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Wednesday, 21 January, 2015
For Internal Circulation Only
TA RESEARCH’S ‘DAILY COMPILED REPORTS’
News
a.
b.
Daily Market Commentary
Daily Brief
Fundamental Reports
a.
b.
c.
d.
Aviation Sector: Announcement of Tourism Promotion
CapitaMalls Malaysia Trust: Rental Reversion to Moderate
IRIS Corporation Berhad: Residential Development Project in TPM
Revised Budget 2015: Asserts Government in Control
Technical Reports
e.
f.
Daily Technical Stock Picks
Daily Money Flow
Technical Stock Picks
FBMKLCI
Stocks Under Coverage
PLANTATION Sector
CONSTRUCTION Sector
PROPERTY Sector
g. Daily Stock Screen
h. Foreign Technical Stock Watch (AUS, HK & FSSTI)
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change
without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising
from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Daily Note
Daily Market Commentary
(A Participating Organisation of Bursa Malaysia Securities Bhd)
Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur
Tel : 603 - 2072 1277. Fax : 603 - 2032 5048
Wednesday, 21 January 2015
TA Research
e-mail : [email protected]
For Internal Circulation Only
KLSE Market Statistics (20.01.2015)
Volume
(mil)
+/-chg (RMmn)
Main Market 1,323.0
8.8 1,804.1
Warrants
182.9
-5.0
86.0
ACE Market 546.2
132.2
131.7
Bond
1.0
-0.5
0.5
ETF
0.1
-0.33
0.1
Total
2,053.2
2,022.3
Off Market
31.6
-58.5
119.4
Value
+/-chg
71.7
-5.2
41.0
0.3
-0.39
46.0
Major Indices
Index
+/- chg
Malaysia
FBMKLCI
FBMEMAS
FBMSCAP
Jan Futures
Other Markets
DOW JONES
NASDAQ (US)
FTSE (UK)
NIKKEI (JAPAN)
KOSPI (KOREA)
HANG SENG (HK)
FSSTI (S'PORE)
SET (BANGKOK)
JCI (JAKARTA)
SHANGHAI
SHENZHEN
AUSTRALIA
(mn)
8.0
7.9
3.2
3.0
2.0
2.0
1.5
1.1
1.0
1.0
Review & Outlook
Up Down
309
302
63
53
42
31
3
5
1
0
418
391
% chg
% YTD chg
1,750.11
12,062.02
15,612.69
1,745.00
-3.20
-10.72
96.96
0.00
-0.18
-0.09
0.62
0.00
-0.63
-0.04
3.84
-0.34
17,515.23
4,654.85
6,620.10
17,366.30
1,918.31
23,951.16
3,334.02
1,535.09
5,166.09
3,173.05
1,534.38
5,166.09
3.66
20.46
34.57
352.01
15.69
212.67
26.32
-0.28
14.00
56.70
106.01
-143.05
0.02
0.44
0.52
2.07
0.82
0.90
0.80
-0.02
0.27
1.82
7.42
-2.69
-1.73
-1.71
0.82
-0.48
0.14
1.47
-0.93
2.50
-1.16
-1.91
8.42
-4.53
Top 10 KLCI Based on Mkt Cap.
Off Market
ASIABIO
MAYBANK
NATWIDE
TDEX
PBBANK
MILUX
TALIWRK
REDTONE
DIGISTA
KAREX
Value/
Volume
1.36
0.47
0.24
0.47
1.36
0.98
3.78
(RM)
@ 0.18
@ 8.75
@ 0.87
@ 0.15
@ 17.66
@ 1.07
@ 2.00
@ 0.77
@ 0.20
@ 3.70
Counter
TENAGA
CIMB
AXIATA
SIME
PCHEM
MAXIS
GENTING
MISC
SKPETRO
GENM
Mkt Cap.
(RM’mn)
81,268
48,942
59,992
57,702
39,520
51,871
30,859
33,836
15,580
21,604
Chg
(RM)
-0.10
-0.14
-0.02
-0.01
-0.06
-0.01
-0.09
-0.02
-0.03
-0.04
Vol.
(mn)
13.06
11.52
7.25
4.62
4.94
3.07
2.14
2.08
14.92
2.70
Important Dates
IOIPG - 1:6 Rights Issue - RI of 539.8m shares.
1 rights share for every 6 existing shares held, at an issue price of
RM1.90 per rights share.
Trading of Rights: 13/01 - 20/01/2015.
Application Closed: 27/01/2015. LISTING ON: 09/02/2015.
IN
ARI - 1:8 Rights Issue - RI of 88.8m shares, together with 88.8
INARI
free detachable warrants.
1 rights share together with 1 warrant for every 8 existing shares
held, at an issue price of RM1.50 per rights share.
Ex-Date: 20/01/2015. Entitlement Date: 22/01/2015.
Trading of Rights: 23/01 - 30/01/2015.
Application Closed: 10/02/2015. LISTING ON: 26/02/2015.
The FBM KLCI edged lower on Tuesday, as selected blue chips weighed on
the market, while investors showed little or no excitement over the
economic intervention measures announced by the Prime Minister earlier
in the day, ignoring regional strength after China's 4Q GDP beat estimates.
The KLCI fell 3.2 points to close at 1,750.1, off a low of 1,745.64 and high
of 1,754.34, as gainers edged losers 418 to 391 on total turnover of 2.05bn
shares worth RM2.02 bn.
Stocks should continue to consolidate with downward bias, given the
diminishing oil prices and global growth downgrade by IMF which should
dampen investors' risk appetite despite the ECB's stimulus effort to defuse
the euro-zone deficit. Immediate support for the index remains at 1,730,
with better support at 1,716, the 23.6% Fibonacci Retracement (FR) level,
followed next by the 1,700 psychological support, and more crucial
supports from the pivot lows of 1,688 and 1,671 of 17/12/14. Key
resistance levels are at 1,778 and 1,806, the respective 50%FR and
61.8%FR levels, while major upside hurdles would be 1,803 and 1,836, the
current 100 and 200-day moving average levels.
Alam Maritim could rebound further from current oversold levels
towards the 50-day moving average(RM0.70), which coincide with the
upper Bollinger band, with the tougher resistances coming at 23.6%FR
(RM0.79) and the high of 27/11/14 (RM0.85), while the lower Bollinger
band (RM0.56) seen as the immediate support. Similarly, Perisai should
see oversold rebound towards the upper Bollinger band (RM0.51), with
stronger upside resistances coming from the 50-day moving average
(RM0.55) and the high of 1/12/14 (RM0.65). Immediate support
cushioning downside is seen at the lower Bollinger band (RM0.42).
•
•
•
•
•
•
•
•
•
News Bites
Malaysia's official GDP forecast for 2015 was cut to between 4.5%
and 5.5% from 5% to 6% previously and fiscal deficit target raised to
3.2% from 3%.
Iris Corporation Bhd plans to invest RM130mn in a property joint
venture with Technology Park Malaysia Corp Sdn Bhd in Bukit Jalil.
Chin Well Holdings Bhd has obtained the green light from Bursa
Malaysia Securities for the acquisition of the remaining 40% in its
Vietnam subsidiary.
Malaysia Airlines Kargo will use the cloud-based Unisys Logistics
Management System from Unisys Corporation to manage its domestic
and international cargo services.
Fraser & Neave Holdings Bhd has set aside 300mn baht in capital
expenditure to support the double-digit revenue growth of its Thai
dairy division.
LBS Bina Group Bhd has tightened its grip in ML Global Bhd, after
acquiring a total of 561,800 shares in the latter, via four open market
transactions.
Media Chinese International Ltd has denied rumours it will undergo
a drastic consolidation plan involving its four daily newspaper titles
in Malaysia, namely Sin Chew Daily, China Press, Nanyang Siang Pau
and Guang Ming Daily.
REDtone International Bhd saw its net profit for the 2QFY15 fall by
12.4% to RM5.29mn, mainly due to the absence of a gain on disposal
of its 35% shareholding in REDtone Mobile Sdn Bhd,
The world economy will grow 3.5% in 2015, down from the 3.8%
pace projected in October says IMF.
Exchange Rate
RM/USD
3.6105 0.0385
YEN/USD
118.38 1.0900
USD/EURO 1.1606 0.0006
Commodities Futures
Palm Oil (RM/mt)
2,320.00 16.00
Crude Oil ($/Barrel)
46.39 -2.09
Gold ($/tr.oz.)
1,294.20 13.90
DISCLAIMER
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without
notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use
of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD
Kaladher Govindan, Head of Research
TA Securities
Wednesday, January 21, 2015
FBMKLCI: 1,750.11
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
`
Daily Brief
Market View, News In Brief: Corporate, Economy, and Share Buybacks
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
TA Research Team Coverage
Market View
Tel: +603 – 2072 1277
[email protected]
www.taonline.com.my
Consolidate With Downward Bias
The FBM KLCI edged lower on Tuesday, as selected blue chips weighed on the market, while
investors showed little or no excitement over the economic intervention measures
announced by the Prime Minister earlier in the day, ignoring regional strength after China’s
4Q GDP beat estimates. The KLCI fell 3.2 points to close at 1,750.1, off a low of 1,745.64 and
high of 1,754.34, as gainers edged losers 418 to 391 on total turnover of 2.05bn shares
worth RM2.02 bn.
Immediate Support at 1,730, Resistance at 1,778
Stocks should continue to consolidate with downward bias, given the diminishing oil prices
and global growth downgrade by IMF which should dampen investors’ risk appetite despite
the ECB’s stimulus effort to defuse the euro-zone deficit. Immediate support for the index
remains at 1,730, with better support at 1,716, the 23.6% Fibonacci Retracement (FR) level,
followed next by the 1,700 psychological support, and more crucial supports from the pivot
lows of 1,688 and 1,671 of 17/12/14. Key resistance levels are at 1,778 and 1,806, the
respective 50%FR and 61.8%FR levels, while major upside hurdles would be 1,803 and
1,836, the current 100 and 200-day moving average levels.
Buy Alam Maritim & Perisai Petroleum for Rebound
Alam Maritim could rebound further from current oversold levels towards the 50-day
moving average(RM0.70), which coincide with the upper Bollinger band, with the tougher
resistances coming at 23.6%FR (RM0.79) and the high of 27/11/14 (RM0.85), while the
lower Bollinger band (RM0.56) seen as the immediate support. Similarly, Perisai should see
oversold rebound towards the upper Bollinger band (RM0.51), with stronger upside
resistances coming from the 50-day moving average (RM0.55) and the high of 1/12/14
(RM0.65). Immediate support cushioning downside is seen at the lower Bollinger band
(RM0.42).
China GDP Lift Asian Markets Higher
Asian stock markets traded higher Tuesday, with sentiment supported by China's fourth
quarter gross domestic product which beat expectations to come in at 7.3 percent from the
year-ago period. This was a tick higher than the 7.2 percent forecast by analysts and holding
steady from the prior quarter. In other news, the International Monetary Fund (IMF)
trimmed its global growth forecast for 2015-16, cautioning that the boost from lower crude
oil prices would be offset by dimmer economic prospects for China, Russia, the euro area,
Japan and oil producers. U.S. markets were closed for the Martin Luther King Jr. Day on
Monday. Chinese shares rebounded from their biggest tumble since the global financial crisis
the day before, after the stock regulator denied speculation it had intentionally sought to
suppress the market's rally. The market also took some comfort from China's fourth-quarter
growth data, which came in better than expected, but that had only a marginal impact on
stocks.
Page 1 of 7
TA Securities
21-Jan-15
A Member of the TA Group
Brokerages continued the downtrend on Tuesday, with Citic Securities and Haitong
Securities leading declines with a more than 9 percent plunge, respectively. Japan's Nikkei
stock average climbed more than 2 percent, posting its biggest one-day gain in a month, as
markets took comfort from China data and on expectations that the European Central Bank
will unveil stimulus measures. The benchmark Nikkei to its highest level in two weeks, led
by gains in financials and China-related stocks. Exporter stocks including Nikon and
Panasonic rallied more than 3 percent each, while automakers Toyota Motor, Suzuki Motor
and Nissan also made gains between 2.6 and 1.8 percent each. However, Australia's key S&P
ASX 200 index closed little changed on Tuesday, helped by positive data from China which
helped the bourse to pare an earlier 0.5 percent decline. Atlas Iron tanked 5.3 percent after
the miner slashed its FY 2015 capital expenditure guidance due to challenging market
conditions.
Dow Eke Out Gains after Choppy Session
U.S. stock benchmarks closed higher Tuesday after a seesaw session, as investors looked past
the continued drop in oil prices to focus on a meeting of the European Central Bank later this
week. Stocks swung throughout the day, opening with broad gains, turning lower, and then
drifting higher again before the close of trading. Traders said that investors were holding
back from making aggressive bets until the ECB meeting Thursday, as they expect the central
bank will unveil a large-scale bond-buying program aimed at reviving Europe’s economy. Oil
prices continued to fall Tuesday, which contributed to stocks’ early-session declines. Crudeoil prices fell 4.7 percent to $46.39 a barrel. Investors say the month’s long decline raises
worries about demand, since it comes alongside slowing growth in Asia and economic
troubles in Europe.
Meanwhile, investors are also watching fourth-quarter earnings reports to determine the
implications of a stronger dollar, falling oil prices and sluggish international demand. In
earnings news, Halliburton Co. rose 1.8 percent after the oil-services company beat forecasts
for its earnings and Delta Air Lines Inc. rose 7.3 percent after it said tumbling gas prices
boosted its fourth-quarter results, which beat expectations. However, a 2.6 percent drop in
Johnson & Johnson shares weighed on the Dow, which lagged behind other major
benchmarks. The company reported fourth-quarter sales that fell short of Wall Street
forecasts, dented by a stronger dollar.
The Dow Jones Industrial Average inched higher by 3.66 points, or 0.02 percent, to
17,515.23, while the S&P 500 added 3.13 points, or 0.15 percent, to 2,022.55 and the Nasdaq
Composite rose 20.46 points, or 0.44 percent, to 4,654.84.
Page 2 of 7
TA Securities
21-Jan-15
A Member of the TA Group
News In Brief
Corporate
Iris Corporation Bhd plans to invest RM130mn in a property joint venture with Technology
Park Malaysia Corp Sdn Bhd in Bukit Jalil. Iris Corp said it had signed a teaming agreement
with Technology Park to combine their resources to develop, build and manage a proposed
residential development project on a parcel of land in Phase 3 TPM Bukit Jalil. (StarBiz)
Chin Well Holdings Bhd, a carbon steel fastener manufacturer, has obtained the green light
from Bursa Malaysia Securities for the acquisition of the remaining 40% in its Vietnam
subsidiary, Chin Well Fasteners (Vietnam) Co Ltd (CW Vietnam). Chin Well had in November
2014 proposed to acquire the remaining 40% interest in CW Vietnam by acquiring the entire
share capital of Asia Angel Holding Ltd, which owns the 40% stake in CW Vietnam. (StarBiz)
Malaysia Airlines Kargo (MASkargo) will use the cloud-based Unisys Logistics
Management System (LMS) from Unisys Corporation to manage its domestic and
international cargo services. Unisys said under the contract with Malaysian Airline System
Bhd, Unisys would replace MASkargo's current in-house mainframe-based system with the
LMS service. (Bernama)
Fraser & Neave Holdings Bhd (F&N) has set aside 300mn baht (RM32.89mn) in capital
expenditure (capex) to support the double-digit revenue growth of its Thai dairy division.
The amount would be used to expand the company's production capacity in Thailand by
adding one tall can packaging line for evaporated milk. (Bernama)
LBS Bina Group Bhd has tightened its grip in ML Global Bhd, after acquiring a total of
561,800 shares in the latter, via four open market transactions. Filings with Bursa Malaysia
today showed LBS Bina had acquired 210,100 shares in ML Global at 41.3 sen, and 145,300
shares at 41.6 sen. (TheEdge)
Media Chinese International Ltd (MCIL) has denied rumours it will undergo a drastic
consolidation plan involving its four daily newspaper titles in Malaysia, namely Sin Chew
Daily, China Press, Nanyang Siang Pau and Guang Ming Daily. The management’s clarification
came after recent media news, which highlighted there will be a major shakeup of four
Chinese-language newspapers under its stable in West Malaysia. (TheEdge)
REDtone International Bhd saw its net profit for the second financial quarter ended Nov
30, 2014 (2QFY15) fall by 12.4% to RM5.29mn, mainly due to the absence of a gain on
disposal of its 35% shareholding in REDtone Mobile Sdn Bhd, which was recognised in
2QFY14. Revenue for 2QFY15 rose 47.1% to RM44.8mn, due to higher data project revenue.
(TheEdge)
The Prime Minister said the new fiscal deficit for 2015 for the revised Budget is at 3.2%,
which was slightly higher than the 3% set in the Budget 2015 proposals announced in
October last year. In his special address on the current developments and government’s
financial position, Datuk Seri Najib Tun Razak announced specific and proactive measures to
align the country’s economy with the recent global economic developments. (StarBiz)
Page 3 of 7
TA Securities
21-Jan-15
A Member of the TA Group
News In Brief
Economy
Global
IMF Lowers Global Growth Forecast by Most in Three Years
The IMF made the steepest cut to its global-growth outlook in three years, with diminished
expectations almost everywhere except the U.S. more than offsetting the boost to expansion
from lower oil prices. The world economy will grow 3.5% in 2015, down from the 3.8%
pace projected in October. The Washington-based lender also cut its estimate for growth
next year to 3.7%, compared with 4.0% in October. The weakness, along with prolonged
below-target inflation, is challenging policy makers across Europe and Asia to come up with
fresh ways to stimulate demand more than six years after the global financial crisis. Central
bankers and government officials including Bank of England Governor Mark Carney and the
Bank of Japan’s Haruhiko Kuroda may talk about options when they convene this week at
the World Economic Forum’s annual meeting in Davos, Switzerland. The IMF cut its outlook
for consumer-price gains in advanced economies almost in half to 1% for 2015. Developing
economies will see inflation this year of 5.7%, a 0.1ppts markup from October’s projections.
Details in the table below:
Overview of the World Economic Outlook Projections
World
Advanced Economies
United States
Euro Area
Germany
France
Italy
Spain
Japan
United Kingdom
Canada
Other Advanced Economies
Emerging Market and Developing Economies
Commonwealth of Independent States
Russia
Excluding Russia
Emerging and Developing Asia
China
India
ASEAN-5
Emerging and Developing Europe
Latin America and the Caribbean
Brazil
Mexico
Middle East, North Africa, Afghanistan, and Pakistan
Saudi Arabia
Sub-Saharan Africa
Nigeria
South Africa
Consumer Prices
Advanced Economies
Emerging Market and Developing Economies
(Source: Bloomberg, IMF, TA Securities)
Difference from Oct.
YoY %
Overview of the World Economic Outlook Projections
2013
3.3
1.3
2.2
-0.5
0.2
0.3
-1.9
-1.2
1.6
1.7
2.0
2.2
4.7
2.2
1.3
4.3
6.6
7.8
5.0
5.2
2.8
2.8
2.5
1.4
2.2
2.7
5.2
5.4
2.2
2014
3.3
1.8
2.4
0.8
1.5
0.4
-0.4
1.4
0.1
2.6
2.4
2.8
4.4
0.9
0.6
1.5
6.5
7.4
5.8
4.5
2.7
1.2
0.1
2.1
2.8
3.6
4.8
6.1
1.4
2015f
3.5
2.4
3.6
1.2
1.3
0.9
0.4
2.0
0.6
2.7
2.3
3.0
4.3
-1.4
-3.0
2.4
6.4
6.8
6.3
5.2
2.9
1.3
0.3
3.2
3.3
2.8
4.9
4.8
2.1
2016f
3.7
2.4
3.3
1.4
1.5
1.3
0.8
1.8
0.8
2.4
2.1
3.2
4.7
0.8
-1.0
4.4
6.2
6.3
6.5
5.3
3.1
2.3
1.5
3.5
3.9
2.7
5.2
5.2
2.5
1.4
5.9
1.4
5.4
1.0
5.7
1.5
5.4
Page 4 of 7
2014 Projections
2015
2016
-0.3
-0.3
0.1
0.0
0.5
0.3
-0.2
-0.3
-0.2
-0.3
-0.1
-0.2
-0.5
-0.5
0.3
0.0
-0.2
-0.1
0.0
-0.1
-0.1
-0.3
-0.2
-0.1
-0.6
-0.5
-2.9
-1.7
-3.5
-2.5
-1.6
-0.2
-0.2
-0.3
-0.3
-0.5
-0.1
0.0
-0.2
-0.1
0.1
-0.2
-0.9
-0.5
-1.1
-0.7
-0.3
-0.3
-0.6
-0.5
-1.6
-1.7
-0.9
-0.8
-2.5
-2.0
-0.2
-0.3
-0.8
0.1
-0.4
0.2
TA Securities
21-Jan-15
A Member of the TA Group
Asia
Malaysia
Malaysia Sees Bigger Budget Deficit, Cuts Growth Forecast
Malaysia trimmed its growth forecast and said the budget deficit in 2015 will be wider than
initially targeted after a slump in global oil prices curbed revenue for the crude producer.
The deficit will be 3.2% of gross domestic product compared with an October target of
3.0%. The economy will expand 4.5% to 5.5% this year, compared with an earlier
projection between 5% and 6%.Crude prices at half the level of a year ago has increased
pressure to accelerate the restructuring of an economy grappling with rising costs and
elevated household debt. While declining investor confidence has pushed the currency to
its lowest level since 2009 and boosted the cost of insuring the nation’s debt, the nation
isn’t in crisis. The development expenditure of RM48.5bn provided in the 2015 Budget
would be maintained and spent. However, the operating expenditure is expected to be
reduced by RM5.5bn by reprioritising expenditure. Moreover, without any fiscal measure,
this would lead to a deficit increase to -3.9% of GDP. In the same manner, Government’s
revenue is expected to decrease by RM13.8bn in 2015. Note that, the government forecast
for the average oil price to US$55 per barrel, compared with US$100 per barrel estimated
earlier. (Source: Bloomberg, TA Securities)
BNM Governor Says Interest Rate Highly Accommodative
Malaysia's central bank chief said that the country's policy interest rate of 3.25% is still
"highly accommodative". Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz
was speaking after Prime Minister lowered economic growth forecasts for 2015."Right now
our monetary policy at 3.25% is highly accommodative in the sense that we see significant
credit growth," Zeti said. In a November decision by its monetary policy committee, BNM
left its overnight policy rate unchanged at 3.25%, but warned that of risks to global growth
that could hurt the Southeast Asian country's export-focused economy.(Source: The Star
Online)
China
Economy Growth at 7.4% Is the Slowest Since 1990
China’s stimulus efforts began kicking in late last year, boosting industrial production and
retail sales, and helping full-year economic growth come close to the government’s target.
Gross domestic product rose 7.3% in the three months through December from a year
earlier, compared with the median estimate of 7.2%. GDP expanded 7.4% in 2014, the
slowest pace since 1990 and in line with the government’s target of about 7.5%. The yuan
and local stocks advanced after the release. A soft landing for China would help a global
economy contending with weakness that spurred the International Monetary Fund’s
steepest cut to its world growth outlook in three years. China’s central bank cut interest
rates for the first time in two years in November and has added liquidity in targeted steps
to buoy demand. Fixed-asset investment excluding rural areas expanded 15.7% last year.
On a quarterly basis, China’s performance was less robust, slowing to 1.5% growth in the
three months through December from 1.9% in the third quarter. (Source: Bloomberg)
Industrial Production Rises More Than Expected In December
On a yearly basis, industrial production rose 7.9%in December following the 7.2% growth
in November. Economists had expected production to rise 7.4%.Among the sub-sectors,
manufacturing output increased 8.9%. Output in the mining industry and the electricity,
heat, gas and water production and supply industry advanced 3.4% and 3.7%, respectively.
Compared with a month ago, industrial production rose 0.75% in December. In the January
to December period, production grew 8.3% over the corresponding period of the previous
year, more than the 8.2% consensus estimate.
On a separate note, Chinese retail sales growth quickened unexpectedly in December.
Compared with a year ago, retail sales rose 11.9% in December following the 11.7% rise in
November. Economists had expected sales to increase at the stable rate of 11.7%.On a
month-over-month basis, retail sales grew 1.01% in December after the 0.90% climb in
November. In the January to December period, sales advanced 12.0% over the
corresponding period of the previous year. (Source: RTT News)
Page 5 of 7
TA Securities
21-Jan-15
A Member of the TA Group
Japan
Japan Dec Convenience Stores Sales Fall At Slower Rate
Japan's convenience stores sales fell at a slower rate in December, data from the Japan
Franchise Association showed. Sales fell 1.2%annually in December after the 1.7% drop in
November. This marked the ninth consecutive month of decline in sales. In the January to
December period, convenience stores sales slid 0.8% over the corresponding period of the
previous year.(Source: Bloomberg)
U.S.
Confidence Among U.S. Homebuilders Little Changed in January
Confidence among U.S. homebuilders hovered in January close to a nine-year high,
indicating the residential real estate market is poised to expand this year. While the
National Association of Home Builders/Wells Fargo builder sentiment gauge fell to 57 this
month from 58 in December, readings greater than 50 mean more respondents report good
market conditions, according to figures issued from the Washington-based group. The
median forecast in a Bloomberg survey called for 58. A strengthening job market and
mortgage rates near historically low levels will probably keep underpinning demand for
homes in 2015. A report on Jan. 16 showed consumer confidence jumped in January to the
highest level in 11 years, raising the odds more households will be looking for residences.
The group’s gauge of current single-family home sales held at 62 this month. The reading
on prospective buyer traffic declined to 44 from 46 the prior month, while the index of the
six-month sales outlook decreased to 60 from 64. Builder confidence eased in the North,
South and West. It climbed in the Midwest. (Source: Bloomberg)
Europe
Euro Area
ECB Says Credit Standards Eased as Recovery Boosts Loan Demand
Banks relaxed lending terms for euro-area companies and households for a third straight
quarter at the end of last year, responding to a fresh rise in demand for loans, the European
Central Bank said. “Credit standards for all loan categories continued to ease in net terms
in the fourth quarter of 2014,” the Frankfurt-based ECB said. “Among the largest countries,
credit standards on loans to enterprises were eased in net terms particularly in Italy and to
a more limited extent in France, while remaining unchanged in Germany and Spain and
continuing to tighten in the Netherlands.” While lending in the euro area has been
contracting since May 2012, the pace has slowed in recent months. That may be a signal
that unprecedented monetary stimulus from the ECB since last year, including asset
purchases and long-term loans to banks, are starting to reach the real economy. (Source:
Bloomberg)
Germany
German ZEW Investor Confidence Gains as Stimulus Nears
German investor confidence jumped to the highest level in 11 months as the European
Central Bank prepares for quantitative easing and the euro weakens. The ZEW Center for
European Economic Research in Mannheim said its index of investor and analyst
expectations, which aims to predict economic developments six months in advance,
climbed for a third consecutive month in January to 48.4 from 34.9 in December.
Economists forecast an increase to 40. A measure of the current situation rose to 22.4 in
January from 10 in December. A gauge of expectations for the euro area increased to 45.2
from 31.8. (Source: Bloomberg)
Producer Prices Fall Most Since 2010
Compared with a year ago, producer prices fell 1.7% in December, the biggest fall since
March 2010 when it declined 1.8%. Prices decreased for 17 consecutive months.
Economists had forecast producer prices to drop 1.4% after easing 0.9% in November. On a
monthly basis, producer prices slid 0.7% following a flat growth in November. Prices were
expected to drop by 0.4%. Energy prices fell 4.9% annually and prices of consumer nondurable goods by 1.5%. Prices of intermediate goods were down 0.6%.In the whole year of
2014, producer prices decreased 1.0% from the preceding year, when it decreased
marginally by 0.1%. This was the largest fall since 2009. Excluding energy, producer prices
fell 0.1%. (Source: RTT News)
Page 6 of 7
TA Securities
21-Jan-15
A Member of the TA Group
German Agreed Earnings Rise Most Since 2011
Germany's agreed monthly earnings grew the most in four years during 2014, which
includes basic remuneration and agreed extra payments such as one-off payments, annual
extra payments or agreed back payments, are expected to have risen by 3.1% from the
previous year. In 2013, agreed earnings increased 2.4% after a 2.7% rise in 2012 and 1.7%
growth in 2011. The latest increase was the highest since 2011, when earnings was
calculated for the first time taking into account extra payments. Excluding extra payments,
the agreed monthly earnings were expected to have risen by 2.9% in 2014, following 2.5%
growth in the previous year. In 2012, the increase was 3.0% and in 2011 it was 1.5%.
(Source: RTT News)
Share Buy-Back: 20 -Jan 2015
Company
Bought Back
GBGAQRS
GRANFLO
MAA
N2N
PARKSON
RCECAP
UNIMECH
WCT
300,000
20,000
11,200
2,000
851,000
37,800
2,000
37,300
Price (RM)
1.23/1.20
0.29
0.66
0.84
2.50/2.48
0.31
1.49/1.48
1.52
Hi/Lo (RM)
Total Treasury
Shares
2,524,900
1,711,800
2,928,000
7,500,600
55,443,729
50,573,000
9,224,666
15,003,170
1.24/1.20
0.29
0.67/0.66
0.89/0.84
2.50/2.46
0.32/0.31
1.49/1.48
1.58/1.52
Source: Bursa Malaysia
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 7 of 7
For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company
Share Price
(RM)
20-Jan-15
Target Price
(RM)
BETA
EPS (sen)
FY15
FY16
PER (X)
FY15
FY16
0.80
2.93
10.62
0.69
3.10
13.05
0.83
0.72
1.12
12.1
31.2
96.1
12.4
32.7
105.8
6.6
9.4
11.1
6.5
9.0
10.0
2.5
2.7
5.3
2.5
3.3
5.8
0.98
3.47
12.68
-18.4
-15.6
-16.2
0.67
2.60
10.00
19.4
12.7
6.2
3.9
1.0
-3.1
BANKS & FINANCIAL SERVICES
AFG
4.76
AFFIN
2.94
AMBANK
6.48
CIMB
5.81
HLBANK
13.98
MAYBANK
8.92
PBBANK
17.76
RHBCAP
7.80
BURSA
8.16
4.35
3.10
7.30
6.90
14.10
11.20
18.30
10.00
8.80
1.17
0.88
1.07
1.45
0.62
1.06
0.82
1.14
1.03
37.4
31.3
66.9
53.4
118.9
72.9
123.9
93.1
39.5
40.9
32.7
65.6
58.1
131.1
78.9
135.8
94.5
43.7
12.7
9.4
9.7
10.9
11.8
12.2
14.3
8.4
20.7
11.6
9.0
9.9
10.0
10.7
11.3
13.1
8.3
18.7
4.7
5.1
4.0
4.6
2.9
6.7
2.7
2.6
4.4
5.3
5.1
4.3
5.1
2.9
6.7
2.8
2.8
4.9
5.23
3.97
7.47
7.56
14.96
10.20
20.93
9.70
8.22
-9.0
-25.9
-13.3
-23.1
-6.6
-12.5
-15.2
-19.6
-0.7
4.08
2.68
5.97
5.05
13.70
8.25
17.40
7.05
7.21
16.8
9.7
8.5
15.0
2.0
8.1
2.1
10.6
13.2
1.3
1.4
-1.8
4.5
0.0
-2.7
-3.0
2.4
0.7
CONSTRUCTION
BPURI
GAMUDA
IJM
NAIM
SENDAI
TRC
WCT
LITRAK
0.56
5.05
6.61
3.01
0.55
0.39
1.54
3.78
0.74
4.81
6.61
3.74
0.55
0.53
1.67
4.18
1.09
1.26
0.87
2.10
1.66
1.50
1.21
0.52
9.2
31.2
36.6
49.6
6.9
6.5
14.6
28.6
17.5
32.9
54.3
51.0
11.0
10.8
15.1
38.5
6.1
16.2
18.1
6.1
8.0
5.9
10.6
13.2
3.2
15.3
12.2
5.9
5.0
3.6
10.2
9.8
7.1
2.8
2.3
2.0
3.6
5.2
6.5
4.8
7.1
3.0
2.7
2.0
3.6
7.8
6.5
5.3
0.80
5.34
7.03
4.42
1.14
0.62
2.35
4.10
-30.0
-5.4
-6.0
-31.9
-51.8
-37.9
-34.4
-7.8
0.50
4.19
5.57
2.78
0.49
0.34
1.38
3.39
12.0
20.5
18.7
8.3
13.4
13.2
11.6
11.5
3.7
0.8
0.6
1.0
-29.5
1.3
-3.1
2.2
11.72
12.32
11.42
13.55
0.77
0.64
64.6
70.0
68.4
76.9
18.1
17.6
17.1
16.0
5.0
5.1
5.3
5.6
13.54
15.64
-13.4
-21.2
10.36
12.02
13.1
2.5
-0.2
0.2
3.04
10.50
17.76
70.32
2.49
3.49
3.29
12.92
19.44
63.04
2.72
4.12
1.16
0.47
0.54
0.43
0.60
1.00
19.2
68.7
82.5
275.5
12.4
15.3
21.7
74.7
90.2
298.4
14.6
17.9
15.8
15.3
21.5
25.5
20.1
22.8
14.0
14.1
19.7
23.6
17.1
19.5
1.9
5.9
4.2
3.8
2.2
1.2
2.1
6.4
4.6
4.1
2.5
1.4
4.33
12.28
18.44
70.38
3.17
3.59
-29.8
-14.5
-3.7
-0.1
-21.5
-2.8
2.64
10.00
15.42
63.50
2.17
2.72
15.2
5.0
15.2
10.7
14.8
28.2
-3.5
1.0
1.8
2.7
-0.4
5.8
65.50
72.59
0.94
349.5
359.9
18.7
18.2
4.9
5.0
74.40
-12.0
58.00
12.9
0.6
8.30
3.81
11.88
4.57
1.18
0.94
57.1
28.5
60.2
28.1
14.5
13.4
13.8
13.6
1.3
2.2
1.4
2.5
10.40
4.68
-20.2
-18.6
8.30
3.78
0.0
0.8
-6.4
-6.4
3.46
4.51
0.94
27.2
27.6
12.7
12.5
7.8
8.1
3.96
-12.6
3.36
3.0
-1.4
4.95
3.68
4.65
4.65
0.77
0.75
10.7
14.4
13.1
17.6
46.1
25.6
37.9
20.9
0.5
2.1
0.6
2.3
5.12
4.00
-3.3
-8.0
3.45
2.97
43.5
23.9
2.7
-0.5
7.05
5.22
1.90
4.79
3.75
6.10
5.40
2.20
4.95
3.55
0.65
0.48
0.75
0.72
na
27.7
29.6
21.1
33.3
15.0
35.4
34.3
24.6
36.8
17.2
25.4
17.6
9.0
14.4
25.0
19.9
15.2
7.7
13.0
21.8
1.7
2.5
3.3
3.5
1.0
2.2
3.0
3.9
3.8
1.1
7.12
5.24
3.08
5.90
3.79
-1.0
-0.4
-38.3
-18.8
-1.1
5.72
3.63
1.58
4.21
2.63
23.3
43.8
20.3
13.8
42.4
0.3
16.8
13.1
6.0
10.9
INDUSTRIAL
SCIENTX
SKPRES
UNIMECH
6.78
0.75
1.49
8.56
1.10
1.73
1.29
0.95
1.05
76.0
5.0
21.1
88.0
9.6
24.2
8.9
15.0
7.1
7.7
7.8
6.2
3.5
3.3
4.7
4.0
5.4
5.7
7.63
0.79
1.78
-11.1
-5.1
-16.3
4.94
0.31
1.40
37.2
145.9
6.4
-4.4
17.2
0.0
MEDIA
MEDIA PRIMA
STAR
1.70
2.45
2.34
2.52
1.57
0.54
17.3
21.0
18.0
22.0
9.8
11.6
9.4
11.2
8.2
7.3
8.8
7.3
2.64
2.79
-35.6
-12.1
1.61
2.09
5.6
17.2
-3.4
6.1
OIL & GAS
ICON
MHB
PANTECH
PCHEM
PERISAI
SKPETRO
UMWOG
0.71
1.36
0.77
4.94
0.47
2.60
2.71
1.33
2.13
1.10
5.60
0.96
3.96
3.66
na
1.48
1.61
0.93
2.44
1.73
na
12.1
14.2
9.9
42.9
9.6
24.4
19.3
17.2
13.8
13.2
50.2
16.8
27.3
22.6
5.8
9.6
7.7
11.5
4.9
10.6
14.1
4.1
9.8
5.8
9.8
2.8
9.5
12.0
0.0
3.7
5.2
4.3
0.0
1.3
0.0
0.0
3.7
6.9
5.1
0.0
0.0
0.0
2.19
4.16
1.15
7.01
1.71
4.80
4.63
-67.8
-67.3
-33.5
-29.5
-72.5
-45.8
-41.5
0.62
1.27
0.71
4.65
0.38
2.02
1.91
14.6
7.1
8.5
6.2
23.7
28.7
41.9
-5.4
-23.6
-0.6
-9.4
3.3
12.1
15.3
AUTOMOBILE
EPMB
MBMR
UMW
CONSUMER
Brewery
CARLSBG
GUINESS
Retail
AEON
AMWAY
F&N
NESTLE
PARKSON
QL
Tobacco
BAT
GAMING
Casino
GENTING
GENM
NFO
BJTOTO
HEALTHCARE
Hospitals
IHH
KPJ
Rubber Gloves
HARTA
KOSSAN
SUPERMX
TOPGLOV
KAREX
Div Yield (%)
FY15 FY16
52weeks
High Price
% Chg
52weeks
Low Price
% Chg
% Chg
YTD
For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company
Share Price
(RM)
Target Price
(RM)
BETA
EPS (sen)
FY15
FY16
PER (X)
FY15
FY16
4.54
2.15
3.46
4.70
22.02
2.01
9.29
6.35
5.31
3.53
4.26
4.33
19.27
1.72
10.32
7.83
0.65
na
0.77
1.10
1.06
0.30
0.72
0.54
27.8
16.1
13.8
17.8
93.5
12.3
41.3
33.0
16.4
13.4
25.1
26.4
23.5
16.4
22.5
19.2
PLANTATIONS
BSTEAD
FGV
IJMPLNT
IOICORP
KLK
KWANTAS
SIME
UMCCA
29.7
20.0
17.7
22.6
118.1
18.9
54.3
45.4
15.3
10.8
19.6
20.8
18.7
10.6
17.1
14.0
Div Yield (%)
FY15 FY16
5.7
3.7
2.3
2.6
2.3
1.5
3.2
3.3
PROPERTY
CRESNDO
2.40
2.35
1.56
24.4
34.5
9.8
7.0
6.3
GLOMAC
1.04
0.87
1.28
10.6
13.4
9.8
7.7
3.8
HUAYANG
2.15
3.00
1.18
39.5
44.0
5.4
4.9
6.0
IOIPG
2.15
2.85
na
14.1
18.9
15.2
11.4
3.3
Note: IOIPG 1 for 6 rights issue shares, at an issue price of RM1.90 per rights share. Ex-Target price RM2.85.
MAHSING
2.29
2.98
1.15
27.6
33.1
8.3
6.9
5.0
Note: MAHSING 3 for 10 rights issue shares, at an issue price of RM1.42 per rights share.
SNTORIA
1.10
1.35
0.80
13.2
18.4
8.3
6.0
1.8
SPSETIA
3.64
3.62
0.52
24.3
31.0
15.0
11.7
3.3
SUNWAY
3.24
3.85
1.25
30.8
30.4
10.5
10.7
3.7
REIT
SUNREIT
1.52
1.70
0.44
8.6
10.3
17.7
14.7
5.9
CMMT
1.44
1.58
0.53
8.8
9.3
16.5
15.4
6.5
52weeks
High Price
% Chg
52weeks
Low Price
% Chg
% Chg
YTD
6.2
4.2
2.9
2.8
2.9
2.5
3.4
4.4
5.66
4.70
4.03
5.36
25.14
2.30
9.80
7.53
-19.8
-54.3
-14.1
-12.3
-12.4
-12.6
-5.2
-15.7
4.38
2.02
3.11
4.09
19.60
1.90
8.69
6.00
3.7
6.4
11.3
14.9
12.3
5.8
6.9
5.8
-5.8
-1.4
-4.4
-2.1
-3.4
0.5
1.1
1.3
6.7
4.3
6.5
4.2
3.11
1.21
2.52
2.93
-22.8
-14.0
-14.7
-26.6
2.27
0.90
1.71
2.09
5.7
15.6
25.7
2.9
4.3
6.1
4.9
-11.2
5.9
2.60
-11.9
1.99
15.1
1.3
1.8
4.3
3.9
1.61
3.65
3.67
-31.7
-0.3
-11.7
0.84
2.74
2.61
31.7
32.8
24.1
-10.6
10.3
-1.5
7.1
6.8
1.60
1.54
-5.0
-6.5
1.23
1.32
23.6
9.1
0.0
0.7
POWER & UTILITIES
PETDAG
PETGAS
TENAGA
YTLPOWR
16.32
21.40
14.40
1.60
16.57
23.67
16.80
1.94
0.87
1.18
1.05
0.87
87.8
84.9
112.5
15.0
87.6
85.0
110.9
15.0
18.6
25.2
12.8
10.6
18.6
25.2
13.0
10.7
4.0
2.8
2.3
0.6
4.0
2.9
2.3
0.6
31.00
24.96
14.62
1.82
-47.4
-14.3
-1.5
-12.0
14.56
20.60
10.90
1.42
12.1
3.9
32.1
12.7
-4.7
-3.4
4.3
8.1
TELECOMMUNICATIONS
AXIATA
DIGI
MAXIS
TM
6.99
6.19
6.91
6.70
7.16
6.76
6.78
8.32
0.87
0.89
0.70
0.73
33.5
26.7
30.3
23.5
37.3
29.4
32.3
25.4
20.8
23.1
22.8
28.5
18.7
21.0
21.4
26.4
3.6
4.2
4.4
3.8
4.0
4.8
4.6
4.0
7.29
6.47
7.14
7.57
-4.1
-4.3
-3.2
-11.5
6.38
4.56
6.21
5.28
9.6
35.7
11.3
26.9
-0.9
0.3
0.9
-2.6
TECHNOLOGY
Semiconductor & Electronics
IRIS
0.31
MPI
5.17
UNISEM
1.96
0.35
6.70
2.40
0.84
0.93
1.06
1.0
36.1
12.4
2.2
42.6
16.4
29.4
14.3
15.9
14.1
12.1
11.9
1.5
3.9
2.0
1.5
3.9
2.0
0.63
6.49
2.08
-51.6
-20.3
-5.8
0.22
3.82
0.90
38.6
35.3
117.8
22.0
14.1
10.1
2.2
1.4
2.9
2.1
2.94
8.90
-6.5
-22.9
2.19
6.30
25.6
8.9
1.1
0.9
1.1
3.5
1.1
3.8
7.89
3.67
-3.9
-3.5
5.47
2.45
38.6
44.5
5.0
5.4
TRANSPORTATION
Airlines
AIRASIA
2.75
3.41
1.12
21.6
28.7
12.7
9.6
AIRPORT
6.86
6.79
1.03
17.0
26.3
40.4
26.1
Note: AIRPORT proposed 1 for 5 rights issue shares. For more detail please refer to 12.11.14 report.
Freight & Tankers
MISC
7.58
7.87
0.89
41.4
48.1
18.3
15.7
WPRTS
3.54
3.48
na
16.4
18.1
21.6
19.5
SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE
Company
Share Price
(S$)
BANKS & FINANCIAL SERVICES
DBS
19.92
OCBC
10.32
UOB
23.22
PLANTATIONS
WILMAR
IFAR
3.18
0.71
Target Price
(S$)
Beta
EPS (cent)
FY15
FY16
PER (X)
FY15
FY16
Div Yield (%)
FY15 FY16
52week
High Price
% Chg
52week
Low Price
% Chg
20.60
11.50
26.60
1.11
1.01
1.14
171.6
95.6
226.1
175.8
106.6
248.3
11.6
10.8
10.3
11.3
9.7
9.4
2.8
4.7
3.2
2.8
5.7
3.2
20.67
10.53
24.72
-3.6
-2.0
-6.1
15.65
8.84
19.36
27.3
17.3
20.0
-3.3
-1.3
-5.3
3.34
0.98
0.80
0.97
23.7
7.7
25.3
8.6
13.4
9.2
12.5
8.2
1.9
0.4
2.3
0.5
3.56
1.11
-10.7
-35.7
2.92
0.66
8.9
7.6
-1.9
-2.1
BUY : Total return within the next 12 months exceeds required rate of return by 5%-point.
HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
SELL : Total return is lower than the required rate of return.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months.
Required Rate of Return of 10% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
% Chg
YTD
TA Securities
SECTOR UPDATE
Wednesday, January 21, 2015
FBM KLCI: 1,750.11
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Aviation Sector
Neutral
Announcement of Tourism Promotion
(Maintained)
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Tan Kam Meng, CFA
Tel: +603-2167 9605
[email protected]
Tourism promotion
We are of the opinion that those proactive measures announced by the
government are Rakyat-friendly but neutral to the aviation industry.
Already reeling from the decline in passenger traffic volume as evidenced
by Malaysia Airports Holdings’ (MAHB) monthly traffic data, the
announcement of tourism promotion by the government through
competitive domestic airfares will provide a strong boost to air travel
demand. To mitigate the specific issue that the Chinese tourist arrival had
gone down 11.9% YoY for the first 8 months of 2014, according to
Tourism Malaysia, the government proposed to waive visa fees for
tourists from China.
Competitive domestic airfares
To reduce domestic air fares, a more direct and effective way is to reduce
the airfares charged by Malaysian Airline System (MAS) and Firefly, which
will influence other local operators (AirAsia and Malindo) to follow suit.
As far as earnings impact is concerned, we believe airline companies,
which have been benefitting from lower jet fuel price, have the flexibility
to adjust the airfares lower to stimulate the demand. As such, we do not
think reducing airfares will deal a serious blow to their earnings.
The government may consider reducing the airport tax for domestic
travelers, who are currently paying RM9 and RM6 for departure at KLIA
and KLIA2 respectively. However, it may add on some pressures to the
proposed reduction in government’s operating expenditure in 2015. Be
that as it may, the impact to MAHB’s earnings is also muted as the
government will have to compensate MAHB for the tax reductions.
Valuation
AirAsia: Following the adjustment made to our crude oil price
assumptions (from USD70-75/b to USD55-60/b), we reduce our jet fuel
price assumptions lower to USD85/b (from USD100/b previously) for
2015 and USD90/b (from USD105/b previously) for 2016. Also, in
supporting the government to pump-prime the tourism industry, we now
expect AirAsia to reduce air fares too by removing surcharge of up to 50%
(-15% previously) for 2015 and 30% (-15% previously) for 2016.
Accordingly, our FY15-16 earnings are adjusted higher by 12.7% and
7.5% respectively. Based on unchanged 14x CY15 EPS, we upgrade
AirAsia’s target price to RM3.41/share. Maintain Buy.
MAHB: We are keeping our FY15-17 earnings unchanged. Target price is
maintained at RM6.79/share. Maintain Sell.
Page 1 of 2
www.taonline.com.my
TA Securities
21-Jan-15
A Member of the TA Group
Table 1: Assumptions
New
For AirAsia Group
Jet fuel price (US$/b)
Surcharge (%)
Old
FY15
FY16
FY15
FY16
85
-50
90
-30
100
-15
105
-15
Peer comparison
Currency
Company
Asia FSC
Singapore Airlines*
Cathay Pacific Airways*
Thai Airways*
Bangkok Airways
Qantas*
China Southern Airlines*
China Eastern Airlines*
China Airlines*
Air New Zealand*
Korean Airline*
Japan Airlines*
EVA Air
Average (exc: outliers)
Price
Mkt Cap
(US'mn)
Recom.
TP
EPS growth (%)
CY15
CY16
PE (x)
CY15
CY16
P/B (x)
CY15
CY16
Div yield (%)
CY15
CY16
SGD
HKD
THB
THB
AUD
CNY
CNY
TWD
NZD
KRW
JPY
TWD
12.05
16.96
15.40
19.90
2.30
3.95
3.77
15.75
2.57
44750.00
3710.00
23.85
11194.9
8599.9
1031.6
965.0
4647.2
6247.7
7698.1
2681.5
2420.1
2448.4
6576.4
2546.2
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
55.9
60.2
>100
>100
>100
114.3
93.3
>100
16.3
>100
3.3
150.0
27.4
25.5
>100
56.4
93.8
20.0
20.7
53.7
5.3
(16.5)
4.8
(4.2)
22.7
12.0
nm
19.7
9.8
13.2
13.0
29.2
9.0
23.3
8.7
19.9
16.4
17.9
9.6
11.7
12.6
7.4
11.0
10.8
19.0
8.6
28.0
8.6
20.7
13.8
1.1
1.0
0.7
1.5
1.5
1.0
1.4
1.6
1.4
1.2
1.7
2.0
1.3
1.0
0.9
0.6
1.3
1.3
0.9
1.2
1.5
1.3
1.1
1.5
1.8
1.2
2.9
2.9
1.2
2.5
0.0
1.3
0.0
0.2
4.7
0.1
2.4
0.0
1.5
3.4
3.5
2.5
4.0
2.2
1.8
0.0
0.8
5.1
0.1
2.7
0.1
2.2
Asia LCC & Hybrid
AirAsia
Cebu Air
Tiger Airways
AirAsia X
Nok Airlines
MYR
PHP
SGD
MYR
THB
2.75
87.00
0.25
0.67
13.50
2185.1
1170.5
194.6
450.4
258.9
Buy
NR
NR
NR
NR
3.41
NR
NR
NR
NR
(67.9)
30.7
90.9
>100
>100
1,167.0
18.3
100.0
>100
23.2
112.8
13.3
nm
nm
10.8
8.9
11.2
nm
13.3
8.8
1.2
2.0
2.3
1.6
1.8
1.0
1.7
4.2
1.4
1.6
2.2
1.8
0.0
0.0
4.7
2.9
2.1
0.0
0.0
6.1
Airport
MAIH
MYR
6.86
2693.4
Sell
6.79
251.3
54.7
40.4
26.1
1.6
1.5
1.4
2.1
* National carriers
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and
opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We
accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an
interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 2 of 2
TA Securities
RESULTS UPDATE
Wednesday, 21 Jan, 2015
FBMKLCI: 1,750.11
Sector: REIT
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
TP: RM 1.58 (+10.0%)
CapitaMalls Malaysia Trust
Last Traded: RM 1.44
Rental Reversion to Moderate
Hold
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Thiam Chiann Wen
Tel: +603-21679615
[email protected]
Review
CapitaMalls Malaysia Trust (CMMT)’s FY14 realised net profit of
RM149.7mn came in within expectations, which accounted for 97% of
both our and street’s full-year estimates. 4Q14 distribution per unit (DPU)
stood at 2.26sen (+0.9% YoY), bringing the FY14 full-year DPU to 8.91 sen
(+0.7% YoY), which translates to a dividend yield of 6.2% based on
yesterday’s closing price.
YoY, CMMT’s FY14 net property income (NPI) was relatively flat at
RM209mn, despite a 3.4% rise in revenue to RM351mn. The flat growth in
NPI was largely attributed to the adjustment in property assessment fees,
as well as the hikes in electricity tariff and renewable energy surcharge,
which resulted in 10% increase in property operating expenses.
CMMT renewed 393 leases in FY14 with a positive rental reversion of
2.9% - see Table 1, which was significant lower than the 7.5% reversion
rate achieved in FY13. Negative rental reversion recorded at Sungei Wang
Plaza continued to impact CMMT’s overall portfolio rental reversion, as
rental reductions were given to tenants whose businesses were affected
by the on-going MRT works. In terms of occupancy, all shopping malls
under CMMT’s management are near 100% occupied.
Share Information
Bloomberg Code
CMMT MK
Stock Name
CMMT
Stock Code
5180
Listing
Main Market
Share cap (mn)
1779.0
Market Cap (RMmn)
2561.7
Par Value (RM)
1.00
52-wk Hi/Lo (RM)
1.54/1.32
12-mth Avg Daily Vol ('000 shrs)
1187.1
Estimated Free Float (%)
30.7
Beta (x)
0.5
Major Shareholders (%)
CapitaMalls Asia Ltd (35.1)
Employees Provident Fund (11.3)
Skim Amanah Saham Bumiputera (10.2)
Govt of Singapore Investment Corp (4.8)
Forecast Revision
Forecast Revision (%)
Net profit (RMm)
Consensus (RMm)
TA's / Consensus (%)
Previous Rating
FY15
FY16
(7.1)
(7.9)
155.7
166.3
162.4
171.6
95.8
96.9
Buy (Downgraded)
Financial Indicators
Table 1: Rental Reversion for FY14
From 1 Jan 14 to 31
Dec 14
www.taonline.com.my
No of new leases/renewals
Var. over preceding rental (%)
Gurney Plaza
135
+5.3
Sungei Wang Plaza
139
+10.4
The Mines
36
+12.0
East Coast Mall
83
-9.3
CMMT Portfolio
393
+2.9
Gearing (%)
FCPS (sen)
Price / CFPS (x)
ROE (%)
ROA (%)
NTA/Share (RM)
Price/NTA (x)
FY15
28.2
10.4
13.8
6.8
4.6
1.2
1.2
FY16
28.1
12.6
11.4
7.3
4.9
1.2
1.2
Source: Company, TA Research
Scorecard
The portfolio lease expiry profile remained well spread out as at 31 Dec
2014, with 29.5%, 29.7% and 37.8% of the leases by gross rental income
due for renewal in 2015, 2016 and 2017 respectively – see Table 2. Bulk
of the renewal for 2014, bulk of the renewal will come from The Mines,
with 14.4% of the NLA representing 12.2% of gross rental income is up for
renewal – see Table 3.
vs TA
vs Consensus
% of FY
97.0
97.0
Within
Within
Share Performance (%)
Price Change
1 mth
3 mth
6 mth
12 mth
CMMT
2.9
0.7
(2.0)
5.1
FBM KLCI
2.0
(2.6)
(6.3)
(3.6)
Table 2: Portfolio Lease Expiry by Year
CMMT Portfolio
(12-Mth) Share Price relative to the FBM KLCI
As at 31 Dec 2014
No of leases
% of Total
Gross Rental
Income (RM'000)
% of Total
2015
513
39.7%
6,164
29.5%
2016
375
29.0%
6,198
29.7%
2017
382
29.6%
7,910
37.8%
Beyond 2017
21
1.6%
634
3.0%
Source: Company, TA Research
Source: Bloomberg
Page 1 of 3
TA Securities
21-Jan-15
A Member of the TA Group
Table 3: Portfolio Lease Expiry Profile for 2015
Net Lettable Area
As at 31 Dec 2014
Gross Rental Income
No of leases
Sq Ft
% of total
RM'000
% of total
Gurney Plaza
111
121,999
4.9%
1,527
7.3%
Sungei Wang Plaza
187
357,334
14.4%
2,559
12.2%
2.4%
The Mines
46
68,556
2.8%
494
East Coast Mall
169
147,628
5.9%
1,584
7.6%
CMMT Portfolio
513
695,517
28.0%
6,164
29.5%
Source: Company, TA Research
Impact
We trim our FY15-16 net profit by 7-8% to RM156 – 166mn after
inputting lower rental reversion of -2% to +9% (from +3% to +10%
previously) and occupancy rates of 94-98% (from 96-99% previously).
Outlook
East Coast Mall (ECM) and Gurney Plaza (GP) will support 2015 earnings,
due to the higher NLA created at ECM (+14k sq. ft.) and GP (+23k sq. ft.)
following the completion of Asset Enhancement Initiatives (AEIs) in 4Q14.
However, the overall net income growth is expected to be partially offset
by continuous weak rental outlook at Sungei Wang Plaza. In addition,
rental reversion for shopping malls in the Klang Valley may be starting to
moderate, given the huge influx of new retail spaces of approximately 5mn
sq. ft. of NLA over the next three years.
Meanwhile, the deferment of electricity tariff hike announced in the
revised Budget 2015, will be a temporary relief to CMMT. Recall, the
trust’s NPI has taken a beating in 2014, as it decided to fully absorb the
additional RM4mn operating expenses arising from higher electricity tariff
and assessment fee, instead of passing down to its tenants. Going into
2015, we expect the group to review the serviced charges across the
portfolio, as we understand that The Mines has already increased the
service charges effective Jan-15. With the pause in tariff hike, we do not
foresee significant jump in operating expenses and expect the NPI margin
to sustain at ~66%.
Valuation
Factoring in earnings adjustments, we lower our DDM-derived target
price to RM1.58/share from RM1.65/share previously. We do not see
many reasons to be excited over CMMT in the near term given the less
robust rental reversion outlook due to rising competition. As such, we
downgrade CMMT to Hold from Buy. Nevertheless, share price could be
supported by decent forward yields of 6.4-6.8% vs 5.8 - 6.3% for large-cap
REITs.
Page 2 of 3
TA Securities
21-Jan-15
A Member of the TA Group
Earnings Summary (RM mn)
FYE Dec
FY12
FY13
FY14E
FY15F
FY16F
Gross Rental Income
289.2
305.1
315.4
341.8
358.7
Net Property Income
196.0
208.6
208.9
224.5
235.8
NPI Margins (%)
67.8
68.4
66.2
65.7
65.7
Pretax profit
137.1
148.5
149.7
155.7
166.3
Core Net Profit
137.1
148.5
149.7
155.7
166.3
Distributable income
149.1
156.8
158.4
165.9
176.8
7.8
8.4
8.4
8.7
9.2
Core EPU (sen)
4.8
8.0
0.6
3.4
6.2
18.6
17.2
17.1
16.5
15.6
DPU (sen)
8.4
8.9
8.9
9.3
9.8
Div Yield (%)
5.9
6.1
6.2
6.4
6.8
ROE (%)
6.7
6.9
6.7
6.8
7.3
Core EPU Growth (%)
PER (x)
4Q14 Results Analysis (RM mn)
FYE Dec
4Q13
3Q14
4Q14
QoQ (%)
YoY (%)
FY13
FY14
Gross Revenue
78.8
77.9
80.3
3.1
1.9
305.1
315.4
YoY (%)
3.4
Net property income
54.8
50.6
54.6
7.7
(0.4)
208.6
208.9
0.1
Interest Income
1.1
1.2
1.1
(0.3)
6.7
4.3
4.6
7.3
Change in fair value of inv prop
3.3
0.0
18.4
nm
457.9
81.2
86.6
6.7
Net investment Income
59.2
51.8
74.1
43.1
25.2
294.1
300.1
2.0
Finance Costs
(9.9)
(10.5)
(10.7)
2.0
8.0
(40.9)
(41.3)
1.0
Other trust expenses
(2.0)
(0.3)
(0.3)
(4.4)
(83.8)
(2.7)
(1.3)
(52.1)
Income before taxation
41.9
35.7
57.6
61.2
37.6
229.9
236.4
2.9
Net profit
41.9
35.7
57.6
61.2
37.6
229.7
236.4
2.9
Realised Net Profit
38.6
35.7
39.2
9.7
1.6
148.5
149.7
0.9
Income available for distribution
39.8
37.7
40.2
6.6
1.1
156.8
158.4
1.0
EPU
(sen)
2.2
2.0
2.2
9.7
1.4
8.4
8.4
0.5
DPU
(sen)
2.2
2.1
2.3
6.6
0.9
8.9
8.9
0.7
NPI Margin
(%)
69.5
65.0
67.9
2.9
(1.6)
68.4
66.2
(2.1)
Core Net Margin
(%)
48.9
45.8
48.8
2.9
(0.1)
48.7
47.5
(1.2)
Peers Comparison
Price
(RM)
1.52
1.44
1.27
1.47
6.80
3.52
Sunway REIT
CMMT
IGB REIT*
Pavilion REIT*
KLCCP Stapled Group*
Axis REIT*
Average
* Based on consensus number
Target price
(RM)
1.70
1.58
-
Call
Hold
Hold
NR
NR
NR
NR
Market Cap
(RM bn)
4.5
2.6
4.4
4.4
12.3
1.9
PER (x)
FY15
FY16
17.8
14.8
16.5
15.6
18.4
17.6
17.9
16.3
17.5
17.0
17.1
16.7
17.5
16.3
Div Yield (%)
FY15
FY16
5.9
7.1
6.4
6.8
5.9
6.1
5.7
6.3
5.1
5.4
5.7
5.9
5.8
6.3
P/NAV
FY15
FY16
1.1
1.1
1.2
1.2
1.2
1.2
1.2
1.1
1.2
1.2
1.6
1.6
1.2
1.2
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and
opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts.
We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may
have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD(14948-M)
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 3 of 3
COMPANY UPDATE
TA Securities
A Member of the TA Group
Wednesday, January 21, 2015
FBMKLCI: 1,750.11
Sector: Technology
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
IRIS Corporation Berhad
TP: RM0.35 (+14.8%)
Last traded: RM0.305
Residential Development Project in TPM
HOLD
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Paul Yap
Tel: +603-2167 9603
[email protected]
www.taonline.com.my
Teaming Agreement
IRIS announced that it had entered into a Teaming Agreement with Technology
Park Malaysia Corporation Sdn. Bhd. (TPM). Through a separate entity, both
parties will collaborate to develop, construct and manage a proposed residential
development project – located in Phase 3 TPM Bukit Jalil. As part of the
agreement, TPM shall contribute the aforementioned land measuring 28.9 acres,
for the purpose of the project. Meanwhile, IRIS will provide the funding and
expertise required to construct, develop, complete and manage the project. The
initial investment sum for the first phase of the project is estimated at
RM130.0mn. This is to be funded through a combination of internally generated
funds and bank borrowings.
Share Information
Bloomberg Code
Stock Code
Listing
Share Cap (mn)
Market Cap (RMmn)
Par Value
52-wk Hi/Lo (RM)
12-mth Avg Daily Vol ('000 shrs)
Estimated Free Float (%)
Beta
Major Shareholders (%)
Table 1: JV Structure
Forecast Revision
IRIS:TPM
Split
70:30
50:50
30:70
Conditions
During payment of bank borrowings
After payoff of bank borrowings (lasting one year)
Remainder of project
ICB MK
0010
ACE Market
2040.2
622.3
0.15
0.63/0.22
22919.1
46.8
0.84
FELDA - 25.8
Datuk Tan Say Jim - 7.1
Forecast Revision (%)
Net profit (RMm)
Consensus
TA's / Consensus (%)
Previous Rating
FY15
FY16
21.2
44.0
na
na
Hold (Maintained)
Source: Companies, TA Securities
Financial Indicators
Technology Educational Hub
Among others, the group plans to construct residential accommodations which
include town houses, hostels and high rise apartments – based on its IRIS-KOTO
Industrial Building System (IBS). The project is expected to commence with the
next six months, with a target completion time of between 24 and 30 months for
its first phase. This will be catered towards students studying in surrounding
colleges/universities and employees of companies located within the premises
of TPM. Based on information located on its website, there are currently 211
tenants located within TPM. Examples of tenants include, ASTRO, Novozymes
Malaysia, Patimas Berhad and APIIT.
Recommendation
Leave our earnings estimates pending finalised details for the project. Retain our
TP for IRIS at RM0.35/share. This is based on a PE of 20x and CY15 EPS of
1.9sen. Overall, noting the presence of colleges and universities within the
vicinity, the project will allow the company to capitalise on the underlying
demand for hostel accommodation by students. However, based on the number
of projects currently in the pipeline, management faces the challenge of
balancing the necessary time and resources required for successful
implementation. This may potentially result in delays from the guided timelines.
Maintain our HOLD recommendation on the stock.
Net Debt/Equity (%)
CFPS (sen)
Price/CFPS (x)
ROE (%)
NTA/Share (RM)
Price/NTA (x)
FY15
27.4
4.2
7.2
3.6
0.3
1.1
FY16
24.3
2.4
12.9
6.8
0.3
1.0
Share Performance (%)
Price Change
1 mth
3 mth
6 mth
12 mth
IRIS
22.0
(14.1)
(30.7)
(22.8)
FBM KLCI
(0.6)
(5.7)
(6.5)
(3.0)
(12-Mth) Share Price relative to the FBM KLCI
Source: Bloomberg
Page 1 of 2
TA Securities
21-Jan-15
A Member of the TA Group
Earnings Summary (RMmn)
FYE March 31
Revenue
EBITDA
EBITDA margin (%)
PBT
Net profit
Core net profit
Diluted EPS (sen)
EPS Growth (%)
PER (x)
GDPS (sen)
Div yield (%)
ROE (%)
FY13
537.1
67.7
12.6
34.0
21.1
21.1
1.0
-51.8
31.4
0.5
1.5
5.1
FY14
573.2
87.5
15.3
35.1
23.3
23.3
1.1
10.6
28.4
0.0
0.0
4.8
FY15F
656.9
103.5
15.7
36.0
21.2
21.2
1.0
-9.1
31.2
0.5
1.5
3.6
FY16F
796.5
135.8
17.0
73.9
44.0
44.0
2.0
108.0
15.0
0.5
1.5
6.8
FY17F
866.5
152.2
17.6
94.4
58.9
58.9
2.7
33.7
11.2
0.5
1.5
8.6
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ or completeness are not guaranteed and opinions are
subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any
direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies
mentioned herein.
This report has been prepared by TA SECURITIES HOLDINGS BERHAD for purposes of CMDF-Bursa Research Scheme ("CBRS") administered by Bursa Malaysia Berhad and
will be compensated to undertake the scheme. TA SECURITIES HOLDINGS BERHAD has produced this report independent of any influence from the CBRS or the subject
company.
For more information about CBRS and other research reports, please visit Bursa Malaysia’s website at:
http://www.bursamalaysia.com/market/listed-companies/research-repository/research-reports
for TA SECURITIES HOLDINGS BERHAD(14948-M)
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 2 of 2
TA Securities
STRATEGY REPORT
A Member of the TA Group
Wednesday, January 21, 2015
FBM KLCI: 1,750.11
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Revised Budget 2015- Asserts Government in Control
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
TA Research Team Coverage
[email protected]
Tel : +603-2072 1277
Prime Minister Datuk Seri Najib Razak’s revised Budget 2015 announcement
should provide some relief to investors that the government is in control of the
situation. The fact that the new official GDP growth forecast of 4.5% to 5.5% for
2015 has imputed an average crude oil price of USD50 barrel vs. USD100 originally
should assuage concerns about the glaring disparity between reality and forecast,
unless crude oil prices tumbles sharply again. We believe the specified USD40USD70 to arrive at the average USD55 is reasonable as we are not in an economic
crisis like 2008 when prices trended lower than USD40. Besides, the decision to cut
operating expenditure and not development expenditure is highly welcomed. It is
our view that the slight 50 basis point reduction in GDP target range is bearable
amid weakness in the global economy. However, the slight increase in deficit target
to 3.2% from 3% may incur the wrath of rating agencies despite fiscal
consolidation remaining on track if compared to 2014’s expected deficit target of
3.5%. As a whole, we are Neutral on the announcement.
Following are the key highlights of the revised budget,
1) Malaysia’s GDP will grow by between 4.5% to 5.5% in 2015
2) The current account will remain in surplus of between 2% and 3% in 2015, albeit
lower than 2014 forecast of 5.1%
3) Fiscal deficit target for 2015 has been raised to 3.2% from 3% previously while
maintaining 2014 forecast at 3.5%.
4) Development expenditure for 2015 would be maintained (original figure is
RM48.5bn) while operating expenditure will see a RM5.5bn reduction to
RM217.9bn.
5) No increases in electricity and gas tariffs in 2015.
6) RM500mn allocation for flood victims and RM800mn initial allocation for repair and
construction of basic infrastructure.
7) Various measures were announced to boost exports, enhance private consumption
and improve private investment, especially via the active participation of GLC and
GLIC.
(See Appendix 1 for details of the revised Budget 2015)
Page 1 of 11
www.taonline.com.my
TA Securities
10-Oct-14
A Member of the TA Group
Figure 1: Federal Government’s Financial Position
Federal Government Financial
Position (RMbn)
Revenue
Operating Expenditure
Current Deficit/ Surplus
Gross Development Expenditure
Less: Loan Recoveries
Net Development Expenditure
Overall Surplus/ Deficit
% of GDP
2011
2012
2013
2014e
185.4
182.6
2.8
46.4
1.1
45.3
-42.5
-4.8%
207.9
205.5
2.4
46.9
2.6
44.3
-42.0
-4.6%
213.4
211.3
2.1
42.2
1.5
40.7
-38.6
-3.9%
225.1
221.1
4.0
42.2
0.9
41.3
-37.3
-3.5%
2015f
Original
Revised
235.2
221.4
223.4
217.9
11.8
3.5
48.5
48.5
1.0
1.0
47.5
47.5
-35.7
-44.0
-3.0%
-3.2%
Sources: Prime Minister’s Office, TA Securities
Figure 2: Federal Government’s Fiscal Position
RMmn
10,000
Fiscal Balance
% of GDP
% of GDP
3.0
2.0
0
1.0
-10,000
0.0
-20,000
-1.0
-30,000
-2.0
-3.0
-40,000
-4.0
-5.0
-60,000
-6.0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014e
2015f
-50,000
Sources: Prime Minister’s Office, TA Securities
Our Take on Revised Budget 2015
We are not tweaking our GDP forecast post this announcement as our existing forecast of
5.1% for 2015 is within the mid-range of official forecast. Nonetheless, we are adjusting
lower our crude oil price target for 2015 to between USD55 and USD60 from USD70USD75. The impact due to this downward revision is expected to be minimal as mining &
quarrying sector make up less than 8% of total GDP and the income gap can be bridged by
improvement in external demand and domestic activities as lower crude oil prices bolster
disposable income of Malaysians by RM7.5bn and weaker Ringgit against USD enhance our
export competitiveness as it has fallen much more than other regional currencies.
Page 2 of 11
TA Securities
10-Oct-14
A Member of the TA Group
Figure 3: Key European and Asian Currencies vs. USD
Minor boost for Consumer sector
The allocation for flood relief victims should bolster well for demand in basic items like
clothing and food and should have some impact, albeit minimal, on Consumer players like
Nestle (Sell, TP: RM63.04) and F&N (Buy, TP: RM19.44).
Neutral Impact on Construction Sector
We see the revised budget 2015 has neutral impact on the construction sector as the
development expenditure of RM48.5bn is fully maintained.
While an initial allocation of RM800mn is budgeted for repair and reconstruction of basic
infrastructure such as schools, hospitals, roads and bridges damaged in recent floods, we believe
the priority will be given to local class G1 (class F), G2 (class E) and G3 (class D) contractors,
instead of bigger and listed construction players.
We expect the growth in the construction sector to taper off after experiencing strong growth
since 2011. Coupled with our belief that the share prices of the construction stocks under our
coverage have almost reflected their fair values, we reiterate UNDERWEIGHT stance on the
construction sector.
Figure 4: Construction Sector Peer Comparison
Earnings growth (%)
PER (x)
ROE (%)
Company Price
TP Recomm.
CY14
CY15
CY14 CY15 FY14 FY15
GAMUDA 5.05 4.81
Sell
8.5
3.4
16.6 16.3 13.9 12.5
IJM
6.61 6.61
Sell
11.4
39.2
17.7 15.3
7.8
9.7
-15.8
8.4
12.2 12.3
6.3
6.7
WCT
1.54 1.67
Sell
SENDAI
0.55 0.55
Sell
-63.9
157.3
20.4
8
2.4
6.1
NAIM
3.01 3.74
Hold
176.6
7.6
6.8
6.3
25.4
9.5
TRC
0.385 0.525
Hold
40.8
115.2
12.8
5.9
4.4
8.9
BPURI
0.56 0.735
Buy
21.8
143.3
14.7
6.1
3.6
7.8
Simple average
25.6
67.8
14.5
10
9.1
8.7
Market cap weighted
12.2
22.1
16.5
15
11
10.7
Big cap - Gamuda, IJM, WCT
8
18.9
16.8 15.6 10.8 10.9
Page 3 of 11
Div Yield (%)
FY14 FY15
2.8
2.8
2.3
2.7
3.8
6.5
3.6
3.6
1.7
2
5.2
5.2
3.6
7.1
3.3
4.3
2.6
3
2.6
3
TA Securities
10-Oct-14
A Member of the TA Group
Tourism promotion Neutral on Aviation sector – Refer to sector report
We are of the opinion that those proactive measures announced by the government for
tourism sector are Rakyat-friendly but neutral to the aviation industry. Already reeling
from the decline in passenger traffic volume as evidenced by Malaysia Airports Holdings’
(MAHB) (Sell, TP: RM6.79) monthly traffic data, the announcement of tourism promotion
by the government through competitive domestic air fares will provide a strong boost to
air travel demand. To mitigate the specific issue that Chinese tourist arrival had gone
down 11.9% YoY for the first 8 months of 2014, According to Tourism Malaysia, the
government proposed to waive visa fees for tourists from China.
To reduce domestic air fares, a more direct and effective way is to reduce the airfares
charged by Malaysian Airline System (MAS) and Firefly, which will cause other local
operators (AirAsia and Malindo) to follow suit. As far as earnings impact is concerned, we
believe airline companies, which have been benefitting from lower jet fuel price, have the
flexibility to adjust the airfares lower to stimulate the demand. As such, we do not think
reducing airfares will deal a serious blow to their earnings.
The government may consider reducing the airport tax for domestic travelers, who are
currently paying RM9 and RM6 for departure at KLIA and KLIA2 respectively. However,
this may add on some pressures to the proposed reduction in government’s operating
expenditure. Be that as it may, the impact to MAHB’s earnings is also muted as the
government will have to compensate for the tax reductions.
Airasia Still a Buy: Following the adjustment made to our crude oil price assumptions
(from USD70-75/b to USD55-60/b), we reduce our jet fuel price assumptions lower to
USD85/b (from USD100/b previously) for 2015 and USD90/b (from USD105/b previously)
for 2016. Also, in supporting the government to pump-prime the tourism industry, we
now expect AirAsia to reduce air fares too by removing surcharge of up to 50% (-15%
previously) for 2015 and 30% (-15% previously) for 2016. Accordingly, our FY15-16
earnings are adjusted higher by 12.7% and 7.5% respectively. Based on unchanged 14x
CY15 EPS, we upgrade AirAsia’s target price to RM3.41/share. Maintain Buy.
MAHB Remains a Sell: We are keeping our FY15-17 earnings unchanged. Target price is
maintained at RM6.79/share. Maintain Sell.
Delay in Tariff Hike Positive for Glove Sector
To reduce the cost of doing business, there will be a postponement of the scheduled
increase in electricity tariff and gas price hike in 2015. This will be positive for rubber
glove manufacturers. Part of energy costs, natural gas and electricity makes up between 79% and 3% of total production cost. Before, due to increased competition, some
manufacturers were only able to pass on 50-80% of the resulting cost increase. With the
delay, local manufacturers will be afforded more time to develop solutions to reduce its
dependency on energy costs. Indirectly, manufacturers may also benefit from efforts to
promote exports of goods and services – such as the implementation of international
linkage and export promotion programmes. Maintain our NEUTRAL recommendation on
the Healthcare sector.
Page 4 of 11
TA Securities
10-Oct-14
A Member of the TA Group
Figure 5: Glove Sector Peer Comparison
EPS
Rubber Gloves
Top Glove
Supermax
Hartalega
Kossan
Market Weighted Average
Condoms
Karex
Price
(RM)
TP
(RM)
4.79
1.90
7.05
5.22
4.95
2.20
6.10
5.40
3.75
3.55
Mkt Cap
RM mn
CY14
(sen)
CY15
(sen)
EPS Growth
CY14
CY15
(%)
(%)
CY14
(x)
CY15
(x)
HOLD
SELL
SELL
BUY
2,973.2
1,286.5
5,582.2
3,338.2
3,295.0
30.5
16.3
27.1
23.4
25.9
34.3
21.0
32.3
29.6
31.0
(1.1)
(7.5)
(4.5)
9.6
(0.4)
12.8
28.7
19.0
26.5
20.5
15.7
11.7
26.0
22.3
21.3
13.9
9.1
21.8
17.6
17.7
BUY
1,518.8
11.8
16.1
49.8
36.8
31.9
23.3
ROE
PER
NTA/Share
CY14
CY15
(x)
(x)
P/NTA
CY14
CY15
(x)
(x)
CY14
(%)
CY15
(%)
CY14
(sen)
DPS
CY15
(sen)
Div yield
CY14
CY15
(%)
(%)
Rubber Gloves
Top Glove
Supermax
Hartalega
Kossan
Market Weighted Average
2.3
1.4
1.5
1.2
1.6
2.4
1.5
1.8
1.4
1.8
2.1
1.4
4.6
4.3
3.6
2.0
1.2
3.9
3.8
3.2
13.5
11.8
20.6
20.0
18.0
14.3
13.9
19.3
22.5
18.5
16.2
4.9
12.6
10.5
12.2
17.3
6.3
14.5
13.3
14.0
3.4
2.6
1.8
2.0
2.3
3.6
3.3
2.1
2.5
2.7
Condoms
Karex
0.6
0.7
6.2
5.1
23.1
24.1
10.5
13.3
2.8
3.5
Tariff Hike Delay Negative for Power Sector but ………..
The announcement that the revision in the electricity tariff will be postponed refers to the
next scheduled tariff review in June 2015. Reading between the lines, we believe that it
means there will be no revision in the fixed gas price, now at RM15.20/mmbtu. Recall that
under the subsidy rationalisation plan, the price of domestic gas should be raised by
RM3.00/mmbtu semi-annually. What is not clear is that how any fuel cost under/overrecovery in 1HCY15 will be dealt with. Based on our estimate, the low coal and gas price
would enable the TNB to reduce electricity tariff by 2% - 4% on average while being
bottomline neutral to the group. At this juncture, we believe there is two options to deal
with the cost over-recovery, 1) pass down to consumer via reduction in electricity tariff,
and 2) return the savings into the stabilisation funds.
On a broader perspective though, postponing the tariff review process is negative. Under
the IBR timeline, tariff review should be done semi-annually. Frequent postponing of
reviews only creates the impression that political consideration will continue to be critical
hurdle to a smooth implementation. That said, yesterday, the share price reacted rather
mildly (down by 0.6%). When the postponement of the Dec 2014 tariff review was
announced back in Nov 2014, the share price declined by a larger 3.4%. This divergence, in
our opinion, is because Tenaga is now positioned to benefit from the status quo, compared
with potential cost under-recovery back then.
No change to our earnings forecasts at this juncture. Maintain Tenaga as a Buy with target
price of RM16.80, based on target multiple of 15x on CY15 EPS of 112.0 sen.
Page 5 of 11
TA Securities
10-Oct-14
A Member of the TA Group
Figure 6: Power Sector Peer Comparison
Company
Tenaga
YTL Power
PetDag
PetGas
Price
(RM)
14.40
1.6
16.32
21.40
TP
(RM)
16.80
1.94
16.57
23.67
Recom.
Buy
Buy
Sell
Hold
PE (x)
FY14
FY15
14.3
12.8
8.8
12.3
25.6
18.6
25.7
25.2
PBV (x)
FY14
FY15
1.9
1.7
1.1
1.0
3.3
3.1
3.9
3.8
Div. yield (%)
FY14
FY15
2.0
2.3
6.3
0.6
3.1
4.0
2.8
2.8
Weak Outlook Priced-in for O&G Players
The weak outlook for crude oil price is negative for oil and gas players. We believe much of
the news are already in the price after Petronas announced its decision to cut capex and
opex last month.
For companies under our universe of coverage, we reduce our crude oil price assumptions
for 2015 lower to USD55-60 (previous: USD70-75). The reason for the lower assumption is
on the back of:- 1) slower than expected pickup in demand from China to mop up excess
crude oil supply, 2) inventory levels remain high, 3) resilience of US shale oil producers, 4)
Saudi Arabia’s hard line stance to maintain market share, 5) non-solidarity amongst other
OPEC members to collectively reduce supply. Furthermore, we believe the current
downcycle will likely take an extended period to play out given the current chronic
oversupply situation. As per Figure 8, current average oversupply of approximately 900k
bpd far exceeds the average of 300k bpd recorded during previous downcycles between
1998 and 2014. There is potential upside risk to our oil price assumption if there is a
reversal in the factors mentioned above, particularly if smaller-sized shale producers close
shop. This is a material risk given that 40% of US shale oil producers (translating into an
estimated supply of 1.6mn boe) have breakeven prices above USD80/bbl. We also
understand that most of these smaller producers are highly leveraged. Hence, they will
likely struggle to service debt commitments; and tight cashflows will also limit their ability
to expand shale E&P efforts.
Figure 7: Crude Oil Price vs FBMKLCI and Events
Page 6 of 11
ROE (%)
FY14
FY15
14.0
13.9
12.1
9.4
17.2
14.9
15.4
14.9
TA Securities
10-Oct-14
A Member of the TA Group
Figure 8: Crude Oil Price Demand and Supply
As highlighted in our earlier report dated 14 Nov 2014, (whereby we downgraded the
sector to Neutral) lower oil price results in capex slowdown and project delays. In fact, in
3 rd Dec 2014, Petronas announced a 15%-20% cut in capex although there was no clear
indication which type of projects (e.g. deepwater, EOR, greenfield, domestic or foreign
projects) will be affected. Nevertheless, we maintain our Neutral stance on the sector as
we believe that sentiment on O&G companies will remain subdued on the back of earnings
headwinds and weak orderbook replenishment brought about by depressed oil price.
In line with our reduction in crude oil price assumption, our FY15/16 earnings forecast for
SapuraKencana is hence reduced by 6%/2%. The group's direct exposure to oil price is
via SapuraKencana Energy (SKEI - formerly known as Newfields Malaysia). We reduced
our selling price assumption for SKEI to USD60/70/80 (previous: USD95/85/85) for
FY15/16/17. As a result, our TP for SAKP is revised lower to RM3.96 (previous: RM4.05).
We maintain our Buy recommendation on SAKP as we believe the impact of lower crude
oil prices are priced-in, thus rendering the stock attractive from a risk-reward perspective.
Figure 9: O&G Sector Peer Comparison
Company Call
Icon
MMHE
Pantech
Perisai
Pet Chem
SK Petro
UMW-OG
Average
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Price
(RM)
0.71
1.36
0.77
0.47
4.94
2.60
2.71
PE (x)
PBV (x)
Mkt Cap Tgt.Price Upside
(RM mn)
(RM)
(%)
CY14 CY15 CY14 CY15
1,252.9
1.33
88.7 13.2
8.8
1.1
1.0
2,176.0
2.13
56.6 13.4
9.6
0.8
0.8
1.10
43.8
7.9
6.1
1.1
1.0
462.6
0.96
104.3 35.7
4.9
0.5
0.4
560.7
39,520.0
5.60
13.4 14.4 11.5
1.6
1.5
15,579.7
3.96
52.3 11.6
9.9
1.5
1.3
5,859.0
3.66
35.1 22.3 14.1
1.9
1.7
16.9
9.3
1.2
1.1
Page 7 of 11
ROE (%)
DPS (sen) Dividend Yield (%)
CY14 CY15 CY14 CY15 CY14
CY15
8.6 11.5
0.0
0.0
0.0
0.0
6.1
8.1
5.0
5.0
3.7
3.7
13.5 12.7
4.6
4.0
6.0
5.2
1.3
8.6
0.0
0.0
0.0
0.0
10.9 12.6 17.1 21.5
3.5
4.3
10.0 11.8
0.0
3.5
0.0
1.3
8.5 11.8
0.0
0.0
0.0
0.0
8.4 11.0
1.9
2.1
TA Securities
10-Oct-14
A Member of the TA Group
Appendix 1
REVISED 2015 BUDGET ANNOUNCEMENT SUMMARY
The first 2015 Budget was tabled and formulated based on
Price of Dated Brent was forecast at USD100 per barrel
Gross Domestic Product (GDP) growth estimated between 5% and 6%.
A stable exchange rate of RM3.20 against the US dollar
2015 world economic growth was projected at 3.4% and 3.9% by the World Bank and IMF respectively.
Budget 2015 was formulated based on strong economic fundamentals in 2014
The fiscal deficit was forecast from 3.5% in 2014 to 3% of GDP in 2015
Declining Crude Oil Prices
Over the last six months, global crude oil prices have plunged more than 50%
Advances technology in US has let to significantly greater oil and gas output
The situation is exacerbated by higher output from non-OPEC countries
OPEC countries are not willing to cut production in order to maintain market share
Malaysia reiterated that it has no control over the price of crude oil
An analysts expect oil prices to take some time to stabilise
Benefits of Declining Crude Oil Prices
The reduction in pump prices of petrol and diesel by 35sen and 30sen per litre respectively will increase the overall
disposable income of consumers by RM7.5bn.
World Bank estimated that 30% decline in oil prices could boost global GDP up to 0.5%
Strengthening of US economy will sustained demand for our exports, particularly electrical and electronics (E&E)
products.
Falling Crude Oil Prices will Reduce Federal Government Revenue
Falling crude oil prices reduce government revenue used to develop schools, roads, and houses of worship, as well as
salaries for civil servants, cost of medicine in public hospitals, agriculture subsidies, and expenditure for security
including armed forces, police and RELA
Forecast price of USD100 per barrel used in the 2015 Budget is no longer realistic
Crude oil price is estimated at USD40 to USD70 per barrel
Government revised downwards its forecast for the average baseline oil price to USD55 per barrel for 2015.
At USD100 per barrel, Government is expected to get an additional operating surplus of RM3.7bn and fiscal deficit target
not exceeding 3% of GDP
At USD55 per barrel, revenue shortfall of RM13.8bn
Despite the savings of RM10.7bn from the implementation of the managed float mechanism for retail fuel prices,
revenue still shortfall of RM8.3bn to accommodate 2015 Budget measures
Without any fiscal measures, the deficit will increase to 3.9% of GDP compared to target of 3%
Revised fiscal deficit target: 3.2% of GDP in 2015
Lower than the fiscal deficit of 3.5% of GDP in 2014
National development planning will not be compromised, as it will enhance productive capacity of the economy
Volatile Capital Flows and Ringgit
Recent volatile capital flows and significant depreciation of the ringgit were due to:
Developments in the global economy
Concerns over the impact of the sharp fall in oil prices on Malaysian economy
Government to monitor:
The current account in the balance of payments must remain in surplus
Continue with fiscal reforms and consolidation
Economic activity must be further diversified to enable us to cope with falling crude oil and commodity prices
No disruption to financial intermediation
Lending activities continue smoothly
Businesses continue to have access to financing from banking institutions and capital market
Greater policy flexibility, adequate international reserves, deeper and more diversified financial markets, sound banking
system and strong domestic institutional investors to increase resilience to volatile capital flows
Page 8 of 11
TA Securities
10-Oct-14
A Member of the TA Group
Current Account Balance
Directly related to the import and export of goods and services
Fall in crude oil prices created a perception that export receipts will decline drastically and result in a current account
deficit
As crude oil exported, January to November 2014 surplus = RM7.7bn
As petroleum products importer, net import bill = RM8.9bn during the same period
Thus, Malaysia is actually a net importer with a deficit of RM1.2bn
Shortfall in commodity receipts is expected to be cushioned by increased demand for manufactured foods, such as E&E
products, wood-based products, textile products and others, which accounted for 76% of total exports
Crude oil exports account for only 4.5% of total exports
Current account is expected to remain in surplus for 2015, though would be in smaller range of 2% to 3% of Gross
National Income (GNI)
Strategies to Strengthen Economic Resilience
Malaysia is confident of achieving GDP growth in the range of 4.5% to 5.5% this year, by implementing:
Ensure balanced, inclusive and sustainable economic growth
Continue fiscal reforms and consolidation
Provide assistance to the rakyat and business community to rebuild infrastructure damaged by floods
First Strategy: Ensuring Balanced, Inclusive and Sustainable Economic Growth
To boost exports of goods and services
Actively promote import-substitution services, such as shipping, port, education and professional services
Reduce dependence on foreign sources for procurement of goods and services
Accelerate implementation of recommendations of National Export Council:
Enable exporters, especially SMEs, to be connected to new clients in new markets under an international linkage
programme using market linkers and industry specialists
Intensify export promotion programmes in 46 countries covering Asia, Europe, the Middle East and the US
SME Bank will introduce SME-Go, an export programme for SMEs
Leverage the Services Export Fund (SEF) and promotional programmes for SMEs to enhance sustainability of
projects abroad.
Frontload implementation of Logistics & Trade Facilitation:
Improve last-mile connectivity to Port Klang including access road, railway network and traffic management
system
Upgrade Padang Besar railway terminal
Improve operational efficiency of import and export processes
Establish a hub and spoke system for air transport
Intensify tourism industry
Review levy on foreign workers
Waiver of visa fee for tourists from, among others, China
To enhance private consumption, the Government will implement the following initiatives:
Give priority to local Cass G1 (Class F), G2 (Class E) and G3 (Class D) contractors registered with CIDB to undertake
reconstruction works in their respective flood affected areas
Intensify promotion of “Buy Malaysia” products
Increase frequency and extend shopping hours of nationwide mega sales
Accelerate promotion of domestic tourism through competitive domestic air fares
Encourage the private sector to leverage benefits from the establishment of the ASEAN Economic Community
In efforts to accelerate private investment, the Government will:
Set up a Services Sector Guarantee Scheme amounting to RM5 billion for SMEs in the services sector, with maximum
financing of RM5 million and 70% Government guarantee
Encourage GLCs and GLICs to invest domestically
Reduce cost of doing business:
postpone the scheduled electricity tariff hike in 2015
postpone the scheduled gas price hike for the industrial sector in 2015
Allocate 30% of the annual procurement budget of Government agencies and GLCs for goods and services to local SME
producers
Increase local goods and services in Government procurement
Page 9 of 11
TA Securities
10-Oct-14
A Member of the TA Group
Second Strategy: Continuing Fiscal Reforms and Consolidation
Among the revenue enhancement measures include:
Broaden the tax base by encouraging companies to register with the Royal Malaysian Customs to enable them to charge
and collect GST. This is expected to contribute an additional RM1bn in GST collection. As at mid-January 2015, more
than 304,000 companies have registered
Realise additional dividends from GLCs and GLICs as well as other Government entities amounting to RM400mn.
The Government will undertake the following expenditure rationalisation measures:
Optimise outlays on supplies and services, especially overseas travel, events and functions and use of professional
services. This will result in savings of RM1.6bn;
Defer the 2015 program Latihan Khidmat Negara to enable the programme to be reviewed and enhanced, with savings
expected at RM400mn;
Review transfers and grants to statutory bodies, GLCs and government trust funds, particularly those with a steady
revenue stream and high reserves. This measure will result in savings of RM3.2 billion; and
Reschedule the purchase of non-critical assets, especially office equipment, software and vehicles, with an expected
savings of RM300mn.
Third Strategy: Assisting the Rakyat and Business Community as well as Rebuilding Infrastructure Damaged
by the Floods
The recent floods affected around 400,000 people nationwide, with latest estimate of damage to infrastructure is about
RM2.9bn.
Initial allocation of RM500mn for rehabilitation works and welfare programmes for flood victims. In addition to the
existing allocation to the National Security Council, bringing the total to RM787mn
Provide an initial allocation of RM800mn for repair and reconstruction of basic infrastructure such as schools, hospitals,
roads and bridges
Provide RM893mn under the 2015 Budget for flood mitigation projects
Build 8-ft stilt houses for those who have land and whose homes were damaged by the floods
Hand over 1,000 units of completed low-cost houses in Gua Musang;
Provide RM500 per flood affected household; and
Provide RM5,000 for the next-of-kin who have lost family members.
For businesses affected by floods:
Provide an additional RM100mn to TEKUN and RM100mn to AIM to provide soft loans to support SMEs and
microenterprises.
BSN, Agrobank, SME Bank, TEKUN and AIM to defer existing loan repayments of up to six months
Bank Negara Malaysia will establish a RM500mn Special Relief Facility for SME loan financing at a concessionary rate of
2.25% with a grace period of up to six months through banking and development financial institutions
Bank Rakyat will offer a personal loan scheme of up to RM50,000 at a financing rate as low as 3.9%, while loan
repayments will start after six months from loan disbursement
A sum of RM500mn will be provided by financial institutions with a 70% guarantee under a Flood Relief Loan Guarantee
Scheme, administered by Prokhas
Exempt levy payment to the Human Resources Development Fund (HRDF) for a period of six months for SMEs in the
flood affected areas with effect from 1 February 2015
Conclusion
Malaysia is neither in a recession nor a crisis as experienced in 1997/1998, and 2009 which warranted stimulus
packages
The current account balance is expected to remain in surplus;
The financial markets remain orderly and resilient. Although the ringgit has depreciated, it is expected to stabilise over
time to reflect the strong economic fundamentals;
Development Expenditure of RM48.5bn for 2015 will be maintained and spent.
This includes projects for the people economy such as public housing, flood mitigation, water supply, electricity and
public transport infrastructure such as Pan-Borneo Highway.
In addition, projects such as the MRT Line 2, LRT 3, High-Speed Rail Kuala Lumpur-Singapore will be continued.
In May, the Eleventh Malaysia Plan (11MP) to outline the development expenditure until 2020.
Operating Expenditure is expected to be reduced by RM5.5bn through reprioritising expenditure.
Page 10 of 11
TA Securities
10-Oct-14
A Member of the TA Group
( T HI S P AGE I S I NT E N T I ON AL L Y L E FT B L ANK)
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and
opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts.
We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may
have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD(14948-M)
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 11 of 11
Wednesday, 21 January, 2015
For Internal Circulation Only
TA RESEARCH’S ‘DAILY COMPILED LOCAL TECHNICAL REPORTS’
Local Technical Reports
a. Daily Technical Stock Picks
b. Daily Money Flow
-
Technical Stock Picks
-
FBMKLCI
-
Stocks Under Coverage
-
PLANTATION Sector
-
CONSTRUCTION Sector
-
PROPERTY Sector
c. Daily Stock Screen
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change
without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising
from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Daily Technical Stock Picks
Malaysia
FBMKLCI: 1,750.11 (-3.20, -0.18%)
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Stock
Name
FBMKLCI
AIRASIA
AMBANK
AXIATA
CIMB
GAMUDA
GENTING
GENM
IOICORP
MAYBANK
RHBCAP
TENAGA
TM
UMWH
AIRASIA X
ALAM
ARMADA
AZRB
BENALEC
DIALOG
DRB-HICOM
GLOMAC
HIAPTEK
HUA YANG
MAH SING
MRCB
MUHIBBAH
PANTECH
PERDANA
PERISAI
SKPETRO
UEMS
WASEONG
WCT
Close
20-Jan
1750.11
2.75
6.48
6.99
5.81
5.05
8.30
3.81
4.70
8.92
7.80
14.40
6.70
10.62
0.67
0.62
1.21
0.70
0.70
1.63
1.73
1.04
0.61
2.15
2.29
1.31
1.93
0.77
1.13
0.47
2.60
1.29
1.26
1.54
Change
(3.20)
(0.04)
0.04
(0.02)
(0.14)
0.03
(0.09)
(0.04)
0.00
0.13
0.00
(0.10)
0.02
0.06
-0.01
0.01
(0.01)
0.01
(0.02)
(0.02)
0.01
0.01
(0.01)
0.05
0.03
(0.09)
(0.02)
0.00
(0.01)
0.01
(0.03)
(0.03)
0.01
(0.02)
Tel: +603-2167-9607
Bollinger Bands
Lower
Mid
Upper
1,754.34 1,745.64 1,714.57 1,744.87 1,775.18
High
Low
2.82
6.50
7.01
5.96
5.06
8.41
3.85
4.72
8.92
7.81
14.52
6.73
10.68
0.68
0.64
1.24
0.70
0.72
1.65
1.73
1.04
0.61
2.17
2.31
1.41
1.95
0.77
1.15
0.49
2.66
1.33
1.27
1.58
2.75
6.36
6.96
5.81
4.95
8.30
3.81
4.64
8.71
7.66
14.32
6.66
10.48
0.67
0.61
1.21
0.70
0.69
1.61
1.70
1.00
0.61
2.10
2.26
1.31
1.91
0.76
1.12
0.46
2.58
1.29
1.26
1.52
2.49
6.29
6.92
5.12
4.97
8.24
3.78
4.65
8.36
7.27
13.55
6.65
10.38
0.62
0.56
1.06
0.67
0.54
1.43
1.53
0.96
0.56
1.96
2.24
1.03
1.70
0.72
1.02
0.42
2.21
1.16
1.16
1.50
2.73
6.47
7.00
5.57
5.02
8.69
3.95
4.74
8.84
7.58
14.07
6.80
10.77
0.66
0.63
1.16
0.69
0.63
1.52
1.67
1.00
0.59
2.04
2.28
1.21
1.86
0.75
1.10
0.46
2.40
1.37
1.24
1.57
2.98
6.65
7.07
6.03
5.07
9.15
4.13
4.83
9.32
7.89
14.58
6.95
11.15
0.71
0.70
1.26
0.70
0.71
1.62
1.82
1.04
0.62
2.12
2.32
1.38
2.02
0.78
1.19
0.51
2.59
1.58
1.31
1.63
[email protected]
www.taonline.com.my
RSI
Moving Averages
14d
10d
30d
50d
51.23 1,738.77 1,736.28 1,765.02
DI +
26.62
DI 25.18
ADX
14.33
Diff
1.44
Line
(3.27)
MACD
Signal
(7.05)
Diff
3.786
DMI MACD
Recent Signal
BUY
BUY
52.68
53.14
50.66
55.42
53.73
35.36
36.67
48.89
52.87
56.06
62.07
42.67
44.71
49.39
45.30
55.85
59.41
59.87
65.35
56.44
56.65
52.46
63.31
53.06
56.60
51.62
50.21
50.78
45.02
58.43
34.42
45.40
42.93
23.88
17.18
19.51
26.15
14.67
12.07
8.24
14.30
22.29
24.39
28.31
13.42
17.88
23.00
19.47
25.61
27.22
33.62
27.62
33.84
29.94
37.09
38.45
27.72
35.84
23.25
25.04
26.94
23.18
28.33
15.64
18.90
25.93
21.43
28.74
16.78
20.17
24.45
28.68
26.23
17.66
26.73
20.78
17.37
22.71
15.40
25.76
27.82
14.51
19.04
18.30
11.56
23.42
26.43
17.51
22.81
15.72
20.33
23.76
20.83
18.92
24.38
15.79
30.47
30.46
17.44
23.58
26.69
10.66
36.34
18.90
23.95
33.51
12.46
28.30
21.56
18.78
19.27
13.31
13.42
38.27
25.37
15.46
24.31
18.57
23.60
25.81
21.05
18.76
17.15
27.48
26.12
22.00
21.05
36.68
31.47
39.58
50.94
25.13
2.45
(11.56)
2.73
5.98
(9.77)
(16.61)
(17.99)
(3.37)
(4.44)
3.61
10.94
(9.29)
2.49
(2.76)
(8.35)
11.10
8.18
15.32
16.06
10.42
3.51
19.58
15.64
12.00
15.50
(0.52)
4.21
8.03
(1.20)
12.54
(14.83)
(11.56)
8.49
0.02
(0.01)
0.01
0.05
0.01
(0.17)
(0.06)
0.01
(0.10)
0.01
0.20
(0.04)
-0.08
0.00
-0.03
-0.03
0.01
0.01
0.04
-0.01
0.00
0.00
0.01
0.00
0.00
-0.04
-0.01
-0.01
-0.03
-0.03
-0.08
-0.05
-0.03
0.01
(0.01)
0.01
(0.02)
0.00
(0.14)
(0.05)
0.01
(0.12)
(0.04)
0.15
(0.03)
-0.08
-0.01
-0.04
-0.04
0.01
-0.01
0.02
-0.02
-0.01
-0.01
-0.01
0.00
-0.03
-0.07
-0.02
-0.03
-0.04
-0.04
-0.09
-0.07
-0.04
0.007
0.004
0.003
0.070
0.004
(0.031)
(0.013)
(0.004)
0.021
0.058
0.042
(0.007)
(0.003)
0.003
0.007
0.007
0.002
0.015
0.016
0.018
0.008
0.006
0.018
0.001
0.033
0.036
0.007
0.015
0.012
0.012
0.010
0.016
0.011
BUY
SELL
BUY
BUY
SELL
SELL
SELL
SELL
SELL
BUY
BUY
SELL
BUY
SELL
SELL
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
SELL
BUY
BUY
SELL
BUY
SELL
SELL
BUY
2.70
6.42
6.99
5.62
5.03
8.54
3.89
4.73
8.64
7.67
14.28
6.75
10.62
0.66
0.60
1.18
0.69
0.66
1.54
1.64
1.01
0.60
2.06
2.28
1.21
1.83
0.74
1.09
0.45
2.45
1.28
1.22
1.55
2.75
6.42
6.95
5.54
4.99
8.76
3.99
4.67
8.79
7.52
13.91
6.78
10.70
0.67
0.62
1.13
0.67
0.62
1.47
1.62
1.00
0.59
2.02
2.27
1.21
1.83
0.75
1.10
0.46
2.36
1.41
1.30
1.55
2.67
6.46
6.99
5.69
5.05
8.96
4.04
4.69
9.06
7.81
13.87
6.90
10.90
0.67
0.70
1.19
0.68
0.67
1.47
1.72
1.04
0.62
2.08
2.28
1.30
2.04
0.81
1.17
0.55
2.60
1.56
1.41
1.70
DMI
BUY
BUY
BUY
BUY
BUY
SELL
SELL
SELL
BUY
BUY
BUY
SELL
SELL
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
DMI MACD
Signal Change
-
BUY
-
The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto generated; the first two being
existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash.
INTERPRETATION OF TECHNICAL INDICATORS:
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.
14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day moving
average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply further near-term
downside risk.
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it breaches
below this level.
Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a negative
DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+ crosses below the
DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the trend. An ADX value above
25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.
Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the
MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises above
zero, and SELL signal sparked when the MACD diff value falls below zero.
Page 1 of 4
TA Securities
A Member of the TA Group
Technical Comments: Alam Maritim could rebound further from current oversold levels towards the 50-day moving
average(RM0.70), coincide with the upper Bollinger band, with the tougher resistances coming at 23.6%FR (RM0.79) and the high of
27/11/14 (RM0.85), while the lower Bollinger band (RM0.56) seen as the immediate support. Similarly, Perisai should see oversold
rebound towards the upper Bollinger band (RM0.51), while stronger upside resistances coming from the 50-day moving average
(RM0.55) and the high of 1/12/14 (RM0.65). Immediate support cushioning downside seen at the lower Bollinger band (RM0.42).
ALAM MARITIM
Upper
Middle
RM0.62 (+0.01)
BOLLINGER BANDS
RM
RM
0.70
0.63
10-day
30-day
RM
0.56
50-day
Lower
DMI
Recent Signal
SELL
Recent Signal
0.70
BUY
Signal Change
PERISAI PETROLEUM
Recent Signal
Signal Change
RM
DAILY MACD
Signal Change
Upper
Middle
Lower
SIMPLE MOVING AVERAGES
RM 0.60
RM 0.62
BOLLINGER BANDS
RM
RM
RM
DMI
0.51
0.46
0.42
SELL
RM0.47 (+0.005)
SIMPLE MOVING AVERAGES
RM 0.45
RM 0.46
RM 0.55
DAILY MACD
Recent Signal
BUY
Signal Change
10-day
30-day
50-day
Page 2 of 4
TA Securities
A Member of the TA Group
Daily Money Flow of Technical Stock Picks
Malaysia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
33
31
32
Tel: +603-2167-9607
www.taonline.com.my
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
(A)
Total
5D MF Prv. Chg
FBMKLCI
17.2
1.6
0.0
(44.4)
(9.0)
(34.7)
(44.5)
35.4
1,742
1,745
1,744
1,753
1,750
(3.20) OUT
AIRASIA
AMBANK
AXIATA
CIMB
GAMUDA
GENTING
GENM
IOICORP
MAYBANK
RHBCAP
TENAGA
TM
UMWH
AIRASIA X
ALAM
ARMADA
AZRB
BENALEC
DIALOG
DRB-HICOM
GLOMAC
HIAPTEK
HUA YANG
MAH SING
MRCB
MUHIBBAH
PANTECH
PERDANA
PERISAI
SKPETRO
UEMS
WASEONG
WCTHG
(1.5)
0.7
(2.9)
0.7
(0.6)
0.9
1.3
(0.4)
4.8
(1.2)
(18.4)
1.2
1.7
0.1
0.0
(0.0)
0.0
(0.1)
0.1
0.4
0.0
0.0
0.0
0.0
0.3
(0.0)
0.0
(0.1)
(0.1)
(0.8)
(0.4)
0.1
(0.0)
(0.1)
(0.5)
10.7
(9.6)
(0.6)
0.9
0.4
0.6
(20.4)
0.9
1.8
(1.1)
(3.5)
0.3
(0.2)
(0.4)
(0.0)
(0.2)
(0.8)
(0.0)
0.0
0.0
0.0
(0.0)
0.3
(0.2)
(0.0)
0.1
0.2
(0.1)
0.0
(0.0)
0.0
0.7
(0.9)
(2.2)
1.3
(3.0)
0.1
0.6
(0.3)
5.0
1.0
(2.1)
0.3
0.4
0.1
0.1
0.1
(0.0)
0.1
0.2
0.2
0.0
0.0
(0.0)
(0.6)
0.1
(0.0)
(0.0)
(0.1)
0.1
0.1
0.1
0.0
0.0
0.3
1.2
(1.6)
(5.0)
0.4
1.9
0.4
(0.5)
(3.2)
0.2
(18.7)
5.1
0.1
0.1
0.3
0.6
0.0
0.2
0.7
(0.1)
(0.0)
0.0
0.0
0.2
0.2
0.2
0.0
0.1
0.6
(2.6)
0.3
0.0
0.0
(1.1)
0.3
0.5
(0.1)
(0.1)
0.3
(0.4)
(0.4)
2.2
(0.0)
(8.3)
0.5
(1.3)
0.0
(0.1)
0.5
0.0
(0.1)
0.6
0.1
0.0
0.0
0.0
(0.1)
(0.1)
(0.0)
(0.0)
(0.0)
(0.2)
(0.4)
(0.1)
0.1
(0.1)
(1.7)
0.9
4.5
(12.7)
(3.9)
4.0
2.3
(1.0)
(11.6)
0.9
(45.7)
6.0
(2.5)
0.7
0.0
0.8
0.0
0.1
0.8
0.6
0.1
0.1
0.1
(0.5)
0.8
(0.0)
(0.0)
(0.1)
0.6
(3.7)
(0.2)
0.2
(0.0)
(0.4)
2.1
0.6
(6.3)
3.4
1.9
(0.2)
(0.2)
(8.1)
(0.7)
(16.5)
4.8
(0.3)
0.0
0.2
0.5
0.0
0.1
0.5
(0.3)
(0.0)
(0.0)
0.0
0.7
0.1
0.2
0.0
0.1
0.5
(2.7)
0.2
0.0
0.0
(1.4)
(0.9)
2.1
4.9
(0.5)
(1.7)
(0.8)
0.1
5.3
(0.2)
10.3
(4.7)
(1.4)
(0.1)
(0.4)
(0.1)
(0.0)
(0.3)
(0.1)
0.2
0.0
0.0
(0.0)
(0.3)
(0.3)
(0.2)
(0.0)
(0.1)
(0.8)
2.2
(0.4)
0.0
(0.1)
2.82
6.41
7.01
5.75
5.02
8.54
3.84
4.78
8.39
7.65
14.50
6.76
10.70
0.69
0.58
1.19
0.70
0.64
1.50
1.60
1.00
0.60
2.06
2.28
1.19
1.84
0.74
1.10
0.45
2.39
1.29
1.21
1.55
2.81
6.40
7.02
5.91
5.03
8.39
3.79
4.73
8.60
7.75
14.38
6.70
10.62
0.68
0.59
1.20
0.70
0.67
1.56
1.67
1.00
0.60
2.09
2.26
1.25
1.94
0.74
1.14
0.46
2.44
1.32
1.22
1.59
2.77
6.41
7.00
5.85
5.02
8.30
3.85
4.71
8.60
7.70
14.38
6.71
10.58
0.65
0.59
1.20
0.69
0.69
1.58
1.70
1.04
0.60
2.09
2.26
1.33
1.87
0.75
1.10
0.46
2.50
1.31
1.21
1.55
2.79
6.44
7.01
5.95
5.02
8.39
3.85
4.70
8.79
7.80
14.50
6.68
10.56
0.68
0.61
1.22
0.70
0.71
1.65
1.72
1.03
0.62
2.10
2.26
1.40
1.95
0.77
1.14
0.47
2.63
1.32
1.25
1.56
2.75
6.48
6.99
5.81
5.05
8.30
3.81
4.70
8.92
7.80
14.40
6.70
10.62
0.67
0.62
1.21
0.70
0.70
1.63
1.73
1.04
0.61
2.15
2.29
1.31
1.93
0.77
1.13
0.47
2.60
1.29
1.26
1.54
(0.04)
0.04
(0.02)
(0.14)
0.03
(0.09)
(0.04)
0.00
0.13
0.00
(0.10)
0.02
0.06
(0.01)
0.01
(0.01)
0.01
(0.02)
(0.02)
0.01
0.01
(0.01)
0.05
0.03
(0.09)
(0.02)
0.00
(0.01)
0.00
(0.03)
(0.03)
0.01
(0.02)
Name
Total Money Flow (RM'mn)
[email protected]
(B)
Cur. Chg
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
Chg
(A+B)
DMF
OUT
IN
IN
OUT
IN
IN
OUT
OUT
OUT
OUT
OUT
IN
OUT
OUT
OUT
IN
IN
OUT
IN
OUT
IN
IN
IN
IN
OUT
OUT
OUT
IN
OUT
OUT
OUT
IN
OUT
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the
stock price.
Page 3 of 4
TA Securities
A Member of the TA Group
Daily Money Flow of FBMKLCI
Malaysia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
No
Name
FBMKLCI
1 AMBANK
2 ASTRO
3 AXIATA
4 BAT
5 CIMB
6 DIGI
7 FGV
8 GENTING
9 GENM
10 HLBANK
11 HLFG
12 IHH
13 IOICORP
14 KLK
15 MAYBANK
16 MAXIS
17 MISC
18 PCHEM
19 PETDAG
20 PETGAS
21 PPB
22 PBBANK
23 RHBCAP
24 SKPETRO
25 SIME
26 TM
27 TENAGA
28 KLCC
29 UMW
30 YTLCORP
14-Jan
17.2
0.7
(0.7)
(2.9)
1.3
0.7
5.0
(0.2)
0.9
1.3
(0.6)
0.2
0.3
(0.4)
(0.3)
4.8
0.3
1.4
(0.6)
0.2
(2.4)
(0.0)
23.0
(1.2)
(0.8)
2.9
1.2
(18.4)
0.0
1.7
(0.3)
Tel: +603-2167-9607
Total Money Flow (RM'mn)
15-Jan
16-Jan
19-Jan
1.6
0.0
(44.4)
(0.5)
(0.9)
1.2
0.2
(1.7)
(6.0)
10.7
(2.2)
(1.6)
2.5
(0.2)
(0.0)
(9.6)
1.3
(5.0)
(3.5)
1.1
(1.1)
(0.4)
(0.9)
0.1
0.9
0.1
1.9
0.4
0.6
0.4
2.1
(0.0)
(0.0)
(1.0)
0.0
1.1
(0.3)
0.2
0.2
0.6
(0.3)
(0.5)
(0.1)
0.2
0.1
(20.4)
5.0
(3.2)
(1.8)
(2.1)
1.2
(0.4)
0.6
(0.5)
2.3
0.1
(2.5)
(0.3)
(0.2)
2.4
(1.0)
0.8
1.8
(3.0)
0.1
(0.1)
25.9
1.8
(18.5)
0.9
1.0
0.2
(0.1)
0.1
(2.6)
(0.7)
(2.9)
(0.1)
(1.1)
0.3
5.1
1.8
(2.1)
(18.7)
0.4
0.2
(0.1)
(3.5)
0.4
0.1
(0.3)
0.4
0.1
20-Jan
(9.0)
0.3
2.1
0.5
0.2
(0.1)
(2.2)
(0.0)
0.3
(0.4)
(0.1)
(0.0)
(0.2)
(0.4)
(0.9)
2.2
(0.0)
0.7
(1.1)
(0.2)
(0.5)
0.0
0.9
(0.0)
(0.4)
(0.3)
0.5
(8.3)
0.1
(1.3)
(0.3)
Total
5D MF
(34.7)
0.9
(6.2)
4.5
3.8
(12.7)
(0.8)
(1.5)
4.0
2.3
1.4
0.4
0.2
(1.0)
(1.1)
(11.6)
(2.5)
1.8
(1.8)
1.9
(1.3)
(3.0)
33.2
0.9
(3.7)
(1.1)
6.0
(45.7)
0.6
(2.5)
(0.5)
[email protected]
(A)
Prv. Chg
(44.5)
2.1
(4.3)
0.6
0.2
(6.3)
(2.2)
1.0
1.9
(0.2)
0.0
1.1
0.5
(0.2)
(0.1)
(8.1)
3.3
(1.1)
(2.6)
2.6
1.1
(0.2)
(20.3)
(0.7)
(2.7)
2.7
4.8
(16.5)
(0.2)
(0.3)
(0.2)
(B)
Cur. Chg
35.4
(0.9)
8.1
2.1
0.2
4.9
(1.1)
(0.1)
(1.7)
(0.8)
(0.1)
(1.1)
(0.3)
0.1
(1.0)
5.3
(1.2)
1.2
1.4
(2.5)
(2.3)
0.1
19.4
(0.2)
2.2
(0.2)
(4.7)
10.3
0.2
(1.4)
(0.5)
14-Jan
1,742
6.41
3.00
7.01
67.50
5.75
6.17
2.15
8.54
3.84
13.98
16.54
4.84
4.78
22.00
8.39
6.88
7.79
5.10
16.38
21.70
14.00
17.52
7.65
2.39
9.26
6.76
14.50
6.70
10.70
1.67
15-Jan
1,745
6.40
2.94
7.02
66.98
5.91
6.15
2.13
8.39
3.79
14.00
16.58
4.83
4.73
22.02
8.60
6.87
7.70
5.12
16.40
21.70
14.02
17.52
7.75
2.44
9.34
6.70
14.38
6.80
10.62
1.67
www.taonline.com.my
CLOSING PRICE
16-Jan
19-Jan
1,744
1,753
6.41
6.44
2.96
2.99
7.00
7.01
67.00
66.14
5.85
5.95
6.20
6.18
2.12
2.16
8.30
8.39
3.85
3.85
13.98
13.98
16.50
16.60
4.88
4.95
4.71
4.70
22.00
22.00
8.60
8.79
6.89
6.92
7.57
7.60
5.05
5.00
16.36
16.38
21.40
21.40
14.30
14.00
17.56
17.64
7.70
7.80
2.50
2.63
9.31
9.30
6.71
6.68
14.38
14.50
6.76
6.80
10.58
10.56
1.67
1.67
20-Jan
1,750
6.48
2.96
6.99
65.50
5.81
6.19
2.15
8.30
3.81
13.98
16.46
4.95
4.70
22.02
8.92
6.91
7.58
4.94
16.32
21.40
14.00
17.76
7.80
2.60
9.29
6.70
14.40
6.80
10.62
1.66
Chg
(3.20)
0.04
(0.03)
(0.02)
(0.64)
(0.14)
0.01
(0.01)
(0.09)
(0.04)
0.00
(0.14)
0.00
0.00
0.02
0.13
(0.01)
(0.02)
(0.06)
(0.06)
0.00
0.00
0.12
0.00
(0.03)
(0.01)
0.02
(0.10)
0.00
0.06
(0.01)
(A+B)
DMF
OUT
IN
IN
IN
IN
OUT
OUT
IN
IN
OUT
OUT
OUT
IN
OUT
OUT
OUT
IN
IN
OUT
IN
OUT
OUT
OUT
OUT
OUT
IN
IN
OUT
OUT
OUT
OUT
(RM'mn)
INFLOW
45.9
48.9
13.9
16.0
7.8
132.4
OUTFLOW
(28.8)
17.1
(47.3)
1.6
(13.9)
0.0
(60.4)
(44.4)
(16.8)
(9.0)
(167.1)
(34.7)
12
(18)
13
(17)
18
(12)
14
(16)
11
(19)
NET FLOW
Daily Trading Participation
COMPANIES
INFLOW
OUTFLOW
Date
Retail
Institution
Foreign
Total
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
20.1%
22.7%
21.7%
23.5%
19.3%
51.1%
45.0%
53.5%
49.5%
59.4%
28.9%
32.3%
24.9%
26.9%
21.3%
100%
100%
100%
100%
100%
\
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the
stock price.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 4 of 4
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Daily Money Flow of Stocks Under Coverage low of Stocks Under C
Malaysia
FBMKLCI: 1,750.11 (-3.20, -0.18%)
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
www.taonline.com.my
(B)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
14-Jan
Prv. Chg
Cur. Chg
FBM KLCI
17.2
1.6
0.0
(44.4)
(9.0)
(34.7)
(44.5)
35.4
1,742.0
1,745.0
1,743.6
1,753.3
1,750.1
AUTOMOBILE
EPMB
MBMR
0.0
(0.1)
0.0
0.0
0.0
0.1
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.1)
0.0
0.0
0.80
2.80
0.80
2.84
0.80
2.91
0.80
2.91
0.80
2.93
0.00
0.02
OUT
OUT
1.7
BANKS & FINANCIAL SERVICES
AFG
0.3
(3.5)
0.4
0.1
(1.3)
(2.5)
(0.3)
(1.4)
10.70
10.62
10.58
10.56
10.62
0.06
OUT
0.2
(0.2)
0.2
0.7
1.2
0.5
0.5
4.67
4.67
4.67
4.70
4.76
0.06
IN
AFFIN
(0.0)
0.1
(0.0)
(0.0)
0.0
0.0
0.0
0.0
2.90
2.93
2.90
2.90
2.94
0.04
AMBANK
CIMB
0.7
0.7
(0.5)
(9.6)
(0.9)
1.3
1.2
(5.0)
0.3
(0.1)
0.9
(12.7)
2.1
(6.3)
(0.9)
4.9
6.41
5.75
6.40
5.91
6.41
5.85
6.44
5.95
6.48
5.81
HLBANK
(0.1)
1.4
0.0
(0.1)
(8.1)
(20.3)
5.3
19.4
14.00
8.60
13.98
8.60
13.98
8.79
13.98
(11.6)
33.2
13.98
8.39
IN
0.04
IN
(0.14) OUT
0.00 OUT
17.52
17.56
17.64
8.92
17.76
0.13
0.12
OUT
17.52
OUT
IN
Name
Total Money Flow (RM' mn)
[email protected]
UMW
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
Chg
(A+B)
DMF
(3.20) OUT
MAYBANK
PBANK
(0.6)
4.8
2.1
(20.4)
(0.0)
5.0
(0.0)
(3.2)
23.0
25.9
1.8
(18.5)
2.2
0.9
RHBCAP
BURSA
(1.2)
(0.4)
0.9
0.5
1.0
0.1
0.2
0.1
(0.0)
0.1
0.9
0.5
(0.7)
0.0
(0.2)
(0.1)
7.65
8.08
7.75
8.10
7.70
8.15
7.80
8.19
7.80
8.16
OUT
0.00 OUT
(0.03) OUT
0.0
(0.6)
0.0
(0.6)
0.0
(3.0)
0.0
0.4
(0.0)
(0.1)
0.0
(3.9)
0.0
3.4
(0.0)
(0.5)
0.54
5.02
0.54
5.03
0.54
5.02
0.56
5.02
0.56
5.05
0.00
0.03
IJM
1.9
(0.4)
(1.8)
(0.1)
(0.5)
(0.9)
1.7
(0.4)
6.65
6.62
6.63
6.60
6.61
0.01
NAIM
SENDAI
(0.1)
0.0
0.0
(0.0)
0.1
(0.0)
(0.0)
(0.0)
(0.1)
0.0
(0.1)
0.0
(0.1)
0.0
(0.0)
0.0
3.01
0.51
3.03
0.53
3.02
0.53
3.00
0.56
3.01
0.55
TRC
0.0
(0.0)
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.1)
0.0
0.40
1.56
(0.0)
0.0
0.0
0.37
1.55
(0.0)
(0.0)
(0.1)
0.39
1.59
0.39
(0.1)
0.0
0.39
1.55
IN
0.01 OUT
(0.01) IN
(0.01) IN
3.76
3.76
3.70
3.70
1.54
3.78
(0.02) OUT
0.08
IN
(0.02) OUT
0.06 OUT
CONSTRUCTION
BPURI
GAMUDA
WCT
LITRAK
CONSUMER
Brewery
CARLSBG
(0.0)
(0.1)
0.1
(0.1)
(0.0)
(0.2)
(0.2)
0.1
11.98
11.84
11.50
11.74
11.72
GUINESS
Retail
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
12.26
12.28
12.24
12.26
12.32
AEON
(1.4)
0.0
0.1
(0.0)
0.0
(1.3)
(0.1)
0.0
3.03
3.02
3.02
3.06
3.04
AMWAY
F&N
0.0
0.1
(0.0)
(0.1)
(0.0)
0.0
(0.0)
0.1
(0.0)
0.1
(0.0)
0.3
0.0
0.1
0.0
(0.0)
10.80
17.64
10.70
17.70
10.50
17.72
10.50
17.70
10.50
17.76
NESTLE
0.0
0.2
0.1
(0.0)
(0.1)
0.1
(0.1)
(0.1)
69.58
69.90
70.10
70.30
70.32
PARKSON
QL
0.0
0.1
0.6
(0.0)
0.2
0.1
(0.1)
(0.0)
0.0
0.2
0.7
0.3
(0.2)
(0.1)
0.1
0.2
2.52
3.33
2.51
3.35
2.50
3.42
2.49
3.50
2.49
3.49
1.3
2.5
(0.2)
(0.0)
0.2
3.8
0.2
0.2
67.50
66.98
67.00
66.14
65.50
(0.64)
Casino
GENTING
0.9
0.9
0.1
1.9
0.3
4.0
1.9
(1.7)
8.54
8.39
8.30
8.39
8.30
(0.09)
GENM
1.3
0.4
0.6
0.4
(0.4)
2.3
(0.2)
(0.8)
3.84
3.79
3.85
3.85
3.81
IN
(0.04) OUT
NFO
BJTOTO
0.1
0.0
0.0
0.0
(0.1)
0.0
(0.0)
(0.1)
3.47
3.47
3.47
3.47
3.46
(0.01) OUT
(0.02) OUT
0.00 OUT
0.06
IN
0.02 OUT
0.00 OUT
(0.01) IN
Tobacco
BAT
GAMING
IN
HEALTHCARE
Hospital
IHH
0.3
0.2
(0.3)
0.2
(0.2)
0.2
0.5
(0.3)
4.77
4.77
4.77
4.77
4.77
0.00
IN
KPJ
0.1
(0.3)
0.0
0.1
1.0
0.8
0.1
1.0
3.67
3.68
3.68
3.68
3.68
0.00
IN
RUBBER GLOVES
HARTA
0.1
0.0
0.1
0.1
0.2
0.5
(0.0)
0.1
7.02
7.05
7.01
7.05
7.05
0.00
IN
0.6
(0.2)
0.4
(0.3)
(0.1)
0.2
0.1
(0.1)
(0.0)
0.9
0.2
(0.1)
0.0
0.7
5.04
1.84
5.22
1.86
0.00
(0.3)
(2.7)
5.10
1.90
5.22
(0.4)
1.1
5.10
1.89
0.04
0.01
IN
OUT
0.5
(0.1)
(0.2)
KOSSAN
SUPERMX
TOPGLOV
4.79
4.80
4.78
4.78
1.90
4.79
3.61
3.62
3.65
3.70
3.75
0.05
OUT
6.80
6.78
(0.02)
IN
0.73
1.48
0.75
1.49
0.02
0.01
IN
IN
1.70
2.45
0.00
0.09
IN
IN
(0.1)
(0.1)
2.0
(0.7)
(0.1)
(0.0)
KAREX
INDUSTRIAL
0.0
0.1
0.3
0.1
(0.0)
SCIENTX
0.0
0.0
(0.0)
0.4
(0.0)
0.4
0.5
(0.5)
6.95
6.95
6.86
SKPRES
UNIMECH
0.0
(0.0)
0.2
0.1
(0.1)
(0.0)
(0.0)
(0.1)
0.2
(0.0)
0.3
(0.0)
0.1
(0.0)
0.2
0.1
0.72
1.48
0.75
1.48
0.74
1.48
(0.0)
0.0
0.1
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.1
1.70
2.48
1.70
2.49
1.69
2.43
1.70
2.36
OUT
MEDIA
MEDIA PRIMA
STAR
Page 1 of 2
TA Securities
A Member of the TA Group
Name
OIL & GAS
ICON
MHB
PANTECH
14-Jan
Total Money Flow (RM' mn)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
Prv. Chg
(B)
Cur. Chg
(0.4)
(0.1)
(0.0)
(0.6)
(0.5)
(0.0)
(0.3)
(0.0)
0.0
(0.2)
(0.1)
(0.0)
(1.1)
(0.2)
(0.4)
(0.1)
(1.8)
0.6
(3.7)
0.9
(2.6)
0.5
(2.7)
0.5
1.4
(0.8)
2.2
(0.6)
0.0
(0.0)
0.2
(1.5)
0.0
1.0
(0.0)
(0.1)
(0.0)
(0.4)
(0.9)
0.0
(0.3)
0.0
0.1
(1.0)
(1.1)
0.1
(1.1)
(0.1)
0.0
(0.2)
(0.1)
0.0
2.7
0.1
(0.0)
0.1
(1.0)
(0.0)
(0.2)
0.0
(0.0)
0.1
0.1
(0.3)
(0.5)
(0.2)
(0.1)
(0.0)
(0.0)
0.0
(0.3)
0.7
1.3
(0.2)
(0.0)
(0.1)
0.0
(0.6)
(0.1)
(0.8)
(0.2)
(0.2)
(0.0)
2.3
0.2
(0.1)
0.2
(0.0)
(0.0)
0.1
0.1
0.1
(0.2)
(0.1)
0.0
(2.5)
0.6
(2.6)
0.6
(0.1)
0.1
0.5
(0.0)
(0.2)
0.2
(0.4)
(0.3)
0.1
(0.4)
(0.0)
0.6
(0.1)
0.0
(0.9)
(0.0)
(0.3)
0.2
0.1
0.1
0.0
(0.5)
0.1
0.0
2.9
0.1
0.0
(0.7)
(0.1)
0.0
(2.9)
(0.1)
0.0
(0.1)
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
0.0
(0.2)
0.0
0.0
(0.0)
(0.8)
(0.0)
(0.0)
(0.3)
0.3
(0.6)
(0.8)
0.2
0.1
0.2
0.5
(0.0)
(0.0)
0.0
0.0
0.2
(0.1)
0.1
0.0
(0.1)
(0.3)
0.2
(1.1)
(0.3)
(0.8)
(0.1)
0.1
(0.0)
0.0
(0.2)
(2.0)
0.2
(2.4)
(18.4)
YTLPOWR
(0.0)
TELECOMMUNICATIONS
AXIATA
(2.9)
DIGI
5.0
MAXIS
0.3
TM
1.2
TECHNOLOGY
(0.3)
(1.0)
1.8
(0.2)
(0.2)
0.8
(2.1)
(0.3)
2.4
1.8
(18.7)
(0.0)
(0.2)
(0.5)
(8.3)
10.7
(3.5)
(2.2)
1.1
(1.6)
(1.1)
(1.8)
(1.1)
(2.1)
0.3
PCHEM
PERISAI
SKPETRO
UMWOG
PLANTATIONS
BSTEAD
FGV
IJMPLANT
IOICORP
KLK
KWANTAS
SIME
UMCCA
PROPERTY
CRESNDO
GLOMAC
HUAYANG
IOIPG
MAHSING
SPSETIA
SUNWAY
REIT
SUNREIT
CMMT
POWER & UTILITIES
PETDAG
PETGAS
TENAGA
14-Jan
15-Jan
CLOSING PRICE
16-Jan
19-Jan
(1.00)
1.29
0.74
5.10
0.45
2.39
0.00
1.34
0.74
5.12
0.46
2.44
2.33
1.33
0.75
5.05
0.46
2.50
(2.13)
1.35
0.77
5.00
0.47
2.63
2.53
2.61
2.60
2.75
4.54
2.15
3.60
4.78
22.00
4.56
2.13
3.54
4.73
22.02
4.54
2.12
3.45
4.71
22.00
4.55
2.16
3.45
4.70
22.00
1.98
9.26
6.50
1.98
9.34
6.52
1.98
9.31
6.48
1.98
9.30
6.30
(0.0)
0.0
(0.0)
0.2
(0.3)
(0.4)
0.1
2.44
1.00
2.06
2.45
1.00
2.09
2.45
1.04
2.09
2.41
1.03
2.10
2.16
2.28
3.40
3.29
2.14
2.26
3.40
3.22
2.11
2.26
3.45
3.24
0.3
0.9
0.0
(0.0)
1.51
1.44
1.52
1.43
1.9
(1.3)
(45.7)
2.6
1.1
(16.5)
(2.5)
(2.3)
10.3
(0.6)
(1.2)
0.3
(0.6)
16.38
21.70
14.50
1.56
1.2
5.1
0.5
(2.2)
(0.0)
0.5
4.5
(0.8)
(2.5)
6.0
0.6
(2.2)
3.3
4.8
2.1
(1.1)
(1.2)
(4.7)
20-Jan
(1.33)
1.36
0.77
4.94
0.47
2.60
2.71
4.54
2.15
Chg
(A+B)
DMF
0.79
0.01
0.00
OUT
OUT
OUT
(0.06) OUT
0.00 OUT
(0.03) OUT
(0.04) OUT
3.46
4.70
22.02
2.01
9.29
6.35
(0.01) OUT
(0.01) IN
0.01
IN
0.00 OUT
0.02 OUT
0.03 OUT
(0.01) IN
0.05
IN
2.12
2.26
3.55
3.25
2.40
1.04
2.15
2.15
2.29
3.64
3.24
(0.01) OUT
0.01
IN
0.05
IN
0.03 OUT
0.03
IN
0.09
IN
(0.01) OUT
1.52
1.43
1.53
1.43
1.52
1.44
(0.01)
0.01
16.40
21.70
14.38
1.56
16.36
21.40
14.38
1.56
16.38
21.40
14.50
1.60
16.32
21.40
14.40
1.60
(0.06) IN
0.00 OUT
(0.10) OUT
0.00 OUT
7.01
6.17
7.02
6.15
7.00
6.20
7.01
6.18
6.88
6.76
6.87
6.70
6.89
6.71
6.92
6.68
6.99
6.19
6.91
6.70
(0.02) IN
0.01 OUT
(0.01) IN
0.02
IN
IN
IN
Semiconductor & Electronics
IRIS
0.1
MPI
(0.1)
UNISEM
0.4
TRANSPORTATION
Airlines
AIRASIA
(1.5)
AIRPORT
(0.0)
(0.2)
0.1
0.5
(0.1)
(0.1)
(0.3)
(0.3)
(0.0)
0.1
(0.1)
0.0
(1.1)
(0.6)
(0.1)
(0.4)
(0.2)
0.1
0.3
0.1
0.0
(1.2)
0.32
5.26
2.00
0.33
5.36
1.96
0.32
5.30
1.95
0.31
5.26
1.98
0.31
5.17
1.96
(0.01) OUT
(0.09) IN
(0.02) OUT
(0.1)
(0.3)
0.7
0.1
0.3
0.4
(1.1)
0.4
(1.7)
0.7
(0.4)
0.3
(1.4)
0.0
2.82
6.82
2.81
6.80
2.77
6.82
2.79
6.85
2.75
6.86
(0.04) OUT
0.01
IN
Freight & Tankers
MISC
WSPRT
(0.4)
0.1
0.6
(1.0)
(0.5)
0.3
0.7
(0.0)
1.8
(0.2)
(1.1)
1.3
1.2
(0.3)
7.79
3.66
7.70
3.62
7.57
3.57
7.60
3.55
7.58
3.54
(0.02)
(0.01)
20-Jan
Total
5D MF
(A)
Prv. Chg
(B)
Cur. Chg
Name
1.4
0.4
14-Jan
Total Money Flow (S$' mn)
15-Jan
16-Jan
19-Jan
FSSTI
BANKS & FINANCIAL SERVICES
DBS
0.2
OCBC
0.9
UOB
0.2
PLANTATIONS
WILMAR
(0.3)
IFAR
(0.0)
14-Jan
15-Jan
CLOSING PRICE
16-Jan
19-Jan
3,326.2
3,338.8
3,300.7
3,307.7
20-Jan
3,334.0
2.1
1.0
(0.7)
(1.1)
(0.2)
(1.3)
1.9
(0.2)
1.9
0.24
0.93
0.48
0.22
0.54
0.13
(0.54)
(0.04)
(1.6)
1.4
(0.3)
0.2
0.16
0.84
(0.30)
(1.64)
1.39
(0.27)
0.23
(0.2)
0.0
0.7
0.0
(0.3)
0.0
0.0
0.0
0.9
0.0
(0.32)
(0.03)
(0.11)
(0.02)
(0.27)
(0.01)
(0.23)
0.03
0.68
0.04
0.5
0.2
0.5
0.1
(0.5)
(0.0)
0.8
(0.3)
(0.1)
(0.0)
(0.3)
(0.0)
Chg
IN
IN
(A+B)
DMF
26.32
1.93
IN
(0.23) OUT
1.87
IN
0.91
0.01
IN
IN
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade
of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted
from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can
indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock
price.
Page 2 of 2
Technical View
TA Securities
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Daily Money Flow of the Plantation Sector
Malaysia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Name
14-Jan
Tel: +603-2167 9607
Total Money Flow (RM' mn)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
Prv. Chg
(B)
Cur. Chg
0.1
(1.9)
(3.6)
1.2
(2.0)
7,839.5
7,807.4
7,776.2
7,783.6
7,766.7
(16.97) OUT
0.1
0.0
(0.1)
0.0
(0.0)
0.0
17.80
17.90
17.90
17.90
7.65
0.84
7.65
0.84
7.65
0.84
7.65
0.84
17.72
7.65
9.22
0.51
9.22
0.50
9.20
0.51
9.19
0.51
0.82
9.20
0.51
(0.18) OUT
0.00 OUT
(0.02) IN
0.01 IN
0.00 IN
8.20
2.15
10.30
8.25
2.13
10.26
8.20
2.12
10.24
8.20
2.16
10.10
8.20
2.15
0.00
(0.01)
1.05
0.82
1.05
0.85
1.06
0.85
1.06
0.85
2.50
1.11
2.49
1.04
2.49
1.04
2.54
1.05
3.60
0.71
4.78
3.54
0.73
4.73
3.45
0.72
4.71
3.45
0.72
4.70
14-Jan
15-Jan
CLOSING PRICE
16-Jan
19-Jan
20-Jan
(0.8)
BKAWAN
BLDPLNT
(0.0)
0.1
0.1
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
0.0
(0.0)
(0.1)
(0.1)
(0.0)
(0.0)
0.0
0.0
0.0
(0.0)
(0.1)
(0.1)
0.0
0.1
0.0
(0.0)
0.0
0.0
0.0
(0.2)
0.1
0.0
(0.4)
(0.1)
(0.0)
(0.9)
0.3
0.0
0.1
0.1
0.0
(0.0)
0.0
(1.5)
0.0
1.0
0.0
(0.1)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.1)
0.0
0.2
(0.0)
(0.2)
(0.0)
(0.2)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
0.0
(0.0)
0.2
0.0
0.0
0.0
0.0
0.1
(0.0)
0.0
0.1
0.0
0.0
(0.2)
(0.0)
0.2
0.0
(0.4)
(0.0)
0.0
0.6
(0.0)
(0.0)
(0.3)
0.0
0.0
(0.5)
0.1
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(1.0)
0.0
0.0
(0.2)
0.0
0.0
0.1
0.0
0.0
2.73
3.07
2.70
3.07
2.66
3.07
2.68
3.10
4.70
2.65
3.30
KRETAM
KLK
(0.0)
(0.3)
0.0
(0.1)
0.0
0.2
0.0
0.1
(0.1)
(0.9)
(0.1)
(1.1)
(0.0)
(0.1)
(0.1)
(1.0)
0.45
22.00
0.45
22.02
0.45
22.00
0.45
22.00
0.46
22.02
KULIM
KWANTAS
(0.0)
0.0
0.0
0.0
0.0
(0.0)
(0.1)
0.0
0.0
0.1
0.0
0.0
(0.1)
0.0
(0.1)
0.1
0.2
0.0
(0.2)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
3.00
1.98
0.96
0.0
0.0
0.0
0.0
(0.0)
2.93
1.98
0.96
0.0
0.0
0.0
0.0
0.0
2.99
1.98
0.96
2.96
2.01
(0.0)
2.98
1.98
0.97
0.00
2.75
0.00
2.75
0.00
2.75
0.00
2.75
0.98
5.00
2.75
PINEPAC
PLS
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.32
0.00
0.34
0.00
0.34
0.00
0.33
0.00
0.33
0.00
RSAWIT
RVIEW
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.55
3.75
5.70
(0.0)
0.0
0.0
(0.0)
0.0
0.55
3.75
5.70
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.55
3.75
5.79
0.55
3.75
(0.0)
0.0
0.55
3.75
5.79
2.29
3.03
2.25
3.03
2.26
3.03
2.20
3.03
5.40
2.22
3.20
TDM
THPLANT
0.0
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.77
1.61
0.77
1.61
0.78
1.60
0.77
1.60
0.78
1.61
TWSPLNT
TSH
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.1
0.0
(0.1)
0.0
0.0
0.0
0.0
0.1
0.0
(0.2)
0.00
2.25
0.00
(0.1)
(0.0)
(0.1)
0.0
(0.0)
0.0
0.0
(0.3)
0.0
0.0
(0.3)
0.00
2.20
0.00
0.1
(0.0)
0.0
0.1
(0.0)
0.00
2.27
0.00
0.00
2.25
0.0
(0.1)
(0.4)
0.00
2.25
0.00
6.50
24.18
6.52
23.94
6.48
24.10
6.30
24.10
FAREAST
FGV
GENP
GLBHD
GOPENG
HSPLANT
HARNLEN
IJMPLNT
INCKEN
IOICORP
KMLOONG
KLUANG
MHC
NSOP
NPC
SOP
SWKPLNT
SBAGAN
UNICO
UMCCA
UTDPLT
(1.1)
www.taonline.com.my
KL PLANT
CEPAT
CHINTEK
DUTALND
(0.1)
[email protected]
0.0
(0.0)
0.0
(0.4)
0.0
0.0
0.0
0.0
Sources: Bloomberg, TA Securities
Page 1 of 4
9.96
1.07
0.87
2.55
1.06
3.46
0.72
0.00
6.35
24.10
Chg
(A+B)
DMF
IN
IN
(0.14) OUT
0.01 OUT
0.02 IN
0.01 OUT
0.01 IN
0.01 IN
0.00 IN
0.00 OUT
(0.03) IN
0.20 IN
0.02 OUT
0.02 OUT
(0.04) IN
0.03 OUT
0.02 OUT
5.00 OUT
0.00 OUT
0.00 OUT
0.00 OUT
0.00 OUT
0.00 OUT
(0.30) IN
0.02 OUT
0.17 IN
0.01 IN
0.01 OUT
0.00 OUT
0.00 OUT
0.00 OUT
0.05 IN
0.00 OUT
TA Securities
A Member of the TA Group
Daily Money Flow of the Construction Sector
Malaysia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
www.taonline.com.my
(B)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
14-Jan
Prv. Chg
Cur. Chg
KL CONSTR
1.0
(1.1)
(4.9)
1.6
(0.7)
(4.0)
6.5
(2.3)
AZRB
0.0
(0.0)
(0.0)
0.0
0.0
0.0
0.0
(0.0)
0.70
0.70
0.69
0.70
0.70
ARK
BENALEC
0.0
(0.1)
0.0
(0.2)
0.0
0.1
0.0
0.2
0.0
(0.1)
0.0
0.1
0.0
0.1
0.0
(0.3)
0.47
0.64
0.47
0.67
0.47
0.69
0.47
0.71
0.47
0.70
BDB
0.0
0.0
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.77
0.78
0.74
0.74
0.72
BGYEAR
BPURI
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.00
0.54
0.00
0.54
0.00
0.54
0.00
0.56
0.00
0.56
BREM
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
(0.0)
0.0
(0.0)
(0.0)
0.0
(0.0)
0.0
1.07
1.24
0.0
0.0
0.0
1.02
1.19
0.0
(0.0)
0.0
1.03
1.23
1.03
(0.0)
0.0
1.02
1.23
0.00 OUT
0.00 OUT
(0.04) IN
1.80
1.80
1.81
1.82
1.20
1.82
(0.04)
0.00
EKOVEST
SENDAI
(0.0)
0.0
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
1.05
0.51
1.07
0.53
1.14
0.53
1.15
0.56
1.15
0.55
FAJAR
0.0
0.0
(0.0)
0.0
0.1
0.1
0.0
0.0
0.41
0.41
0.40
0.40
0.42
0.0
(0.1)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
(0.2)
(0.0)
0.1
(0.0)
(0.1)
1.00
1.18
1.00
1.19
1.03
1.21
1.02
1.22
1.02
1.20
Name
CRESBLD
DKLS
FUTUTEC
GBGAQRS
Total Money Flow (RM' mn)
[email protected]
CLOSING PRICE
14-Jan
279.6
15-Jan
280.9
16-Jan
280.5
19-Jan
281.6
20-Jan
281.9
Chg
0.34
(A+B)
DMF
IN
0.01 IN
0.00 OUT
(0.02) OUT
(0.02) IN
IN
IN
0.00 OUT
(0.01) IN
0.02 IN
GADANG
0.1
(0.0)
(0.1)
0.1
(0.0)
0.0
0.2
(0.1)
1.42
1.43
1.45
1.42
1.39
0.00 OUT
(0.02) IN
(0.03) IN
GAMUDA
HOHUP
(0.6)
(0.3)
(0.6)
(0.0)
(3.0)
0.0
0.4
0.0
(0.1)
0.1
(3.9)
(0.3)
3.4
0.0
(0.5)
0.0
5.02
1.30
5.03
1.32
5.02
1.33
5.02
1.38
5.05
1.43
0.03
0.05
IN
IN
HSL
(0.0)
1.9
(0.0)
(0.4)
(0.0)
(1.8)
0.0
(0.1)
1.67
(0.01)
0.01
0.04
IN
IN
IJM
IREKA
JAKS
KIMLUN
(0.0)
(0.1)
0.0
0.0
0.0
(0.0)
0.1
(0.0)
(0.9)
(0.0)
1.7
0.0
(0.4)
0.0
1.66
6.65
1.67
6.62
1.67
6.63
1.68
6.60
0.64
0.64
0.64
0.60
6.61
0.64
(0.2)
0.0
(0.0)
(0.0)
0.0
0.0
0.45
1.24
0.45
1.25
0.44
1.30
0.44
1.29
0.44
1.26
0.0
(0.0)
(0.0)
(0.0)
(0.5)
0.0
(0.1)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
KEURO
0.0
(0.0)
(0.0)
(0.0)
0.1
0.0
0.0
0.1
1.02
1.03
1.02
1.01
1.04
JETSON
LEBTECH
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.1)
0.0
0.0
0.0
(0.0)
0.0
0.44
0.00
0.44
0.00
0.44
0.00
0.45
0.00
0.44
0.00
MRCB
0.3
(0.0)
0.3
0.0
0.1
0.0
0.2
(0.0)
(0.1)
0.8
0.1
(0.3)
1.40
1.05
(0.0)
(0.0)
0.0
0.0
1.33
1.12
(0.0)
(0.0)
(0.0)
1.25
1.12
(0.0)
(0.0)
(0.0)
1.19
1.04
1.31
0.0
0.0
0.34
0.34
0.34
0.33
1.05
0.33
(0.1)
0.0
0.0
0.0
(0.1)
0.0
(0.1)
0.0
0.0
(0.0)
(0.3)
0.0
(0.1)
0.0
0.1
(0.0)
1.00
0.33
1.01
0.33
0.98
0.32
1.00
0.34
1.05
0.32
MELATI
MERGE
MITRA
MTDACPI
MUDAJYA
0.0
0.0
(0.0)
(0.0)
0.0
0.0
0.0
0.0
1.53
1.53
1.52
1.54
1.55
MUHIBAH
PESONA
(0.0)
0.0
(0.2)
(0.0)
(0.0)
0.0
0.2
0.1
(0.0)
(0.0)
(0.0)
0.1
0.2
0.1
(0.2)
(0.1)
1.84
0.98
1.94
0.97
1.87
0.97
1.95
1.00
1.93
1.00
PTARAS
3.98
1.70
3.98
1.70
3.98
1.70
4.00
1.72
0.15
0.16
0.15
0.16
1.72
0.16
IN
(0.01) IN
(0.03) OUT
0.03 IN
(0.01) IN
0.00 OUT
(0.09) OUT
0.00 OUT
0.00 IN
0.05 IN
(0.02) OUT
0.01 IN
(0.02) OUT
(0.01) OUT
0.05 OUT
0.1
0.2
(0.1)
0.1
(0.1)
0.0
(0.0)
0.0
(0.1)
0.0
(0.1)
0.0
0.1
0.8
(0.0)
(0.0)
0.0
0.7
(0.0)
0.8
0.0
(0.8)
0.0
1.52
0.36
1.50
0.36
1.51
0.35
1.48
0.35
1.44
0.35
0.00 IN
(0.01) OUT
(0.04) OUT
0.00 IN
(0.01)
PLB
PSIPTEK
0.1
0.0
(0.0)
0.0
0.1
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
PRTASCO
SYCAL
(0.1)
(0.0)
0.0
(0.0)
0.0
(0.0)
4.05
TRC
0.0
0.0
(0.0)
0.0
(0.0)
(0.0)
0.0
(0.0)
0.39
0.39
0.37
0.40
0.39
TRIPLC
TSRCAP
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.0
1.29
0.86
1.20
0.86
1.22
0.86
1.21
0.86
1.20
0.87
WCT
(0.0)
0.0
0.0
0.0
(0.1)
(0.0)
0.0
(0.1)
1.55
1.59
1.55
1.56
1.54
IN
(0.01) OUT
0.01 IN
(0.02) OUT
ZECON
ZELAN
(0.0)
(0.1)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.1)
0.0
(0.0)
(0.0)
(0.2)
0.0
(0.0)
0.0
0.0
0.90
0.29
0.94
0.29
0.93
0.29
0.93
0.31
0.92
0.31
(0.01) IN
0.00 OUT
Sources: Bloomberg, TA Securities
Page 2 of 4
TA Securities
A Member of the TA Group
Daily Money Flow of the Property Sector
Malaysia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
www.taonline.com.my
(B)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
14-Jan
Prv. Chg
Cur. Chg
KL PROP
0.3
0.3
(0.3)
1.0
(2.2)
(0.9)
1.3
(3.2)
1,281.0
1,285.9
1,286.3
1,297.2
1,297.8
A&M
AMPROP
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
0.1
0.0
0.0
(0.0)
(0.0)
0.86
0.81
0.85
0.82
0.85
0.84
0.87
0.83
0.88
0.83
ASAS
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.00
0.00
0.00
0.00
0.00
0.01 OUT
(0.01) OUT
0.00 OUT
ASIAPAC
BCB
(0.0)
0.0
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
(0.0)
0.0
0.23
1.01
0.24
1.01
0.24
0.98
0.24
0.98
0.24
0.98
0.00
0.00
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
(0.0)
0.80
0.80
0.80
0.80
0.65
1.19
0.65
1.23
0.68
1.24
0.68
1.24
0.80
0.64
2.75
2.76
2.76
2.92
0.00 OUT
(0.04) IN
0.00 OUT
(0.12) OUT
(0.01) OUT
Name
BJASSET
BERTAM
Total Money Flow (RM' mn)
[email protected]
0.0
0.0
(0.0)
0.0
(0.0)
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
(0.0)
(0.0)
DAIMAN
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
(0.0)
(0.0)
DBHD
DIJACOR
0.0
0.0
0.1
0.0
0.0
0.0
CHHB
CVIEW
CRESNDO
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
0.0
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
0.0
2.44
2.55
2.45
2.57
2.45
2.57
2.41
2.58
(0.0)
0.0
(0.0)
0.0
0.1
0.0
(0.0)
0.0
(0.0)
0.0
0.95
0.00
1.09
0.00
1.12
0.00
1.08
0.00
1.02
0.00
1.24
2.80
2.40
2.56
Chg
0.59
(A+B)
DMF
OUT
OUT
OUT
(0.02) OUT
(0.06) OUT
0.00 OUT
E&O
0.1
(0.0)
0.3
0.1
(2.4)
(1.9)
(0.2)
(2.5)
2.50
2.51
2.46
2.26
2.14
ENCORP
EUPE
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
1.19
0.83
1.18
0.83
1.17
0.83
1.19
0.83
1.16
0.83
(0.12) OUT
(0.03) OUT
0.00 OUT
FARLIM
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
(0.0)
0.51
0.51
0.51
0.51
0.51
0.00
OUT
FOCAL
GOB
0.0
0.1
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.1
0.0
0.2
0.0
(0.0)
0.0
0.1
0.00
0.53
0.00
0.54
0.00
0.53
0.00
0.54
0.00
0.56
0.00
0.03
OUT
IN
GLOMAC
GPLUS
0.0
0.0
0.0
(0.0)
0.0
0.0
1.03
0.0
0.0
(0.0)
0.0
1.04
0.0
0.0
0.1
0.0
1.00
0.0
0.0
0.0
0.0
1.00
0.0
0.0
0.0
0.0
0.00
0.55
0.00
0.00
0.01
0.00
0.0
0.00
0.55
1.04
0.00
0.0
0.00
0.55
(0.0)
0.0
0.0
0.0
0.40
HUAYANG
0.1
0.0
0.0
(0.0)
0.40
(0.0)
(0.0)
(0.0)
0.1
0.40
(0.0)
0.0
0.0
0.2
0.39
0.0
0.0
0.0
0.1
0.0
0.1
0.0
(0.0)
1.28
2.06
1.28
2.09
1.25
2.09
1.33
2.10
HUNZPTY
IBHD
0.0
0.0
0.0
0.1
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.1)
(0.0)
0.0
0.0
0.0
0.0
(0.0)
1.87
0.62
1.88
0.65
1.88
0.65
1.86
0.65
IBRACO
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.54
1.71
1.71
1.71
1.71
IGB
IJMLAND
0.0
(0.1)
0.0
0.0
0.1
(0.0)
0.0
0.2
(0.0)
0.2
0.1
0.3
(0.1)
0.2
(0.0)
(0.0)
2.60
3.40
2.62
3.40
2.66
3.38
2.66
3.40
2.65
3.40
IVORY
0.0
0.0
(0.0)
(0.0)
(0.0)
0.0
0.0
0.0
0.43
0.46
0.44
0.44
0.43
KBUNAI
KELADI
0.0
0.0
0.0
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
(0.0)
0.07
0.28
0.07
0.28
0.06
0.29
0.06
0.30
0.07
0.29
KEN
KLCCP
0.0
0.0
(0.0)
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
0.1
0.0
0.0
0.0
0.96
0.00
0.0
(0.1)
0.1
(0.1)
L&G
0.0
0.1
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
LBICAP
LBS
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
HOOVER
GMUTUAL
GUOCO
KASSETS
KSL
KHSB
0.94
0.94
0.92
0.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.10
2.07
1.98
2.00
0.0
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
(0.2)
0.0
0.1
0.0
(0.0)
(0.1)
(0.0)
0.0
0.00
0.52
0.00
0.53
0.00
0.51
0.00
0.52
0.0
0.0
0.0
(0.0)
(0.0)
(0.0)
0.0
0.1
1.26
1.65
1.27
1.64
1.27
1.64
1.27
1.66
IN
OUT
IN
0.54
0.54
0.41
1.36
0.01
0.03
2.15
0.05
1.85
0.63
(0.01) IN
(0.02) OUT
0.00 OUT
0.00
IN
IN
IN
(0.01) OUT
0.00
IN
(0.01) IN
0.01
IN
(0.01) OUT
0.00
IN
0.00 OUT
1.28
1.65
0.00 OUT
(0.03) OUT
0.00 OUT
(0.01) OUT
0.01 OUT
(0.01) IN
(0.01)
1.97
0.00
0.51
LIENHOE
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
0.31
0.31
0.31
0.32
0.31
MAGNA
MAHSING
(0.0)
0.0
(0.0)
(0.0)
0.1
(0.6)
0.0
0.2
(0.0)
(0.1)
0.0
(0.5)
(0.0)
0.7
(0.0)
(0.3)
0.88
2.28
0.89
2.26
0.95
2.26
1.00
2.26
0.99
2.29
MJPERAK
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.32
0.34
0.33
0.32
0.35
MPCORP
MALTON
(0.0)
0.1
0.0
0.0
0.0
0.0
0.0
0.1
0.0
(0.1)
0.0
0.2
0.0
0.0
(0.0)
(0.1)
0.20
0.82
0.21
0.83
0.22
0.82
0.23
0.83
0.23
0.82
MEDAINC
MENANG
(0.0)
0.0
0.0
(0.0)
0.0
0.0
0.59
0.0
(0.0)
(0.0)
0.0
0.69
0.41
0.72
0.41
0.75
0.40
0.72
0.41
0.59
0.72
MKLAND
(0.0)
(0.0)
(0.0)
(0.0)
0.59
(0.0)
(0.0)
(0.0)
(0.0)
0.59
(0.0)
(0.0)
0.0
(0.0)
0.59
(0.0)
0.0
0.00
IN
(0.01) OUT
0.00 OUT
(0.01) IN
0.41
0.00
MKH
MUIPROP
0.0
(0.0)
0.2
(0.0)
0.2
0.1
0.0
0.0
0.1
(0.0)
0.5
0.1
(0.1)
(0.1)
0.1
(0.0)
2.57
0.43
2.57
0.45
2.57
0.45
2.60
0.45
2.69
0.42
MULPHAL
(0.0)
(0.0)
0.0
0.0
0.0
0.0
(0.0)
0.0
0.38
0.38
0.39
0.39
0.40
IN
0.09 OUT
(0.03) OUT
0.01
IN
NADAYU
NAIM
0.0
(0.1)
0.0
0.0
0.0
0.1
0.0
(0.0)
0.0
(0.1)
0.0
(0.1)
0.0
(0.1)
0.0
(0.0)
0.00
3.01
0.00
3.03
0.00
3.02
0.00
3.00
0.00
3.01
0.00
0.01
OUT
OUT
OIB
0.0
(0.1)
0.0
0.1
(0.0)
0.0
0.1
(0.1)
2.42
2.29
2.28
2.34
2.38
0.04
OUT
OSKPROP
PMIND
(0.0)
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
1.84
0.00
1.84
0.00
1.84
0.00
1.82
0.00
1.82
0.00
0.00
0.00
IN
OUT
PARAMON
PASDEC
(0.0)
0.0
0.0
(0.0)
(0.0)
0.0
1.47
(0.0)
(0.0)
(0.0)
1.46
0.0
(0.0)
0.0
1.43
(0.0)
(0.0)
(0.0)
1.43
0.0
0.43
0.44
0.45
0.45
1.44
0.44
(0.03) OUT
(0.01) OUT
Sources: Bloomberg, TA Securities
Page 3 of 4
IN
(0.01) OUT
0.03
IN
0.03 OUT
TA Securities
A Member of the TA Group
Name
PRDUREN
PTGTIN
PJDEV
PLENITU
SAPRES
SBCCORP
SDRED
SPB
SNTORIA
SHL
SMI
SPSETIA
SUNWAY
SYMLIFE
TAGB
TAHPS
TAMBUN
TANCO
TEBRAU
TRINITY
UEMLAND
UOADEV
WINGTM
Y&G
YNHPROP
YTLLAND
14-Jan
Total Money Flow (RM' mn)
15-Jan
16-Jan
19-Jan
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
0.0
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
0.1
(0.0)
0.1
0.0
0.0
(0.0)
0.0
(0.0)
(0.1)
0.1
0.0
0.0
0.0
0.1
(0.0)
0.0
(0.0)
(0.0)
(0.3)
0.0
0.0
0.0
0.0
(0.0)
(0.0)
0.0
(0.1)
(0.0)
(0.0)
(0.0)
(0.8)
0.2
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
(0.0)
0.0
0.5
(0.0)
(0.0)
0.0
0.0
(0.1)
0.0
0.0
0.0
0.0
(0.1)
0.0
0.0
(0.0)
0.1
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
(0.0)
0.1
0.0
0.3
0.0
0.0
0.0
0.0
(0.1)
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
(0.0)
20-Jan
Total
5D MF
(A)
Prv. Chg
(B)
Cur. Chg
(0.0)
(0.0)
0.0
0.0
0.0
(0.0)
0.1
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
0.1
0.1
(0.1)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
(0.0)
0.0
(0.0)
0.0
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.0
(0.0)
0.1
0.0
0.0
0.0
(0.0)
(0.1)
(0.0)
0.0
0.0
0.0
(0.1)
0.0
(0.2)
(0.1)
0.0
0.1
0.0
0.2
0.0
0.0
0.0
0.0
(0.2)
0.1
1.3
(0.2)
0.0
0.0
(0.0)
(0.3)
0.0
0.0
0.0
0.0
0.1
0.1
(0.4)
0.1
0.0
0.0
(0.0)
(0.0)
(0.0)
0.0
0.0
0.0
(0.1)
(0.1)
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.0
(0.0)
0.0
0.0
0.0
14-Jan
15-Jan
CLOSING PRICE
16-Jan
19-Jan
1.63
0.24
1.63
0.24
1.63
0.25
1.63
0.25
1.45
2.22
0.82
1.00
0.96
5.70
1.17
3.01
0.16
3.40
3.29
0.86
0.32
1.45
2.27
0.82
1.02
0.96
6.00
1.17
3.07
0.15
3.40
3.22
0.86
0.32
1.45
2.28
0.82
1.00
0.96
5.98
1.13
3.00
0.15
3.45
3.24
0.87
0.32
1.45
2.28
0.83
1.03
0.99
5.98
1.12
3.01
0.16
3.55
3.25
0.86
0.32
6.35
1.60
0.15
0.00
0.00
0.00
2.14
1.69
0.00
2.05
0.82
6.55
1.58
0.17
0.00
0.00
0.00
2.10
1.69
0.00
2.05
0.84
6.68
1.64
0.17
0.00
0.00
0.00
2.11
1.69
0.00
1.99
0.85
6.70
1.68
0.17
0.00
0.00
0.00
2.10
1.69
0.00
2.02
0.83
20-Jan
Chg
1.63
0.25
1.46
2.28
0.86
1.02
0.99
5.93
1.10
2.98
0.15
0.00
0.00
0.01
0.00
0.03
(0.01)
0.00
(0.05)
(0.02)
(0.03)
(0.01)
3.64
3.24
0.86
0.32
6.60
1.68
0.17
0.00
0.00
0.00
2.10
1.72
0.09
(0.01)
0.00
0.00
(0.10)
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
2.02
0.84
(A+B)
DMF
OUT
OUT
IN
OUT
IN
OUT
IN
IN
IN
IN
OUT
IN
OUT
IN
IN
OUT
OUT
OUT
OUT
OUT
OUT
OUT
OUT
0.00 OUT
0.00 IN
0.01 IN
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock
price.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 4 of 4
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
FBMKLCI: 1,750.11
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Daily Stock Screen
s
Malaysia
End Day Census of 20.01.2015
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
[email protected]
www.taonline.com.my
Report Description:
The Daily Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas .The following list is
derived from the screening of more than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and
30 ‘potential’ breakout stocks which just climbed above the middle Bollinger band, with potential to appreciate toward the upper Bollinger
band.
[MIDDLE BOLLINGER RANGEBOUND]
List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/SELL)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Stock Name
Price
SUMATEC RESOURCE
PERISAI PETROLEU
TIGER SYNERGY BH
AT SYSTEMATIZATI
DIGI.COM BHD
NEXGRAM HOLDINGS
MLABS SYSTEMS
MALAYAN UTD INDS
SILK HOLDINGS BH
7-ELEVEN MALAYSI
AIRASIA X BHD
XOX BHD
CHINA STATIONERY
EA HOLDINGS
COMPUGATES HOLDI
MULPHA INTL BHD
DESTINI BHD
RGB INTERNATIONA
INSTACOM GROUP B
SUNWAY REAL ESTA
TALAM TRANSFORM
JIANKUN INTERNAT
DGB ASIA BHD
MUI PROPERTIES
IDIMENSION CON
VSOLAR GROUP BHD
FOCUS DYNAMICS
TA GLOBAL BHD
DPS RESOURCES BH
GREEN PACKET BHD
0.22
0.47
0.14
0.09
6.19
0.08
0.10
0.30
0.53
1.40
0.67
0.06
0.08
0.12
0.06
0.37
0.59
0.15
0.16
1.52
0.08
0.27
0.10
0.42
0.10
0.12
0.08
0.32
0.09
0.32
RSI
Bollinger Band
Moving Average
Lower
Middle
Upper
14-day
10-day
30-day
50-day
0.19
0.42
0.13
0.08
6.11
0.07
0.09
0.26
0.46
1.21
0.62
0.05
0.07
0.11
0.05
0.35
0.57
0.13
0.13
1.49
0.07
0.20
0.08
0.36
0.09
0.11
0.07
0.30
0.08
0.28
0.21
0.46
0.13
0.08
6.19
0.07
0.10
0.29
0.52
1.40
0.66
0.05
0.08
0.12
0.05
0.36
0.59
0.14
0.15
1.52
0.08
0.26
0.09
0.42
0.09
0.12
0.07
0.31
0.09
0.31
0.23
0.51
0.14
0.09
6.26
0.08
0.11
0.32
0.59
1.58
0.71
0.06
0.08
0.13
0.06
0.37
0.60
0.15
0.18
1.54
0.08
0.32
0.10
0.48
0.10
0.13
0.08
0.32
0.10
0.33
49.23
45.02
63.39
56.72
53.85
59.28
49.74
56.13
50.24
48.51
49.39
59.92
50.57
50.02
52.01
46.24
53.75
55.90
47.45
51.91
50.53
50.01
49.79
51.68
56.57
47.62
55.94
50.91
46.02
52.78
0.20
0.45
0.14
0.09
6.17
0.07
0.10
0.30
0.50
1.38
0.66
0.06
0.08
0.12
0.05
0.36
0.59
0.14
0.16
1.52
0.08
0.25
0.09
0.43
0.09
0.12
0.07
0.31
0.09
0.32
0.21
0.46
0.13
0.08
6.14
0.07
0.10
0.27
0.52
1.39
0.67
0.05
0.08
0.12
0.05
0.37
0.58
0.14
0.15
1.51
0.08
0.26
0.09
0.39
0.09
0.12
0.07
0.31
0.09
0.30
0.24
0.55
0.14
0.09
6.14
0.08
0.10
0.26
0.57
1.49
0.68
0.06
0.08
0.13
0.05
0.38
0.58
0.14
0.16
1.51
0.08
0.30
0.11
0.39
0.10
0.14
0.08
0.32
0.11
0.31
Vol
64,799,500
29,086,600
24,883,100
24,493,900
11,205,000
10,287,500
9,582,200
9,169,200
5,318,200
3,616,600
2,786,500
2,631,600
2,410,100
2,102,700
1,695,000
1,338,600
1,310,800
1,309,000
1,296,900
1,218,000
1,179,700
1,166,100
1,111,500
1,053,000
1,002,000
879,100
872,200
754,600
751,300
693,800
20-day avg vol
30,081,380
15,943,620
20,518,000
1,941,670
8,283,095
6,123,045
630,520
29,208,860
1,729,705
1,215,760
6,997,955
726,150
1,055,515
3,052,055
4,164,830
681,400
1,368,235
2,451,975
2,003,045
1,720,735
5,133,785
2,349,370
681,105
1,509,340
665,700
3,765,960
6,509,525
686,975
3,505,870
2,084,190
Raw data sourced from Bloomberg
*Note: To qualify in this list above, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second
criteria that trading volume for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they
are laggards with good upside potential towards the upper Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range
bound and trade sideways, hence traders should refer to their respective charts to spot accumulation (volume growth) or breakout patterns.
INTERPRETATION OF TECHNICAL INDICATORS:
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The mediumterm trend is positive if share price stays above the 30-day, and negative if it remains below this average.
14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day
SMA should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and
imply further near-term downside risk.
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish
trend, traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie.
Buy when price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band,
and sell when price breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful
observation when projecting price targets.
Page 1 of 2
TA Securities
A Member of the TA Group
*Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that
trading volume for the day must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum
traders that a highly overbought 14-day RSI reading (> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy
breakout trades.
[UPPER BOLLINGER BREAKOUT]
Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide)
No
Stock Name
Price
19
SANICHI TECHNOLO
ETI TECH CORP
POLY GLASS FIBRE
ISKANDAR WATERFR
LION DIVERSIFIED
ADV PACKAGIN (M)
LION FOREST INDU
COMINTEL CORP BH
XIDELANG HOLDING
MALAYSIAN BULK
ECOFIRST CONSOLI
SELANGOR DREDG
GOPENG BHD
GPA HOLDINGS BHD
KLUANG RUBBER CO
BORNEO AQUA HARV
CONNECTCOUNTY
SP SETIA BHD
GUOCOLAND MALAYS
20
TIONG NAM LOGIST
0.10
0.08
0.44
1.45
0.15
2.20
0.80
0.22
0.12
1.39
0.31
0.99
0.87
0.10
3.30
0.91
0.21
3.64
1.36
1.23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Bollinger Band
RSI
Moving Average
Lower
Middle
Upper
14-day
10-day
30-day
50-day
0.08
0.05
0.31
1.11
0.07
1.86
0.71
0.17
0.09
1.10
0.29
0.93
0.80
0.08
2.77
0.85
0.16
3.19
1.12
1.04
0.09
0.06
0.37
1.23
0.10
2.03
0.75
0.19
0.10
1.21
0.30
0.96
0.83
0.08
3.00
0.88
0.18
3.37
1.23
1.11
0.10
0.07
0.43
1.35
0.13
2.19
0.80
0.21
0.11
1.32
0.31
0.99
0.86
0.09
3.22
0.90
0.20
3.55
1.34
1.19
58.35
65.97
61.52
73.62
79.18
61.74
56.51
60.32
63.17
67.87
56.77
55.99
74.06
61.65
61.69
57.71
70.32
80.38
63.06
72.14
0.09
0.06
0.35
1.19
0.10
2.08
0.76
0.19
0.10
1.20
0.30
0.96
0.83
0.09
3.04
0.87
0.18
3.39
1.25
1.12
0.09
0.06
0.39
1.21
0.10
2.08
0.77
0.20
0.10
1.18
0.30
0.95
0.82
0.08
3.04
0.88
0.17
3.32
1.20
1.07
0.09
0.06
0.41
1.26
0.10
2.12
0.80
0.20
0.11
1.26
0.31
0.97
0.80
0.09
3.22
0.91
0.16
3.29
1.29
1.07
Vol
74,435,900
37,135,300
17,000
2,956,100
3,268,500
3,000
264,400
736,400
7,608,500
5,253,600
3,024,700
115,500
101,000
5,098,600
16,600
708,400
20,666,500
2,774,700
699,200
1,024,800
20-day avg vol
3,773,320
2,105,855
1,255
227,310
285,065
325
30,395
97,670
1,065,580
761,865
439,120
16,855
14,850
801,925
2,615
119,725
5,358,435
815,840
220,205
327,415
Raw data sourced from Bloomberg
*Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest
distance from the lower band at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the
falling lower Bollinger Band, which can be a good buy signal for technical rebound upside after the sharp sell-off.
[LOWER BOLLINGER BREAKDOWN]
Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide)
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Stock Name
Price
RAPID SYNERGY
METROD
SKB SHUTTERS
FIMA CORP BHD
MALAYSIAN GENOMI
SCIENTEX BHD
TEO GUAN LEE COR
MICROLINK SOLUT
AUTOAIR HLDGS
LAY HONG BHD
NOMAD GROUP/THE
BERTAM ALLIANCE
NETX HOLDINGS BH
SENTORIA GROUP
CME GROUP BHD
HUBLINE BHD
GLOBALTEC FORMAT
TADMAX RESOURCES
HUNZA PROPERTIES
ATLAN HLDG BHD
5.90
1.79
0.44
2.30
0.38
6.78
1.50
0.55
0.09
3.40
0.93
0.64
0.06
1.10
0.06
0.04
0.06
0.34
1.85
4.70
Bollinger Band
RSI
Moving Average
Lower
Middle
Upper
14-day
10-day
30-day
50-day
5.98
1.85
0.46
2.32
0.40
6.80
1.52
0.56
0.10
3.40
0.93
0.64
0.05
1.10
0.06
0.04
0.06
0.34
1.85
4.70
6.12
1.99
0.58
2.39
0.45
7.00
1.59
0.63
0.13
3.42
0.93
0.67
0.06
1.18
0.06
0.04
0.06
0.35
1.87
4.70
6.26
2.13
0.69
2.46
0.50
7.21
1.67
0.69
0.17
3.44
0.93
0.70
0.07
1.27
0.07
0.04
0.07
0.35
1.90
4.70
16.79
32.61
31.31
40.46
39.31
34.73
33.19
34.90
35.86
41.27
48.21
38.03
39.02
34.82
43.83
49.52
44.86
43.01
40.66
42.20
6.11
2.00
0.57
2.38
0.45
6.95
1.57
0.61
0.13
3.42
0.93
0.67
0.06
1.16
0.06
0.04
0.06
0.35
1.87
4.70
6.13
1.99
0.60
2.38
0.45
7.03
1.60
0.63
0.14
3.43
0.93
0.71
0.06
1.22
0.06
0.04
0.06
0.35
1.88
4.71
6.13
1.95
0.60
2.47
0.43
7.14
1.62
0.66
0.14
3.44
0.93
0.76
0.06
1.29
0.07
0.04
0.07
0.36
1.89
4.78
Vol
4,200
400
1,000
114,900
300
97,100
5,000
1,800
4,000
9,800
13,400
5,000
10,000
209,600
630,000
24,826,600
1,059,000
46,000
9,600
4,200
20-day avg vol
8,555
8,000
50
70,365
120
181,200
700
90
100
10,640
7,580
20,870
1,112,005
125,775
1,779,625
44,350,600
5,107,020
76,560
97,260
970
Raw data sourced from Bloomberg
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 2 of 2
Wednesday, 21 January, 2015
For Internal Circulation Only
TA RESEARCH’S ‘DAILY COMPILED FOREIGN TECHNICAL REPORTS’
Asian Technical Reports
a. Foreign Technical Stock Watch (AUS)
b. Foreign Technical Stock Watch (HK)
c. Foreign Technical Stock Watch (FSSTI)
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change
without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising
from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Foreign Technical Stock Watch
Australia
ASX: 5,307.67 (-1.47, -0.03%)
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Stock
Name
ASX 200
BHP BILLITON
RIO TINTO
COMMONW BK AUSTR
WESTPAC BANKING
AUST AND NZ BANK
NATL AUST BANK
SINGAP TELEC-CDI
WESFARMERS
WOODSIDE PETRO
NEWCREST MINING
WESTFIELD GROUP
FORTESCUE METALS
QBE INSURANCE
ORIGIN ENERGY
AMP
SANTOS
MACQUARIE GROUP
SUNCORP GROUP
ORICA
OIL SEARCH
COCA-COLA AMATIL
AMCOR
STOCKLAND
ALUMINA
COMPUTERSHARE
ASCIANO
QANTAS AIRWAYS
SIMS METAL MGMT
CENTAURUS METALS
CITIGOLD CORP
DRILLSEARCH ENERGY
GINDALBIE METALS
KANGAROO RESOURCES
LYNAS CORP
SOVEREIGN GOLD
TIARO COAL
Tel: +603-2167 9607
[email protected]
Close
Bollinger Bands
RSI
Moving Averages
DMI
Change High Low
20-Jan
Lower Mid Upper 14d
10d
30d
50d
DI + DI ADX
Diff
5307.67
-1.47 5313.90 5282.40 5282.46 5386.88 5491.29 44.88 5362.90 5338.29 5357.74 26.63 32.01 15.21 (5.38)
27.48
53.69
83.50
32.89
31.51
33.56
3.59
42.57
32.25
13.20
9.03
2.33
10.53
10.42
5.30
7.39
59.80
13.85
17.34
7.48
9.14
12.54
4.15
1.84
11.53
5.82
2.27
10.75
0.06
0.02
0.74
0.02
0.01
0.05
0.01
0.01
-0.23
-0.47
0.40
0.26
0.23
0.24
0.01
0.09
-1.92
0.23
-0.12
0.05
-0.01
-0.18
-0.01
-0.15
1.55
0.00
-0.19
-0.01
-0.03
-0.19
-0.01
0.04
-0.20
0.01
0.02
0.14
-0.01
0.00
-0.02
0.00
0.00
0.00
0.00
0.00
27.95
54.38
83.84
32.96
31.61
33.64
3.60
42.57
33.95
13.25
9.10
2.37
10.64
10.56
5.33
7.51
60.25
13.90
17.62
7.69
9.15
12.69
4.19
1.85
11.70
5.82
2.28
10.86
0.07
0.02
0.75
0.02
0.01
0.05
0.01
0.01
27.16
53.29
83.04
32.54
31.22
33.29
3.56
42.16
32.25
12.85
9.00
2.25
10.44
10.35
5.24
7.30
58.70
13.75
17.30
7.46
9.09
12.41
4.11
1.77
11.48
5.74
2.22
10.53
0.06
0.02
0.73
0.02
0.01
0.05
0.01
0.01
26.72
53.43
82.97
32.46
31.25
32.87
3.53
41.24
33.18
9.97
8.88
2.22
10.47
10.33
5.29
6.92
55.61
13.74
17.17
6.88
9.06
12.68
4.10
1.73
11.45
5.78
2.23
10.62
0.05
0.01
0.68
0.02
0.01
0.05
0.00
0.00
28.54
56.86
84.90
33.00
31.89
33.51
3.60
42.08
36.63
11.72
9.27
2.60
10.98
11.28
5.48
7.82
57.72
14.00
18.46
7.55
9.21
13.30
4.18
1.84
11.87
5.98
2.41
11.54
0.06
0.02
0.77
0.02
0.01
0.06
0.01
0.01
30.36
60.29
86.83
33.54
32.53
34.15
3.66
42.93
40.07
13.47
9.65
2.98
11.50
12.22
5.66
8.72
59.84
14.26
19.74
8.22
9.37
13.92
4.25
1.94
12.29
6.19
2.60
12.45
0.08
0.02
0.87
0.02
0.01
0.07
0.02
0.01
40.25
37.68
47.27
49.90
45.43
54.74
51.15
55.83
28.01
70.54
48.17
37.92
40.23
33.41
38.98
36.98
60.25
43.33
39.05
48.81
48.67
35.81
48.69
53.01
43.64
43.01
45.41
38.73
47.83
51.54
42.49
42.31
34.20
36.23
32.45
35.73
27.85
56.28
84.49
32.98
31.76
33.66
3.58
42.33
35.24
12.47
9.35
2.50
10.83
10.89
5.42
7.42
57.25
14.00
17.94
7.26
9.19
13.07
4.16
1.86
11.95
5.92
2.41
11.17
0.07
0.02
0.73
0.02
0.01
0.06
0.01
0.01
28.61
56.21
83.85
32.75
31.69
33.02
3.61
41.87
36.12
11.32
9.10
2.57
10.94
11.17
5.46
7.76
57.97
13.95
18.20
7.48
9.12
13.17
4.16
1.78
11.67
5.88
2.38
11.37
0.06
0.02
0.77
0.02
0.01
0.06
0.01
0.01
30.11
57.22
82.79
32.84
31.85
32.82
3.56
42.18
37.05
10.67
8.74
2.69
11.01
11.97
5.56
9.22
58.64
14.19
18.49
7.79
9.17
12.77
4.16
1.75
11.62
5.94
2.16
11.08
0.06
0.02
0.88
0.02
0.01
0.06
0.02
0.04
24.18
24.56
24.29
22.81
20.99
25.22
17.80
23.56
14.95
43.63
22.66
15.88
19.34
18.36
17.42
22.68
35.05
21.30
18.19
30.32
20.24
12.59
17.78
23.44
20.39
22.66
22.87
14.76
45.32
34.13
20.76
25.81
38.65
17.36
16.52
28.40
39.23
40.48
24.24
24.16
25.58
23.38
18.29
16.83
42.14
17.12
21.64
31.83
33.95
42.03
27.50
35.10
27.53
32.05
29.42
26.59
19.71
32.69
17.16
24.87
25.17
26.34
27.83
31.86
38.03
23.02
31.69
20.84
42.20
29.77
54.00
58.64
28.81
16.02
19.35
11.28
13.64
12.41
12.94
16.06
24.94
36.69
34.43
23.25
15.18
33.24
15.63
34.43
24.58
15.55
20.20
17.83
11.14
22.50
10.44
18.55
17.52
19.20
35.19
23.55
21.08
18.61
29.19
29.96
17.58
21.84
47.89
42.29
(15.05)
(15.93)
0.05
(1.34)
(4.59)
1.84
(0.49)
6.73
(27.19)
26.51
1.02
(15.95)
(14.61)
(23.66)
(10.08)
(12.41)
7.52
(10.75)
(11.24)
3.73
0.53
(20.10)
0.63
(1.43)
(4.79)
(3.67)
(4.96)
(17.10)
7.29
11.11
(10.92)
4.97
(3.55)
(12.41)
(37.48)
(30.23)
www.taonline.com.my
MACD
Line Signal Diff
-4.65 7.87 (12.514)
-0.73
-0.69
0.30
0.03
-0.09
0.22
0.00
0.19
-0.88
0.67
0.13
-0.11
-0.12
-0.37
-0.05
-0.46
-0.28
-0.05
-0.27
-0.14
0.02
-0.01
0.00
0.03
0.07
-0.02
0.04
-0.10
0.00
0.00
-0.04
0.00
0.00
0.00
0.00
-0.01
-0.70
-0.24
0.71
0.06
-0.02
0.26
0.01
0.10
-0.45
0.55
0.21
-0.07
-0.05
-0.33
-0.03
-0.55
-0.45
-0.04
-0.12
-0.15
0.03
0.13
0.00
0.04
0.11
0.00
0.09
0.05
0.00
0.00
-0.04
0.00
0.00
0.00
0.00
-0.01
(0.031)
(0.446)
(0.409)
(0.028)
(0.066)
(0.039)
(0.007)
0.090
(0.425)
0.119
(0.077)
(0.037)
(0.067)
(0.047)
(0.020)
0.085
0.163
(0.007)
(0.150)
0.015
(0.013)
(0.140)
(0.004)
(0.009)
(0.040)
(0.026)
(0.047)
(0.149)
0.001
0.000
0.006
0.000
(0.000)
(0.001)
0.000
0.002
DMI MACD
Recent Signal
SELL
SELL
SELL
SELL
BUY
SELL
SELL
BUY
SELL
BUY
SELL
BUY
BUY
SELL
SELL
SELL
SELL
SELL
BUY
SELL
SELL
BUY
BUY
SELL
BUY
SELL
SELL
SELL
SELL
SELL
BUY
BUY
SELL
BUY
SELL
SELL
SELL
SELL
SELL
SELL
SELL
SELL
SELL
SELL
SELL
BUY
SELL
BUY
SELL
SELL
SELL
SELL
SELL
BUY
BUY
SELL
SELL
BUY
SELL
SELL
SELL
SELL
SELL
SELL
SELL
SELL
BUY
BUY
BUY
BUY
SELL
SELL
BUY
BUY
DMI MACD
Signal Change
BUY
BUY
SELL
-
The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending
order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section.
The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals
while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash.
Page 1 of 3
TA Securities
A Member of the TA Group
Daily Money Flow of Foreign Technical Stock Picks
Australia
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
www.taonline.com.my
(B)
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
(A)
14-Jan
Prv. Chg
Cur. Chg
ASX 200
(10.1)
(3.7)
(11.6)
(28.8)
0.7
(53.3)
(17.2)
29.5
5,329.5
5,331.4
5,299.2
5,309.1
5,307.7
(1.47) IN
1 BHP BILLITON
2 RIO TINTO
(1.6)
(1.8)
(0.3)
1.7
0.5
(2.8)
(2.3)
(2.0)
0.5
(0.8)
(3.1)
(5.7)
(2.8)
0.7
2.8
1.3
27.20
55.54
26.90
54.18
27.05
53.89
27.71
54.16
27.48
53.69
3 COMMONW BK AUSTR
4 WESTPAC BANKING
1.5
(7.1)
(2.7)
(5.4)
(2.6)
(1.3)
(2.7)
(2.8)
4.0
0.3
83.57
0.2
(2.5)
(15.1)
(7.1)
83.51
(3.9)
(0.9)
(1.4)
(2.3)
83.68
1.4
(1.8)
(1.6)
0.0
(0.4)
(0.1)
(1.5)
(0.0)
(2.2)
(0.0)
1.3
(0.6)
0.3
(0.2)
32.76
31.26
83.50
32.89
(7.5)
(8.1)
32.79
31.50
83.10
32.63
(1.0)
(2.4)
33.13
31.67
(0.23) IN
(0.47) IN
0.40 IN
0.26 OUT
(1.2)
(4.6)
1.1
(0.5)
(0.5)
(2.3)
(0.4)
(2.9)
0.0
0.1
(0.1)
(1.0)
33.37
3.55
31.51
33.56
(0.2)
(2.4)
33.52
3.59
31.28
33.32
(0.1)
(1.4)
33.71
3.64
0.2
0.9
2.3
2.2
1.9
1.5
0.5
(0.3)
(0.6)
(1.3)
6.3
1.1
42.62
34.16
3.59
42.57
(6.8)
6.6
42.60
35.06
3.58
42.48
3.4
1.7
42.16
35.54
1.5
(1.2)
0.7
(0.9)
0.2
0.5
(0.5)
(1.7)
(1.8)
(0.7)
(0.7)
1.3
12.97
9.06
32.25
13.20
3.4
2.7
12.14
9.20
34.17
12.97
(1.0)
0.8
12.44
9.36
(0.9)
0.1
(0.2)
0.1
1.4
(0.3)
(0.7)
(1.3)
(2.2)
(2.1)
1.5
2.4
2.31
10.38
9.03
2.33
(3.4)
1.4
2.27
10.77
9.15
2.28
(0.2)
1.7
2.34
10.72
(2.2)
(0.9)
0.5
0.3
(1.1)
(1.2)
(1.3)
(4.1)
(1.0)
(0.3)
1.0
0.8
10.49
5.30
10.53
10.42
(1.6)
(4.6)
10.64
5.38
10.54
10.60
(0.3)
(0.5)
10.92
5.41
(0.4)
(0.1)
0.5
(0.2)
(0.7)
0.1
(0.6)
0.2
(2.9)
0.1
8.1
(0.1)
7.49
55.29
5.30
7.39
(1.9)
(1.9)
7.48
55.85
5.31
7.54
4.0
(0.7)
7.36
55.92
0.1
1.6
0.7
(0.1)
(0.4)
(2.4)
(2.4)
1.4
0.1
(2.0)
(0.3)
2.6
13.82
17.22
59.80
13.85
(0.1)
(1.9)
13.95
17.54
58.25
13.85
(0.1)
0.2
14.03
17.90
0.1
0.5
0.4
0.1
(0.3)
0.4
3.8
(0.7)
0.1
0.2
7.14
12.73
(0.8)
0.7
2.0
(0.8)
7.21
13.14
17.34
7.48
1.5
(0.1)
7.20
13.25
17.53
7.49
(0.3)
(0.2)
0.1
0.1
0.1
0.6
0.4
(0.3)
0.2
0.3
(0.8)
(0.5)
4.13
1.75
12.54
4.15
1.3
0.3
4.13
1.83
12.73
4.16
(0.4)
(0.0)
4.17
1.96
1.1
(0.0)
(0.3)
0.2
(0.6)
(0.2)
0.3
0.4
(1.0)
1.0
0.1
(0.5)
11.81
5.77
1.84
11.53
(0.1)
0.4
12.13
5.84
1.80
11.73
(0.3)
(0.2)
12.02
5.88
(0.0)
0.0
(0.0)
0.0
0.0
0.0
0.0
0.0
0.5
0.0
(0.2)
0.0
2.31
10.88
5.82
2.27
0.6
(0.0)
2.36
11.00
5.81
2.25
0.2
0.0
2.44
11.15
(0.0)
0.0
(0.0)
0.0
(0.2)
0.0
(0.0)
0.0
0.0
0.2
0.0
0.1
0.07
0.02
10.75
0.06
0.0
(0.3)
0.07
0.02
10.61
0.07
0.0
0.0
0.07
0.02
0.0
(0.0)
0.0
0.0
0.0
(0.0)
0.0
(0.0)
0.0
0.0
0.0
0.0
0.73
0.02
0.02
0.74
0.0
0.0
0.75
0.02
0.02
0.75
0.0
0.0
0.72
0.02
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.00
0.06
0.02
0.00
(0.0)
0.0
0.01
0.06
0.02
0.00
(0.0)
0.0
0.01
0.06
0.0
0.0
0.01
0.01
0.05
0.01
0.0
0.01
0.01
0.05
0.01
0.0
0.01
0.01
(0.00) OUT
0.00 OUT
(0.00) OUT
0.00 OUT
0.01
0.01
0.00 OUT
No
Name
5 AUST AND NZ BANK
6 NATL AUST BANK
7 SINGAP TELEC-CDI
8 WESFARMERS
9 WOODSIDE PETRO
10 NEWCREST MINING
11 WESTFIELD GROUP
12 FORTESCUE METALS
13 QBE INSURANCE
14 ORIGIN ENERGY
15 AMP
16 SANTOS
17 MACQUARIE GROUP
18 SUNCORP GROUP
19 ORICA
20 OIL SEARCH
22 AMCOR
23 STOCKLAND
24 ALUMINA
25 COMPUTERSHARE
26 ASCIANO
27 QANTAS AIRWAYS
28 SIMS METAL MGMT
29 CENTAURUS METALS
30 CITIGOLD CORP
31 DRILLSEARCH ENERGY
32 GINDALBIE METALS
33 KANGAROO RESOURCES
34 LYNAS CORP
35 SOVEREIGN GOLD
36 TIARO COAL
Total Money Flow (AUD' mn)
[email protected]
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
(A+B)
DMF
Chg
0.23 IN
0.24 OUT
0.01 OUT
0.09 OUT
(1.92) IN
0.23 OUT
(0.12) OUT
0.05 IN
(0.01) OUT
(0.18) IN
(0.01) IN
(0.15) IN
1.55
0.00
IN
IN
(0.19) OUT
(0.01) IN
(0.19) IN
(0.01) OUT
0.03 OUT
(0.20) OUT
0.01 OUT
0.02 IN
0.14 IN
(0.01) OUT
(0.00) OUT
(0.02) IN
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the
stock price.
Page 2 of 3
TA Securities
A Member of the TA Group
INTERPRETATION OF TECHNICAL INDICATORS:
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy
when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band and sell
when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.
14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day
moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if
share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken
if it breaches below this level.
Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.
Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA) and the
MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD diff rises
above zero, and SELL signal sparked when the MACD diff value falls below zero.
Fundamentals of Foreign Technical Picks
Bloomberg Ticker Stock Name
BHP AU BHP BILLITON LTD
RIO AU RIO TINTO LTD
CBA AU COMMONW BK AUSTR
WBC AU WESTPAC BANKING
ANZ AU AUST AND NZ BANK
NAB AU NATL AUST BANK
SGT AU SINGAP TELEC-CDI
WES AU WESFARMERS LTD
WPL AU WOODSIDE PETRO
NCM AU NEWCREST MINING
WFD AU WESTFIELD GROUP
FMG AU FORTESCUE METALS
QBE AU QBE INSURANCE
ORG AU ORIGIN ENERGY
AMP AU AMP LTD
STO AU SANTOS LTD
MQG AU MACQUARIE GROUP
SUN AU SUNCORP GROUP LT
ORI AU ORICA LTD
OSH AU OIL SEARCH LTD
CCL AU COCA-COLA AMATIL
AMC AU AMCOR LTD
SGP AU STOCKLAND
AWC AU ALUMINA LTD
CPU AU COMPUTERSHARE LT
AIO AU ASCIANO LTD
QAN AU QANTAS AIRWAYS
SGM AU SIMS METAL MGMT
CTM AU CENTAURUS METALS LTD
CTO AU CITIGOLD CORP LTD
DLS AU DRILLSEARCH ENERGY LTD
GBG AU GINDALBIE METALS LTD
KRL AU KANGAROO RESOURCES LTD
LYC AU LYNAS CORP LTD
SOC AU SOVEREIGN GOLD CO LTD
TCM AU TIARO COAL LTD
19%
20%
-1%
4%
9%
7%
5%
4%
13%
-15%
-3%
23%
12%
23%
8%
35%
8%
4%
14%
19%
-1%
1%
3%
9%
10%
15%
22%
17%
2015
1.74
4.79
5.55
2.51
2.66
2.76
0.24
2.18
2.95
0.44
0.45
0.22
0.68
0.66
0.35
0.54
4.38
1.05
1.59
0.34
0.50
0.67
0.26
0.02
0.62
0.41
0.19
0.63
2016
1.64
3.83
5.73
2.60
2.79
2.88
0.25
2.44
1.52
0.76
0.44
0.21
0.87
0.85
0.37
0.36
4.63
1.10
1.69
0.29
0.52
0.72
0.28
0.10
0.67
0.47
0.32
0.89
2015
12.9
9.2
15.1
13.1
11.8
12.2
16.7
19.6
8.9
30.1
20.3
8.5
12.7
15.9
15.4
13.6
13.7
13.3
10.9
18.2
18.3
18.7
16.1
N/A
15.2
14.1
N/A
17.1
2016
13.7
11.5
14.6
12.7
11.3
11.7
15.8
17.4
17.4
17.3
20.5
9.3
9.9
12.3
14.2
20.4
12.9
12.6
10.3
20.9
17.6
17.4
15.1
N/A
14.1
12.3
N/A
12.1
Div Yield(%)
2015
2016
4.603
4.778
3.917
4.204
5.044
5.260
5.768
5.993
5.881
6.144
6.126
6.335
4.847
5.042
5.217
5.330
7.451
3.777
0.008
0.515
3.079
3.289
2.918
3.391
3.267
4.245
4.808
5.384
4.906
5.358
4.912
4.533
5.099
5.463
7.090
6.614
5.346
5.721
1.471
1.751
4.759
4.858
3.852
4.107
5.783
5.855
0.981
4.632
2.463
2.663
3.213
4.519
0.000
0.000
2.726
3.823
52week Price
High
Low
39.79
26.50
71.30
51.99
86.65
72.14
35.99
30.00
35.07
28.84
36.00
31.33
3.71
3.00
45.48
39.38
44.23
32.25
13.34
8.51
9.80
6.11
6.23
2.25
13.23
10.13
16.21
10.28
5.96
4.11
15.32
6.96
62.49
52.51
15.08
11.55
24.67
16.87
9.88
6.87
12.33
8.19
13.78
9.88
4.30
3.59
2.01
1.14
13.17
10.78
6.61
5.13
2.65
1.03
12.30
9.15
% Chg
YTD
-6.44
-7.43
-2.51
-0.81
-1.81
-0.12
-0.83
2.04
-15.15
21.21
0.11
-14.96
-6.07
-10.71
-3.64
-10.42
2.59
-1.49
-8.50
-5.20
-1.93
-7.66
0.73
2.23
-2.29
-3.80
-5.42
-10.64
N/A
N/A
40%
N/A
N/A
74%
N/A
N/A
N/A
N/A
0.10
N/A
N/A
-0.02
N/A
N/A
0.00
N/A
0.10
N/A
N/A
0.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A
54.8
N/A
N/A
N/A
N/A
7.3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.000
N/A
N/A
0.20
0.05
1.74
0.11
0.02
0.34
0.17
0.17
19.61
6.67
-9.26
0.00
-16.67
-25.00
-14.29
60.00
Close
Target Price
% upside
27.48
53.69
83.50
32.89
31.51
33.56
3.59
42.57
32.25
13.20
9.03
2.33
10.53
10.42
5.30
7.39
59.80
13.85
17.34
7.48
9.14
12.54
4.15
1.84
11.53
5.82
2.27
10.75
33.96
66.82
82.72
34.39
34.53
36.02
3.80
44.44
36.91
11.44
8.74
3.04
12.01
13.50
5.78
11.28
65.35
14.39
20.11
9.24
9.06
12.62
4.28
2.02
12.79
6.85
2.92
12.93
0.06
0.02
0.74
0.02
0.01
0.05
0.01
0.01
N/A
N/A
1.23
N/A
N/A
0.20
N/A
N/A
EPS ($)
PER(x)
0.000
N/A
N/A
N/A
N/A
0.000
N/A
N/A
0.05
0.01
0.65
0.02
0.01
0.04
0.00
0.01
Note : The above data is based on Bloomberg consensus.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 3 of 3
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
Foreign Technical Stock Watch
Hong Kong
HSI: 23,951.16 (+212.67, +0.90%)
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Stock
Close
Name
20-Jan
HANG SENG
23,951.16
HSBC
CH MOBILE
CCONB
ICBC
CNOOC
CH LIFE
BOC
SHK PROP
PETRO CH
TENCENT
HKSE
CH KONG
HUTCHISON
PING AN
SINOPEC CORP
CH SHENHUA
CLP
LI & FUNG
BOC HK
HS BANK
HK&CH GAS
SWIRE
HL PROP
WHARF
CH OV LAND
POWER ASSETS
BELLE
HENDERSON
BOCOMM
CH COAL
CH UNICOM
BK EASIA
ESPRIT
MTR
SINO LAND
CH RES
NEW WORLD
CH RES LAND
CH MERCHANT
CH RES POWER
ALCORP
CATHAY
CITIC
COSCO
FIH MOBILE LTD
GENHK
70.20
98.15
6.25
5.58
10.54
30.85
4.29
120.50
8.55
124.10
176.30
141.00
98.05
83.60
6.11
21.60
68.65
7.24
26.15
131.00
17.82
103.40
21.15
59.35
23.95
78.05
9.10
53.20
6.48
4.45
11.78
30.90
8.69
33.55
12.30
15.92
8.92
20.40
26.05
20.40
3.74
16.96
13.52
11.14
3.54
2.81
Change
Tel: +603-2167 9607
High
Lower
212.67
0.25
1.15
0.11
0.13
(0.02)
1.25
0.11
0.90
0.05
1.10
1.60
0.70
0.55
2.40
0.05
0.20
0.15
(0.01)
0.05
0.30
(0.08)
0.10
(0.05)
0.10
0.25
(0.90)
(0.04)
0.75
0.13
0.06
0.14
0.10
0.06
0.30
(0.04)
0.38
0.03
0.35
0.30
(0.15)
0.05
0.04
0.20
0.14
(0.01)
0.02
RSI
Bollinger Bands
Low
Mid
[email protected]
Upper
14d
Moving Averages
10d
30d
www.taonline.com.my
DMI
50d
DI +
DMI
MACD
DI -
ADX
Diff
Line
Signal
Diff
MACD
Recent Signal
DMI
MACD
Signal Change
23,997.31
23,747.92
23,120.40
23,754.40
24,388.40
53.65
23,993.59
23,594.22
23,651.71 25.45
23.74
16.08
1.72
148.03
124.24 23.796
BUY
BUY
-
-
70.50
98.45
6.26
5.59
10.58
30.90
4.30
122.00
8.61
124.80
178.30
141.20
98.15
84.85
6.16
21.85
68.80
7.26
26.30
131.40
17.98
103.40
21.35
60.00
24.10
78.50
9.24
53.45
6.54
4.48
11.80
31.05
8.74
33.75
12.50
16.02
9.00
20.65
26.20
20.45
3.79
17.00
14.10
11.40
3.57
2.81
69.90
96.60
6.14
5.46
10.42
29.75
4.20
119.00
8.45
123.30
174.00
139.00
96.75
81.35
6.05
21.30
67.65
7.17
25.85
129.40
17.74
102.10
21.10
59.00
23.45
77.30
9.00
52.70
6.39
4.38
11.62
30.70
8.65
33.15
12.28
15.50
8.90
19.74
25.60
20.05
3.67
16.80
13.42
10.98
3.51
2.81
68.95
87.45
6.12
5.41
10.19
27.81
4.17
114.04
8.42
107.45
169.22
120.53
83.25
73.65
6.08
21.55
65.22
7.10
25.14
126.04
17.24
97.95
20.91
53.78
20.91
72.03
8.46
51.96
6.44
4.41
9.93
30.28
8.56
30.88
12.12
15.41
8.69
18.63
25.24
19.43
3.39
16.16
13.06
10.82
3.38
2.62
72.26
93.47
6.36
5.64
10.49
30.03
4.36
118.66
8.66
119.77
175.30
133.54
92.23
80.90
6.23
22.77
67.06
7.24
25.90
128.79
17.62
100.83
21.40
57.93
23.64
75.49
8.87
53.42
6.91
4.80
10.92
30.92
9.01
32.34
12.38
15.97
8.97
20.93
26.12
20.00
3.79
17.01
13.50
11.04
3.57
2.75
75.57
99.49
6.59
5.87
10.78
32.26
4.54
123.28
8.91
132.09
181.38
146.54
101.21
88.16
6.38
23.98
68.90
7.37
26.65
131.53
17.99
103.71
21.89
62.08
26.36
78.94
9.27
54.88
7.39
5.19
11.91
31.55
9.45
33.79
12.64
16.53
9.25
23.22
27.00
20.57
4.19
17.86
13.94
11.26
3.75
2.89
27.39
63.47
49.52
51.28
49.00
59.07
50.61
58.59
47.19
57.20
51.87
61.74
64.27
59.26
43.59
39.04
66.83
37.96
51.00
64.04
53.33
61.49
39.89
59.95
52.80
62.04
58.82
51.49
42.69
33.89
67.71
48.58
36.51
67.31
45.37
48.80
42.77
48.32
49.04
53.01
50.85
49.42
49.82
56.91
40.42
54.65
70.75
96.01
6.38
5.67
10.48
30.57
4.39
120.37
8.71
125.57
177.66
137.03
94.78
83.41
6.21
22.45
67.44
7.26
26.12
129.09
17.67
101.65
21.23
59.70
24.40
76.73
9.03
53.38
6.74
4.67
11.33
31.00
8.99
32.92
12.40
15.84
9.08
21.34
26.35
20.07
3.92
17.35
13.63
11.08
3.64
2.79
73.17
92.59
6.27
5.55
10.38
29.10
4.28
116.71
8.53
117.61
175.28
133.15
91.43
78.43
6.21
22.74
66.53
7.46
25.97
128.08
17.60
101.05
21.47
56.94
23.33
74.89
8.72
52.80
6.86
4.84
10.80
30.72
9.01
31.96
12.37
15.84
8.95
20.49
26.22
20.10
3.66
17.08
13.53
10.88
3.62
2.73
74.83
93.53
6.06
5.37
10.85
27.26
4.11
115.57
8.58
120.51
174.73
135.66
93.77
72.08
6.26
22.19
66.68
8.00
26.41
128.56
17.91
102.30
22.04
56.36
22.82
74.42
8.89
52.32
6.52
4.84
11.05
31.29
9.39
31.63
12.52
16.08
9.12
19.56
26.06
20.63
3.56
16.64
13.45
10.77
3.79
2.75
39.10
16.05
26.84
23.30
21.82
21.15
23.14
15.28
24.29
19.82
19.43
19.60
19.57
24.37
21.07
21.39
11.52
26.80
15.88
12.36
13.08
10.99
16.56
12.98
18.36
10.74
14.99
19.55
30.41
30.54
12.65
17.69
29.42
8.42
16.44
18.62
22.46
17.81
24.75
16.87
22.08
24.91
18.70
16.58
22.41
34.08
31.34
23.16
30.93
28.41
15.08
36.46
41.35
28.31
20.20
23.74
15.49
27.33
33.24
34.84
15.91
22.13
20.19
44.53
18.63
17.60
15.97
20.82
17.14
45.90
28.68
19.21
21.42
17.07
23.50
18.93
26.50
14.48
26.14
33.90
7.88
15.73
25.10
34.68
13.59
12.40
22.50
21.52
21.12
28.40
21.25
27.14
(21.08)
15.35
(7.90)
(4.43)
(0.72)
2.90
(7.43)
10.14
3.06
4.99
(0.84)
21.23
16.63
3.65
(2.17)
(5.27)
14.50
(13.12)
2.68
10.84
6.73
13.87
(4.57)
18.82
3.92
15.84
8.85
0.24
(14.66)
(18.17)
14.43
(2.69)
(15.63)
19.13
(2.85)
0.93
0.89
(0.59)
(3.84)
5.23
(0.42)
(3.40)
10.67
12.27
(1.61)
(14.84)
-1.39
1.51
0.07
0.07
-0.08
1.02
0.07
1.74
0.02
2.16
1.00
2.15
1.55
3.45
-0.03
-0.15
0.55
-0.19
0.03
0.67
-0.01
0.34
-0.23
1.21
0.48
1.16
0.11
0.30
0.00
-0.10
0.22
-0.02
-0.14
0.54
-0.02
-0.11
0.00
0.35
0.10
-0.07
0.09
0.18
0.04
0.11
-0.04
0.03
-1.30
0.79
0.11
0.10
-0.13
1.14
0.10
1.64
0.03
1.63
1.06
0.70
0.40
3.69
-0.02
0.07
0.33
-0.25
-0.05
0.28
-0.06
-0.16
-0.26
1.08
0.53
0.77
0.07
0.40
0.09
-0.05
0.08
-0.05
-0.12
0.42
-0.02
-0.11
-0.01
0.58
0.12
-0.20
0.12
0.22
0.05
0.12
-0.05
0.02
SELL
BUY
SELL
SELL
SELL
BUY
SELL
BUY
BUY
BUY
SELL
BUY
BUY
BUY
SELL
SELL
BUY
SELL
BUY
BUY
BUY
BUY
SELL
BUY
BUY
BUY
BUY
BUY
SELL
SELL
BUY
SELL
SELL
BUY
SELL
BUY
BUY
SELL
SELL
BUY
SELL
SELL
BUY
BUY
SELL
SELL
SELL
BUY
SELL
SELL
BUY
SELL
SELL
BUY
SELL
BUY
SELL
BUY
BUY
SELL
SELL
SELL
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
SELL
BUY
BUY
SELL
SELL
SELL
BUY
BUY
SELL
BUY
BUY
SELL
BUY
SELL
SELL
BUY
SELL
SELL
SELL
SELL
BUY
BUY
BUY
-
SELL
SELL
SELL
-
18.02
31.40
18.94
18.87
21.09
24.05
15.70
25.42
27.35
24.81
18.59
40.84
36.19
28.02
18.90
16.11
26.02
13.67
18.56
23.20
19.81
24.86
11.98
31.80
22.28
26.58
23.84
19.79
15.75
12.38
27.08
15.00
13.80
27.55
13.59
19.55
23.34
17.21
20.92
22.10
21.66
21.51
29.37
28.85
20.81
19.24
(0.082)
0.723
(0.041)
(0.034)
0.049
(0.122)
(0.032)
0.104
(0.005)
0.529
(0.056)
1.454
1.149
(0.240)
(0.010)
(0.224)
0.223
0.058
0.075
0.385
0.048
0.503
0.026
0.133
(0.047)
0.387
0.041
(0.107)
(0.088)
(0.055)
0.140
0.031
(0.018)
0.119
0.006
(0.004)
0.010
(0.236)
(0.017)
0.129
(0.030)
(0.038)
(0.010)
(0.011)
0.013
0.010
The table above consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending
order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom section.
The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals
while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash.
Page 1 of 3
TA Securities
A Member of the TA Group
Daily Money Flow of Foreign Technical Stock Picks
Hong Kong
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
No
Name
HANG SENG
1 HSBC
Tel: +603-2167 9607
Total Money Flow (HKD' mn)
[email protected]
www.taonline.com.my
(B)
19-Jan
20-Jan
Total
5D MF
(A)
16-Jan
Prv. Chg
Cur. Chg
308.1
57.6
(398.1)
260.0
347.3
(455.7)
658.0
24,137.6
24,350.9
24,103.5
23,738.5
23,951.2
38.1
22.6
3.6
9.0
81.6
(19.1)
5.5
70.85
70.60
70.20
69.95
70.20
14-Jan
15-Jan
119.7
8.3
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
2 CH MOBILE
(3.0)
31.2
(8.6)
28.5
5.2
53.3
37.0
(23.2)
96.50
97.95
97.85
97.00
98.15
3 CCONB
22.0
21.7
(20.0)
(44.9)
(0.1)
(21.3)
(25.0)
44.9
6.39
6.45
6.38
6.14
6.25
4 ICBC
5 CNOOC
21.7
5.9
(6.4)
(46.6)
5.45
39.9
47.3
(37.7)
75.8
10.38
30.55
10.46
31.65
10.42
31.75
10.56
29.60
5.58
10.54
6 CH LIFE
(5.8)
(35.8)
75.6
6.3
5.68
18.1
1.9
(40.2)
(23.9)
5.74
7.8
43.4
3.7
11.7
5.68
(9.1)
(2.1)
29.1
0.6
7 BOC
6.8
31.2
4.1
(106.2)
5.7
(58.6)
(110.3)
111.9
4.41
4.47
4.44
4.18
4.29
8 SHK PROP
12.6
(1.0)
(4.3)
(8.8)
(1.2)
(2.7)
(4.5)
7.7
121.20
122.20
121.30
119.60
120.50
9 PETRO CH
10 TENCENT
(3.4)
12.6
(3.6)
(2.9)
11.9
2.9
14.7
127.7
0.6
55.5
14.9
(60.1)
8.73
8.86
8.72
8.50
126.00
126.90
121.90
123.00
8.55
124.10
178.20
142.60
177.40
141.10
174.70
140.30
141.00
30.85
(A+B)
DMF
Chg
212.67
0.11
IN
0.13 IN
(0.02) OUT
1.25 IN
0.11 IN
0.90 IN
0.05 IN
1.10 OUT
1.60 IN
59.4
(5.1)
7.5
63.0
32.3
11.5
3.8
15.1
(28.3)
17.3
31.5
47.5
(32.1)
59.8
12 CH KONG
8.3
13.9
12.4
70.1
2.2
(4.8)
177.90
142.40
13 HUTCHISON
18.5
23.6
(12.7)
22.2
(0.4)
51.3
34.9
(22.6)
98.55
98.30
97.15
97.50
98.05
0.55
14 PING AN
(30.6)
35.2
65.3
(145.4)
102.2
26.8
(210.7)
247.6
83.35
86.65
88.30
81.20
83.60
2.40
9.2
(2.2)
22.6
(51.1)
6.06
12.9
(15.2)
13.3
18.1
22.40
67.75
22.35
67.95
21.90
68.15
21.40
68.50
6.11
21.60
17 CLP
16.7
(5.1)
57.1
(10.3)
6.19
9.9
(18.4)
(73.7)
6.7
6.28
17.1
(4.9)
(15.5)
53.0
6.23
2.9
0.3
6.0
6.4
18 LI & FUNG
(0.7)
(0.8)
(3.2)
(3.1)
3.1
(4.7)
0.1
6.2
7.33
7.36
7.22
7.25
7.24
19 BOC HK
2.6
(4.3)
(10.0)
2.6
(9.1)
(18.2)
12.6
(11.8)
26.20
26.60
26.45
26.10
26.15
20 HS BANK
2.1
4.7
(0.8)
1.0
(2.8)
4.2
1.8
(3.8)
129.90
130.80
130.60
130.70
131.00
17.82
103.40
11 HKSE
15 SINOPEC CORP
16 CH SHENHUA
1.8
1.5
(1.0)
1.5
6.2
(1.1)
(0.9)
(1.9)
(1.2)
(0.8)
(3.3)
2.3
0.5
6.3
2.5
(0.3)
(4.9)
3.6
23 HL PROP
(0.1)
(1.6)
(1.7)
(7.0)
1.1
24 WHARF
(2.7)
1.3
(3.3)
(1.5)
(1.4)
(7.6)
1.8
25 CH OV LAND
(5.7)
(1.2)
6.0
2.7
6.4
8.1
26 POWER ASSETS
27 BELLE
9.7
(0.2)
1.7
1.6
(0.8)
(1.6)
5.0
(1.4)
3.2
(0.8)
29 BOCOMM
2.4
(7.0)
1.0
3.2
(2.0)
1.9
(4.5)
(23.9)
30 CH COAL
(9.3)
1.0
(2.6)
31 CH UNICOM
6.0
(5.9)
32 BK EASIA
33 ESPRIT
(1.6)
34 MTR
21 HK&CH GAS
22 SWIRE
176.30
68.65
IN
0.25 OUT
1.15 IN
0.70 OUT
IN
IN
0.05 OUT
0.20 OUT
0.15 IN
(0.01) IN
0.05
IN
0.30 OUT
(0.08) OUT
0.10 IN
17.54
17.74
17.64
17.90
(0.9)
102.20
21.25
103.10
21.20
102.70
21.25
103.30
21.20
21.15
(0.05)
IN
0.2
60.55
60.95
60.10
59.25
59.35
0.10
IN
(3.3)
3.8
24.70
25.25
24.55
23.70
23.95
0.25
15.9
0.4
(0.0)
(6.4)
1.6
0.7
76.90
78.40
77.95
78.95
9.14
9.15
9.10
9.14
78.05
9.10
0.3
(2.8)
(2.5)
4.8
(27.4)
(25.8)
22.3
54.05
6.87
54.05
6.91
52.45
6.35
53.20
(1.6)
53.30
6.75
6.48
0.13 OUT
2.0
1.9
(7.0)
4.6
(0.0)
4.58
4.60
4.55
4.39
4.45
0.06
(6.6)
(18.9)
1.7
(23.8)
(12.4)
20.6
11.62
11.64
11.54
11.64
11.78
0.14
(0.3)
(0.7)
1.0
30.80
(0.6)
(0.4)
(0.7)
(0.2)
31.15
(0.2)
(1.0)
1.7
(0.4)
31.20
(0.6)
1.3
(1.2)
(3.1)
30.85
(1.0)
(3.5)
0.3
(0.8)
(2.3)
(6.0)
0.6
(1.9)
9.20
33.00
9.16
33.35
8.74
33.15
8.63
33.25
30.90
8.69
35 SINO LAND
1.9
2.7
(0.8)
0.4
(0.1)
4.1
1.3
(0.5)
12.42
12.50
12.50
12.34
12.30
36 CH RES
(0.5)
(0.5)
(1.3)
(0.3)
(0.8)
(3.4)
0.9
(0.4)
15.82
15.80
15.66
15.54
15.92
37 NEW WORLD
(3.5)
0.5
0.3
(5.9)
(3.1)
(11.7)
(6.2)
2.8
9.21
9.19
9.09
8.89
8.92
38 CH RES LAND
39 CH MERCHANT
1.6
(0.2)
(18.5)
(5.9)
10.0
2.0
20.05
(0.9)
(2.6)
1.5
(0.9)
26.65
19.86
27.10
20.15
26.55
20.35
25.75
20.55
20.40
26.05
40 CH RES POWER
(1.0)
0.0
12.7
(0.5)
20.70
(0.5)
(1.5)
(18.8)
(1.0)
21.55
(2.2)
0.8
4.1
1.1
21.15
1.7
(1.1)
0.38 IN
0.03 OUT
0.35 IN
0.30 IN
20.40
(0.15)
41 ALCORP
(1.8)
(2.3)
(0.7)
(6.6)
2.7
(8.6)
(6.0)
9.3
3.88
3.89
3.85
3.69
3.74
0.05
42 CATHAY
(1.0)
1.2
(0.8)
0.6
(0.9)
(0.9)
1.5
(1.6)
17.74
17.66
17.40
16.92
16.96
43
44
45
46
(2.7)
4.3
3.8
(3.3)
(10.4)
1.5
2.6
0.0
13.32
0.0
(2.3)
(0.0)
(7.1)
(0.3)
(2.2)
(0.0)
13.62
0.3
(0.1)
(0.0)
(11.6)
0.9
(1.0)
(0.0)
13.80
0.2
0.9
(0.0)
(13.7)
1.5
0.3
0.0
13.64
(1.1)
0.1
0.0
11.18
3.67
2.85
11.16
3.64
2.85
11.02
3.61
2.81
11.00
3.55
2.79
13.52
11.14
3.54
2.81
28 HENDERSON
CITIC
COSCO
FIH MOBILE
GENHK
33.55
IN
(0.90) IN
(0.04) OUT
0.75 IN
IN
IN
0.10 IN
0.06 OUT
0.30 OUT
(0.04) IN
IN
IN
0.04 OUT
0.20 OUT
0.14 IN
(0.01) IN
0.02 IN
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the
stock price.
Page 2 of 3
TA Securities
A Member of the TA Group
INTERPRETATION OF TECHNICAL INDICATORS:
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should
buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band
and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.
14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and
imply further near-term downside risk.
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive
if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed
broken if it breaches below this level.
Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger
the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.
Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA)
and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD
diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.
Fundamentals of Foreign Technical Picks
Bloomberg
Ticker
5
HK
941
HK
939
HK
1398
HK
883
HK
2628
HK
3988
HK
16
HK
857
HK
700
HK
388
HK
1
HK
13
HK
2318
HK
386
HK
1088
HK
2
HK
494
HK
2388
HK
11
HK
3
HK
19
HK
101
HK
4
HK
688
HK
6
HK
1880
HK
12
HK
3328
HK
1898
HK
762
HK
23
HK
330
HK
66
HK
83
HK
291
HK
17
HK
1109
HK
144
HK
836
HK
2600
HK
293
HK
267
HK
1199
HK
2038
HK
678
HK
Stock Name
HSBC
CH MOBILE
CCONB
ICBC
CNOOC
CH LIFE
BOC
SHK PROP
PETRO CH
TENCENT
HKSE
CH KONG
HUTCHISON
PING AN
SINOPEC CORP
CH SHENHUA
CLP
LI & FUNG
BOC HK
HS BANK
HK&CH GAS
SWIRE
HL PROP
WHARF
CH OV LAND
POWER ASSETS
BELLE
HENDERSON
BOCOMM
CH COAL
CH UNICOM
BK EASIA
ESPRIT
MTR
SINO LAND
CH RES
NEW WORLD
CH RES LAND
CH MERCHANT
CH RES POWER
ALCORP
CATHAY
CITIC
COSCO
FIH MOBILE LTD
GENHK
Close
Target
Price
% upside
70.60
97.95
6.45
5.74
10.46
31.65
4.47
122.20
8.86
126.90
178.20
142.60
98.30
86.65
6.28
22.35
67.95
7.36
26.60
130.80
17.74
103.10
21.20
60.95
25.25
78.40
9.15
54.05
6.87
4.60
11.64
31.20
9.16
33.35
12.50
15.80
9.19
21.55
27.10
20.15
3.89
17.66
13.80
11.16
3.64
2.85
84.43
103.77
7.35
6.63
11.75
30.51
4.78
128.64
9.60
148.80
189.54
164.17
116.80
89.41
6.82
25.02
62.80
9.57
29.44
136.86
17.45
107.00
24.58
64.38
27.50
79.88
9.67
54.27
6.54
4.28
13.32
33.39
11.67
33.40
14.35
19.16
10.56
24.33
32.09
24.49
3.18
18.35
14.25
12.83
4.75
3.11
16%
6%
12%
13%
11%
-4%
6%
5%
8%
15%
6%
13%
16%
3%
8%
11%
-8%
23%
10%
4%
-2%
4%
14%
5%
8%
2%
5%
0%
-5%
-7%
13%
7%
21%
0%
13%
18%
13%
11%
16%
18%
-22%
4%
3%
13%
23%
9%
EPS ($)
2015
0.9
5.4
0.9
0.8
1.2
1.2
0.6
7.8
0.7
2.6
4.4
15.2
8.4
4.7
0.5
2.0
4.2
0.1
2.3
8.8
0.7
7.0
1.6
3.9
2.8
4.2
0.5
3.1
0.9
0.1
0.5
2.8
0.2
1.8
0.9
0.2
0.8
1.9
1.7
2.5
-0.5
0.9
1.5
0.1
0.0
0.0
2016
0.9
5.5
1.0
0.8
0.9
1.4
0.6
8.3
0.5
3.4
5.9
14.7
8.1
5.1
0.4
2.0
4.3
0.1
2.6
9.7
0.8
7.5
1.4
4.4
3.3
4.2
0.6
3.2
0.9
0.1
0.6
2.8
0.3
1.9
0.9
0.3
0.9
2.3
1.8
2.7
-0.2
1.4
1.7
0.1
0.0
0.0
PER(x)
2015
10.3
14.4
5.6
5.8
7.2
20.4
6.0
15.6
10.6
39.6
40.5
9.4
11.7
14.9
9.3
9.0
16.2
15.3
11.4
14.9
25.4
14.7
13.6
15.6
9.0
18.8
13.5
17.3
6.3
58.3
17.1
11.3
N/A
18.8
14.1
73.5
11.0
11.1
16.1
8.0
N/A
20.5
9.4
12.7
N/A
19.3
2016
9.8
14.2
5.3
5.5
9.6
17.5
5.6
14.7
13.3
30.1
30.3
9.7
12.2
13.6
11.5
8.9
16.0
13.0
10.3
13.4
23.6
13.7
15.3
13.7
7.8
18.8
12.9
16.9
6.0
32.5
14.9
11.0
27.6
17.3
13.8
45.4
10.1
9.6
14.7
7.4
N/A
12.4
8.1
11.3
N/A
14.7
Div Yield(%)
2015
0.7
2.4
5.0
4.8
3.8
1.2
4.6
2.8
3.4
0.2
2.2
2.5
2.7
0.8
3.4
3.5
3.9
0.7
4.2
4.2
2.0
3.6
3.6
3.0
2.1
3.3
4.3
2.0
3.7
0.6
1.6
3.6
0.9
2.9
4.1
0.9
4.6
2.3
2.7
4.0
0.0
1.7
2.8
0.4
0.0
N/A
2016
0.8
2.4
5.3
5.0
2.9
1.4
4.9
2.9
2.9
0.3
2.9
2.6
2.7
0.9
2.9
3.7
4.0
0.8
4.5
4.2
2.1
3.9
3.7
3.3
2.5
3.4
3.5
2.0
3.9
0.9
1.9
3.7
2.1
3.0
4.1
1.1
4.6
2.6
3.0
4.4
0.0
2.8
3.1
0.5
0.0
N/A
52week Price
High
86.25
102.20
6.62
5.90
15.88
31.85
4.52
124.00
11.70
134.90
189.00
152.00
108.50
86.85
8.23
24.40
68.35
10.70
27.95
133.00
18.90
108.00
26.45
63.45
26.70
78.50
10.00
56.40
7.36
5.44
14.22
34.45
16.60
33.60
14.16
24.80
10.48
23.60
28.60
24.90
4.28
18.00
16.88
11.92
5.00
4.22
Low
70.20
63.65
4.89
4.33
9.72
19.72
3.03
90.35
7.31
93.00
112.80
105.95
85.90
55.60
5.74
19.12
56.00
7.06
21.50
117.60
13.91
80.55
19.80
46.35
17.52
57.85
7.00
36.46
4.53
3.72
9.03
28.50
8.60
26.55
9.83
15.12
7.15
13.62
22.75
17.56
2.54
13.56
9.35
9.40
3.40
2.22
% Chg
YTD
-4.59
8.23
1.26
1.41
0.19
3.94
2.29
3.30
3.02
12.80
3.79
9.44
10.14
9.54
0.48
-2.61
1.04
1.38
2.50
1.24
-0.11
2.08
-2.53
8.84
9.54
4.19
4.93
-0.46
-5.11
-5.35
11.92
-0.16
-1.29
4.87
-0.16
-2.71
3.03
5.38
3.83
0.75
8.36
4.50
4.39
1.27
4.30
4.40
Note : The above data is based on Bloomberg consensus.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to
change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect
loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
Page 3 of 3
T e c h n i c a l
TA Securities
V i e w
Wednesday, January 21, 2015
A Member of the TA Group
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
•
Foreign Technical Stock Watch
FSSTI: 3,334.02 (+26.32, +0.80%)
Singapore
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Stock
Name
FSSTI
SINGTEL
DBS
OCBC
UOB
JARDINE M.
WILMAR
HK LAND
CAPLAND
GENSP
KEPPEL
SGX
SIA
NOBLE
CITY DEV
JARDINE S.
SG PRESS
JARDINE C&C
GOLDEN AGRI
SG TECH
OLAM INT
CAP TRUST
SEMBCORP
SEMCORP M.
CMFT DELGRO
NOL
STARHUB
SMRT
SIA ENG
IFOOD AGRI
YZJ
ASIASONS
BLUMONT
LIONGOLD
Close
Change
20-Jan
3,334.02 26.32
3.94
19.92
10.32
23.22
63.50
3.18
7.48
3.34
1.01
8.10
7.78
12.05
1.00
10.18
34.55
4.13
39.37
0.44
3.37
1.96
2.16
4.19
2.98
2.64
1.01
4.15
1.62
4.30
0.71
1.28
0.03
0.02
0.02
0.03
0.22
0.13
0.24
0.50
0.01
(0.11)
0.04
0.01
(0.08)
0.11
0.15
(0.01)
0.12
0.22
0.07
0.74
(0.01)
0.01
0.01
0.00
0.04
0.02
0.01
0.04
0.02
0.00
0.17
0.01
0.03
0.00
0.00
0.00
Tel: +603-2167 9607
[email protected]
www.taonline.com.my
3,338.69 3,311.59
Bollinger Bands
Lower
Mid
Upper
3,288.67 3,335.91 3,383.14
RSI
14d
52.27
Moving Averages
10d
30d
50d
DI +
3,327.53 3,318.80 3,318.93 24.79
DI 25.58
ADX
12.63
Diff
(0.79)
Line
3.02
MACD
DMI MACD
Signal Diff Recent Signal
5.80 (2.775) SELL SELL
DMI MACD
Signal Change
-
3.95
20.00
10.33
23.34
63.50
3.21
7.63
3.34
1.01
8.17
7.82
12.19
1.02
10.20
34.68
4.13
39.40
0.44
3.38
1.97
2.17
4.23
3.00
2.65
1.01
4.16
1.62
4.30
0.71
1.28
0.03
0.02
0.02
3.85
19.59
10.16
22.68
58.50
3.16
6.43
3.19
0.99
7.87
7.63
11.24
0.98
9.94
33.25
4.05
37.80
0.43
3.32
1.94
1.96
4.03
2.86
2.53
0.74
4.07
1.55
3.99
0.67
1.18
0.02
0.02
0.02
55.53
49.86
49.58
43.09
68.55
45.72
69.96
62.42
37.32
37.30
52.95
58.75
29.50
54.42
51.49
47.62
40.03
39.56
49.47
37.38
68.02
44.05
40.17
57.15
78.86
59.03
57.52
65.88
45.54
59.01
59.62
50.60
53.15
3.91
19.95
10.34
23.36
61.95
3.21
7.42
3.25
1.02
8.22
7.82
12.21
1.05
10.11
34.59
4.11
39.37
0.45
3.37
1.99
2.11
4.18
3.01
2.60
0.93
4.10
1.59
4.16
0.73
1.27
0.03
0.02
0.02
17.21
28.18
21.83
21.62
15.55
22.47
6.09
13.76
27.91
35.63
20.92
28.48
40.77
21.27
12.78
19.56
39.12
22.66
27.54
26.47
6.28
26.35
31.17
15.32
9.04
14.39
18.38
15.03
23.15
11.00
15.22
16.83
15.44
12.89
14.06
14.82
11.59
24.60
12.68
38.06
11.90
30.45
33.83
18.90
41.50
33.14
17.10
22.06
18.51
29.15
23.37
21.90
15.17
40.89
28.51
25.14
13.63
40.26
14.68
17.10
18.05
25.14
31.43
35.21
23.46
25.86
4.78
(3.77)
(5.42)
(2.36)
27.05
(7.43)
35.35
11.66
(17.14)
(17.62)
(2.83)
(4.44)
(30.66)
3.66
17.98
(5.76)
(19.19)
(9.01)
(8.62)
(11.22)
21.42
(9.01)
(11.35)
3.83
35.24
4.16
8.48
16.14
(2.96)
10.00
16.00
5.13
17.34
0.01
0.03
-0.01
-0.21
0.84
0.00
0.19
0.01
-0.02
-0.16
0.07
0.27
-0.04
0.03
0.09
-0.03
-0.73
0.00
-0.01
-0.03
0.04
-0.07
-0.06
0.02
0.04
0.00
0.01
0.02
0.00
0.02
0.00
0.00
0.00
0.00
0.09
0.02
-0.10
0.54
0.00
0.14
0.01
-0.02
-0.13
0.10
0.31
-0.03
0.05
0.02
-0.02
-0.56
0.00
-0.01
-0.03
0.03
-0.06
-0.05
0.01
0.03
0.00
0.00
0.01
0.00
0.02
0.00
0.00
0.00
BUY
BUY
-
High
Low
3.91
19.72
10.21
22.97
62.86
3.17
7.48
3.31
1.00
8.08
7.67
11.93
0.99
10.06
34.16
4.06
38.50
0.44
3.37
1.95
2.13
4.16
2.97
2.62
0.96
4.12
1.60
4.13
0.70
1.26
0.03
0.02
0.02
3.90
20.12
10.38
23.82
61.14
3.22
7.09
3.26
1.04
8.49
7.80
11.92
1.09
10.16
34.30
4.16
40.60
0.45
3.37
2.03
2.07
4.29
3.13
2.60
0.87
4.12
1.59
4.15
0.72
1.24
0.03
0.02
0.02
3.96
20.65
10.60
24.97
63.78
3.28
7.76
3.32
1.09
9.12
7.98
12.59
1.20
10.37
35.36
4.26
43.41
0.47
3.43
2.12
2.18
4.56
3.41
2.67
1.01
4.17
1.62
4.30
0.76
1.31
0.04
0.02
0.02
3.91
19.97
10.35
23.89
60.22
3.21
6.99
3.24
1.05
8.40
7.72
11.76
1.09
10.09
34.06
4.15
40.96
0.45
3.36
2.03
2.05
4.27
3.08
2.58
0.85
4.11
1.58
4.08
0.71
1.22
0.03
0.02
0.02
3.90
19.82
10.34
23.77
60.53
3.21
6.96
3.25
1.07
8.65
7.54
11.26
1.14
9.96
34.60
4.19
41.18
0.46
3.38
2.09
2.02
4.37
3.16
2.59
0.83
4.10
1.59
4.10
0.73
1.21
0.03
0.02
0.02
21.99
24.41
16.41
19.26
42.60
15.04
41.43
25.42
10.76
18.01
18.09
24.04
10.11
24.93
30.76
13.80
19.92
13.65
18.92
15.25
27.70
17.34
19.82
19.16
44.28
18.56
26.86
31.17
20.20
21.00
31.22
21.96
32.78
DMI
0.002
(0.064)
(0.021)
(0.104)
0.304
(0.007)
0.053
0.007
(0.002)
(0.031)
(0.024)
(0.035)
(0.011)
(0.023)
0.069
(0.005)
(0.174)
(0.001)
0.002
(0.005)
0.011
(0.005)
(0.017)
0.007
0.014
0.002
0.005
0.012
(0.000)
0.000
0.000
(0.000)
0.000
BUY
SELL
SELL
SELL
BUY
SELL
BUY
BUY
SELL
SELL
SELL
SELL
SELL
BUY
BUY
SELL
SELL
SELL
SELL
SELL
BUY
SELL
SELL
BUY
BUY
BUY
BUY
BUY
SELL
BUY
BUY
BUY
BUY
BUY
SELL
SELL
SELL
BUY
SELL
BUY
BUY
SELL
SELL
SELL
SELL
SELL
SELL
BUY
SELL
SELL
SELL
BUY
SELL
BUY
SELL
SELL
BUY
BUY
BUY
BUY
BUY
SELL
BUY
BUY
SELL
BUY
BUY
SELL
BUY
The table above consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization
in descending order, with some popular technical indicators. Some other popularly traded stocks are included at the bottom
section.
The technical BUY/SELL signals on the last four columns are auto generated; the first two being existing or recent signals
while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a dash.
Page 1 of 3
Daily Money Flow of Foreign Technical Stock Picks
Singapore
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Chartist: Stephen Soo
Tel: +603-2167 9607
Total Money Flow (SGD' mn)
[email protected]
4.9
(A)
Prv. Chg
(2.3)
(B)
Cur. Chg
4.3
2.7
1.4
5.4
2.1
1.9
(1.1)
1.6
1.9
(1.6)
0.1
(0.3)
0.2
0.6
1.0
(0.7)
(1.0)
(0.2)
(1.3)
2.0
(0.3)
(1.0)
(0.2)
1.1
0.7
(0.6)
(0.3)
(0.2)
(0.7)
0.5
(1.4)
3.0
1.2
(0.2)
(1.1)
0.0
0.3
(1.2)
(0.5)
0.0
0.1
0.3
(0.5)
(1.4)
(0.8)
(0.3)
(0.1)
(0.6)
(0.1)
0.4
(0.3)
0.1
(0.0)
(0.1)
(0.3)
0.2
0.5
0.1
0.3
1.0
(2.4)
1.5
0.1
0.0
0.1
0.2
0.2
(1.7)
(0.1)
(0.8)
0.0
0.9
(0.2)
(2.4)
0.1
(0.1)
3.9
0.2
0.1
(0.8)
0.1
0.0
1.1
0.5
(0.0)
(0.1)
(0.1)
(0.1)
0.1
(0.3)
0.5
0.4
0.2
0.2
0.8
(0.7)
(0.1)
0.1
0.1
(0.2)
(0.3)
(0.1)
0.3
0.1
(0.0)
(0.0)
0.2
0.0
(0.0)
(0.1)
0.1
(0.0)
0.1
(0.1)
0.0
(0.6)
(0.0)
(0.2)
0.0
0.1
(0.0)
(0.3)
(0.0)
(0.0)
0.0
(0.0)
(0.0)
0.0
(0.0)
(0.0)
0.0
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
Total
5D MF
FSSTI
0.5
3.0
0.6
(1.8)
2.6
1 SINGTEL
2 DBS
(0.5)
0.2
0.9
3.0
0.5
0.2
(0.8)
0.5
0.1
1.1
(0.5)
(0.0)
0.2
0.3
0.8
(0.1)
(0.3)
(1.9)
6 WILMAR
7 HK LAND
(0.3)
0.1
(0.1)
0.2
8 CAPLAND
9 GENSP
(0.2)
(0.2)
0.8
No
Name
3 OCBC
4 UOB
5 JARDINE M.
10 KEPPEL
11 SGX
12 SIA
13 NOBLE
14 CITY DEV
15 JARDINE S.
16 SG PRESS
17 JARDINE C&C
18 GOLDEN AGRI
19 SG TECH
20 OLAM INT
21 CAP TRUST
22 SEMBCORP
23 SEMCORP M.
24 CMFT DELGRO
25 NOL
26 STARHUB
27 SMRT
28 SIA ENG
29 IFOOD AGRI
30 YZJ
31 ASIASONS
32 BLUMONT
33 LIONGOLD
www.taonline.com.my
CLOSING PRICE
14-Jan
15-Jan
16-Jan
19-Jan
20-Jan
(A+B)
DMF
Chg
26.32 IN
3,330.0
3,338.8
3,300.7
3,307.7
3,334.0
3.92
19.99
10.35
3.89
19.81
3.91
19.70
3.94
19.92
(0.2)
1.9
0.5
3.92
19.98
10.28
23.23
62.64
23.40
62.70
10.25
23.04
62.50
10.19
22.98
63.00
10.32
23.22
63.50
0.0
2.1
0.9
(1.7)
3.22
7.40
3.20
7.50
3.17
7.50
3.17
7.59
3.18
7.48
0.01
(0.11)
(0.3)
1.0
(4.1)
(1.2)
(0.1)
(0.5)
3.30
1.01
3.34
1.01
0.4
(1.6)
(1.3)
0.5
1.1
0.7
0.7
(0.0)
0.2
3.26
1.02
8.10
3.25
1.01
0.9
(0.3)
0.0
3.21
1.01
8.10
7.83
12.46
7.97
12.48
8.03
7.77
12.11
8.18
7.67
11.90
8.10
7.78
12.05
0.04 OUT
0.01 OUT
(0.08) IN
0.11 IN
0.15 IN
0.2
(0.4)
(0.2)
(0.7)
0.6
0.4
(0.4)
(0.4)
1.00
10.06
1.00
10.18
0.9
3.4
0.1
0.2
(0.1)
0.5
1.03
10.05
35.12
0.99
9.96
0.2
0.7
1.01
10.00
35.45
34.33
4.06
34.55
4.13
(1.8)
(4.4)
(0.5)
0.1
(3.3)
0.3
(0.2)
2.2
(0.3)
4.11
39.11
34.24
4.08
0.1
(0.3)
(0.2)
4.08
38.86
0.46
3.36
0.44
3.37
38.71
0.44
3.35
38.63
0.45
3.36
39.37
0.44
3.37
0.1
(0.7)
0.0
3.5
(0.0)
(1.2)
0.1
(0.6)
1.95
2.16
1.96
2.16
1.1
0.1
(0.6)
(0.2)
0.6
(0.3)
1.99
2.15
4.21
1.96
2.18
0.5
(0.1)
1.98
2.10
4.10
4.15
2.96
4.19
2.98
1.6
(1.2)
(0.9)
0.6
0.1
0.5
(0.7)
(0.3)
(1.2)
2.97
2.65
4.12
2.94
0.1
(0.3)
(0.9)
2.93
2.60
0.98
4.09
0.97
4.09
2.66
0.95
4.10
2.63
0.97
4.13
2.64
1.01
4.15
0.2
(0.1)
0.4
(0.1)
0.1
(0.1)
0.1
(0.1)
1.62
4.13
1.62
4.30
0.0
(1.1)
0.0
(0.4)
0.0
0.3
1.63
4.14
0.74
1.61
4.14
0.0
(0.1)
1.60
4.15
0.73
0.70
1.25
0.71
1.28
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
(0.0)
1.29
0.03
0.71
1.26
0.0
(0.0)
(0.0)
1.29
0.03
0.00 IN
0.17 OUT
0.01 IN
0.02 OUT
0.02
0.02
0.02
0.02
0.03
0.02
0.02
0.03
0.02
0.02
0.03
0.02
0.02
0.00 IN
0.00 OUT
0.00 OUT
0.03
0.22
IN
IN
0.13 OUT
0.24 IN
0.50 IN
IN
IN
(0.01) IN
0.12 OUT
0.22 OUT
0.07 IN
0.74 OUT
(0.01) OUT
0.01 OUT
0.01 IN
0.00 OUT
0.04 OUT
0.02 OUT
0.01 OUT
0.04 OUT
0.02 OUT
Sources: Bloomberg, TA Securities
Daily Money Flow (DMF) Formulation
If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.
Money Flow (MF) Calculation
The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first
trade of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or
subtracted from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.
Daily Money Flow (DMF) Interpretation
In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN)
can indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock
price.
Page 2 of 3
INTERPRETATION OF TECHNICAL INDICATORS:
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should
buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. Buy when price touches the middle band
and sell when price touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.
14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and
imply further near-term downside risk.
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive
if share price stays above the 30-day average and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed
broken if it breaches below this level.
Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger
the trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.
Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day EMA)
and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the MACD
diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.
Fundamentals of Foreign Technical Picks
Bloomberg
Ticker
ST SP
DBS SP
OCBC SP
UOB SP
JM SP
WIL SP
HKL SP
CAPL SP
GENS SP
KEP SP
SGX SP
SIA SP
NOBL SP
CIT SP
JS SP
SPH SP
JCNC SP
GGR SP
STE SP
OLAM SP
CT SP
SCI SP
SMM SP
CD SP
NOL SP
STH SP
MRT SP
SIE SP
IFAR SP
YZJSGD SP
ACAP SP
BLUM SP
LIGO SP
Stock Name
Close
Target Price
% upside
SINGTEL
DBS
OCBC
UOB
JARDINE M.
WILMAR
HK LAND
CAPLAND
GENSP
KEPPEL
SGX
SIA
NOBLE
CITY DEV
JARDINE S.
SG PRESS
JARDINE C&C
GOLDEN AGRI
SG TECH
OLAM INT
CAP TRUST
SEMBCORP
SEMCORP M.
CMFT DELGRO
NOL
STARHUB
SMRT
SIA ENG
IFOOD AGRI
YZJ
ASIASONS
BLUMONT
LIONGOLD
3.94
19.92
10.32
23.22
63.50
3.18
7.48
3.34
1.01
8.10
7.78
12.05
1.00
10.18
34.55
4.13
39.37
0.44
3.37
1.96
2.16
4.19
2.98
2.64
1.01
4.15
1.62
4.30
0.71
1.28
0.03
0.02
0.02
4.12
22.24
11.38
25.00
66.64
3.51
7.66
3.90
1.24
10.10
7.70
11.75
1.47
10.13
37.67
3.90
41.67
0.49
3.65
2.40
2.16
4.87
3.24
2.89
0.91
4.07
1.63
3.94
0.90
1.48
NA
NA
NA
4%
10%
9%
7%
5%
9%
2%
14%
18%
20%
-1%
-3%
32%
0%
8%
-6%
6%
10%
8%
18%
0%
14%
8%
9%
-10%
-2%
1%
-9%
21%
14%
NA
NA
NA
EPS ($)
2015
0.2
1.615
0.9
2.0
4.2
0.2
0.4
0.2
0.1
0.8
0.3
0.3
0.1
0.6
2.8
0.2
2.5
0.0
0.2
0.2
0.1
0.4
0.3
0.1
0.0
0.2
0.1
0.2
628.9
0.9
NA
NA
NA
PER(x)
2016
0.3
1.750
1.0
2.1
4.6
0.2
0.4
0.2
0.1
0.9
0.4
0.6
0.1
0.7
3.0
0.2
2.8
0.0
0.2
0.2
0.1
0.5
0.3
0.1
0.0
0.2
0.1
0.2
689.6
0.8
NA
NA
NA
2015
16.6
12.3
11.0
11.9
15.1
13.4
20.0
21.1
20.2
9.5
24.3
37.0
9.9
15.7
12.5
21.9
11.8
16.3
19.4
11.7
19.5
9.7
11.2
19.7
N/A
19.7
27.4
24.0
10.6
6.8
NA
NA
NA
Div Yield(%)
2016
15.6
11.4
10.7
11.2
13.9
11.3
19.6
19.4
18.4
9.2
21.4
20.7
7.7
14.4
11.6
21.2
10.4
11.6
17.8
9.6
19.5
9.2
10.8
18.7
39.5
18.7
23.4
22.3
9.7
7.5
NA
NA
NA
2015
4.4
3.0
3.4
3.3
2.2
1.6
2.4
2.3
1.0
5.3
3.8
2.1
2.8
1.3
0.8
5.2
2.6
1.6
4.2
2.7
5.1
3.9
4.5
2.9
0.0
4.9
2.0
3.9
9554.8
19.7
0.0
0.0
0.0
2016
4.7
3.2
3.7
3.4
2.3
1.9
2.4
2.4
1.1
5.5
4.3
3.1
2.3
1.3
0.8
5.2
2.9
2.3
4.5
3.1
5.2
4.0
4.7
3.1
0.4
5.0
2.0
4.1
11365.4
18.0
0.0
0.0
0.0
52week Price
High
4.08
20.67
10.53
24.72
66.10
3.56
8.30
3.48
1.49
11.20
8.02
12.50
1.43
11.14
38.10
4.29
49.01
0.62
3.95
2.66
2.20
5.57
4.25
2.73
1.07
4.32
1.66
5.10
1.11
1.30
0.12
0.09
0.16
Low
3.42
15.65
8.80
19.36
49.34
2.92
5.84
2.68
1.00
7.91
6.66
9.18
0.88
8.57
30.06
3.88
33.30
0.43
3.14
1.40
1.80
4.05
2.85
1.89
0.74
4.00
1.01
3.91
0.66
1.00
0.02
0.02
0.02
% Chg
YTD
1.03
-3.30
-1.34
-5.34
4.18
-1.85
10.65
0.91
-6.48
-8.47
-0.38
3.88
-12.72
-0.88
1.02
-1.90
-7.58
-5.43
-0.88
-2.97
5.88
-5.84
-8.59
1.54
19.64
0.00
2.22
1.90
-2.07
5.81
23.08
11.11
15.00
Note : The above data based on Bloomberg consensus.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice.
This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document.
We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research
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