Vastalux Energy Berhad - BIMB · PDF fileguarantee for Mudajaya's performance ... It expects to commence work on Monday ... Luxchem Corporation net profit rose 32.82% to RM13.03m or

Market Insight

Monday, 1 August, 2016

16795/03/2013(031743) www.bisonline.com.my

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Major Highlights Local & Global Economic News

Caring's 4Q net profit up 4.2% to RM2.74m

Mudajaya secures RM75m loan facility from AmBank Islamic

United Malacca eyes JV to boost Indonesian land bank

WZ Satu unit wins RM27m job for mechanical works at

pipeline project

Lembah Beriah to replicate Cyberjaya model - MK Land

VS Industry wins RM100m job to make water filters

Luxchem's 2Q net profit up 33% on higher contribution from

trading, manufacturing segments

Ringgit ends easier against USD

Broad money growth at 1.9% in June

Malaysia's economy posts RM1.15trn in 2015

US Q1 growth potholes less cavernous, revisions show

US economy grows at modest 1.2% in 2Q

Brexit shockwaves hit UK consumers, firms brace for

slowdown

Bursa Malaysia

Bursa Malaysia Close Change +/- Change % FBMKLCI 1,653.26 -5.24 -0.32 FBMEMAS 11,585.11 -33.87 -0.29 FBM100 11,283.78 -32.32 -0.29 FBMEMAS Shariah 12,198.77 -37.75 -0.31 FBM Hijrah Shariah 13,657.63 -46.07 -0.34 Volume (mn) 1,902.61 -317.85 -14.31 Value (RMmn) 2,027.14 180.40 9.77 FBMKLCI YTD Chg -2.32 Scoreboard

Close Change +/- Change % Gainers 330 24 7.84 Losers 440 -22 -4.76 Unchanged 361 12 3.44 Regional Indices

Close

Change +/- Change %

YTD Change

(%) DJIA 18,432.24 -24.11 -0.13 5.78 NASDAQ 5,162.13 7.15 0.14 3.09 S&P 500 2,173.60 3.54 0.16 6.34 FTSE 100 6,724.43 3.37 0.05 7.72 Nikkei 225 16,569.27 92.43 0.56 -12.95 HSI 21,891.37 -282.97 -1.28 -0.11 SHCOMP 2,979.34 -14.98 -0.50 -15.82 KOSPI 2,016.19 -4.91 -0.24 2.80 TWSE 8,984.41 -92.23 -1.02 7.75 STI 2,868.69 -49.93 -1.71 -0.49 JCI 5,215.99 -83.22 -1.57 13.56 SET 1,524.07 -0.51 -0.03 18.33 PSEi 7,963.11 -61.87 -0.77 14.54 Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI 16.93 15.78 16.60 SHCOMP 13.78 12.21 11.08 HSI 12.14 10.99 11.05 JCI 16.96 14.63 15.23 SET 16.43 14.39 13.71 STI 13.28 12.73 13.91 PSEi 20.33 18.41 17.40 The Research Team [email protected] 03-2613 1738

Sector Indices

Close Change +/- Change % Industrial 3,095.15 -15.85 -0.51 Consumer 603.98 -0.25 -0.04 Industrial Products 140.85 -0.59 -0.42 Construction 284.23 -1.34 -0.47 Finance 14,186.45 -30.98 -0.22 Property 1,160.50 -5.03 -0.43 Plantation 7,562.24 -24.73 -0.33 Technology 22.03 -0.06 -0.27 KLCI Futures

Contracts Jul-16 Aug-16 High 1,663.00 1,657.50 Low 1,646.00 1,640.50 Last 1,659.00 1,654.50 Volume 6,885.00 797.00 Commodities (Most Recent Close)

Close Change +/- (+/- %) % Brent Crude (USD/bbl) 43.53 -0.28 -0.64 WTI Crude (USD/bbl) 41.60 -0.25 -0.60 Gold (USD/ounce) 1,351.00 -2.15 -0.16 CPO (RM/MT) 2,316.00 16.00 0.70 SMR 20 (sen/kg) 507.00 -6.50 -1.27 Latex (sen/kg) 461.00 2.50 0.55 Soybean Oil 30.85 0.87 2.90 Forex

(per USD1) Close Change +/- Change % MYR 4.0660 -0.0130 -0.32 JPY 102.0600 -3.2100 -3.05 EUR 0.8949 -0.0079 -0.88 SGD 1.3397 -0.0144 -1.06

KLCI Performance

KLCI Year-End Target: 1,729 points

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Market Insight

Major Rates

KLIBOR 3-mth 3.40% KLIBOR 6-mth 3.54% KLIBOR 12-mth 3.62% 5-yr MGS 3.19% 10-yr MGS 3.60%

Active Stock

Close Change+/- (+/- %)

TH Heavy Engineering 0.22 0.02 10.00

Sanichi Technology 0.09 -0.02 -15.00

Malaysia Building Society 0.69 -0.03 -3.50

PDZ 0.11 -0.01 -8.70 Vivocom 0.28 0.02 5.77

Top Gainers


BAT 49.36 1.16 2.41

Dutch Lady 63.98 0.98 1.56 Panasonic Manufacturing Mala

39.78 0.60 1.53

Ajinomoto 14.82 0.34 2.35 Perusahaan Sadur Timah Malay

6.39 0.17 2.73

Top Losers


United Plantations 26.54 -0.52 -1.92

Heineken 18.00 -0.30 -1.64

Genting 8.22 -0.29 -3.41

Hong Leong Financial 15.22 -0.28 -1.81

Aeon Credit Service 14.20 -0.26 -1.80

Daily Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Inst 55 1,070.8 1,161.0 -90.2

Local Retail 14.1 304.9 267.1 37.8

Foreign 30.9 651.5 599.1 52.4

Total 100.0 2,027.2 2,027.2 0.0

Weekly Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Inst 57.0 4,906.9 4,998.9 -92.0

Local Retail 16.2 1,395.2 1,408.7 -13.5

Foreign 26.8 2,416.8 2,311.3 105.5

Total 100.00 8,718.9 8,718.9 0.0


Market Insight

LOCAL CORPORATE NEWS Caring's 4Q net profit up 4.2% to RM2.74m Caring Pharmacy net profit for 4QFY16 gained 4.2% to RM2.74m or 1.26 sen per share, against RM2.63m or 1.21 sen per share a year ago, due to higher sales. Revenue for the quarter was also up 13.5% to RM108.33m, from RM95.41m in 4QFY15, driven by higher sales generated from existing outlets, due to aggressive and extensive promotional campaigns launched. The pharmacy chain operator proposed a final dividend of 1.5 sen per share, subject to shareholders' approval at the forthcoming annual general meeting. Though Caring posted better quarterly earnings, its annual net profit was down 43.4% to RM7.29m or 3.35 sen per share, weighed down by higher cost of sales, which rose to RM322.2m from RM284.77m in FY15. It registered a net profit of RM12.87mi or 5.91 per share in FY15.. (Source: The Edge) Mudajaya secures RM75m loan facility from AmBank Islamic Mudajaya, which has secured works for a portion of the Sarawak side of the Pan Borneo Highway yesterday, says it has obtained RM75m worth of credit facility from AmBank Islamic. Most of the facility — RM50m — is in the form of a bank guarantee for Mudajaya's performance bonds, tender deposits, advance payment, excise duty fee, sales tax, and earnest money for tender or security deposits. Another RM15m is in shariah-compliant hire purchase facility, for Mudajaya to buy equipment and machinery. (Source: The Edge) United Malacca eyes JV to boost Indonesian land bank United Malacca (UMB) has inked a MoU with the intention of forming a JV arrangement with PT Bintang Gemilang Permai (BGP), whose 99.9% owned unit holds a concession right to develop 59,920ha in Central Sulawesi, Indonesia. The MoU was signed with Adhi Indrawan and Kartika Dianningsih Antono, without specifying whether they are the owners of BGP. UMB will acquire 60% equity interest in the JV company for a sum to be mutually determined and agreed by the parties subject to approval from the relevant authorities and applicable laws. (Source: StarBiz) WZ Satu unit wins RM27m job for mechanical works at pipeline project WZ Satu Bhd's unit has clinched a RM27.03m contract from Shell MDS (Malaysia) SB (SMDS) for mechanical works at a SMDS pipeline project. Its wholly-owned subsidiary Misi Setia Oil & Gas SB (MSOG) was awarded the contract for a 13-month period. It expects to commence work on Monday (Aug 1). The LOA is expected to contribute positively to the future earnings and net assets per share of the group for the FY17. MSOG had earlier in June clinched a RM46.75m contract from the Petrofac E&C SBto carry out field installation of pipes, fittings, pre-fabricated pipe spools, valves and in-line instrument valves for Refinery and Petrochemical Integrated Development (Rapid) project's package 4. (Source: The Edge) Lembah Beriah to replicate Cyberjaya model - MK Land The development of Lembah Beriah, Alor Pongsu, about 100 km from here, will replicate the Cyberjaya model. The 3,000-hectare mixed-use development project would be another mammoth project for MK Land after Cyberjaya, which was developed by its subsidiary, Setia Haruman SB. Lembah Beriah is set to attract local and foreign investors, and even some foreign investors in Cyberjaya were contemplating of moving out to low-cost areas due to high cost of operations and lack of skilled labour. (Source: Bernama) VS Industry wins RM100m job to make water filters Electronic products maker, VS Industry, has secured a RM100m contract to manufacture water filters for NEP, a company in which it is buying a 20% stake for RM60m cash. The contract to manufacture the Diamond branded water filtration system is for 12 months. The group, which manufacturers vacuum cleaners for Dyson, has sufficient manufacturing capacity in Malaysia, Indonesia and China to support NEP’s expansion plan into the new markets. (Source: StarBiz)

Luxchem's 2Q net profit up 33% on higher contribution from trading, manufacturing segments Luxchem Corporation net profit rose 32.82% to RM13.03m or 4.86 sen a share for the 2QFY16, from RM9.81m or 3.75 sen a share a year earlier, on higher contribution from its trading and manufacturing segments. Revenue climbed 9.2% to RM175.85m from RM161.03m in 2QFY15. For the 1HFY16, net profit increased by 76.32% to RM20.03m or 7.47 sen a share from RM11.36m or 4.35 sen a share in 1HFY15. Revenue inched up 0.67% to RM335.82m from RM333.57m. Luxchem's trading segment posted a 7.39% increase in revenue to RM139.11m in 2QFY16 from RM129.54m in the previous corresponding quarter, but recorded an 18.32% decline in pre-tax profit to RM11.46m from RM14.03m. (Source: The Edge)


Market Insight

LOCAL AND GLOBAL ECONOMIC NEWS Ringgit ends easier against USD The ringgit ended easier against the greenback, driven by Bank of Japan's monetary stimulus news that was perceived negatively. The local unit was quoted at 4.0670/0740 against the US dollar from 4.0470/0520 on Thursday. Investors were left empty handed during trading on Friday following the BOJ expansion of monetary stimulus which fell below market expectations. (Source: Bernama) Broad money growth at 1.9% in June, says BNM On an annual basis, broad money (M3) growth moderated slightly to 1.9% in June compared with 2.2% in May, driven mainly by the continued extension of credit to the private sector by the banking system. The expansion, however, was partially offset by the continued issuance of equity by financial institutions and reclassification of Islamic Investment Accounts that took place in July 2015. M3 is measure of money supply. It comprises M1, namely money in circulation and cash deposits in banks, as well as M2 of plus time, savings and foreign currency deposits. (Source: StarBiz) Malaysia's economy posts RM1.15trn in 2015 Malaysias economy recorded a value of RM1.157trn in 2015 compared to RM1.106trn registered in 2014. Gross Operating Surplus (GOS) held the largest share in income components at 60.5% while Compensation of Employees contributed 34.8% to Malaysias economy. The remaining 4.7% was contributed by Taxes less Subsidies on Production and Imports. The overall economy recorded a growth of 4.6% in 2015 supported by the positive performance in services, manufacturing and construction sectors. (Source: Bernama) US Q1 growth potholes less cavernous, revisions show The US economy grew more slowly than expected in the second quarter of 2016, rising a modest 1.2%, according to an advance estimate released Friday by the Commerce Department. The department also revised Q1 growth estimates for gross domestic product downward to 0.8% from 1.1%, reflecting results in residential investment, private inventories and exports that were poorer than previously reported. The Q2 results were well below analysts’ expectations of 2.6% growth and could temper the cautious optimism expressed at this week’s meeting of the US Fed Reserve. (Source: AFP) US economy grows at modest 1.2% in 2Q The world's top economies will work to tackle excess production capacity in steel and some other industries, including government subsidies that have distorted markets. That excess capacity problems, exacerbated by a weak global economic recovery and depressed market demand, have caused a negative impact on trade and workers. The document, which is still subject to change until a final version, adopted the same language agreed by G20 trade ministers on July 10. (Source: Reuters) Brexit shockwaves hit UK consumers, firms brace for slowdown Shockwaves from Britain’s vote to leave the EU are reverberating through the economy, with surveys published yesterday showing a dive in consumer confidence and a slowdown in construction. Preparing for a Brexit-related slowdown, Lloyds Banking Group said it would cut 3,000 jobs and one of Britain’s biggest car dealerships, Inchcape, predicted growth in new car registrations would slow. Just over a month after the referendum, the latest signals of an economic slowdown are likely to fuel expectations of action from the Bank of England on Aug 4, when many economists believe it will cut interest rates and might start buying bonds again. (Source: Reuters)


Market Insight

ECONOMIC CALENDAR

Date Time Country Event Survey Actual Prior Revised

08/01/2016 06:41 DR Overnight Rate 29-Jul -- 5.00% 5.00% --

08/01/2016 07:00 SK BoP Goods Balance Jun -- $12819m $10738m --

08/01/2016 07:30 AU AiG Perf of Mfg Index Jul -- -- 51.8 --

08/01/2016 08:00 AU CoreLogic House Px MoM Jul -- -- 0.50% --

08/01/2016 08:00 SK Exports YoY Jul -6.70% -- -2.70% -- 08/01/2016 08:00 SK Imports YoY Jul -10.50% -- -8.00% --

08/01/2016 08:00 SK Trade Balance Jul $8189m -- $11643m --

08/01/2016 09:00 AU Melbourne Institute Inflation MoM Jul -- -- 0.60% --

08/01/2016 09:00 AU Melbourne Institute Inflation YoY Jul -- -- 1.50% --

08/01/2016 09:00 AU HIA New Home Sales MoM Jun -- -- -4.40% -- 08/01/2016 09:00 CH Manufacturing PMI Jul 50 -- 50 --

08/01/2016 09:00 CH Non-manufacturing PMI Jul -- -- 53.7 --

08/01/2016 09:30 SK Nikkei South Korea PMI Mfg Jul -- -- 50.5 --

08/01/2016 09:45 CH Caixin China PMI Mfg Jul 48.8 -- 48.6 --

08/01/2016 10:00 JN Nikkei Japan PMI Mfg Jul F -- -- 49 --

08/01/2016 10:30 TA Nikkei Taiwan PMI Mfg Jul -- -- 50.5 --

08/01/2016 11:00 ID Nikkei Indonesia PMI Mfg Jul -- -- 51.9 --

08/01/2016 11:30 MA Nikkei Malaysia PMI Jul -- -- 47.1 --

08/01/2016 11:30 TH CPI YoY Jul 0.50% -- 0.38% --

08/01/2016 11:30 TH CPI NSA MoM Jul 0.00% -- 0.03% --

08/01/2016 11:30 TH CPI Core YoY Jul 0.80% -- 0.80% --

08/01/2016 12:00 VN Nikkei Vietnam PMI Mfg Jul -- -- 52.6 --

08/01/2016 13:00 ES Industrial Production YoY Jun -- -- -2.00% --

08/01/2016 13:00 PE CPI MoM Jul 0.24% -- 0.14% --

08/01/2016 13:00 PE CPI YoY Jul 3.15% -- 3.34% --

08/01/2016 13:00 IN Nikkei India PMI Mfg Jul -- -- 51.7 --

08/01/2016 13:00 JN Vehicle Sales YoY Jul -- -- 3.00% --

08/01/2016 14:00 RU Markit Russia PMI Mfg Jul 51 -- 51.5 --

08/01/2016 14:30 SW Swedbank/Silf PMI Manufacturing Jul 51.8 -- 53 --

08/01/2016 15:00 NO Manufacturing PMI Jul 52 -- 53.5 --

08/01/2016 15:00 TU Markit/ISO Turkey PMI Mfg Jul 48 -- 47.4 --

08/01/2016 15:00 HU Manufacturing PMI Jul 51.3 -- 50.9 --

08/01/2016 15:00 PD Markit Poland PMI Mfg Jul 51.6 -- 51.8 --

08/01/2016 15:00 NE NEVI Netherlands Manufa PMI Jul -- -- 52 --

08/01/2016 15:15 SP Markit Spain Manufacturing PMI Jul 51.5 -- 52.2 --

08/01/2016 15:30 CZ Markit Czech Republic PMI Mfg Jul 52.5 -- 51.8 --

08/01/2016 15:30 TH Business Sentiment Index Jul -- -- 50.4 --

08/01/2016 15:45 IT Markit/ADACI Italy Manufacturing PMI Jul 52.5 -- 53.5 --

08/01/2016 15:50 FR Markit France Manufacturing PMI Jul F 48.6 -- 48.6 --

08/01/2016 15:55 GE Markit/BME Germany Manufacturing PMI Jul F 53.7 -- 53.7 --

08/01/2016 16:00 GR Markit Greece Manufacturing PMI Jul -- -- 50.4 --

08/01/2016 16:00 EC Markit Eurozone Manufacturing PMI Jul F 51.9 -- 51.9 --

08/01/2016 16:30 UK Markit UK PMI Manufacturing SA Jul F 49.1 -- 49.1 --

08/01/2016 17:00 DE Danish PMI Survey Jul -- -- 60.4 --

08/01/2016 17:00 SA Barclays Manufacturing PMI Jul -- -- 53.7 --

08/01/2016 18:00 RR GDP NSA YoY 2Q P -- -- 3.50% --

08/01/2016 19:00 BZ FGV CPI IPC-S 31-Jul 0.32% -- 0.36% --

08/01/2016 20:00 CZ Budget Balance Jul -- -- 40.6b --

08/01/2016 21:00 BZ Markit Brazil PMI Manufacturing Jul -- -- 43.2 --

08/01/2016 21:00 MX IMEF Manufacturing Index SA Jul 49.4 -- 47.5 --

08/01/2016 21:00 MX IMEF Non-Manufacturing Index SA Jul 49.7 -- 47.8 --

Source: Bloomberg, BIMB Securities


Market Insight

PIVOT POINT ANALYSIS

Stocks Closing

Price S3 S2 S1

Pivot Point

R1 R2 R3 Est.

Weighting.

FBMKLCI Index 1653.26 1640.06 1646.66 1648.86 1655.46 1657.66 1664.26 1666.46 n.a.

FBM Hijrah Shariah 13657.63 13532.71 13595.17 13615.99 13678.45 13699.27 13761.73 13782.55 n.a.

Autos

APM Automotive 3.500 3.500 3.500 3.500 3.500 3.500 3.500 3.500 0.234%

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

MBM Resources 2.380 2.320 2.335 2.360 2.375 2.400 2.415 2.440 0.32%

Tan Chong 1.950 1.890 1.900 1.930 1.940 1.970 1.980 2.010 0.435%

UMW 5.700 5.535 5.618 5.645 5.728 5.755 5.838 5.865 2.276%

Building Materials Ann Joo Resource 1.410 1.350 1.375 1.390 1.415 1.430 1.455 1.470 0.241%

Alum Co of Malay 0.840 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.039%

Choo Bee Metal 1.420 1.420 1.420 1.420 1.420 1.420 1.420 1.420 0.053%

CSC Steel 1.370 1.340 1.350 1.360 1.370 1.380 1.390 1.400 0.173%

Eksons Corp 1.050 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.058%

Engtex Group 1.210 1.180 1.185 1.200 1.205 1.220 1.225 1.240 0.125%

Goh Ban Huat 1.400 1.385 1.393 1.395 1.403 1.405 1.413 1.415 0.089%

Hiap Teck 0.285 0.278 0.279 0.283 0.284 0.288 0.289 0.293 0.125%

Jaks Resources 0.930 0.885 0.893 0.915 0.923 0.945 0.953 0.975 0.139%

Java 0.100 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.006%

Kim Hin Ind 1.650 1.605 1.628 1.635 1.658 1.665 1.688 1.695 0.079%

Kinsteel 0.070 0.063 0.066 0.068 0.071 0.073 0.076 0.078 0.025%

Lafarge M Cement 7.950 7.725 7.838 7.875 7.988 8.025 8.138 8.175 2.309%

Lion Corp 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.009%

Lion Industries 0.305 0.298 0.301 0.303 0.306 0.308 0.311 0.313 0.072%

Malaysia Smelting 2.750 2.750 2.750 2.750 2.750 2.750 2.750 2.750 0.094%

Masteel 0.565 0.505 0.518 0.545 0.558 0.585 0.598 0.625 0.047%

Melewar Ind 0.330 0.315 0.320 0.325 0.330 0.335 0.340 0.345 0.025%

MTD ACPI 0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.021% Pantech 0.575 0.568 0.571 0.573 0.576 0.578 0.581 0.583 0.121%

Perwaja 0.115 0.115 0.115 0.115 0.115 0.115 0.115 0.115 0.022%

Press Metal 4.170 4.080 4.105 4.140 4.165 4.200 4.225 4.260 1.861%

Southern Steel 0.950 0.943 0.944 0.948 0.949 0.953 0.954 0.958 0.136%

Tasek 15.040 15.010 15.015 15.030 15.035 15.050 15.055 15.070 0.623%

Tong Herr 1.950 1.950 1.950 1.950 1.950 1.950 1.950 1.950 0.083%

Conglomerates

Cahya Mata Sarawak 3.600 3.525 3.543 3.575 3.593 3.625 3.643 3.675 1.322% Lion Diversified 0.045 0.038 0.039 0.043 0.044 0.048 0.049 0.053 0.021%

Hap Seng Cons 7.750 7.645 7.678 7.715 7.748 7.785 7.818 7.855 6.583%

MMC 2.100 1.980 2.010 2.060 2.090 2.140 2.170 2.220 2.19%

Sime Darby 7.420 7.150 7.285 7.330 7.465 7.510 7.645 7.690 16.046%

YTL Corp 1.670 1.625 1.633 1.655 1.663 1.685 1.693 1.715 5.947%

Construction

AZRB 0.640 0.625 0.633 0.635 0.643 0.645 0.653 0.655 0.105%

Ekovest 1.570 1.510 1.535 1.550 1.575 1.590 1.615 1.630 0.459%

Fajar Baru 0.535 0.535 0.535 0.535 0.535 0.535 0.535 0.535 0.066%

Favelle Favco 2.370 2.325 2.343 2.355 2.373 2.385 2.403 2.415 0.179%

Gamuda 4.820 4.730 4.775 4.790 4.835 4.850 4.895 4.910 3.985%

Hock Seng Lee 1.780 1.720 1.740 1.760 1.780 1.800 1.820 1.840 0.334%

IJM Corp 3.390 3.345 3.363 3.375 3.393 3.405 3.423 3.435 4.172%

Kimlun 1.780 1.720 1.740 1.760 1.780 1.800 1.820 1.840 0.183%

KKB Engineer 1.600 1.525 1.563 1.575 1.613 1.625 1.663 1.675 0.141%

MRCB 1.170 1.125 1.138 1.155 1.168 1.185 1.198 1.215 0.754%


Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Mudajaya 1.220 1.100 1.160 1.180 1.240 1.260 1.320 1.340 0.22%

Muhibbah 2.220 2.160 2.190 2.200 2.230 2.240 2.270 2.280 0.36%

Naim Hold 1.850 1.625 1.728 1.775 1.878 1.925 2.028 2.075 0.15%

Sunway Hldgs 2.930 2.900 2.915 2.920 2.935 2.940 2.955 2.960 2.021%

TRC Synergy 0.445 0.400 0.413 0.430 0.443 0.460 0.473 0.490 0.073% TSR Capital Bhd 0.470 0.425 0.433 0.455 0.463 0.485 0.493 0.515 0.028%

Zelan 0.165 0.158 0.161 0.163 0.166 0.168 0.171 0.173 0.048%

Consumer/Retail

Aeon Co (M) 2.710 2.650 2.680 2.690 2.720 2.730 2.760 2.770 1.300%

Ajinomoto 14.820 14.220 14.350 14.620 14.750 15.020 15.150 15.420 0.308%

Apollo Food 6.110 5.990 6.035 6.070 6.115 6.150 6.195 6.230 0.167%

Bonia 0.585 0.570 0.575 0.580 0.585 0.590 0.595 0.600 0.161%

CI Holdings 2.640 2.640 2.640 2.640 2.640 2.640 2.640 2.640 0.146%

Cocoaland 2.020 2.005 2.013 2.015 2.023 2.025 2.033 2.035 0.158%

Dutch Lady 63.980 62.510 62.755 63.490 63.735 64.470 64.715 65.450 1.400%

Guan Chong 0.885 0.863 0.874 0.878 0.889 0.893 0.904 0.908 0.145%

Hai-O Ent 2.920 2.890 2.895 2.910 2.915 2.930 2.935 2.950 0.193%

Hovid 0.400 0.385 0.393 0.395 0.403 0.405 0.413 0.415 0.112%

Hup seng Inds 1.330 1.300 1.305 1.320 1.325 1.340 1.345 1.360 0.364%

K-Star Sports 0.080 0.073 0.076 0.078 0.081 0.083 0.086 0.088 0.007%

Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Padini 2.650 2.605 2.628 2.635 2.658 2.665 2.688 2.695 0.596%

Parkson Holdings 0.780 0.750 0.763 0.770 0.783 0.790 0.803 0.810 0.277%

Pelikan International 0.720 0.683 0.701 0.708 0.726 0.733 0.751 0.758 0.135%

Poh Kong 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.070%

QL Resources 4.360 4.285 4.323 4.335 4.373 4.385 4.423 4.435 1.860%

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

Three-A Resource 1.380 1.350 1.355 1.370 1.375 1.390 1.395 1.410 0.186%

Xingquan Int’l 0.145 0.138 0.141 0.143 0.146 0.148 0.151 0.153 0.029%

Yee Lee Corp 2.310 2.250 2.275 2.290 2.315 2.330 2.355 2.370 0.148%

Zhulian 1.360 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.214%

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 1.190 1.160 1.165 1.180 1.185 1.200 1.205 1.220 0.294%

Finance

BIMB Hold. 4.040 3.980 3.990 4.020 4.030 4.060 4.070 4.100 2.194%

Syarikat Takaful 4.010 3.950 3.980 3.990 4.020 4.030 4.060 4.070 1.124%

Healthcare

Apex Healthcare 3.900 3.810 3.825 3.870 3.885 3.930 3.945 3.990 0.156%

CCM Duopharma 2.010 1.965 1.983 1.995 2.013 2.025 2.043 2.055 0.192%

KPJ Healthcare 4.280 4.175 4.208 4.245 4.278 4.315 4.348 4.385 1.529%

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

Manufacturing

CBIP 1.950 1.920 1.930 1.940 1.950 1.960 1.970 1.980 0.349%

Chin Well 1.480 1.390 1.410 1.450 1.470 1.510 1.530 1.570 0.152%

Daibochi Plastic 2.100 2.040 2.050 2.080 2.090 2.120 2.130 2.160 0.195%

Evergreen Fibre 0.965 0.928 0.941 0.953 0.966 0.978 0.991 1.003 0.279%

George Kent 2.000 1.955 1.978 1.985 2.008 2.015 2.038 2.045 0.205%

Guh Holdings 0.830 0.815 0.818 0.825 0.828 0.835 0.838 0.845 0.075%

Hil Industries 0.705 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.067%

Hong Leong Ind 8.900 8.570 8.675 8.790 8.895 9.010 9.115 9.230 0.972%


Market Insight



R1 R2 R3 Est.

Weighting

KYM Hldgs Bhd 0.405 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.021%

MWE Hold 1.380 1.215 1.243 1.325 1.353 1.435 1.463 1.545 0.109%

Muda Hold 2.040 2.040 2.040 2.040 2.040 2.040 2.040 2.040 0.213%

NTPM Hold. 0.840 0.818 0.826 0.833 0.841 0.848 0.856 0.863 0.322%

Nylex Malaysia 0.525 0.510 0.513 0.520 0.523 0.530 0.533 0.540 0.034%

Perstima 6.390 6.045 6.133 6.275 6.363 6.505 6.593 6.735 0.217%

Scientex 12.700 12.370 12.455 12.590 12.675 12.810 12.895 13.030 1.000%

Sino Hua-an 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.010%

SLP Resources 3.000 2.910 2.925 2.970 2.985 3.030 3.045 3.090 0.254%

Wellcall 2.050 2.035 2.038 2.045 2.048 2.055 2.058 2.065 0.232%

Media

Media Chinese 0.730 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.421%

Star Publication 2.620 2.620 2.620 2.620 2.620 2.620 2.620 2.620 0.661%

Utusan Melayu 0.480 0.480 0.480 0.480 0.480 0.480 0.480 0.480 0.018%

Oil & Gas

Alam Maritim 0.320 0.305 0.310 0.315 0.320 0.325 0.330 0.335 0.101%

Daya Materials 0.075 0.068 0.069 0.073 0.074 0.078 0.079 0.083 0.048%

Dayang Ent. 0.990 0.938 0.961 0.973 0.996 1.008 1.031 1.043 0.297%

Deleum 1.090 1.090 1.090 1.090 1.090 1.090 1.090 1.090 0.149%

Dialog group 1.520 1.490 1.505 1.510 1.525 1.530 1.545 1.550 2.739%

ESSO Malaysia 3.680 3.650 3.665 3.670 3.685 3.690 3.705 3.710 0.340%

KNM Group 0.410 0.403 0.406 0.408 0.411 0.413 0.416 0.418 0.299%

MMHE 1.070 1.040 1.045 1.060 1.065 1.080 1.085 1.100 0.585%

Perisai Petroleum 0.225 0.210 0.215 0.220 0.225 0.230 0.235 0.240 0.094%

Petra Energy 1.180 1.150 1.165 1.170 1.185 1.190 1.205 1.210 0.129%

Pet Chem 6.550 6.475 6.513 6.525 6.563 6.575 6.613 6.625 17.910%

Pet Dag 23.260 22.840 23.030 23.120 23.310 23.400 23.590 23.680 7.898%

Pet Gas 22.180 22.000 22.040 22.120 22.160 22.240 22.280 22.360 15.001%

Ramunia Hold 0.220 0.168 0.179 0.203 0.214 0.238 0.249 0.273 0.084%

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

Sapurakencana 1.430 1.400 1.410 1.420 1.430 1.440 1.450 1.460 2.929%

Scomi Eng 0.215 0.208 0.209 0.213 0.214 0.218 0.219 0.223 0.025%

Scomi Group 0.150 0.143 0.146 0.148 0.151 0.153 0.156 0.158 0.098%

Shell Refining 3.050 2.975 3.013 3.025 3.063 3.075 3.113 3.125 0.313%

Tanjung Offshore 0.285 0.285 0.285 0.285 0.285 0.285 0.285 0.285 0.037%

Wah Seong 0.765 0.750 0.755 0.760 0.765 0.770 0.775 0.780 0.202%

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

Plantation

Batu Kawan 18.000 18.000 18.000 18.000 18.000 18.000 18.000 18.000 2.494%

BLD Plantation 8.500 8.500 8.500 8.500 8.500 8.500 8.500 8.500 0.272%

Cepat Wawasan 0.655 0.633 0.636 0.648 0.651 0.663 0.666 0.678 0.069%

Genting Plant 10.540 10.420 10.470 10.500 10.550 10.580 10.630 10.660 2.851%

Golden Land 0.540 0.540 0.540 0.540 0.540 0.540 0.540 0.540 0.040%

Gopeng 1.460 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.089%

Hap Seng Plant 2.410 2.395 2.398 2.405 2.408 2.415 2.418 2.425 0.659%

IJM Plant. 3.300 3.300 3.300 3.300 3.300 3.300 3.300 3.300 0.993%

Inch Ken Kajang 0.700 0.693 0.694 0.698 0.699 0.703 0.704 0.708 0.096%

IOI 4.230 4.155 4.193 4.205 4.243 4.255 4.293 4.305 9.091%

Keck Seng Malay 4.800 4.755 4.763 4.785 4.793 4.815 4.823 4.845 0.590%

Kim Loong 3.300 3.300 3.300 3.300 3.300 3.300 3.300 3.300 0.351%

Kretam Holdings 0.550 0.528 0.534 0.543 0.549 0.558 0.564 0.573 0.370%

KLK 23.120 22.550 22.795 22.930 23.175 23.310 23.555 23.690 8.416%

Kulim Malaysia 4.060 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1.783%

Rimbunan Sawit 0.475 0.468 0.471 0.473 0.476 0.478 0.481 0.483 0.230%


Market Insight



R1 R2 R3 Est.

Weighting

Riverview Rubber 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 0.080%

Sarawak Plant 1.890 1.890 1.890 1.890 1.890 1.890 1.890 1.890 0.181%

TDM 0.685 0.670 0.673 0.680 0.683 0.690 0.693 0.700 0.347%

TH Plant 1.090 1.075 1.078 1.085 1.088 1.095 1.098 1.105 0.329%

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

United Plant 26.540 26.540 26.540 26.540 26.540 26.540 26.540 26.540 1.885%

Power

TNB 14.380 14.050 14.195 14.270 14.415 14.490 14.635 14.710 27.738%

YTL Power 1.430 1.400 1.410 1.420 1.430 1.440 1.450 1.460 3.772%

Property

A & M Realty 1.000 0.985 0.993 0.995 1.003 1.005 1.013 1.015 0.125%

Am Corp Prop. 0.910 0.895 0.900 0.905 0.910 0.915 0.920 0.925 0.184%

Symphony Life Bh 0.695 0.688 0.691 0.693 0.696 0.698 0.701 0.703 0.074%

Crescendo Corp 1.570 1.510 1.535 1.550 1.575 1.590 1.615 1.630 0.122%

Daiman Develop 2.150 2.150 2.150 2.150 2.150 2.150 2.150 2.150 0.155%

Damansara Realty 0.675 0.675 0.675 0.675 0.675 0.675 0.675 0.675 0.071%

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

Dutaland 0.430 0.423 0.426 0.428 0.431 0.433 0.436 0.438 0.124%

E&O 1.700 1.640 1.665 1.680 1.705 1.720 1.745 1.760 0.729%

Global Oriental 0.410 0.403 0.404 0.408 0.409 0.413 0.414 0.418 0.064%

Glomac 0.780 0.758 0.761 0.773 0.776 0.788 0.791 0.803 0.193%

Hunza Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

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

Ivory Properties 0.425 0.425 0.425 0.425 0.425 0.425 0.425 0.425 0.071%

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

KSL Hold. 1.130 1.100 1.105 1.120 1.125 1.140 1.145 1.160 0.390%

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

Kump Perangsang 1.040 1.010 1.020 1.030 1.040 1.050 1.060 1.070 0.177%

LBS Bina Group 1.620 1.590 1.595 1.610 1.615 1.630 1.635 1.650 0.332%

Magna Prima 0.980 0.935 0.958 0.965 0.988 0.995 1.018 1.025 0.111%

Mah Sing 1.620 1.515 1.543 1.585 1.613 1.655 1.683 1.725 1.334%

Malton 0.620 0.605 0.610 0.615 0.620 0.625 0.630 0.635 0.095%

MK Land 0.320 0.320 0.320 0.320 0.320 0.320 0.320 0.320 0.132%

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

Plenitude 1.690 1.675 1.683 1.685 1.693 1.695 1.703 1.705 0.220%

Selangor Prop 4.620 4.410 4.515 4.550 4.655 4.690 4.795 4.830 0.543%

Selangor Dredging 0.895 0.895 0.895 0.895 0.895 0.895 0.895 0.895 0.130%

SP Setia 3.070 2.920 2.960 3.020 3.060 3.120 3.160 3.220 2.768%

Sunway Bhd 2.930 2.900 2.915 2.920 2.935 2.940 2.955 2.960 2.021%

Suria Capital 1.980 1.965 1.968 1.975 1.978 1.985 1.988 1.995 0.195%

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 1.100 1.100 1.100 1.100 1.100 1.100 1.100 1.100 0.179%

YNH Property 1.910 1.910 1.910 1.910 1.910 1.910 1.910 1.910 0.286%

YTL Land & Dev 0.585 0.570 0.575 0.580 0.585 0.590 0.595 0.600 0.166%

Rubber Glove

Adventa 0.700 0.700 0.700 0.700 0.700 0.700 0.700 0.700 0.037%

Hartalega 4.300 4.195 4.233 4.265 4.303 4.335 4.373 4.405 2.412%

Kossan 6.660 6.525 6.563 6.615 6.653 6.705 6.743 6.795 1.456%

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

Rubberex 0.720 0.675 0.698 0.705 0.728 0.735 0.758 0.765 0.056% Supermax Corp 2.080 2.050 2.065 2.070 2.085 2.090 2.105 2.110 0.477%


Market Insight



R1 R2 R3 Est.

Weighting

Top Glove 4.290 4.140 4.215 4.240 4.315 4.340 4.415 4.440 1.837%

Technology

Compugates 0.045 0.038 0.039 0.043 0.044 0.048 0.049 0.053 0.033%

D&O Green Tech 0.295 0.288 0.289 0.293 0.294 0.298 0.299 0.303 0.100%

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 0.790 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.067%

Frontken 0.150 0.135 0.140 0.145 0.150 0.155 0.160 0.165 0.054%

Globetronics 2.900 2.630 2.765 2.810 2.945 2.990 3.125 3.170 0.279%

JCY Int’l 0.595 0.580 0.585 0.590 0.595 0.600 0.605 0.610 0.419%

Key Asic 0.125 0.118 0.121 0.123 0.126 0.128 0.131 0.133 0.036%

MPI 8.000 7.730 7.815 7.910 7.995 8.090 8.175 8.270 0.544%

Notion V-Tec 0.415 0.408 0.411 0.413 0.416 0.418 0.421 0.423 0.038%

Panasonic Man 39.780 38.670 38.925 39.410 39.665 40.150 40.405 40.890 0.826%

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 1.620 1.590 1.595 1.610 1.615 1.630 1.635 1.650 0.241%

Unisem 2.690 2.495 2.568 2.625 2.698 2.755 2.828 2.885 0.675%

VS Industry 1.320 1.290 1.300 1.310 1.320 1.330 1.340 1.350 0.528%

Telcos

Axiata Group 5.690 5.555 5.608 5.645 5.698 5.735 5.788 5.825 17.359%

DiGi.Com 4.960 4.900 4.930 4.940 4.970 4.980 5.010 5.020 13.181%

Green Packet 0.230 0.230 0.230 0.230 0.230 0.230 0.230 0.230 0.054%

Maxis 6.020 5.810 5.880 5.950 6.020 6.090 6.160 6.230 15.453%

Telekom Malaysia 6.830 6.785 6.798 6.815 6.828 6.845 6.858 6.875 8.773%

Time Dotcom 7.520 7.475 7.483 7.505 7.513 7.535 7.543 7.565 1.486%

Timber

Jaya Tiasa 1.100 1.055 1.073 1.085 1.103 1.115 1.133 1.145 0.364%

Subur Tiasa 1.450 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.093%

WTK 1.050 1.020 1.030 1.040 1.050 1.060 1.070 1.080 0.171%

Transport/Logistics

Bintulu Port 6.630 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1.042%

Airasia 2.930 2.855 2.873 2.905 2.923 2.955 2.973 3.005 2.787%

Century Logistic 0.845 0.830 0.838 0.840 0.848 0.850 0.858 0.860 0.110%

Cycle & Carriage 3.190 3.145 3.163 3.175 3.193 3.205 3.223 3.235 0.110%

Hubline 0.010 0.003 0.004 0.008 0.009 0.013 0.014 0.018 0.042%

Integrated Log. 0.750 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.044%

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 0.755 0.725 0.740 0.745 0.760 0.765 0.780 0.785 0.258%

MISC 7.510 7.465 7.488 7.495 7.518 7.525 7.548 7.555 11.458%

NCB Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Scomi Energy Ser 0.205 0.190 0.195 0.200 0.205 0.210 0.215 0.220 0.164%

Water & Infrastructure

PBA Hold 1.070 1.040 1.050 1.060 1.070 1.080 1.090 1.100 0.121%

Puncak Niaga 1.060 1.030 1.045 1.050 1.065 1.070 1.085 1.090 0.162%

Salcon 0.635 0.613 0.621 0.628 0.636 0.643 0.651 0.658 0.141%

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

Lingkaran Trans 5.960 5.930 5.940 5.950 5.960 5.970 5.980 5.990 1.068%

Protasco 1.500 1.425 1.453 1.475 1.503 1.525 1.553 1.575 0.173%


Market Insight

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



R1 R2 R3 Est.

Weighting

Ancom 0.345 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.025% Asia File bhd 4.000 3.955 3.973 3.985 4.003 4.015 4.033 4.045 0.263%

Boustead Heavy 1.480 1.465 1.473 1.475 1.483 1.485 1.493 1.495 0.126%

Eden Inc 0.220 0.205 0.210 0.215 0.220 0.225 0.230 0.235 0.023%

Fima Corp 2.260 2.215 2.223 2.245 2.253 2.275 2.283 2.305 0.186%

Kumpulan FIMA 1.900 1.870 1.875 1.890 1.895 1.910 1.915 1.930 0.180%

KUB Malaysia 0.390 0.375 0.383 0.385 0.393 0.395 0.403 0.405 0.074%

Pie Industrial 2.230 2.095 2.158 2.185 2.248 2.275 2.338 2.365 0.293%

Southern Acids 3.900 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.183%

Mega First 1.840 1.810 1.815 1.830 1.835 1.850 1.855 1.870 0.240%

Coastal Contract 1.510 1.465 1.488 1.495 1.518 1.525 1.548 1.555 0.274%

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

Sealink Int'l 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.036%

Shin Yang 0.340 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.139%

Jobstreet Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Myeg Services 2.000 1.880 1.910 1.960 1.990 2.040 2.070 2.120 1.643%

Pos Malaysia 2.850 2.805 2.818 2.835 2.848 2.865 2.878 2.895 0.523%

Picorp 0.140 0.133 0.134 0.138 0.139 0.143 0.144 0.148 0.031%

Lion Forest 0.555 0.525 0.530 0.545 0.550 0.565 0.570 0.585 0.043%

Ancom 0.345 0.330 0.335 0.340 0.345 0.350 0.355 0.360 0.025%


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: 03-2613 1600 Fax: 03-2613 1799 Azharuddin Nordin 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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