Editor : Eric Shu Tel : +852-2277-6678 e-mail : [email protected]Disclaimer The information contained in the report(s) is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. The information or opinions provided in the report(s) do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable. However, Phillip Securities(HK) Ltd("PSHK") does not verify such information. PSHK does not guarantee its accuracy or completeness, nor do we take responsibility for any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only current opinions, which are subject to change. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or investing in the investment product(s) mentioned herein. PSHK and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials available on the reports. The information and/or materials provided "as is" without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials. There are risks inherent in international investments, which may make such investments unsuitable for certain clients. These include, for example, economic, political, currency exchange rate fluctuations, and limited availability of information on international securities. We recommend that you obtain the advice of your Financial Advisor regarding this or other investment in order to conform to your financial resources and risk preference. PSHK (or one of its affiliates) or their officers, directors, analysts, or employees may have positions in securities or commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities. An employee, analyst, officer, or a director of PSHK, or its affiliates, may serve as a director for companies mentioned in this report. Neither the information nor opinion expressed in this report shall constitute a solicitation to buy or sell any securities. There may be instances when fundamental, technical, and quantitative opinions may not be in concert. This firm (or one of its affiliates) may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned on the reports.
12
Embed
Disclaimer - research.cyberquote.com.hkresearch.cyberquote.com.hk/page/htm/kc/share_companyrpt/support… · Tel : +852-2277-6678 e-mail : [email protected] Disclaimer The
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
The information contained in the report(s) is provided to you for information only and is not intended to or nor will it
create/induce the creation of any binding legal relations.
The information or opinions provided in the report(s) do not constitute an investment advice, an offer or solicitation
to subscribe for, purchase or sell the e investment product(s) mentioned herein. It does not have any regard to your
specific investment objectives, financial situation and any of your particular needs.
Information contained herein is based on data obtained from recognized statistical services, issuer reports or
communications, or other sources believed to be reliable. However, Phillip Securities(HK) Ltd("PSHK") does not
verify such information. PSHK does not guarantee its accuracy or completeness, nor do we take responsibility for
any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only
current opinions, which are subject to change.
Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether
directly or indirectly as a result of this information. Investments are subject to investment risks including possible
loss of the principal amount invested.
The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an
independent financial adviser before making a commitment to purchase or investing in the investment product(s)
mentioned herein.
PSHK and any of its members will not, in any event, be liable to you for any direct/indirect or any other damages of
any kind arising from or in connection with your reliance on any information in and/or materials available on the
reports.
The information and/or materials provided "as is" without warranty of any kind, either express or implied. In
particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and
materials.
There are risks inherent in international investments, which may make such investments unsuitable for certain clients.
These include, for example, economic, political, currency exchange rate fluctuations, and limited availability of
information on international securities. We recommend that you obtain the advice of your Financial Advisor
regarding this or other investment in order to conform to your financial resources and risk preference.
PSHK (or one of its affiliates) or their officers, directors, analysts, or employees may have positions in securities or
commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities. An
employee, analyst, officer, or a director of PSHK, or its affiliates, may serve as a director for companies mentioned in
this report. Neither the information nor opinion expressed in this report shall constitute a solicitation to buy or sell
any securities. There may be instances when fundamental, technical, and quantitative opinions may not be in concert.
This firm (or one of its affiliates) may from time to time perform investment banking or other services for, or solicit
investment banking or other business from, any company mentioned on the reports.
THE WEEKLY AGENDA
Phillip Talks: The week ahead in gold and stocks
Thai stock market outlook: Testing key support at 1465 points
Domestic politics set to weigh on market: Thai stocks are expected to move sideways with a downward tilt between 1,465 and 1,520 points as investors await new positive catalysts to drive the market upward. The Covid-19 outbreak starts to show signs of improvement after infection rate has slowed; the number of cured patients is rising; and Chinese authorities approved the antiviral Favilavir for use in the treatment of the virus. However, the SET index remains under pressure from domestic factors as (i) the no-confidence debate against six cabinet ministers is expected to weigh on the market at the start of the week, (ii) all eyes will be on whether there will be any protest rally against the Constitutional Court's decision to dissolve Future Forward Party, and (iii) speculation is rife that the country’s GDP my show no growth or contraction in the first quarter amid concerns over the global economic impact of the COVID-19 epidemic. Technically speaking, we see key support at 1465 points and if the SET manages to hold above this level, the main index may start to drift sideways.
SET50 futures trading strategy: Open short position in a range of between 990-1,005 points. Cut loss when the SET rises above 1,012 points.
Gold Outlook: Gold seen biased upward, testing $1,650/oz
Bullish bias: The negative economic consequences of the Covid-19 outbreak is a key support for gold. The coronavirus worrieswere evidence in the yield curve inversion in the US short- andmedium-term bond markets and in SPDR Gold Trust holdingswhich hit a four-year peak, although the Dollar Index, which hasa negative correlation with gold price, reached its five-year high.
Gold futures trading strategy: Look to open long GOH20 in arange of between $1,620-$1,630/oz. Place a stop-loss order ifprice falls below $1,610/oz.
Strategy Team #487
Key factors to watchFeb 24-27The opposition launches a no-confidence debate against the government.
Key economic data
Feb 25
▪ Germany: 4QFY19 GDP (y-y)
Feb 26 US: New home salesFeb 27 US: 4QFY19 GDP (y-y)
Feb 28
Japan: Industrial production and retail sales for Jan (y-y)
Price moved up and tested resistance at aroundBt16.50 and formed the cup-and-handle pattern,while MACD is above the signal line in the positivezone. More gains could likely be on the cards.
“Sideways in range-bound mode”
The SET index bounced from support of the downtrend channel as Modi. Sto. reversed back up and nearly issued a buy signal but the index is under all EMAs which are bearish. So the SET is anticipated to trade sideways in a range of between 1,486 and 1,520 points.
Price crossed above resistance near the EMA-200but held above EMA-10, EMA-25, and EMA-75which aligned. Meanwhile, MACD marched higherin the positive zone. Thus, the stock is expected tomove higher.
SupportResistance
Support
Support
THE WEEKLY AGENDA
Resistance
resistance
ext. 485
STEC 16.00 / 15.60 17.20 / 18.30
TU15.40 / 14.80
16.40 / 17.20
1486 / 1465
1520 / 1540
www.poems.in.th 2
Feb 24 - 28, 2020
Technical Team #487
WEEKLY STATISTICS
Performance of major Asian currencies against US dollar
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
Viet
nam
Philip
ines
Hon
g ko
ng
Indi
a
Indo
nesi
a
Chi
na
Sing
apor
e
Taiw
an
Thai
land
Mal
aysi
a
Kore
a
WOW MTD YTDAp
prec
iatio
nD
epre
ciat
ion
-2.30%
-2.14%
-0.77%
-0.74%
-0.66%
-0.61%
-0.21%
0.07%
1.29%
1.80%
3.88%
-4.0% -2.0% 0.0% 2.0% 4.0% 6.0%
Thailand
Korea
Taiwan
Hong kong
Singapore
Malaysia
India
Vietnam
Indonesia
Philipines
China
w-w Asian stock market performances
Source: Bloomberg
Feb 24 - 28, 2020
www.poems.in.th 3
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
16 D
ec 1
9
23 D
ec 1
9
30 D
ec 1
9
6 Ja
n 20
13 Ja
n 20
20 Ja
n 20
27 Ja
n 20
3 Fe
b 20
10 F
eb 2
0
17 F
eb 2
0
Thailand Philippines S.Korea Taiwan Vietnam Indonesia India
Unit: Mil US$
WEEKLY STATISTICS
Foreign portfolio Flows into 7 ASIAN bourses
Forward P/E ratios of Asian stock markets
22.19
15.71 15.35 15.3114.60
14.0213.24 12.91
12.06
10.51
0
5
10
15
20
25
India
Tai
wan
Mal
aysi
a
Tha
iland
Phili
ppin
es
Indon
esia
Vie
tnam
Sing
apor
e
Chin
a
Hon
g Kon
g
Mean = 14.35
Source: Bloomberg
Feb 24 - 28, 2020
www.poems.in.th 4
02 635 1700 ต่อ 486
Commodity Watch
www.poems.in.th 5
Feb 24 - 28, 2020
Source: Bisnews, Bloomberg
CUSGHYDF OILA Index Olefin Spread NEX Index (Weekly)
+5% to +20% Accumulate 2 +5% to +20% upside from the current price
-5% to +5% Neutral 3 Trade within +/- 5% from the current price
-5% to -20% Reduce 4 -5% to -20% downside from the current price
< -20% Sell 5 -20% downside from the current price
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation
GENERAL DISCLAIMER
This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific
person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to [email protected].
Investment involves risks. For details of product risks, please view the Risk Disclosures Statement on http://www.phiIlip.com.hk.