R e t a i l M a r k e t M o n i t o r Friday, 2 June 2017 · 2017. 6. 6. · R e t a i l M a r k e t M o n i t o r Friday, 2 June 2017 w w w . u t r a d e . c o m . m y 1 M A L A

R e t a i l M a r k e t M o n i t o r F r i day , 2 Ju ne 20 17

w w w . u t r a d e . c o m . m y 1

M A L A Y S I A

MARKET NEWS

The FBMKLCI sank 2.76pt to close at 1,763.11 yesterday as weaker sentiment in the

overnight US market dragged index-linked counters lower. Meanwhile, Asian equities

were mixed, with Japanese equities climbing while Chinese stocks slipped, as investors

weighed economic data and the possible path for interest rates. The MSCI Asia Pacific

Index gained 0.3% to 153.19. The FBMKLCI’s top gainers were Astro Malaysia Holdings

(+2.4%), Genting Malaysia (+2.1%) and IHH Healthcare (+1.9%), while the top losers

were Westports Holdings (-5.2%), Axiata Group (-4.5%) and IOI Corporation (-2.2%). In

the broader market, losers outpaced gainers 505 to 414 with 336 counters unchanged.

Turnover was 2.22b shares valued at RM2.24b.

From the technical perspective, the outlook for the FBMKLCI remains timid as a lack of

catalysts pared down earlier gains. The index formed another “spinning top” pattern

yesterday as the selling pressure has been absorbed. Despite a shaky short-term outlook,

we remain optimistic for the index to recover once the selling pressure normalises. For

now, we expect sideways movement ahead with the benchmark index likely to

consolidate further. Support and resistance levels are as follows:

Support: 1,755,1,729

Resistance: 1,787, 1,800

US stocks made a winning start to the month on Thursday, as investors look ahead to the

release of the monthly jobs report, after the pace of private sector jobs growth surged in

May and with manufacturing activity having topped market expectations. The DJIA

notched up 135pts to close at 21,144.18. The S&P 500 closed 0.76% higher while the

Nasdaq Composite closed at 6246.83, up 0.78%. Rising stocks outnumbered declining

ones on the NYSE by 2,562 to 663 and 33 ended unchanged.

WHAT’S IN THE PACK

1Q17 Results Wrap-up Results largely in line. We marginally lift

our year-end FBMKLCI target after raising

2018 earnings expectations, but we

advocate being more defensive in the

near term.

Banking We expect both RHBBank (SELL) and

AMMB (HOLD) to trade downwards as

the market will be focusing on the

immediate dilutive impact of the deal.

Westports Holdings (WPRTS MK/HOLD/RM4.06/Target: RM3.80)

5M17 volumes contract, mainly from trans

shipment. Nevertheless, uncertainties

from CMA CGM have been removed and

gateway volumes are strong. We maintain

our stance that these risks are mostly

priced in.

Lion Industries Corporation

(LLB MK) Technical BUY with 19.8% potential return

BUY with a target price of RM1.39 and

stop-loss at RM0.995. Based on the daily

Ichimoku chart, a buying signal was seen

as the stock has been trading above the

Ichimoku cloud.

Sentoria Group (SNT MK) Technical BUY on breakout with +23.9%

potential return

BUY on breakout with a target price of

RM1.09 and stop-loss at RM0.795. Based

our last BUY call on 6 Apr 17, SNT initially

hit our targets at RM0.925 and RM0.995

before making a pullback to the current

level.

Lay Hong (LAY MK) Technical BUY on breakout with 17.3%

potential return



on the daily chart, LAY has formed a series

of higher highs and higher lows toward the

all-time high of RM0.95.

FBMKLC I CHART

Source: Bursa Station

KEY IND ICES

Prev Close Chg (%)

YTD (%)

DJIA 21,144.18 0.65 6.99 S&P 500 2,430.06 0.76 8.54 FTSE 100 7,543.77 0.32 5.61 CSI 300 3,497.74 0.14 5.67 FSSTI 3,235.96 0.78 12.33 HSCEI 10,619.88 0.16 13.04 HSI 25,809.22 0.58 17.31 JCI 5,738.16 0.79 8.33 KLCI 1,763.11 (0.16) 7.39 KOSPI 2,344.61 (0.12) 15.70 Nikkei 225 19,860.03 1.07 3.90 SET 1,563.11 0.09 1.31 TWSE 10,087.42 0.47 9.01 BDI 850.00 (3.19) (11.55) CPO (RM/mt) 2,513.00 0.56 (19.17) Nymex Crude (US$/bbl) 48.10 (0.54) (15.26)

TOP VOLUME

Stock Price (RM)

Chg (%)

Vol (‘000)

Iris Corp Bhd 0.15 (9.09) 62,053 Borneo Oil Bhd 0.13 (3.85) 58,225 Netx Holdings Bhd 0.06 (8.33) 46,497

Ae Multi Holdings Bhd 0.21 28.13 37,553

Frontken Corp Bhd 0.29 7.41 36,772

TOP GA INERS

Stock Price (RM)

Chg (%)

Vol (‘000)

Ae Multi Holdings Bhd 0.21 28.13

37,553

Plastrade Technology Bhd

0.34 21.43

3,404

Accsoft Technology Bhd

0.53 17.78

142 Ralco Corp Bhd 0.59 14.7

1 4

Resintech Bhd 0.46 12.20

1,349

TOP LOSERS

Stock Price (RM)

Chg (%)

Vol (‘000)

Xingquan International Sports

0.07 (12.50) 5,997 Sino Hua-An International Bhd

0.04 (12.50) 83

Sunzen Biotech Bhd 0.29 (12.12) 14,469

Talam Transform Bhd 0.04 (11.11) 1,015

Scomi Energy Services Bhd

0.16 (11.11) 2,783 Source: Bloomberg



M A L A Y S I A

TRADERS’ CORNER

Lion Industries Corporation

(LLB MK) Technical BUY with +19.8% potential return

Last price: RM1.16

Target price: RM1.36, RM1.39

Support: RM1.00

Stop-loss: RM0.995

BUY with a target price of RM1.39 and

stop-loss at RM0.995. Based on the daily

Ichimoku chart, a buying signal was seen

as the stock has been trading above the

Ichimoku cloud. This is supported by the

Heat Wave indicators as the Tenkan-sen,

Kinjun-sen and Chikao span lines are inter-

crossing, which suggest a bullish signal. An

uptick in the RSI and DMI suggests buying

momentum is set to continue in the near

term. We peg our targets at RM1.36 and

RM1.39 in the near to medium term.

Expected Timeframe: 2 weeks to 2

months

Sentoria Group (SNT MK) Technical BUY on breakout with +23.9%

potential return

Last price: RM0.85


Support: RM0.80

Stop-loss: RM0.795



our last BUY call on 6 Apr 17, SNT initially

hit our targets at RM0.925 and RM0.995

before making a pullback to the current

level. On yesterday’s movement, the share

price managed to close above the BBI line

to maintain the bullish momentum towards

the breakout level of RM0.88. This is

supported by the MACD’s bullish crossover

and is consistent with the uptick in the DMI,

which suggests stronger buying momentum

ahead. We peg our new targets at

RM0.995 and RM1.09 respectively in the

short to medium term.


months.



M A L A Y S I A

TRADERS’ CORNER

Lay Hong (LAY MK) Technical BUY on breakout with +17.3%

potential return

Last price: RM0.935


Support: RM0.875

Stop-loss: RM0.87



on the daily chart, LAY has formed a series

of higher highs and higher lows toward the

all-time high of RM0.95. We expect LAY

will continue the upside movement if the

price can penetrate above RM0.95 level.

This is supported by an uptick in the RSI.

Currently, both indicators such as the

MACD and DMI are showing a positive

signal to support the upward momentum.

We peg our targets based on 1.38x and

1.61x Fibonacci Extension level at RM1.06

and RM1.12 in the near term.


months

ANALYST

Mohd Fakhrul Asyraq, MSTA, CFTe

+603 2147 1994

[email protected]



M A L A Y S I A

CORPORATE NEWS

BFood: Lee quits as CEO to assume bigger role at Bermaz

Auto. Datuk Francis Lee Kok Chuan (pic) has resigned as Berjaya Food Bhd (BFood)

chief executive officer effective June 1 as he takes on the post of executive director at

Mazda vehicle distributor Bermaz Auto Bhd. BFood, which operates the Kenny Rogers

Roasters and Starbucks outlets in Malaysia, told Bursa Malaysia that Lee stepped down

after seven years at the helm due to “his work commitments at Bermaz Auto Bhd.” Bermaz

Auto (formerly Berjaya Auto Bhd) is at present working towards listing its indirect

subsidiary, Bermaz Auto Philippines Inc, on the main board of the Philippine stock

exchange. The circular to shareholders in February gave the tentative listing date as early

April 2017. (Source: The Star)

CAP: Faces trading suspension on June 8. China Automobile Parts

Holdings Ltd (CAP) faces a suspension in trading of its shares on June 8 if the group fails

to submit its quarterly report for the financial period ended March 31, 2017 (1QFY17) on or

before June 7. This was an expected development after CAP had said last week it would

not be able to finalise its quarterly report within the May 31 deadline after its auditor PKF

had retracted its audit report for FY15. In response to Bursa's suspension warning, the

company said today an application in relation to re-issuance of the audited financial

statements for the FYE 2015 has been submitted to Bursa Malaysia Securities. (Source:

The Edge Financial Daily)

Gamuda Land: Anniversary promotion recorded 394 sales

in three months. Gamuda Land’s 40th anniversary campaign recorded a total of

394 sales within the three-month campaign period, and also saw 90 prizes given out to

lucky customers who purchased the developer’s properties between Nov 25, 2016 and Feb

28, 2017. Purchaser of Bukit Bantayan Residences in Kota Kinabalu, Sabah, Ho Vui

Khiong and joint purchasers of Horizon Hills in Iskandar Puteri, Johor, Ng Qing-Mim and

Tan Mei Fong received the top prize of RM48,000 rebate for their property purchases.

Another three winners won themselves a RM10,000 rebate for their property purchase

while 80 winners brought home RM1,000 shopping vouchers. (Source: The Edge Financial

Daily)

New Hoong Fatt: Eyes 70% export revenue by 2021. Automotive replacement parts manufacturer New Hoong Fatt Holdings Bhd (NHF) aims to

increase its export revenue contribution to 70% by 2021. Managing director Chin Jit Sin

said group sales from overseas market currently stood at 52%. “Asean remains a key

focus for the group, with a 30% contribution to total exports. We are making continuous

efforts to expand our product range and distribution coverage in the region, along with our

ongoing investment in human capital. “We are confident of being on course to meet the

target,“ he told reporters after the company’s AGM in Kuala Lumpur on Thursday. (Source:

The Star)

Star Media: Appoints two new independent directors. Star

Media Group Bhd has appointed Choong Tuck Oon and Wong You Fong as independent

and non-executive directors of the company. In a filing with Bursa Malaysia today, Star

Media said Choong, 59, specialises in technology, strategy and transformation. He is

active in the digital start-up ecosystem in Asean, where he is frequently called upon to

advise corporates, universities and startups on innovations, including fintech, media-tech,

ecommerce, data analytics and new-age technologies. He started his career in Petroliam

Nasional Bhd, where he held executive positions in various upstream and downstream

functions for more than 7 years. (Source: The Edge Financial Daily)



M A L A Y S I A

Wah Seong: Becomes distributor for South Korean

Doosan Group. Wah Seong Corp Bhd has become a distributor for one of South

Korean Doosan Group’s subsidiaries to distribute construction equipment in Peninsular

Malaysia. In a filing with Bursa Malaysia today, Wah Seong said its indirect subsidiary

WDG Resources Sdn Bhd has entered into a distributorship agreement with Doosan

Infracore Co Ltd. The agreement is to appoint WDG as exclusive distributor of Doosan

Infracore’s products and to promote them through mutual cooperation. WDG is principally

involved in the distribution, rental and service of industrial machinery such as portable

power generation systems and construction equipment. (Source: The Edge Financial Daily)

7-Eleven Malaysia: Scraps RM61.67m rights issue. Convenient

store operator 7-Eleven Malaysia Holdings Bhd has scrapped plans for a RM61.67m rights

issue of warrants to fund working capital following lukewarm market response. In a filing

with Bursa Malaysia today, 7-Eleven Malaysia said it has decided not to proceed with the

exercise after taking into consideration general feedback, as well as market reaction to the

proposed rights issue. "The aborting of the proposed rights issue is not expected to have

any material effect on the earnings and net assets of the group," it added. (Source: The

Edge Financial Daily)

SECTOR

Aviation: Global passenger traffic for April rose by 10.7%,

says IATA. Global passenger traffic data for April 2017 showing that demand

(measured in revenue passenger kilometers or RPKs) rose by 10.7% compared to April

2016, which was the fastest pace in six years, according to the International Air Transport

Association (IATA). In a statement yesterday, IATA said April capacity (available seat

kilometers or ASKs) increased by 7.1%, and load factor climbed 2.7 percentage points to

82.0%- a record for the month of April. It said the strong performance is supported by a

pick-up in global economic activity and lower airfares. It said after adjusting for inflation, the

price of air travel in the first quarter was around 10% lower than in the year-ago period.

IATA estimated that falling airfares accounted for around half the demand growth in April.

(Source: The Edge Financial Daily)

Aviation: The redevelopment of Terminal 2 at the Sultan

Abdul Aziz Shah Airport in Subang, Selangor, is set to begin at

the end of 2017, said Subang SkyPark Sdn Bhd executive director Tan Sri Ravindran

Menon. The redevelopment project will bring SkyPark Terminal's total capacity to 5 million

passengers per year from 3 million passengers currently, he added. "We are looking

forward to expanding our airport. These developments will have a positive impact on

Malaysia's domestic tourism scene, particularly in the sense of connectivity when it comes

to domestic travel," Ravindran said in a statement today (Source: The Edge Financial

Daily)

Manufacturing: Production falls for first time in four

months. Manufacturing output contracted in May, the first time in four months, with

anecdotal evidence pointing to a downturn in client demand, according to the Nikkei

Malaysia Manufacturing PMI report. According to the report, the headline Purchasing

Managers’ Index (PMI) dipped below the 50.0 no-change mark to 48.7 in May. “The PMI

signalled a renewed deterioration in business conditions, contrasting with April’s marginal

improvement (the first in over two years). That said, the rate at which conditions worsened

was only modest overall,” IHS Markit said in the Nikkei Malaysia Manufacturing PMI report

Wednesday. (Source: The Star)



M A L A Y S I A

FROM THE REGIONAL MORNING NOTES...

1Q17 Results: Entering A Lull Period 1Q17 results were largely in line with our 10.4% earnings growth forecast for 2017, led by

the sector heavyweight - banking. However, 1Q17 also revealed an exceptionally weak

quarter of domestic consumption. We sense that the market has now entered a lull period,

partly dampened by unusual issues (eg abrupt cancellation of Bandar Malaysia and Inland

Revenue going into overdrive). We advocate a slightly more defensive investment stance.

Banking: RHBBank - AMMB Merger: Early Days Of Discussion RHBBank and AMMB made a joint announcement on having received BNM’s approval to

commence discussions for a proposed merger. As discussions are in the preliminary stage,

details are scant. We do not discount the longer term upside from a cost synergies

perspective. However, this will require a certain gestation period with the market likely to

focus on the immediate term earnings dilution. We maintain our SELL call on RHBBank

(Target: RM4.65) and HOLD for AMMB (Target: RM4.90) given the lower share price

downside to our target price.

Westports Holdings: Volume Readjustments Coming Sooner Than Expected (WPRTS MK/HOLD/RM4.06/Target: RM3.80) Westports’ container volumes fell in 5M17. While transshipment in 2Q17 may appear

weaker than expected, the high-yielding gateway growth is commendable. We maintain our

stance that these risks are mostly priced in, noting that uncertainties at CMA-CGM’s

volume realignment have been removed. The Eastbound port calls are set to ramp up by

2H17. Although top-line remains volatile, we see low earnings risk, partly due to tax

shields. Maintain HOLD. Target price: RM3.80. Entry price: RM3.55.

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M A L A Y S I A

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R e t a i l M a r k e t M o n i t o r Friday, 2 June 2017 · 2017. 6. 6. · R e t a i l M a r k e t M o n i t o r Friday, 2 June 2017 w w w . u t r a d e . c o m . m y 1 M A L A

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