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Retail Market Monitor Friday , 31 July 2015

MARKET NEWS FBMKLCI CHART The FBMKLCI rose 0.93pt (-0.05%) to close at 1,699.92pt yesterday. Meanwhile, Asian stocks rose, led by Japanese shares, as profits from Nintendo Co. to Nomura Holdings topped estimates, and the Federal Reserve said the US economy is progressing towards an interest-rate increase. The MSCI Asia Pacific Index climbed 0.1% to 140.94. The FBMKLCI’s top gainers were Westports Holdings (+4.5%), SapuraKencana Petroleum (+3.0%) and Astro Malaysia Holdings (+2.4%) while the top losers were CIMB Group Holdings (-1.7%), Genting Malaysia (-1.2%) and IOI Corporation (-1.2%). In the broader market, losers outpaced gainers 401 to 383 with 354 counters unchanged. Turnover was 1.62b shares valued at RM1.58b. From the technical perspective, the FBMKLCI managed to close in a positive mode even though the outlook for our index remains timid as a lack of catalysts pared down earlier gains. Based on the DMI, the selling pressure still exceeds buying pressure at Source: BursaStation the moment and we expect sideways movements ahead with the benchmark index likely to consolidate further. Support and resistance levels are as follow: KEY INDICES Chg Prev Close YTD (%) Support: 1,688, 1,671 (%) DJIA 17,745.98 (0.03) (0.43) Resistance: 1,737, 1,751 S&P 500 2,108.63 0.00 2.42 US markets ended mixed despite positive economic data. The S&P 500 ended flat at FTSE 100 6,668.87 0.57 1.57 2,108.66, while the DJIA fell 5.41 points at 17,745.98.The US economy expanded at an CSI 300 3,815.41 (2.93) 7.97 FSSTI 3,249.52 (1.05) (3.44) annualised 2.3% rate in the second quarter, while first-quarter growth was increased HSCEI 11,137.33 (1.21) (7.07) from -0.2% to 0.6%. Whole Foods Market Inc plunged 12% after the supermarket chain HSI 24,497.98 (0.49) 3.78 on Wednesday posted earnings that missed forecasts. Procter & Gamble Co. fell 4% JCI 4,712.49 (0.18) (9.84) after its fiscal fourth-quarter revenue slightly missed expectations. Shares of Facebook KLCI 1,699.92 0.05 (3.48) Inc. lost 2.1% after the social-media company late Wednesday reported a drop in KOSPI 2,019.03 (0.91) 5.40 second-quarter earnings. Nikkei 225 20,522.83 1.08 17.60 SET 1,417.49 0.67 (5.35) WHAT’S IN THE PACK TWSE 8,651.49 1.03 (7.05) Malaysia Airports Holdings Notion Vtec (NOTION MK) BDI 1,100.00 (0.36) 40.66 CPO (RM/mt) 2,124.00 0.62 (6.27) (MAHB MK/BUY/RM6.05/Target: Technical BUY with +25.3% potential return Nymex Crude RM7.60) BUY with a target price of RM0.72 and (US$/bbl) 48.51 (0.02) (15.63) 2Q15: Weak headline numbers but stop-loss at below RM0.39. Based on TOP VOLUME operating cash flow remains healthy. the daily chart, NOTION is forming higher highs and higher lows that Price Chg Vol Public Bank indicate an uptrend pattern. Stock (RM) (%) (‘000) (PBK MK/HOLD/RM18.88/Target: Pesona Metro 0.64 7.56 90,673 RM19.30) Complete Logistic (COMPLET Lee Swee Kiat Group 0.36 (5.26) 41,840 2Q15: Earnings in line with our MK) Xidelang Holdings Ltd 0.19 5.71 32,289 expectations, underpinned by relatively Technical BUY with 36.2% potential return Ifca Msc Bhd 0.98 (5.77) 22,467 Jaks Resources Bhd 0.96 (0.52) 22,150 strong non-interest income growth. BUY with a target price of RM1.24 and stop-loss at below RM0.795. COMPLET TOP GAINERS Tenaga Nasional has just passed the consolidation Price Chg Vol (TNB MK/BUY/RM12.54/Target: phase and managed to penetrate the Stock (RM) (%) (‘000) RM15.30) breakout level of RM0.855 yesterday. Hubline Bhd 0.02 50.0 1,053 3QFY15: A modest 2% electricity demand Cybertowers Bhd 0.08 23.0 3,298 growth, good control over general KSL Holdings (KSL MK) Greenyield Bhd 0.26 20.9 16,109 expenses and tax credits. 9MFY15 results Technical BUY on breakout with 18.8% Notion Vtec Bhd 0.48 14.4 4,904 within expectations. potential return Luster Industries Bhd 0.08 12.5 16,696 BUY on breakout with a target price of TOP LOSERS RM2.09 and stop-loss at below RM1.59. Share price has been trading Price Chg Vol Stock (RM) (%) (‘000) below the downtrend line and we Lion Corp Bhd 0.04 (22.22) 446 expect KSL will make a higher high if it Asia Media Group 0.03 (16.67) 744 penetrates the breakout level of Kumpulan Powernet 0.45 (16.04) 103 RM1.76. Scan Associates Bhd 0.06 (14.29) 3,087 Sam Engineering & 5.30 (8.93) 109 Source: Bloomberg

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Retail Market Monitor Friday , 31 July 2015

TRADERS’ CORNER

Notion Vtec (NOTION MK) Technical BUY with +25.3% potential return Last price : RM0.475 Target price : RM0.595, RM0.72 Support : RM0.395 Stop loss : RM0.39 BUY with a target price of RM0.72 and stop-loss at below RM0.39. Based on the daily chart, NOTION is forming higher highs and higher lows that indicate an uptrend pattern. Yesterday, the stock managed to penetrate the breakout level of RM0.475 with a higher trading volume. This bullish movement is supported by an uptick in the RSI and a bullish crossover in the MACD and the DMI. We peg our targets at RM0.595 and RM0.72. Expected Timeframe: 2 weeks to 2 months

Complete Logistic (COMPLET MK) Technical BUY with +36.2% potential return Last price : RM0.91 Target price : RM1.04, RM1.24 Support : RM0.80 Stop-loss : RM0.795 BUY with a target price of RM1.24 and stop-loss at below RM0.795. COMPLET has just passed the consolidation phase and managed to penetrate the breakout level of RM0.855 yesterday. The uptick in the RSI together with the increasing trading volumes suggests buying momentum is set to continue in the near term. We expect the stock to continue trending upwards towards the immediate resistance of RM1.04 along the current upleg. A breakout above this level would extend the uptrend towards the previous high of RM1.24

Expected Timeframe: 2 weeks to 2 months

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Retail Market Monitor Friday , 31 July 2015

TRADERS’ CORNER KSL Holdings (KSL MK) Technical BUY on breakout with +18.8% potential return Last price : RM1.67 Target price : RM1.99, RM2.09 Support : RM1.60 Stop-loss : RM1.59 BUY on breakout with a target price of RM2.09 and stop-loss at below RM1.59. Share price has been trading below the downtrend line and we expect KSL will make a higher high if it penetrates the breakout level of RM1.76. This is supported by the EMA 7-day which is on the verge of making a golden cross with the EMA-21, indicating a bullish signal. This is consistent with the uptick in the RSI, which suggests stronger buying momentum ahead. We peg our targets at RM1.99 and RM2.09. Expected Timeframe: 2 weeks to 3 months

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Retail Market Monitor Friday , 31 July 2015

CORPORATE NEWS

Asia Poly Holdings: Launches cash call sets sights on new plant. Asia Poly Holdings Bhd has proposed a rights issue and a special bumiputra issue with the aim of raising funds to retire part of its borrowings and to set up a waste management plant, as well as complying with the bumiputra equity requirement. In a filing with Bursa Malaysia, the cast acrylic sheet manufacturer proposed a two-call 2-for-1 rights issue along with free detachable warrants on a 1-for-3 basis. The ACE Market company, whose share price has more than tripled since the year started, also proposed a special issue of up to 15% of its enlarged issued and paid-up capital to bumiputra investors to be recognised by the International Trade and Industry Ministry. The proposed exercise, among others, allows the company to raise capital without incurring interest costs, issue new Asia Poly shares without diluting the existing shareholders’ equity interest, and adhere to the 12.5% bumiputra equity requirement. (Source: Starbiz)

CI Holdings: Johari steps down as CI Holdings group MD. Datuk Johari Abdul Ghani, who was appointed as Finance Deputy Minister, has resigned as group MD of CI Holdings Bhd (CIH) effective July 29. The edible oil and tap maker told Bursa Malaysia that executive director Megat Joha Megat Abdul Rahman had been redesignated as group MD and he also replaced Johari as a remuneration committee member. Johari, 51, had been CIH group MD for more than 12 years. He began his career with an international accounting firm and has held senior positions in various listed and unlisted companies, including that of Uda Holdings Bhd chairman. (Source: Starbiz) KAF Investment Bank: KAF Investment Bank buys 76% of KAF Seagroatt. KAF Investment Bank Bhd (KAFIB) is buying a 76.74% stake in KAF-Seagroatt & Campbell Bhd for RM248.64m or RM2.70 a share. KAFIB said on Thursday it would undertake a mandatory general offer (MGO) for the remaining stake at RM2.70 also. The move will see KAFIB owning the stock-broking, fund management business and research. “The company believes that KAF-Seagroatt & Campbell’s consolidation under KAFIB will enable the company to be a more diversified financial services group,” it said. (Source: Starbiz)

Muhibbah Engineering: Bags RM158m Rapid job. Muhibbah Engineering (M) Bhd has won a RM158.2m job from Toyo Thai Malaysia Sdn Bhd for works related to the steam cracker complex for Petronas’ US$16b (RM61.2b) Refinery And Petrochemicals Integrated Development (Rapid) project In Pengerang, Johor. It told Bursa Malaysia that the contract for civil, concrete and buildings for offsite areas came under package for the engineering, procurement, construction, and commissioning (EPCC) of the complex, which the national oil company awarded to the consortium of Toyo Engineering Corp and Toyo Engineering & Construction Sdn Bhd in July last year. Toyo Thai Malaysia is a unit of TTCL Public Co Ltd, a Thailand-listed company undertaking part of the EPCC contract. Muhibbah said the construction, scheduled to start next month, was expected to be completed by November 2017. (Source: Starbiz) Pestech International Bhd: Pestech and SDEE to team up in Cambodian power projects. Pestech International Bhd is teaming up with a subsidiary of State Grid Corp of China in projects to develop the power infrastructure market in Cambodia. In a filing with Bursa Malaysia, the company said it had signed a memorandum of understanding (MoU) on Thursday with Shandong Electrical Engineering & Equipment Group (SDEE) to assist Electricite du Cambodge to enhance and upgrade the condition of its national grid operation and maintenance. At the same time, they will improve its efficiency and reduce the transmission lost. Pestech and SDEE will set up jointly a distribution transformers manufacturing plant in Cambodia. They will also become equity partners of a special-purpose vehicle company to undertake procurement of power transmission agreement/power systems infrastructure concession projects. (Source: Starbiz)

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Retail Market Monitor Friday , 31 July 2015

Yinson Holdings: Has partnered with a Portuguese firm to set up a joint venture company (JVC) to bid for floating production storage and offloading (FPSO) projects to be leased to potential charterers. Yinson said its unit Yinson Heather Ltd (YHL) today signed a joint venture (JV) deed with Four Vanguard Servicos E Navegacao LDA (FVSN), which will see the JVC acquire a vessel owned by FVSN for €60m (RM251.5m). The O&G services provider said the vessel will be used in bidding for FPSO projects to be leased to potential charterers. FVSN is an indirect wholly-owned subsidiary of Milan-listed shipping group Premuda S.p.a, Yinson said in a filing. (Source: The Edge Online)

ECONOMY Currency: Bank Negara stemming the decline of the ringgit. As the downward pressure on the ringgit mounts, Bank Negara has adopted gentle suasion methods to stem the decline. Senior executives of the central bank have had briefings with foreign exchange (forex) dealers from local and foreign financial institutions this week discouraging them from entering into transactions that result in selling the ringgit. This comes as dealers get offers to enter into a “put” option for the ringgit at four to the US dollar over a period of between three and six months. What this effectively means is that the counter party has taken the view that the ringgit will go to RM4 against the US dollar in three months and is prepared to take delivery from the dealer at that price when the time comes. “If the ringgit hits RM4 against the US dollar, a lot of dealers stand to make a lot of money,” said a currency strategist. (Source: The Star)

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Retail Market Monitor Friday , 31 July 2015

POLITICS

General: ‘Ex-DPM will not be arrested’. There is no warrant of arrest for Tan Sri Muhyiddin Yassin and the authorities have warned irresponsible parties against spreading such rumors. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who described the rumors as utter rubbish, said he did not know why such an allegation was spread, when there was no reason to arrest his predecessor. (Source: The Star)

General: IGP denies probe into BNM governor. Inspector-General of Police Tan Sri Khalid Abu Bakar has denied that Bank Negara governor is being investigated by police over the 1Malaysia Development Bhd issue. “Not by us”, Khalid told reporters when asked whether Tan Sri Dr Zeti Akhtar Aziz was being probed by police. Khalid said this during a press conference at the Royal Malaysia College here yesterday. BNM also denied rumors that Zeti suffered a heart attack. “She is fine and came to work as usual”, said a BNM spokesman when contacted by the Star. (Source: The Star)

General: Mukhriz ready to face music. Kedah Mentri Besar Datuk Seri Mukhriz Mahathir says he is ready to face any consequences that would arise from his visit to Tan Sri Muhyiddin Yassin’s house in Kuala Lumpur following his sacking from the cabinet. Mukhriz’s visit already has tongues wagging but his position is now believed to be compromised after a video of Muhyiddin claiming that Prime Minister Datuk Seri Najib Tun Razak has admitted US$700m (RM2.6b) was transferred into his personal bank accounts went viral. (Source: The Star)

General: No PAC proceedings without chairman, says Pandikar. The Public Accounts Committee (PAC) cannot hold proceedings unitl a new chairman has been appointed, said Dewan Rakyat Speaker Tan Sri Pandikar Amin Mulia. He pointed out that Standing Order 77(3) was only applicable when the chairman or vice-chairman could not attend the proceeding for certain reasons and not when there was a vacancy for the post. To avoid any dispute or issue over the validity of the PAC proceedings when the chairman’s post became vacant, Pandikar said it was only right for the proceeding to be held after the chairman’s post was filled. (Source: The Star) General: Nur Jazlan: I didn’t sell out. PAC will go on without me, says new deputy minister. Former Public Accounts Committee (PAC) chairman Datuk Nur Jazlan Mohamed, who is facing criticism for accepting a deputy minister’s post, is refuting claims that he has “sold out”. “It’s not fair to accuse me of such things. For me, I have moved from legislature to the executive and the job at the ministry is more challenging than the PAC”, said the Pulai MP and new Deputy Home Minister. He insisted he was “still the same person” and hoped to carry out his duties in the ministry as well as he had done in the PAC. (Source: The Star)

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Retail Market Monitor Friday , 31 July 2015

FROM THE REGIONAL MORNING NOTES... Malaysia Airports Holdings: 2Q15: Weak Headline Numbers But Operating Cash Flow Remains Healthy (MAHB MK/BUY/RM6.05/Target: RM7.60) MAHB reported a noisy set of results which makes yoy comparison meaningless. The key positive is that EBITDA and operating cashflow margins improved during the quarter. We are nonetheless concerned about a 49% increase in receivables in 1H15, which are partly owed by the Malaysian government and other airlines. As a prudent measure, we tweak our receivables and lower our FCF and terminal growth rate. Target price is lowered to RM7.60. Maintain BUY. Public Bank: 2Q15: Results In Line With Expectations (PBK MK/HOLD/RM18.88/Target: RM19.30) Public Bank’s 2Q15 earnings were in line with our expectations. Earnings were underpinned by relatively strong non-interest income growth but partially offset by a slight uptick in cost pressure and moderating loan growth. We believe the group’s immaculate track record and robust asset quality have been factored into its current rich valuations. Maintain HOLD and target price of RM19.30 (ROE: 16.2%, COE: 10%, 2.7x 2015F P/B, implied PE of 15.8x). Tenaga Nasional: 3QFY15: Results Within Expectations (TNB MK/BUY/RM12.54/Target: RM15.30) 3QFY15 core net profit (excluding over-recovery of fuel costs) grew 21% yoy, thanks to a modest 2% yoy electricity demand growth, lower general expenses and tax credit. This brings 9MFY15 core net profit to RM5,203m (+8% yoy), accounting for 77% and 80% of our and street estimates respectively. Management was, however, unable to shed light on the proposed Edra acquisition. That said, we believe the acquisition risk is largely priced in. Maintain BUY. Target price: RM15.30.

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