R e t a i l M a r k e t M o n i t o r Tuesday, 30 May 2017 · 2017. 6. 1. · R e t a i l M a r k e t M o n i t o r Tuesday, 30 May 2017 w w w . u t r a d e . c o m . m y 3 M A L

R e t a i l M a r k e t M o n i t o r Tu esday , 30 May 20 17

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

The FBMKLCI fell 7.41pt to close at 1,764.89 yesterday. Meanwhile, stocks in Asia were

mixed amid low trading volume, and the yen held to a narrow range as investors weighed

the latest comments from Federal Reserve officials on interest rates and the economy.

The MSCI Asia Pacific Index lost 0.1%, with almost an equal number of shares rising and

falling. The FBMKLCI’s top gainers were Genting Malaysia (+1.5%), Axiata Group

(+1.2%) and YTL Corporation (+0.66%), while the top losers were Genting Bhd (-2.19%),

Petronas Chemicals Group (-2.0%) and Petronas Gas (-1.9%). In the broader market,

losers outpaced gainers 688 to 224 with 345 counters unchanged. Turnover was 2.32b

shares valued at RM1.87b.

Given the marginal change of the FBMKLCI, we maintain our outlook for the time being.

From a technical perspective, the near-term outlook suggests the FBMKLCI has the

potential to move up higher while the medium-term outlook remains neutral with

movement expected to range from 1,755 to 1,785. However, given the weaker external

market, particularly within the region, the index may succumb to selling pressure if the

immediate support of 1,755 is breached. Nevertheless, the index could continue to move

sideways for now. Support and resistance levels are as follows:

Support: 1,755,1,729

Resistance: 1,787, 1,800

The US markets were closed on 29 May for Memorial Day.

WHAT’S IN THE PACK

Genting Berhad (GENT MK/HOLD/RM9.73/Target: RM10.85)

1Q17: Above expectations on GENS’

margin expansion. While GENT’s

valuation is relatively more compelling

than its subsidiaries, it lacks near-term

catalysts. Maintain HOLD.

Genting Malaysia (GENM MK/SELL/RM6.11/Target: RM5.15)

1Q17: Results largely in line. Operations

in Malaysia are sluggish while overseas

operations remain unexciting. No near-

term catalysts foreseen, while risks are

ignored. Maintain SELL.

Hong Leong Bank (HLBK MK/BUY/RM13.96/Target: RM15.30)

3QFY17: Earnings were 5% above our

estimate. The stock is trading at an

undemanding 1.20x FY1F P/B. A

sustained growth recovery at Bank of

Chengdu should help catalyse a re-rating.

Upgrade to BUY.

Sunway (SWB MK/BUY/RM3.60/Target: RM3.93)

1Q17: Results broadly in line with

expectations. Key catalyst would be

potential contract wins from its

construction division.

Gabungan AQRS (AQRS MK) Technical BUY with 21.0% potential return

BUY with a target price of RM1.73 and

stop-loss at RM1.34. Based on the daily

chart, AQRS has formed a series of higher

highs and higher lows that indicate an

uptrend pattern.

OKA Corporation (OKAC MK) Technical BUY on breakout with +16.1%

potential return

BUY on breakout with a target price of

RM1.87 and stop-loss at RM1.49. On

yesterday’s trading activity, share price

managed to form a breakaway gap and we

expect OKAC to continue the upward

movement thereafter.

Eonmetall Group (EONM MK) Technical BUY on breakout with 26.4%

potential return


RM0.935 and stop-loss at RM0.675. Based

on the daily chart, EONM’s upside trend is

intact if prices can penetrate the RM0.74

level.

FBMKLC I CHART

Source: Bursa Station

KEY IND ICES

Prev Close Chg (%)

YTD (%)

DJIA 21,080.28 (0.01) 6.67 S&P 500 2,415.82 0.03 7.91 FTSE 100 7,547.63 0.40 5.67 CSI 300 3,480.44 (0.15) 5.15 FSSTI 3,214.55 (0.15) 11.59 HSCEI 10,619.34 0.37 13.03 HSI 25,701.63 0.24 16.82 JCI 5,712.33 (0.08) 7.85 KLCI 1,764.89 (0.42) 7.50 KOSPI 2,352.97 (0.10) 16.11 Nikkei 225 19,682.57 (0.02) 2.97 SET 1,568.17 (0.07) 1.64 TWSE 10,101.95 (0.06) 9.17 BDI 912.00 (0.65) (5.10) CPO (RM/mt) 2,516.00 (1.53) (19.07) Nymex Crude (US$/bbl) 49.92 0.24 (12.05)

TOP VOLUME

Stock Price (RM)

Chg (%)

Vol (‘000)

China Automobile Parts Holding

0.01 (60.00) 191,719 Borneo Oil Bhd 0.13 0.00 84,880 Airasia X Bhd 0.41 (1.22) 47,587

Careplus Group Bhd 0.35 16.95 32,428 Tiger Synergy Bhd 0.07 0.00 27,819

TOP GA INERS

Stock Price (RM)

Chg (%)

Vol (‘000)

Careplus Group Bhd 0.35 16.95

32,428 Compugates Holdings Bhd

0.04 14.29

12,489

Ablegroup Bhd 0.17 13.33

2,268 Key Alliance Group Bhd

0.05 12.50

4,841

At Systematization Bhd

0.05 11.11

6,361

TOP LOSERS

Stock Price (RM)

Chg (%)

Vol (‘000)

China Automobile Parts Holding

0.01 (60.00) 191,719

Ark Resources Bhd 0.52 (25.71) 5

Maxwell International Holdings

0.03 (16.67) 41 Alam Maritim Resources Bhd

0.23 (16.36) 7,581

Tfp Solutions Bhd 0.16 (16.22) 967 Source: Bloomberg



M A L A Y S I A

TRADERS’ CORNER

Gabungan AQRS

(AQRS MK) Technical BUY with +21.0% potential return

Last price: RM1.43

Target price: RM1.64, RM1.73

Support: RM1.35

Stop-loss: RM1.34

BUY with a target price of RM1.73 and

stop-loss at RM1.34. Based on the daily

chart, AQRS has formed a series of higher

highs and higher lows that indicate an

uptrend pattern. A buying signal has been

given as the price has been trading above

the Ichimoku cloud. This supported by the

Heat Wave indicators - Tenkan-sen line,

Kinjun-sen line and the Chikao span line -

showing bullish signals. The uptick in the

DMI together with the high trading volume

suggests that buying momentum is set to

continue in the near term. We peg our

targets at RM1.64 and RM1.73 in near to

medium term.

Expected Timeframe: 2 weeks to 2

months

OKA Corporation

(OKAC MK) Technical BUY on breakout with +16.1%

potential return

Last price: RM1.61


Support: RM1.50

Stop-loss: RM1.49


RM1.87 and stop-loss at RM1.49. On

yesterday’s trading activity, share price

managed to form a breakaway gap and we

expect OKAC to continue the upward

movement thereafter. This bullish

movement was supported by the DMI that

is currently showing a positive signal. This

also consistent with the uptick in the RSI

which suggests stronger buying momentum

ahead. We peg our targets based on 1.38x

and 1.61x Fibonacci Extension level at

RM1.77 and RM1.87.


months.



M A L A Y S I A

TRADERS’ CORNER

Eonmetall Group

(EONM MK) Technical BUY on breakout with +26.4%

potential return

Last price: RM0.70


Support: RM0.68

Stop-loss: RM0.675


RM0.935 and stop-loss at RM0.675. Based

on the daily chart, EONM’s upside trend is

intact if prices can penetrate the RM0.74

level. Positive readings from the RSI show

buying momentum has overcome selling

momentum. This is supported by a bullish

crossover in the DMI. We expect the stock

price to continue the upward movement

towards our targets at RM0.845 and

RM0.935 in the near term.


months

ANALYST

Mohd Fakhrul Asyraq, MSTA, CFTe

+603 2147 1994

[email protected]



M A L A Y S I A

CORPORATE NEWS

AirAsia: Progresses towards becoming an Asean airline . AirAsia is continuing its expansion in the region to become a truly Asean airline, group

chief executive officer Tan Sri Tony Fernandes said. He said the expansion continued with

the impending joint venture (JV) in Vietnam and interest expressed by the Cambodian

government for AirAsia to venture into the country. “So, the Asean story goes from strength

to strength,” he said in a video message on the overview of the airline’s performance last

year and outlook in Kuala Lumpur on Monday. AirAsia Bhd chief executive officer and

executive director Aireen Omar said outside of Asean, the company’s newly set-up

Japanese subsidiary was expected to start operations in the second half of this year.

(Source: The Star)

Anzo: Plans RM420m car showroom centre in PJ. Anzo Holdings Bhd is partnering with a landowner to develop a car showroom centre with four

blocks of office towers, worth an estimated gross development value of RM420m, on a plot

in Petaling Jaya, Selangor. Anzo's wholly-owned unit Harvest Court Properties Sdn Bhd

inked a collaboration agreement (CA) with the owner of the 2.87-acre land, Captivate Max

Sdn Bhd, today. In a Bursa Malaysia filing, Anzo said the two companies which are in the

midst of negotiations on the partnership, have agreed that a joint venture agreement (JVA)

shall be executed between them to set out the scope of their partnership on the

development. (Source: The Edge Financial Daily)

Harn Len: To buy firm for RM28m. Oil palm plantation operator Harn Len Corp Bhd has inked an agreement to fully acquire a company that comes with a strategic

landbank in Johor Baru for RM28m. In a filing with Bursa Malaysia, the company said it

had entered into a share sale agreement with Datuk Azizi Yom Ahmad, Datuk Abdul Gani

Yusof and Piagam Wira Sdn Bhd to acquire the entire issued and paid up share capital of

Midwest Equity Sdn Bhd (MESB) for RM28mil. Upon completion of the proposed

acquisition, MESB will be consolidated as a wholly-owned subsidiary of Harn Len. (Source:

The Star)

Iris Corp: Proposes placement exercise to raise RM40m. Iris Corp Bhd has proposed a private placement exercise of up to 224 million Iris shares,

representing 10% of the issued share capital of the company, to raise up to RM40.49m.

The company intends to use the proceeds from the placement exercise to fund working

capital requirements and for future projects and investments. However, it said it has yet to

determine the nature of the new business projects or investments, adding it will make the

required announcement as and when it is confirmed. Upon completion of the placement

exercise, Iris’ enlarged issued share capital will expand to 2.47b shares, from 2.25b shares

currently. (Source: The Edge Financial Daily)

Malakoff: Tabung Haji chief Johan Abdullah joins board. Lembaga Tabung Haji group managing director and chief executive officer (CEO) Datuk

Johan Abdullah has been appointed as a non-independent and non-executive director of

Malakoff Corp Bhd. Johan was the former CEO of Islamic banking group BIMB Holdings

Bhd. He also sits on the board of TH Plantations Bhd and TH Heavy Engineering Bhd.

Tabung Haji has a 10.17% stake in Malakoff. Malakoff shares closed down two sen or

1.7% at RM1.17 today, for a market capitalisation of RM5.85b. (Source: The Edge

Financial Daily)



M A L A Y S I A

Media Prima: Appoints Ismee Ismail as director. Media Prima Bhd has appointed Tan Sri Ismee Ismail as an independent non-executive director with

effect from June 1. Ismee, 52, is currently chairman of Al Hijrah Media Corp, who runs the

local free-to-air Islamic television network TV Alhijrah. He is also deputy chairman of TH

Plantations Bhd. Ismee served as the managing director and chief executive officer of

Lembaga Tabung Haji from 2006 to 2016, and as chairman of Syarikat Takaful Malaysia

Bhd from 2009 to 2015. He began his career as a management accountant at Arab

Malaysian Development Bhd, and later served in key leadership positions with the Shell

Group of Companies in Malaysia. (Source: The Edge Financial Daily)

Petronas: Okay Shell selling North Sabah PSC stake to

Hibiscus. Petroliam Nasional Bhd (Petronas) has given the greenlight to Royal Dutch Shell PLC for the sale of the latter's 50% stake in the 2011 North Sabah enhanced oil

recovery production sharing contract (PSC) to Hibiscus Petroleum Bhd's indirect unit SEA

Hibiscus Sdn Bhd. Hibiscus announced last October that it had reached an agreement with

Shell for the US$25m or RM104.63m stake buy, subject to Petronas' approval. The PSC

includes the Labuan Crude Oil Terminal, and the fields of St Joseph, South Furious, SF30

and Barton, all located offshore Sabah. Sabah Shell Petroleum Co (25%) is the operator,

with partner Shell Sabah Selatan (25%) and Petronas' subsidiary, Petronas Carigali Sdn

Bhd (50%), in the PSC. (Source: The Edge Financial Daily)

Voir Holdings: Looking to enter construction and

logistics. Voir Holdings Bhd will study a proposal to venture into the construction and logistics business as part of a move to diversify its income base. According to chairman of

the fashion apparel company, Datuk Zarul Ahmad Mohd Zulkifli, the group is currently

working out a rationalisation plan, which includes a business diversification programme,

with a final decision to be made within this year. He adds that the group will likely

introduce a dividend policy in the future as its business expands to benefit its shareholders.

“We are working out on a rationalisation (plan). That is a paper that will be presented to the

board. "One of the things that will be considered is how my own private business can fit

into Voir to enhance the shareholders' earnings. (Source: The Star)

SECTOR

Consumer: Tea price likely to rise further this year. The price of tea is likely to climb further this year after dry weather slashed production of the

commodity in key suppliers India and Kenya, while recent deadly flooding could disrupt

shipments from Sri Lanka, another key exporter. Output in top tea shipper Kenya dropped

by over a third from a year ago in the first quarter after drought ravaged parts of the

country, while production was down over 16 percent during that period in India, the world’s

biggest black tea producer. Flooding and landslides in Sri Lanka over the weekend that

have killed over 150 people were expected to interfere with tea transportation in the major

exporter, although an industry official in the country said the impact on production would be

limited. (Source: The Star)

ECONOMICS

General: Bank Negara kicks off fintech sandbox. Bank Negara has approved four firms to operate within its “regulatory sandbox”, marking a significant

milestone in the growth of financial technology (fintech) in Malaysia. Bank Negara opened

applications for parties intending to create innovative ways to improve the quality,

efficiency and accessibility of financial services in Malaysia last year, in line with global

trends. It also saw the central bank creating a unit called the Financial Technology Enabler

Group (FTEG) which would oversee the entry of technological innovations in financial

services. Companies operating in the sandbox will be allowed to commercially launch their

services albeit within limits set by the central bank and under close watch by the regulator.

(Source: The Star)



M A L A Y S I A

FROM THE REGIONAL MORNING NOTES...

Genting Berhad: 1Q17: Above Expectations (GENT MK/HOLD/RM9.73/Target: RM10.85) GENT's strong results were mainly driven by subsidiary GENS’ margin expansion on better

cost efficiency and lower impairment on receivables. While GENT’s valuation is relatively

more compelling than its subsidiaries, we do not foresee significant rerating catalysts

emerging in the near term. Greenfield opportunities, i.e, Japan and Las Vegas serve as

longer-term catalysts. Maintain HOLD. Target price: RM10.85.

Genting Malaysia: 1Q17: A Longer Wait For Catalysts (GENM MK/SELL/RM6.11/Target: RM5.15) 1Q17 results were largely in line. Operations in Malaysia recorded a decline in luck

adjusted revenue amid lower visitor arrivals despite the phased opening of Sky Avenue

(from Dec 16), while the theme park opening is now targeted for 2Q18. In the US, Bimini

continued to chalk up losses (turnaround is expected only in 2019) while the impairment

risk on GENM’s investment in tribal casino project remains. Maintain SELL. Target price:

RM5.15.

Hong Leong Bank: 3QFY17: Laggard With A Solid Franchise And Growth Recovery Catalyst –Upgrade to BUY (HLBK MK/BUY/RM13.96/Target: RM15.30) HLBK’s 3QFY17 earnings came in 5% above our estimate. Strong NIM expansion and the

recovery at the Bank of Chengdu contributed positively. The stock is currently trading at an

undemanding 1.20x FY18F P/B. The market has yet to appreciate its solid liquidity profile

(lowest LDR in the industry) and high regulatory reserve buffers. A sustained growth

recovery at Bank of Chengdu should help to catalyse a re-rating. Post earnings revision

and rolling forward our valuations to FY18, we upgrade to BUY with a higher TP of

RM15.30 (10.1% ROE, 1.36x FY18F P/B).

Sunway: 1Q17: Expect A Strong 2H17 (SWB MK/BUY/RM3.60/Target: RM3.93) Sunway’s 1Q17 results came broadly in within expectations at RM107.9m, accounting for

18% of our full-year estimate. Both the investment property and construction division were

key earnings drivers this quarter. The group clinched RM142m in property sales during the

quarter despite not undertaking any major launches. Key catalysts for the group include

potential contract wins for its construction division. Maintain BUY. Target price: RM3.93.

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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 Tuesday, 30 May 2017 · 2017. 6. 1. · R e t a i l M a r k e t M o n i t o r Tuesday, 30 May 2017 w w w . u t r a d e . c o m . m y 3 M A L