Market Insight. Wednesday, 1 June, 2016

Transcription

1 Mar- Apr-15 May- Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar- Apr-16 May- Wednesday, 1 June, /03/2013(031743) Major Highlights MMC Corp s Q1 earnings nearly halved Astro records higher first-quarter profit Proton weighs on DRB-Hicom, RM991m net loss in FY16 MRCB expects property division to hit RM1bn sales target SapuraKencana finds gas at 2 wells offshore Malaysia Asia File s 4Q net profit jumps 31% Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 11, FBM Hijrah Shariah 13, Volume (mn) 2, , Value (RMmn) 6, , FBMKLCI YTD Chg Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 4, S&P 500 2, FTSE 100 6, Nikkei , HSI 20, SHCOMP 2, KOSPI 1, TWSE 8, STI 2, JCI 4, SET 1, PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my Local & Global Economic News Ringgit ends lower against US Dollar US consumer spending posts biggest gain in more than six years US home prices rise more than expected in March EU budget lost nearly billion dollars to fraud last year Russia-led economic bloc seeks trade deal with China India s economic growth surges in March quarter KLCI Performance KLCI Year-End Target: 1,780 points Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts May-16 June-16 High 1, , Low 1, , Last 1, , Volume 6, , Commodities (Most Recent Close) Close Change +/- (+/- %) % Brent Crude (USD/bbl) WTI Crude (USD/bbl) Gold (USD/ounce) 1, CPO (RM/MT) 2, SMR 20 (sen/kg) Latex (sen/kg) Soybean Oil Forex (per USD1) Close Change +/- Change % MYR JPY EUR SGD BIMB Securities 1

2 Major Rates KLIBOR 3-mth 3.67% KLIBOR 6-mth 3.79% KLIBOR 12-mth 3.87% 5-yr MGS 3.60% 10-yr MGS 3.92% Active Stock Close Change+/- (+/- %) BAT Aeon Credit Genting Plantations Ajiya Petronas Dagangan Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) United Plantations Pie Industrial Nestle (Malaysia) Scientex Kossan Rubber Top Losers Close Change+/- (+/- %) Bumi Armada CIMB Group Malayan Banking IOI Corp Sime Darby

3 LOCAL CORPORATE NEWS MMC Corp s Q1 earnings nearly halved MMC Corp Bhd s Q1 earnings were pulled down by lower contributions from the energy, engineering and construction businesses. Earnings fell 46.4% year-on-year to RM51.34m in the quarter to March 31, 2016, as revenue dropped 52.8% to RM936.27m. The biggest blow to revenue was the listing of Malakoff Corp Bhd, which left MMC Corp with a lower effective interest of 37.6% in the water and power producer compared with 51% previously. The conversion of Malakoff into an associate company hit the energy and utilities segment s earnings before interest, tax, depreciation and amortisation (Ebitda), which shrank to RM41m from RM671m previously. MMC s engineering and construction segment also did not fare well. Its Ebitda dropped 60% to RM29m in the quarter under review due partly to less amount of underground works performed for the Klang Valley Mass Rapid Transit Sungai Buloh-Kajang line (construction is drawing gradually to an end with 86% progress as at reporting date). (Source: StarBiz) Astro records higher first-quarter profit Astro Malaysia net profit surged 20.12% to RM202.17m for the first financial quarter to April 30, 2016, compared to the same quarter a year ago on the back of lower depreciation of property, plant and equipment and finance cost. Its revenue jumped 2.46% to RM1.36bn mainly due to an increase in advertising and home-shopping of RM14.1m and RM27.4m, offset by a decrease in subscription revenue of RM11.2m. Earnings per share increased to 3.88 sen from 3.23 sen previously. Astro also declared a first interim single-tier dividend of 3 sen per share. This is higher than the 2.75 sen it had declared in the same quarter of the previous year. The company has a cash position of RM553.1m compared to RM595.7m for the period. (Source: StarBiz) Proton weighs on DRB-Hicom, RM991m net loss in FY16 DRB-Hicom posted net losses of RM991.90m in the financial year ended March 31, 2016, mainly due to the poor performance of Proton, which was a stark contrast for the diversified group with the earnings of RM300.19m a year ago. The group announced on Tuesday its revenue fell 11% to RM12.17bn from RM13.68bn a year ago. It incurred a pre-tax loss of RM821.27m compared with a pre-tax profit of RM501.83m a year ago. The losses were attributed largely to the poor performance of Proton s group with lower sales of motor vehicles amidst stiff competition, volatility in foreign exchange rates and weak consumer sentiment. The weak foreign exchange affected Proton's raw material cost, the lack of new models during the financial period and reduced profit margins. In addition, Proton made provisions relating to certain nonrecurring charges which had affected its bottom-line. DRB-Hicom said if Proton's results were excluded, the group s performance in FY16 was commendable. For the fourth quarter ended March 31, 2016, DRB-Hicom posted net losses of RM790.76m compared with earnings of RM89.79m a year ago. (Source: StarBiz) MRCB expects property division to hit RM1bn sales target Malaysian Resources (MRCB) is planning to hit a sales target of RM1bn from its property segment. Last year, the group secured RM850m property sales. This year, the group is looking at RM2.2bn worth of property launches, which includes Sentral Suites, Menara MRCB in Putrajaya, Prima homes in Kajang and its project in Bandar Sri Iskandar. For its construction segment, executive director Mohd Imran Tan Sri Mohd Salim said that the group had managed to grow and orderbook of over RM4bn. (Source: StarBiz) SapuraKencana finds gas at 2 wells offshore Malaysia SapuraKencana Petroleum unit has found gas at 2 of the 3 wells within the Block SK408 production sharing contract (PSC) area, offshore Malaysia. The first well, Jerun-1 is a significant discovery about 5km north of the 2014 Bakong gas discovery. Jerun-1 has an interpreted gross gas column of about 800m in the primary target reservoir and is a multi-tcf gas discovery. The second, Jeremin-1, is about 15km west of the F9 gas field where they encountered a 104m gross gas column. These 2 wells, Jerun-1 and Jeremin-1 together with the earlier five discoveries within the SK408 block are close to existing infrastructure supplying gas to one of the world s largest LNG facilities at Bintulu, Sarawak. (Source: StarBiz) Asia File s 4Q net profit jumps 31% Stationery maker Asia File Corp net profit rose 31% to RM16.92m in the Q4 ended March 31 compared with RM12.9m posted in the same period a year ago. During the quarter, Asia File posted a total sales of RM97.3m as opposed to RM100.8m registered in March Its earnings per share for the quarter rose to 8.87 sen against 6.83 sen a year ago.as parts of its sales strategy, group has become more selective it its marketing approach by focusing on sales which yield better margins. This has resulted in improved margin for the quarter as profits before tax increased from RM16.7m to RM22m, representing an increased of 32%. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit ends lower against US Dollar The ringgit eased further against the US dollar as the greenback strenghtened to a new two-month high against major currencies. At 5 pm, the ringgit was quoted at /1320 against the US dollar from /1190 on Monday. The dollar strengthened to a fresh high on heightened expectation of the US interest rate increase in the near term. The ringgit was also traded lower against a basket of other major currencies. It depreciated versus the Singapore dollar to /9940 from Monday's /9831 and slipped against the British pound to /0298 from /0133. The local unit fell versus the euro to /6014 from /5873 yesterday and slid against the yen to /7245 from /7068. (Source: Bernama) US consumer spending posts biggest gain in more than six years US consumer spending recorded its biggest increase in more than 6 years in April and inflation rose steadily, more signs of an acceleration in economic growth that could persuade the Federal Reserve to raise interest rates again as early as June. The Commerce Department said on Tuesday consumer spending, which accounts for more than two-thirds of US economic activity, surged 1.0% last month as households bought automobiles and a range of other goods and services. Consumer spending in March was revised down to show it being flat instead of the previously reported 0.1% gain. Last month s increase was the largest since August 2009 and beat economists expectations for a 0.7% rise. When adjusted for inflation, consumer spending shot up 0.6%, the biggest gain since February 2014, after being flat in March. (Source: Reuters) US home prices rise more than expected in March Annualized US single-family home prices rose more than expected in March. The S&P/Case Shiller composite index of 20 metropolitan areas rose 5.4% in March on a y-o-y basis, matching the increase the month before and beating the 5.2% estimate from a Reuters poll of economists. The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates. Another factor behind rising home prices is the limited supply of homes on the market. Prices rose 0.9% in March from February on a seasonally adjusted basis, the survey showed, topping expectations for a rise of 0.8%. On a non-seasonally adjusted basis, prices increased 0.9% from February versus expectations of a 0.5% increase. (Source: Reuters) EU budget lost nearly billion dollars to fraud last year Nearly $1bn of European Union funds were given out to fraudulent claimants last year, with the biggest concentrations of suspected false claims in Romania, Bulgaria and Hungary, data from EU investigators shows. In an annual report published on Tuesday, the European Anti-Fraud Office (OLAF) concluded that 888m euros were probably disbursed to dishonest claimants in 2015, a slight decline from 901m the previous year. It amounts to some 0.6% of a budget that concentrates spending on subsidies to farmers and poor regions. Among examples of probes into nearly 1,400 fraud allegations was a 1.3m euro payment to modernize a vegetable chilling plant in Bulgaria, the EU's poorest state. When investigators looked into it, they found the equipment supplier and the factory owner were the same person, who had inflated the price. Romania, Bulgaria and Hungary saw the biggest concentrations of fraud on the EU in (Source: Reuters) Russia-led economic bloc seeks trade deal with China The Russia-led Eurasian Economic Union (EEU) is starting negotiations on a trade deal with China, and aims to forge an agreement within 2 years. Comparing the planned deal to the proposed EU-US Transatlantic partnership agreement, Igor Shuvalov, Russia's First Deputy Prime Minister, said the talks would be very difficult. The decision was taken by the presidents of member states and former Soviet republics Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan who met in Kazakhstan. Beijing wanted the EEU to cut customs duties on Chinese goods or even remove them completely, but no decision has been taken within the bloc on whether to do so. Another major oil exporter, Iran, "could potentially become a member of such a partnership. (Source: Reuters) India s economic growth surges in March quarter India gathered momentum in the March quarter to extend its lead as the world s fastest growing large economy, helping Prime Minister Narendra Modi craft an impressive sales pitch for meetings with investors in the United States next week. Modi is due to travel to Washington on June 7-8 where he will meet heads of top US companies. Having swept to power 2 years ago promising to revitalise Asia s third-largest economy, Modi has boosted spending on defence and infrastructure, while consumer demand has risen thanks to lower interest rates. Those pro-growth policies helped gross domestic product grow 7.9% year-on-year in the March quarter, faster than the December quarter s 7.2%. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 06/01/ :48 DR Overnight Rate 31-May % 5.00% -- 06/01/ :38 CO Vehicle Sales Apr /01/ :45 NZ Terms of Trade Index QoQ 1Q 1.00% 4.40% -2.00% -- 06/01/ :00 SK CPI MoM May 0.20% 0.00% 0.10% -- 06/01/ :00 SK CPI YoY May 0.90% 0.80% 1.00% -- 06/01/ :00 SK CPI Core YoY May 1.60% 1.60% 1.80% -- 06/01/ :00 SK BoP Current Account Balance Apr -- $ m $ m -- 06/01/ :00 SK BoP Goods Balance Apr -- $9559m $12446m -- 06/01/ :01 UK BRC Shop Price Index YoY May % -1.70% -- 06/01/ :30 AU AiG Perf of Mfg Index May /01/ :50 JN Capital Spending YoY 1Q 2.40% % -- 06/01/ :50 JN Capital Spending Ex Software 1Q 4.00% % -- 06/01/ :50 JN Company Profits 1Q % -- 06/01/ :50 JN Company Sales 1Q % -- 06/01/ :50 JN Loans & Discounts Corp YoY Apr % -- 06/01/ :00 AU CoreLogic RP Data House Px MoM May % -- 06/01/ :00 NZ QV House Prices YoY May % -- 06/01/ :00 SK Exports YoY May -0.40% % -- 06/01/ :00 SK Imports YoY May -9.70% % -- 06/01/ :00 SK Trade Balance May $9644m -- $8841m $8819m 06/01/ :00 CH Manufacturing PMI May /01/ :00 CH Non-manufacturing PMI May /01/ :30 SK Nikkei South Korea PMI Mfg May /01/ :30 AU GDP SA QoQ 1Q 0.80% % -- 06/01/ :30 AU GDP YoY 1Q 2.80% % -- 06/01/ :45 CH Caixin China PMI Mfg May /01/ :00 JN Nikkei Japan PMI Mfg May F /01/ :30 TA Nikkei Taiwan PMI Mfg May /01/ :00 ID Nikkei Indonesia PMI Mfg May /01/ :30 MA Nikkei Malaysia PMI May /01/ :00 VN Nikkei Vietnam PMI Mfg May /01/ :00 IR Investec Manufacturing PMI Ireland May /01/ :00 PE CPI MoM May 0.24% % -- 06/01/ :00 PE CPI YoY May 3.55% % -- 06/01/ :00 IN Nikkei India PMI Mfg May /01/ :00 JN Vehicle Sales YoY May % -- 06/01/ :45 SZ GDP QoQ 1Q 0.30% % -- 06/01/ :45 SZ GDP YoY 1Q 0.90% % -- 06/01/ :00 RU Markit Russia PMI Mfg May /01/ :00 UK Nationwide House PX MoM May 0.30% % -- 06/01/ :00 UK Nationwide House Px NSA YoY May 4.80% % -- 06/01/ :30 AU Commodity Index AUD May /01/ :30 AU Commodity Index YoY May % -- 06/01/ :30 SW Swedbank/Silf PMI Manufacturing May /01/ :30 TH CPI YoY May 0.27% % -- 06/01/ :30 TH CPI NSA MoM May 0.40% % -- 06/01/ :30 TH CPI Core YoY May 0.81% % -- 06/01/ :00 NO Manufacturing PMI May /01/ :00 TU Markit/ISO Turkey PMI Mfg May /01/ :00 HU Manufacturing PMI May /01/ :00 PD Markit Poland PMI Mfg May /01/ :00 NE NEVI Netherlands Manufacturing PMI May /01/ :15 SP Markit Spain Manufacturing PMI May Source: Bloomberg, BIMB Securities 5

6 Stocks Closing Price PIVOT POINT ANALYSIS Pivot S3 S2 S1 Point R1 R2 R3 Est. Weighting. FBMKLCI Index n.a. FBM Hijrah Shariah n.a. Autos APM Automotive % Delloyd Ventures n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % MBM Resources % Tan Chong % UMW % Building Materials Ann Joo Resource % Alum Co of Malay % Choo Bee Metal % CSC Steel % Eksons Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a % Engtex Group % Goh Ban Huat n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hiap Teck % Jaks Resources % Java % Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI % Pantech % Perwaja % Press Metal % Southern Steel % Tasek % Tong Herr % Conglomerates Cahya Mata Sarawak % Lion Diversified % Hap Seng Cons % MMC % Sime Darby % YTL Corp % Construction AZRB % Ekovest % Fajar Baru % Favelle Favco % Gamuda % Hock Seng Lee % IJM Corp % Kimlun % KKB Engineer % MRCB % 6

7 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Mudajaya % Muhibbah % Naim Hold % Sunway Hldgs % TRC Synergy % TSR Capital Bhd n.a. n.a. n.a. n.a. n.a. n.a. n.a % Zelan % Consumer/Retail Aeon Co (M) % Ajinomoto % Apollo Food % Bonia % CI Holdings % Cocoaland % Dutch Lady % Guan Chong % Hai-O Ent % Hovid % Hup seng Inds % K-Star Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a % Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a % Padini % Parkson Holdings % Pelikan International % Poh Kong % QL Resources % Silver Bird n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Three-A Resource % Xingquan Int l % Yee Lee Corp % Zhulian % Education HELP Int l n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Masterskill n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % SEG Int l % Finance BIMB Hold % Syarikat Takaful % Healthcare Apex Healthcare % CCM Duopharma % KPJ Healthcare % Faber Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Manufacturing CBIP % Chin Well % Daibochi Plastic % Evergreen Fibre % George Kent % Guh Holdings % Hil Industries % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs Bhd n.a. n.a. n.a. n.a. n.a. n.a. n.a % MWE Hold % Muda Hold % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an % SLP Resources % Wellcall % Media Media Chinese % Star Publication % Utusan Melayu n.a. n.a. n.a. n.a. n.a. n.a. n.a % Oil & Gas Alam Maritim % Daya Materials % Dayang Ent % Deleum % Dialog group % ESSO Malaysia % KNM Group % MMHE % Perisai Petroleum % Petra Energy % Pet Chem % Pet Dag % Pet Gas % Ramunia Hold % SAAG Cons. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Sapurakencana % Scomi Eng n.a. n.a. n.a. n.a. n.a. n.a. n.a % Scomi Group % Shell Refining % Tanjung Offshore % Wah Seong % Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Plantation Batu Kawan % BLD Plantation % Cepat Wawasan % Genting Plant % Golden Land % Gopeng % Hap Seng Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % IJM Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % Inch Ken Kajang % IOI % Keck Seng Malay % Kim Loong % Kretam Holdings % KLK % Kulim Malaysia % Rimbunan Sawit % 8

9 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Riverview Rubber n.a. n.a. n.a. n.a. n.a. n.a. n.a % Sarawak Plant % TDM % TH Plant % Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % United Plant % Power TNB % YTL Power % Property A & M Realty % Am Corp Prop % Symphony Life Bh % Crescendo Corp % Daiman Develop % Damansara Realty % Dijaya n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Dutaland % E&O % Global Oriental % Glomac % Hunza Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Ivory Properties % KLCC Property n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % KSL Hold % Kump Hartanah n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Kump Perangsang % LBS Bina Group % Magna Prima % Mah Sing % Malton % MK Land % Nadayu n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Plenitude % Selangor Prop % Selangor Dredging % SP Setia % Sunway Bhd % Suria Capital % Talam Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Tebrau Teguh n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % UEM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % WCT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Wing Tai n.a. n.a. n.a. n.a. n.a. n.a. n.a % YNH Property % YTL Land & Dev % Rubber Glove Adventa % Hartalega % Kossan % Latexx Partners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Rubberex % Supermax Corp % 9

10 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Top Glove % Technology Compugates % D&O Green Tech % ETI Tech n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Formis Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Formosa Prosonic % Frontken % Globetronics % JCY Int l % Key Asic % MPI % Notion V-Tec % Panasonic Man % Supportive n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Symphony House n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Uchi Tech Bhd % Unisem % VS Industry % Telcos Axiata Group % DiGi.Com % Green Packet % Maxis % Telekom Malaysia % Time Dotcom % Timber Jaya Tiasa % Subur Tiasa n.a. n.a. n.a. n.a. n.a. n.a. n.a % WTK % Transport/Logistics Bintulu Port n.a. n.a. n.a. n.a. n.a. n.a. n.a % Airasia % Century Logistic % Cycle & Carriage % Hubline % Integrated Log % Integrax n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Konsortium n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Maybulk % MISC % NCB Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Scomi Energy Ser % Water & Infrastructure PBA Hold % Puncak Niaga % Salcon % Taliworks Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Lingkaran Trans % Protasco % 10

11 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Others Ancom % Asia File bhd % Boustead Heavy n.a. n.a. n.a. n.a. n.a. n.a. n.a % Eden Inc % Fima Corp % Kumpulan FIMA % KUB Malaysia % Pie Industrial % Southern Acids % Mega First % Coastal Contract % Time Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Sealink Int'l % Shin Yang % Jobstreet Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a % Myeg Services % Pos Malaysia % Picorp % Lion Forest % Note: R S Est. Weight = Resistance = Support = Based on FBMah Mkt. Cap 11

12 DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months. TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10% over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15% in the next 3 months. SELL Share price may fall by more than 10% over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION OVERWEIGHT The Industry as defined by the analyst s coverage universe, is expected to outperform the relevant primary market index over the next 12 months NEUTRAL The Industry as defined by the analyst s coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months UNDERWEIGHT The Industry as defined by the analyst s coverage universe, is expected to underperform the relevant primary market index over the next 12 months Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or either the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to change without notice. BIMB Securities Sdn Bhd accepts no liability for any direct, indirect or consequential loss arising from use of this report. Published by BIMB SECURITIES SB ( X) A Participating Organisation of Bursa Malaysia Securities Berhad Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: Fax: Thong Pak Leng 12