28 October 2014 Today’s Highlights B ur sa M alaysia KLCI 52-wk range Results Note – Nestle (ADD, maintain) 1892.65 - 1767.77 M kt Cap (RM bn) - Still resilient Fixed Income Research - Mostly sidelined for FOMC on Wednesday 1,743.50 Vol (m shrs) 2,293.04 Value (RM m) 1,855.28 KLCI futures (spot) 1,817.50 KLCI futures (1-mth) 1,818.50 KLC I Ind ex ( 12 - mt h) 1950 Outside Malaysia 1900 US stocks little changed as energy shares drop with oil 1850 Pending home sales in US increase less than forecast 1800 US services activity remained solid in Q314 1750 Dec-13 Mar-14 Jun-14 Sep-14 ECB says €1.7bn of covered bonds bought last week T o p 5 Gainer s German Ifo business confidence drops for sixth month BAT 69.90 1.44 2.1 KLK 21.98 0.90 4.3 BKAWAN 18.28 0.54 3.0 PM ETAL 6.08 0.40 7.0 26.00 0.40 1.6 Pr ice ( R M ) chg ( R M ) % chg Pr ice ( R M ) chg ( R M ) Schaeuble says EU’s Russia sanctions over Ukraine will work France to make extra budget efforts, Sapin tells EU Commission UTDPLT % chg T o p 5 Lo ser s Brent falls for second day as Goldman reduces forecast PETGAS 21.90 (0.30) (1.35) IBRACO 1.74 (0.30) (14.71) (0.60) DLADY 46.12 (0.28) PRKCORP 3.35 (0.22) (6.16) HARISON 3.86 (0.17) (4.22) Pr ice ( R M ) chg ( R M ) V al ( R M m) T o p 5 V alue T r ad ed PBBANK CIM B M AYBANK TENAGA TM 18.60 (0.04) 152.28 6.17 (0.12) 92.63 9.68 (0.02) 68.49 13.06 0.06 59.38 6.94 0.06 55.69 Key Eq uit y Ind ices C lo se Other Markets Key Indicators COMMODITIES CURRENCIES Latest CPO (RM/Tonne) Spot (Nov) 3-mth futures (Feb) Crude oil (US$/brl) Spot 1-mth futures Gold (US$/oz) Spot 1-mth futures chg (%) 2,188.0 2,166.0 (0.5) (0.7) 81.0 80.7 (0.0) (0.1) 1,229.1 1,228.9 (0.2) (0.2) RM/US$ RM per 100 Yen RM/S$ Yen/US$ Eur/US$ Latest 3.28 3.04 2.57 107.83 0.79 Ytd chg (%) (0.0) 2.4 0.8 (2.3) 8.2 MALAYSIA INTEREST RATES Latest Ytd chg (bps) OPR (%) 3.25 25.0 3-mth Klibor (%) 3.76 45.0 Maybank BLR (%) 6.85 25.0 *as at 16 Jul 2014 % chg Y t d chg ( %) KLCI 1823.2 0.2 Dow Jones 16817.9 0.1 1.5 Nasdaq 4485.9 0.0 7.4 FTSE100 6363.5 (0.4) (5.7) East. Europe 2651.0 (0.6) (0.7) 43810.5 0.3 2.5 1302.4 0.4 23.1 Shanghai B 2290.4 (0.5) 8.2 Hong Kong 23143.2 (0.7) (0.7) (3.9) M exico Shenzen B (2.3) Korea 1932.0 0.3 Singapore 3226.1 0.1 1.9 Indonesia 5024.3 (1.0) 17.5 Philippines 7103.5 (0.0) 20.6 Thailand 1547.9 0.5 19.2 Vietnam 580.8 (1.8) 15.1 26752.9 (0.4) 26.4 8627.8 (0.2) 0.2 India Taiwan Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 1 of 6 28 October 2014 Outside Malaysia US stocks little changed as energy shares drop with oil US stocks were little changed as energy shares declined after oil dipped below US$80 a barrel while telephone and consumer shares rose. The S&P 500 Index slipped less than 0.2% to 1,961.63. The Dow Jones Industry Average rose 12.53 points at 16,817.94. Pending home sales in US increase less than forecast The number of contracts to buy existing homes rose less than forecast in September, signaling demand will probably plateau heading into the end of 2014. The pending home sales index increased 0.3% in September after dropping 1% in August, the National Association of Realtors said. The median projection in a Bloomberg survey called for a 1% gain. US services activity remained solid in Q314 The pace of US services activity in the Q314 remained at an elevated level after cooling a bit during October. The preliminary Markit Services Purchasing Managers’ Index (PMI) slipped to 57.3 in October from a blistering 58.9 in September. This brought the Composite (services and manufacturing PMIs) to 57.4, also lower than the September reading of 59. ECB says €1.7bn of covered bonds bought last week The ECB said it settled €1.704bn (US$2.2bn) of covered-bond purchases last week as it started its latest effort to revive the euro-area economy. The central bank began purchases on Oct. 20, returning to the market for a third time in six years as part of a renewed attempt to stave off deflation and pump life into a moribund recovery. President Mario Draghi plans to fulfill his pledge of expanding ECB’s balance sheet by as much as €1trn. German Ifo business confidence drops for sixth month German business confidence dropped for a sixth month as the specter of a recession haunts Europe’s largest economy. The Ifo institute’s business climate index dropped to 103.2 in October from 104.7 in September. Median forecasts surveyed by Bloomberg predicted a decline to 104.5. Schaeuble says EU’s Russia sanctions over Ukraine will work European Union sanctions imposed on Russia over the Ukraine crisis were “unavoidable and they’ll pay off,” German Finance Minister Wolfgang Schaeuble said. Schaeuble said the current weakening of Germany’s economy “has to do with geopolitical risks in the first place and that’s not surprising when you look at what’s happening in Ukraine.” France to make extra budget efforts, Sapin tells EU Commission France will work harder to cut its public deficit with a tougher crackdown on tax fraud and aided by lower borrowing costs, Finance Minister Michel Sapin told the European Commission. The euro-area’s second-largest economy will reduce the deficit by an additional €3.6-3.7bn (US$4.7bn), the minister said. In the budget law for 2015 submitted initially, France estimated the 2014 deficit would rise to -4.4% of GDP, the first increase in five years. For 2015, it saw almost no improvement to -4.3% of GDP. Brent falls for second day as Goldman reduces forecast Brent fell for a second day as Goldman Sachs Group Inc. joined other banks in lowering price forecasts. Brent for December settlement slid US$0.30 to end at US$85.83 a barrel. Source: Bloomberg (Nur’Shazeya; 03-2145 0541; [email protected]) Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 2 of 6 28 October 2014 Market Summary Table 1: Off Market transactions Shares Price (RM) Vol (m) TITIJYA WTHORSE EXTOL 2.13 2.10 0.28 3.60 3.45 2.00 Val (RMm) Type* 7.67 7.25 0.56 D D D * D-Direct M-Married OM-Odd Married OD-Odd Direct Source: Bloomberg Table 2: Shares Buyback/ Resale Company* Date Units SUNWAY 17-Oct-14 1131000 WCT 20-Oct-14 900000 Treasury 5230400 2855270 Transaction Purchase Purchase Units 389,300 80,800 Transaction ESOS ESOS Lodgement 10-Nov-14 Payment 1=1 * Only FBM100 Component Stocks Source : Bursa Malaysia Table 3: ESOS Company* IOICORP SUNWAY Date 28-Oct-14 28-Oct-14 * Only FBM100 Component Stocks Source : Bursa Malaysia Table 4: Entitlements Company Entitlement PMETAL Bonus Issue Ex-Date 6-Nov-14 Source : Bursa Malaysia Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 3 of 6 28 October 2014 Fig 5: Shareholding changes Substantial Shareholder EPF EPF Wellington Mgmt Company, LLP EPF EPF Amanah Raya Trustees Lembaga Tabung Haji EPF EPF EPF EPF Kumpulan Wang Persaraan EPF Kumpulan Wang Persaraan EPF EPF EPF EPF EPF EPF Kumpulan Wang Persaraan Johor Corporation Amanah Raya Trustees Amanah Raya Trustees Permodalan Nasional Bhd Amanah Raya Trustees EPF EPF EPF EPF Kumpulan Wang Persaraan EPF EPF Kumpulan Wang Persaraan EPF EPF Kumpulan Wang Persaraan EPF Amanah Raya Trustees EPF EPF EPF EPF 17-Oct 20-Oct 17-Oct 16-Oct 15-Oct 17-Oct 17-Oct Date 21-Oct-14 21-Oct-14 to 21-Oct-2014 21-Oct-14 20-Oct-14 20-Oct-14 to 23-Oct-2014 21-Oct-14 21-Oct-14 21-Oct-14 21-Oct-14 20-Oct-14 21-Oct-14 20-Oct-14 21-Oct-14 21-Oct-14 21-Oct-14 21-Oct-14 21-Oct-14 21-Oct-14 20-Oct-14 21-Oct-14 23-Oct-14 21-Oct-14 20-Oct-14 20-Oct-14 to 21-Oct-2014 to 17-Oct-2014 21-Oct-14 21-Oct-14 to 20-Oct-2014 20-Oct-14 21-Oct-14 20-Oct-14 21-Oct-14 21-Oct-14 20-Oct-14 20-Oct-14 to 21-Oct-2014 to 21-Oct-2014 21-Oct-14 21-Oct-14 21-Oct-14 Transaction Disposed Acquired Acquired Acquired Acquired Disposed Acquired Acquired Acquired Acquired Acquired Acquired Disposed Acquired Disposed Disposed Disposed Acquired Disposed Acquired Acquired Acquired Acquired Acquired Acquired Disposed Disposed Acquired Acquired Disposed Disposed Disposed Acquired Acquired Acquired Acquired Acquired Acquired Disposed Acquired Acquired Disposed Disposed Units 24,000 500,000 2,204,830 1,903,000 3,049,300 1,106,000 4,084,400 274,600 1,122,600 5,500,000 500,000 350,000 1,216,100 4,000 79,300 86,000 500,000 988,300 100,700 184,700 147,700 145,000 18,700 826,800 70,000,000 70,000,000 3,780,100 309,700 2,526,200 922,800 1,853,600 80,800 216,000 272,300 2,571,000 82,600 198,000 354,500 1,370,100 2,109,200 170,300 150,000 2,200,000 Company AEON AFG AIRASIA AMMB AXIATA AXIATA BIMB CMSB DIALOG DIGI DRBHCOM GAMUDA GAMUDA GENP HLBANK IHH IJM IOICORP IOIPROP KOSSAN KULIM KULIM LAFARGE MAXIS MAYBANK MAYBANK MAYBANK MISC PBBANK PERISAI PETGAS PETGAS POS POS SKPETRO TIMECOM TIMECOM TM TM TM TOPGLOV UEMS YTLPOWR Source: Bursa Malaysia Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 4 of 6 28 October 2014 Fig 6: Dividend Entitlement Stocks MKH KEINHIN HLBANK CRESNDO KMLOONG FOCUSP YTLE YTLPOWR YTL GLOMAC BAT BREM CSCENIC AXREIT LBALUM OKA ZHULIAN HLCAP SOLID LBICAP SOLID WEIDA DIGI TGUAN CVIEW SUPERLN EUPE HAIO DAIBOCI HEXZA DIALOG GADANG HARBOUR ASIAFLE CHEETAH BJLAND SUIWAH APOLLO MKLAND PINTARAS IMASPRO SCIENTX Particulars Int. Div. of 8sen Final Div. of 1sen Final Div. of 26sen Int. Div of 7sen Int. Div of 7sen Int. Div. of 1sen Int. Div of 4sen Int. Div. of 10sen Int. Div. of 9.5sen Final Div. of 2.65sen Int. Div. of 78sen Int. Div of 3sen Int. Div. of 4sen Income Distribution of 5sen 1st Int. Div of 2sen 1st and Final Div. of 3sen Int. Div. of 2sen Int. Div. of 15sen Final Div. of 2sen Int. Div. of 5sen Final. Div. of 2sen 1st and Final Div. of 3sen Int. Div of 6.2sen Int Div. of 3sen Int. Div of 7sen Int. Div. of 2sen Int. Div. of 1.5sen Final Div. Of 10sen Int. Div of 2.5sen Final Div. of 4sen Final Div. of 1.1sen 1st and Final Div. of 4sen 1st and Final Div. of 2.5sen Int Div. of 13.5sen 1st and Final Div. of 1.25sen Final Div. of 1sen 1st and Final Div. of 6sen 1st and Fin. Div. of 25sen Fin. Div. of 2sen Final Div. of 6sen 1st and Final Div. of 3.5sen Final Div. of 13sen DPS (sen) Announce Ex-Date Lodge Payment 8.00 10-Oct-14 29-Oct-14 31-Oct-14 11-Nov-14 1.00 2-Oct-14 29-Oct-14 31-Oct-14 20-Nov-14 26.00 1-Oct-14 29-Oct-14 31-Oct-14 18-Nov-14 7.00 29-Sep-14 29-Oct-14 31-Oct-14 21-Nov-14 7.00 29-Sep-14 29-Oct-14 31-Oct-14 21-Nov-14 1.00 28-Aug-14 29-Oct-14 31-Oct-14 21-Nov-14 4.00 28-Aug-14 29-Oct-14 31-Oct-14 14-Nov-14 10.00 28-Aug-14 29-Oct-14 31-Oct-14 14-Nov-14 9.50 28-Aug-14 29-Oct-14 31-Oct-14 14-Nov-14 2.65 23-Sep-14 29-Oct-14 31-Oct-14 24-Nov-14 78.00 16-Oct-14 30-Oct-14 3-Nov-14 27-Nov-14 3.00 5-Sep-14 30-Oct-14 3-Nov-14 18-Nov-14 4.00 20-Aug-14 30-Oct-14 3-Nov-14 18-Nov-14 5.00 20-Oct-14 31-Oct-14 4-Nov-14 28-Nov-14 2.00 2-Oct-14 31-Oct-14 4-Nov-14 19-Nov-14 3.00 25-Jul-14 31-Oct-14 4-Nov-14 21-Nov-14 2.00 15-Oct-14 3-Nov-14 5-Nov-14 28-Nov-14 15.00 7-Oct-14 3-Nov-14 5-Nov-14 19-Nov-14 2.00 22-Sep-14 4-Nov-14 6-Nov-14 2-Dec-14 5.00 27-Aug-14 4-Nov-14 6-Nov-14 21-Nov-14 2.00 22-Aug-14 4-Nov-14 6-Nov-14 2-Dec-14 3.00 23-Jul-14 4-Nov-14 6-Nov-14 21-Nov-14 6.00 20-Oct-14 5-Nov-14 7-Nov-14 5-Dec-14 3.00 22-Aug-14 5-Nov-14 7-Nov-14 18-Nov-14 7.00 21-Oct-14 6-Nov-14 10-Nov-14 20-Nov-14 2.00 16-Oct-14 6-Nov-14 10-Nov-14 28-Nov-14 1.50 24-Oct-14 11-Nov-14 13-Nov-14 12-Dec-14 10.00 12-Sep-14 12-Nov-14 14-Nov-14 26-Nov-14 2.50 21-Oct-14 13-Nov-14 17-Nov-14 11-Dec-14 4.00 28-Oct-14 24-Nov-14 26-Nov-14 10-Dec-14 1.10 28-Oct-14 26-Nov-14 28-Nov-14 18-Dec-14 4.00 28-Oct-14 26-Nov-14 28-Nov-14 23-Dec-14 2.50 16-Oct-14 26-Nov-14 28-Nov-14 19-Dec-14 13.50 4-Sep-14 26-Nov-14 28-Nov-14 26-Dec-14 1.25 23-Oct-14 27-Nov-14 1-Dec-14 12-Dec-14 1.00 2-Oct-14 27-Nov-14 1-Dec-14 18-Dec-14 6.00 23-Oct-14 2-Dec-14 4-Dec-14 18-Dec-14 25.00 28-Aug-14 10-Dec-14 12-Dec-14 1-Sep-15 2.00 14-Oct-14 11-Dec-14 15-Dec-14 31-Dec-14 6.00 25-Sep-14 29-Dec-14 31-Dec-14 15-Jan-15 3.50 24-Oct-14 7-Jan-15 9-Jan-15 19-Jan-15 13.00 24-Sep-14 7-Jan-15 9-Jan-15 6-Feb-15 Source: Bursa Malaysia Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 5 of 6 28 October 2014 Equity Rating Structure and Definitions BUY Total return is expected to exceed +15% over a 12-month period TRADING BUY (TR Total return is expected to exceed +15% over a 3-month period due to short-term positive development, but fundamentals are not strong enough to warrant a BUY) Buy call. This is to cater to investors who are willing to take on higher risks ADD Total return is expected to be between 0% to +15% over a 12-month period REDUCE Total return is expected to be between 0% to -15% over a 12-month period TRADING SELL (TR SELL) Total return is expected to exceed -15% over a 3-month period due to short-term negative development, but fundamentals are strong enough to avoid a Sell call. This is to cater to investors who are willing to take on higher risks SELL Total return is expected to be below -15% over a 12-month period NOT RATED Affin Hwang Investment Bank Berhad does not provide research coverage or rating for this company. Report is intended as information only and not as a recommendation OVERWEIGHT Industry, as defined by the analyst’s coverage universe, is expected to outperform the KLCI benchmark over the next 12 months NEUTRAL Industry, as defined by the analyst’s coverage universe, is expected to perform inline with the KLCI benchmark over the next 12 months UNDERWEIGHT Industry, as defined by the analyst’s coverage universe is expected to under-perform the KLCI benchmark over the next 12 months This report is intended for information purposes only and has been prepared by Affin Hwang Investment Bank Berhad (14389-U) (formerly known as HwangDBS Investment Bank Berhad) (“the Company”) based on sources believed to be reliable. However, such sources have not been independently verified by the Company, and as such the Company does not give any guarantee, representation or warranty (express or implied) as to the adequacy, accuracy, reliability or completeness of the information and/or opinion provided or rendered in this report. Facts, information, views and/or opinion presented in this report have not been reviewed by, may not reflect information known to, and may present a differing view expressed by other business units within the Company, including investment banking personnel. Reports issued by the Company, are prepared in accordance with the Company’s policies for managing conflicts of interest arising as a result of publication and distribution of investment research reports. Under no circumstances shall the Company, its associates and/or any person related to it be liable in any manner whatsoever for any consequences (including but are not limited to any direct, indirect or consequential losses, loss of profit and damages) arising from the use of or reliance on the information and/or opinion provided or rendered in this report. Any opinions or estimates in this report are that of the Company, as of this date and subject to change without prior notice. Under no circumstances shall this report be construed as an offer to sell or a solicitation of an offer to buy any securities. The Company and/or any of its directors and/or employees may have an interest in the securities mentioned therein. The Company may also make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in this report. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial status, risk and return preferences and hence an independent evaluation is essential. Investors are advised to independently evaluate particular investments and strategies and to seek independent financial, legal and other advice on the information and/or opinion contained in this report before investing or participating in any of the securities or investment strategies or transactions discussed in this report. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. The Company’s research, or any portion thereof may not be reprinted, sold or redistributed without the consent of the Company. The Company, is a participant of the Capital Market Development Fund-Bursa Research Scheme, and will receive compensation for the participation. This report is printed and published by: Affin Hwang Investment Bank Berhad (14389-U) (formerly known as HwangDBS Investment Bank Berhad) A Participating Organisation of Bursa Malaysia Securities Bhd Chulan Tower Branch, 3rd Floor, Chulan Tower, No 3, Jalan Conlay, 50450 Kuala Lumpur. www.affinhwang.com Email : [email protected] Tel : + 603 2143 8668 Fax : + 603 2145 3005 Affin Hwang Investment Bank Bhd (14389-U) (Formerly known as HwangDBS Investment Bank Bhd) Page 6 of 6
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