BIMB SECURITIES RESEARCH MARKET INSIGHT

Transcription

1 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Wednesday, 10 February 2016 KLCI Performance Major Highlights New venture boost for MQ Technologies Pentamaster gets RM45m orders, for delivery in H1 Digi declares dividend amounting to RM381m Zecon to build houses for civil servants MISC net profit down 22% to RM753m Prolexus to set up 2 joint-venture plants with Taiwanese firm Eupe Corp to build high-rise condo in Cheras Local & Global Economic News KLCI Year-End Target: 1,820 points Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 13, Volume (mn) 1, Value (RMmn) 1, FBMKLCI YTD Chg Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 16, NASDAQ 4, S&P 500 1, FTSE 100 5, Nikkei , HSI Closed Closed Closed Closed SHCOMP Closed Closed Closed Closed KOSPI Closed Closed Closed Closed TWSE Closed Closed Closed Closed STI Closed Closed Closed Closed JCI 4, SET 1, PSEi 6, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my Ringgit Closes Higher Against US Dollar US manufacturing index shows continued contraction in January US small business borrowing sank in 2015 Global factory growth remained weak at start of 2016: PMI China central bank injects 1.53trn yuan liquidity before Lunar New Year Regionally Key regional markets ended mostly in negative note yesterday with N225 emerged as the top loser, lost 5.40% to close at 16, followed by PSEi (-1.89%), JCI (-0.63%) and SET (-0.28%). Meanwhile HSI, SHCOMP, KOSPI, TWSE, and STI were closed for public holiday. Locally The FBMKLCI gained 5.69 points to close at 1, last Friday. Bursa s market breath was negative with 389 gainers against 411 losers while 312 counters were traded unchanged. DLady (+88sen), Panamy (+58sen) and UtdPlt (+38sen) led the gainers. While Kossan (-51sen), PatDag (-50sen) and PPB (-30sen) led the losers. Market Preview The European markets extending their losing streak to a 7th session as Bank stocks continued to get hammered due to concerns over troubled loans as well as global growth prospects. Wall Street also ended lower as traders kept a close eye on the price of crude oil, which saw considerable volatility on the day. Crude for March delivery ended the session down US$1.75 at US$27.94 a barrel after reaching a high of US$30.61 a barrel earlier in the session. The Dow edged down points or 0.1% to close at 16, while the S&P 500 dipped 1.23 points or 0.1% to 1, Meanwhile, Asian equities appear wobbly yesterday, after US and European markets fell sharply overnight on concerns over slowing global growth and speculation over the Federal Reserve raising rates further in March. Back home, the local bourse was closed for 2 days on Chinese New Year festival. The FBMKLCI closed flat on the last trading day before entering holidays, inched up by 5.69 points or 0.34% to 1, points as commodity prices and the ringgit held steady in a week. Nevertheless, we expect the market to remain uninspiring today due to lack of fresh catalyst amid the negative sentiment of global markets with the index to hover at around 1,650-1,660. 1

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 13, Property 1, Plantation 7, Technology KLCI Futures Contracts Feb-16 Mar-16 High 1, , Low 1, , Last 1, , Volume 12, 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 Major Rates KLIBOR 3-mth 3.78% KLIBOR 6-mth 3.86% KLIBOR 12-mth 3.94% 5-yr MGS 3.39% 10-yr MGS 3.98% Active Stock Close Change+/- (+/- %) Tiger Synergy XOX APFT Hubline Borneo Oil Top Gainers Close Change+/- (+/- %) Dutch Lady Milk Inds Panasonic Manufacturing United Plantations Kuala Lumpur Kepong British American Tobacco Top Losers Close Change+/- (+/- %) Kossan Rubber Industries Petronas Dagangan Ppb Group Karex Lafarge Malaysia Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Weekly Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , ,

3 LOCAL CORPORATE NEWS New venture boost for MQ Technologies MQ Technologies is targeting to return to the black this year with its new venture into the medical equipment business. The group was targeting to produce high value precision components with a market value of about US$5m to a multi-national medical equipment manufacturer in the country this year. The group was now constructing a new extension at its existing premise located on a 1.8-acre site in Bayan Lepas. Once the plant is operational in 2017, they expect the medical equipment business to generate a yearly turnover of about US$6m per annum. The investment for the extension and the equipment adds up to more than RM20m. (Source: StarBiz) Pentamaster gets RM45m orders, for delivery in H1 Pentamaster has accumulated about RM45m worth of orders from its semiconductor test equipment and smart-home automation system business to be delivered in the 1H2016. RM37m of the orders were from its smart device customers who needed to use the test equipment to check integrated circuit components. The remaining RM8m comes from the property development companies which require the smart-home automation hardware and software to control the electrical, security and lighting systems of their projects. In the 4Q2015, the group managed to deliver about 85% of the orders from the smart device customers. (Source: StarBiz) Digi declares dividend amounting to RM381m Digi has declared a fourth and final dividend amounting to RM381m or 100% payout ratio to shareholders, despite its subdued earnings in the last quarter of The telco s net profit slipped 31.7% to RM382.36m in the 4QFY15 from RM560.09m in the corresponding period a year ago, on the back of revenue that slid 4.1% to RM1.72bn. Basic EPS was lower at 4.92 sen from 7.20 sen. For the cumulative period, Digi s net profit slumped by 15.2% to RM1.72bn. Revenue was down 1.5% to RM6.91bn. This translated into EPS of sen from sen in the previous year. A total dividend of 22 sen was declared from 26 sen, a year ago. (Source: StarBiz) Zecon to build houses for civil servants Zecon s unit Zecon Land SB has received a letter of agreement from the Prime Minister s office to carry out the 1Malaysia civil servants housing unit project worth RM138.23m in Salak Land district, Kuching. It would be involved in the proposed construction and completion of 2,117 units of double-storey terrace houses with a gross development value of RM760.79m. A definitive agreement would be inked in due course to bind Zecon Land with the relevant parties involved in the project. (Source: StarBiz) MISC net profit down 22% to RM753m MISC s net profit for its 4QFY15 dropped 22% to RM752.72m from RM959.03m in the corresponding period on higher finance costs and losses from sale of assets. Revenue during the quarter rose to RM3.31bn from RM2.29bn a year earlier, boosted by higher revenue from its business divisions. Its energy related shipping (ERS) revenue of RM2.05bn was 31.8% higher than the corresponding quarter s revenue of RM1.55bn, mainly from improved freight rates in the petroleum business. However, a smaller fleet of operating vessels and lower earning days caused declines in chemical and LNG businesses revenue respectively. (Source: StarBiz) Prolexus to set up 2 joint-venture plants with Taiwanese firm Prolexus plans to expand upstream by setting up a fabric mill in a joint-venture with Taiwanese fabric manufactuter Men- Chuen Fibre Industry Co Ltd (MC). Prolexus, which has 3 plants in Malaysia and China, told Bursa Malaysia that it also aimed to establish a JV garment manufacturing plant in Vietnam with MC s unit Men-Chuen Vietnam Co Ltd, which has a knitted fabrics operations there. Prolexus and MC signed a MoU on Friday to form a strategic partnership. Prolexus, through its subsidiary Trans Pacific Textile (M) SB (TPT), will operate the fabric mill, whose location is not mentioned in the announcement. (Source: StarBiz) Eupe Corp to build high-rise condo in Cheras Eupe Corp (ECB), which is currently building the new skyscraper Novum in Bangsar South, Kuala Lumpur, has acquired a RM32.31m leasehold land in Cheras for residential development. Its unit Eupe Kemajuan SB had inked a sale and purchase agreement with Kuala Lumpur City Hall via its 70% owned subsidiary Titian Sama SBto build a high-rise condominium with 361 units on the 2.67-acre land, located about 5km from Kuala Lumpur city centre. ECB has obtained the approval from relevant authorities to convert the category of land use from Asrama Bujang to building land, sited between Menara PGRM and D Alamanda Condominium, across Jalan Pudu Perdana. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Lower Against US Dollar The ringgit closed lower against the US dollar today on weak demand for the local note as investors remained cautious ahead of the release of the US job data later today. The local unit was traded at /1620 from /1555 against the greenback on Thursday. The possible US Federal Reserve interest rate increase in March coupled with the depressed crude oil prices would continue to put pressure for the local note. Against other major currencies, the ringgit was traded mostly lower. It fell against the Singapore dollar to /9754 from /9495 and eased against the yen to /5612 from /5297 yesterday. The ringgit, however, rose against the British pound to /0478 from /0816 but depreciated against the euro to /6598 from /6267. (Source: Bernama) US labor market on solid ground as jobless rate hits 8 year low US employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an 8 year low suggested the labor market recovery remains firm. Non-farm payrolls increased by 151,000 jobs and the unemployment rate slipped one-tenth of a percentage point to 4.9%, the lowest since February The payrolls gain was a sharp step-down from the average 231,000 jobs per month during the Q4. (Source: Reuters) US small business confidence at 2-year low US small business confidence fell in January to its lowest level in nearly 2 years amid worries about the near-term outlook for business conditions and sales growth, consistent with a recent slowdown in economic growth. Small Business Optimism Index fell 1.3 points to 93.9 last month, the weakest reading since February Still, small businesses remained fairly upbeat about the labor market. There was little sign that a stock market selloff and December's interest rate hike by the Fed, the first in nearly a decade, had impacted confidence. Owners' perceptions of business conditions in 6 months weakened sharply as did their views of expected sales. (Source: Reuters) US trade deficit widens as exports fall The US trade deficit widened in December as a strong dollar and weak global demand continued to weigh on exports. The trade gap rose 2.7% to $43.4 billion. November's trade deficit was revised down to $42.2bn from the previously reported $42.4bn. Main trading partners last year, eroding the appeal of US-made goods overseas. Lackluster global demand also has put a damper on exports. Trade subtracted almost half a percentage point from GDP in the Q4, helping to hold down growth to a paltry 0.7% annual rate. It is largely expected to remain a drag in the Q1. (Source: Reuters) Oil down 8% on gloomy US, global demand outlooks Oil prices slid for a fourth straight session on Tuesday and teetered close to 12-1/2-year lows hit last month, after weak demand forecasts from the US government and the western world's energy watchdog, while weak equities also pressured prices. The longs got out, the shorts jumped back in and there was possibly a whole lot of hedging by producers today to sell oil at whatever low price they could. It's very difficult for anyone to be positive on this market with the kind of data that's been coming out. Brent crude oil LCOc1 settled down $2.56, or 7.8%, at $30.32 a barrel. It was the largest drop in a day for Brent since Sept. 1. US crude CLc1 lost $1.75, or 5.9%, to finish at $ It fell to $26.19 last week, its lowest since May US gasoline RBc1 settled down 6% while heating oil HOc1 fell nearly 7%. (Source: Reuters) Japan Finance Minister warns against yen rise Japanese Finance Minister Taro Aso warned against a recent rise in the yen, describing the moves as "rough", a sign that policymakers are concerned the currency's gains may offset the positive effects from "Abenomics" stimulus policy. Japan's top currency diplomat Masatsugu Asakawa echoed the minister's warning, saying that he would closely monitor market moves. Despite verbal warning shots, the dollar fell below 115 on Tuesday morning, a low not seen since November The greenback fell to a 15-month low just above 115 yen earlier as a renewed slide in oil prices and doubts about the effectiveness of the BOJ's negative interest-rate policy drove investors back into the safe-haven currency. (Source: StarBiz) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 02/10/ :08 DR CPI MoM Jan % 0.09% -- 02/10/ :08 DR CPI YoY Jan % 2.34% -- 02/10/ :25 CL Vehicle Sales Total Jan /10/ :07 BS CPI YoY Oct % 2.20% -- 02/10/ :45 NZ Card Spending Retail MoM Jan 0.30% 0.30% -0.20% 0.10% 02/10/ :45 NZ Card Spending Total MoM Jan % 0.10% 0.40% 02/10/ :30 AU Westpac Consumer Conf Index Feb /10/ :30 AU Westpac Consumer Conf SA MoM Feb % -3.50% -- 02/10/ :50 JN Housing Loans YoY 4Q % -- 02/10/ :50 JN PPI MoM Jan -0.70% % -- 02/10/ :50 JN PPI YoY Jan -2.80% % -- 02/10/ :00 AU HIA New Home Sales MoM Dec % -- 02/10/ :00 PH Exports YoY Dec 1.00% % -- 02/10/ :00 PH Exports Dec $5117.4m $ m 02/10/ :00 JN Tokyo Avg Office Vacancies Jan /10/ :00 RO Industrial Sales MoM Dec % -- 02/10/ :00 RO Industrial Sales YoY Dec % -- 02/10/ :00 FI Industrial Production MoM Dec 0.40% % -- 02/10/ :00 FI Industrial Production NSA YoY Dec -0.50% % -- 02/10/ :45 FR Industrial Production MoM Dec 0.30% % -- 02/10/ :45 FR Industrial Production YoY Dec 1.70% % -- 02/10/ :45 FR Manufacturing Production MoM Dec 0.30% % -- 02/10/ :45 FR Manufacturing Production YoY Dec 1.70% % -- 02/10/ :00 DE CPI MoM Jan -0.40% % -- 02/10/ :00 DE CPI YoY Jan 0.60% % -- 02/10/ :00 DE CPI EU Harmonized MoM Jan -0.50% % -- 02/10/ :00 DE CPI EU Harmonized YoY Jan 0.50% % -- 02/10/ :00 SP House transactions YoY Dec % -- 02/10/ :30 SW Household Consumption (MoM) Dec -0.40% % -- 02/10/ :30 SW Household Consumption (YoY) Dec % -- 02/10/ :55 IC 7-Day Term Deposit Rate 10-Feb % -- 02/10/ :00 NO CPI MoM Jan 0.00% % -- 02/10/ :00 NO CPI YoY Jan 2.40% % -- 02/10/ :00 NO CPI Underlying MoM Jan 0.00% % -- 02/10/ :00 NO CPI Underlying YoY Jan 3.00% % -- 02/10/ :00 NO PPI including Oil MoM Jan % -- 02/10/ :00 NO PPI including Oil YoY Jan % -- 02/10/ :00 IT Industrial Production MoM Dec 0.30% % -- 02/10/ :00 IT Industrial Production WDA YoY Dec 1.40% % -- 02/10/ :00 IT Industrial Production NSA YoY Dec % -- 02/10/ :30 UK Industrial Production MoM Dec -0.10% % -- 02/10/ :30 UK Industrial Production YoY Dec 1.00% % -- 02/10/ :30 UK Manufacturing Production MoM Dec 0.10% % -- 02/10/ :30 UK Manufacturing Production YoY Dec -1.40% % -- 02/10/ :30 SV Industrial Production MoM Dec % -- 02/10/ :30 SV Industrial Production YoY Dec % -- 02/10/ :00 LV CPI MoM Jan % -- 02/10/ :00 LV CPI YoY Jan % -- 02/10/ :00 PO CPI MoM Jan % -- 02/10/ :00 PO CPI YoY Jan % -- 02/10/ :00 PO CPI EU Harmonized MoM Jan % -- 02/10/ :00 PO CPI EU Harmonized YoY Jan % -- 02/10/ :00 PO Trade Balance Dec m -- 02/10/ :00 PO Unemployment Rate 4Q % -- 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Choo Bee Metal % CSC Steel % Eksons Corp % Engtex Group % Goh Ban Huat % Hiap Teck % Jaks Resources % Java n.a. n.a. n.a. n.a. n.a. n.a. n.a % Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % CCM Duopharma n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % SLP Resources % Wellcall % Media Media Chinese % Star Publication % Utusan Melayu % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Cepat Wawasan % Genting Plant % Golden Land % Gopeng % Hap Seng Plant % IJM Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % Inch Ken Kajang % IOI % Keck Seng Malay n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Sarawak Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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: Kenny Yee Head of Research 12