of 80 economists. The employment index fell to 45.9, the lowest level since June 2009, from 48 a month earlier. Expectations called for a reading of 48. The new orders index climbed to 51.5, the highest since last August, from 48.8. The prices paid index was unchanged at 33.5, in line with forecasts. (Source: Reuters) US small business borrowing sank in 2015 US small business borrowing fell in December from a year earlier, a fresh sign that economic growth may weaken in the coming months. The Thomson Reuters/PayNet Small Business Lending Index registered 132.4 in December, up from a downwardly revised November reading of 127.3 but below the December 2014 reading of 134.1. Lending had risen sharply earlier in the year. Dropping oil prices and slowing world growth are taking a toll on US economic growth, which slowed to a 0.7% annual pace in the last quarter of 2015. Small business borrowing is a key barometer of growth because it is the little firms that tend to do much of the hiring that fuels economic growth. Lending slowed sharply to small businesses in mining and agriculture, as well as in wholesale trade, transportation and construction, the figures showed. Texas was particularly hard hit. (Source: Reuters) Global factory growth remained weak at start of 2016: PMI Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies. JPMorgan's Global Manufacturing PMI, produced with Markit, came in at 50.9 last month, just above December's 50.7. The index has been above the 50 mark that separates growth from contraction since late 2012. The January PMI data signal that the upturn in global manufacturing remained lackluster at the start of 2016. Further discounting by factories did however prompt a small improvement in order books. The new orders sub-index rose to 51.4 from 50.8. The global PMI combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia. (Source: Reuters) China central bank injects ¥1.53trn yuan liquidity before Lunar New Year China's central bank injected ¥1.53trn yuan (US$232.59bn) in liquidity ahead of the Lunar New Year festivities to avoid a cash crunch in the lead up to the holiday season. China's central bank lent 862.5bn yuan to financial institutions in January via its medium-term lending facility (MLF). Outstanding MLF was ¥1.28trn yuan at the end of January compared with¥665.8bn yuan at the end of December 2015. China's outstanding standing lending facility (SLF) was ¥110m yuan at the end of January, and the central bank injected a total of ¥520.9bn yuan via the SLF in January alone. Separately, the central bank disbursed ¥143.5bn yuan worth of pledged supplementary loans, or PSL, to policy banks in January. The outstanding PSL stood at 1.22 trillion yuan at end-January, compared with ¥1.08trn yuan a month earlier. (Source: Reuters)


Market Insight

ECONOMIC CALENDAR

Date Time Country Event Survey Actual Prior Revised

02/02/2016 00:00 WO JPMorgan Global Manufacturing PMI Jan -- 50.9 50.9 50.7 02/02/2016 00:00 BZ CNI Capacity Utilization (SA) Dec -- 77.50% 77.00% 77.30%

02/02/2016 00:03 UA Money Supply M3 MoM Dec -- 2.50% 1.10% --

02/02/2016 00:03 UA Money Supply M3 YoY Dec -- 3.90% -0.10% --

02/02/2016 00:21 IT Budget Balance Jan -- 4.6b 2.5b --

02/02/2016 01:00 IT New Car Registrations YoY Jan -- 17.44% 18.70% 19.20% 02/02/2016 01:00 BZ Trade Balance Monthly Jan $500m $923m $6240m --

02/02/2016 01:00 BZ Exports Total Jan $11400m $11246m $16783m --

02/02/2016 01:00 BZ Imports Total Jan $10900m $10323m $10543m --

02/02/2016 03:49 BZ Vehicle Sales Fenabrave Jan -- 155300 227789 227774

02/02/2016 04:11 AR Government Tax Revenue Jan -- 162.6b 145.0b -- 02/02/2016 06:30 AU ANZ R.M Wkly Cons Confidence Index 31-Jan -- 111.2 112.2 --

02/02/2016 07:00 SK CPI MoM Jan 0.40% 0.00% 0.30% --

02/02/2016 07:00 SK CPI YoY Jan 1.10% 0.80% 1.30% --

02/02/2016 07:00 SK CPI Core YoY Jan 1.80% 1.70% 2.40% --

02/02/2016 07:50 JN Monetary Base YoY Jan -- 28.90% 29.50% --

02/02/2016 07:50 JN Monetary Base End of period Jan -- ¥358.8t ¥356.1t --

02/02/2016 08:00 NZ ANZ Commodity Price Jan -- -- -1.80% --

02/02/2016 11:30 AU RBA Cash Rate Target 2-Feb 2.00% -- 2.00% --

02/02/2016 13:30 IN RBI Cash Reserve Ratio 2-Feb 4.00% -- 4.00% --

02/02/2016 13:30 IN RBI Repurchase Rate 2-Feb 6.75% -- 6.75% --

02/02/2016 13:30 IN RBI Reverse Repo Rate 2-Feb 5.75% -- 5.75% --

02/02/2016 15:00 RO PPI MoM Dec -- -- -0.10% --

02/02/2016 15:00 RO PPI YoY Dec -- -- -2.60% --

02/02/2016 15:00 RO ILO Unemployment Rate Dec -- -- 6.70% --

02/02/2016 16:00 HU Trade Balance Nov F -- -- 673m --

02/02/2016 16:00 SP Unemployment MoM Net ('000s) Jan 71 -- -55.8 --

02/02/2016 16:15 SZ Retail Sales Real YoY Dec -- -- -2.10% --

02/02/2016 16:30 HK Retail Sales Value YoY Dec -4.30% -- -7.80% --

02/02/2016 16:30 HK Retail Sales Volume YoY Dec -2.50% -- -6.00% --

02/02/2016 16:55 GE Unemployment Change (000's) Jan -8k -- -14k --

02/02/2016 16:55 GE Unemployment Claims Rate SA Jan 6.30% -- 6.30% --

02/02/2016 17:00 IT Unemployment Rate Dec P 11.20% -- 11.30% --

02/02/2016 17:30 UK Markit/CIPS UK Construction PMI Jan 57.5 -- 57.8 --

02/02/2016 18:00 EC PPI MoM Dec -0.60% -- -0.20% --

02/02/2016 18:00 EC PPI YoY Dec -2.80% -- -3.20% --

02/02/2016 18:00 EC Unemployment Rate Dec 10.50% -- 10.50% --

02/02/2016 18:00 BE Unemployment Rate Dec -- -- 7.80% --

02/02/2016 19:00 IR Unemployment Rate Jan -- -- 8.80% --

02/02/2016 19:00 BZ Industrial Production MoM Dec 0.00% -- -2.40% --

02/02/2016 19:00 BZ Industrial Production YoY Dec -10.60% -- -12.40% --

02/02/2016 21:00 SI Purchasing Managers Index Jan 49.7 -- 49.5 -- 02/02/2016 21:00 SI Electronics Sector Index Jan -- -- 48.9 --

02/02/2016 22:45 US ISM New York Jan -- -- 62 --

02/02/2016 23:00 US IBD/TIPP Economic Optimism Feb 47.6 -- 47.3 --

02/02/2016 23:00 MX Remittances Total Dec $2113.6m -- $1887.9m --

02/02/2016 23:00 DE Foreign Reserves Jan 410 -- 434.9 --

02/02/2016 23:00 DE Change in Currency Reserves Jan -25.0b -- -49.0b --

02/02/2016 23:30 MX Markit Mexico PMI Mfg Jan -- -- 52.4 --

02/01/2016 02/05 MO Trade Balance Oct -- -- -D9.1b --

02/01/2016 02/05 AO Net Reserves Dec -- -- $24.89b --

02/01/2016 02/05 NA M2 Money Supply YoY Dec -- -- 8.90% --

02/01/2016 02/12 NG Current Account Balance 2Q -- -- -$3.6b --

02/01/2016 02/05 UG Money Supply M3 YoY Dec -- -- 11.69% --

Source: Bloomberg, BIMB Securities


Market Insight

PIVOT POINT ANALYSIS

Stocks Closing

Price S3 S2 S1

Pivot Point

R1 R2 R3 Est.

Weighting.

FBMKLCI Index 1667.80 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

FBM Hijrah Shariah 13904.43 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Autos

APM Automotive 3.850 3.775 3.788 3.825 3.838 3.875 3.888 3.925 0.256%

Delloyd Ventures n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

MBM Resources 2.250 2.055 2.088 2.185 2.218 2.315 2.348 2.445 0.30%

Tan Chong 2.650 2.470 2.500 2.590 2.620 2.710 2.740 2.830 0.588%

UMW 7.010 5.960 6.280 6.660 6.980 7.360 7.680 8.060 2.786%

Building Materials Ann Joo Resource 0.650 0.635 0.638 0.645 0.648 0.655 0.658 0.665 0.111%

Alum Co of Malay 0.670 0.655 0.663 0.665 0.673 0.675 0.683 0.685 0.031%

Choo Bee Metal 1.360 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.050%

CSC Steel 1.210 1.180 1.185 1.200 1.205 1.220 1.225 1.240 0.152%

Eksons Corp 1.140 1.125 1.133 1.135 1.143 1.145 1.153 1.155 0.062%

Engtex Group 1.250 1.175 1.193 1.225 1.243 1.275 1.293 1.325 0.128%

Goh Ban Huat 1.400 1.400 1.400 1.400 1.400 1.400 1.400 1.400 0.089%

Hiap Teck 0.205 0.198 0.201 0.203 0.206 0.208 0.211 0.213 0.050%

Jaks Resources 1.040 0.995 1.008 1.025 1.038 1.055 1.068 1.085 0.155%

Java 0.105 0.105 0.105 0.105 0.105 0.105 0.105 0.105 0.006%

Kim Hin Ind 2.120 1.985 2.018 2.075 2.108 2.165 2.198 2.255 0.101%

Kinsteel 0.070 0.070 0.070 0.070 0.070 0.070 0.070 0.070 0.025%

Lafarge M Cement 9.200 8.750 8.875 9.050 9.175 9.350 9.475 9.650 2.659%

Lion Corp 0.040 0.040 0.040 0.040 0.040 0.040 0.040 0.040 0.018%

Lion Industries 0.230 0.223 0.224 0.228 0.229 0.233 0.234 0.238 0.055%

Malaysia Smelting 2.300 2.270 2.285 2.290 2.305 2.310 2.325 2.330 0.078%

Masteel 0.360 0.330 0.343 0.350 0.363 0.370 0.383 0.390 0.030%

Melewar Ind 0.205 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.016%

MTD ACPI 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.023% Pantech 0.565 0.543 0.551 0.558 0.566 0.573 0.581 0.588 0.118%

Perwaja 0.105 0.098 0.099 0.103 0.104 0.108 0.109 0.113 0.020%

Press Metal 1.860 1.770 1.800 1.830 1.860 1.890 1.920 1.950 0.822%

Southern Steel 0.730 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.104%

Tasek 14.680 14.530 14.565 14.630 14.665 14.730 14.765 14.830 0.605%

Tong Herr 1.960 1.960 1.960 1.960 1.960 1.960 1.960 1.960 0.083%

Conglomerates

Cahya Mata Sarawak 5.180 4.955 4.993 5.105 5.143 5.255 5.293 5.405 1.893% Lion Diversified 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.024%

Hap Seng Cons 7.200 6.525 6.638 6.975 7.088 7.425 7.538 7.875 5.283%

MMC 1.850 1.715 1.743 1.805 1.833 1.895 1.923 1.985 1.92%

Sime Darby 8.070 7.185 7.373 7.775 7.963 8.365 8.553 8.955 17.369%

YTL Corp 1.560 1.500 1.530 1.540 1.570 1.580 1.610 1.620 5.529%

Construction

AZRB 0.580 0.580 0.580 0.580 0.580 0.580 0.580 0.580 0.095%

Ekovest 1.120 1.000 1.050 1.080 1.130 1.160 1.210 1.240 0.326%

Fajar Baru 0.495 0.488 0.489 0.493 0.494 0.498 0.499 0.503 0.055%

Favelle Favco 2.850 2.775 2.793 2.825 2.843 2.875 2.893 2.925 0.213%

Gamuda 4.570 4.375 4.433 4.505 4.563 4.635 4.693 4.765 3.740%

Hock Seng Lee 1.950 1.905 1.918 1.935 1.948 1.965 1.978 1.995 0.365%

IJM Corp 3.450 3.300 3.350 3.400 3.450 3.500 3.550 3.600 4.199%

Kimlun 1.490 1.385 1.408 1.455 1.478 1.525 1.548 1.595 0.152%

KKB Engineer 1.710 1.590 1.610 1.670 1.690 1.750 1.770 1.830 0.150%

MRCB 1.170 1.095 1.108 1.145 1.158 1.195 1.208 1.245 0.711%


Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Mudajaya 1.210 1.135 1.153 1.185 1.203 1.235 1.253 1.285 0.22%

Muhibbah 2.270 2.150 2.170 2.230 2.250 2.310 2.330 2.390 0.36%

Naim Hold 2.430 2.265 2.293 2.375 2.403 2.485 2.513 2.595 0.20%

Sunway Hldgs 2.950 2.920 2.930 2.940 2.950 2.960 2.970 2.980 1.787%

TRC Synergy 0.335 0.305 0.320 0.325 0.340 0.345 0.360 0.365 0.055% TSR Capital Bhd 0.510 0.495 0.503 0.505 0.513 0.515 0.523 0.525 0.030%

Zelan 0.230 0.215 0.220 0.225 0.230 0.235 0.240 0.245 0.066%

Consumer/Retail

Aeon Co (M) 2.500 2.440 2.470 2.480 2.510 2.520 2.550 2.560 1.194%

Ajinomoto 7.960 7.900 7.930 7.940 7.970 7.980 8.010 8.020 0.165%

Apollo Food 5.820 5.805 5.808 5.815 5.818 5.825 5.828 5.835 0.158%

Bonia 0.695 0.665 0.675 0.685 0.695 0.705 0.715 0.725 0.191%

CI Holdings 2.900 2.825 2.838 2.875 2.888 2.925 2.938 2.975 0.160%

Cocoaland 2.260 2.185 2.208 2.235 2.258 2.285 2.308 2.335 0.176%

Dutch Lady 47.780 47.060 47.180 47.540 47.660 48.020 48.140 48.500 1.040%

Guan Chong 1.270 1.195 1.218 1.245 1.268 1.295 1.318 1.345 0.206%

Hai-O Ent 2.350 2.320 2.325 2.340 2.345 2.360 2.365 2.380 0.155%

Hovid 0.465 0.458 0.459 0.463 0.464 0.468 0.469 0.473 0.127%

Hup seng Inds 1.250 1.220 1.235 1.240 1.255 1.260 1.275 1.280 0.340%

K-Star Sports 0.070 0.055 0.058 0.065 0.068 0.075 0.078 0.085 0.006%

Multi Sports 0.050 0.035 0.040 0.045 0.050 0.055 0.060 0.065 0.010%

Padini 2.020 1.960 1.980 2.000 2.020 2.040 2.060 2.080 0.452%

Parkson Holdings 0.975 0.945 0.955 0.965 0.975 0.985 0.995 1.005 0.357%

Pelikan International 0.900 0.788 0.814 0.863 0.889 0.938 0.964 1.013 0.168%

Poh Kong 0.500 0.485 0.488 0.495 0.498 0.505 0.508 0.515 0.070%

QL Resources 4.550 4.460 4.490 4.520 4.550 4.580 4.610 4.640 1.932%

Silver Bird n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Three-A Resource 1.020 0.975 0.983 1.005 1.013 1.035 1.043 1.065 0.137%

Xingquan Int’l 0.455 0.433 0.436 0.448 0.451 0.463 0.466 0.478 0.052%

Yee Lee Corp 2.030 1.985 2.003 2.015 2.033 2.045 2.063 2.075 0.128%

Zhulian 1.410 1.380 1.385 1.400 1.405 1.420 1.425 1.440 0.221%

Education

HELP Int’l n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Masterskill n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

SEG Int’l 1.330 1.240 1.265 1.300 1.325 1.360 1.385 1.420 0.327%

Finance

BIMB Hold. 3.490 3.310 3.380 3.430 3.500 3.550 3.620 3.670 1.886%

Syarikat Takaful 3.780 3.615 3.688 3.725 3.798 3.835 3.908 3.945 1.049%

Healthcare

Apex Healthcare 3.700 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.147%

CCM Duopharma 2.590 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.246%

KPJ Healthcare 4.330 4.270 4.280 4.310 4.320 4.350 4.360 4.390 1.531%

Faber Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Manufacturing

CBIP 2.010 1.965 1.988 1.995 2.018 2.025 2.048 2.055 0.359%

Chin Well 1.870 1.735 1.768 1.825 1.858 1.915 1.948 2.005 0.191%

Daibochi Plastic 5.350 5.275 5.298 5.325 5.348 5.375 5.398 5.425 0.207%

Evergreen Fibre 1.230 0.885 1.043 1.115 1.273 1.345 1.503 1.575 0.354%

George Kent 1.590 1.470 1.495 1.550 1.575 1.630 1.655 1.710 0.162%

Guh Holdings 0.945 0.938 0.941 0.943 0.946 0.948 0.951 0.953 0.085%

Hil Industries 0.740 0.740 0.740 0.740 0.740 0.740 0.740 0.740 0.070%

Hong Leong Ind 5.380 5.290 5.305 5.350 5.365 5.410 5.425 5.470 0.585%


Market Insight



R1 R2 R3 Est.

Weighting

KYM Hldgs Bhd 0.430 0.430 0.430 0.430 0.430 0.430 0.430 0.430 0.022%

MWE Hold 1.430 1.400 1.405 1.420 1.425 1.440 1.445 1.460 0.112%

Muda Hold 2.320 2.290 2.305 2.310 2.325 2.330 2.345 2.350 0.241%

NTPM Hold. 0.915 0.900 0.905 0.910 0.915 0.920 0.925 0.930 0.350%

Nylex Malaysia 0.620 0.583 0.594 0.608 0.619 0.633 0.644 0.658 0.041%

Perstima 5.450 5.390 5.410 5.430 5.450 5.470 5.490 5.510 0.184%

Scientex 10.500 9.600 9.910 10.200 10.510 10.800 11.110 11.400 0.810%

Sino Hua-an 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.019%

SLP Resources 2.090 1.685 1.868 1.955 2.138 2.225 2.408 2.495 0.176%

Wellcall 2.490 2.160 2.320 2.380 2.540 2.600 2.760 2.820 0.281%

Media

Media Chinese 0.650 0.628 0.634 0.643 0.649 0.658 0.664 0.673 0.373%

Star Publication 2.330 2.285 2.308 2.315 2.338 2.345 2.368 2.375 0.585%

Utusan Melayu 0.545 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.021%

Oil & Gas

Alam Maritim 0.390 0.368 0.371 0.383 0.386 0.398 0.401 0.413 0.123%

Daya Materials 0.095 0.088 0.089 0.093 0.094 0.098 0.099 0.103 0.056%

Dayang Ent. 1.130 0.995 1.033 1.085 1.123 1.175 1.213 1.265 0.337%

Deleum 1.020 0.930 0.945 0.990 1.005 1.050 1.065 1.110 0.139%

Dialog group 1.580 1.505 1.528 1.555 1.578 1.605 1.628 1.655 2.797%

ESSO Malaysia 6.950 6.680 6.740 6.860 6.920 7.040 7.100 7.220 0.638%

KNM Group 0.490 0.453 0.464 0.478 0.489 0.503 0.514 0.528 0.356%

MMHE 0.960 0.908 0.921 0.943 0.956 0.978 0.991 1.013 0.523%

Perisai Petroleum 0.285 0.255 0.263 0.275 0.283 0.295 0.303 0.315 0.117%

Petra Energy 1.130 0.995 1.018 1.085 1.108 1.175 1.198 1.265 0.123%

Pet Chem 7.190 6.920 6.970 7.100 7.150 7.280 7.330 7.460 19.567%

Pet Dag 25.540 24.370 24.565 25.150 25.345 25.930 26.125 26.710 8.631%

Pet Gas 22.880 21.080 21.470 22.280 22.670 23.480 23.870 24.680 15.401%

Ramunia Hold 0.155 0.133 0.139 0.148 0.154 0.163 0.169 0.178 0.059%

SAAG Cons. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sapurakencana 1.880 1.685 1.718 1.815 1.848 1.945 1.978 2.075 3.832%

Scomi Eng 0.245 0.238 0.239 0.243 0.244 0.248 0.249 0.253 0.028%

Scomi Group 0.160 0.145 0.148 0.155 0.158 0.165 0.168 0.175 0.085%

Shell Refining 4.940 4.700 4.780 4.860 4.940 5.020 5.100 5.180 0.504%

Tanjung Offshore 0.340 0.310 0.315 0.330 0.335 0.350 0.355 0.370 0.044%

Wah Seong 0.845 0.808 0.814 0.833 0.839 0.858 0.864 0.883 0.222%

Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plantation

Batu Kawan 17.660 17.270 17.335 17.530 17.595 17.790 17.855 18.050 2.438%

BLD Plantation 9.090 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.289%

Cepat Wawasan 0.750 0.713 0.719 0.738 0.744 0.763 0.769 0.788 0.079%

Genting Plant 11.440 9.550 9.865 10.810 11.125 12.070 12.385 13.330 3.046%

Golden Land 1.460 1.430 1.435 1.450 1.455 1.470 1.475 1.490 0.107%

Gopeng 1.250 1.250 1.250 1.250 1.250 1.250 1.250 1.250 0.076%

Hap Seng Plant 2.340 2.205 2.228 2.295 2.318 2.385 2.408 2.475 0.637%

IJM Plant. 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 1.078%

Inch Ken Kajang 0.720 0.675 0.683 0.705 0.713 0.735 0.743 0.765 0.099%

IOI 4.850 4.235 4.338 4.645 4.748 5.055 5.158 5.465 10.396%

Keck Seng Malay 5.250 5.145 5.188 5.215 5.258 5.285 5.328 5.355 0.642%

Kim Loong 3.040 3.010 3.020 3.030 3.040 3.050 3.060 3.070 0.322%

Kretam Holdings 0.525 0.495 0.508 0.515 0.528 0.535 0.548 0.555 0.335%

KLK 23.900 22.340 22.630 23.380 23.670 24.420 24.710 25.460 8.658%

Kulim Malaysia 3.790 3.730 3.740 3.770 3.780 3.810 3.820 3.850 1.602%

Rimbunan Sawit 0.530 0.508 0.516 0.523 0.531 0.538 0.546 0.553 0.256%


Market Insight



R1 R2 R3 Est.

Weighting

Riverview Rubber 4.000 3.640 3.700 3.880 3.940 4.120 4.180 4.360 0.088%

Sarawak Plant 1.900 1.720 1.750 1.840 1.870 1.960 1.990 2.080 0.181%

TDM 0.670 0.640 0.650 0.660 0.670 0.680 0.690 0.700 0.338%

TH Plant 1.230 1.125 1.163 1.195 1.233 1.265 1.303 1.335 0.370%

Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

United Plant 24.860 24.860 24.860 24.860 24.860 24.860 24.860 24.860 1.757%

Power

TNB 13.600 12.550 12.765 13.250 13.465 13.950 14.165 14.650 26.110%

YTL Power 1.470 1.380 1.400 1.440 1.460 1.500 1.520 1.560 3.859%

Property

A & M Realty 0.780 0.780 0.780 0.780 0.780 0.780 0.780 0.780 0.097%

Am Corp Prop. 0.830 0.793 0.809 0.818 0.834 0.843 0.859 0.868 0.167%

Symphony Life Bh 0.720 0.698 0.709 0.713 0.724 0.728 0.739 0.743 0.076%

Crescendo Corp 1.670 1.535 1.563 1.625 1.653 1.715 1.743 1.805 0.129%

Daiman Develop 2.140 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.153%

Damansara Realty 0.645 0.638 0.639 0.643 0.644 0.648 0.649 0.653 0.068%

Dijaya n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Dutaland 0.470 0.455 0.458 0.465 0.468 0.475 0.478 0.485 0.135%

E&O 1.460 1.385 1.403 1.435 1.453 1.485 1.503 1.535 0.623%

Global Oriental 0.475 0.468 0.469 0.473 0.474 0.478 0.479 0.483 0.073%

Glomac 0.835 0.828 0.831 0.833 0.836 0.838 0.841 0.843 0.206%

Hunza Properties 2.850 2.820 2.835 2.840 2.855 2.860 2.875 2.880 0.218%

IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Ivory Properties 0.355 0.348 0.351 0.353 0.356 0.358 0.361 0.363 0.054%

KLCC Property n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

KSL Hold. 1.270 1.255 1.258 1.265 1.268 1.275 1.278 1.285 0.432%

Kump Hartanah n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Kump Perangsang 1.030 1.000 1.010 1.020 1.030 1.040 1.050 1.060 0.175%

LBS Bina Group 1.360 1.315 1.328 1.345 1.358 1.375 1.388 1.405 0.252%

Magna Prima 1.000 0.955 0.963 0.985 0.993 1.015 1.023 1.045 0.113%

Mah Sing 1.280 1.250 1.265 1.270 1.285 1.290 1.305 1.310 1.049%

Malton 0.705 0.690 0.695 0.700 0.705 0.710 0.715 0.720 0.108%

MK Land 0.360 0.338 0.344 0.353 0.359 0.368 0.374 0.383 0.148%

Nadayu n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plenitude 1.780 1.735 1.743 1.765 1.773 1.795 1.803 1.825 0.231%

Selangor Prop 5.400 5.325 5.338 5.375 5.388 5.425 5.438 5.475 0.631%

Selangor Dredging 0.950 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.138%

SP Setia 2.900 2.750 2.790 2.850 2.890 2.950 2.990 3.050 2.593%

Sunway Bhd 2.950 2.920 2.930 2.940 2.950 2.960 2.970 2.980 1.787%

Suria Capital 2.240 2.105 2.128 2.195 2.218 2.285 2.308 2.375 0.220%

Talam Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Tebrau Teguh n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

UEM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

WCT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Wing Tai 1.170 1.140 1.155 1.160 1.175 1.180 1.195 1.200 0.189%

YNH Property 1.810 1.765 1.778 1.795 1.808 1.825 1.838 1.855 0.250%

YTL Land & Dev 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.183%

Rubber Glove

Adventa 0.920 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.048%

Hartalega 5.400 4.665 4.958 5.155 5.448 5.645 5.938 6.135 3.014%

Kossan 7.110 6.135 6.603 6.785 7.253 7.435 7.903 8.085 1.547%

Latexx Partners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Rubberex 0.810 0.765 0.775 0.795 0.805 0.825 0.835 0.855 0.063% Supermax Corp 2.970 2.670 2.770 2.870 2.970 3.070 3.170 3.270 0.678%


Market Insight



R1 R2 R3 Est.

Weighting

Top Glove 5.420 4.895 5.098 5.245 5.448 5.595 5.798 5.945 2.304%

Technology

Compugates 0.045 0.038 0.039 0.043 0.044 0.048 0.049 0.053 0.033%

D&O Green Tech 0.355 0.340 0.345 0.350 0.355 0.360 0.365 0.370 0.119%

ETI Tech n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formis Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formosa Prosonic 0.880 0.858 0.861 0.873 0.876 0.888 0.891 0.903 0.074%

Frontken 0.180 0.165 0.168 0.175 0.178 0.185 0.188 0.195 0.064%

Globetronics 5.470 5.095 5.223 5.345 5.473 5.595 5.723 5.845 0.524%

JCY Int’l 0.700 0.685 0.690 0.695 0.700 0.705 0.710 0.715 0.491%

Key Asic 0.145 0.123 0.129 0.138 0.144 0.153 0.159 0.168 0.041%

MPI 8.100 7.170 7.630 7.790 8.250 8.410 8.870 9.030 0.548%

Notion V-Tec 0.390 0.375 0.380 0.385 0.390 0.395 0.400 0.405 0.036%

Panasonic Man 24.400 23.800 23.900 24.200 24.300 24.600 24.700 25.000 0.504%

Supportive n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Symphony House n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Uchi Tech Bhd 1.570 1.540 1.555 1.560 1.575 1.580 1.595 1.600 0.207%

Unisem 1.960 1.735 1.838 1.885 1.988 2.035 2.138 2.185 0.489%

VS Industry 1.340 1.280 1.290 1.320 1.330 1.360 1.370 1.400 0.532%

Telcos

Axiata Group 5.610 5.055 5.163 5.425 5.533 5.795 5.903 6.165 16.827%

DiGi.Com 4.880 4.700 4.730 4.820 4.850 4.940 4.970 5.060 12.907%

Green Packet 0.255 0.248 0.251 0.253 0.256 0.258 0.261 0.263 0.059%

Maxis 5.720 4.850 5.205 5.430 5.785 6.010 6.365 6.590 14.613%

Telekom Malaysia 6.500 6.230 6.345 6.410 6.525 6.590 6.705 6.770 8.309%

Time Dotcom 7.640 7.490 7.545 7.590 7.645 7.690 7.745 7.790 1.496%

Timber

Jaya Tiasa 1.450 1.375 1.393 1.425 1.443 1.475 1.493 1.525 0.477%

Subur Tiasa 1.750 1.750 1.750 1.750 1.750 1.750 1.750 1.750 0.112%

WTK 1.390 1.300 1.315 1.360 1.375 1.420 1.435 1.480 0.226%

Transport/Logistics

Bintulu Port 7.010 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1.097%

Airasia 1.420 1.285 1.318 1.375 1.408 1.465 1.498 1.555 1.344%

Century Logistic 0.795 0.773 0.781 0.788 0.796 0.803 0.811 0.818 0.101%

Cycle & Carriage 3.480 3.180 3.240 3.380 3.440 3.580 3.640 3.780 0.119%

Hubline 0.010 0.003 0.004 0.008 0.009 0.013 0.014 0.018 0.033%

Integrated Log. 0.785 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.046%

Integrax n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Konsortium n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Maybulk 0.715 0.663 0.681 0.698 0.716 0.733 0.751 0.768 0.243%

MISC 8.770 8.530 8.605 8.690 8.765 8.850 8.925 9.010 13.317%

NCB Hold 4.380 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.701%

Scomi Energy Ser 0.220 0.190 0.200 0.210 0.220 0.230 0.240 0.250 0.175%

Water & Infrastructure

PBA Hold 1.210 1.180 1.190 1.200 1.210 1.220 1.230 1.240 0.136%

Puncak Niaga 1.120 1.030 1.070 1.090 1.130 1.150 1.190 1.210 0.170%

Salcon 0.580 0.550 0.558 0.570 0.578 0.590 0.598 0.610 0.132%

Taliworks Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Lingkaran Trans 5.000 4.820 4.910 4.940 5.030 5.060 5.150 5.180 0.888%

Protasco 1.450 1.420 1.430 1.440 1.450 1.460 1.470 1.480 0.166%


Market Insight

Note: R = Resistance S = Support Est. Weight = Based on FBMah Mkt. Cap



R1 R2 R3 Est.

Weighting

Others Ancom 0.410 0.395 0.398 0.405 0.408 0.415 0.418 0.425 0.030%

Asia File bhd 5.250 5.160 5.180 5.220 5.240 5.280 5.300 5.340 0.342%

Boustead Heavy 1.800 1.725 1.743 1.775 1.793 1.825 1.843 1.875 0.152%

Eden Inc 0.230 0.208 0.216 0.223 0.231 0.238 0.246 0.253 0.024%

Fima Corp 2.200 2.170 2.180 2.190 2.200 2.210 2.220 2.230 0.181%

Kumpulan FIMA 1.790 1.730 1.740 1.770 1.780 1.810 1.820 1.850 0.169%

KUB Malaysia 0.255 0.233 0.239 0.248 0.254 0.263 0.269 0.278 0.048%

Pie Industrial 10.040 9.950 9.975 10.010 10.035 10.070 10.095 10.130 0.262%

Southern Acids 3.620 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.169%

Mega First 2.270 2.195 2.233 2.245 2.283 2.295 2.333 2.345 0.172%

Coastal Contract 1.620 1.515 1.543 1.585 1.613 1.655 1.683 1.725 0.292%

Time Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sealink Int'l 0.235 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.040%

Shin Yang 0.350 0.335 0.338 0.345 0.348 0.355 0.358 0.365 0.143%

Jobstreet Corp 1.840 1.840 1.840 1.840 1.840 1.840 1.840 1.840 0.088%

Myeg Services 2.290 2.200 2.230 2.260 2.290 2.320 2.350 2.380 1.873%

Pos Malaysia 2.260 2.125 2.153 2.215 2.243 2.305 2.333 2.395 0.413%

Picorp 0.185 0.178 0.179 0.183 0.184 0.188 0.189 0.193 0.041%

Lion Forest 0.665 0.620 0.630 0.650 0.660 0.680 0.690 0.710 0.049%


Market Insight

DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months. TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10% over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15% in the next 3 months. SELL Share price may fall by more than 10% over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION OVERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to outperform the relevant primary market

index over the next 12 months NEUTRAL The Industry as defined by the analyst’s coverage universe, is expected to perform in line with the relevant primary

market index over the next 12 months UNDERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to underperform the relevant primary

market index over the next 12 months Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or either the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to change without notice. BIMB Securities Sdn Bhd accepts no liability for any direct, indirect or consequential loss arising from use of this report.

Published by

BIMB SECURITIES SB (290163-X) A Participating Organisation of Bursa Malaysia Securities Berhad Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur Tel: 03-2691 8887, Fax: 03-2691 1262 Kenny Yee http://www.bimbsec.com.my Head of Research

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..



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BIMB SECURITIES RESEARCH MARKET INSIGHT · PDF file 3 | Market Insight LOCAL CORPORATE NEWS Hap Seng, Naza TTDI in RM3.8bn property project Hap Seng Consolidated and Naza TTDI SB will