R e t a i l M a r k e t M o n i t o r Tuesday, 9 June 2015
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- Millicent Franklin
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1 MARKET NEWS FBMKLCI CHART The FBMKLCI slid 5.88pt to close at 1, yesterday as the index managed to pare down earlier losses amid selective buying of index-linked counters while second and lower liners performed admirably despite cautious sentiments. Meanwhile, Asia s benchmark stock index extended its two-month low after better-than-expected US employment data bolstered the case for the Federal Reserve to raise interest rates this year. The MSCI Asia Pacific Index slipped 0.4% to The FBMKLCI s top losers were KLCC Property & REITs (-4.11%), Kuala Lumpur Kepong (-3.38%) and Hong Leong Financial Group (-3.13%) while the top gainers were MISC (+1.35%), Axiata Group (+1.25%) and Public Bank (+0.54%) In the broader market, losers outpaced gainers 532 to 254 with 308 counters unchanged. Turnover was 1.24b shares valued at RM1.38b. The FBMKLCI extended its losses for days following uncertainties throughout the region. Based on daily chart, the index penetrated the immediate support level of 1,732 on yesterday s movement but managed to close higher at 1, Given the downtick in DMI which signals a growing selling momentum, we expect the index to again test the immediate support at 1,732. A rebound from this level could reverse the current weakness. Support and resistance levels are as follows: Support: 1,732, 1,706 Resistance: 1,776, 1,800 US markets declined on Monday, with the Dow industrials erasing year-to-date gains. The S&P 500 fell 0.7% to 2,079.28, while the DJIA retreated 0.5% to 17, Monday s slump comes after upbeat jobs data released Friday raised concerns that an interest-rate hike this autumn is a possibility. EBay Inc. shares fell 3.8% after the company projected 2016 sales would grow at a slower pace than expected following a planned split from PayPal. WHAT S IN THE PACK Construction We expect newsflow on construction jobs to intensify in 2H15, led by government infrastructure projects. Tek Seng Holdings (TEKS MK) Technical BUY with 23.4% potential return BUY with a target price of RM0.685 and stop-loss below RM0.49. During yesterday s movement, TEKS managed to penetrate the breakout level of RM0.555 with a higher trading volume that indicates strong buying momentum. Three-A Resources (TARE MK) Technical BUY with 25.9% potential return BUY on breakout with a target price of RM1.24 and stop-loss below RM Currently, TARE s share price has consolidated within the immediate support of RM0.90, and during yesterday s movement, it managed to penetrate the breakout level of RM0.975 with higher volume. Can-One (CAN MK) Technical BUY on breakout with 14.3% potential return BUY on breakout with a target price of RM3.19 and stop-loss below RM2.64. A flag formation was spotted on the chart, which is a bullish continuation pattern. Source: BursaStation KEY INDICES Prev Close Chg (%) YTD (%) DJIA 17, (0.46) (0.32) S&P 500 2, (0.65) 0.99 FTSE 100 6, (0.21) 3.41 CSI 300 5, FSSTI 3, (0.40) (1.33) HSCEI 14, HSI 27, JCI 5, (1.68) (4.06) KLCI 1, (0.34) (1.24) KOSPI 2, (0.14) 7.81 Nikkei , (0.02) SET 1, TWSE 9, BDI (21.99) CPO (RM/mt) 2, (0.34) 2.96 Nymex Crude (US$/bbl) TOP VOLUME Stock Price (RM) Chg (%) Vol ( 000) Xinghe Holdings Bhd ,528 Hubline Bhd 0.02 (25.00) 33,895 K-One Technology ,665 Frontken Corp Bhd 0.27 (1.85) 31,010 Smtrack Bhd 0.13 (13.79) 20,658 TOP GAINERS Stock Price (RM) Chg (%) Vol ( 000) Mycron Steel Bhd Pccs Group Bhd Utopia Bhd Key Asic Bhd G Neptune Bhd TOP LOSERS Stock Price (RM) Chg (%) Vol ( 000) Hubline Bhd 0.02 (25.00) 33,895. R&A 0.02 (25.00) 3,000.0 Biosis Group Bhd 0.03 (25.00) Scanwolf Corp Bhd 0.55 (16.15) 5,667.4 Smtrack Bhd 0.13 (13.79) 20,658. Source: Bloomberg w w w. u t r a d e. c o m. m y 1
2 TRADERS CORNER Tek Seng Holdings (TEKS MK) Technical BUY with +23.4% potential return Last price : RM0.555 Target price : RM0.63, RM0.685 Support : RM0.495 Stop-loss : RM0.49 BUY with a target price of RM0.685 and stop-loss below RM0.49. During yesterday s movement, TEKS managed to penetrate the breakout level of RM0.555 with a higher trading volume that indicates strong buying momentum. This is supported by the uptick in the DMI and the MACD showing a bullish crossover which supports the upward momentum. We peg our targets at RM0.63 and RM0.685 respectively. Expected Timeframe: 2 weeks to 2 months Three-A Resources (TARE MK) Technical BUY with +25.9% potential return Last price : RM0.985 Target price : RM1.14, RM1.24 Support : RM0.90 Stop-loss : RM0.895 BUY on breakout with a target price of RM1.24 and stop-loss below RM Currently, TARE s share price has consolidated within the immediate support of RM0.90, and during yesterday s movement, it managed to penetrate the breakout level of RM0.975 with the higher volume. We expect TARE to continue to make a higher high and higher low towards our targets at RM1.14 and RM1.24. The bullish bias has been established following an uptick in the RSI and a bullish crossover in the DMI. Expected Timeframe: 2 weeks to 2 months w w w. u t r a d e. c o m. m y 2
3 TRADERS CORNER Can-One (CAN MK) Technical BUY on breakout with +14.3% potential return Last price : RM2.71 Target price : RM2.94, RM3.19 Support : RM2.65 Stop-loss : RM2.64 BUY on breakout with a target price of RM3.19 and stop-loss below RM2.64. A flag formation was spotted on the chart, which is a bullish continuation pattern. The uptick in the RSI suggests that the buying momentum is set to continue in the near term. This is supported by bullish crossovers in both the MACD and DMI. We expect the stock to continue trending upwards towards the breakout level of RM2.79. A breakout above this level would extend the uptrend towards the immediate resistance of RM2.95 and previous high of RM3.20. Expected Timeframe: 2 weeks to 3 months w w w. u t r a d e. c o m. m y 3
4 CORPORATE NEWS 1MDB: US$975m loan fully repaid. Debt-laden 1MDB said yesterday that it had repaid a US$975m (RM3.6b) loan to a syndicate of international banks led by Deutsche Bank AG, which was reported to be due end-august. In a separate statement, 1MDB said it has never approved any action or series of actions to transfer funds to any third party other than intended beneficiary in response to a fresh series of its financial dealings. (Source: The Edge Financial Daily) ELK-Desa: To raise RM75mil from rights issue. ELK-Desa Resources plans to raise up to RM75mil through a rights issue to repay part of its debt and to use the proceeds for working capital. The company has proposed to raise the amount by issuing up to 62.5 million new RM1 ordinary shares on a one-for-two basis. The group said RM20mil would be used to repay its RM57mil debt and RM53mil for hire purchase disbusements. (Source: The Star) Felda: Buys Golden Land subsidiaries and land for RM655m. Felda Global Ventures Holdings Bhd (FGV) is acquiring four companies and a parcel of land in Beluran, Sabah from Golden Land Bhd for a combined RM655m. FGV said its wholly-owned subsidiary, Pontian United Plantations Bhd, has entered into a conditional sale and purchase agreement with Golden Land for the proposed acquisitions. Under the deal, Pontian will buy Yapidmas Plantation Sdn Bhd (YPSB), Sri Kehuma Sdn Bhd (SKSB), Tanah Emas Oil Palm Processing Sdn Bhd (TEOPP) and Ladang Kluang Sdn Bhd (LKSB), which are wholly-owned subsidiaries of Golden Land. It is also acquiring a parcel of oil palm plantation land, measuring 836.1ha, in Beluran from Golden Land. The four companies have net assets worth RM468.65m and is mainly in the business of oil palm cultivation, as well as milling and sale of oil palm products in Malaysia. Meanwhile, Golden Land said the estimated gain to Golden Land and its subsidiaries from the proposed disposal, is approximately RM15.23m or 7 sen per Golden Land share, after taking into account the Real Property Gain Tax of RM25.96m and estimated expenses in relation to the proposed disposal of RM20m. "The board has yet to determine the utilisation of net proceeds but shall consider, among others, further investment to develop its Indonesian plantations and property development business, as well as a cash distribution to shareholders of the company," said Golden Land. The proposed disposal is expected to be completed in the fourth quarter of (Source: The Edge Financial Daily) MBSB: To boost corporate loan contribution. Malaysia Building Society Bhd (MBSB) is aiming for a retail-to-corporate loan ratio of 65:35 within the next three years. Its president and CEO, Datuk Ahmad Zaini Othman, said the ratio currently stood at 88:12. Ahmad Zaini said under the MBSB corporate segment, the main contributors were bumiputras, corporate businesses and wholesale banking, respectively. (Source: The Star) Prolexus: Buys three contiguous pieces of land in Kluang and Johor for future expansion. Prolexus said its indirect wholly-owned unit Trans Pacific Textile (M) Sdn Bhd has entered into three separate sales and purchase agreements (SPAs) to effect the purchase of the lands, which measure a collective ha. Prolexus intends to fund the acquisition through internally-generated funds and/or bank borrowings, which will be decided by the executive directors at a later stage. Prolexus expects to complete the purchase by the third quarter of this year. (Source: The Edge Financial Daily) w w w. u t r a d e. c o m. m y 4
5 TSR Capital: Bagged a RM81m contract. TSR has bagged a RM81m contract from Putrajaya Homes Sdn Bhd to build 151 units of two-storey terrace houses and associated works in Putrajaya. TSR said its wholly-owned subsidiary TSR Bina Sdn Bhd has accepted a letter of award from Putrajaya Homes today. The project is for a duration of 36 months and is expected to be completed by June The project is expected to contribute positively to the earnings of the group, for the financial years ending 2015 through (Source: The Edge Financial Daily) SECTOR Plantations: B10 programme to be implemented by October. The B10 biodiesel programme is expected to be implemented by October this year, Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said. He said the paper on the B10 biodiesel programme is expected to be presented to the Cabinet by the end of June. It will require one million tonnes of CPO on an annual basis, he added. (Source: The Star) ECONOMICS Currency: Ringgit edges to 3.80, Bank Negara says weakness temporary. A sustained outflow of foreign funds from the equity and debt markets continued to pile pressure on the weakening ringgit as the local currency fell to a nine-year low against the US dollar. The ringgit declined 1.4% yesterday to versus the greenback. Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said emerging market currencies, including the ringgit, continue to be affected by uncertainties in the external environment. For most emerging economies, the weakness in their currencies is inconsistent with the prevailing economic fundamentals and their economic growth prospects. In this environment, the ringgit is now trading at levels that are not reflective of the fundamentals of the Malaysian economy, she said. At the current value against the US dollar, the ringgit was trading at levels last seen during the Asian Financial Crisis when Malaysia was experienced a major recession. It was during that time that foreign exchange reserves were low, financial markets had plummeted, several financial institutions were in distress and the current account of the balance of payments was in deficit. None of these extreme conditions are prevailing today. Malaysia s current economic fundamentals are now markedly different, she said. (Source: The Star) w w w. u t r a d e. c o m. m y 5
6 FROM THE REGIONAL MORNING NOTES... Construction: Activities To Intensify The recent announcement of the 11th Malaysia Plan further reinforces job visibility for the construction sector in the near-medium term. We expect the news flow for projects worth RM110b up for grabs within the next 1-2 years to further re-rate construction companies within our coverage. Also, look out for the listing of Sunway Construction Group in Jul 15, which upon listing would become the largest pure construction play. Maintain OVERWEIGHT with IJM Corp as our top sector picks. For more reports, please log in to or open an account now to gain access. Explore our trading tools designed to assist you in your trading ShareXplorer, ChartGenie, TechAnalyzer, Stock Alerts! Broaden your knowledge through our educational events. Contact us now at to find out more about our ongoing promotions (get FREE* live feed on foreign markets). *T&C apply. w w w. u t r a d e. c o m. m y 6
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