TA Securities A Member of the TA Group

Wednesday, April 13, 2016

FBMKLCI: 1,715.00

MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048

Daily Brief
Market View, News In Brief: Corporate, Economy, and Share Buybacks

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

TA Research Team Coverage Tel: +603-2072 1277 taresearch@ta.com.my www.taonline.com.my

Market View Oil & Gas to Bounce Back on Oil Price Strength

Blue chips were stuck in profit-taking consolidation mode Tuesday as buying momentum
moderated even as oil prices climbed above the USD40/barrel level and ringgit strengthened
to the 3.88 level to the USD. The KLCI ended flat at 1,715.00 (-0.28) after ranging between
1,716.66 and 1,711.41 on cautious trade totalling 1.6bn shares worth RM1.45bn.

Resistance at 1,728, Support at 1,707

Buying momentum should return to highlight the long neglected oil & gas sector, given the
strong recovery in oil prices after Russia and Saudi Arabia agreed to freeze output ahead of
the key OPEC meeting this Sunday. Resistance for the index remains at 1,728, the 61.8%FR of
the 1,867 to 1,503 selloff matching the October 2015 peak, with subsequent stronger hurdles
from the August 2015 high of 1,744 and the 76.4%FR level at 1,781. On the downside,
immediate support comes from the rising 30-day moving average (1,707) and then the 50-
day ma (1,688), with the 200-day ma at 1,670 strongly cushioning downside risk.

Buy Mah Sing & WCT Holdings for Rebound

A daily stochastics buy signal on Mah Sing supports near-term upside bias towards the
50%FR (RM1.51), with a confirmed breakout to aim for the 38.2%FR (RM1.57) and 23.6%FR
(RM1.66) ahead. Good support is seen from the mid Bollinger band (RM1.43). Any dips on
WCT Holdings towards the mid Bollinger band (RM1.68) or 50-day moving average
(RM1.64) will be ideal to bargain for rebound upside towards the 61.8%FR (RM1.80), with
next upside hurdle at the 76.4%FR (RM1.96).

Japan’s Nikkei Rebound Led Asia Higher

Most Asian markets rose on Tuesday, led by a rebound in Japanese shares as investors
hunted for bargains, and commodities like crude oil strengthened as the weaker U.S. dollar
made them cheaper for buyers using currencies other than the greenback. However, gains
were limited as markets are expecting a tough reporting season, which will ensure they
remain sceptical on the improvements in the global backdrop. Japanese stocks rose as the
yen began to retreat from the previous day's 17-month high against the dollar, lifting shares
of exporters as well as recently battered banks. The Nikkei share average climbed 1.1
percent to 15,928.79. Honda Motor Co Ltd rose 3.8 percent while Nissan Motor Co Ltd
climbed 3.3 percent and shares of Toyota Motor Corp gained 3.9 percent.

Australia's ASX 200 was also up 0.89 percent to close at 4,975.60, with the heavily-weighted
financials sub-index advancing 1.27 percent. The country's so-called Big Four banks, ANZ,
Commonwealth Bank of Australia, Westpac and NAB , traded up between 1.3 and 2.49
percent. However, China's main stock indexes edged down on Tuesday, dragged lower by
property and tech shares, as investors took profit from the previous session's more than 1
percent rally. The blue-chip CSI300 index fell 0.4 percent, to 3,218.45, while the Shanghai
Composite Index lost 0.3 percent, to 3,024.53 points. Stocks fell across the board, led by IT,
telecommunications and property shares. Small caps were also among the biggest decliners,
with Shenzhen's start-up board ChiNext falling more than 1 percent.
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TA Securities
A Member of the TA Group 13-Apr-16

Surging Oil Prices Boost Wall Street Higher

Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising
oil prices, as investors awaited the bulk of earnings due over the next few weeks. Global oil
prices hit four-month highs on Tuesday, hovering just under $45 a barrel after a report that
top producers Russia and Saudi Arabia have agreed to freeze output ahead of a much-
anticipated producers meeting on Sunday. Crude for May delivery gained 4.48 percent, to
$42.17 a barrel on the New York Mercantile Exchange, its highest settlement price since Nov.
25.

All 10 S&P sectors closed higher and the Dow industrials posted their best day in about a
month. Energy shares jumped 2.8 percent, with oil majors Exxon Mobil and Chevron giving
two of the biggest boosts to the S&P 500. The financial sector was the second-best performer
in the S&P 500, rising 1.3 percent. Investors have been concerned about banks’ loans to the
energy sector as oil prices have languished near multiyear lows. The Dow Jones Industrial
Average gained 164.84 points, or 0.94 percent to 17,721.25 points and the S&P 500 gained
19.73 points, or 0.97 percent to 2,061.72 and the Nasdaq Composite added 38.69 points, or
0.08 percent to 4,872.09.

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TA Securities
A Member of the TA Group 13-Apr-16

News In Brief
Corporate
Berjaya Corp Bhd’s unit Berjaya Group will cease to be a direct shareholder of Berjaya
Auto Bhd (BAuto) under a proposed deal which will see it sell its entire 21.88% equity
interest in the Mazda car distributor for up to RM526.3mn to a special purpose vehicle
controlled by “certain key management” members of BAuto (Bursa Malaysia/ StarBiz)

TH Plantations Bhd has set lower targeted key performance indicators for the financial
year ending Dec 31, 2016 (FY16). It is setting its targeted fresh fruit bunch (FFB) yield for
FY16 at 20.32 tonnes per hectare (t/ha), which is lower than its FY15 target of 21.15 t/ha.
The group has also set a lower return on equity target of 3.33% in FY16, as compared to
5.5% in FY15. It will maintain dividend policy to distribute about 50% of profit attributable
to its owners. (Bursa Malaysia/ The Edge)

QL Resources Bhd has budgeted for an investment of RM100mn for its venture into the
FamilyMart convenience store chain. Profit is expected to be in the seventh year of
investment. (The Edge)

PIE Industrial Bhd has proposed a one-for-five share split. The company said the exercise
will see its issued and paid-up capital increase to 384.04mn shares of 20 sen each, from
76.81mn shares of RM1 each at April 4. The proposed share split is expected to improve the
liquidity of PIB shares on the main market of Bursa Securities, by increasing the number of
shares in issue. (Bursa Malaysia/ The Edge)

Progressive Impact Corp Bhd (Picorp) said its RM43.6mn contract to construct a
sewerage treatment plant project in Johor has been cancelled. Picorp won the contract from
Danga Bay Sdn Bhd in February, via its 90%-owned subsidiary Alam Sekitar Eco-
Technology Sdn Bhd (ASET). Picorp said ASET received a notice for the mutual termination
of the letter of award for the contract, and has agreed to accept the termination with claims
of costs for work done. (Bursa Malaysia/ The Edge)

Eden Inc Bhd is exiting Pakistan's power business, after disposal of its minority
shareholding in power plant developer S K Hydro (Pvt) Ltd. Eden and its executive
chairman Tan Sri Abd Rahim Mohamad are selling their entire 5,600 shares in S K Hydro to
White Crystal Ltd for 56,000 Pakistani rupees (RM2,077). Eden said it was disposing of its
shares, because it deems the project not viable due to a change in the Pakistan government
policies and the requirement by the government to increase the capacity from 440
megawatt (MW) to 840MW. (Bursa Malaysia/ The Edge)

Yong Tai Bhd, a garment maker and property developer that is venturing into the cultural
performance business, has appointed Boo Kuang Loon as chief executive office, Zoe Tan
Eng Eng as chief operating officer and Datuk Sri Lee Ee Hoe as executive director. (Bursa
Malaysia/ StarBiz)

Guinness Anchor Bhd’s (GAB) net profit climbed 28.9% year-on-year for the first full
quarter since Heineken NV became its indirect majority shareholder in October last year. It
said for the quarter ended March 31, 2016, its bottom line grew to RM50.9mn from
RM39.5mn a year earlier, spurred by higher sales, phasing of commercial spend and more
effective commercial investment. (Bursa Malaysia/ StarBiz)

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TA Securities
A Member of the TA Group 13-Apr-16

News In Brief
Economy
Global IMF Cuts 2016 Global Economic Growth Outlook to 3.2%
The world economy is increasingly at risk of stalling, the International Monetary Fund
warned as it once again cut its forecast for global growth prospects. The IMF said it was
forced to downgrade its growth forecast for this year to 3.2%, down by 0.2 percentage
point from its projection issued in January. China’s slowdown and weak commodity prices
are taking a deeper toll on emerging markets than expected and rich countries are still
struggling to escape the legacies of the financial crisis, the fund said. The downward
revision is the fourth straight cut in a year, putting world economic growth just a hair over
last year’s 3.1% and only marginally above the 3% rate the IMF has previously considered a
technical recession globally. The increasingly dour outlook sets the tone for the semi-
annual IMF and World Bank meetings this week in Washington, where financial leaders
from around the globe will gather to take stock of the global economy. Recessions in Russia
and Brazil are proving to be deeper and longer than the IMF anticipated after political
problems compounded the effects of a plunge in commodity prices. Dozens of other oil
exporters—from Venezuela to Canada, Saudi Arabia to Nigeria—are also facing sharp
slowdowns. The IMF upgraded China’s growth forecast this year by 0.2 percentage point to
6.5% as the service sector compensated for a downturn in manufacturing. But the country’s
deceleration continues to hit trade partners around the world. Jitters about the fate of the
world’s second-largest economy have roiled global markets in the last year. The IMF also
cut its global forecast for next year by 0.1 percentage point to 3.5%. But even that limited
acceleration is based on a host of assumptions, including a smooth Chinese economic
rebalancing, a pickup in commodity exporters and emerging markets more broadly. (The
Wall Street Journal)

World Economic Outlook (WEO) Updates

Source: IMF

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TA Securities
A Member of the TA Group 13-Apr-16
Asia Malaysia’s High Speed Rail MoU to be Signed Soon
Malaysia is expected to sign a memorandum of understanding (MoU) with Singapore for the
development of a high-speed rail (HSR) linking both countries by the middle of 2016, says
Prime Minister Datuk Seri Najib Tun Razak. “We expect to sign MoU in the middle of this
year with Singapore,” Najib said of the proposed HSR link with Singapore. In his keynote
address at the 12th Invest Malaysia (IMKL2016) here on Tuesday, Najib said the
development projects under the 11th Malaysia Plan would remain unaffected despite the
Government having to revise its Budget and cut spending in response to the drop in crude
oil prices. He said the Government had structured the reduction in expenditure in such a
way that it would not affect public service delivery. “The HSR link to Singapore; the Pan
Borneo Highway; the MRT and LRT; the Pengerang in Johor – they are all still going ahead...
we need them,” Najib said, noting these projects would be part of Malaysia’s future. “So it is
clear that we have an economic plan, that it has worked, and that it is still working. It is a
long-term plan that works for the benefit of Malaysians not just today, but tomorrow, and in
the years and decades to come, “he explained. (The Star Online)

Philippines Exports Continue to Fall in February

The Philippines' exports continued to decline in February, the Philippine Statistics
Authority reported. Exports decreased more-than-expected 4.5% year-on-year in February,
slower than the 3.9% decline seen in January. Shipments were forecast to drop 3.2%. This
was the eleventh consecutive fall in exports. The negative figure was attributed to the
decreases in five major commodities namely articles of apparel and clothing accessories,
chemicals, other manufactures, metal components, and coconut oil. Exports of electronic
products, the country's top shipment component, increased 8.1% annually. During January
to February, merchandise exports logged an annual fall of 4.2%. (RTT News)

Japan Bank Lending Rises 2.0% in March

Overall bank lending in Japan was up 2.0% on year in March, the Bank of Japan said -
coming in at 498.333 trillion yen. That follows the 2.2% increase in February. Excluding
trusts, bank lending climbed an annual 2.0% to 433.346 trillion yen - slowing from the 2.2%
gain in the previous month. Lending from trusts climbed 2.3% to 64.987 trillion yen, while
lending from foreign banks slipped 1.2% to 1.954 trillion yen. (RTT News)

Australia Business Confidence Rises in March

Business confidence in Australia picked up steam in March, the latest survey from National
Australia Bank revealed with an index score of +6. That beat forecasts for +4 and was up
from +3 in February. The index for business conditions jumped all the way to +12 - topping
expectations for +8, which would have been unchanged from the previous month. (RTT
News)

U.S. U.S. Budget Deficit Expands in First Half of Fiscal Year

The U.S. budget deficit expanded during the first half of the fiscal year as spending rose
faster than receipts, marking a turnaround after six years of an improving fiscal picture.
The government ran a $461.04 billion deficit from October to March. That was up almost
5% from the first half of the 2015 fiscal year, which runs from October through September.
In March, the deficit was $108.04 billion, up from the $52.92 billion gap during the same
month a year earlier, though much of the single-month difference was caused by calendar
quirks. The U.S. budget deficit exploded to more than $1.4 trillion, about 9.8% of gross
domestic product, in 2009 as the U.S. shuddered through the recession. The figure has
fallen steadily since, reaching it is lowest level since 2007 last year. At 2.5% of gross
domestic product, the deficit was below the 2.8% average over the prior 50 years. Now, it is
set to start expanding again. The Congressional Budget Office is projecting a $534 billion
deficit for the current fiscal year, a roughly 22% increase from a year earlier. If existing
laws remain unchanged, the deficit will continue to rise for the next decade as spending—
notably on Social Security, Medicare and interest—outpaces revenue growth. By 2026, the
deficit is expected to climb to 4.9% of GDP, the CBO projects. During the first half of fiscal
2016, receipts climbed 4% while outlays rose 4.2% compared with the same six-month
stretch a year earlier.
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TA Securities
A Member of the TA Group 13-Apr-16

The Treasury is collecting more individual taxes this year as employment and wages rise.
But corporate tax receipts are down, likely reflecting narrowing profits. Spending on big-
ticket programs is rising. Medicare outlays are up 6% and Social Security is up 3%, the
Treasury said. Interest paid on the public debt has climbed 18% to $189 billion so far this
year. (The Wall Street Journal)

U.S. Import Prices Rose 0.2% Amid Signs of Inflation

Prices for imported goods rose for the first time in nine months in March, a sign that a
rebound in oil prices is slowly pushing up inflation pressures in the U.S. Import prices
increased 0.2% in March from the prior month after falling a revised 0.4% in February, the
Labor Department said. The increase marked the first time prices posted a monthly gain
since last June, however the pace of growth fell short of expectations. Economists surveyed
by The Wall Street Journal had expected import prices to increase 0.9% from February to
March. The monthly increase largely reflected a rebound in oil prices. Petroleum import
prices rose 6.5% from February. The price of crude tanked in February, but rebounded last
month on hopes that declines in oil drilling around the world and an output deal among
major producers would shrink the global glut of crude. Despite last month’s rise, import
prices are still weak historically, and posted a decline of 6.2% in the year to March. Outside
of petroleum, import prices broadly declined. Prices for non-petroleum imports decreased
0.2% in March from the prior month and were down 2.7% on the year. Excluding the
volatile fuel and food categories, import prices fell 0.1% from February, and are down 2.3%
from March 2015. (The Wall Street Journal)

Europe U.K. Inflation Rate Hits 15-Month High on Early Easter Boost
U.K. inflation accelerated to a 15-month high in March as an early Easter boosted air fares
and clothing prices increased. Consumer prices rose 0.5% from a year earlier, the fastest
pace since December 2014, the Office for National Statistics in London said. That exceeded
the 0.4% median estimate in a Bloomberg survey of economists. Core inflation, which
excludes volatile food and energy prices, quickened to 1.5%, the most since October 2014.
While inflation remains well below the Bank of England’s 2% target, the figures suggest it is
picking up after almost a year of hovering around zero. Policy makers are expected to keep
the benchmark interest rate at a record low until the first quarter of 2017, the median
forecast in a Bloomberg survey shows. Upward pressure on inflation last month came from
transport costs as air fares rose 23% on the month compared with 2.7% in March 2015.
This reflected the timing of the four-day Easter break, which occurred last month but in
April 2015. Consumer prices rose 0.4% in March from February. In the first quarter, they
climbed 0.35% from a year earlier. Services-cost inflation increased to 2.8% on an annual
basis, while goods prices fell 1.6% on the year. Another measure of inflation, the retail
prices index, accelerated to 1.6%, the most since December 2014, from 1.3% in February.
The index is used among other things to calculate interest-payments on inflation-protected
gilts. A separate report showed the cost of goods leaving factory gates rose 0.3% in March
from February and fell 0.9% on the year. Input costs increased 2%, leaving them 6.5%
lower than a year earlier. House-price growth slowed to an annual 7.6% in February from
7.9% in January. (Bloomberg)

German March Consumer Prices Rise as Estimated

Germany's consumer prices rose 0.3% year-on-year in March after staying flat in February.
The preliminary inflation figures were left unchanged. Food prices rose 1.3% from a year
ago. Meanwhile, the decrease of 8.9% in energy prices had a considerable downward effect
on overall inflation. Excluding energy, inflation was markedly higher at 1.4%. The fact that
Easter fell early this year had an upward effect on prices in March 2016, Destatis said.
Month-on-month, the increase in consumer prices doubled to 0.8%, as estimated, from
0.4% a month ago. The harmonized index of consumer prices, which is calculated for
European purposes, edged up 0.1% in March, reversing a 0.2% fall in February. On a
monthly basis, the HICP climbed 0.8%. The statistical office confirmed the preliminary
estimates published on March 30.

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 TA Securities
A Member of the TA Group 13-Apr-16

Separately, Germany's wholesale prices declined at the fastest pace since early 2015,
Destatis reported. Wholesale prices dropped 2.6% year-on-year in March after easing 1.9%
in February. A similar pace of reduction was last seen in January 2015. The index has been
falling since July 2013. Month-on-month, wholesale prices logged a 0.3% increase, in
contrast to a 0.5% fall in February. (RTT News)

Share Buy-Back: 12 - April 2016

Total Treasury
Company Bought Back Price (RM) Hi/Lo (RM)
Shares
AMPROP 30,000 0.92 0.92/0.90 9,797,900
ELKDESA 30,000 1.27/1.25 1.27/1.24 10,250,000
MAA 61,700 0.96/0.95 0.97/0.95 3,809,000
MEDAINC 215,000 0.52/0.51 0.52/0.51 16,030,100
PARKSON 80,000 0.94 0.94/0.92 33,040,580
REDTONE 50,000 0.55/0.545 0.55 8,613,000
SEM 30,000 1.40 1.42/1.40 56,876,100
TEXCHEM 3,000 1.70 1.71/1.67 2,125,900
TROP 50,000 1.00 1.02/1.00 17,711,435
Source: Bursa Malaysia

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions
are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no
liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in
the securities and/or companies mentioned herein.
for TA SECURITIES HOLDINGS BERHAD (14948-M)
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048
(A Participating Organisation of Bursa Malaysia Securities Berhad)
Kaladher Govindan – Head of Research

Page 7 of 7
 For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company Share Price Target Price EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg
BETA
(RM) (RM) FY16 FY17 FY16 FY17 FY16 FY17 High Price % Chg Low Price % Chg YTD
12-Apr-16
AUTOMOBILE
MBMR 2.18 2.00 0.71 27.8 29.4 7.8 7.4 2.8 3.2 3.50 -37.8 1.94 12.4 -9.2
UMW 6.76 5.10 1.02 37.6 42.2 18.0 16.0 3.6 4.0 11.02 -38.7 6.25 8.2 -14.1

BANKS & FINANCIAL SERVICES

AFG 4.29 3.70 1.11 34.5 36.4 12.4 11.8 3.7 4.0 4.90 -12.4 3.07 39.7 20.5
AFFIN 2.34 2.10 0.84 21.6 22.5 10.8 10.4 1.8 1.9 3.00 -22.0 2.10 11.4 0.0
AMBANK 4.46 4.80 1.19 46.7 54.2 9.6 8.2 2.7 3.4 6.52 -31.6 4.17 7.0 -1.5
CIMB 4.86 5.00 1.13 46.6 55.1 10.4 8.8 4.8 5.7 6.28 -22.6 3.93 23.7 7.0
HLBANK 13.52 12.90 0.68 103.2 112.4 13.1 12.0 3.0 3.0 13.96 -3.1 11.89 13.7 0.6
MAYBANK 9.14 9.10 0.97 70.4 77.6 13.0 11.8 5.9 5.9 9.53 -4.1 8.18 11.7 8.8
PBBANK 19.14 19.50 0.91 131.2 137.4 14.6 13.9 2.9 2.9 19.90 -3.8 17.04 12.3 3.3
RHBCAP 5.98 5.70 1.14 52.9 58.0 11.3 10.3 2.0 2.5 7.98 -25.1 5.01 19.4 5.5
BURSA 8.87 8.30 0.61 37.3 41.8 23.8 21.2 3.9 3.9 9.00 -1.4 7.48 18.6 6.2

CONSTRUCTION
BPURI 0.41 0.47 0.92 5.9 7.5 7.0 5.5 0.0 0.0 0.60 -31.1 0.33 24.2 -4.7
GAMUDA 4.90 5.70 1.01 25.7 33.2 19.1 14.8 2.4 2.4 5.28 -7.2 3.77 30.0 5.2
IJM 3.59 3.67 0.99 16.3 20.6 22.0 17.4 2.2 2.6 3.75 -4.3 2.87 25.1 6.2
SENDAI 0.71 0.79 1.27 9.9 8.4 7.2 8.5 1.4 1.4 1.05 -32.4 0.66 7.6 -7.2
SUNCON 1.60 1.90 na 12.7 13.6 12.6 11.8 3.1 3.4 1.72 -7.0 0.98 63.3 14.3
WCT 1.71 1.95 1.16 15.0 17.6 11.4 9.7 1.8 1.8 1.78 -3.9 1.10 55.6 6.2
LITRAK 5.11 5.83 0.25 34.9 40.2 14.6 12.7 4.3 4.9 5.33 -4.1 3.71 37.7 2.2
Building Materials
WTHORSE 2.17 2.75 0.49 27.5 28.8 7.9 7.5 4.6 4.6 2.46 -11.8 2.08 4.3 -5.2

CONSUMER
Brewery
CARLSBG 13.86 13.30 0.58 75.0 79.0 18.5 17.5 5.4 5.7 14.48 -4.3 10.82 28.1 18.5
GAB 13.82 14.95 0.58 122.8 81.4 11.3 17.0 7.7 5.3 14.67 -5.8 12.34 12.0 6.6
Retail
AEON 2.94 2.55 0.72 10.8 10.9 27.3 27.0 1.1 1.1 3.33 -11.7 2.47 19.0 7.7
AMWAY 9.63 8.57 0.44 33.9 35.1 28.4 27.5 3.2 3.2 11.06 -12.9 9.08 6.0 2.8
F&N 20.30 19.98 0.53 86.4 91.3 23.5 22.2 3.0 3.1 21.28 -4.6 17.08 18.9 9.7
NESTLE 75.00 82.72 0.41 267.6 284.6 28.0 26.4 3.4 3.6 76.90 -2.5 70.00 7.1 2.2
POHUAT 1.46 2.19 0.76 23.1 23.0 6.3 6.4 4.1 4.1 2.12 -31.1 0.98 49.7 -28.8
QL 4.32 5.01 0.67 17.0 19.2 25.3 22.4 1.1 1.2 4.65 -7.1 3.71 16.4 0.7
SIGN 2.15 3.24 0.79 20.1 31.7 10.7 6.8 3.7 5.1 3.27 -34.3 1.58 36.1 16.8
Note: SIGN proposed bonus issue warrants on the basis of 1 for 4. For more detail please refer to 23.02.16 report.
Tobacco
BAT 55.12 56.00 0.84 248.5 278.0 22.2 19.8 4.4 4.9 70.00 -21.3 53.08 3.8 -1.7

GAMING
Casino
GENTING 9.17 8.15 1.22 47.7 51.8 19.2 17.7 0.4 0.5 9.90 -7.4 6.51 40.9 24.9
GENM 4.59 3.98 1.11 22.2 22.3 20.7 20.6 1.7 1.7 4.70 -2.3 3.75 22.4 4.8
NFO
BJTOTO 3.23 3.54 0.75 21.7 24.6 14.9 13.1 6.5 6.8 3.47 -6.9 2.93 10.3 5.9
LUSTER 0.06 0.12 0.87 0.2 0.4 30.6 15.5 0.0 0.0 0.12 -50.0 0.06 0.0 -25.0

HEALTHCARE
Hospitals
IHH 6.67 6.15 0.89 14.5 18.0 45.9 37.0 0.4 0.5 6.75 -1.2 5.32 25.4 1.4
KPJ 4.22 4.95 0.62 15.5 17.3 27.1 24.4 1.9 2.1 4.42 -4.5 3.96 6.6 0.0
Rubber Gloves
HARTA 4.77 5.05 0.46 16.8 21.3 28.5 22.4 1.6 2.0 6.15 -22.4 3.85 23.9 -19.7
KOSSAN 6.22 9.40 0.09 37.7 46.4 16.5 13.4 3.0 3.7 9.50 -34.5 5.57 11.7 -33.1
SUPERMX 2.79 2.75 0.70 19.3 22.6 14.4 12.3 2.1 2.4 3.56 -21.6 1.93 44.6 -13.9
TOPGLOV 5.17 6.00 -0.07 32.6 33.6 15.9 15.4 3.2 3.3 7.03 -26.5 2.62 97.4 -23.7
KAREX 4.00 4.50 0.45 13.3 17.5 30.0 22.9 0.8 1.1 4.74 -15.6 2.97 34.7 -3.1
Note: KAREX proposed bonus issue shares on the basis of 1 for 4. For more detail please refer to 25.02.16 report.

INDUSTRIAL
SCIENTX 13.60 16.93 0.51 110.8 133.3 12.3 10.2 2.1 2.1 13.60 0.0 6.58 106.7 39.5
Note: SCIENTX proposed bonus issue shares on the basis of 1 for 1. For more detail please refer to 23.03.16 report.
SKPRES 1.36 1.95 0.82 7.3 13.7 18.8 10.0 2.4 4.5 1.58 -13.9 0.83 63.9 3.8
UNIMECH 1.20 0.75 0.51 6.1 7.1 19.7 16.9 1.8 2.1 1.47 -18.4 1.13 6.2 -5.5

MEDIA
MEDIA PRIMA 1.45 1.60 0.85 14.4 15.0 10.1 9.6 7.9 8.3 1.73 -16.2 1.04 39.4 14.2
STAR 2.46 2.15 0.65 16.8 17.4 14.7 14.2 6.1 6.4 2.62 -6.1 2.27 8.4 5.1

OIL & GAS

EATECH 1.21 1.58 na 15.8 18.5 7.7 6.6 3.9 4.5 1.50 -19.3 0.69 76.6 9.0
MHB 1.16 1.00 1.77 3.8 4.2 30.2 27.3 0.0 0.0 1.38 -15.9 0.88 32.6 16.0
MISC 8.89 12.67 0.77 68.5 69.3 13.0 12.8 3.4 3.4 9.41 -5.5 7.49 18.7 -5.1
PANTECH 0.59 0.50 1.22 4.7 6.2 12.5 9.4 3.4 4.5 0.77 -24.3 0.46 27.2 -5.6
PCHEM 6.68 8.01 1.24 35.3 39.3 18.9 17.0 2.7 3.0 7.62 -12.3 5.17 29.2 -8.1
PERISAI 0.26 0.25 2.00 -0.1 -0.7 na na 0.0 0.0 0.61 -57.0 0.23 13.0 -7.1
SKPETRO 1.83 1.88 2.25 16.8 15.1 10.9 12.1 0.8 0.0 2.87 -36.2 1.36 34.6 -9.4
UMWOG 0.95 0.68 2.00 -5.6 -2.2 na na 0.0 0.0 2.52 -62.5 0.86 9.9 -11.7
 For Internal Circulation Only
SNAPSHOT OF STOCKS UNDER COVERAGE
Company Share Price Target Price EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg
BETA
(RM) (RM) FY16 FY17 FY16 FY17 FY16 FY17 High Price % Chg Low Price % Chg YTD

PLANTATIONS
FGV 1.49 1.40 1.58 5.6 12.1 26.8 12.3 2.0 4.0 2.18 -31.7 1.18 26.3 -12.9
IJMPLNT 3.58 4.10 0.76 10.8 22.5 33.1 15.9 1.7 2.0 3.80 -5.8 2.99 19.7 0.8
IOICORP 4.47 4.13 1.07 20.3 24.2 22.0 18.5 2.5 3.1 5.04 -11.3 3.70 20.8 0.2
KLK 23.86 21.71 1.11 113.7 129.4 21.0 18.4 2.6 3.0 24.78 -3.7 19.60 21.7 4.3
SIME 7.90 7.69 1.08 22.4 33.3 35.2 23.7 1.6 2.5 9.46 -16.5 6.70 17.9 1.9
UMCCA 6.03 6.79 0.51 19.5 28.4 30.8 21.2 2.2 1.8 6.48 -6.9 5.35 12.7 -0.5

PROPERTY
GLOMAC 0.82 0.99 0.61 10.5 11.2 7.8 7.3 5.5 6.1 0.98 -16.8 0.73 11.6 -6.3
HUAYANG 1.82 1.90 0.73 43.3 36.2 4.2 5.0 7.1 6.0 2.19 -16.9 1.66 9.6 -1.6
IOIPG 2.34 2.34 1.00 14.0 18.4 16.8 12.7 2.6 3.0 2.42 -3.3 1.79 30.7 4.0
MAHSING 1.46 1.48 0.61 14.8 14.0 9.9 10.5 3.8 3.8 1.78 -18.0 1.24 17.7 0.7
SNTORIA 0.76 0.92 0.61 8.2 12.3 9.3 6.2 2.6 2.6 1.13 -32.7 0.74 3.4 -18.3
SPSETIA 3.19 3.66 0.53 30.5 29.7 10.5 10.7 4.4 4.4 3.57 -10.6 2.80 13.9 -0.3
SUNWAY 3.21 3.28 0.54 30.5 30.2 10.5 10.6 3.4 3.4 3.53 -9.0 2.89 11.1 4.2
REIT
SUNREIT 1.61 1.55 0.46 8.6 9.0 18.7 17.9 5.5 5.6 1.76 -8.5 1.43 12.6 10.3
CMMT 1.48 1.58 0.69 8.2 8.7 18.0 17.1 6.0 6.3 1.55 -4.5 1.24 19.4 7.2

POWER & UTILITIES

MALAKOF 1.70 1.91 na 11.1 12.2 15.3 14.0 4.6 5.0 1.91 -11.0 1.18 44.1 6.2
PETDAG 23.84 20.84 0.93 88.3 90.9 27.0 26.2 2.6 2.9 26.30 -9.4 18.74 27.2 -4.1
PETGAS 21.84 19.70 0.98 93.2 93.9 23.4 23.3 2.0 2.7 23.64 -7.6 20.20 8.1 -3.8
TENAGA 14.32 16.36 1.13 121.0 125.2 11.8 11.4 1.3 1.6 14.90 -3.9 10.26 39.6 7.5
YTLPOWR 1.49 1.92 0.56 11.3 12.6 13.2 11.8 5.3 5.3 1.67 -10.8 1.40 6.4 0.7

TELECOMMUNICATIONS
AXIATA 5.85 6.40 0.94 28.5 32.3 20.5 18.1 3.9 4.4 7.05 -17.0 5.27 11.0 -8.7
DIGI 4.74 4.75 0.97 21.8 22.2 21.7 21.3 4.6 4.7 6.47 -26.7 4.71 0.6 -12.2
MAXIS 6.02 5.90 0.58 25.1 26.7 23.9 22.6 3.3 3.5 7.22 -16.6 5.56 8.3 -11.5
TM 6.70 7.80 0.78 23.3 26.5 28.7 25.3 3.1 3.6 7.63 -12.2 6.00 11.7 -1.2

TECHNOLOGY
Semiconductor & Electronics
IRIS 0.16 0.14 0.92 0.7 1.6 23.2 9.8 2.8 2.8 0.33 -50.8 0.16 3.2 -27.3
INARI 3.18 3.70 0.98 17.9 25.5 17.8 12.5 2.1 3.0 3.96 -19.7 2.24 42.1 -13.2
MPI 7.25 9.40 0.79 83.2 87.7 8.7 8.3 2.8 2.8 10.70 -32.2 5.62 29.0 -22.1
UNISEM 2.31 3.25 0.93 21.6 24.5 10.7 9.4 4.3 4.3 2.65 -12.8 1.57 47.1 -2.9

TRANSPORTATION
Airlines
AIRASIA 2.02 2.39 1.04 26.5 32.0 7.6 6.3 2.0 2.0 2.40 -15.8 0.77 164.1 56.6
AIRPORT 6.37 7.02 1.43 10.8 15.9 59.2 40.1 0.8 1.3 7.05 -9.6 4.22 50.9 13.5
Freight & Tankers
WPRTS 4.26 4.65 0.65 18.2 19.3 23.4 22.1 3.2 3.4 4.68 -9.0 3.62 17.7 3.4

SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE

Company Share Price Target Price EPS (cent) PER (X) Div Yield (%) 52week 52week % Chg
Beta
(S$) (S$) FY16 FY17 FY16 FY17 FY16 FY17 High Price % Chg Low Price % Chg YTD
BANKS & FINANCIAL SERVICES
DBS 15.08 17.80 1.22 176.8 188.0 8.5 8.0 4.0 4.0 21.50 -29.9 13.01 15.9 -9.6
OCBC 8.86 10.70 1.07 96.4 101.1 9.2 8.8 5.7 5.7 10.92 -18.9 8.84 19.6 0.7
UOB 18.70 21.70 1.06 203.2 217.6 9.2 8.6 3.7 3.7 24.75 -24.4 16.80 11.3 -4.6

PLANTATIONS
WILMAR 3.41 3.50 1.01 28.6 31.9 11.9 10.7 0.3 2.6 3.43 -0.6 2.64 3.4 16.0
IFAR 0.55 0.51 1.15 4.7 5.7 11.6 9.5 0.3 0.4 0.82 -33.1 0.42 0.8 11.2

BUY : Total return within the next 12 months exceeds required rate of return by 5%-point.
HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
SELL : Total return is lower than the required rate of return.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months.
Required Rate of Return of 10% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.