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October 30, 2017

Regional Traders’ Almanac


S&P 500 & MSCI AC ASEAN
Index – Risk Appetite Still On
 S&P 500 Index – Gap-up move Analysts
 Singapore – SingTel & OCBC Nik Ihsan Raja Abdullah, MSTA, CFTe
 Malaysia – Tenaga Nasional & Maxis (603) 2297 8694
nikmohdihsan.ra@maybank-ib.com
 Thailand – PTT Public & KCE Electronics
 Indonesia – Ciputra Development & Bank CIMB Niaha Tee Sze Chiah
(603) 2082 6858
 Vietnam – Vingroup & Vietcombank
TECHNICAL

szechiah.t@maybank-ib.com
 Philippines – Manila Electrics & BDO Unibank
Satriawan, CTA
satriawan@maybank-ke.co.id
S&P 500 Index Technical Review (62) 21 8066 8682
The SPX 500 index (SPX Index) extended its rally from Aug 2017 low of
Nguyen Thanh Lam
2,425. Friday’s gap-up further lifted the index above its previous
thanhlam.nguyen@maybank-kimeng.com.vn
resistance of 2,578. Although the Leading Index (LEI CHNG Index) has (848) 4455 5888 (Ext 8086)
turned negative for the first time since Sep 2016, the technical reading
for SPX Index remains positive, reflected by an uptick in RSI. The Kritsapong Patan
Kritsapong.p@maybank-ke.co.th
breakout above its upper Bollinger band also implies greater volatility
Regional

(66) 2658 5000 (Ext 1310)


ahead. For now, we peg the upper resistance at 2,610 and 2,650.
Meanwhile, for the MSCI AC ASEAN STRD USD Index (MXSO Index), we Apisit Pattarasakolkiat
apisit.p@maybank-ke.co.th
believe it will likely to follow suit. Therefore, our stock picks for this
(66) 2658 5000 (Ext 1405)
week are all big caps, focusing on recovery play.
S&P 500 INDEX & MSCI AC ASEAN USD INDEX – SOME WARNING SIGNS BUT UPTREND REMAINS INTACT

S&P 500 Index, VIX Index & Leading Index Chg P/P Monthly %

THIS REPORT HAS BEEN PREPARED BY MAYBANK KIM ENG RESEARCH


SEE PAGE 9 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Technical Research

1. SINGAPORE (Big cap stocks)


1.1 Singapore Telecommunications Limited (ST SP)

STRATEGY
ACCUMULATE

After established a
strong base at SGD3.65,
a new up leg is likely
underway. Last Friday’s
gap-up, along with
positive readings in
both Stochsatic and DMI
indicators, reflects our
optimism.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


SGD3.780 ~ SGD3.800 BELOW SGD3.700 SGD3.860 SGD4.000 10 weeks

1.2 Oversea-Chinese Banking Corporation Limited (OCBC SP)

STRATEGY
ACCUMULATE

The breakout from the


“saucer” pattern lifted
share price above its
immediate resistance
of SGD11.50. The new
up leg will likely be
extended.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


SGD11.700 ~ SGD11.800 BELOW SGD11.26 SGD12.160 SGD12.580 10 weeks

October 30, 2017 2


Technical Research

2. MALAYSIA (Big cap stocks)


2.1 Tenaga Nasional Berhad (TNB MK)

STRATEGY
ACCUMULATE

The MYR14.00 low


seems to be a strong
support particularly
after Friday’s gap-up,
which set a new
upward tone. The gap-
up has also removed a
number of resistances
along the way.
However, do expect
intermittent profit
taking.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


MYR14.70 ~ MYR14.90 BELOW MYR14.40 MYR15.65 MYR16.10 12 weeks

2.2 Maxis Berhad (MAXIS MK)

STRATEGY
ACCUMULATE

Despite gapped down in


Jun 2017, share price
has been able to form a
series of support near
the 38.2% Fibonacci
Retracement level. The
bounce from MYR5.70
low has set a new
upward tone. The
following resistances
are MYR6.05 and
MYR6.24.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


MYR5.88 ~ MYR5.90 BELOW MYR5.65 MYR6.05 MYR6.24 8 weeks

October 30, 2017 3


Technical Research

3. THAILAND (Big cap stocks)

3.1 PTT Public Company LIMITED (PTT TB)

STRATEGY
ACCUMULATE

Share price has


rebounded from the
38.2% Fibonacci
Retracement level.
With a hidden bullish
divergence spotted, we
believe share price will
continue to trend
higher in the near-term.
Upper resistances are
THB428 and THB436.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


THB400.00– THB392.00 BELOW THB392 THB428.00 THB436.00 3 - 4 weeks

3.2 KCE Electronics Public Company Limited (KCE TB)

STRATEGY
ACCUMULATE

The correction has


found its support at
THB80.00. Subsequent
rebound saw share price
forming an upward
channel. With
Stochastic showing
positive reading, we
believe the recovery is
intact.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


THB96.00 - THB94.50 BELOW THB93.50 THB105.00 THB110.00 3-4 weeks

October 30, 2017 4


Technical Research

4. INDONESIA (Big cap stocks)


4.1 Ciputra Development (CTRA IJ)

STRATEGY
ACCUMULATE

Share price will likely


test its short-term
pivotal resistance at
1,250 soon. Expect a
rally towards the
inverted head and
shoulders theoretical
target of 1,500 once
the resistance is taken
out.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


IDR1,220– IDR1,270 BELOW IDR1,150 IDR1,320 IDR1,500 8 weeks

4.2 Bank CIMB Niaga (BNGA IJ)

STRATEGY
ACCUMULATE

Share price managed to


maintain above its
long-term support
trend line, which
coincidently is near its
200-day EMA at 1,160.
A push above 1,250
would kick start
another up leg.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


IDR1,200– IDR1,270 ABOVE IDR1,160 IDR1,300 IDR1,350 4 weeks

October 30, 2017 5


Technical Research

5. VIETNAM (Big cap stocks)

5.1 Vingroup JSC (VIC VN)

STRATEGY
ACCUMULATE

VIC traded above its


50-day moving
average, suggesting
that the mid-term
trend is still bullish.

Short-term uptrend is
confirmed by a positive
signal between 5-day
and 20-day SMA lines.

A breakout from its


resistance create an
ideal point to
accumulate in the
short term.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


VND56,500 – VND57,200 BELOW VND53,000 VND60,500 VND65,000 12 weeks

5.2 Vietcombank JSC (VCB VN)

STRATEGY
ACCUMULATE

VCB is still trading in


an uptrend channel.

A breakout from its


resistance create an
ideal point to
accumulate.

The bullish reading in


MACD reaffirms the
positive momentum.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


VND41,300 – VND42,100 BELOW VND40,000 VND45,000 VND48,000 8 weeks

October 30, 2017 6


Technical Research

6. PHILIPPINES (Big cap stocks)

6.1 Manila Electric Company (MER PM)

STRATEGY
ACCUMULATE

Recent breakout saw


share price peaked at
PHP294.60. Subsequent
pullback dragged the
stock towards
PHP280.00 but a swift
recovery after that
indicates that the trend
is still up.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


PHP288.00 – PHP290.00 BELOW PHP276.00 PHP294.60 PHP307.50 6 weeks

6.2 BDO Unibank, Inc (BDO PM)

STRATEGY
ACCUMULATE

The correction from


149.00 high found its
support near its 60-day
SMA line. As a new up
leg is established,
coupled with the
bullish crossover in
Stochastic, we believe
stronger momentum
lies ahead.

ACCUMULATION RANGE CUT-LOSS LEVEL RESISTANCE 1 RESISTANCE 2 TIMEFRAME


PHP137.00 ~ PHP139.00 BELOW PHP131.00 PHP142.60 PHP149.00 10 weeks

October 30, 2017 7