R e t a i l M a r k e t M o n i t o r Monday, 28 November 2016...R e t a i l M a r k e t M o n i t o r Monday, 28 November 2016 w w w . u t r a d e . c o m . m y 1 M A L A Y S I A

R e t a i l M a r k e t M o n i t o r Mon day , 2 8 Nove mb er 2 016

w w w . u t r a d e . c o m . m y 1

M A L A Y S I A

MARKET NEWS

A lack of fresh catalysts led to the FBMKLCI fluctuating within a tight range and closing

marginally higher at 1,627.26 (+3.05pt, +0.19%) last Friday. Meanwhile, the prospect of a

higher interest-rate environment in the US continues to course through markets, sending

the dollar toward its steepest three-week climb against the yen since 1995. The MSCI

Asia Pacific Index increased 0.6%, and headed for a weekly gain of 1.3% following four

weeks of losses. The FBMKLCI’s top gainers were Genting Malaysia (+2.2%), British

American Tobacco (+1.6%) and Kuala Lumpur Kepong (+1.5%) while the top losers were

SapuraKencana Petroleum (-2.0%), Axiata Group (-1.2%) and Telekom Malaysia (-1.1%).

In the broader market, losers outpaced gainers 402 to 347 with 331 counters unchanged.

Turnover was 1.28b shares valued at RM1.24b.

The FBMKLCI continued to surprise us with its resilience against uncertainty in the global

market as the index consistently recorded positive gains, particularly during last week.

However, the bullish bias has not yet been fully established as the index is still trading

below the BBI line. Currently, the selling momentum has not yet fully normalised with the

RSI still trading below the 50pt threshold as the FBMKLCI is still vulnerable to the next

pullback. Nevertheless, the recent gain may give investors an opportunity to seek short-

term swing trading in potential stocks. Support and resistance levels are revised as

follows:

Support: 1,612,1,600

Resistance: 1,665, 1,680

US stocks Friday closed higher albeit a holiday-shortened session, with major US indexes

chalking up their third straight weekly advance. Gains in the sectors of the telecoms,

utilities and consumer goods led shares higher. The DJIA gained 68.96pt, or 0.36%, to

close at 19,152.14 while the S&P500 edged higher by 8.63pt, or 0.39%, to 2,213.35.

Although Markit’s flash PMI for November slipped from October’s 54.8 to print 54.7, it is

still the second strongest reading for the past 12 months. Rising stocks outnumbered

declining ones on the NYSE by 1,855 to 1,188 and 100 ended unchanged.

WHAT’S IN THE PACK

Kerjaya Prospek Group (KPG MK/BUY/RM2.18/Target: RM2.65)

3Q16: Earnings came in within

expectations. Stock catalysts would be

new contract wins that should come in

early next year.

Sime Darby (SIME MK/HOLD/RM8.10/Target: RM8.65)

1QFY17: Expect stronger upcoming

quarters on better contribution from

plantation, property and industrial

divisions. Upgrade target price to RM8.65

on better outlook.

Telekom Malaysia (T MK/SELL/RM6.28/Target: RM5.75)

3Q16: Results were within expectations.

Our cautious stance reflects a potentially

longerthan- expected gestation period for

webe.

Tune Protect Group (TIH MK/BUY/RM1.62/Target: RM2.05)

3Q16: Results broadly in line with our

estimate. Earnings growth was

commendable despite the negative

regulatory impact of MAVCOM “opt-in”

booking policy.

Kelington Group (KGRB MK) Technical BUY on breakout with +26.8%

potential return

BUY on breakout with a target price of

RM0.355 and stop-loss at RM0.235. Last

Friday, KGRB formed a breakaway gap

and managed to close above the BBI to set

a new tone for the short-term outlook.

PBA Holdings (PBAH MK) Technical BUY on breakout with +15.1%

potential return


RM1.37 and stop-loss at RM1.12. The

stock is forming a higher high and higher

low towards the breakout level of RM1.19.

This is supported by the 7-day EMA that

has currently crossed above the 21-day

EMA, indicating a bullish signal.

Dolmite Corporation (DOLM MK) Technical BUY on breakout with +39.1%

potential return



breakout above the RM0.345 level coupled

with a positive close above the MACD

shows further upside ahead.

FBMKLC I CHART

Source: Bursa Station

KEY IND ICES

Prev Close Chg (%)

YTD (%)

DJIA 19,152.14 0.36 9.91 S&P 500 2,213.35 0.39 8.29 FTSE 100 6,840.75 0.17 9.59 CSI 300 3,521.30 0.93 (5.62) FSSTI 2,859.33 0.55 (0.81) HSCEI 9,790.23 1.15 1.34 HSI 22,723.45 0.51 3.69 JCI 5,122.10 0.28 11.52 KLCI 1,627.26 0.19 (3.86) KOSPI 1,974.46 0.16 0.67 Nikkei 225 18,381.22 0.26 (3.43) SET 1,500.40 0.69 16.49 TWSE 9,159.07 0.08 9.85 BDI 1,181.00 (1.67) 147.07 CPO (RM/mt) 3,032.00 0.93 22.01 Nymex Crude (US$/bbl) 45.30 (1.65) 2.47

TOP VOLUME

Stock Price (RM)

Chg (%)

Vol (‘000)

Hibiscus Petroleum Bhd

0.30 11.11 79,337

Airasia X Bhd 0.39 (1.28) 31,358

Bumi Armada Bhd 0.55 (0.90) 29,029 Apft Bhd 0.07 0.00 27,344

Frontken Corp Bhd 0.16 10.34 26,545

TOP GA INERS

Stock Price (RM)

Chg (%)

Vol (‘000)

Mq Technology Bhd 0.10 18.75

5,572

Prestar Resources Bhd

0.74 17.46

9,549 Dgb Asia Bhd 0.04 14.2

9 233

Y&G Corp Bhd 1.00 11.11

11 Hibiscus Petroleum Bhd

0.30 11.11

79,337

TOP LOSERS

Stock Price (RM)

Chg (%)

Vol (‘000)

Netx Holdings Bhd 0.02 (20.00) 430 Poly Glass Fibre M Bhd

0.31 (18.42) 18

Sch Group Bhd 0.18 (18.18) 407 Xidelang Holdings Ltd 0.03 (16.67) 305

Ta Win Holdings Bhd 0.34 (16.25) 7 Source: Bloomberg



M A L A Y S I A

TRADERS’ CORNER

Kelington Group

(KGRB MK) Technical BUY on breakout with +26.8%

potential return

Last price : RM0.27

Target price : RM0.335, RM0.355

Support : RM0.24

Stop-loss : RM0.235


RM0.355 and stop-loss at RM0.235. Last

Friday, KGRB formed a breakaway gap

and managed to close above the BBI to set

a new tone for the short-term outlook. We

expect KGRB to continue to make a new

high toward our targets once it penetrates

the breakout level of RM0.28. A bullish bias

has been established following an uptick in

the DMI and a bullish crossover in the

MACD.

Expected time frame: 2 weeks to 2

months

PBA Holdings (PBAH MK) Technical BUY on breakout with +15.1%

potential return

Last price : RM1.17


Support : RM1.13

Stop-loss : RM1.12


RM1.37 and stop-loss at RM1.12. The stock

is forming a higher high and higher low

towards the breakout level of RM1.19. This is

supported by the 7-day EMA that has

currently crossed above the 21-day EMA,

indicating a bullish signal. This is consistent

with the uptick in the RSI, which suggests

stronger buying momentum ahead. Currently,

the MACD and the DMI are on a bullish

crossover. We peg our targets at RM1.31 and

RM1.37 once the share price penetrates the

breakout level of RM1.19.

Expected time frame: 2 weeks to 2

months.



M A L A Y S I A

TRADERS’ CORNER

Dolmite Corporation

(DOLM MK) Technical BUY on breakout with +39.1%

potential return

Last price : RM0.325


Support : RM0.285

Stop-loss : RM0.28



breakout above the RM0.345 level coupled

with a positive close above the MACD

shows further upside ahead. This is

supported by positive RSI readings and

bullish crossover on the DMI. With the

immediate resistance target at RM0.45, the

stock is expected to resume its ascent

towards the resistance level of RM0.485 in

the near term.

Expected Timeframe: 2 weeks to 2

months



M A L A Y S I A

CORPORATE NEWS

Aeon Co. (M): Masuda appointed new MD of Aeon Big. Aeon

Big (M) Sdn Bhd has appointed Masayoshi Masuda as the new MD, taking over from

Mitsuru Nakata. According to a press statement, Mitsuru relinquished his position effective

14 November. Masuda comes with over 30 years of experience in the retail industry and

was formerly the MD for Japanese department store Maxvalu Nagano. He has been with

the Aeon group in various positions since 1983. (Source: The Star)

IOI Property Group: IOI Prop’s Marina Bay land purchase

raises eyebrows. It is obvious that IOI Properties Group Bhd (IOIPG) was

determined and focused in its bid for the Central Boulevard land in Singapore’s Marina Bay

area. It is also “understandable” that the deal raised quite a few eyebrows among

shareholders and other parties given its record high quantum for a government land sale

site and that it paid 16.29% higher than the second top bidder. At S$2.57b (RM7.77b) for

the 99-year leasehold of 2.69 acres, this translates into S$1,689 per sq ft per plot ratio

(psfppr). (Source: The Star)

JCorp: Venture into digital economy. Johor Corporation (JCorp), a

subsidiary of the state government, is expected to venture into new markets under its

Strategic Plan 2017-2022. Mentri Besar Datuk Seri Mohamed Khaled Nordin said JCorp

plans to diversify into the digital economy from its current businesses comprising

plantations, healthcare, food and restaurant services, and property development. ‘We hope

the Strategic Plan 2017-2022 would be able to help JCorp become not only the most

successful government-linked company (GLC) but also a source of identity, pride and

inspiration for all Johoreans,” he told reporters in the Johor 2017 Budget winding-up

speech at the State Legislative Assembly here yesterday. The strategic plan includes

expanding the hectarage of JCorp’s subsidiary in Indonesia, Kulim (M) Bhd, to 75,000 ha.

by 2022; integrated and feedlot cattle rearing; expanding MD2 pineapple cultivation area;

growing the number of its specialist hospitals to 33 by 2022; and exploring new business

opportunities. “They include venturing into new markets besides stabilising operations in

Indonesia, Thailand and Bangladesh, and a strategic partnership with South Korea,” he

said. Mohamed Khaled, who is also Permas Assemblyman, said: “The strategic plan seeks

to put JCorp’s finance in a robust position by end-2022, with JCorp aimimg for RM2b in

income and a pre-tax profit approaching RM800m.” (Source: The Star)

OSK Holdings: Succeeds in taking private PJ

Development. OSK Holdings Bhd’s long drawn-out effort to take private property

developer PJ Development Bhd is finally bearing fruit with the latter filing to suspend

trading of its shares from tomorrow. The filing notification for the suspension was made on

Friday with PJ Development saying that trading in its shares would be suspended five

market days from the closing date of the takeover offer, following which the requisite steps

would be taken to withdraw the company’s listing from the list of Bursa Securities. OSK,

controlled by Tan Sri Ong Leong Huat a seasoned stockbroker, had launched a second

attempt at taking over PJ Development in September after failing last year. The first

attempt at taking over PJ Development fell short of the 90% requirement for a compulsory

acquisition. (Source: The Star)

TH Plantations: Sells Negri Sembilan land for RM152m. TH

Plantations Bhd has sold off its entire oil palm estate land in Negri Sembilan measuring

2,819.27ha as well as a palm oil mill for RM152m in order to pare down its borrowings. In a

filing with Bursa Malaysia on Friday, the company said it had signed an agreement to

dispose its 100% equity interest in THP Gemas Sdn Bhd, which owns the eight parcels of

agricultural land in Tampin along with a mill with 10-tonnes-per-hour capacity, to Dupont &

Leosk Enterprises Sdn Bhd. TH Plantations, which is 73.8% owned by Lembaga Tabung

Haji, said the proposed share disposal was expected to result in a net gain to the TH

Plantations group of about RM109.7m or a gain of about 12 sen per THP share (Source:

The Star)



M A L A Y S I A

Zecon: Build more than 5,900 homes in Kuching. Construction

firm Zecon Bhd will undertake three major housing projects providing a total of more than

5,900 homes in the state capital. The company’s chairman Datuk Hamzah Drahman said

the Sarawak State Planning Authority (SPA) had approved all the three projects, two of

which come under the 1Malaysia People’s Housing Programme, or PR1MA, with combined

gross development value (GDV) of RM2.2b. The first PRIMA project at Vista Tunku,Petra

Jaya will comprise 2,331 apartment units while the second PRIMA project at Kota Petra will

have 1,350 units of single- and double-storey terrace houses. The third project, which

comes under the Perumahan Penjawat Awam 1 Malaysia (PPAIM), will comprise 2,231

units of terrace- and semi-detached houses, also in Kota Petra, for civil servants. “The

building plan for the Vista Tunku PRIMA project is awaiting the approval of the City Hall.

“The project is expected to take off the ground in first quarter-2017 and to be fully

completed in four years,” Hamzah told StarBiz after the company’s AGM recently. (Source:

The Star)

ECONOMICS

Fixed Income: Malaysian bond selldown the most in

recent times. There is substantial selldown in government bonds, led by foreign

selling, since the aftermath of the US presidential election. The rout in the country’s bond

market saw the Malaysian Government Securities (MGS) yields rising at its fastest pace

ever to around 15-month high in a matter of two weeks. The benchmark 10-year MGS

yields, for instance, rose 73 basis points between 9 and 18 November to 4.4% before

easing to around 4.3% in the middle of this week, while the ringgit had depreciated more

5% over the same period. The ringgit is now hovering at its lowest levels in 19 years as a

result of continued capital outflow. Bank Negara’s recent intervention in the foreign

exchange market, coupled with the recent devaluation of the yuan and volatility in crude oil

prices has only exacerbated the negative pressure on the Malaysian currency. The ringgit

closed at 4.4657 against the US dollar on Friday. It is the second-biggest loser among

regional currencies since Trump’s surprising win in the 8 November presidential election.

Forward indicators show the Malaysian currency could weaken further to 4.55 in the

coming months, as there could be further upside for the US dollar. (Source: The Star)



M A L A Y S I A

FROM THE REGIONAL MORNING NOTES...

Kerjaya Prospek Group: 3Q16: Steady Earnings Growth (KPG MK/BUY/RM2.18/Target: RM2.65) Kerjaya’s 3Q16 PAT of RM25.5m was well within our expectation and brought 9M16

earnings to RM75.8m, which represents about 76.8% of our full-year estimate. We think

share price catalysts for Kerjaya would emerge again next year, when it positions itself for

more contract wins which should exceed RM800m. Maintain BUY. Target price: RM2.65.

Sime Darby: 1QFY17: Anticipate Better Upcoming

Quarters (SIME MK/HOLD/RM8.10/Target: RM8.65) Despite a weak performance in 1QFY17, we expect better upcoming quarters on the back

of better contribution from the plantation, property and industrial segments. We fine-tune

our FY17F EPS (+1%) to factor in management’s guidance on CPO ASP and FFB

production growth, maintaining FY18-19F EPS. Maintain HOLD with higher target price of

RM8.65 pegged at 22x FY18F PE on better earnings outlook, as well as Sime also being

the largest and most liquid Shariah-compliant stock. Entry price is RM7.80.

Telekom Malaysia: 3Q16: Earnings In Line With House,

But Below Street (T MK/SELL/RM6.28/Target: RM5.75) As the group embarks on a kitchen-sinking exercise (booking in webe’s accelerated

depreciation and asset write-off), 9M16 core net profit fell 10% yoy to RM578m. The results

were within house expectations as we expect 4Q16 to benefit from higher project income

and webe write-off. Anecdotal evidence suggests that webe take-up has been slow,

coming in below internal targets. SELL with a target price of RM5.75.

Tune Protect Group: 3Q16: Commendable Growth Amid

Headwinds (TIH MK/BUY/RM1.62/Target: RM2.05) Tune reported a commendable set of 3Q16 results (+11.5% yoy) that was broadly in line

with our estimate. The group managed to deliver solid earnings growth despite the

regulatory impact from the MAVCOM “opt-in” booking policy for additional airlines services.

Maintain BUY and target price of RM2.05 (15.2x 2017F PE). Tune Protect is trading at a

relatively undemanding 12.5x 2017F PE and 2.2x 2017F P/B vs the industry’s 15.6x

despite its superior ROE and EPS growth.

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M A L A Y S I A

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Documents

R e t a i l M a r k e t M o n i t o r Monday, 28 November 2016...R e t a i l M a r k e t M o n i t o r Monday, 28 November 2016 w w w . u t r a d e . c o m . m y 1 M A L A Y S I A