KLCC Property Holdings

MALAYSIA

Retail Market Monitor Monday , 23 January 2017

MARKET NEWS FBMKLCI CHART The FBMKLCI declined 1.62pt (-0.097%) to close at 1,664.89 last Friday. Meanwhile, Asian stocks fluctuated within narrow ranges as investors awaited US President-elect Donald Trump’s inauguration. The MSCI AC Asia Pacific Index gained 0.1%, paring its first weekly decline in 2017.The FBMKLCI’s top gainers were Westports Holdings (+0.71%), Telekom Malaysia (+0.50%) and Axiata Group (+0.43%) while the top losers were Hap Seng Consolidated (-1.7%), British American Tobacco (-1.5%) and IJM Corporation (-1.5%). In the broader market, losers outpaced gainers 428 to 300 with 404 counters unchanged. Turnover was 1.58b shares valued at RM1.59b. From a technical perspective, the FBMKLCI is expected to continue consolidating in the near term amid the formation of a bearish candlestick last Friday. This is further reinforced by the downtick in the RSI, which suggests that buying momentum would continue to ease over the next few days. But as such, we expect the index to resume its uptrend once the current consolidation phase ends. Support and resistance levels are maintained as Source: Bursa Station follows: KEY INDICES Chg Support: 1,647,1,630 Prev Close YTD (%) (%) Resistance: 1,680,1,700 DJIA 19,827.25 0.48 0.33 S&P 500 2,271.31 0.34 1.45 On Friday, US stocks closed higher as the 45th president of the US was sworn in. The FTSE 100 7,198.44 (0.14) 0.78 DJIA gained 0.48% to settle at 19,827.25 and the S&P500 edged higher by 0.34%, to CSI 300 3,354.89 0.77 1.35 close at 2,271.31. The NASDAQ Composite index gained 0.28% to settle at 5,555.33. In FSSTI 3,011.08 0.10 4.52 Donald Trump's inauguration speech, the new president reiterated his protectionist stance HSCEI 9,715.72 (0.78) 3.42 but did not offer details on how he would go about pursuing his agenda. Rising stocks HSI 22,885.91 (0.71) 4.02 outnumbered declining ones on the NYSE by 2,067 to 1,128 and 45 ended unchanged. JCI 5,254.31 (0.84) (0.80) KLCI 1,664.89 (0.10) 1.41 On the Nasdaq SE, 1,507 rose and 991 declined, while 127 ended unchanged. KOSPI 2,065.61 (0.35) 1.93 WHAT’S IN THE PACK Nikkei 225 19,137.91 0.34 0.12 SET 1,562.99 0.52 1.30 KLCC Property Holdings Rexit (REXI MK) TWSE 9,331.46 0.14 0.84 (KLCCSS MK/HOLD/RM7.82/Target: RM7.50) Technical BUY on breakout with +23.1% BDI 925.00 (1.80) (3.75) 2016: Largely in line with expectations. potential return CPO (RM/mt) 3,101.00 (0.96) (0.26) ExxonMobil will renew only 60% of its BUY on breakout with a target price of Nymex Crude NLA at Menara ExxonMobil while tenant RM0.745 and stop-loss at RM0.56. Based (US$/bbl) 53.36 0.26 (2.38) relocation at Suria KLCC will only be on the daily chart, REXI managed to climb TOP VOLUME completed in 3Q17. Mandarin Oriental up from the lowest of RM0.555 to cover continues to operate in a challenging back the recent drop. Price Chg Vol environment. Stock (RM) (%) (‘000) Dolphin International (DOL MK) Umw Oil & Gas Corp 0.73 (17.51) 97,072 Inari Amertron Technical BUY with +40.0% potential return Matang Bhd 0.14 0.00 63,418 (INRI MK/BUY/RM1.74/Target: RM2.00) BUY on breakout with a target price of Icon Offshore Bhd 0.47 6.90 54,658 On track for 22%/26%yoy growth in RM0.595 and stop-loss at RM0.36. DOL’s Th Heavy 0.16 3.23 49,080 FY17/FY18, with potential earnings chart shows that the upside movement will Hibiscus Petroleum 0.46 (1.08) 48,810 upside in FY18 due to an iris scanning be intact if the price can penetrate the TOP GAINERS component contract. RM0.425 level. Price Chg Vol Stock (RM) (%) (‘000) Star Media Group (STAR MK) Transocean Holdings 0.63 20.0 47 Technical BUY on breakout with +12.1% Amtek Holdings Bhd 0.26 18.1 15 potential return At Systematization 0.04 16.6 5,813 BUY on breakout with a target price of Hb Global Ltd 0.04 14.2 145 RM2.59 and stop-loss at RM2.19. Since Warisan Tc Holdings 2.05 13.8 8 correcting from a previous high, STAR has TOP LOSERS seen its share price recover gradually and move above the 7- and 21-day EMAs. Price Chg Vol Stock (RM) (%) (‘000) Hubline Bhd 0.01 (50.00) 2,437 Nakamichi Corp Bhd 0.04 (22.22) 1 Maxwell International 0.02 (20.00) 278 Umw Oil & Gas Corp 0.73 (17.51) 97,072 Sterling Progress Bhd 0.03 (14.29) 305 Source: Bloomberg

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MALAYSIA

Retail Market Monitor Monday , 23 January 2017

TRADERS’ CORNER Rexit (REXI MK) Technical BUY on breakout with +23.1% potential return Last price : RM0.59 Target price : RM0.68, RM0.745 Support : RM0.565 Stop-loss: RM0.56 BUY on breakout with a target price of RM0.745 and stop-loss at RM0.56. Based on the daily chart, REXI managed to climb up from the lowest of RM0.555 to cover back the recent drop. If share price can break through RM0.605, we expect the share price to continue its bullish momentum to our targets at RM0.68 and RM0.745 in the near term. This bullish signal is supported by an uptick in RSI and bullish crossover in MACD. The DMI is currently on the verge of forming a golden cross to the positive signal. Expected time frame: 2 weeks to 2 months

Dolphin International (DOL MK) Technical BUY on breakout with +40.0% potential return Last price : RM0.38 Target price : RM0.54, RM0.595 Support : RM0.365 Stop-loss : RM0.36 BUY on breakout with a target price of RM0.595 and stop-loss at RM0.36. DOL’s chart shows that the upside movement will be intact if the price can penetrate the RM0.425 level. This is supported by an uptick in the RSI. Currently, both indicators such as the MACD and DMI are showing positive signals which support the upward momentum. We peg our targets at RM0.54 and RM0.595 respectively in the near term. Expected time frame: 2 weeks to 2 months.

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MALAYSIA

Retail Market Monitor Monday , 23 January 2017

TRADERS’ CORNER Star Media Group (STAR MK) Technical BUY on breakout with +12.1% potential return Last price : RM2.28 Target price : RM2.51, RM2.59 Support : RM2.20 Stop-loss : RM2.19 BUY on breakout with a target price of RM2.59 and stop-loss at RM2.19. Since correcting from a previous high, STAR has seen its share price recover gradually and move above the 7- and 21-day EMAs following last Friday’s movement, effectively reversing its downtrend. Last Friday’s gain was also accompanied by high trading volume as well as rising MACD and RSI indicators, indicating that positive momentum would strengthen in the near term. We expect the share price to continue the upwards movement once it manages to penetrate the breakout level of RM2.31. Expected Timeframe: 2 weeks to 3 months

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MALAYSIA

Retail Market Monitor Monday , 23 January 2017

CORPORATE NEWS

AlloyMtd: To launch sales of London project. Malaysian conglomerate AlloyMtd Group will launch residential sales of One Crown Place, a mixed- use scheme located in Sun Street, London early next month. The development comprises a total of 246 private apartments, a boutique hotel, 140,000 sf of premium office space, retail units totaling 7,000 sf, and a historic Georgian terrace that will be fully restored as part of the scheme. A selection of homes will be available at launch, with prices starting from £725,000 for a one-bedroom apartment. The project is scheduled to be completed in the summer of 2020. (Source: The Star) Chatime: Franchise termination may affect 1,000 workers. Chatime franchisor La Kaffa International Co. Ltd of Taiwan’s move to terminate the franchise could affect over 1,000 workers and their families. Master franchisee for Malaysia, Loob Holding Sdn Bhd said La Kaffa had recently decided to prematurely end the franchise, which has still 24 years to go. The dispute between La Kaffa and Loob Holding came out in the open when La Kaffa announced at a press conference on 6 January that it had terminated the franchise and would immediately take over all the 165 Chatime outlets in Malaysia. Chatime Malaysia’s 165 outlets accounted for more than half of the turnover recorded by the franchisor’s reported 800 outlets worldwide. (Source: The Star) Dancomech Holdings: Announces share split, free warrants. Dancomech Holdings Bhd has proposed the subdivision of every one of its 40 sen shares into two 20 sen shares, to be followed with an issue of free warrants. In a filing with Bursa Malaysia today, the process control equipment and measurement instruments distributor said the share split is aimed at boosting the trading liquidity of its shares, which would also result in a downward adjustment to the market price that might appeal to investors. Meanwhile, the warrants allow shareholders to participate in convertible securities, strengthen the group’s capital base and fund its working capital requirements, without incurring cost compared with bank borrowings, and also improve gearing. (Source: The Edge Financial Daily) Firefly: Sees 11% drop in passenger numbers this year. Premium short-haul carrier Firefly Airlines is forecasting a decline in its passenger numbers this year due to the lower demand amid a soft consumer market. The Malaysia Airlines subsidiary is expecting an 11.1% drop in the number of passengers to 1.6m for 2017 from around 1.8m people in 2016. According to Firefly Airlines CEO Ignatius Ong, the market would remain challenging for the group this year due to the lower household disposal income for discretionary travel and weak ringgit. He said the industry had already been negatively impacted since the introduction of the goods and services tax (GST) in 2015. (Source: The Star)

Heineken: In talks over Kirin's struggling Brazil business. Heineken, the world's second largest brewer, said it was in talks regarding a possible deal for the Brazilian operations of Japan's Kirin Holdings Co Ltd. Brasil Kirin operates 12 breweries and was created in 2011 after Kirin paid 6.3b reals (US$1.97b) for Brazil's Schincariol brand. Heineken said in a brief statement that discussions were ongoing and that there could be no certainty that an agreement would be reached. Kirin said it continued to focus primarily on expanding in Brazil, but was considering alternatives, including a strategic partnership or sale. (Source: The Star) Iris Corp: Appoints Choong Choo Hock as acting CEO following remand of deputy MD. Iris Corp Bhd has appointed its COO for Iris Trusted Identification Choong Choo Hock as acting CEO, following the remand of deputy MD Datuk Hamdan Hassan by the Malaysian Anti-Corruption Commission (MACC). In a filing with the exchange, Iris noted the MACC's allegation of bribery and abuse of power for the 15-year e-passport project for the government of the Republic of Guinea. (Source: The Edge Financial Daily)

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MALAYSIA

Retail Market Monitor Monday , 23 January 2017

MISC: Second MOSS-Type LNG carrier embarks on maiden voyage to Bintulu. MISC Bhd today held the naming and delivery ceremony of Seri Cenderawasih, its second in a series of five MOSS-Type LNG carriers. According to its statement, the 150,200 CBM Liquefied Natural Gas (LNG) carrier was ordered from Hyundai Heavy Industries Co Ltd (HHI) and these LNG Carriers will be on long-term charter to Petroliam Nasional Bhd (PETRONAS) upon delivery. It said Seri Cenderawasih, along with its sister vessel, Seri Camellia that was launched last September, will be part of the new generation of the Seri C Class LNG fleet of MOSS-Type vessels. It added that the MOSS-Type newbuilds are part of MISC’s long-term fleet expansion programme to cater to the energy transportation needs of PETRONAS and is designed for worldwide trading capability to enable them to call at all major LNG terminals in the world. (Source: The Edge Financial Daily)

Nakamichi: Plans O&G venture to exit PN17 status. Timber company Nakamichi Corp Bhd has proposed to venture into the upstream oil and gas (O&G) industry as part of its regularisation plan to exit its Practice Note 17 (PN17) status. In a filing with Bursa Malaysia today, Nakamichi said its wholly-owned subsidiary Nakamichi Oil and Gas Sdn Bhd (NOGSB) has entered into a joint investment agency agreement with Aktau Transit LLP and Caspian Oil Project LLP for the appointment of NOGSB as the agent of Aktau Transit to monitor and oversee the exploration, development and production activities of the Aktau Transit Oilfields in Kazakhstan. An agreement was also signed by the three parties to invest up to US$146m (RM657b) for the proposed joint operations and monitoring. (Source: The Edge Financial Daily)

PNB: Wahid to unlock value in Sime Darby and UMW. Permodalan Nasional Bhd (PNB) will implement more major changes to its two top holdings – Sime Darby Bhd and UMW Holdings Bhd – as part of its long-term strategy to unlock value and monetise the assets of both conglomerates, sources tell StarBizWeek. PNB chairman Tan Sri Abdul Wahid Omar looks intent on making his mark on the fund by utilising his skills as a master restructurer. (Source: The Star) The Store: Trading of shares to be suspended next month. The Store Corp Bhd’s shares will be suspended in February, paving way for a privatisation exercise after the group MD Tan Sri Tang Yeam Soon’s family vehicle TYS Consolidated Sdn Bhd managed to procure more than 90% of the issued and paid-up share capital acceptance to its takeover offer. In a filing with Bursa Malaysia, The Store disclosed that TYS controls 90.28% stake or 61.85m shares in the listed entity as of today. In view that TYS does not intend to maintain The Store’s listing status on the Main Market of Bursa Malaysia, the bourse said it will suspend trading of shares in the counter upon expiry of five market days from 31 January. (Source: The Edge Financial Daily) ValueCAP: Launches fund that invests in sustainability- themed stocks. ValueCAP Sdn Bhd, which is owned by Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan) and Permodalan Nasional Bhd, has launched an equity growth and value fund that aims to provide returns to investors by selectively investing in listed securities within its reference benchmark constituent list — the FTSE4Good Asean 5 Index. The fund is managed by its wholly-owned subsidiary VCAP Asset Managers Sdn Bhd (VCAM). Named the Asean 5 ESG Opportunity Fund, the fund will invest in securities listed on the stock markets of Malaysia, Singapore, Indonesia, Thailand and the Philippines. (Source: The Edge Financial Daily)

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MALAYSIA

Retail Market Monitor Monday , 23 January 2017

SECTOR

Oil & Gas: Consolidation begins. The exit of UMW from the sector signals more M&As in the industry. The survival of the fittest in the Malaysian oil and gas (O&G) sector seems to have just started, with the industry seeing its first consolidation move and thus opening up the prospects for more mergers in the struggling industry. UMW Holdings Bhd (UMW) announced its move to steer out of the O&G industry on Thursday as it transferred the ownership of its subsidiary UMW Oil & Gas Corp Bhd (UMW-OG) back to investors in the company. With greater consolidation in the industry, more M&As will hopefully emerge to create financially stable O&G players to adapt well to the cyclical downturn which has affected the sector. (Source: The Star)

Steel: Silver lining for the local steel industry? The worst appears to be over for the global steel sector, including that in Malaysia, after having experienced a five-year slump in global steel prices. Steel prices have normalised following China’s decision to slash its output and clamp down on illegal mills, coupled with Malaysia’s safeguard measures, which gave local steel players some breathing space, according to Malaysian Iron and Steel Industry Federation (Misif) president Datuk Soh Thian Lai. (Source: The Star)

www.utrade.com.my 6

MALAYSIA

Retail Market Monitor Monday , 23 January 2017

FROM THE REGIONAL MORNING NOTES... KLCC Property Holdings: 2016: Revenue Largely In Line With Expectations (KLCCSS MK/HOLD/RM7.82/Target: RM7.50 Core earnings dropped slightly on weaker contribution from retail operations and a continuously challenging operating environment for Mandarin Oriental. ExxonMobil will only renew 60% of its NLA at Menara ExxonMobil while potential tenants have been identified to take up the remaining space. Tenant relocation at Suria KLCC will only be completed in 3Q17 and we do not expect any improvement for retail operations till then. Maintain HOLD. Target price: RM7.50. Entry price: RM6.80. Inari Amertron: Eye-Catching Potential (INRI MK/BUY/RM1.74/Target: RM2.00) We re-iterate our positive view on Inari and forecast 22%/26% yoy growth in FY17/FY18, with potential earnings upside in FY18 due to an iris scanning component contract. Management’s nimbleness in identifying new growth areas, coupled with its strong execution capability, provides good earnings growth visibility. The recent strengthening of the greenback may be partly offset by costdown pressure from buyers. Maintain BUY. Ex- bonus target price: RM2.00.

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Retail Market Monitor Monday , 23 January 2017

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Retail Market Monitor Monday , 23 January 2017

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