Monday, 19 March, 2018

TA RESEARCH’S ‘DAILY COMPILED REPORTS’

For Internal Circulation Only

N ew s
1 . Da ily M a rk e t C o m m e n ta r y
2 . We e k ly S t ra t e g y
3 . We e k ly T e c h n ic a l O u t lo o k

Fu nd a me n tal Rep o r ts
1 . Be r j a y a S p o rt s T o t o B e rh a d : L o w e r Pr iz e Pa y o u t in 3 Q F Y 1 8
2 . T o p G lo ve C o rp o ra t i o n Be r h a d : 2 H F Y 1 8 to b e E v e n S t ro n g e r

Te ch n ic al R ep o rt s
1 . We e k ly T e c h n ic a l S to c k Pic k s
2 . Da ily M o n e y F lo w o f T e c h n ic a l S to c k P ic k s
- FBMKLCI
3 . We e k ly A c e M a r k e t S to c k W a tc h
4 . We e k ly S m a l l C a p S to c k Wa tc h
5 . We e k ly S to c k Sc re e n
6 . We e k ly F o re ig n Sto c k W a tc h (A U S , H K , F S S T I & U S )

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad

Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my
 Daily Market Commentary
Monday, 19 March 2018
TA Research, e-mail : taresearch@ta.com.my
For Internal Circulation Only

KLSE Market Statistics (16.03.2018) Review & Outlook

Volume Value Value/ While overbought momentum has fully neutralized following last week's
(mil) +/-chg (RMmn) +/-chg Volume Up Down steep profit-taking correction on heavyweight consumers stocks, the
Main Market 2,049.8 59.5 4,131.9 1805.0 2.02 247 312 broader market remained fragile given the weak buying momentum and
Warrants 438.6 17.6 49.6 -5.1 0.11 102 131 market breadth, indicating selling and profit-taking should still restrict
ACE Market 385.9 -78.6 73.7 -13.3 0.19 29 57 near-term upside. Moreover, caution over potential for escalation of global
Bond 1.1 -0.2 0.3 0.0 0.28 1 2 trade conflicts after the US proposal to enforce more tariffs on a wider
ETF 0.0 -0.6 0.0 -0.7 1.75 3 2 array of Chinese imports should also cap upside potential.
LEAP 0.0 0.01 0.0 0.0 0.27 0 0 Immediate support for the index will be from the 50-day moving average
Total 2,875.5 4,255.5 1.48 382 504 level now at 1,841, followed by the lower Bollinger band at 1,836, with
Off Market 77.7 -19.7 427.3 -123.3 5.50 stronger supports at 1,820, then 1,800. On the upside, immediate resistance
will be last Tuesday's high of 1,864, followed by the 27 Feb high of 1,872,
Major Indices with tough hurdle expected from the 2 Feb peak of 1,880.
Index +/- chg % chg % YTD chg
Malaysia Stock-wise, blue-chip utility and gaming stocks Axiata, TM, Genting Berhad
and Genting Malaysia should attract bargain hunters on dips looking for
FBMKLCI 1,846.39 1.12 0.06 2.76 rebound upside, while aviation counters AirAsia and AirAsia X should also
FBMEMAS 13,033.64 8.33 0.06 0.70 attract buyers after suffering steep corrections recently. Meanwhile, retailers
FBMSCAP 15,796.08 -34.41 -0.22 -7.36 are expected to bargain oil & gas related counters Sapura Energy and
March Futures 1,840.50 -9.50 -0.51 3.11 UMW Oil & Gas due to their extreme oversold conditions which is showing
bottoming out chart patterns.
Other Markets
DOW JONES 24,946.51 72.85 0.29 0.92 News Bites
NASDAQ (US) 7,481.99 0.25 0.00 8.38
FTSE (UK) 7,164.14 24.38 0.34 -6.81 • Top Glove Corp Bhd added another RM100mn to its current financial
year's capital expenditure of RM213.3mn to set up a factory in Vietnam,
NIKKEI (JAPAN) 21,676.51 -127.44 -0.58 -4.78 tailored for vinyl glove production.
KOSPI (KOREA) 2,493.97 1.59 0.06 1.07 • Dagang NeXchange Bhd (DNeX) teamed up with Asia-Pacific Model
HANG SENG (HK) 31,501.97 -39.13 -0.12 5.29 E-Port Network (APMEN) Operational Centre to jointly work towards
FSSTI (S'PORE) 3,512.14 -5.59 -0.16 3.21 creating a more efficient cross-border trade between Malaysia and
China.
SET (BANGKOK) 1,811.76 -4.32 -0.24 3.31 • MWE Holdings Bhd received a privatisation offer of RM1.75 a share
JCI (JAKARTA) 6,304.95 -16.95 -0.27 -0.80 from tycoon Tan Sri Surin Upatkoon.
SHANGHAI 3,269.88 -21.23 -0.65 -1.13 • Wah Seong Corp Bhd's indirect wholly-owned Wasco Engineering
SHENZHEN 1,863.03 -11.39 -0.61 -1.91 International Ltd has bagged a USD34.6mn (RM135.2mn) contract in
Iraq.
AUSTRALIA 5,949.42 28.57 0.48 -1.91 • Vizione Holdings Bhd announced a share consolidation exercise which
will see seven shares of the company consolidated into one share.
• Priceworth International Bhd revised its proposed rights issue with
bonus shares due to the new no-par-value regime under the Companies
Top 10 KLCI Movers Based on Act 2016.
Off Market Mkt Cap. • Bina Darulaman Bhd reactivated its executive committee to assist the
(mn) (RM) Counter Mkt Cap. Chg Vol. management in day-to-day operations and other business dealings
(RM’mn) (RM) (mn) until a new group managing director is appointed.
MAYBANK 38.0 @ 10.26 • Golden Land Bhd plans to acquire a third piece of land measuring
N2N 22.6 @ 0.88 PBBANK 88,892 0.02 12.54 1,625ha in the Sandaran district in Indonesia's East Kalimantan province.
WCEHB 10.0 @ 1.15 TENAGA 88,843 0.02 14.41 • Japan's industrial production declined more than initially estimated in
N2N-WA 2.5 @ 0.30 IHH 50,179 0.03 8.79 January.
KPOWER 1.3 @ 0.75 AXIATA 48,140 0.12 14.05 • Singapore's non-oil domestic exports slumped the most since October
CICB 1.0 @ 1.00 MAXIS 45,067 0.13 5.62 2016, signaling growth risks to one of Asia's most trade-dependent
GENTING 34,292 0.05 6.00 economies.
MISC 32,184 0.18 3.95 • U.S. housing starts declined in February, returning to a long-term trend
PETDAG 24,638 0.06 1.38 of modest improvement in single-family construction and a slowdown
PPB 21,979 0.04 3.21 in apartment building.
HLFG 21,874 0.36 0.84
• American factories revved up in February, a sign of manufacturing-
sector strength supported by businesses investing in new equipment.
• U.S. consumers' confidence hit a fresh 14-year high this month, as
lower-income households reported feeling more optimistic about the
economy.
Important Dates • The Eurozone's annual rate of inflation was even lower than previously
estimated in February, as wages continued to grow modestly.
HSSEB - 1:10 Rights Issue - RI of up to 31.9m shares together with
BI of up to 15.9m shares and up to 47.9m free detachable warrants.
1 rights share for every 10 existing shares held, at an issue price of
Exchange Rate Commodities Futures
RM1.30 per rights share, together with 1 bonus share and 3 warrants
for every 2 rights shares subscribed. LISTING ON: 21/03/2018. USD/MYR 3.9145 0.001 Palm Oil (RM/mt) 2,418.00 -23.00
USD/JPY 105.67 -0.660 Crude Oil ($/Barrel) 62.25 1.08
HARTA - 1:1 Bonus Issue - BI of up to 1,714.3m shares. EUR/USD 1.233 0.0021 Gold ($/tr.oz.) 1,313.90 -2.70
1 bonus share for every 1 existing share held.
Ex-Date: 23/03/2018. Entitlement Date: 27/03/2018.
LISTING ON: 28/03/2018.
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.

Kaladher Govindan, Head of Research

for TA SECURITIES HOLDINGS BERHAD (14948-M)

A PARTICIPATING ORGANISATION OF BURSA MALAYSIA SECURITIES BHD
MENARA TA ONE, 22 JALAN P RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL : 603 - 2072 1277. FAX : 603 - 2032 5048
www.ta.com.my
 Monday, March 19, 2018
FBMKLCI: 1,846.39

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Strategy
Market View, News in Brief: Corporate, Economy, and Share Buybacks
Kaladher Govindan Tel: +603-2167 9609 kaladher@ta.com.my www.taonline.com.my

M a r k e t V i e w US Fed’s Guidance Should Dictate Market Direction

Bursa Malaysia shares began last week on a positive note after the unexpectedly robust US
jobs addition but tame wage growth in February helped reduce investor concerns over
accelerating inflation. However, profit-taking and selling increased after regional steel
producers fell on fears of being hit by steep US steel import tariffs. Moreover, the sacking of
moderate US Secretary of State Rex Tillerson by President Donald Trump worsened fears
over potentially tough trade tariffs on China’s imports. Consumer heavyweights such as
Nestle, Dutch Lady, F&N and Ajinomoto led heavy losses due to keen profit-taking on
recent sharp rallies.

For the week, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) edged
2.47 points, or 0.13 percent higher to 1,846.39, as gains on Petronas Gas (+79sen), HLFG
(+52sen) and Petronas Dagangan (+48sen) offset losses in Nestle (-RM14.00) and KLCC
Stapled Group (-21sen). Average daily traded volume and value stabilized at 2.56 billion
shares and RM2.65 billion last week, compared to the 2.59 billion shares and RM2.51 billion
average respectively the previous week.

Macro factors continued to undermine investor sentiment last week and are likely to prevail.
Notably, the US monetary and trade policies are two important factors that will continue to
contribute to global market uncertainties after the tension between US and North Korea
eased. In comparison, the ongoing diplomatic crisis between Britain and Russia, after a
former Russian spy and his daughter were poisoned on British soil, with the tit for tat
removal of diplomats is not expected to escalate into something that could affect the rest of
the world. Locally, the fast approaching deadline for the 14th general election and
speculations about dissolution of the parliament in early April, that could pave way for an
election during the month or early May, is another reason for market jitteriness, especially
among foreigners who have increased their selling in recent weeks.

The FBMKLCI is expected to trade sideways in the early part of this week but profit taking
pressures could increase after the US Federal Reserve meeting on Wednesday, if the policy
maker remained hawkish in its economic and interest rate forecasts. A 25-basis point hike
to between 1.50% and 1.75% in the Fed fund target range is a foregone conclusion as
financial markets have been expecting that and it has been largely priced in. As such, the Fed
is likely to take this opportunity to meet those expectations as the Fed Chairman Jerome
Powell has already given an upbeat assessment of the economy in end-February.

With US$1.5tn in tax cuts, similar amount in infrastructure spending and tightening labour
market conditions, inflationary pressures could rise faster. Although the core personal
consumption expenditure (PCE), the Fed’s preferred gauge of inflation, was only at 1.5%
YoY in last January versus Fed’s target of 2%, it has risen at its fastest pace in the last 12
months at 0.3% during the month.

Page 1 of 8
 19-Mar-18

Thus, any indication for more than three hikes this year will have negative impact on
emerging markets, including Malaysia, as foreign funds could move out in anticipation of a
stronger US dollar in the short-term. In the long run, ballooning US budget deficits, which is
expected to surpass USD1 trillion next year and remain at this level for many more years to
come could undermine its strength, especially when the eurozone and Japan start unwinding
their monetary stimulus. Trade war and President Trump’s decision to impose higher tariff
on foreign products may take time to produce the intended impact in reducing trade deficit
or even backfire as its trading partners are expected to retaliate. Besides, using local
resources should increase its input cost and ability to compete globally.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the HOD, Kaladher Govindan, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)
A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 2 of 8
 19-Mar-18

N e w s I n B r i e f Corporate
Top Glove Corp Bhd added another RM100mn to its current financial year's capital
expenditure of RM213.3mn to set up a factory in Vietnam, tailored for vinyl glove
production. The factory, which will be completed in one to two years, would also
complement its China operation. The decision to venture into Vietnam was because of
lower labour and other costs. (The Edge)

Dagang NeXchange Bhd (DNeX) teamed up with Asia-Pacific Model E-Port Network
(APMEN) Operational Centre to jointly work towards creating a more efficient cross-
border trade between Malaysia and China. Under a memorandum of understanding (MoU)
signed, DNeX and APMEN Operational Centre will seek to energise trade between the
two countries through the adoption of a comprehensive and innovative cooperation
programme. (The Edge)

Comments: We believe the MoU signed is part of DNeX’s strategy to improve its facilitation
platform and increase the level of stickiness as it loses its monopoly of the NSW in 2019. We are
largely positive on the MoU but believe it will have little impact to earnings. Maintain earnings
forecast and TP of RM0.69 based on SOP valuations. Maintain Buy.

MWE Holdings Bhd received a privatisation offer of RM1.75 a share from tycoon Tan
Sri Surin Upatkoon, via his company Pinjaya Sdn Bhd. Pinjaya proposes to undertake the
privatisation via a selective capital reduction and repayment exercise. Pinjaya and parties
acting in concert in the offer already owns an estimated 32.62% stake in MWE comprising
75.1mn shares. Surin is the ultimate offeror. (Bursa Malaysia)

Wah Seong Corp Bhd’s indirect wholly-owned Wasco Engineering International Ltd has
bagged a USD34.6mn (RM135.2mn) contract for the design and sale of gas compressor
packages, and associated plant and site facilities in Iraq. The contract, awarded by Basrah
Gas Co, headquartered in Basra, Iraq, is expected to start this month and end by year-end.
(Bursa Malaysia)

Vizione Holdings Bhd announced a share consolidation exercise which will see seven
shares of the company consolidated into one share. The proposal is aimed at fetching a
higher trading price for its shares, and to attract more investors, research houses and fund
managers. (Bursa Malaysia)

Priceworth International Bhd revised its proposed rights issue with bonus shares due
to the new no-par-value regime under the Companies Act 2016. The two-for-one rights
issue will now consist of a single call of 5.0 sen per share, payable in cash, instead of a two-
call exercise. The proposed bonus issue of one share for every two rights shares
subscribed remains unchanged. (Bursa Malaysia)

Bina Darulaman Bhd reactivated its executive committee to assist the management in
day-to-day operations and other business dealings until a new group managing director is
appointed, following the passing away of Datuk Izham Yussof on March 13. (Bursa Malaysia)

Golden Land Bhd plans to acquire a third piece of land measuring 1,625ha in the
Sandaran district in Indonesia's East Kalimantan province, via a 95%-indirectly owned unit.
The unit inked an agreement with an Indonesian company to assist in obtaining the
required documents and to help in resolving issues, claims, disputes, and clearing of the
land, within 36 months from the signing date. (Bernama)

Page 3 of 8
 19-Mar-18
Berjaya Sports Toto Bhd's net profit rose 23.6% to RM59.2mn in 3QFY18 from
RM47.9mn a year ago, on improved performance achieved by Sports Toto Malaysia Sdn
Bhd and H.R. Owen Plc. The group declared a third interim dividend of 4 sen per share.
For the cumulative nine months, net profit grew 15.7% to RM195.3mn from RM168.8mn a
year ago. (Bursa Malaysia)

PRG Holdings Bhd's Hong Kong-listed manufacturing arm, Furniweb Holdings Ltd,
reported a 28.6% YoY rise in net profit for FY17 to RM8.6mn from RM6.7mn, mainly due
to a gain on the disposal of a subsidiary. PRG booked in a gain on disposal of part of the
group's interest in Furnitech Components (Vietnam) Co Ltd of RM6.8mn during the year,
besides listing expenses of RM7.2mn. (Bursa Malaysia)

Page 4 of 8
 19-Mar-18

N e w s I n B r i e f Economy
Asia Japan Parliament Approves New BOJ Leadership - Lawmaker
Japan’s parliament approved on Friday the government’s nominees for central bank
governor and deputy governors, Lower House Speaker Tadamori Oshima said. Bank of
Japan Governor Haruhiko Kuroda has been approved for another five-year term after his
current one ends in April. Masazumi Wakatabe, an academic known as a vocal advocate of
aggressive easing, and career central banker Masayoshi Amamiya will become Kuroda’s
deputies next week. The nominees were approved during a lower house plenary session,
following approval by the upper house. Prime Minister Shinzo Abe’s ruling coalition holds a
comfortable majority in the both chambers. (The Star)

Japan Industrial Production Falls More than Estimated

Japan's industrial production declined more than initially estimated in January, latest figures
from the Ministry of Economy, Trade and Industry showed Friday. Industrial production fell
a seasonally adjusted 6.8% month-over-month in January, faster than the 6.6% decrease
reported earlier. In December, production had grown 2.9%. Shipments contracted 5.7%
over the month, just above the 5.6% fall seen in the flash report. Inventories dropped 0.5%,
revised down from a 0.6% decrease estimated initially. On a yearly basis, industrial
production growth eased to 2.5% in January from 4.4% in December. Data also showed
that capacity utilization declined sharply by 7.3% monthly in January, reversing a 2.8% rise in
the previous month. (RTT)

Singapore's Non-Oil Exports Slide the Most Since 2016

Singapore’s non-oil domestic exports slumped the most since October 2016, signaling
growth risks to one of Asia’s most trade-dependent economies. Exports dropped 5.9% in
February from a year earlier, compared with the Bloomberg survey median for a 4.8% gain.
Shipments of electronics plunged the most since July 2016, while sales of non-electronics
also fell. While fluctuations might be expected given the unusual timing of the Lunar New
Year holiday this year, a third straight monthly decline in electronics -- which led gains for
much of last year -- adds to signs that exports could slow in 2018. Policy makers around
the world have signaled concern over a global trade war after the U.S. imposed tariffs on
some goods. Exports accounted for 172% of Singapore’s gross domestic product in 2016,
according to the World Bank, compared with 20% for China. (Bloomberg)

Australia, ASEAN Summit Ends with Rebukes Against Trade Protectionism

The leaders of Australia and Singapore closed a regional summit on Sunday with a stand
against against protectionism, arguing in favour of multi-nation trade deals as fears mount
that U.S. plans for new tariffs could stoke a global trade war. "We strongly believe that a
free, open and rules-based multilateral trading system is key to the region's growth and
prosperity," Singapore's Prime Minister Lee Hsien Loong said at a news conference to mark
the end of a summit between Australia and the Association of Southeast Asian Nations
(ASEAN). President Donald Trump announced the tariffs on March 7 to protect domestic
steel and aluminium producers on national security grounds. The United States is also
looking at tariffs on up to $60 billion worth of Chinese imports, targeting technology and
telecommunications sectors. Lee and Turnbull urged Asean to speedily agree to the
Regional Comprehensive Economic Partnership, a China-backed alternative to the Trans-
Pacific Partnership (TPP) trade pact that Trump withdrew the United States from last year.
"If we secure a good agreement, this would be, as one of our colleagues said this morning,
an antithesis of protectionism, it would ensure, on the back of the TPP-11, that the Indo-
Pacific continues to be the fulcrum of open and free trade," Prime Minister Malcolm
Turnbull said. (The Star)

Page 5 of 8
 19-Mar-18

United States Housing Starts Tumble

U.S. housing starts declined in February, returning to a long-term trend of modest
improvement in single-family construction and a slowdown in apartment building. Total
housing starts fell 7% in February from the previous month to a seasonally adjusted annual
rate of 1.236 million, the Commerce Department said. Multifamily construction plummeted
26.1% in February, after activity in this segment increased robustly in January. Single-family
starts, meanwhile, rose 2.9% compared with a month earlier. “This was really a story about
the fact that we’re seeing a return to…a gradual, modest growth trend” on the single-
family side, said Robert Dietz, chief economist of the National Association of Home
Builders. Residential building permits, which can signal how much construction is in the
pipeline, declined 5.7% to an annual pace of 1.298 million last month. Housing-starts data
are volatile from month to month and can be subject to large revisions. Friday’s 7% fall for
starts came with a margin of error of 16.7 percentage points. The long-term trend has
been one of modest improvement in single-family building and declines in multifamily
construction. Year-to-date housing starts are up 3.5% compared with the same period last
year. Single-family starts rose 7.8% during that period and starts for buildings with five or
more units were down 5.8%. (The Wall Street Journal)

U.S. Factories Ramped Up Production in February

American factories revved up in February, a sign of manufacturing-sector strength
supported by businesses investing in new equipment. Industrial production—a measure of
total output at U.S. factories, mines and utilities—increased a seasonally adjusted 1.1% in
February from the prior month, the Federal Reserve said. It was the largest gain in four
months, since production rebounded following several severe hurricanes last summer, and
came after output declined 0.3% in January. Rising factory production, including automotive
and business-equipment manufacturing, and more oil-and-gas extraction last month offset a
weather-related decline in utilities output. Compared with a year earlier, total production
rose 4.4% in February, the strongest annual growth in seven years. The industrial sector in
early 2018 moved closer to operating at its full potential. The Fed said capacity utilization, a
measure of slack, rose to 78.1% in February, its highest level since January 2015. The
measure has averaged 79.8% over the long term, though utilization hasn’t exceeded that
level in nearly a decade. Production in the manufacturing sector rose a strong 1.2% in
February from the prior month, including a 1% rise in production of business equipment
and a 2.8% gain in output of durable consumer goods, like motor vehicles. (The Wall Street
Journal)

U.S. Consumer Confidence Hits 14-Year High

U.S. consumers’ confidence hit a fresh 14-year high this month, as lower-income
households reported feeling more optimistic about the economy. The University of
Michigan said the preliminary result of its consumer-sentiment index was 102.0 in March,
up from 99.7 in February. That was the highest level since January 2004, and well above the
99.0 economists surveyed by The Wall Street Journal had expected. The reading
“continues what has been a strong run across a range of consumer sentiment measures,”
JPMorgan Chase economist Daniel Silver said in a note to clients, adding “this strength in
sentiment is one of the reasons we think consumer spending will pick up soon following a
soft start to the year.” The index rose 5.3% in March from a year earlier. A final reading for
the month will be released March 29. The latest survey showed optimism improved
markedly for households in the bottom third of income distribution. Sentiment declined for
consumers in the top third due to concerns about the outlook for the economy and their
personal finances. “In early March, favorable mentions of the tax reform legislation were
offset by unfavorable references to the tariffs on steel and aluminum—each was
spontaneously cited by one-in-five consumers,” said Richard Curtin, the survey’s chief
economist. Near-term inflation expectations jumped in March to their highest level in three
years. Consumers this month expected a 2.9% rise in inflation over the next year, the
highest since March 2015. They expected a 2.5% rise in inflation over the next five years, as
they did in January and February. (The Wall Street Journal)
Page 6 of 8
 19-Mar-18

Merkel, Xi Agree to Work on Steel Overcapacity within G20

German Chancellor Angela Merkel and Chinese President Xi Jinping discussed overcapacity
in world steel markets and agreed on Saturday to work on solutions within the framework
of the G20 group of industrialised nations, Merkel's spokesman said. In a telephone
discussion, the two newly reelected leaders emphasised close ties between the two
countries, both facing planned U.S. steel and aluminium tariffs, and agreed to deepen their
strategic partnership, Steffen Seibert said in a statement. They also underscored the
importance of multilateral cooperation on global trade, a pointed response to an
accelerating shift away from multilateral action and institutions by the United States under
President Donald Trump. Chinese state news agency Xinhua said Xi told Merkel that the
two countries should "become advocates for new-type international relations" and become
cooperation partners despite their ideological differences, with cooperation to be pushed
forward within the framework of the Belt and Road initiative. "China-Germany relations
will steadily proceed far as long as they adhere to equality and mutual respect, understand
and care for each other's core interests and major concerns, and properly control and
handle their differences," Xinhua said, attributing the comments to Xi. U.S. officials have
said they will seek to work with "like-minded" countries at the Group of 20 finance leaders
meeting early next week in Argentina to push back against China's state subsidies and
investment policies. (The Star)

Targeting China, Trump Threatens Student Visas. That Would Hit a Big U.S.
Export
The Trump administration’s proposed crackdown on China’s trade practices could hit one
sector where the U.S. runs a big trade surplus: higher education. The White House is
considering limiting visas to Chinese students as part of a broad package of measures
targeting Beijing, which the U.S. accuses of violating intellectual-property laws and other
misdeeds. A White House official said the package, including tariffs, could be unveiled later
this month. The U.S. has long run a large trade deficit in goods and services with China and
the rest of the world. In the education industry, the U.S. runs a global trade surplus—in no
small part due to China. China sends more students to the U.S. than any other nation,
accounting for roughly one-third of the 1.1 million international students enrolled at
American universities in the 2016-2017 academic year. China has long valued access to U.S.
colleges and universities, which consistently rank among the best in the world. When
international students and their families spend money at American colleges, it is considered
an export for the U.S. because money flows from a foreign country to the U.S. Foreign
students attending American educational institutions accounted for $39.4 billion in U.S.
exports in 2016, Commerce Department data show. That figure mainly reflects the tuition
students pay and excludes spending on many other goods and services, such as rent,
clothing or food. By contrast, Americans studying abroad bought $7.6 billion in education
imports that year. That means the U.S. ran a trade surplus of nearly $32 billion in
education, one of the largest of any industry. It is close to the U.S. civilian aircraft industry’s
$43 billion surplus in trade last year. (The Wall Street Journal)

Europe and Uni ted As Eurozone Economy Roars, Inflation Lags

Kingdom The Eurozone’s annual rate of inflation was even lower than previously estimated in
February, as wages continued to grow modestly despite strong economic growth and a
steady fall in unemployment. The currency area’s economy had its best year in a decade
during 2017, while the jobless rate has fallen to its lowest level since late 2008. But wages
have yet to break off their postcrisis pattern, holding back inflation and fueling voter
dissatisfaction with established political parties. The European Union’s statistics office
Friday said consumer prices were just 1.1% higher in February than a year earlier, a lower
rate of inflation than the 1.2% it first estimated. That marked the third straight month of
decline and brought the rate to its lowest level since December 2016. The European
Central Bank targets an inflation rate of just below 2%, and continues to provide substantial
stimulus to the Eurozone economy in pursuit of that goal. The weakness of inflation over
Page 7 of 8
 19-Mar-18
recent months has been due in part to energy prices, which rose more sharply a year
earlier. But the ECB faces a more fundamental problem with wages, which it hopes will rise
as workers for hire become scarcer. Higher wages can boost inflation by increasing costs
for businesses, which are then passed on to consumers. They also raise spending power,
another upward pressure on prices. But there are few signs of an impending pickup in pay.
In a separate release, Eurostat said wages in the three months through December were
1.7% higher than in the same period of 2016, a slight pickup from the 1.6% rise recorded in
the three months to September. Total labor costs slowed, rising by 1.5% as against 1.6% in
the third quarter of last year. Economists say the strength of the link between an improving
jobs market and inflation via wages is weaker than it was before the global financial crisis,
and offer a number of explanations. (The Wall Street Journal)

Germany Wholesale Price Inflation Eases In February

Germany's wholesale price inflation eased in February after accelerating in the previous
month, data from Destatis showed. Wholesale prices climbed 1.2% year-over-year in
February, slower than January's 2.0% rise. Prices of ores, metals and semi-finished metal
products grew 4.8% annually in February and those of chemical products surged by 9.6%.
On a monthly basis, wholesale prices dropped 0.3% from January, when it rose by 0.9%.
(RTT)

Share Buy-Back: 16 March 2018

Total Treasury
Company Bought Back Price (RM) Hi/Lo (RM)
Shares
AMPROP 100,000 0.73/0.725 0.73/0.72 16,461,000
FIMACOR 8,000 1.98 1.99/1.98 4,342,000
GRANFLO 60,000 0.22/0.215 0.22/0.215 8,928,000
HAIO 47,600 4.85/4.75 4.85/4.74 8,966,788
KFIMA 23,800 1.50/1.49 1.50/1.49 142,900
KSL 1,000,000 1.01 1.02/1.01 16,930,200
MALAKOF 1,200,000 0.875/0.87 0.875/0.86 44,118,500
SNTORIA 120,000 0.645/0.64 0.645/0.63 5,463,000
SUNWAY 500,000 1.59/1.58 1.61/1.57 32,920,262
SYSCORP 100,000 0.24 0.24/0.235 1,715,100
UNIMECH 22,000 1.00/0.98 1.01/0.97 7,385,010
Source: Bursa Malaysia

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)
A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 8 of 8
 For Internal Circulation Only

SNAPSHOT OF STOCKS UNDER COVERAGE

Company Share Price Target Price Market Cap. EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg
% upside Recom BETA
(RM) (RM) (RMm) FY18 FY19 FY18 FY19 FY18 FY19 High Price % Chg Low Price % Chg YTD
16-Mar-18
AUTOMOBILE
BAUTO 2.21 2.33 5.4% Buy 2,561 0.52 12.1 19.0 18.3 11.6 4.9 5.2 2.47 -10.5 1.84 20.1 0.5
MBMR 2.47 2.68 8.5% Buy 965 0.70 24.7 26.9 10.0 9.2 2.4 2.8 2.60 -5.0 2.01 22.9 12.3
PECCA 1.30 1.62 24.6% Buy 240 0.47 9.7 10.9 13.4 11.9 3.8 3.8 1.70 -23.5 1.25 4.0 -16.1
SIME 2.70 2.55 -5.6% Sell 18,362 1.63 13.2 16.4 20.5 16.5 1.2 1.5 3.06 -11.8 2.03 33.2 22.2
UMW 6.06 5.52 -8.9% Sell 7,080 1.46 28.6 40.2 21.2 15.1 2.3 3.3 6.98 -13.2 4.70 28.9 16.5

BANKS & FINANCIAL SERVICES

ABMB 4.32 4.60 6.5% Buy 6,688 1.19 32.6 35.8 13.2 12.1 3.7 3.7 4.49 -3.8 3.62 19.3 5.9
AFFIN 2.53 2.40 -5.1% Sell 4,916 0.93 22.2 23.9 11.4 10.6 3.2 3.2 2.98 -15.0 2.22 13.9 9.5
AMBANK 4.12 4.70 14.1% Buy 12,418 1.42 38.1 44.4 10.8 9.3 4.4 4.4 5.70 -27.7 3.92 5.1 -6.6
CIMB 7.22 8.60 19.1% Buy 66,608 1.64 58.2 59.9 12.4 12.1 4.0 4.1 7.39 -2.3 5.32 35.7 10.4
HLBANK 18.72 19.30 3.1% Hold 38,294 0.85 116.8 126.8 16.0 14.8 2.6 2.6 20.02 -6.5 13.44 39.3 10.1
MAYBANK 10.32 11.50 11.4% Buy 112,189 1.00 74.1 78.3 13.9 13.2 5.3 5.3 10.58 -2.5 8.89 16.1 5.3
PBBANK 23.02 27.30 18.6% Buy 88,892 0.70 153.3 166.5 15.0 13.8 2.5 2.6 23.20 -0.8 19.82 16.1 10.8
RHBBANK 5.37 6.10 13.6% Buy 21,534 1.50 54.3 59.0 9.9 9.1 2.8 2.8 5.61 -4.3 4.71 14.0 7.4
BURSA 11.10 11.80 6.3% Buy 5,966 0.89 43.9 45.0 25.3 24.7 3.2 3.2 11.48 -3.3 9.30 19.3 9.7
Note: BURSA proposed bonus issue of shares on the basis of 1 for 2. Ex-Target price RM7.04

BUILDING MATERIALS
ANNJOO 3.35 4.34 29.6% Buy 1,735 1.32 43.7 46.6 7.7 7.2 6.5 7.4 3.98 -15.8 2.27 47.6 -13.2
CHINHIN 1.10 1.39 26.4% Buy 612 1.00 11.4 11.1 9.6 9.9 5.8 5.1 1.49 -26.2 1.00 10.6 -9.1
ENGTEX 1.06 1.38 30.2% Buy 451 0.83 14.2 16.1 7.5 6.6 2.0 2.9 1.52 -30.3 1.01 5.0 -3.6

CONSTRUCTION
GADANG 0.94 1.69 79.8% Buy 620 1.14 14.2 18.1 6.6 5.2 3.2 3.2 1.37 -31.4 0.92 2.2 -15.3
GAMUDA 5.04 6.00 19.0% Buy 12,388 0.86 34.5 35.6 14.6 14.1 2.4 2.4 5.52 -8.7 4.58 10.0 1.6
IJM 2.68 2.96 10.4% Hold 9,723 1.20 13.7 18.6 19.5 14.4 3.5 3.5 3.61 -25.8 2.55 5.1 -12.1
KAB 0.26 0.38 44.2% Buy 8 na 31.4 37.3 0.8 0.7 3.8 4.6 0.33 -21.2 0.25 6.1 -13.3
PESONA 0.37 0.46 24.3% Buy 257 1.17 5.0 4.5 7.5 8.2 4.1 4.1 0.74 -49.7 0.36 2.8 -17.8
SENDAI 0.71 0.55 -22.5% Sell 555 1.26 9.1 8.5 7.8 8.4 1.4 1.4 1.39 -48.9 0.63 12.7 -17.9
SUNCON 2.11 2.65 25.6% Hold 2,727 0.64 14.7 16.4 14.3 12.8 3.8 4.3 2.64 -20.1 1.72 22.7 -15.9
WCT 1.37 1.50 9.5% Sell 1,927 0.99 11.3 10.8 12.1 12.7 2.2 2.2 2.48 -44.6 1.30 5.4 -15.4
LITRAK 5.68 6.26 10.2% Hold 2,998 0.32 45.6 47.1 12.4 12.1 4.4 4.4 6.15 -7.6 5.40 5.2 2.3

CONSUMER
Brewery
CARLSBG 19.04 18.09 -5.0% Buy 5,857 0.73 87.8 91.8 21.7 20.7 4.5 4.6 21.00 -9.3 14.36 32.6 24.4
HEIM 21.40 21.64 1.1% Hold 6,465 0.41 93.0 101.6 23.0 21.1 3.5 3.7 23.04 -7.1 16.98 26.0 13.2
Retail
AEON 1.77 1.97 11.3% Buy 2,485 0.18 7.5 8.9 23.5 19.8 2.5 2.8 2.52 -29.8 1.45 22.1 0.6
AMWAY 7.70 8.59 11.6% Buy 1,266 0.49 48.3 49.9 15.9 15.4 5.2 5.3 8.10 -4.9 6.97 10.5 5.4
F&N 31.82 33.74 6.0% Buy 11,663 0.25 122.7 145.8 25.9 21.8 2.5 3.0 34.50 -7.8 23.40 36.0 17.9
HUPSENG 1.08 1.25 15.7% Buy 864 0.41 5.7 5.9 18.9 18.3 5.6 5.6 1.28 -15.6 1.05 2.9 -0.9
JOHOTIN 1.02 1.48 45.1% Buy 317 1.01 11.1 11.7 9.2 8.7 5.9 6.4 1.76 -42.0 1.00 2.0 -15.7
NESTLE 131.00 129.90 -0.8% Hold 30,720 0.44 322.2 360.2 40.7 36.4 2.3 2.5 163.00 -19.6 77.20 69.7 26.9
PADINI 4.70 4.67 -0.6% Sell 3,092 0.82 28.0 30.4 16.8 15.5 2.7 2.8 5.50 -14.5 2.86 64.4 -11.0
POHUAT 1.51 2.01 33.1% Buy 332 0.59 22.9 25.4 6.6 5.9 5.3 5.3 2.07 -27.0 1.43 5.6 -15.6
QL 4.80 5.41 12.7% Hold 7,788 0.59 12.8 14.7 37.4 32.6 0.9 1.0 5.05 -5.0 3.47 38.4 10.3
SIGN 0.60 0.92 53.3% Buy 137 0.61 6.9 9.2 8.6 6.5 4.2 5.8 1.07 -43.9 0.57 5.3 -14.9
Tobacco
BAT 27.68 34.72 25.4% Hold 7,903 1.47 170.8 168.8 16.2 16.4 5.8 5.8 48.50 -42.9 26.50 4.5 -30.8

GAMING
Casino
GENTING 8.95 11.58 29.4% Buy 34,292 1.44 55.1 61.8 16.2 14.5 1.8 1.8 9.92 -9.8 8.63 3.7 -2.0
GENM 5.24 6.68 27.5% Buy 29,616 1.44 27.6 32.0 19.0 16.4 2.3 2.5 6.28 -16.6 4.80 9.3 -5.5
NFO
BJTOTO 2.10 3.22 53.3% Buy 2,829 0.57 19.9 26.0 10.6 8.1 7.6 8.6 2.95 -28.8 2.06 1.9 -6.3

HEALTHCARE
Hospitals/ Pharmaceutical
CCMDBIO 2.89 3.40 17.6% Buy 806 0.91 16.2 17.4 17.8 16.7 3.7 3.9 3.05 -5.2 1.97 46.7 14.2
IHH 6.09 6.40 5.1% Sell 50,179 0.74 11.9 15.0 51.3 40.7 0.5 0.6 6.33 -3.8 5.42 12.4 3.9
KPJ 0.92 1.13 22.8% Buy 3,877 0.57 3.9 4.4 23.5 21.1 2.4 2.6 1.14 -19.3 0.87 5.7 -5.2
Rubber Gloves
HARTA 11.80 7.80 -33.9% Sell 19,541 1.14 25.2 28.8 46.9 40.9 1.3 1.5 12.18 -3.1 4.77 147.4 10.5
KOSSAN 7.80 9.73 24.7% Buy 4,988 0.58 37.4 42.1 20.8 18.5 2.4 2.7 8.79 -11.3 5.62 38.8 -3.8
SUPERMX 2.76 2.70 -2.2% Buy 1,810 0.62 20.0 22.6 13.8 12.2 1.9 2.2 2.92 -5.5 1.69 63.3 38.0
TOPGLOV 9.80 12.20 24.5% Buy 12,309 0.69 35.3 42.7 27.8 22.9 1.5 1.8 10.24 -4.3 4.56 114.9 22.7
KAREX 0.85 0.93 9.4% Sell 852 0.86 1.8 3.0 48.0 28.1 0.5 0.9 2.26 -62.4 0.79 8.3 -34.6

INDUSTRIAL
SCIENTX 8.05 10.01 24.3% Buy 3,936 0.87 67.5 79.4 11.9 10.1 2.6 3.2 9.85 -18.3 7.23 11.3 -7.0
SKPRES 1.70 2.20 29.4% Buy 2,125 0.92 10.4 14.8 16.4 11.5 3.0 4.3 2.35 -27.7 1.24 37.1 -25.4

MEDIA
ASTRO 2.34 3.10 32.5% Buy 12,200 0.86 14.0 13.7 16.8 17.1 5.6 5.8 2.94 -20.4 2.30 1.7 -11.7
MEDIA PRIMA 0.46 0.45 -2.2% Sell 510 1.32 -3.8 -1.7 na na 0.0 0.0 1.28 -64.1 0.42 10.8 -39.5
STAR 1.27 1.20 -5.5% Sell 937 1.06 6.2 5.9 20.5 21.4 7.1 7.1 2.22 -42.7 1.26 0.8 -23.0
 For Internal Circulation Only

SNAPSHOT OF STOCKS UNDER COVERAGE

Company Share Price Target Price Market Cap. EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg
% upside Recom BETA
(RM) (RM) (RMm) FY18 FY19 FY18 FY19 FY18 FY19 High Price % Chg Low Price % Chg YTD

OIL & GAS

DNEX 0.44 0.69 58.6% Buy 764 1.67 4.0 4.3 10.9 10.1 2.3 2.3 0.69 -37.0 0.39 13.0 -10.3
LCTITAN 6.19 6.10 -1.5% Buy 14,070 na 56.3 60.9 11.0 10.2 4.0 4.4 6.53 -5.2 4.14 49.5 31.7
MHB 0.74 0.81 10.2% Sell 1,176 1.49 0.5 1.7 153.0 44.1 0.0 0.0 1.16 -36.6 0.63 17.6 -10.9
MISC 7.21 7.00 -2.9% Sell 32,184 1.15 50.1 53.8 14.4 13.4 4.2 4.2 7.90 -8.7 6.73 7.1 -2.8
PANTECH 0.58 0.69 19.0% Buy 432 1.27 6.1 6.8 9.6 8.5 4.7 5.3 0.74 -21.6 0.52 12.6 -10.1
PCHEM 8.15 8.84 8.5% Hold 65,200 0.84 52.5 53.8 15.5 15.1 3.2 3.2 8.29 -1.7 6.80 19.9 5.8
SAPNRG 0.48 1.25 160.4% Buy 2,876 2.06 -6.5 -5.0 na na 0.0 0.0 2.10 -77.1 0.40 21.5 -32.4
SERBADK 3.47 4.15 19.6% Buy 5,096 na 27.7 31.5 12.5 11.0 2.6 2.9 3.68 -5.7 1.63 112.9 7.1
UMWOG 0.31 0.39 25.8% Buy 2,547 1.87 0.4 1.2 81.2 26.8 0.0 0.0 0.68 -54.3 0.27 14.8 1.6
UZMA 1.40 1.57 12.1% Hold 448 0.78 12.9 13.9 10.9 10.1 0.0 0.0 1.98 -29.3 1.26 11.1 9.4

PLANTATIONS
FGV 1.83 1.98 8.2% Sell 6,676 1.65 3.5 4.4 53.0 42.0 2.7 2.7 2.18 -16.1 1.51 21.2 8.3
IJMPLNT 2.23 2.25 0.9% Sell 1,964 0.18 6.7 10.8 33.1 20.6 3.6 4.0 3.23 -31.0 2.21 0.9 -18.6
IOICORP 4.58 5.08 10.9% Buy 28,780 0.88 20.9 21.6 21.9 21.2 6.4 3.8 4.76 -3.8 4.21 8.9 3.4
KFIMA 1.49 1.89 26.8% Buy 420 0.68 14.1 14.7 10.5 10.1 6.0 6.0 1.96 -24.0 1.45 2.8 -5.1
KLK 25.32 27.07 6.9% Hold 26,965 0.64 120.7 125.7 21.0 20.1 2.4 2.4 25.78 -1.8 23.66 7.0 1.3
SIMEPLT 5.48 6.25 14.1% Buy 37,269 na 21.0 22.1 26.0 24.8 2.6 2.7 6.00 -8.7 4.58 19.7 -8.7
TSH 1.55 1.97 27.1% Buy 2,140 0.49 9.3 9.6 16.7 16.1 1.5 1.6 1.90 -18.4 1.53 1.3 -6.1
UMCCA 6.23 6.73 8.0% Sell 1,306 0.39 22.7 34.8 27.4 17.9 2.7 2.9 7.08 -12.0 5.81 7.2 -4.3

PROPERTY
GLOMAC 0.48 0.40 -16.7% Sell 381 0.76 1.5 2.5 31.8 19.4 4.2 4.2 0.67 -28.6 0.46 4.3 -13.4
HUAYANG 0.54 0.58 8.4% Sell 188 0.86 0.7 3.4 80.7 15.7 0.9 0.9 1.16 -53.9 0.53 0.9 -12.3
IBRACO 0.74 0.80 8.8% Buy 365 na 7.2 10.7 10.2 6.9 4.1 5.4 0.98 -24.6 0.50 47.0 -9.8
IOIPG 1.72 2.00 16.3% Sell 9,471 0.85 16.3 15.7 10.5 11.0 3.5 3.5 2.22 -22.5 1.71 0.6 -7.0
MAHSING 1.05 1.59 51.4% Buy 2,549 0.93 11.8 11.3 8.9 9.3 6.2 6.2 1.64 -36.0 1.05 0.0 -27.6
SIMEPROP 1.45 1.51 4.1% Hold 9,861 na 7.5 7.5 19.3 19.4 2.8 2.1 1.78 -18.5 1.04 39.4 -18.5
SNTORIA 0.65 0.76 17.8% Buy 362 0.13 8.3 8.6 7.8 7.5 1.6 1.6 0.91 -29.1 0.56 15.2 -7.2
SPB 4.51 5.10 13.1% Hold 1,550 0.60 18.7 24.0 24.1 18.8 2.7 2.7 5.50 -18.0 4.39 2.7 -8.0
SPSETIA 3.27 3.73 14.1% Buy 12,273 0.94 19.8 19.4 16.5 16.9 3.7 3.7 4.38 -25.4 3.07 6.5 -18.3
SUNWAY 1.57 1.75 11.5% Hold 7,672 0.90 11.8 12.4 13.3 12.6 3.8 3.8 1.96 -19.8 1.34 17.5 -3.7
REIT
SUNREIT 1.67 1.87 12.0% Hold 4,918 0.87 10.0 10.7 16.7 15.6 6.0 6.4 1.90 -12.1 1.63 2.5 -12.1
CMMT 1.00 1.48 48.0% Buy 2,038 0.77 7.8 8.3 12.7 12.1 8.1 8.6 1.83 -45.4 0.98 2.0 -45.4

POWER & UTILITIES

MALAKOF 0.87 0.82 -5.7% Sell 4,313 0.99 6.6 7.2 13.2 12.1 8.0 8.0 1.30 -33.1 0.86 1.8 -11.2
PETDAG 24.80 24.08 -2.9% Sell 24,638 0.48 114.7 116.3 21.6 21.3 3.5 3.5 25.97 -4.5 20.81 19.2 3.1
PETGAS 18.00 19.46 8.1% Buy 35,617 0.86 99.3 100.0 18.1 18.0 3.8 3.9 20.08 -10.4 15.82 13.8 3.0
TENAGA 15.68 18.22 16.2% Buy 88,843 0.59 131.3 127.5 11.9 12.3 4.1 4.0 16.12 -2.7 13.54 15.8 2.8
YTLPOWR 1.10 1.16 5.5% Sell 8,722 0.92 8.6 8.9 12.7 12.3 4.5 4.5 1.50 -26.7 1.05 4.8 -14.7

TELECOMMUNICATIONS
AXIATA 5.32 6.50 22.2% Buy 48,140 1.56 15.9 19.4 33.4 27.4 1.5 2.9 5.82 -8.6 4.54 17.2 -3.1
DIGI 4.54 5.15 13.4% Hold 35,299 0.98 19.7 20.4 23.1 22.3 4.3 4.5 5.19 -12.5 4.36 4.1 -11.0
MAXIS 5.77 6.05 4.9% Sell 45,067 1.10 25.2 25.0 22.9 23.0 3.5 3.5 6.60 -12.6 5.48 5.3 -4.0
TM 5.60 7.20 28.6% Buy 21,044 0.69 22.8 24.9 24.5 22.5 3.7 4.0 6.69 -16.3 5.49 2.0 -11.1

TECHNOLOGY
Semiconductor & Electronics
ELSOFT 2.56 3.30 28.9% Buy 705 0.89 13.1 15.0 19.5 17.1 3.6 4.1 2.95 -13.2 1.70 50.6 -5.2
IRIS 0.18 0.22 22.2% Buy 445 2.49 0.0 0.3 654.3 56.9 0.0 0.0 0.25 -26.5 0.14 33.3 -2.7
INARI 3.18 3.65 14.8% Buy 6,574 0.75 13.7 15.3 23.1 20.8 3.1 3.5 3.82 -16.8 1.89 68.6 -6.5
Note: INARI proposed bonus issue shares on the basis of 1 for 2. For more detail please refer to 30.01.18 report.
MPI 9.55 10.70 12.0% Buy 1,899 0.89 73.9 86.9 12.9 11.0 3.4 3.4 14.52 -34.2 8.42 13.4 -24.3
UNISEM 2.58 2.70 4.7% Sell 1,893 1.14 19.0 20.3 13.6 12.7 4.7 4.7 4.25 -39.3 2.49 3.6 -29.3

TRANSPORTATION
Airlines
AIRASIA 4.15 4.93 18.8% Hold 13,869 1.13 49.3 49.3 8.4 8.4 1.9 1.9 4.75 -12.6 2.77 49.8 23.9
AIRPORT 8.85 8.61 -2.7% Sell 14,684 1.13 18.0 18.8 49.3 47.1 1.5 1.1 9.45 -6.3 6.88 28.6 0.7
Freight & Tankers
PTRANS 0.27 0.46 70.4% Buy 342 na 2.3 3.8 11.6 7.2 2.6 4.1 0.38 -29.3 0.19 41.4 -3.6
TNLOGIS 1.08 1.45 34.3% Buy 493 1.02 10.3 10.5 10.5 10.3 4.6 4.6 1.83 -41.1 1.08 0.0 -19.4
WPRTS 3.52 4.06 15.3% Buy 12,003 0.46 15.6 20.0 22.6 17.6 1.1 1.4 4.19 -16.0 3.12 12.8 -4.9

SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE

Company Share Price Target Price Market Cap. EPS (cent) PER (X) Div Yield (%) 52week 52week % Chg
% upside Recom Beta
(S$) (S$) (S$m) FY18 FY19 FY18 FY19 FY18 FY19 High Price % Chg Low Price % Chg YTD
BANKS & FINANCIAL SERVICES
DBS 28.25 30.50 8.0% Buy 72,429 1.11 212.3 246.0 13.3 11.5 2.3 2.5 29.7 -4.9 18.47 53.0 13.7
OCBC 13.30 14.30 7.5% Buy 55,653 1.20 109.5 123.2 12.1 10.8 6.7 7.7 13.6 -2.3 9.45 40.7 7.3
UOB 28.15 27.80 -1.2% Hold 46,780 1.17 216.6 244.0 13.0 13.0 2.8 2.8 29.0 -2.9 21.38 31.7 6.4

PLANTATIONS
WILMAR 3.22 3.31 2.8% Hold 20,603 0.82 27.4 29.3 11.7 11.0 3.1 3.4 3.9 -16.8 2.97 8.4 4.2
IFAR 0.33 0.36 10.8% Hold 466 1.05 3.8 4.1 8.6 7.9 1.6 1.7 0.5 -40.4 0.32 1.6 -16.7

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. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting.
Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Outlook

FBM KLCI: 1,846.39 (+2.47, +0.13%)
Chartist : Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

US/China Trade Tensions to Cap Upside

Bursa Malaysia shares began last week on a positive note after the unexpectedly robust US
jobs addition but tame wage growth in February helped reduce investor concerns over
accelerating inflation. However, profit-taking and selling increased after regional steel
producers fell on fears of being hit by steep US steel import tariffs. Moreover, the sacking of
moderate US Secretary of State Rex Tillerson by President Donald Trump worsened fears
over potentially tough trade tariffs on China’s imports. Consumer heavyweights such as
Nestle, Dutch Lady, F&N and Ajinomoto led heavy losses due to keen profit-taking on
recent sharp rallies.

For the week, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) edged
2.47 points, or 0.13 percent higher to 1,846.39, as gains on Petronas Gas (+79sen), HLFG
(+52sen) and Petronas Dagangan (+48sen) offset losses in Nestle (-RM14.00) and KLCC
Stapled Group (-21sen). Average daily traded volume and value stabilized at 2.56 billion
shares and RM2.65 billion last week, compared to the 2.59 billion shares and RM2.51 billion
average respectively the previous week.

Bursa Malaysia shares bounced back strongly on Monday, copying regional gains after the
unexpectedly robust US jobs addition but tame wage growth in February reduced investor
concerns on accelerating inflation. The KLCI surged 17.3 points to close near session high at
1,861.22, off an early low of 1,850.62, as gainers led losers 558 to 360 on total turnover of
2.46bn shares worth RM2.4bn. The local market closed mixed the next day, with profit-
taking and selling capping gains and regional markets were mixed as steel producers fell on
fears of being hit by the US steel import tariffs. The KLCI ended up 2.81 points at 1,864.03,
off an earlier low of 1,853.97 and high of 1,864.31, as losers edged gainers 511 to 402 on
moderate turnover of 2.29bn shares worth RM2.08bn.

Stocks retreated on Wednesday, with sharp falls led by key consumer heavyweights Nestle
and Dutch Lady, as the sacking of moderate US Secretary of State Rex Tillerson by
President Donald Trump ignited fears of tough trade tariffs on China. The KLCI lost 6.97
points to close at 1,857.06, off an early high of 1,863.67 and low of 1,855.14, as losers
trashed gainers 635 to 332 on modest turnover of 2.32bn shares worth RM2.06bn. The
local market retreated further the following day, with consumer heavyweights Nestle, Dutch
Lady, F&N and Ajinomoto leading losses on heavy profit-taking from recent sharp rallies.
The KLCI fell another 11.79 points to settle at the day’s low of 1,845.27, off the opening
high of 1,854.12, as losers edged gainers 514 to 411 on higher turnover of 2.87bn shares
worth RM2.47bn.

While profit-taking continued to dominate trading on Friday, with concerns the US looking
to enforce tariffs on at least USD30bn worth of Chinese imports may worsen global trade
barriers, stocks still managed mild rebound on light bargain hunting ahead of the weekend.
The index rose 1.12 points to close the week at 1,846.39, off an early low of 1,838.40 and
high of 1,851.75, but losers beat gainers 504 to 382 on total turnover of 2.87bn shares
worth RM4.25bn.

Page 1 of 3
 19-Mar-18

Trading range for the blue-chip benchmark index expanded to 25.91 points, compared to
the 19.09-point range the previous week, after the index rose to a two-week high before
slipping back down on profit-taking pressure. For the week, the FBM-EMAS Index recouped
64.7 points or 0.5 percent to 13,033.64, but the FBM-Small Cap Index edged lower by 50.49
points, or 0.32 percent to 15,796.08, as profit-taking and selling pressure from retailers
continue to dampen the small cap sector.

The daily slow stochastic momentum indicator for the FBM KLCI hooked down for a
moderate sell signal in the neutral zone (Chart 1), but the weekly indicator’s sell signal has
advanced in overbought territory. The 14-day Relative Strength Index (RSI) leveled to a
neutral reading of 49.79 as of last Friday, while the 14-week RSI stabilized at a reading of
61.97.

Chart 1

As for trend indicators, the daily Moving Average Convergence Divergence (MACD)
indicator’s signal line resumed lower to suggest weak upside momentum, while the weekly
MACD indicator is losing upward momentum (Chart 2). Meantime, the +DI and –DI lines on
the 14-day Directional Movement Index (DMI) have crossed back for sell on a deteriorating
ADX line, signaling absence of a well-defined trend.
Chart 2

Page 2 of 3
 19-Mar-18

Conclusion

While overbought momentum has fully neutralized following last week’s steep profit-taking
correction on heavyweight consumers stocks, the broader market remained fragile given the
weak buying momentum and market breadth, indicating selling and profit-taking should still
restrict near-term upside. Moreover, caution over potential for escalation of global trade
conflicts after the US proposal to enforce more tariffs on a wider array of Chinese imports
should also cap upside potential.

Immediate support for the index will be from the 50-day moving average level now at 1,841,
followed by the lower Bollinger band at 1,836, with stronger supports at 1,820, then 1,800.
On the upside, immediate resistance will be last Tuesday’s high of 1,864, followed by the 27
Feb high of 1,872, with tough hurdle expected from the 2 Feb peak of 1,880.

Stock-wise, blue-chip utility and gaming stocks Axiata, TM, Genting Berhad and Genting
Malaysia should attract bargain hunters on dips looking for rebound upside, while aviation
counters AirAsia and AirAsia X should also attract buyers after suffering steep corrections
recently. Meanwhile, retailers are expected to bargain oil & gas related counters Sapura
Energy and UMW Oil & Gas due to their extreme oversold conditions which is showing
bottoming out chart patterns.

Chart 3

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 3 of 3
 RESULTS UPDATE
Monday, March 19, 2018
FBMKLCI: 1,846.39
Sector: Gaming

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Berjaya Sports Toto Berhad TP: RM3.22 (+53.2%)

Last Traded: RM2.10
Lower Prize Payout in 3QFY18 BUY
Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my www.taonline.com.my

Review Share Information

Excluding impairment of investment value (RM1.0mn), provisions for Bloomberg Code BST MK
Stock Code 1562
receivables and inventories (RM0.6mn), forex gains (RM4.7mn) and
Listing Main Market
disposal loss (RM3.9mn), Berjaya Sports Toto’s (BJToto) 9MFY18 core Share Cap (mn) 1,347.0
profit amounted to RM199.9mn, below our expectations (68.8% of full- Market Cap (RMmn) RM2,828.7
Par Value 0.10
year forecast) but within consensus estimates (72.5%). The variance was
52-wk Hi/Lo (RM) 2.95/2.06
due to higher-than-expected tax rate. At PBT level, BJToto’s 9MFY18 12-mth Avg Daily Vol ('000 shrs) 1,798
earnings came in at 73.7% of our full-year forecast. Estimated Free Float (%) 55.9
Beta 0.57

For this quarter, the group proposed a third interim dividend of Major Shareholders (%)
4sen/share, which was 1sen/share higher than last year. For 9MFY18, the Berjaya Corp (44.1%)
group has proposed dividend payment of 12sen/share, representing a Forecast Revision
payout ratio of 83%. FY18 FY19
Forecast Revision (%) (7.5) 0.0

9MFY18 core profit increased slightly by 4.9% YoY to RM199.9mn with Net profit (RMm) 268.7 351.6
little changed to revenue at RM4.3bn (+0.1%). 9MFY18 PBT margin Consensus 275.6 286.2
improved to 7.3% (vs. 6.5% for 9MFY17) mainly due to: 1) lower prize TA's / Consensus (%) 97.5 122.8
Previous Rating Buy (Maintained)
payout during the period; 2) one-off payment for GST adjustment made
last year; and 3) increase in used car sales. Effective tax rate remained Financial Indicators
high at above 35% (vs TA forecast of 30%) due to increase in non-tax FY18 FY19
Net Debt / Equity (%) 81.1 60.4
deductible expenses and disallowance of tax benefit from loss-making FCPS (sen) 10.5 11.5
subsidiaries by treating subsidiaries’ accounts separately for tax purpose. Price / CFPS (x) 20.0 18.3

QoQ, the group recorded lower lottery sales by 0.6% at RM823.4m, ROA (%) 10.2 12.8
NTA/Share (sen) 2.4 10.4
despite one extra normal draw day in 3QFY18. The impact, however,
Price/NTA (x) 87.6 20.1
was offset by higher contribution from used car sales by H.R.Owen.
Scorecard
% of FY
Impact
vs TA 68.8 Below

No change to our FY19-20 earnings projections. However, we trim FY18 vs Consensus 72.5 Within
core profit by 7.5% after baking in a new tax rate assumption of 35% (vs
30% previously) for FY18. Share Performance (%)
Price Change BJTOTO FBM KLCI
1 mth (6.7) (0.6)
Outlook 3 mth (6.7) 6.3

We continue to believe that the FIFA World Cup would not have 6 mth (9.5) 3.9
12 mth (28.8) 5.8
significant impact on BJToto’s FY19 NFO performance. However, we
are cautious on possible donations for election campaigns in the (12-Mth) Share Price relative to the FBMKLCI
upcoming general election.

Valuation

We downgrade our DDM valuation to RM3.22/share (from RM3.34/share
previously) for BJToto, after revising the CAPM rate higher to 11.1%
(from 10.20% previously) to reflect the change in beta and risk free rate.
Maintain Buy on BJtoto given its defensive earnings quality and decent
dividend yield of 7.6%.

Source: Bloomberg

Page 1 of 2
 19-Mar-18
Table 2: Earnings Summary (RMmn)
FYE 30 April (RMmn) 2016 2017 2018F 2019F 2020F
R evenue 5,563.2 5,731.4 5,754.8 5,777.4 5,843.5
E B ITDA 496.4 429.8 488.9 571.2 582.5
E B ITDA ma rg in (% ) 8.9 7.5 8.5 9.9 10.0
P reta x profit 446.3 376.1 423.6 512.6 527.8
Net profit 306.2 237.1 268.7 351.6 362.0
Core net profit 318.6 247.4 268.7 351.6 362.0
EPS (s en) 22.7 17.6 19.9 26.0 26.8
Core E P S (s en) 23.7 19.4 19.9 26.0 26.8
Core E P S g rowth (% ) (14.3) (18.1) 2.5 30.9 3.0
PER (x) 8.9 10.8 10.6 8.1 7.8
Net DP S (s en) 19.0 14.0 16.0 18.0 18.0
Net div yield (% ) 9.0 6.7 7.6 8.6 8.6
Core R OE (% ) 44.0 30.5 33.4 39.7 0.0

Table 3: 3QFY18 Results Analysis (RMmn)

FYE 30 April (RMm) 3Q17 2Q18 3Q18 QoQ (% ) YoY (% ) 9MFY17 9MFY18 YoY (% )
R evenue 1,367.1 1,383.7 1,404.3 1.5 2.7 4,257.5 4,259.8 0.1
E B IT 93.6 104.4 111.5 6.8 19.1 307.9 341.5 10.9
F ina nce cos ts (12.3) (13.6) (13.0) (4.7) 5.1 (37.6) (38.3) 1.7
As s ocia tes & J V (0.4) 0.4 (0.9) (343.1) 153.0 (0.6) (2.3) 299.7
EI 2.0 (0.9) (4.3) 404.1 (313.6) (21.8) (4.6) (78.7)
Pretax profit 86.3 96.1 98.8 2.8 14.5 278.0 312.4 12.3
Ta x (36.7) (32.9) (37.6) 14.2 2.3 (103.1) (110.3) 7.0
MI (1.6) (1.5) (2.0) 35.4 24.5 (6.1) (6.8) 10.3
R eported net profit 47.9 61.7 59.2 (4.0) 23.6 168.8 195.3 15.7
Core net profit 45.9 62.6 63.6 1.6 38.5 190.7 199.9 4.9

EPS (s en) 3.4 4.6 4.7 1.7 38.5 14.2 14.8 4.8
Net DP S (s en) 3.0 4.0 4.0 0.0 33.3 11.0 12.0 9.1

% pts % pts % pts

E B IT ma rg in (% ) 6.8 7.5 7.9 0.4 1.1 7.2 8.0 0.8
P reta x ma rg in (% ) 6.3 6.9 7.0 0.1 0.7 6.5 7.3 0.8
Ta x ra te (% ) 42.6 34.2 38.0 3.8 (4.6) 37.1 35.3 (1.8)

O the r info rmatio n

NF O revenue 852.6 828.7 823.4 (0.6) (3.4) 2,445.4 2,432.2 (0.5)
Numbe r o f draw s (day ) 47.0 45.0 46.0 1.0 (1.0) 135.0 133.0 (2.0)
- No r mal draws (day ) 39.0 39.0 40.0 1.0 1.0 118.0 118.0 0.0
- S pe c ial draw s (day ) 8.0 6.0 6.0 0.0 (2.0) 17.0 15.0 (2.0)
R evenue/dra w 18.1 18.4 17.9 (2.8) (1.3) 54.4 54.9 1.0
NF O E B IT 97.7 115.0 110.9 (3.5) 13.5 308.7 335.6 8.7
NF O E B IT ma rg in (% ) 11.5 13.9 13.5 (0.4) 2.0 12.6 13.8 1.2
* Inc luding dis tributio n o f tre as ury s hare o n the bas is o f 1:140

Stock Recommendation Guideline

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.
Not Rated: The company is not under coverage. The report is for information only.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return
if dividend discount model valuation is used to avoid double counting.
Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the analyst, Tan Kam Meng, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 2 of 2
 COMPANY UPDATE
Monday, March 19, 2018
FBMKLCI: 1,846.39
Sector: Healthcare

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Top Glove Corporation Berhad TP: RM12.20 (+26.3%)

Last Traded: RM9.80
2HFY18 to be Even Stronger Buy
Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my www.taonline.com.my

We see no reasons not to upgrade our stock recommendation given a more Share Information
favourable risk-return profile now. In terms of earnings outlook, Bloomberg Code TOPG MK
management still sees robust demand for gloves in 2HFY18 and beyond. As Stock Code 7113
Listing Main Ma rket
such, expansion plans are necessary to ease production constraint. As far
Share Ca p (mn) 1256.0
as risk is concerned, we understand that the fear of Trump’s tariff policy or Market Cap (RMmn) 12,308.9
possible trade war is much overplayed in the glove industry. Cost wise, the 52-wk Hi/Lo (RM) 10.24/4.56
natural rubber price is expected to be range-bound this year at around 12-mth Avg Da ily Vol ('000 shrs) 2,910.8
RM4.80-RM5.20/kg, 12% lower than last year. Upgrade Top Glove to Buy Estimated Free Float (%) 48.6
with a higher TP of RM12.20/share (previously RM9.30/share) based on Beta 0.7
Major Shareholders (%)
28.0x CY19 EPS.
Tan Sri Dato Sri Lim Wee Chai - 29.4
EPF - 6.2
1HFY18 results: As Strong As Expected Fi rstway United Corp - 5.1
To recap, Top Glove’s quarterly core profit surged 31.3% YoY to RM105.4mn,
boosting the 1HFY18 core profit to RM209.2mn (+39.1% YoY). This was mainly Forecast Revision
driven by volume growth, higher ASP and lower latex cost. Management alluded FY18 FY19
that the China pollution crackdown would only have a minimal positive impact on Forecast Revision (%) 0.5 0.8
Net profit (RMmn) 443.4 536.5
Top Glove’s exports. The latex gloves demand was higher by 20% (see Table 2),
Consensus 442.9 534.6
mainly due to robust demand from emerging markets such as Vietnam, China and TA's / Consensus (%) 100.1 100.3
India. Meanwhile, the natural latex rubber price was lower by 26% YoY in 2QFY18. Previous Ra ting Sell (Buy)
It is expected to be range-bound at RM4.80-5.20/kg this year, 12% lower than last
year, amid subdued demand and oversupply of natural rubber in the market. This Financial Indicators
will offset the increase in Nitrile latex price, which increased by 5% QoQ to FY18 FY19
Net gearing (x) 0.5 0.4
USD1.06/kg in 2QFY18.
ROAA (%) 11.8 11.3
ROAE (%) 20.2 21.4
Table 1: QoQ Movements NTA/Share (RM) 1.9 2.1
Price/ NTA (x) 5.3 4.7
QoQ Mov e me nts 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18
S a le s Volume 5% -1% -5% 14% 8% 3% Share Performance (%)
AS P in US D 1% 3% 9% -7% -2% 4% Price Change TOPG MK FBM KLCI
F ore x (US D/MYR ) 4% 6% -2% -3% -2% -5% 1 mth 2.8 0.4
Na tura l La te x (MYR /kg ) 2% 33% 19% -21% -10% -12%
3 mth 41.6 5.3
Nitrile La te x (US D/kg ) 2% 10% 24% -27% 3% 5%
6 mth 77.2 3.3
Source: Company, TA Securities
12 mth 88.5 6.3

In terms of earnings sustainability, the upsurge in earnings has been sustained for
(12-Mth)Share Pricerelative to the FBMKLCI
the past 8 quarters (see Figure 1), underpinned by the group’s timely expansion
plans to cater for the increase in demand, especially nitrile glove. More importantly,
the strong profit growth in the past was not compromised by lower margins,
indicating that Top Glove still has an upper hand in determining selling prices.

Source: Bloomberg

Page 1 of 5
 19-Mar-18

Figure 1: Quarterly Financial Performance

Source: Company, TA Securities

Figure 2: Sales Volume by Quantity

2QFY18 vs 2QFY17 2QFY18 vs 1QFY18 1HFY18 vs 1HFY17
Latex powdered 21% 5% 15%
Latex powder free 20% 6% 19%
Nitrile 14% 2% 15%
Vinyl 29% -6% 24%
Surgical 24% 4% 18%
TPE/CPE 82% 1% 83%
Total increase 21% 3% 19%

Source: Company, TA Securities

Expansion Plans and Future M&As

Top Glove’s expansion plans remains intact. We foresee the glove capacity to
increase to 59.4bn gloves p.a. by early-2019, an increase of 15.1% from the
current capacity of 51.6bn gloves p.a. Meanwhile, the immediate contribution from
Aspion’s acquisition (see Table 2) would enhance Top Glove’s glove capacity by
4.6bn pieces.

Table 2: Expansion Plans

Capacity Target
Glove Type No. of Lines
(bn p.a.) Commencement
Current: 28 glove factories 544 51.6
Expansion in progress:
F31 (Klang, Malaysia) New Factory Nitrile 30 3.0 Jun-18
F32 (Klang, Malaysia) New Factory Nitrile 48 4.8 Early 2019
Total expansion by Early 2019 78 7.8
Aspion (3 factories) : Surgical 17 1.5
Nitrile 33 2.1 Early April-18
Latex 15 1.0
Upon completion of Aspion acquisition 65 4.6
Total by Early 2019: 33 glove factories 687 64.0
Source: Company, TA Securities

Looking forward, Top Glove is scouting for land in Vietnam for more capacity
expansion. It aims to develop a 20-acres land, featuring 10 production lines during
the initial stage. Estimated capex for this expansion is RM100mn. It plans to
manufacture vinyl and potentially latex gloves in this factory. This will complement
its China vinyl glove operations.

Setting up manufacturing facilities in Vietnam would allow Top Glove to diversify its
production risk further and enjoy the tax incentives to foreign investments. Also,
the company can gain access to cheap labour in the country to counterbalance the
rising cost of production in China after the pollution crackdown. Note that Top
Glove is in the process of converting its manufacturing facilities in China to natural
gas from coal fire. To-date, 8 lines (out of a total of 24 production lines) have been
converted.
Page 2 of 5
 19-Mar-18

In addition to all capacity plans above, management also seeks inorganic growth
through M&As. Top Glove plans to acquire 2 companies in FY18 and 4
companies in FY19. This is part of the company’s growth strategy to increase its
market share to 30% from 25% currently.

Condom Outlook and Plans

Top Glove’s condom manufacturing division will commence operations in June-18,
with an initial target to produce 0.2bn pieces of condom for the OEM market. The
group can ramp up its production capacity to 0.8bn pieces if needed when there is
strong demand.

Management indicated that it will launch its own “Top Feel’’ condom brand by
the end of this year. It is adopting a trade mix of 80% OEM and 20% OBM, which is
believed to be viable as its gloves division. We are positive on this venture to
diversify the company’s product range. We also believe that Top Glove will be
able to breakeven once it reaches 1.0bn pieces of condom. Management
highlighted that some condom companies could break-even at around 0.5bn pieces
capacity. To achieve the critical mass volume, Top Glove may acquire one condom
company this year (probably a brand distributor) in order to solidify its market
share in the condom market.

Our View on Trump’s Trade Tariffs

To-date, we have not heard any gloves-related items being included in the trade
tariffs in US. We believe that chances of Trump imposing any tariffs on glove
products are highly unlikely. This is mainly due to: i) no big glove manufactures
in US due to high cost of production, and ii) gloves are important necessities in the
Healthcare Industry. As such, we believe Trump’s tariff policy is irrelevant to
Malaysian glove sector. However, if an import tariff is imposed on glove, Top
Glove’s would be affected given it exposure to the US demand is 25% of sales
volume.

Forecast
We increase our FY18 capex assumptions by RM120mn to factor in the expansion
plan in Vietnam and other M&A activities. FY17-19 earnings are raised by 0.3%-0.8%
after revising the ASP assumptions slightly higher.

Valuation & Recommendation

We roll forward our valuation base year to CY19. Top Glove’s target price is
revised upwards to RM12.20/share (RM9.35/share previously), based on a higher PE
multiple of 28.0x CY19 EPS(previously 25.0x).We believe the PE upgrade is
justifiable given the more favourable risk-return profile now with strong earnings
growth momentum and minimal operational risk. We upgrade Top Glove to Buy
from sell.

Page 3 of 5
 19-Mar-18
Earnings Summary

P&L Balance Sheet

FYE Aug 31 (RMmn) FY16 FY17 FY18F FY19F FY20F FYE Aug 31 (RMmn) FY16 FY17 FY18F FY19F FY20F
Revenue 2,888.5 3,409.2 4,082.6 5,271.1 5,760.8 Fixed assets 1,278.4 1,647.0 3,176.9 3,186.1 3,194.5
EBITDA 522.7 484.2 738.9 834.2 897.9 Associates + Subsidiaries 4.0 0.0 0.0 0.0 0.0
Dep. & Amor. (107.2) (111.1) (240.1) (240.8) (241.5) Others 30.0 37.9 37.9 37.9 37.9
EBIT 415.5 373.2 498.8 593.4 656.4 LT assets 1,312.4 1,684.9 3,214.8 3,223.9 3,232.4
Net finance costs 25.4 10.9 25.5 48.5 42.2
Share of results of assoc. 1.3 (1.0) 0.0 0.0 0.0 Inventories 263.7 315.8 378.1 488.2 533.6
EI 10.1 0.0 0.0 0.0 0.0 Cash 224.1 240.1 245.2 260.9 291.5
PBT 442.2 383.1 524.3 641.8 698.5 Others 849.0 695.5 766.1 908.7 967.5
Adj PBT 432.1 383.1 524.3 641.8 698.5 Current assets 1,336.7 1,251.4 1,389.5 1,657.9 1,792.5
Taxation (79.8) (54.7) (78.6) (102.7) (118.8)
MI (1.7) 0.1 (2.2) (2.7) (2.9) Total assets 2,649.1 2,936.3 4,604.2 4,881.8 5,025.0
Net profit 360.7 328.6 443.4 536.5 576.9
Core net profit 350.6 328.6 443.4 536.5 576.9 Trade payables 332.2 418.8 542.3 706.4 770.4
Adj EPS (sen) 29.1 26.5 35.1 42.5 45.7 ST borrowings 317.8 314.6 1,248.9 1,124.0 955.4
Adj DPS (sen) 14.5 14.5 14.4 17.4 18.7 Others 40.9 62.3 62.3 62.3 62.3
Current liabilities 690.9 795.7 1,853.4 1,892.6 1,788.1
Ratios
FYE Aug 31 FY16 FY17 FY18F FY19F FY20F LT borrowings 81.6 61.8 312.2 281.0 238.9
Valuations Others 50.8 66.3 66.3 66.3 66.3
PER (x) 33.7 37.0 27.9 23.1 21.4 LT liabilities 132.4 128.0 378.5 347.3 305.1
Dividend yield (%) 1.5 1.5 1.5 1.8 1.9
PBV (x) 6.7 6.1 5.2 4.7 4.2 Share capital 627.4 636.6 773.6 773.6 773.6
Reserves 1,190.6 1,366.6 1,587.2 1,854.1 2,141.1
Profitability ratios Shareholders' funds 1,818.0 2,003.3 2,360.9 2,627.7 2,914.7
ROAE (%) 21.0 17.1 20.2 21.4 20.7 MI 7.8 9.2 11.4 14.1 17.0
ROAA (%) 13.5 11.8 11.8 11.3 11.6
EBITDA margin (%) 18.1 14.2 18.1 15.8 15.6 Total liabilities + equity 2,649.1 2,936.3 4,604.2 4,881.8 5,025.0
PBT margin (%) 15.0 11.2 12.8 12.2 12.1
PAT margin (%) 12.1 9.6 10.9 10.2 10.0 Cash Flow
FYE Aug 31 (RMmn) FY16 FY17 FY18F FY19F FY20F
Liquidity ratios PBT 442.2 383.1 524.3 641.8 698.5
Current ratio (x) 1.9 1.6 0.7 0.9 1.0 Dep. & Amor. 107.9 111.8 240.1 240.8 241.5
Quick ratio (x) 1.6 1.2 0.5 0.6 0.7 Others (43.5) 4.3 (10.9) (11.4) (9.7)
Changes in WC 25.6 (52.6) (9.5) (88.6) (40.1)
Leverage ratios Tax paid (98.5) (65.5) (78.6) (102.7) (118.8)
Total liabilities/equity (x) 0.5 0.5 0.9 0.8 0.7 Operational cash flow 433.7 381.1 665.4 680.0 771.5
Net debt/equity (x) Net cash Net cash 0.5 0.4 0.2
Capex (231.3) (479.3) (1,770.0) (250.0) (250.0)
Growth ratios Others 196.9 302.6 10.9 11.4 9.7
Sales (%) 15.1 18.0 19.8 29.1 9.3 Investing cash flow (34.4) (176.7) (1,759.1) (238.6) (240.3)
Pretax (%) 21.6 (13.4) 36.8 22.4 8.8
Earnings (%) 28.9 (8.9) 34.9 21.0 7.5 Dividend paid (168.9) (181.7) (222.8) (269.6) (289.9)
Net change in debts (198.1) (28.6) 1,184.7 (156.1) (210.8)
Others 38.6 5.6 137.0 0.0 0.0
Financial cash flow (328.3) (204.7) 1,098.9 (425.7) (500.6)

Net cash flow 71.0 (0.3) 5.2 15.7 30.5

Opening cash flow 146.5 224.1 240.1 245.2 260.9
Forex 6.6 16.3 0.0 0.0 0.0
Closing cash flow 224.1 240.1 245.2 260.9 291.5

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 19-Mar-18

(TH I S P A GE IS IN TE N TI ON AL L Y L E F T B L AN K )

Stock Recommendation Guideline

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.
Not Rated: The company is not under coverage. The report is for information only.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Gross dividend is excluded from total return
if dividend discount model valuation is used to avoid double counting.
Required Rateof Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the analyst, Tan Kam Meng, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD(14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 5 of 5
 Monday, 19 March, 2018

TA RESEARCH’S ‘DAILY COMPILED REPORTS’

For Internal Circulation Only

L oc al Te ch n ic al R ep o r ts

1. Weekly Technical Stock Picks

2. Daily Money Flow of Technical Stock Pick
3. Technical Stock Picks
a. FBMKLCI

4. Weekly Ace Market Stock Watch

5. Weekly Small Cap Stock Watch
6. Weekly Stock Screen

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad

Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Stock Picks

Malaysia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

AXIATA RM5.32

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 5.74 10-day RM 5.39
Middle RM 5.48 30-day RM 5.50
Lower RM 5.22 50-day RM 5.53
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL
Signal Change Signal Change

GENTING RM8.95

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 9.16 10-day RM 8.89
Middle RM 8.94 30-day RM 8.97
Lower RM 8.71 50-day RM 9.16
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY
Signal Change Signal Change

Page 1 of 8
 19-Mar-18

GENM RM5.24

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 5.44 10-day RM 5.16
Middle RM 5.21 30-day RM 5.24
Lower RM 4.98 50-day RM 5.34
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY
Signal Change Signal Change

TM RM5.60

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 6.21 10-day RM 5.67
Middle RM 5.83 30-day RM 5.91
Lower RM 5.46 50-day RM 5.97
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL
Signal Change Signal Change

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 19-Mar-18

AIRASIA RM4.15

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 4.61 10-day RM 4.11
Middle RM 4.25 30-day RM 4.22
Lower RM 3.89 50-day RM 4.07
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL
Signal Change Signal Change

AAX RM0.41

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 0.44 10-day RM 0.40
Middle RM 0.41 30-day RM 0.40
Lower RM 0.38 50-day RM 0.40
DMI DAILY MACD
Recent Signal BUY Recent Signal SELL
Signal Change Signal Change

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 19-Mar-18

SAPURA ENERGY RM0.48

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 0.80 10-day RM 0.51
Middle RM 0.60 30-day RM 0.63
Lower RM 0.39 50-day RM 0.71
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL
Signal Change Signal Change

UMWOG RM0.31

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper RM 0.34 10-day RM 0.31
Middle RM 0.32 30-day RM 0.32
Lower RM 0.29 50-day RM 0.34
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY
Signal Change BUY Signal Change BUY

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 19-Mar-18

Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD DMI MACD
Change High Low
Name 16/Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change
FBMKLCI 1846.39 1.12 1,851.75 1,838.40 1,835.12 1,853.55 1,871.98 49.26 1,849.61 1,848.99 1,839.95 25.25 28.67 16.13 (3.42) 4.35 5.88 (1.523) SELL SELL SELL -

AFFIN 2.47 0.02 2.51 2.45 2.20 2.39 2.57 65.38 2.47 2.37 2.39 31.25 16.64 28.85 14.61 0.04 0.02 0.018 BUY BUY - -
ABMB 4.32 0.18 4.33 4.13 3.99 4.15 4.30 48.36 4.16 4.16 4.17 23.41 18.30 22.01 5.11 0.02 0.01 0.014 BUY BUY - -
AMBANK 4.12 0.05 4.15 4.05 3.75 4.27 4.78 38.66 4.05 4.35 4.48 19.97 30.89 27.98 -10.92 -0.13 -0.12 (0.004) SELL SELL - -
AXIATA 5.32 0.12 5.41 5.22 5.22 5.48 5.74 29.10 5.39 5.50 5.53 15.07 36.72 28.59 -21.66 -0.05 -0.04 (0.018) SELL SELL - -
CIMB 7.22 0.00 7.24 7.17 7.05 7.19 7.32 57.58 7.21 7.13 7.00 25.66 20.87 25.53 4.79 0.07 0.08 (0.011) BUY SELL - -
DIGI 4.54 -0.11 4.70 4.54 4.64 4.81 4.97 30.62 4.73 4.82 4.84 12.03 30.47 23.62 -18.44 -0.04 -0.03 (0.014) SELL SELL - -
GAMUDA 5.04 0.04 5.12 4.99 4.92 5.02 5.11 49.04 5.02 5.00 5.03 19.66 16.12 13.23 3.54 0.00 0.00 (0.001) BUY SELL - -
GENTING 8.95 0.05 9.05 8.83 8.71 8.94 9.16 47.17 8.89 8.97 9.16 12.69 17.76 23.39 -5.07 -0.05 -0.07 0.022 SELL BUY - -
GENM 5.24 -0.11 5.37 5.23 4.98 5.21 5.44 56.31 5.16 5.24 5.34 28.48 20.07 13.79 8.41 -0.02 -0.05 0.028 BUY BUY - -
IHH 6.09 0.03 6.10 6.03 5.95 6.06 6.17 52.75 6.06 6.03 5.99 20.09 13.99 18.14 6.10 0.02 0.03 (0.002) BUY SELL - -
IOICORP 4.58 -0.22 4.70 4.57 4.69 4.79 4.88 55.09 4.82 4.75 4.71 18.97 27.34 15.74 -8.37 0.04 0.04 0.001 SELL BUY SELL -
MALAKOFF 0.87 0.01 0.88 0.86 0.85 0.90 0.95 38.67 0.89 0.91 0.93 11.65 23.31 24.90 -11.66 -0.08 -0.06 (0.016) SELL SELL - -
MAXIS 5.77 0.13 5.77 5.59 5.67 5.93 6.19 33.64 5.84 5.96 5.99 14.92 31.67 23.17 -16.75 -0.06 -0.04 (0.021) SELL SELL - -
MAYBANK 10.32 -0.04 10.36 10.18 10.10 10.36 10.62 57.52 10.44 10.26 10.11 21.32 18.21 31.45 3.11 0.10 0.12 (0.021) BUY SELL - -
MBSB 1.17 -0.02 1.19 1.17 1.14 1.20 1.26 50.70 1.18 1.19 1.19 20.80 19.04 14.58 1.76 0.00 0.00 (0.004) BUY SELL BUY -
RHBBANK 5.37 0.12 5.38 5.22 5.20 5.34 5.48 45.94 5.33 5.31 5.28 17.80 18.67 13.13 -0.87 0.01 0.03 (0.012) SELL SELL SELL -
SIME 2.70 0.08 2.70 2.61 2.56 2.68 2.81 42.20 2.63 2.73 2.73 15.62 27.87 25.56 -12.25 -0.03 -0.02 (0.009) SELL SELL - -
TENAGA 15.68 0.02 15.70 15.62 15.55 15.66 15.77 50.19 15.63 15.69 15.70 13.15 16.55 15.52 -3.40 -0.02 -0.01 (0.005) SELL SELL - -
TM 5.60 0.01 5.78 5.52 5.46 5.83 6.21 35.90 5.67 5.91 5.97 15.73 31.70 22.71 -15.97 -0.11 -0.09 (0.020) SELL SELL - -
WPRTS 3.52 -0.12 3.62 3.52 3.48 3.62 3.76 53.67 3.57 3.58 3.57 12.57 20.69 12.93 -8.13 0.00 0.00 (0.005) SELL SELL - -
AIRASIA 4.15 0.05 4.15 4.07 3.89 4.25 4.61 47.74 4.11 4.22 4.07 20.82 28.03 23.62 -7.21 -0.01 0.03 (0.042) SELL SELL - -
AIRASIA X 0.41 -0.01 0.42 0.41 0.38 0.41 0.44 54.85 0.40 0.40 0.40 24.51 16.56 22.32 7.95 0.00 0.00 (0.002) BUY SELL - -
ARMADA 0.82 -0.02 0.85 0.82 0.82 0.85 0.88 49.66 0.84 0.84 0.84 15.22 25.35 18.79 -8.54 0.00 0.00 (0.003) SELL SELL - -
BINAPURI 0.33 -0.01 0.33 0.32 0.32 0.33 0.35 52.05 0.33 0.33 0.34 11.62 20.16 20.95 -3.85 0.00 0.00 0.001 SELL BUY - -
CMSB 4.10 -0.08 4.21 4.10 4.08 4.25 4.42 48.69 4.18 4.23 4.16 18.05 21.90 16.21 -0.27 0.00 0.02 (0.018) SELL SELL - -
DIALOG 2.78 0.05 2.80 2.71 2.59 2.68 2.77 56.49 2.66 2.66 2.65 19.96 20.23 16.21 -0.27 0.01 0.01 0.004 SELL BUY - -
ECO WORLD 1.12 0.02 1.17 1.10 1.04 1.25 1.46 19.59 1.17 1.29 1.35 5.23 39.60 64.80 -34.37 -0.08 -0.06 (0.016) SELL SELL - -
EKOVEST 1.00 0.03 1.02 0.98 0.94 0.99 1.04 46.89 0.97 0.99 1.02 20.16 20.93 12.78 -0.77 -0.01 -0.01 (0.001) SELL SELL - -
GADANG 0.94 0.00 0.94 0.93 0.94 1.03 1.11 20.66 0.99 1.05 1.08 7.69 39.19 37.18 -31.50 -0.04 -0.03 (0.008) SELL SELL - -
HSL 1.61 0.01 1.62 1.59 1.57 1.61 1.66 50.69 1.61 1.61 1.56 24.28 30.28 15.14 -5.99 0.01 0.02 (0.006) SELL SELL - -
ISKANDAR 1.43 0.00 1.44 1.40 1.28 1.35 1.41 68.96 1.35 1.35 1.37 31.82 12.48 28.82 19.34 0.01 0.00 0.012 BUY BUY - -
KIMLUN 2.10 0.00 2.11 2.10 2.08 2.13 2.18 24.20 2.12 2.16 2.20 20.62 49.86 26.11 -29.24 -0.03 -0.03 (0.000) SELL SELL - -
KKBE 0.95 0.01 0.95 0.93 0.93 0.95 0.97 43.85 0.94 0.94 0.96 27.23 22.11 23.81 5.12 0.00 0.00 (0.001) BUY SELL - -
MUDAJAYA 0.74 0.00 0.77 0.74 0.74 0.84 0.94 24.25 0.80 0.85 0.88 16.75 47.41 23.71 -30.66 -0.04 -0.03 (0.010) SELL SELL - -
MRCB 1.00 -0.01 1.04 1.00 0.97 1.08 1.18 35.49 1.03 1.09 1.14 12.70 25.97 24.38 -13.28 -0.03 -0.03 (0.004) SELL SELL - -
NAIM 1.01 0.02 1.07 0.98 0.96 1.01 1.07 43.36 0.99 1.01 1.07 24.52 23.67 11.76 0.84 -0.02 -0.02 (0.001) BUY SELL BUY -
SAPURA ENERGY 0.48 -0.01 0.54 0.47 0.39 0.60 0.80 32.96 0.51 0.63 0.71 12.51 38.25 42.53 -25.74 -0.08 -0.07 (0.012) SELL SELL - -
SUNCON 2.11 -0.03 2.14 2.10 2.05 2.30 2.55 32.21 2.19 2.37 2.44 13.69 31.81 33.46 -18.12 -0.09 -0.07 (0.012) SELL SELL - -
UEMS 1.00 0.00 1.03 0.99 0.94 1.06 1.19 36.34 1.01 1.08 1.11 11.46 28.10 31.23 -16.64 -0.04 -0.03 (0.007) SELL SELL - -
UMWOG 0.31 -0.01 0.33 0.31 0.29 0.32 0.34 51.53 0.31 0.32 0.34 26.52 19.33 16.39 7.20 -0.01 -0.01 0.001 BUY BUY BUY BUY
WASEONG 1.62 -0.01 1.64 1.60 1.41 1.57 1.74 59.88 1.56 1.52 1.45 25.64 22.22 22.04 3.42 0.04 0.05 (0.010) BUY SELL BUY -
WCT 1.37 0.03 1.39 1.33 1.30 1.51 1.72 32.37 1.43 1.52 1.59 13.24 33.82 22.81 -20.58 -0.07 -0.05 (0.021) SELL SELL - -

The table above is a compilation of actively traded stocks with some popular technical indicators. The technical BUY/SELL signals on the last four columns are auto
generated; the first two being existing or recent signals while the last two represent a signal change from BUY to SELL or the reverse, otherwise no change is indicated by a
dash. Stock names and technical statistics in bold highlight stocks that have changes in BUY/SELL signals on the DMI and MACD on the given date.

INTERPRETATION OF TECHNICAL INDICATORS:

Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.

14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-
day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.

Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it
breaches below this level.

Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.

Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day
EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the
MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.

Page 5 of 8
 19-Mar-18

LIST OF RECOMMENDED BUY STOCKS FROM DEC 2017 TO CURRENT

Stock REC BUY 16-Mar-18 Change Upside Targets ** % Upside

Date Price Price (+/-) % ST MT LT ST MT LT
AAX 15-Mar 0.42 0.42 (0.01) (1.19) 0.44 0.50 0.55 6.02 20.48 32.53
ABMB 5-Dec 3.80 4.27 0.47 12.37 4.49 4.70 4.83 5.15 10.07 13.11
AFFIN 6-Dec 2.28 2.47 0.19 8.33 2.63 2.76 2.98 6.48 11.74 20.65
AIRASIA 15-Mar 4.16 4.11 (0.05) (1.20) 4.30 4.47 4.68 4.62 8.76 13.87
AMBANK 6-Dec 4.10 4.13 0.03 0.73 4.59 4.80 5.01 11.14 16.22 21.31
AXIATA 30-Jan 5.68 5.34 (0.34) (5.99) 5.55 5.99 6.43 3.93 12.17 20.41
AXIATA 14-Mar 5.45 5.34 (0.11) (2.02) 5.55 5.99 6.43 3.93 12.17 20.41
BINA PURI 9-Jan 0.37 0.33 (0.05) (12.16) 0.37 0.40 0.42 13.85 23.08 29.23
BUMI ARMADA 13-Dec 0.74 0.84 0.10 13.51 0.90 0.95 0.99 7.14 13.10 17.86
BUMI ARMADA 22-Dec 0.74 0.84 0.10 13.51 0.90 0.95 0.99 7.14 13.10 17.86
BUMI ARMADA 15-Feb 0.82 0.84 0.02 2.44 0.90 0.95 0.99 7.14 13.10 17.86
BUMI ARMADA 21-Feb 0.85 0.84 (0.01) (1.18) 0.90 0.95 0.99 7.14 13.10 17.86
CIMB 8-Dec 5.97 7.22 1.25 20.94 7.69 8.06 8.37 6.51 11.63 15.93
DIALOG 13-Dec 2.42 2.77 0.35 14.46 2.83 2.91 3.00 2.17 5.05 8.30
DIALOG 22-Dec 2.48 2.77 0.29 11.69 2.83 2.91 3.00 2.17 5.05 8.30
DIALOG 15-Feb 2.66 2.77 0.11 4.14 2.83 2.91 3.00 2.17 5.05 8.30
DIALOG 21-Feb 2.68 2.77 0.09 3.36 2.83 2.91 3.00 2.17 5.05 8.30
ECO WORLD 9-Jan 1.40 1.15 (0.25) (17.86) 1.20 1.32 1.40 4.35 14.78 21.74
ECO WORLD 23-Jan 1.44 1.15 (0.29) (20.14) 1.20 1.32 1.40 4.35 14.78 21.74
EKOVEST 12-Dec 0.93 0.99 0.06 6.45 1.07 1.14 1.28 8.08 15.15 29.29
EKOVEST 24-Jan 1.09 0.99 (0.10) (9.17) 1.07 1.14 1.28 8.08 15.15 29.29
EKOVEST 8-Feb 0.96 0.99 0.03 3.13 1.07 1.14 1.28 8.08 15.15 29.29
EKOVEST 28-Feb 1.01 0.99 (0.02) (1.98) 1.07 1.14 1.28 8.08 15.15 29.29
GADANG 7-Dec 1.09 0.94 (0.15) (13.76) 1.00 1.07 1.13 6.38 13.83 20.21
GADANG 29-Dec 1.12 0.94 (0.18) (16.07) 1.00 1.07 1.13 6.38 13.83 20.21
GADANG 26-Jan 1.18 0.94 (0.24) (20.34) 1.00 1.07 1.13 6.38 13.83 20.21
GADANG 13-Feb 1.05 0.94 (0.11) (10.48) 1.00 1.07 1.13 6.38 13.83 20.21
GADANG 28-Feb 1.07 0.94 (0.13) (12.15) 1.00 1.07 1.13 6.38 13.83 20.21
GAMUDA 7-Dec 4.70 5.09 0.39 8.30 5.52 5.74 5.88 8.45 12.77 15.52
GENM 2-Feb 5.51 5.30 (0.21) (3.81) 5.92 6.18 6.38 11.70 16.60 20.38
GENM 13-Mar 5.30 5.30 0.00 0.00 5.92 6.18 6.38 11.70 16.60 20.38
GENTING 2-Feb 9.63 9.03 (0.60) (6.23) 10.00 10.59 10.95 10.74 17.28 21.26
GENTING 13-Mar 8.99 9.03 0.04 0.44 10.00 10.59 10.95 10.74 17.28 21.26
ISKANDAR 12-Dec 1.28 1.41 0.13 10.16 1.48 1.59 1.75 4.96 12.77 24.11
KIMLUN CORP 13-Feb 2.15 2.10 (0.05) (2.33) 2.25 2.42 2.59 7.14 15.24 23.33
KIMLUN CORP 1-Mar 2.15 2.10 (0.05) (2.33) 2.25 2.42 2.59 7.14 15.24 23.33
KKB ENGINEERING 16-Jan 1.00 0.95 (0.06) (5.50) 1.06 1.18 1.28 12.17 24.87 35.45
KKB ENGINEERING 14-Feb 0.92 0.95 0.02 2.72 1.06 1.18 1.28 12.17 24.87 35.45
KKB ENGINEERING 1-Mar 0.96 0.95 (0.02) (1.56) 1.06 1.18 1.28 12.17 24.87 35.45
MALAKOFF 17-Jan 0.96 0.87 (0.09) (9.38) 0.98 1.05 1.18 12.64 20.69 35.63
MAYBANK 8-Dec 9.27 10.30 1.03 11.11 10.58 10.92 11.32 2.72 6.02 9.90
MRCB 3-Jan 1.16 1.02 (0.14) (12.07) 1.14 1.22 1.30 11.76 19.61 27.45
MRCB 23-Jan 1.21 1.02 (0.19) (15.70) 1.14 1.22 1.30 11.76 19.61 27.45
MUDAJAYA 16-Jan 0.91 0.74 (0.17) (18.68) 0.80 0.87 0.95 8.11 17.57 28.38
MUDAJAYA 9-Feb 0.88 0.74 (0.14) (15.91) 0.80 0.87 0.95 8.11 17.57 28.38
MUDAJAYA 14-Feb 0.87 0.74 (0.13) (14.94) 0.80 0.87 0.95 8.11 17.57 28.38
MUDAJAYA 2-Mar 0.86 0.74 (0.12) (13.95) 0.80 0.87 0.95 8.11 17.57 28.38
NAIM 9-Feb 1.04 1.01 (0.03) (2.88) 1.15 1.24 1.32 13.86 22.77 30.69
NAIM 1-Mar 1.01 1.01 0.00 0.00 1.15 1.24 1.32 13.86 22.77 30.69
RHBBANK 5-Dec 4.90 5.37 0.47 9.59 5.59 6.00 6.25 4.10 11.73 16.39
RHBBANK 7-Feb 5.16 5.37 0.21 4.07 5.59 6.00 6.25 4.10 11.73 16.39
SAPURA ENERGY 28-Dec 0.71 0.49 (0.23) (31.69) 0.54 0.60 0.66 11.34 23.71 36.08
SAPURA ENERGY 5-Jan 0.71 0.49 (0.23) (31.69) 0.54 0.60 0.66 11.34 23.71 36.08
SAPURA ENERGY 18-Jan 0.81 0.49 (0.33) (40.12) 0.54 0.60 0.66 11.34 23.71 36.08
SAPURA ENERGY 23-Feb 0.70 0.49 (0.22) (30.71) 0.54 0.60 0.66 11.34 23.71 36.08
SAPURA ENERGY 16-Mar 0.49 0.49 (0.01) (1.02) 0.54 0.60 0.66 11.34 23.71 36.08
SUNCON 29-Dec 2.44 2.11 (0.33) (13.52) 2.26 2.43 2.60 7.11 15.17 23.22
SUNCON 19-Jan 2.48 2.11 (0.37) (14.92) 2.26 2.43 2.60 7.11 15.17 23.22
SUNCON 26-Jan 2.59 2.11 (0.48) (18.53) 2.26 2.43 2.60 7.11 15.17 23.22
TM 30-Jan 6.12 5.69 (0.43) (7.03) 6.03 6.19 6.36 5.98 8.79 11.78
TM 7-Feb 5.97 5.69 (0.28) (4.69) 6.03 6.19 6.36 5.98 8.79 11.78
TM 14-Mar 5.71 5.69 (0.02) (0.35) 6.03 6.19 6.36 5.98 8.79 11.78
UEM SUNRISE 14-Dec 1.04 1.02 (0.02) (1.92) 1.08 1.14 1.18 5.88 11.76 15.69
UEM SUNRISE 3-Jan 1.10 1.02 (0.08) (7.27) 1.08 1.14 1.18 5.88 11.76 15.69
UEM SUNRISE 24-Jan 1.20 1.02 (0.18) (15.00) 1.08 1.14 1.18 5.88 11.76 15.69
UMWOG 5-Jan 0.36 0.32 (0.05) (12.50) 0.34 0.37 0.42 7.94 17.46 33.33
UMWOG 18-Jan 0.38 0.32 (0.07) (17.11) 0.37 0.42 0.48 17.46 33.33 52.38
UMWOG 23-Feb 0.33 0.32 (0.02) (4.55) 0.37 0.42 0.48 17.46 33.33 52.38
UMWOG 16-Mar 0.32 0.32 (0.01) (1.56) 0.37 0.42 0.48 17.46 33.33 52.38
WAH SEONG 28-Dec 1.14 1.63 0.49 42.98 1.76 1.84 1.93 7.98 12.88 18.40
WCT HLGS 14-Dec 1.50 1.37 (0.13) (8.67) 1.50 1.66 1.81 9.49 21.17 32.12
WCT HLGS 19-Jan 1.65 1.37 (0.28) (16.97) 1.50 1.66 1.81 9.49 21.17 32.12
WCT HLGS 8-Feb 1.56 1.37 (0.19) (12.18) 1.50 1.66 1.81 9.49 21.17 32.12
WESTPORTS 17-Jan 3.45 3.54 0.09 2.61 3.78 3.91 4.02 6.78 10.45 13.56

Total funds invested * 171,540 Upside Targets **

Total unrealised profit/(loss) (1,970) ST = Short Term (one month)
Return -1.15% MT = Medium Term (three months)
LT = Long Term (above six months)

* The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision

** Upside Targets are derived from the subsequent Fibonacci Projection levels

The above table is a performance summary of our top BUY recommendations from DECEMBER 2017 to current (sorted by name) together with upside targets, which are taken
from subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date.

Interpretation:
Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value
indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold.

Page 6 of 8
 19-Mar-18

Daily Money Flow of Technical Stock Picks

Malaysia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

Total Money Flow (RM'mn) Total (A) (B) CLOSING PRICE (A+B)
No Name
9-Mar 12-Mar 13-Mar 14-Mar 15-Mar 5D MF Prv. Chg Cur. Chg 9-Mar 12-Mar 13-Mar 14-Mar 15-Mar Chg DMF
FBMKLCI (16.9) (5.5) (2.0) (36.8) 2.5 (58.6) (34.7) 39.3 1,844 1,861 1,864 1,857 1,845 (11.79) IN
1 AFFIN 0.1 0.1 0.1 0.0 (0.0) 0.2 (0.1) (0.0) 2.40 2.43 2.50 2.44 2.45 0.01 OUT
2 ABMB (0.0) 0.2 0.1 (0.1) (0.3) (0.2) (0.2) (0.2) 4.15 4.30 4.30 4.30 4.14 (0.16) OUT
3 AMBANK 0.1 0.2 (0.7) (0.2) 0.6 0.0 0.5 0.8 4.03 4.07 4.19 4.08 4.07 (0.01) IN
4 AXIATA 1.2 0.3 0.3 (0.0) 0.2 1.8 (0.3) 0.2 5.43 5.45 5.45 5.40 5.20 (0.20) OUT
5 CIMB (8.2) (4.3) (3.7) (0.3) (5.0) (21.6) 3.4 (4.7) 7.15 7.27 7.25 7.24 7.22 (0.02) OUT
6 DIGI 0.3 0.3 (0.2) 0.3 (0.2) 0.4 0.5 (0.6) 4.75 4.75 4.75 4.71 4.65 (0.06) OUT
7 GAMUDA 0.4 1.0 0.9 (0.5) (0.0) 1.8 (1.4) 0.5 4.95 5.05 5.00 5.00 5.00 0.00 OUT
8 GENTING (9.2) (1.2) 1.7 (0.5) 0.7 (8.5) (2.2) 1.1 8.92 8.99 8.92 9.05 8.90 (0.15) OUT
9 GENM (4.0) 0.2 0.1 (1.0) (0.8) (5.6) (1.1) 0.1 5.09 5.30 5.23 5.27 5.35 0.08 OUT
10 IHH (2.1) 0.0 6.6 1.1 0.6 6.2 (5.6) (0.5) 6.04 6.09 6.09 6.08 6.06 (0.02) OUT
11 IOICORP (5.2) 0.5 0.2 2.1 (1.3) (3.7) 2.0 (3.4) 4.84 4.85 4.87 4.86 4.68 (0.18) OUT
12 MALAKOFF 0.6 0.2 0.8 0.6 0.2 2.5 (0.2) (0.4) 0.87 0.90 0.88 0.87 0.87 (0.01) OUT
13 MAXIS 0.1 0.1 (0.7) (0.3) (0.1) (0.9) 0.4 0.2 5.92 5.98 5.89 5.75 5.64 (0.11) IN
14 MAYBANK (1.1) (7.8) 0.8 (4.4) (5.9) (18.5) (5.2) (1.5) 10.44 10.44 10.44 10.44 10.36 (0.08) OUT
15 MBSB 0.1 (0.4) (0.3) 0.1 (0.2) (0.6) 0.4 (0.3) 1.17 1.19 1.17 1.17 1.19 0.02 IN
16 RHBBANK (0.1) 0.0 (0.1) (0.1) (0.4) (0.7) 0.0 (0.3) 5.27 5.31 5.35 5.39 5.25 (0.14) OUT
17 SIME (0.5) 1.1 (0.2) (1.8) 0.8 (0.6) (1.5) 2.6 2.59 2.64 2.65 2.65 2.62 (0.03) IN
18 TENAGA 6.4 6.1 (1.4) (25.3) 6.6 (7.7) (23.9) 31.9 15.54 15.62 15.62 15.64 15.66 0.02 IN
19 TM (1.1) 0.4 (0.6) (0.8) 0.3 (1.8) (0.2) 1.1 5.66 5.73 5.71 5.57 5.59 0.02 IN
20 WPRTS 0.0 0.8 0.3 (0.1) 0.0 1.0 (0.4) 0.2 3.58 3.56 3.61 3.53 3.64 0.11 OUT
21 AIRASIA (1.8) (0.5) (0.9) (1.6) (0.7) (5.5) (0.6) 0.9 4.00 4.08 4.00 4.16 4.10 (0.06) IN
22 AIRASIA X 0.0 (0.5) (0.4) 0.5 (0.8) (1.1) 0.9 (1.3) 0.39 0.40 0.39 0.42 0.42 (0.01) OUT
23 ARMADA (0.1) (0.2) 0.0 (0.0) 0.1 (0.2) (0.0) 0.1 0.84 0.85 0.84 0.83 0.84 0.01 IN
24 BINAPURI (0.0) 0.0 (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.32 0.34 0.34 0.34 0.34 0.00 IN
25 CMSB 0.0 0.0 (0.0) 0.0 (0.1) 0.0 0.0 (0.1) 4.08 4.25 4.17 4.17 4.18 0.01 OUT
26 DIALOG (1.3) 1.4 (4.6) 0.1 (0.2) (4.6) 4.7 (0.3) 2.63 2.64 2.66 2.77 2.73 (0.04) IN
27 ECO WORLD 0.1 0.0 0.0 (0.0) (0.0) 0.1 (0.0) (0.0) 1.08 1.12 1.10 1.10 1.10 0.00 OUT
28 EKOVEST 0.2 0.2 (0.0) 0.3 0.2 0.8 0.3 (0.0) 0.98 1.00 0.98 0.96 0.98 0.02 IN
29 GADANG 0.0 0.0 0.1 (0.1) 0.0 0.1 (0.1) 0.1 1.00 0.99 0.98 0.95 0.94 (0.01) OUT
30 HSL 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 1.63 1.61 1.60 1.60 1.60 0.00 IN
31 ISKANDAR (0.0) (0.2) (0.2) (0.2) (0.2) (0.9) 0.1 (0.1) 1.31 1.39 1.39 1.40 1.43 0.03 OUT
32 KIMLUN (0.0) 0.0 0.0 0.0 (0.0) 0.0 (0.0) (0.0) 2.10 2.10 2.10 2.10 2.10 0.00 OUT
33 KKBE 0.0 (0.0) 0.0 0.0 0.0 (0.0) 0.0 0.0 0.95 0.94 0.94 0.94 0.94 0.00 IN
34 MUDAJAYA 0.0 (0.0) (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) 0.80 0.79 0.76 0.76 0.74 (0.02) OUT
35 MRCB (0.2) (0.8) (0.6) 0.1 0.0 (1.4) 0.7 (0.1) 1.02 1.04 1.03 1.01 1.01 0.00 IN
36 NAIM (0.0) (0.0) 0.0 0.0 0.0 0.0 (0.0) 0.0 0.99 1.00 0.97 0.97 0.99 0.02 IN
37 SAPURA ENERGY (1.2) (1.0) (1.0) (0.5) (3.7) (7.3) 0.6 (3.2) 0.47 0.47 0.45 0.41 0.49 0.08 OUT
38 SUNCON (0.2) 0.3 0.1 0.2 0.5 0.8 0.1 0.3 2.14 2.15 2.15 2.20 2.14 (0.06) IN
39 UEMS 0.3 (0.1) (0.2) 0.1 (0.0) 0.1 0.4 (0.1) 0.98 1.00 1.00 1.00 1.00 0.00 IN
40 UMWOG (0.1) (0.0) (0.0) 0.1 0.2 0.2 0.1 0.1 1.50 1.53 1.50 1.60 1.63 0.03 IN
41 WASEONG 0.0 (0.7) (0.1) (0.2) (0.2) (1.3) (0.1) 0.0 0.31 0.31 0.31 0.30 0.32 0.02 OUT
42 WCT (0.0) (0.3) (0.1) 0.0 (0.1) (0.4) 0.1 (0.1) 1.37 1.39 1.35 1.32 1.34 0.02 IN

Sources: Bloomberg, TA Securities

Daily Money Flow (DMF) Formulation

If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.

Money Flow (MF) Calculation

The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade
of the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted
from the money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.

Daily Money Flow (DMF) Interpretation

In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence,
however, between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can
indicate a future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock
price.

Page 7 of 8
 19-Mar-18

Daily Money Flow of FBMKLCI

Malaysia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

Total Money Flow (RM'mn) Total (A) (B) CLOSING PRICE (A+B)
No Name
9-Mar 12-Mar 13-Mar 14-Mar 15-Mar 5D MF Prv. Chg Cur. Chg 9-Mar 12-Mar 13-Mar 14-Mar 15-Mar Chg DMF
FBMKLCI (16.9) (5.5) (2.0) (36.8) 2.5 (58.6) (34.7) 39.3 1,844 1,861 1,864 1,857 1,845 (11.79) IN
1 MAYBANK (1.1) (7.8) 0.8 (4.4) (5.9) (18.5) (5.2) (1.5) 10.44 10.44 10.44 10.44 10.36 (0.08) OUT
2 PBBANK (0.3) 2.5 9.3 (2.5) 3.0 12.1 (11.8) 5.5 23.00 23.00 23.00 23.00 23.00 0.00 OUT
3 TENAGA 6.4 6.1 (1.4) (25.3) 6.6 (7.7) (23.9) 31.9 15.54 15.62 15.62 15.64 15.66 0.02 IN
4 CIMB (8.2) (4.3) (3.7) (0.3) (5.0) (21.6) 3.4 (4.7) 7.15 7.27 7.25 7.24 7.22 (0.02) OUT
5 PCHEM 1.3 (1.4) (0.4) (0.4) 1.3 0.5 0.1 1.6 7.98 8.08 8.15 8.10 8.15 0.05 IN
6 IHH (2.1) 0.0 6.6 1.1 0.6 6.2 (5.6) (0.5) 6.04 6.09 6.09 6.08 6.06 (0.02) OUT
7 AXIATA 1.2 0.3 0.3 (0.0) 0.2 1.8 (0.3) 0.2 5.43 5.45 5.45 5.40 5.20 (0.20) OUT
8 MAXIS 0.1 0.1 (0.7) (0.3) (0.1) (0.9) 0.4 0.2 5.92 5.98 5.89 5.75 5.64 (0.11) IN
9 HLBANK (0.1) 2.0 0.8 0.3 0.4 3.4 (0.5) 0.1 18.50 18.68 19.02 19.30 18.78 (0.52) OUT
10 SIME PLT 0.1 (0.1) (2.0) (0.2) 0.1 (2.2) 1.8 0.3 5.45 5.56 5.60 5.56 5.52 (0.04) IN
11 DIGI 0.3 0.3 (0.2) 0.3 (0.2) 0.4 0.5 (0.6) 4.75 4.75 4.75 4.71 4.65 (0.06) OUT
12 NESTLE 3.7 1.4 1.4 (4.4) (0.9) 1.2 (5.7) 3.5 145.00 150.50 157.40 141.00 131.00 (10.00) OUT
13 PETGAS (0.2) 0.4 2.6 (0.0) 2.4 5.2 (2.6) 2.4 17.40 17.80 17.90 17.90 18.00 0.10 OUT
14 GENTING (9.2) (1.2) 1.7 (0.5) 0.7 (8.5) (2.2) 1.1 8.92 8.99 8.92 9.05 8.90 (0.15) OUT
15 MISC 0.0 (0.1) 0.1 0.4 (0.0) 0.4 0.3 (0.4) 6.79 6.99 7.09 7.13 7.03 (0.10) OUT
16 IOI CORP (5.2) 0.5 0.2 2.1 (1.3) (3.7) 2.0 (3.4) 4.84 4.85 4.87 4.86 4.68 (0.18) OUT
17 GENM (4.0) 0.2 0.1 (1.0) (0.8) (5.6) (1.1) 0.1 5.09 5.30 5.23 5.27 5.35 0.08 OUT
18 KLK 0.0 (2.1) (12.8) 1.9 (0.8) (13.8) 14.7 (2.6) 25.40 25.40 25.42 25.20 25.38 0.18 IN
19 PETDAG (0.2) (0.3) 1.0 (0.4) 0.7 0.9 (1.4) 1.1 24.32 24.86 24.72 24.74 24.74 0.00 OUT
20 HAP SENG 0.3 0.1 0.1 (0.1) 0.3 0.8 (0.2) 0.4 9.60 9.68 9.80 9.70 9.70 0.00 IN
21 HLFG (0.0) (0.3) (0.1) 0.3 (0.0) (0.1) 0.4 (0.4) 18.58 19.02 19.00 19.10 18.74 (0.36) IN
22 PPB 2.1 (2.2) (2.6) 0.0 0.3 (2.4) 2.7 0.2 18.10 18.26 18.32 18.42 18.50 0.08 IN
23 TM (1.1) 0.4 (0.6) (0.8) 0.3 (1.8) (0.2) 1.1 5.66 5.73 5.71 5.57 5.59 0.02 IN
24 RHBBANK (0.1) 0.0 (0.1) (0.1) (0.4) (0.7) 0.0 (0.3) 5.27 5.31 5.35 5.39 5.25 (0.14) OUT
25 PMETAL 0.0 (1.3) (1.2) (0.5) (0.0) (2.9) 0.7 0.5 4.97 5.00 4.97 5.00 4.99 (0.01) IN
26 SIME (0.5) 1.1 (0.2) (1.8) 0.8 (0.6) (1.5) 2.6 2.59 2.64 2.65 2.65 2.62 (0.03) IN
27 YTLCORP (0.0) 0.0 (0.1) (0.0) (0.0) (0.2) 0.1 (0.0) 1.41 1.45 1.46 1.44 1.44 0.00 IN
28 KLCCS 0.0 0.1 (0.1) (0.0) (0.1) (0.0) 0.0 (0.0) 7.81 7.87 7.85 7.82 7.80 (0.02) OUT
29 AMBANK 0.1 0.2 (0.7) (0.2) 0.6 0.0 0.5 0.8 4.03 4.07 4.19 4.08 4.07 (0.01) IN
30 ASTRO (0.1) (0.2) (0.0) (0.0) (0.1) (0.4) 0.0 (0.1) 2.35 2.38 2.36 2.33 2.35 0.02 OUT

(RM'mn)
INFLOW 11.8 15.1 24.0 6.4 18.2 75.4 Daily Trading Participation
OUTFLOW (33.2) (20.1) (24.1) (43.1) (15.6) (136.2) Date Retail Institution Foreign Total
NET FLOW (21.4) (5.0) (0.2) (36.7) 2.5 (60.8) 9-Mar 23.5% 55.2% 21.3% 100%
12-Mar 21.2% 55.3% 23.5% 100%
COMPANIES 13-Mar 21.3% 54.0% 24.7% 100%
INFLOW 11 19 14 8 15 14-Mar 23.6% 56.0% 20.4% 100%
OUTFLOW (19) (11) (16) (22) (15) 15-Mar 21.9% 58.0% 20.1% 100%

Sources: Bloomberg, TA Securities

Daily Money Flow (DMF) Formulation

If previous change (A) + current change (B) > 0, then DMF = “IN”; AND if (A) + (B) < 0, then DMF = “OUT”.

Money Flow (MF) Calculation

The value of money flow is set to zero at the start of the trading day. When a trade is performed, its price is compared to the price of the previous trade (the first trade of
the day is compared to the previous day's close). If the prices differ, the money associated with the trade (price times number of shares) is added to or subtracted from the
money flow. Additions (inflows, buys) are done on upticks; subtractions (outflows, sells) are done on downticks.

Daily Money Flow (DMF) Interpretation

In general, money flow trends confirm price trends. As prices rise, money flows are usually positive. As prices fall, money flows are usually negative. A divergence, however,
between money flow and price trend can be a signal of a future price trend change. For example, a falling stock price with a positive money flow (IN) can indicate a
future rally in the price of the stock. Conversely, a rising stock price with a negative money flow (OUT) implies potential correction in the stock price.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 8 of 8
 Technical View
Monday, March 19, 2018

Weekly Ace Market Stock Watch

Malaysia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my
Report Description: The Weekly Ace Market Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The
following table is derived from the 109 Ace Market counters currently listed in Bursa Malaysia. This recommendation is based on combination of fundamental and technical
analysis.
List of 20 Ace Market Stocks
Current Price to Book Operating Return on Revenue Net Income Net Income
Closing EPS (RM) PE Ratio (%)
No Code Name Market Ratio Margin (%) Assets (%) (RMmn) (RMmn) Growth (%)
Price (RM)
Cap (RM)
2Q17 3Q17 2Q17 3Q17 2016 2017 2Q17 3Q17 2Q17 3Q17 2Q17 3Q17 2016 2017 2016 2017
1 0140 STERPRO [S] 47,480,147 0.265 0.53 0.46 0.000 0.000 na na -13.28 -2.16 -29.34 -28.44 52.64 61.82 -33.90 -33.91 na -0.03
2 0034 MMAG [S] 65,288,686 0.175 0.84 0.81 -0.012 -0.012 na na -3.94 -4.06 -14.09 -12.09 56.85 68.24 -18.72 -21.43 24.22 -14.46
3 0165 XOX [S] 103,070,679 0.100 0.72 0.54 0.001 0.004 na 35.00 2.15 4.95 -11.01 -6.89 36.82 37.51 -9.58 2.15 1,365.79 122.45
4 0169 SMTRACK [S] 19,722,071 0.185 0.07 0.20 -0.059 -0.004 na na -119.86 -7.49 -6.30 -17.08 0.19 2.55 -8.75 na 11.41 na
5 0020 NETX [S] 97,836,333 0.035 0.39 0.76 0.000 0.001 na 55.56 -11.32 49.35 -29.66 -33.69 4.87 3.82 -8.31 1.08 30.23 112.97
6 0017 M3TECH [S] 70,114,658 0.120 0.15 0.73 -0.001 -0.001 na na 7.94 3.58 -10.03 -9.30 10.97 10.18 -5.93 -6.97 -35.79 -17.58
7 0025 LNGRES [S] 45,979,047 0.175 0.58 0.57 0.004 0.004 na 17.41 7.09 2.53 -4.19 2.57 14.52 15.72 -5.20 2.57 2.31 149.41
8 0094 INIX [S] 18,986,569 0.075 0.55 0.55 0.092 -0.088 na na 105.62 -66.11 -31.14 -5.22 0.02 0.00 -4.96 -8.16 -10,257.13 -64.45
9 0109 SCBUILD 30,907,716 0.035 1.19 0.92 0.000 0.000 na na 2.24 2.84 -10.86 -5.85 4.50 5.72 -3.97 -0.99 40.96 75.02
10 0153 OVERSEA 47,290,425 0.180 0.68 0.66 0.009 -0.005 na 128.95 11.68 -8.06 -3.55 -2.65 19.09 12.22 -3.09 0.46 620.78 114.87
11 0072 AT [S] 43,348,815 0.085 0.49 0.41 -0.036 0.002 na na -145.09 10.55 -5.35 -9.36 4.42 5.19 -2.54 -9.05 456.74 -256.00
12 0026 NOVAMSC [S] 71,740,295 0.100 0.98 0.90 0.000 -0.004 85.59 na 0.48 -16.57 1.00 -3.14 6.48 7.95 0.51 -20.43 -55.94 -4,081.18
13 0131 DGSB [S] 122,028,938 0.095 0.90 0.75 0.001 0.000 16.18 42.31 7.49 2.78 3.62 1.88 24.58 20.64 1.40 0.42 -72.70 -70.32
14 0133 SANICHI [S] 33,452,931 0.105 0.28 0.38 0.000 -0.008 9.90 na -1.55 -62.82 1.28 -1.21 6.12 9.63 3.78 -3.42 26.41 -190.40
15 0104 GENETEC [S] 45,783,390 1.390 0.58 0.49 -0.017 -0.064 11.17 na 6.33 -6.66 0.58 -2.96 38.78 19.80 4.41 -4.03 -1.14 -191.41
16 0010 IRIS [S] 407,863,906 0.180 0.69 0.45 -0.010 -0.001 na na -12.67 3.51 0.12 -2.12 128.10 145.14 6.05 -292.14 127.62 -4,927.16
17 0096 NEXGRAM [S] 75,288,179 0.050 0.31 0.40 -0.003 0.000 8.20 na -58.93 6.30 1.74 -5.98 25.18 13.64 11.49 -16.19 65.44 -240.93
18 0060 SKH [S] 49,899,757 0.085 0.60 0.50 0.001 0.002 na 35.71 1.90 2.87 na na na na na 1.55 na na
19 0152 DGB 59,169,000 0.165 0.20 0.52 0.000 0.002 na 510.20 0.10 291.10 na na 0.39 na na 0.05 na na
20 0154 EAH [S] 139,143,920 0.035 0.87 0.75 0.000 0.000 na 34.09 -75.37 -12.26 na na na na na 3.29 na na
Source: Bloomberg
This list is sorted first by the lowest price-to-book ratio from the 109 stocks listed in the Bursa Malaysia Ace Market sector which had reported third quarter results.

INTERPRETATION OF FUNDAMENTAL INDICATORS:

Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also
sometimes known as a Market-to-Book ratio. The calculation can be performed in two ways, but the result should be the same each way.
Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of
a company's profitability.
PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.
Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is
the "top line" or "gross income" figure from which costs are subtracted to determine net income.
Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation,
interest, taxes and other expenses.

Page 1 of 2
Support & Resistance – Ace Market
No. Stock Stock Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward Call RSI Volume (mn Shares) Stochastics
Code Name SL S2 S1 9/Mar R1 R2 R3 Ratio today 5d-avg 20d-avg %K %D
1 0140 STERPRO [S] 0.20 0.22 0.24 0.280 0.31 0.35 0.38 0.75 SOS 51.28 0.010 0.043 0.156 70.0 70.0
2 0034 MMAG [S] 0.14 0.15 0.16 0.180 0.21 0.23 0.25 1.50 BOW 49.75 2.487 6.819 2.543 42.9 47.6
3 0165 XOX [S] 0.06 0.07 0.08 0.100 0.12 0.13 0.14 1.00 SELL 46.32 3.894 6.318 7.140 33.3 22.2
4 0169 SMTRACK [S] 0.10 0.12 0.15 0.185 0.23 0.27 0.31 1.29 BOW 39.94 4.111 3.943 4.193 50.0 41.7
5 0020 NETX [S] 0.01 0.02 0.03 0.040 0.06 0.07 0.08 2.00 BOW 50.11 4.706 6.062 13.395 50.0 16.7
6 0017 M3TECH [S] 0.08 0.10 0.11 0.120 0.15 0.18 0.21 3.00 BOW 41.35 1.166 5.262 3.733 20.0 12.2
7 0025 LNGRES [S] 0.13 0.14 0.15 0.160 0.19 0.21 0.23 3.00 BOW 37.62 0.750 0.973 0.598 20.0 31.7
8 0094 INIX [S] 0.02 0.04 0.06 0.080 0.12 0.14 0.16 2.00 BOW 44.46 0.112 1.764 1.313 33.3 41.7
9 0109 SCBUILD 0.01 0.02 0.02 0.030 0.05 0.06 0.07 2.00 BOW 45.51 0.340 0.591 0.349 0.0 0.0
10 0153 OVERSEA 0.12 0.14 0.16 0.190 0.20 0.23 0.26 0.33 BOW 49.46 0.187 0.071 0.022 66.7 61.1
11 0072 AT [S] 0.06 0.07 0.08 0.090 0.12 0.14 0.16 3.00 BOW 35.96 0.054 0.677 0.600 0.0 0.0
12 0026 NOVAMSC [S] 0.04 0.06 0.08 0.110 0.14 0.16 0.18 1.00 BOW 47.38 1.798 6.491 3.974 33.3 52.8
13 0131 DGSB [S] 0.04 0.06 0.08 0.100 0.14 0.16 0.18 2.00 SELL 46.97 6.999 19.412 20.805 28.6 19.0
14 0133 SANICHI [S] 0.04 0.06 0.08 0.110 0.14 0.15 0.16 1.00 BOW 44.75 2.342 1.613 1.228 50.0 50.0
15 0104 GENETEC [S] 1.04 1.18 1.28 1.360 1.53 1.75 1.97 2.13 SOS 53.81 0.030 0.121 0.165 12.5 16.7
16 0010 IRIS [S] 0.12 0.14 0.16 0.180 0.22 0.25 0.28 2.00 BOW 45.14 10.244 17.881 18.882 50.0 50.0
17 0096 NEXGRAM [S] 0.01 0.02 0.03 0.040 0.06 0.07 0.08 2.00 BOW 62.07 21.974 18.842 5.616 66.7 61.1
18 0060 SKH [S] 0.06 0.07 0.08 0.100 0.12 0.14 0.16 1.00 BOW 69.87 146.178 15.318 4.373 60.0 42.2
19 0152 DGB 0.10 0.12 0.14 0.170 0.20 0.21 0.22 1.00 SOS 57.44 30.432 21.846 23.076 44.4 37.0
20 0154 EAH [S] 0.01 0.02 0.03 0.040 0.06 0.07 0.08 2.00 BOW 47.94 3.568 15.343 9.208 0.0 0.0

No. Stock Stock Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward Call RSI Volume (mn Shares) Stochastics
Code Name SL S2 S1 16/Mar R1 R2 R3 Ratio today 5d-avg 20d-avg %K %D
1 0140 STERPRO [S] 0.20 0.22 0.24 0.265 0.31 0.35 0.38 1.80 SOS 43.06 0.176 0.037 0.120 40.0 60.0
2 0034 MMAG [S] 0.14 0.15 0.16 0.175 0.21 0.23 0.25 2.33 BOW 44.87 1.776 7.457 4.262 0.0 13.3
3 0165 XOX [S] 0.06 0.07 0.08 0.100 0.12 0.13 0.14 1.00 SELL 46.32 6.026 4.101 7.119 50.0 50.0
4 0169 SMTRACK [S] 0.10 0.12 0.15 0.185 0.23 0.27 0.31 1.29 BOW 41.57 5.975 3.671 4.045 66.7 70.4
5 0020 NETX [S] 0.01 0.02 0.03 0.035 0.06 0.07 0.08 5.00 BOW 44.65 4.563 4.220 8.647 0.0 0.0
6 0017 M3TECH [S] 0.08 0.10 0.11 0.120 0.15 0.18 0.21 3.00 BOW 43.80 0.819 2.514 3.506 50.0 41.7
7 0025 LNGRES [S] 0.13 0.14 0.15 0.175 0.19 0.21 0.23 0.60 BOW 52.27 1.510 3.643 1.423 50.0 64.2
8 0094 INIX [S] 0.02 0.04 0.06 0.075 0.12 0.14 0.16 3.00 BOW 41.64 0.080 0.674 1.080 0.0 11.1
9 0109 SCBUILD 0.01 0.02 0.02 0.035 0.05 0.06 0.07 1.00 BOW 56.64 0.100 0.695 0.465 100.0 33.3
10 0153 OVERSEA 0.12 0.14 0.16 0.180 0.20 0.23 0.26 1.00 BOW 45.98 0.017 0.038 0.030 50.0 50.0
11 0072 AT [S] 0.06 0.07 0.08 0.085 0.12 0.14 0.16 7.00 BOW 34.36 0.283 0.367 0.434 0.0 33.3
12 0026 NOVAMSC [S] 0.04 0.06 0.08 0.100 0.14 0.16 0.18 2.00 BOW 38.76 0.600 2.546 3.793 0.0 8.3
13 0131 DGSB [S] 0.04 0.06 0.08 0.095 0.14 0.16 0.18 3.00 SELL 43.74 7.032 7.773 18.851 25.0 33.3
14 0133 SANICHI [S] 0.04 0.06 0.08 0.105 0.14 0.15 0.16 1.40 BOW 43.27 0.560 1.015 1.286 33.3 22.2
15 0104 GENETEC [S] 1.04 1.18 1.28 1.390 1.53 1.75 1.97 1.27 SOS 57.79 0.034 0.032 0.133 71.4 38.6
16 0010 IRIS [S] 0.12 0.14 0.16 0.180 0.22 0.25 0.28 2.00 BOW 45.60 13.147 20.737 18.949 20.0 35.2
17 0096 NEXGRAM [S] 0.01 0.02 0.03 0.050 0.06 0.07 0.08 0.50 BOW 68.95 67.353 55.410 19.022 80.0 73.3
18 0060 SKH [S] 0.06 0.07 0.08 0.085 0.12 0.14 0.16 7.00 BOW 46.55 55.793 74.217 22.512 16.7 16.7
19 0152 DGB 0.10 0.12 0.14 0.165 0.20 0.21 0.22 1.40 SOS 52.74 8.092 34.238 30.709 42.9 52.4
20 0154 EAH [S] 0.01 0.02 0.03 0.035 0.06 0.07 0.08 5.00 BOW 39.60 1.626 7.615 10.628 0.0 16.7

Sources: Bloomberg, TA Securities

Legend:
Reward Ratio = (R1 - CP)/ (CP - S1)
where CP = Current Price
Call:
BUY = outright BUY at current price
BOW = Buy on weakness towards S1
TBUY = Trading or Speculative BUY at current price
LTBUY = Long-Term BUY at current price
SELL = outright SELL at current price
SOS = Sell on strength towards R1
NEUTRAL = sideline, not attractive to buy or sell
TP = Take Profit

Upgrade in price levels shaded dark green and bold Downgrade in price levels lightly shaded

RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions.
RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition
Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period.
%K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter.

Page 2 of 2
3131

Technical View
Monday, March 19, 2018

Weekly Small Cap Stock Watch

Malaysia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my
Report Description: The Weekly Small Cap Stock Watch is a compilation of selected stocks aimed at providing trading ideas and guide for momentum trading. The
following is derived from the complete listing of Main Market stocks of more than 800 counters currently in Bursa Malaysia. This recommendation is based on
combination of fundamental and technical analysis.
List of 19 Small Cap Stocks
Current Closing Price to Book Operating Return on Revenue Net Income
EPS (RM) PE Ratio (%) Net Income (%)
No Code Name Market Cap Price Ratio Margin (%) Assets (%) (RMmn) (RMmn)
(RM) (RM) 2Q17 3Q17 2Q17 3Q17 2016 2017 2Q17 3Q17 2Q17 3Q17 2Q17 3Q17 2016 2017 2016 2017
1 7382 GLBHD [S] 124,423,786 0.540 0.06 0.09 0.00 0.00 2.27 49.59 -298.45 -191.45 9.80 -1.78 6.04 0.93 70.08 2.63 1,715.32 -96.25
2 6998 BINTAI 53,204,916 0.150 0.15 0.16 0.00 0.00 na na 1.64 0.49 -3.43 -2.20 116.88 121.41 -36.08 -11.68 -697.50 67.64
3 4057 ASIAPAC [S] 170,273,418 0.155 0.20 0.18 0.00 0.00 2.55 21.11 12.83 13.23 5.49 3.74 28.27 47.73 73.85 8.82 -80.39 -88.06
4 7315 AHB [S] 49,291,142 0.220 0.24 0.18 0.00 0.00 17.54 59.19 9.62 10.71 5.75 5.04 4.39 4.50 1.83 0.51 na -71.92
5 2429 TANCO [S] 89,322,729 0.115 0.16 0.21 -0.01 -0.01 na na -349.72 -13.79 -3.24 -3.77 2.55 3.47 -8.72 -11.44 41.38 -31.17
6 6068 PCCS [S] 35,107,021 0.280 0.29 0.21 -0.13 -0.01 na 26.42 -5.29 4.03 -7.93 -8.33 168.24 130.51 -10.26 -9.24 41.28 9.94
7 2097 EASTLND [S] 36,850,196 0.210 0.33 0.22 -0.01 -0.01 na na -25.96 -28.86 -1.81 -2.52 6.04 7.54 -4.78 na -154.58 na
8 2208 PTGTIN [S] 127,957,462 0.330 0.22 0.23 -0.01 0.00 na na -449.33 197.59 na na na na na -7.10 na na
9 8486 LIONFIB [S] 177,704,851 0.635 0.23 0.23 0.00 0.00 na 8.81 -0.52 2.29 -45.16 -40.77 158.10 209.24 -387.20 14.75 -287.32 103.81
10 3395 BJCORP 1,974,617,567 0.330 0.22 0.23 0.03 0.00 na 11.95 10.12 0.76 -1.01 -1.02 2,257.13 2,168.23 -177.22 149.29 -119.90 184.24
11 5145 SEALINK 72,500,000 0.135 0.21 0.25 -0.01 -0.05 na na -22.70 -136.60 -7.62 -10.23 40.39 13.86 -56.66 na -652.53 na
12 7014 YLI [S] 44,216,845 0.390 0.34 0.26 0.05 -0.01 na 9.17 -5.07 -1.19 1.37 1.89 40.79 26.26 -2.03 5.18 -267.27 355.05
13 4359 TURIYA [S] 43,458,401 0.185 0.34 0.27 0.00 0.00 19.05 na 10.26 44.61 -0.23 -0.04 5.58 5.86 1.91 -1.45 55.65 -175.77
14 4758 ANCOM 136,637,405 0.510 0.25 0.27 0.00 0.05 na 9.74 4.32 5.13 -0.40 0.77 409.68 331.67 -6.99 17.47 -422.71 349.87
15 5657 PARKSON [S] 661,667,936 0.445 0.34 0.28 0.07 -0.03 na na -3.96 -1.13 -1.11 -1.28 1,038.27 1,027.95 -95.74 -120.90 -305.48 -26.28
16 4235 LIONIND [S] 1,089,302,504 1.130 0.21 0.28 0.08 0.07 na 7.81 7.98 9.15 -20.68 -16.27 596.54 697.72 -796.48 105.31 -212.56 113.22
17 3778 MELEWAR [S] 58,635,930 0.210 0.42 0.28 -0.19 -0.08 9.18 na -18.50 -3.74 -7.07 -9.75 146.90 151.77 8.23 -78.22 127.87 -1,049.94
18 4596 SAPRES [S] 131,224,000 0.760 0.43 0.29 -0.02 0.70 70.10 1.29 -24.11 767.59 -1.29 17.17 10.65 11.39 2.71 100.34 -88.51 3,598.38
19 9113 SANBUMI [S] 49,802,247 0.205 0.22 0.30 0.00 0.00 na na na -10.46 -8.77 -8.57 10.51 13.55 -10.62 -5.87 -19.07 -44.72
Source: Bloomberg
This list is sorted first by the lowest price-to-book ratio from the Main Market which had reported third quarter results and excludes the FBM100 stocks.

INTERPRETATION OF FUNDAMENTAL INDICATORS:

Price to Book: The price-to-book ratio, or P/B ratio, is a financial ratio used to compare a company's current market price to its book value. It is also
sometimes known as a Market-to-Book ratio.
Earnings Per Share (EPS): The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of
a company's profitability.
PE Ratio: The price-to-earnings ratio, or P/E ratio, is an equity valuation multiple. It is defined as market price per share divided by annual earnings per share.
Revenue: The amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is
the "top line" or "gross income" figure from which costs are subtracted to determine net income.
Net Income: A company's total earnings (or profit). Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation,
interest, taxes and other expenses.

Page 1 of 2
Support & Resistance – Small Cap
No. Stock Stock Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward Call RSI Volume (mn Shares) Stochastics
Code Name SL S2 S1 9/Mar R1 R2 R3 Ratio today 5d-avg 20d-avg %K %D
1 7382 GLBHD [S] 0.40 0.45 0.51 0.555 0.60 0.66 0.71 1.00 SELL 44.74 0.023 0.068 0.045 25.0 8.3
2 6998 BINTAI 0.10 0.11 0.12 0.150 0.18 0.19 0.20 1.00 BOW 39.29 0.058 0.482 0.208 33.3 19.4
3 4057 ASIAPAC [S] 0.10 0.12 0.14 0.160 0.18 0.20 0.22 1.00 BOW 49.40 3.609 1.853 1.459 40.0 26.7
4 7315 AHB [S] 0.14 0.16 0.18 0.210 0.24 0.26 0.28 1.00 SELL 42.63 0.467 0.433 0.397 42.9 38.6
5 2429 TANCO [S] 0.08 0.09 0.10 0.115 0.16 0.18 0.21 3.00 BOW 39.26 0.629 0.869 0.435 0.0 11.1
6 6068 PCCS [S] 0.21 0.24 0.26 0.285 0.31 0.35 0.39 1.00 SELL 41.22 0.682 2.130 1.896 18.8 16.7
7 2097 EASTLND [S] 0.10 0.12 0.14 0.150 0.20 0.22 0.24 5.00 SOS 54.85 2.510 3.536 1.001 21.4 46.0
8 2208 PTGTIN [S] 0.26 0.28 0.30 0.320 0.36 0.40 0.43 2.00 SELL 38.71 0.005 0.062 0.021 0.0 26.7
9 8486 LIONFIB [S] 0.54 0.58 0.62 0.720 0.75 0.81 0.86 0.30 SELL 52.95 0.045 0.031 0.028 72.7 54.8
10 3395 BJCORP 0.26 0.28 0.30 0.345 0.35 0.37 0.39 0.11 BOW 59.69 65.323 10.401 7.995 57.1 31.5
11 5145 SEALINK 0.10 0.11 0.12 0.135 0.15 0.16 0.17 1.00 SELL 44.83 0.010 0.063 0.042 25.0 15.0
12 7014 YLI [S] 0.24 0.29 0.34 0.350 0.42 0.46 0.52 7.00 BOW 40.28 0.018 0.004 0.018 0.0 9.5
13 4359 TURIYA [S] 0.10 0.12 0.14 0.180 0.21 0.22 0.24 0.75 SOS 43.68 0.004 0.006 0.015 42.9 67.3
14 4758 ANCOM 0.35 0.40 0.44 0.480 0.60 0.66 0.74 3.00 BOW 32.10 0.217 0.161 0.155 0.0 3.0
15 5657 PARKSON [S] 0.36 0.40 0.42 0.460 0.51 0.55 0.57 1.25 BOW 27.29 0.339 0.369 0.373 18.2 17.7
16 4235 LIONIND [S] 0.80 0.90 1.05 1.210 1.28 1.43 1.55 0.44 SELL 39.00 0.877 4.295 3.372 30.8 26.9
17 3778 MELEWAR [S] 0.14 0.16 0.18 0.210 0.25 0.29 0.32 1.33 SELL 42.53 0.004 0.074 0.077 36.4 45.5
18 4596 SAPRES [S] 0.67 0.72 0.76 0.795 0.85 0.93 1.01 1.57 BOW 39.84 0.006 0.017 0.019 33.3 15.4
19 9113 SANBUMI [S] 0.09 0.12 0.14 0.195 0.23 0.26 0.29 0.64 BOW 53.78 0.031 0.067 0.045 75.0 50.0

No. Stock Stock Stop-loss Support 2 Support 1 Current price Resistance 1 Resistance 2 Resistance 3 Reward Call RSI Volume (mn Shares) Stochastics
Code Name SL S2 S1 16/Mar R1 R2 R3 Ratio today 5d-avg 20d-avg %K %D
1 7382 GLBHD [S] 0.40 0.45 0.51 0.540 0.60 0.66 0.71 2.00 SELL 39.96 0.018 0.014 0.041 0.0 22.2
2 6998 BINTAI 0.10 0.11 0.12 0.150 0.18 0.19 0.20 1.00 BOW 41.66 0.065 0.041 0.203 50.0 50.0
3 4057 ASIAPAC [S] 0.10 0.12 0.14 0.155 0.18 0.20 0.22 1.67 BOW 45.15 2.334 7.036 2.985 50.0 50.0
4 7315 AHB [S] 0.14 0.16 0.18 0.220 0.24 0.26 0.28 0.50 SELL 49.06 0.340 0.658 0.434 71.4 71.4
5 2429 TANCO [S] 0.08 0.09 0.10 0.115 0.16 0.18 0.21 3.00 BOW 39.26 0.213 0.386 0.502 0.0 0.0
6 6068 PCCS [S] 0.21 0.24 0.26 0.280 0.31 0.35 0.39 1.50 SELL 40.21 0.305 1.523 1.852 25.0 26.5
7 2097 EASTLND [S] 0.12 0.14 0.18 0.210 0.22 0.24 0.26 0.33 SOS 67.97 2.455 11.131 3.728 65.2 75.4
8 2208 PTGTIN [S] 0.26 0.28 0.30 0.330 0.36 0.40 0.43 1.00 SELL 42.23 0.019 0.111 0.045 37.5 45.8
9 8486 LIONFIB [S] 0.54 0.58 0.62 0.635 0.70 0.75 0.81 4.33 SELL 36.75 0.016 0.059 0.035 0.0 12.7
10 3395 BJCORP 0.26 0.28 0.30 0.330 0.35 0.37 0.39 0.67 BOW 48.43 27.465 33.162 14.152 35.7 50.0
11 5145 SEALINK 0.10 0.11 0.12 0.135 0.15 0.16 0.17 1.00 SELL 44.83 0.040 0.010 0.029 25.0 16.7
12 7014 YLI [S] 0.24 0.29 0.34 0.390 0.42 0.46 0.52 0.60 BOW 51.10 0.371 0.254 0.079 47.1 47.1
13 4359 TURIYA [S] 0.10 0.12 0.14 0.185 0.21 0.22 0.24 0.56 SOS 48.09 0.020 0.006 0.014 57.1 47.6
14 4758 ANCOM 0.35 0.40 0.44 0.510 0.60 0.66 0.74 1.29 BOW 48.58 0.398 0.221 0.180 100.0 59.1
15 5657 PARKSON [S] 0.36 0.40 0.42 0.445 0.51 0.55 0.57 2.60 BOW 30.00 0.399 0.259 0.275 10.0 19.7
16 4235 LIONIND [S] 0.80 0.90 1.05 1.130 1.28 1.43 1.55 1.88 SELL 30.76 0.704 1.882 3.103 5.9 13.7
17 3778 MELEWAR [S] 0.14 0.16 0.18 0.210 0.25 0.29 0.32 1.33 SELL 43.98 0.050 0.130 0.078 40.0 46.7
18 4596 SAPRES [S] 0.59 0.67 0.72 0.760 0.80 0.85 0.93 1.00 BOW 35.74 0.010 0.010 0.016 27.3 21.2
19 9113 SANBUMI [S] 0.09 0.12 0.14 0.205 0.23 0.26 0.29 0.38 BOW 56.65 0.704 0.389 0.129 77.8 76.7

Sources: Bloomberg, TA Securities

Legend:
Reward Ratio = (R1 - CP)/ (CP - S1)
Where CP = Current Price
Call:
BUY = outright BUY at current price
BOW = Buy on weakness towards S1
TBUY = Trading or Speculative BUY at current price
LTBUY = Long-Term BUY at current price
SELL = outright SELL at current price
SOS = Sell on strength towards R1
NEUTRAL = sideline, not attractive to buy or sell
TP = Take Profit

Upgrade in price levels shaded dark Green and bold Downgrade in price levels lightly shaded
RSI: The Relative Strength Index (RSI) is used to measure the velocity of a security's price movement to identify overbought and oversold conditions.
RSI reading below 30 indicates an oversold condition, while RSI value greater than 70 indicates overbought condition
Stochastics: measures the velocity of a security's price movement to identify overbought and oversold conditions. The indicator measures current price relative to highs and lows over a time period.
%K = 100*Closing Range/Total Range %D = N-period moving average of %K where N is the %D period parameter.

Page 2 of 2
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Stock Screen

Malaysia End Day Census of 16.03.2018
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

Report Description:
The Weekly Stock Screen is a retail product which can be a very useful guide for momentum trading and trading ideas. The following list is derived from the screening of more
than 1000 stocks currently listed on Bursa Malaysia to identify: the top 20 breakout, 20 breakdown, and 30 ‘potential’ breakout stocks which just climbed above the middle
Bollinger band, with potential to appreciate toward the upper Bollinger band.This report also includes the top 20 overbought, and top 20 oversold stocks.

*Note: To qualify in the list below, the first sorting criteria is stock price must have just climbed or stayed ABOVE the middle Bollinger Band, followed by a second criteria that trading volume
for the day must be significantly strong. This is a good watch list for momentum traders looking for short-term BUY ideas, as they are laggards with good upside potential towards the upper
Bollinger band or higher to TAKE PROFIT/SELL. Caveat: Some stocks may continue to stay range bound and trade sideways, hence traders should refer to their respective daily charts to spot
accumulation (volume growth) or breakout patterns.

[MIDDLE BOLLINGER RANGEBOUND]

List of 30 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL)

Bollinger Band RSI Moving Average

No Stock Name Price Vol 20-day avg vol
Lower Middle Upper 14-day 10-day 30-day 50-day
1 DUTCH LADY MILK INDS BHD 67.50 64.07 67.32 70.57 54.07 68.10 65.84 64.04 81,100 31,325
2 FRASER & NEAVE HOLDINGS BHD 31.82 29.37 30.93 32.48 62.28 31.31 30.47 29.55 1,675,700 474,950
3 PUBLIC BANK BERHAD 23.02 22.11 22.80 23.50 74.95 22.98 22.47 21.86 12,537,300 5,189,825
4 MALAYSIAN PACIFIC INDUSTRIES 9.55 8.34 9.17 10.00 52.82 8.88 9.18 10.29 448,700 369,805
5 PETRONAS GAS BHD 18.00 17.17 17.75 18.34 54.90 17.65 17.74 17.96 2,162,800 608,445
6 HARTALEGA HOLDINGS BHD 11.80 10.79 11.46 12.13 56.23 11.26 11.43 11.32 2,227,100 1,465,570
7 HAP SENG CONSOLIDATED 9.70 9.06 9.48 9.90 63.54 9.60 9.38 9.49 3,566,800 440,320
8 HONG LEONG FINANCIAL GROUP 19.10 18.56 18.93 19.29 56.00 18.93 18.76 18.43 841,500 243,815
9 GENTING MALAYSIA BHD 5.24 4.98 5.21 5.43 50.25 5.16 5.24 5.34 9,669,600 7,382,595
10 K SENG SENG CORP BHD 0.50 0.35 0.47 0.59 55.77 0.52 0.44 0.43 2,217,600 1,613,220
11 SCICOM (MSC) BHD 2.06 1.75 1.95 2.15 65.03 1.99 1.85 1.78 552,000 368,165
12 CIMB GROUP HOLDINGS BHD 7.22 7.08 7.20 7.31 57.58 7.21 7.13 7.00 18,461,000 14,124,430
13 SP SETIA BHD 3.27 3.12 3.24 3.36 53.14 3.19 3.24 3.27 3,879,600 2,458,605
14 IHH HEALTHCARE BHD 6.09 5.95 6.06 6.17 55.34 6.06 6.03 5.99 8,790,300 5,131,405
15 TENAGA NASIONAL BHD 15.68 15.55 15.66 15.76 51.98 15.63 15.69 15.70 14,406,600 7,298,135
16 BERMAZ AUTO BHD 2.21 1.96 2.13 2.29 57.29 2.08 2.15 2.20 6,666,500 2,008,040
17 GAMUDA BHD 5.04 4.92 5.02 5.11 52.48 5.02 5.00 5.03 12,160,900 3,314,810
18 GENTING PLANTATIONS BHD 10.20 9.65 9.95 10.26 57.07 9.99 9.93 10.11 831,100 357,100
19 PETRONAS CHEMICALS GROUP BHD 8.15 7.94 8.08 8.21 59.48 8.04 8.05 8.06 13,434,000 7,293,065
20 PPB GROUP BERHAD 18.54 17.44 18.02 18.59 72.09 18.17 17.79 17.62 3,212,200 714,430
21 AFFIN BANK BHD 2.47 2.37 2.45 2.52 53.57 2.43 2.45 2.42 242,300 173,425
22 ABM FUJ IYA BHD 0.50 0.34 0.45 0.55 54.77 0.46 0.44 0.43 30,700 1,885
23 IRE-TEX CORP BHD 0.20 0.07 0.16 0.25 57.11 0.18 0.15 0.15 8,892,700 3,562,895
24 PAVILION REAL ESTATE INVEST 1.40 1.32 1.38 1.43 46.17 1.39 1.41 1.49 1,041,100 832,000
25 MISC BHD 7.21 6.67 6.96 7.24 58.74 6.92 7.04 7.21 3,949,500 1,343,045
26 EURO HOLDINGS BHD 0.33 0.24 0.30 0.36 64.67 0.30 0.25 0.22 13,297,800 11,002,990
27 DAYANG ENTERPRISE HLDGS BHD 0.83 0.72 0.79 0.86 57.70 0.80 0.77 0.78 8,442,000 3,309,395
28 SIME DARBY PROPERTY BHD 1.45 1.34 1.41 1.48 53.52 1.39 1.44 1.49 17,193,200 3,229,935
29 PROLEXUS BHD 0.75 0.60 0.69 0.77 63.33 0.67 0.65 0.68 1,301,500 664,235
30 HCK CAPITAL GROUP BHD 1.29 1.17 1.24 1.31 55.62 1.25 1.26 1.26 13,000 11,175
Raw data sourced from Bloomberg
INTERPRETATION OF TECHNICAL INDICATORS:
Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term
trend is positive if share price stays above the 30-day, and negative if it remains below this average.

14-day RSI: A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-day SMA
should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day SMA is bearish and imply further
near-term downside risk.

Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend,
traders should buy when share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when
price touches the middle band and sell when price touches the upper band. Momentum traders will buy on price breaks above the upper band, and sell when price
breaks below the lower band. Alternatively, a sharp move that originates at one band tends to go all the way to the other band, a useful observation when
projecting price targets.

Page 1 of 3
*Note: To qualify in the breakout list below, the first sorting criteria is stock price must close ABOVE the upper Bollinger Band, followed by a second criteria that trading volume for the day
must be significantly higher than the 20-day average volume, which signal a bullish breakout. Caveat: We would caution momentum traders that a highly overbought 14-day RSI reading
(> 80) and share price pullback BELOW the upper Bollinger Band are early warning signals to exit buy breakout trades.

[UPPER BOLLINGER BREAKOUT]

Top 20 Breakout Stocks (Generally BULLISH, but can be short-term TAKE PROFIT/SELL guide)

Bollinger Band RSI Moving Average

No Stock Name Price Vol 20-day avg vol
Lower Middle Upper 14-day 10-day 30-day 50-day
1 MWE HOLDINGS BERHAD 1.63 1.17 1.31 1.46 83.86 1.30 1.30 1.32 3,651,100 68,645
2 BORNEO AQUA HARVEST BHD 1.33 0.77 1.02 1.28 86.10 1.08 0.94 0.88 8,817,400 3,611,230
3 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.25 0.23 #N/A N/A 14,500 1,225
4 MAGNI-TECH INDUSTRIES BHD 5.06 4.05 4.53 5.02 63.70 4.39 4.51 4.86 1,972,300 208,025
5 WARISAN TC HOLDINGS BHD 2.15 1.94 2.03 2.12 81.60 2.03 2.01 2.01 20,100 435
6 HOCK HENG STONE INDUSTRIES 0.55 0.30 0.42 0.54 70.06 0.43 0.43 0.44 52,800 85,530
7 MYETF DJ ISLAMIC TITANS 25 1.19 1.14 1.16 1.18 63.40 1.16 1.16 1.14 100 356,045
8 ADVANCE SYNERGY BHD 0.17 0.10 0.13 0.16 74.56 0.13 0.13 0.13 37,150,700 5,945,165
9 ANCOM LOGISTICS BHD 0.12 0.08 0.10 0.11 64.45 0.10 0.10 0.11 9,496,100 98,115
10 TEO SENG CAPITAL BHD 1.02 0.95 0.98 1.02 60.22 0.98 0.97 0.96 1,170,600 323,145
11 PANSAR BHD 0.99 0.76 0.87 0.99 87.32 0.91 0.77 0.64 7,022,600 4,885,350
12 KOMARKCORP BHD 0.21 0.17 0.19 0.21 60.46 0.19 0.19 0.20 1,777,500 536,985
13 ISKANDAR WATERFRONT CITY BHD 1.43 1.28 1.35 1.43 68.96 1.35 1.35 1.37 3,640,500 1,241,325
14 WEIDA M BHD 2.29 2.25 2.27 2.29 73.47 2.27 2.25 2.12 38,100 153,275
15 SC ESTATE BUILDER BHD 0.04 0.03 0.03 0.04 56.64 0.03 0.03 0.03 100,000 465,395
16 GREENYIELD BHD 0.20 0.17 0.18 0.20 56.28 0.18 0.18 0.19 1,209,600 609,275
17 SEG INTERNATIONAL BHD 0.66 0.65 0.65 0.66 53.92 0.65 0.65 0.65 49,400 219,325
18 NEXGRAM HOLDINGS BHD 0.05 0.03 0.04 0.05 68.95 0.04 0.04 0.04 67,353,300 19,022,080
19 PINEHILL PACIFIC BHD 0.21 0.17 0.19 0.21 55.02 0.19 0.20 0.20 441,900 15,465
20 SANBUMI HOLDINGS BHD 0.21 0.16 0.18 0.21 56.65 0.19 0.18 0.19 703,900 129,215
Raw data sourced from Bloomberg
*Note: As for the top 20 breakdown list below, the sole sorting criteria is stock price must close significantly BELOW the lower Bollinger Band, with the largest distance from the lower band
at the top of the table, signaling a severe sell-off which is bearish. Caveat: A stock should bottom out if share price moves ABOVE the falling lower Bollinger Band, which can be a good buy
signal for technical rebound upside after the sharp sell-off.

[LOWER BOLLINGER BREAKDOWN]

Top 20 Breakdown Stocks (Generally BEARISH, but can be short-term BUY guide)

Bollinger Band RSI Moving Average

No Stock Name Price Vol 20-day avg vol
Lower Middle Upper 14-day 10-day 30-day 50-day
1 MANULIFE HOLDINGS BHD 2.95 3.04 3.26 3.48 31.31 3.21 3.28 3.26 1,000 7,135
2 APEX EQUITY HOLDINGS BERHAD 1.06 1.15 1.43 1.71 24.22 1.39 1.47 1.53 767,700 270,920
3 LAFARGE MALAYSIA BHD 4.52 4.60 5.07 5.54 19.39 4.95 5.14 5.51 7,402,600 685,355
4 HAI-O ENTERPRISE BHD 4.76 4.84 5.10 5.37 20.98 5.04 5.17 5.23 645,100 208,710
5 DIGI.COM BHD 4.54 4.59 4.79 4.99 23.60 4.73 4.82 4.84 9,834,700 2,834,845
6 PADINI HOLDINGS BERHAD 4.70 4.74 5.03 5.31 35.41 5.00 5.06 5.12 8,710,800 1,132,480
7 KLCCP STAPLED GROUP 7.60 7.64 7.81 7.97 39.55 7.80 7.81 7.82 940,700 293,615
8 MSM MALAYSIA HOLDINGS BHD 3.59 3.62 3.91 4.20 28.51 3.86 3.98 3.96 18,300 8,045
9 SERN KOU RESOURCES BHD 0.68 0.71 0.79 0.86 27.91 0.79 0.79 0.77 155,000 386,505
10 LII HEN INDUSTRIES BHD 2.96 2.98 3.09 3.19 34.00 3.10 3.05 3.14 285,900 257,120
11 QL RESOURCES BHD 4.80 4.82 4.91 5.00 43.61 4.91 4.88 4.81 1,698,300 710,475
12 TALIWORKS CORP BHD 0.83 0.85 0.90 0.94 24.15 0.89 0.93 1.00 255,500 271,575
13 POWER ROOT BHD 1.41 1.43 1.61 1.79 20.53 1.56 1.65 1.76 309,500 514,900
14 CENTRAL INDUSTRIAL CORP BHD 0.92 0.94 1.01 1.09 34.31 1.00 1.00 1.01 6,000 2,390
15 TEO GUAN LEE CORP BHD 1.01 1.03 1.18 1.34 27.04 1.15 1.24 1.29 1,600 1,000
16 EUROSPAN HOLDINGS BERHAD 0.64 0.65 0.71 0.76 35.54 0.69 0.70 0.71 1,000 1,150
17 ENG KAH CORP BHD 1.10 1.12 1.27 1.42 26.06 1.24 1.31 1.37 600 630
18 YNH PROPERTY BHD 1.36 1.37 1.41 1.45 39.19 1.42 1.41 1.41 320,400 154,535
19 SCGM BHD 1.65 1.66 2.07 2.47 18.95 1.94 2.11 2.22 607,500 192,975
20 IDEAL UNITED BINTANG INTERNA 0.64 0.65 0.69 0.72 39.17 0.70 0.68 0.70 8,000 6,310
Raw data sourced from Bloomberg

Page 2 of 3
*Note: The list below is the 20 most overbought of the 1000 over Bursa Malaysia listed stocks with 14-day RSI above 80. It is generally a bearish or SELL list, especially if the readings
approach 90. Caveat: The list consists of fundamentally sound stocks, and hence are long-term BUY or HOLD stocks.
TOP 20 OVERBOUGHT STOCKS
(Generally BEARISH short-term, but are LONG-TERM BUY or HOLD)

Bollinger Band RSI Moving Average

No Stock Name Price Vol 20-day avg vol
Lower Middle Upper 14-day 10-day 30-day 50-day
1 PANSAR BHD 0.99 0.76 0.87 0.99 87.32 0.91 0.77 0.64 7,022,600 4,885,350
2 BORNEO AQUA HARVEST BHD 1.33 0.77 1.02 1.28 86.10 1.08 0.94 0.88 8,817,400 3,611,230
3 MWE HOLDINGS BERHAD 1.63 1.17 1.31 1.46 83.86 1.30 1.30 1.32 3,651,100 68,645
4 WARISAN TC HOLDINGS BHD 2.15 1.94 2.03 2.12 81.60 2.03 2.01 2.01 20,100 435
5 NWP HOLDINGS BHD 0.32 0.02 0.19 0.37 77.82 0.25 0.16 0.15 29,195,300 29,390,560
6 YKGI HOLDINGS BHD 0.39 0.19 0.31 0.44 75.88 0.36 0.26 0.23 2,846,700 6,136,730
7 PUBLIC BANK BERHAD 23.02 22.11 22.80 23.50 74.95 22.98 22.47 21.86 12,537,300 5,189,825
8 ADVANCE SYNERGY BHD 0.17 0.10 0.13 0.16 74.56 0.13 0.13 0.13 37,150,700 5,945,165
9 KRETAM HOLDINGS BHD 0.85 0.83 0.85 0.86 74.32 0.85 0.81 0.73 468,700 5,099,700
10 CLOUDARON GROUP BHD 0.35 0.16 0.23 0.30 74.32 0.25 0.23 NA 14,500 1,225
11 WEIDA M BHD 2.29 2.25 2.27 2.29 73.47 2.27 2.25 2.12 38,100 153,275
12 LCTH CORP BHD 0.57 0.56 0.56 0.57 73.01 0.57 0.56 0.55 440,400 738,995
13 PPB GROUP BERHAD 18.54 17.44 18.02 18.59 72.09 18.17 17.79 17.62 3,212,200 714,430
14 HOCK HENG STONE INDUSTRIES 0.55 0.30 0.42 0.54 70.06 0.43 0.43 0.44 52,800 85,530
15 ISKANDAR WATERFRONT CITY BHD 1.43 1.28 1.35 1.43 68.96 1.35 1.35 1.37 3,640,500 1,241,325
16 NEXGRAM HOLDINGS BHD 0.05 0.03 0.04 0.05 68.95 0.04 0.04 0.04 67,353,300 19,022,080
17 LEE SWEE KIAT GROUP BHD 0.74 0.49 0.64 0.79 68.39 0.70 0.57 0.51 791,700 1,871,685
18 EASTLAND EQUITY BHD 0.21 0.09 0.16 0.22 67.97 0.17 0.15 0.15 2,455,100 3,727,715
19 LOTTE CHEMICAL TITAN HOLDING 6.19 4.89 5.71 6.53 67.78 5.98 5.53 5.34 1,538,900 3,484,670
20 GEORGE KENT (MALAYSIA) BHD 4.41 3.95 4.24 4.52 67.78 4.26 4.09 3.95 1,143,200 1,502,230
Raw data sourced from Bloomberg
*Note: The list below is the 20 of the most oversold of the 1000 over Bursa Malaysia listed stocks with 14-day RSI close to and below 30, the level below which is considered oversold. It is
generally a short-term bullish or BUY list for technical rebound gains, especially if the readings are below 20. Caveat: The list consists of fundamentally weak stocks, and hence could be
an AVOID list.
TOP 20 OVERSOLD STOCKS
(Generally BULLISH short-term, but AVOID fundamentally weak stocks)
Bollinger Band RSI Moving Average
No Stock Name Price Vol 20-day avg vol
Lower Middle Upper 14-day 10-da y 30-day 50-day
1 UNITED U-LI CORP BHD 2.15 1.97 2. 55 3.12 13.36 2. 34 2. 77 3.01 61, 200 77,850
2 PERAK CORP BHD 0.75 0.63 1. 02 1.40 13.79 0. 86 1. 12 1.20 102, 900 26,790
3 MAH SING GROUP BHD 1.05 1.05 1. 17 1.29 17.29 1. 14 1. 23 1.33 49, 678, 100 2,907,010
4 TITIJ AYA LAND BHD 0.57 0.54 0. 62 0.71 17.52 0. 59 0. 64 0.66 124, 100 839,775
5 TASEK CORP BHD 8.20 8.06 8. 73 9.40 18.00 8. 49 9. 06 10.16 2, 800 7,825
6 MEXTER TECHNOLOGY BHD 0.42 0.41 0. 50 0.59 18.27 0. 47 0. 52 0.56 2, 586, 800 160,320
7 SCGM BHD 1.65 1.66 2. 07 2.47 18.95 1. 94 2. 11 2.22 607, 500 192,975
8 ARK RESOURCES BHD 0.34 0.32 0. 39 0.46 18.96 0. 36 0. 40 0.43 35, 800 1,890
9 APPASIA BHD 0.25 0.25 0. 32 0.39 19.03 0. 30 0. 33 0.35 891, 100 746,370
10 ONLY WORLD GROUP HOLDINGS BH 1.13 1.12 1. 27 1.41 19.06 1. 22 1. 30 1.36 726, 600 209,575
11 TA WIN HOLDINGS BHD 0.66 0.55 0. 84 1.13 19.22 0. 73 0. 91 1.00 1, 702, 300 1,339,285
12 LAFARGE MALAYSIA BHD 4.52 4.60 5. 07 5.54 19.39 4. 95 5. 14 5.51 7, 402, 600 685,355
13 TOWER REAL ESTATE INVES TMENT 1.05 1.03 1. 11 1.19 20.12 1. 08 1. 14 1.17 40, 000 29,655
14 SHH RESOURCES HOLDINGS BHD 0.95 0.89 1. 04 1.19 20.42 0. 99 1. 10 1.16 62, 600 30,300
15 POWER ROOT BHD 1.41 1.43 1. 61 1.79 20.53 1. 56 1. 65 1.76 309, 500 514,900
16 GADANG HOLDINGS BHD 0.94 0.93 1. 02 1.11 20.66 0. 99 1. 05 1.08 568, 400 999,170
17 HAI-O ENTERPRIS E BHD 4.76 4.84 5. 10 5.37 20.98 5. 04 5. 17 5.23 645, 100 208,710
18 MIKRO MS C BHD 0.35 0.34 0. 38 0.42 21.88 0. 36 0. 39 0.41 353, 300 423,255
19 OCEANCASH PACIFIC BHD 0.50 0.48 0. 55 0.62 22.64 0. 53 0. 56 0.62 239, 300 178,605
20 CENTURY LOGIS TICS HOLDINGS B 0.77 0.71 0. 83 0.95 23.29 0. 78 0. 86 0.93 71, 200 500,610
Raw data sourced from Bloomberg

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.
As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 3 of 3
 Monday, 19 March, 2018

TA RESEARCH’S ‘DAILY COMPILED REPORTS’

For Internal Circulation Only

Fo re i gn Te ch n ic al R e p o rt s

1. Fore i gn Te ch n i ca l St o c k W at ch ( A US )

2. Fore i gn Te ch n i ca l St o c k W at ch ( HK )

3. Fore i gn Te ch n i ca l St o c k W at ch ( F SS T I )

4. Fore i gn Te ch n i ca l St o c k W at ch ( U S)

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad

Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Stock Picks

Australia
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

NEWCREST MINING AUD19.73

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper AUD 23.01 10-day AUD 21.08
Middle AUD 21.49 30-day AUD 21.78
Lower AUD 19.98 50-day AUD 22.27
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL

FORTESCUE METALS AUD4.78

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper AUD 5.44 10-day AUD 4.78
Middle AUD 4.98 30-day AUD 5.01
Lower AUD 4.52 50-day AUD 5.07
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL

Page 1 of 5
 19-Mar-18

ALUMINA AUD2.35

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper AUD 3.39 10-day AUD 2.31
Middle AUD 2.30 30-day AUD 2.30
Lower AUD 2.21 50-day AUD 2.37
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

QANTAS AIRWAYS AUD5.93

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper AUD 6.22 10-day AUD 5.88
Middle AUD 5.71 30-day AUD 5.53
Lower AUD 5.20 50-day AUD 5.37
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

Page 2 of 5
 19-Mar-18
WEEKLY FOREIGN STOCK WATCH UPDATE
The table below consists of the top 30 ASX 200 Index component stocks, weighted by market capitalization in descending order, with some popular technical indicators. Some other
popularly traded stocks are included at the bottom section.

The technical BUY/SELL signals on the last two columns are auto generated.

Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD
Change High Low
Name 16-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal
AS X 200 5949.42 28.57 5952.70 5920.90 5872.66 5959.53 6046.41 45.69 5942.15 5940.13 5988.51 26.01 27.63 13.07 (1.62) -6.97 -6.83 (0.147) SELL SELL

BHP BILLITON 29.16 0.30 29.22 28.94 27.87 29.88 31.89 42.33 29.01 29.91 30.28 28.85 39.76 15.26 (10.92) -0.44 -0.29 (0.148) SELL SELL
RIO TINTO 76.62 0.56 77.04 76.10 72.22 78.12 84.01 45.83 75.38 78.10 78.41 21.08 34.11 25.87 (13.03) -1.06 -0.65 (0.412) SELL SELL
COMMONW BK AUS TR 75.34 -0.44 76.25 75.03 73.72 75.72 77.71 45.44 76.14 76.06 77.69 25.87 31.24 14.65 (5.37) -0.19 -0.42 0.226 SELL BUY
WES TPAC BANKING 29.52 -0.16 29.78 29.47 29.59 30.33 31.08 36.41 30.15 30.40 30.69 20.35 35.54 16.30 (15.18) -0.21 -0.16 (0.049) SELL SELL
AUS T AND NZ BANK 28.03 -0.02 28.18 27.79 27.75 28.42 29.09 42.90 28.40 28.30 28.43 18.45 31.39 16.66 (12.94) -0.01 0.02 (0.031) SELL SELL
NATL AUS T BANK 29.51 -0.16 29.80 29.26 29.17 29.91 30.64 47.86 30.06 29.56 29.48 25.54 29.51 17.46 (3.97) 0.19 0.22 (0.026) SELL SELL
WES FARMERS 43.80 2.60 44.24 42.99 40.20 41.17 42.13 47.29 40.96 41.20 42.31 20.99 23.15 21.02 (2.17) -0.33 -0.40 0.073 SELL BUY
WOODS IDE PETRO 28.56 -0.07 28.84 28.50 27.93 28.91 29.89 38.18 28.77 30.05 31.45 18.23 29.96 26.01 (11.73) -0.73 -0.85 0.125 SELL BUY
NEWCRES T MINING 19.73 -0.14 19.92 19.58 19.98 21.49 23.01 29.72 21.08 21.78 22.27 16.59 42.94 22.99 (26.35) -0.55 -0.37 (0.174) SELL SELL
WES TFIELD GROUP 8.57 0.00 8.59 8.50 8.48 8.66 8.84 40.82 8.65 8.72 8.91 13.62 35.18 34.29 (21.56) -0.08 -0.07 (0.005) SELL SELL
FORTES CUE METALS 4.78 0.00 4.84 4.75 4.52 4.98 5.44 41.97 4.78 5.01 5.07 16.00 28.57 24.05 (12.57) -0.10 -0.07 (0.025) SELL SELL
QBE INS URANCE 9.77 -0.22 10.00 9.77 9.63 10.21 10.79 39.90 9.96 10.30 10.44 14.29 25.66 34.02 (11.38) -0.15 -0.15 (0.004) SELL SELL
ORIGIN ENERGY 8.84 0.18 8.87 8.65 8.51 8.94 9.37 42.75 8.76 8.89 9.08 22.17 31.23 14.53 (9.05) -0.09 -0.08 (0.015) SELL SELL
AMP 5.25 0.03 5.28 5.19 5.18 5.31 5.45 43.85 5.34 5.27 5.24 20.40 28.78 14.75 (8.38) 0.02 0.03 (0.010) SELL SELL
S ANTOS 4.89 0.00 4.94 4.87 4.81 5.00 5.19 43.88 4.93 5.00 5.13 21.72 30.23 12.72 (8.51) -0.05 -0.05 (0.005) SELL SELL
MACQUARIE GROUP 104.90 -0.94 106.16 104.24 100.86 103.75 106.64 59.42 104.47 103.19 102.85 28.41 24.74 10.92 3.66 0.94 0.64 0.300 BUY BUY
S UNCORP GROUP 13.63 -0.05 13.77 13.59 13.11 13.60 14.08 51.71 13.79 13.50 13.57 27.32 24.02 18.28 3.30 0.09 0.07 0.020 BUY BUY
ORICA 18.30 -0.14 18.47 18.26 17.88 18.55 19.21 47.76 18.41 18.55 18.65 25.11 26.87 16.35 (1.76) -0.01 -0.04 0.029 SELL BUY
OIL S EARCH 7.07 -0.02 7.17 7.07 6.92 7.32 7.73 37.63 7.14 7.38 7.56 16.11 31.31 22.20 (15.21) -0.13 -0.11 (0.019) SELL SELL
COCA-COLA AMATIL 8.78 0.03 8.87 8.72 8.53 8.82 9.10 51.36 8.87 8.65 8.51 26.66 23.31 27.68 3.35 0.11 0.13 (0.017) BUY SELL
AMCOR 14.34 0.04 14.34 14.18 13.81 14.11 14.40 51.47 14.16 14.21 14.43 21.43 20.51 21.41 0.92 -0.05 -0.10 0.048 BUY BUY
S TOCKLAND 4.15 0.05 4.15 4.10 3.96 4.05 4.15 51.61 4.07 4.04 4.14 27.20 19.82 15.46 7.38 -0.01 -0.03 0.016 BUY BUY
ALUMINA 2.35 0.06 2.36 2.27 2.21 2.30 2.39 47.08 2.31 2.30 2.37 22.33 22.83 13.55 (0.49) -0.01 -0.01 0.006 SELL BUY
COMPUTERS HARE 17.78 0.10 17.91 17.64 17.32 17.78 18.25 54.23 17.63 17.39 17.01 26.19 25.33 13.82 0.86 0.19 0.24 (0.049) BUY SELL
QANTAS AIR WAYS 5.93 -0.06 6.00 5.92 5.20 5.71 6.22 66.31 5.88 5.53 5.37 34.00 11.95 35.72 22.05 0.18 0.17 0.014 BUY BUY
S IMS METAL MGMT 15.86 0.28 15.95 15.60 15.36 16.56 17.76 36.68 16.03 16.49 16.77 17.86 33.34 20.61 (15.47) -0.25 -0.12 (0.132) SELL SELL

INTERPRETATION OF TECHNICAL INDICATORS:

Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.

14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-
day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.

Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it
breaches below this level.

Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.

Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day
EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the
MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.

Page 3 of 5
 19-Mar-18

Fundamentals of Foreign Technical Picks

Bloomberg Target EPS ($) PER(x) Div Yield(%) 52week Price % Chg
Stock Name Close % upside
Ticker Price 2017 2018 2017 2018 2017 2018 High Low YTD
BHP AU BHP BILLITON LTD 29.16 30.48 4% 1.69 1.44 13.5 15.8 3.831 3.350 32.16 22.06 -1.39
RIO AU RIO TINTO LTD 76.62 79.82 4% 4.75 4.34 12.6 13.8 3.747 3.431 82.73 56.72 1.07
CBA AU COMMONW BK AUS TR 75.34 80.28 6% 5.62 5.85 13.4 12.9 5.758 5.936 87.74 73.20 -6.22
WBC AU WE S TPAC BANKING 29.52 33.39 12% 2.47 2.48 12.0 11.9 6.487 6.629 35.39 29.40 -5.84
ANZ AU AUS T AND NZ BANK 28.03 30.61 8% 2.35 2.42 11.9 11.6 5.733 5.862 32.95 27.18 -2.47
NAB AU NATL AUS T BANK 29.51 32.40 9% 2.28 2.47 12.9 11.9 6.710 6.652 34.09 28.01 -0.20
WE S AU WE S FARMERS LTD 43.80 42.29 -4% 2.43 2.48 18.0 17.7 4.959 5.034 45.60 39.52 -1.40
WP L AU WOODS IDE PETRO 28.56 33.34 14% 1.51 1.49 14.8 14.9 4.072 3.957 34.59 27.85 -12.70
NCM AU NEWCRE S T MINING 19.73 21.80 9% 0.45 0.91 34.0 16.9 0.872 1.323 25.33 19.26 -13.54
WFD AU WE S TFIELD GROUP 8.57 9.58 11% 0.35 0.38 19.2 17.7 3.069 3.162 9.77 7.28 -9.69
FMG AU FORTES CUE METALS 4.78 5.47 13% 0.46 0.42 8.1 8.9 5.167 5.335 6.83 4.52 -2.05
QBE AU QBE INS URANCE 9.77 11.07 12% 0.55 0.67 14.0 11.4 3.675 4.422 13.62 9.65 -8.52
ORG AU ORIGIN ENE RGY 8.84 9.69 9% 0.60 0.75 14.6 11.8 0.362 2.421 9.78 6.52 -6.16
AMP AU AMP LTD 5.25 5.45 4% 0.35 0.37 15.0 14.2 5.619 5.829 5.49 4.75 1.16
S TO AU S ANTOS LTD 4.89 5.18 6% 0.23 0.25 16.3 15.6 0.491 1.350 5.67 2.87 -10.28
MQG AU MACQUARIE GROUP 104.90 105.02 0% 7.36 7.73 14.3 13.6 4.834 5.156 107.68 82.28 5.29
S UN AU S UNCORP GROUP LT 13.63 14.04 3% 0.79 0.97 17.2 14.0 5.297 5.613 15.24 12.43 -1.66
ORI AU ORICA LTD 18.30 17.67 -4% 0.94 1.12 19.4 16.4 2.694 3.175 21.39 16.91 1.10
OS H AU OIL S EARCH LTD 7.07 7.93 11% 0.26 0.28 21.1 19.4 1.697 1.810 8.13 6.15 -9.24
CCL AU COCA-COLA AMATIL 8.78 8.50 -3% 0.54 0.55 16.4 15.8 5.091 5.194 10.87 7.52 3.17
AMC AU AMCOR LTD 14.34 15.39 7% 0.65 0.71 17.2 15.8 3.243 3.619 16.78 13.71 -7.00
S GP AU S TOCKLAND 4.15 4.53 8% 0.33 0.35 12.5 11.8 6.434 6.675 4.98 3.92 -7.37
AWC AU ALUMINA LTD 2.35 2.38 1% 0.14 0.12 13.1 15.0 5.830 5.447 2.60 1.67 -3.29
CP U AU COMP UTERS HARE LT 17.78 16.43 -8% 0.64 0.72 21.8 19.3 1.811 1.969 18.36 13.19 9.08
QAN AU QANTAS AIRWAYS 5.93 6.55 9% 0.62 0.64 9.6 9.2 2.378 2.445 6.53 3.74 17.66
S GM AU S IMS METAL MGMT 15.86 16.37 3% 0.97 1.07 16.3 14.8 3.247 3.487 18.05 11.28 0.57

Note: The above data is based on Bloomberg consensus

Page 4 of 5
 19-Mar-18
LIST OF RECOMMENDED BUY STOCKS FROM JUNE 2016 TO CURRENT

Stock REC BUY 16-Mar-18 Change Upside Targets % Upside

Date Price Price (+/-) pct ST MT LT ST MT LT
AMCOR LTD 17-Jun 14.29 14.34 0.05 0.35 15.64 16.07 16.78 9.07 12.06 17.02
AMCOR LTD 12-Sep 15.56 14.34 (1.22) (7.84) 15.64 16.07 16.78 9.07 12.06 17.02
AMCOR LTD 7-Nov 14.89 14.34 (0.55) (3.69) 15.64 16.07 16.78 9.07 12.06 17.02
AUSTRALIA & NZ BANK 25-Nov 28.33 28.03 (0.30) (1.06) 31.37 33.61 37.00 11.92 19.91 32.00
AUSTRALIA & NZ BANK 12-May 29.30 28.03 (1.27) (4.33) 31.37 33.61 37.00 11.92 19.91 32.00
BHP BILLITON 21-Oct 22.85 29.16 6.31 27.61 31.14 34.41 36.43 6.79 18.00 24.93
BHP BILLITON 26-May 24.50 29.16 4.66 19.02 31.14 34.41 36.43 6.79 18.00 24.93
BHP BILLITON 6-Sep 27.62 29.16 1.54 5.58 31.14 34.41 36.43 6.79 18.00 24.93
BHP BILLITON 3-Nov 27.35 29.16 1.81 6.62 31.14 34.41 36.43 6.79 18.00 24.93
COCA-COLA AMMATIL 9-Nov 8.15 8.78 0.63 7.73 9.58 10.07 10.86 9.11 14.69 23.69
FORTESCUE 7-Mar 4.81 4.78 (0.03) (0.62) 5.04 5.45 5.90 5.44 14.02 23.43
MACQUARIE 13-Oct 83.67 104.90 21.23 25.37 113.51 118.45 122.44 8.21 12.92 16.72
NATIONAL AUSTRALIA BANK 7-Dec 29.46 29.51 0.05 0.17 30.68 31.20 32.00 3.96 5.73 8.44
NEWCREST MINING 31-May 21.17 19.73 (1.44) (6.80) 20.49 21.77 23.05 3.85 10.34 16.83
OIL SEARCH 28-Apr 7.30 7.07 (0.23) (3.15) 7.70 8.36 9.02 8.91 18.25 27.58
OIL SEARCH 15-Sep 6.78 7.07 0.29 4.28 7.70 8.36 9.02 8.91 18.25 27.58
ORIGIN ENERGY 31-Jan 9.43 8.84 (0.59) (6.26) 9.22 9.78 10.90 4.30 10.63 23.30
QANTAS AIRWAYS 2-Sep 3.27 5.93 2.66 81.35 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 9-Nov 2.98 5.93 2.95 98.99 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 21-Dec 3.37 5.93 2.56 75.96 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 4-Jan 3.38 5.93 2.55 75.44 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 16-Feb 3.47 5.93 2.46 70.89 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 21-Nov 5.77 5.93 0.16 2.77 6.08 6.53 7.44 2.53 10.12 25.46
QANTAS AIRWAYS 16-Mar 5.99 5.93 (0.06) (1.00) 6.08 6.53 7.44 2.53 10.12 25.46
QBE INSURANCE 7-Sep 9.77 9.77 0.00 0.00 10.58 11.42 12.11 8.29 16.89 23.95
QBE INSURANCE 22-Aug 10.76 9.77 (0.99) (9.20) 10.58 11.42 12.11 8.29 16.89 23.95
QBE INSURANCE 24-Jan 10.43 9.77 (0.66) (6.33) 10.58 11.42 12.11 8.29 16.89 23.95
RIO TINTO 7-Oct 52.21 76.62 24.41 46.75 83.16 88.08 92.06 8.54 14.96 20.15
RIO TINTO 28-Feb 62.49 76.62 14.13 22.61 83.16 88.08 92.06 8.54 14.96 20.15
RIO TINTO 4-Apr 60.01 76.62 16.61 27.68 83.16 88.08 92.06 8.54 14.96 20.15
RIO TINTO 8-Sep 68.75 76.62 7.87 11.45 83.16 88.08 92.06 8.54 14.96 20.15
SANTOS 23-Sep 3.69 4.89 1.20 32.52 5.01 5.67 6.33 2.45 15.95 29.45
SIMS METAL 11-Oct 13.61 15.86 2.25 16.53 16.32 18.05 19.77 2.90 13.81 24.65
STOCKLAND 18-Jan 4.38 4.15 (0.23) (5.25) 4.24 4.40 4.78 2.17 6.02 15.18
STOCKLAND 29-Nov 4.68 4.15 (0.53) (11.32) 4.24 4.40 4.78 2.17 6.02 15.18
STOCKLAND 16-May 4.72 4.15 (0.57) (12.08) 4.24 4.40 4.78 2.17 6.02 15.18
STOCKLAND 16-Jan 4.28 4.15 (0.13) (3.04) 4.24 4.40 4.78 2.17 6.02 15.18
SUNCORP GROUP 1-Nov 11.97 13.63 1.66 13.87 15.24 16.46 17.21 11.81 20.76 26.27
SUNCORP GROUP 25-Aug 12.89 13.63 0.74 5.74 15.24 16.46 17.21 11.81 20.76 26.27
WESFARMERS 1-Aug 40.73 43.80 3.07 7.54 46.06 48.26 49.62 5.16 10.18 13.29
WESTFIELD CORP 23-Feb 9.01 8.57 (0.44) (4.88) 9.21 9.95 11.14 7.47 16.10 29.99
WESTFIELD CORP 28-Aug 7.41 8.57 1.16 15.65 9.21 9.95 11.14 7.47 16.10 29.99
WESTFIELD CORP 3-Oct 7.85 8.57 0.72 9.17 9.21 9.95 11.14 7.47 16.10 29.99
WESTPAC BANKING 25-Oct 30.57 29.52 (1.05) (3.43) 31.48 33.54 35.39 6.64 13.62 19.88
WESTPAC BANKING 22-Mar 34.32 29.52 (4.80) (13.99) 31.48 33.54 35.39 6.64 13.62 19.88
WESTPAC BANKING 14-Nov 32.45 29.52 (2.93) (9.03) 31.48 33.54 35.39 6.64 13.62 19.88
WESTPAC BANKING 6-Jul 31.12 29.52 (1.60) (5.14) 31.48 33.54 35.39 6.64 13.62 19.88
WOODSIDE 8-Feb 31.60 28.56 (3.04) (9.62) 30.04 31.57 33.46 5.18 10.54 17.16
WOODSIDE 16-Nov 30.89 28.56 (2.33) (7.54) 30.04 31.57 33.46 5.18 10.54 17.16

Total funds invested * 994,280 Upside Targets **

Total unrealised profit 98,740 ST = Short Term (one month)
Return 9.93% MT = Medium Term (three months)
LT = Long Term (above six months)

* The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision

** Upside Targets are derived from the subsequent Fibonacci Projection levels

The above table is a performance summary of our top BUY recommendations from JUNE 2016 to current (sorted by name) together with upside targets, which are taken from
subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date.

Interpretation:
Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value
indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 5 of 5
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Stock Picks

Hong Kong
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

CHINA COAL HKD3.51

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper HKD 3.70 10-day HKD 3.58
Middle HKD 3.60 30-day HKD 3.66
Lower HKD 3.49 50-day HKD 3.77
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

ALUMINUM CORP OF CHINA HKD4.61

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper HKD 5.03 10-day HKD 4.61
Middle HKD 4.73 30-day HKD 4.80
Lower HKD 4.44 50-day HKD 5.17
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

Page 1 of 5
 19-Mar-18

COSCO SHIPPING PORTS HKD7.27

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper HKD 7.65 10-day HKD 7.24
Middle HKD 7.36 30-day HKD 7.46
Lower HKD 7.06 50-day HKD 7.78
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

SANDS CHINA HKD44.60

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper HKD 46.54 10-day HKD 44.29
Middle HKD 44.34 30-day HKD 44.05
Lower HKD 42.13 50-day HKD 44.11
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

Page 2 of 5
 19-Mar-18

WEEKLY FOREIGN STOCK WATCH UPDATE

The table below consists of the 45 HKSE Hang Seng Index component stocks, sorted by market capitalization in descending order, with some popular technical indicators. Some other
popularly traded stocks are included at the bottom section.

The technical BUY/SELL signals on the last two columns are auto generated.

Clos e Bollinger Bands RSI Moving Averages DMI MACD DMI MACD
Change High Low
Name 16-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent S ignal
HANG S E NG 31,461.04 (80.06) 31,564.78 31,337.45 30,044.43 30,991.29 31,938.14 55.29 30,900.01 31,012.62 31,345.55 25.00 21.30 17.44 3.70 57.42 -59.40 116.82 BUY BUY

HS B C 76.85 0.45 77.35 76.25 74.01 78.36 82.72 36.68 76.60 79.39 81.14 16.04 37.45 36.03 (21.41) -1.34 -1.33 (0.01) SELL SELL
CH MOB ILE 72.10 0.15 72.20 71.55 69.97 72.85 75.73 37.79 71.60 74.56 76.69 17.94 30.22 31.03 (12.28) -1.47 -1.63 0.16 SELL BUY
CCONB 8.46 (0.03) 8.50 8.41 7.84 8.29 8.73 56.17 8.22 8.31 8.25 28.16 18.80 18.91 9.36 0.05 0.02 0.04 BUY BUY
ICB C 6.89 (0.11) 6.96 6.87 6.60 6.90 7.20 53.73 6.87 6.92 6.91 25.28 19.99 15.93 5.29 0.03 0.00 0.03 BUY BUY
CNOOC 11.16 (0.12) 11.22 11.10 10.87 11.32 11.77 47.05 11.21 11.46 11.81 23.04 26.72 11.09 (3.68) -0.11 -0.14 0.03 SELL BUY
CH LIF E 23.10 (0.25) 23.40 23.00 22.64 23.25 23.87 45.88 23.12 23.76 24.45 16.02 22.48 27.89 (6.46) -0.33 -0.43 0.10 SELL BUY
B OC 4.38 (0.03) 4.42 4.35 4.13 4.33 4.52 55.05 4.29 4.36 4.34 27.07 17.30 16.20 9.77 0.01 -0.01 0.02 BUY BUY
S HK P R OP 129.50 (0.70) 130.10 128.90 125.05 128.74 132.43 53.40 129.08 128.40 130.62 18.24 17.81 14.57 0.42 0.13 -0.19 0.31 BUY BUY
P E TR O CH 5.33 (0.04) 5.34 5.28 5.22 5.43 5.64 43.54 5.36 5.55 5.71 16.41 30.12 23.60 (13.71) -0.09 -0.10 0.01 SELL BUY
TE NCE NT 467.20 (1.40) 472.80 465.20 424.19 447.06 469.93 61.18 447.88 441.42 444.34 28.77 17.66 16.19 11.11 5.96 2.96 3.00 BUY BUY
HKS E 282.60 (7.00) 288.80 281.80 273.02 284.69 296.36 55.23 285.30 281.47 281.44 21.29 19.51 14.99 1.78 3.10 2.75 0.34 BUY BUY
CK HUTCHIS ON 98.85 0.25 99.05 97.80 95.44 98.03 100.61 49.58 97.41 99.27 100.17 26.91 27.42 19.33 (0.51) -0.57 -0.81 0.24 SELL BUY
P ING AN 89.90 0.95 90.90 88.05 81.11 84.97 88.82 58.23 84.53 85.18 86.64 24.70 18.80 14.78 5.90 0.14 -0.43 0.57 BUY BUY
S INOP E C COR P 6.44 (0.03) 6.49 6.35 6.07 6.34 6.60 54.48 6.34 6.37 6.43 23.87 20.81 13.38 3.05 0.02 -0.01 0.02 BUY BUY
CH S HE NHUA 21.70 (0.15) 21.85 21.50 20.84 22.10 23.36 47.33 21.70 22.46 22.53 21.05 19.91 15.90 1.15 -0.16 -0.18 0.02 BUY BUY
CLP 79.15 0.25 79.30 78.55 76.09 78.14 80.18 54.61 78.65 78.00 78.37 16.49 20.99 17.10 (4.50) 0.20 0.11 0.09 SELL BUY
LI & F UNG 4.19 0.08 4.22 4.08 3.80 4.02 4.25 56.12 4.10 3.97 4.04 22.93 17.17 21.04 5.76 0.06 0.03 0.02 BUY BUY
B OC HK 39.80 (0.25) 39.90 39.70 38.53 39.38 40.23 57.84 39.33 39.02 39.70 21.59 14.85 15.75 6.75 0.10 -0.03 0.13 BUY BUY
HS BANK 187.50 (1.50) 188.50 187.20 182.30 190.75 199.20 50.82 187.67 187.20 188.32 25.38 25.48 20.79 (0.10) 0.19 0.40 (0.21) SELL SELL
HK&CH GAS 16.04 0.06 16.10 15.82 14.81 15.44 16.06 70.92 15.61 15.32 15.36 32.52 13.73 22.74 18.78 0.17 0.10 0.07 BUY BUY
S WIR E 81.65 0.80 82.55 81.05 73.92 77.87 81.82 65.37 78.77 77.17 77.30 27.92 17.46 20.12 10.46 0.97 0.65 0.31 BUY BUY
HL P R OP 18.70 (0.16) 18.96 18.70 18.34 18.76 19.17 47.48 18.77 19.03 19.60 13.55 21.33 26.58 (7.78) -0.15 -0.22 0.07 SELL BUY
WHAR F 27.90 (0.30) 28.30 27.85 27.79 29.21 30.63 41.35 29.26 29.43 30.27 19.53 26.17 15.74 (6.63) -0.26 -0.15 (0.10) SELL SELL
CH OV LAND 28.15 0.25 28.40 27.45 27.14 27.99 28.83 48.92 27.75 28.16 28.65 24.90 21.31 12.75 3.59 -0.15 -0.17 0.02 BUY BUY
P OWE R AS S E TS 71.45 2.50 73.95 68.75 64.76 67.19 69.61 59.96 68.17 67.04 66.91 24.56 13.30 27.54 11.26 0.63 0.39 0.24 BUY BUY
HE NDE R S ON 52.45 0.40 52.85 51.80 49.46 50.91 52.36 57.14 51.23 51.12 51.86 18.49 20.90 18.42 (2.41) 0.09 -0.13 0.22 SELL BUY
B OCOMM 6.28 (0.05) 6.35 6.24 6.14 6.32 6.51 49.80 6.30 6.37 6.36 23.16 18.29 15.19 4.87 0.00 -0.01 0.01 BUY BUY
CH COAL 3.51 (0.07) 3.60 3.49 3.49 3.60 3.70 46.13 3.58 3.66 3.77 18.69 16.40 14.33 2.29 -0.04 -0.05 0.01 BUY BUY
CH UNICOM 9.68 0.14 9.81 9.65 9.30 9.89 10.48 35.06 9.63 10.26 10.62 14.93 32.40 37.55 (17.46) -0.31 -0.32 0.01 SELL BUY
B K E AS IA 33.20 (0.40) 33.70 33.10 32.35 33.86 35.36 49.40 33.70 33.33 33.61 20.77 23.29 17.23 (2.52) 0.09 0.13 (0.04) SELL SELL
E S P R IT 3.01 0.00 3.04 3.00 2.95 3.08 3.21 31.17 3.03 3.09 3.46 17.29 28.53 34.78 (11.24) -0.11 -0.13 0.02 SELL BUY
MTR 43.60 (0.35) 43.90 43.50 39.65 41.83 44.01 65.43 42.21 42.07 43.45 31.29 16.61 36.71 14.69 0.10 -0.36 0.47 BUY BUY
S INO LAND 13.86 (0.22) 14.10 13.84 13.03 13.73 14.43 55.45 13.98 13.65 13.81 23.07 24.04 10.56 (0.97) 0.15 0.09 0.07 SELL BUY
CH R E S 33.70 (0.15) 34.00 33.15 28.40 31.42 34.45 65.80 32.37 30.60 30.54 29.72 12.96 22.92 16.76 1.08 0.79 0.30 BUY BUY
NE W WOR LD 11.88 (0.28) 12.08 11.88 11.42 11.85 12.28 57.22 11.93 11.84 12.07 21.73 15.45 15.31 6.28 0.05 -0.01 0.06 BUY BUY
CH R E S LAND 28.80 0.35 29.25 28.00 26.80 28.67 30.54 50.21 28.00 29.01 28.51 21.88 18.57 19.02 3.32 -0.13 -0.08 (0.06) BUY SELL
CH ME R CHANT 18.08 (0.06) 18.22 17.96 17.72 18.35 18.97 41.09 18.18 18.51 19.47 19.04 28.15 25.65 (9.11) -0.29 -0.38 0.09 SELL BUY
CH R E S P OWE R 13.96 (0.02) 14.08 13.90 13.07 13.63 14.19 55.42 13.77 13.66 13.92 23.96 19.94 12.73 4.02 0.03 -0.05 0.08 BUY BUY
ALCOR P 4.61 (0.01) 4.61 4.59 4.44 4.73 5.03 39.64 4.61 4.80 5.17 17.55 23.90 17.48 (6.35) -0.14 -0.16 0.02 SELL BUY
CATHAY 14.72 0.30 14.82 14.46 12.49 13.32 14.15 74.49 13.57 13.03 12.88 29.76 11.53 28.82 18.23 0.34 0.26 0.09 BUY BUY
CITIC 11.28 (0.12) 11.40 11.22 11.03 11.37 11.71 48.30 11.40 11.42 11.60 21.60 22.66 13.54 (1.06) 0.00 -0.04 0.04 SELL BUY
COS CO 7.27 0.11 7.27 7.17 7.06 7.36 7.65 34.40 7.24 7.46 7.78 14.31 26.86 NA (12.55) -0.16 -0.16 0.01 SELL BUY
F IH MOB ILE LTD 1.98 (0.02) 2.01 1.96 2.02 2.15 2.27 28.01 2.11 2.17 2.25 12.30 34.86 29.29 (22.56) -0.05 -0.04 (0.01) SELL SELL
GE NHK 1.48 0.03 1.49 1.44 1.42 1.54 1.66 36.68 1.49 1.59 1.65 32.07 18.34 27.07 13.72 -0.06 -0.05 (0.00) BUY SELL
AIA 66.75 (0.40) 67.00 66.40 61.32 64.73 68.14 58.08 65.47 64.01 65.19 26.02 19.62 17.66 6.40 0.76 0.31 0.45 BUY BUY
S ANDS CHINA 44.60 (0.40) 45.10 44.40 42.13 44.34 46.54 53.84 44.29 44.05 44.11 25.05 24.26 13.63 0.80 0.37 0.19 0.17 BUY BUY
GALAXY 69.95 (0.45) 70.50 69.50 65.10 68.24 71.38 58.75 68.76 67.60 65.83 23.79 16.39 15.94 7.40 1.22 1.04 0.18 BUY BUY

INTERPRETATION OF TECHNICAL INDICATORS:

Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.

14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-
day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.

Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it
breaches below this level.

Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.

Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day
EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the
MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.

Page 3 of 5
 19-Mar-18

Fundamentals of Foreign Technical Picks

EPS ($) PER(x) Div Yield(%) 52week Price % Chg
Bloomberg Ticker Stock Name Close Target Price % upside
2017 2018 2017 2018 2017 2018 High Low YTD
5 HK HS BC 76.85 83.43 8% 0.7 0.8 13.7 13.1 0.7 0.7 86.00 61.80 -3.88
941 HK CH MOBILE 72.10 96.45 25% 5.5 5.8 10.5 10.1 7.6 4.1 87.93 70.00 -9.02
939 HK CCONB 8.46 10.47 19% 1.0 1.0 7.1 6.5 3.4 3.7 9.39 5.91 17.50
1398 HK ICBC 6.89 8.55 19% 0.8 0.9 7.0 6.5 3.5 3.7 7.64 4.83 9.54
883 HK CNOOC 11.16 14.22 22% 0.7 1.0 13.0 8.9 3.6 4.3 13.16 8.45 -0.53
2628 HK CH LIFE 23.10 31.40 26% 1.2 1.4 16.2 13.1 1.8 2.1 28.20 22.30 -5.91
3988 HK BOC 4.38 5.52 21% 0.6 0.6 6.0 5.6 4.0 4.3 4.96 3.57 14.06
16 HK S HK P ROP 129.50 150.71 14% 10.4 11.2 12.5 11.5 3.4 3.7 139.60 112.30 -0.69
857 HK P E TRO CH 5.33 6.87 22% 0.1 0.3 34.1 17.1 2.3 2.5 6.66 4.68 -2.20
700 HK TE NCE NT 467.20 494.55 6% 6.8 9.0 55.0 41.9 0.2 0.2 476.60 216.20 15.07
388 HK HKS E 282.60 317.41 11% 7.7 8.8 36.5 32.1 2.5 2.8 306.00 188.50 17.85
1 HK CK HUTCHIS ON 98.85 122.85 20% 8.9 10.1 11.2 9.7 2.9 3.2 108.90 93.05 0.76
2318 HK P ING AN 89.90 102.89 13% 4.2 5.2 17.3 14.0 1.2 1.5 98.85 41.55 10.51
386 HK S INOP E C CORP 6.44 7.76 17% 0.4 0.5 11.8 10.4 4.2 4.8 7.16 5.40 12.39
1088 HK CH S HE NHUA 21.70 25.94 16% 2.4 2.3 7.3 7.5 4.2 4.2 25.75 13.66 7.16
2 HK CLP 79.15 81.94 3% 5.5 5.0 14.4 16.0 3.8 3.8 85.50 75.05 -1.00
494 HK LI & FUNG 4.19 4.26 2% 0.0 0.0 38.2 18.4 0.8 1.1 4.47 2.75 -2.33
2388 HK BOC HK 39.80 43.11 8% 2.9 3.1 13.9 12.8 3.6 3.8 42.15 30.33 0.51
11 HK HS BANK 187.50 190.34 1% 11.3 12.5 16.5 15.0 4.0 4.3 197.50 153.00 -3.35
3 HK HK&CH GAS 16.04 13.16 -22% 0.6 0.6 28.6 27.4 2.1 2.3 16.10 13.69 4.70
19 HK S WIRE 81.65 89.35 9% 4.6 5.5 17.8 14.9 3.0 3.7 82.55 71.85 12.85
101 HK HL P ROP 18.70 21.93 15% 1.1 1.0 17.5 18.1 4.0 4.1 21.80 17.28 -2.09
4 HK WHARF 27.90 30.98 10% 2.3 2.4 12.2 11.4 2.8 2.9 34.00 23.96 3.33
688 HK CH OV LAND 28.15 33.86 17% 3.3 3.8 8.6 7.4 3.1 3.5 32.20 21.50 11.93
6 HK P OWE R AS S E TS 71.45 69.48 -3% 3.7 3.6 19.4 19.7 4.1 4.1 73.95 60.24 8.34
12 HK HE NDE RS ON 52.45 55.76 6% 3.7 3.3 14.4 15.8 3.2 3.3 56.00 41.64 1.84
3328 HK BOCOMM 6.28 7.29 14% 0.9 1.0 5.6 5.3 4.3 4.5 7.13 5.47 8.28
1898 HK CH COAL 3.51 4.39 20% 0.3 0.3 8.8 8.6 2.7 2.9 4.32 3.28 -0.57
762 HK CH UNICOM 9.68 13.35 28% 0.3 0.5 26.2 16.7 1.2 1.9 13.24 9.29 -8.33
23 HK BK E AS IA 33.20 28.99 -15% 2.0 2.2 16.6 14.9 2.8 3.0 36.00 30.60 -1.92
330 HK E S P RIT 3.01 3.43 12% -0.5 0.1 N/A 44.9 0.0 0.2 7.13 2.97 -27.99
66 HK MTR 43.60 44.78 3% 1.8 1.9 24.7 23.0 2.6 2.7 47.75 40.06 -4.80
83 HK S INO LAND 13.86 15.44 10% 0.9 0.8 15.9 17.3 7.3 4.0 14.60 12.06 3.30
291 HK CH RE S 33.70 30.53 -10% 0.5 0.7 53.2 38.0 0.5 0.7 35.30 17.40 20.14
17 HK NE W WORLD 11.88 13.58 12% 0.8 0.9 15.3 13.5 4.0 4.1 13.00 9.37 1.19
1109 HK CH RE S LAND 28.80 33.24 13% 2.7 3.2 10.7 8.9 2.7 3.3 34.45 19.86 25.22
144 HK CH ME RCHANT 18.08 24.74 27% 1.6 1.6 11.1 11.6 11.8 4.4 26.02 17.60 -11.59
836 HK CH RE S P OWE R 13.96 16.46 15% 1.0 1.5 14.4 9.5 6.3 6.2 16.36 12.82 -4.12
2600 HK ALCORP 4.61 6.36 27% 0.1 0.3 25.0 12.6 0.0 0.6 7.55 3.43 -17.53
293 HK CATHAY 14.72 14.51 -1% 0.3 1.0 N/A 15.2 0.6 2.1 14.82 10.20 21.45
267 HK CITIC 11.28 N/A N/A 1.7 1.7 6.8 6.7 3.1 3.4 12.80 10.66 0.00
1199 HK COS CO 7.27 9.09 20% 0.1 0.1 11.9 11.2 0.4 0.4 9.95 7.10 -10.58
2038 HK FIH MOBILE LTD 1.98 2.27 13% 0.0 0.0 N/A 84.2 0.0 0.0 3.12 1.96 -16.81
678 HK GE NHK 1.48 N/A N/A NA NA N/A N/A NA NA 2.50 1.44 -14.45
1299 HK AIA 66.75 76.57 13% 0.5 0.5 18.1 16.2 0.2 0.3 69.15 48.20 0.15
1928 HK S ANDS CHINA LTD 44.60 50.74 12% 0.2 0.3 22.8 20.0 0.6 0.6 49.35 33.25 10.53
27 HK GALAXY 69.95 77.20 9% 2.9 3.2 24.4 22.1 1.2 1.3 71.50 39.06 11.56
Note: The above data is based on Bloomberg consensus

Page 4 of 5
 19-Mar-18
LIST OF RECOMMENDED BUY STOCKS FROM JUNE 2016 TO CURRENT

Stock REC BUY 16-Mar-18 Change Upside Targets % Upside

Date Price Price (+/-) pct ST MT LT ST MT LT
AIA GROUP 2-Nov 48.50 66.75 18.25 37.63 67.45 73.38 77.05 1.05 9.93 15.43
AIA GROUP 17-Jan 46.45 66.75 20.30 43.70 67.45 73.38 77.05 1.05 9.93 15.43
AIA GROUP 24-Mar 50.20 66.75 16.55 32.97 67.45 73.38 77.05 1.05 9.93 15.43
AIA GROUP 13-Sep 59.65 66.75 7.10 11.90 67.45 73.38 77.05 1.05 9.93 15.43
AIA GROUP 12-Oct 59.75 66.75 7.00 11.72 67.45 73.38 77.05 1.05 9.93 15.43
AIA GROUP 9-Mar 64.70 66.75 2.05 3.17 67.45 73.38 77.05 1.05 9.93 15.43
BANK OF CHINA 11-Nov 3.46 4.38 0.92 26.59 4.59 5.00 5.68 4.79 14.16 29.68
BANK OF CHINA 6-Jan 3.50 4.38 0.88 25.14 4.59 5.00 5.68 4.79 14.16 29.68
BANK OF CHINA 6-Apr 3.77 4.38 0.61 16.18 4.59 5.00 5.68 4.79 14.16 29.68
BOC HONG KONG 29-Dec 39.60 39.80 0.20 0.51 43.97 46.15 47.97 10.48 15.95 20.53
CHINA COAL ENERGY 7-Sep 3.86 3.51 (0.35) (9.07) 3.95 4.34 4.82 12.54 23.65 37.32
CHINA LIFE 6-Sep 19.32 23.10 3.78 19.57 23.65 25.40 27.60 2.38 9.96 19.48
CHINA LIFE 13-Jan 21.35 23.10 1.75 8.20 23.65 25.40 27.60 2.38 9.96 19.48
CHINA LIFE 30-Aug 24.90 23.10 (1.80) (7.23) 23.65 25.40 27.60 2.38 9.96 19.48
CHINA LIFE 5-Oct 23.90 23.10 (0.80) (3.35) 23.65 25.40 27.60 2.38 9.96 19.48
CHINA LIFE 27-Oct 24.95 23.10 (1.85) (7.41) 23.65 25.40 27.60 2.38 9.96 19.48
CHINA PETROLEUM 1-Dec 5.42 6.44 1.02 18.82 6.86 7.80 8.71 6.52 21.12 35.25
CHINA PETROLEUM 1-Nov 5.73 6.44 0.71 12.39 6.86 7.80 8.71 6.52 21.12 35.25
CHINA PETROLEUM 21-Feb 6.42 6.44 0.02 0.31 6.86 7.80 8.71 6.52 21.12 35.25
CHINA RESOURCES BEER 9-Aug 15.54 33.70 18.16 116.86 34.40 36.32 37.88 2.08 7.77 12.40
CHINA RESOURCES BEER 20-Jan 14.52 33.70 19.18 132.09 34.40 36.32 37.88 2.08 7.77 12.40
CHINA UNICOM 29-Sep 9.54 9.68 0.14 1.47 10.48 11.12 11.93 8.26 14.88 23.24
CHINA UNICOM 14-Feb 9.94 9.68 (0.26) (2.62) 10.48 11.12 11.93 8.26 14.88 23.24
CNOOC 23-Nov 10.24 11.16 0.92 8.98 12.82 14.04 16.00 14.87 25.81 43.37
CNOOC 10-Mar 8.89 11.16 2.27 25.53 12.82 14.04 16.00 14.87 25.81 43.37
CNOOC 17-May 9.23 11.16 1.93 20.91 12.82 14.04 16.00 14.87 25.81 43.37
COSCO 7-Feb 7.95 7.27 (0.68) (8.55) 8.01 8.57 9.08 10.18 17.88 24.90
COSCO 20-Dec 8.02 7.27 (0.75) (9.35) 8.01 8.57 9.08 10.18 17.88 24.90
COSCO 8-Feb 7.74 7.27 (0.47) (6.07) 8.01 8.57 9.08 10.18 17.88 24.90
GALAXY ENTERTAINMENT 18-Aug 27.45 69.95 42.50 154.83 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 17-Nov 33.50 69.95 36.45 108.81 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 15-Feb 37.85 69.95 32.10 84.81 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 20-Sep 52.40 69.95 17.55 33.49 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 8-Nov 55.80 69.95 14.15 25.36 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 3-Jan 60.20 69.95 9.75 16.20 78.13 82.73 86.44 11.69 18.27 23.57
GALAXY ENTERTAINMENT 1-Mar 68.50 69.95 1.45 2.12 78.13 82.73 86.44 11.69 18.27 23.57
HSBC 19-Oct 59.00 76.85 17.85 30.25 87.61 91.28 94.24 14.00 18.78 22.63
ICBC 25-Aug 4.90 6.89 1.99 40.61 7.38 7.66 7.94 7.11 11.18 15.24
ICBC 8-Nov 4.69 6.89 2.20 46.91 7.38 7.66 7.94 7.11 11.18 15.24
ICBC 5-Dec 6.02 6.89 0.87 14.45 7.38 7.66 7.94 7.11 11.18 15.24
NEW WORLD 17-Jan 12.44 11.88 (0.56) (4.50) 12.78 14.11 14.93 7.58 18.77 25.67
PING AN 14-Jul 34.95 89.90 54.95 157.22 94.52 99.14 102.82 5.14 10.28 14.37
PING AN 14-Mar 41.75 89.90 48.15 115.33 94.52 99.14 102.82 5.14 10.28 14.37
PING AN 20-Apr 41.90 89.90 48.00 114.56 94.52 99.14 102.82 5.14 10.28 14.37
PING AN 7-Jul 54.40 89.90 35.50 65.26 94.52 99.14 102.82 5.14 10.28 14.37
POWER ASSETS 28-Mar 67.00 71.45 4.45 6.64 75.20 77.70 79.71 5.25 8.75 11.56
PETROCHINA 26-Jul 4.90 5.33 0.43 8.78 5.77 6.29 6.80 8.26 18.01 27.58
SANDS CHINA LTD 11-Oct 34.80 44.60 9.80 28.16 48.48 50.47 52.51 8.70 13.16 17.74
SANDS CHINA LTD 22-Feb 31.75 44.60 12.85 40.47 48.48 50.47 52.51 8.70 13.16 17.74
SANDS CHINA LTD 9-May 34.40 44.60 10.20 29.65 48.48 50.47 52.51 8.70 13.16 17.74
SANDS CHINA LTD 12-Dec 39.65 44.60 4.95 12.48 48.48 50.47 52.51 8.70 13.16 17.74
SANDS CHINA LTD 13-Mar 46.80 44.60 (2.20) (4.70) 48.48 50.47 52.51 8.70 13.16 17.74

Total funds invested * 1,472,090 Upside Targets **

Total unrealised profit 520,160 ST = Short Term (one month)
Return 35.33% MT = Medium Term (three months)
LT = Long Term (above six months)

* The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision

** Upside Targets are derived from the subsequent Fibonacci Projection levels

The above table is a performance summary of our top BUY recommendations from JUNE 2016 to current (sorted by name) together with upside targets, which are taken from
subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date.

Interpretation:
Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value
indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 5 of 5
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Stock Picks

Singapore
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

SINTEL SGD3.49

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper SGD 3.43 10-day SGD 3.37
Middle SGD 3.37 30-day SGD 3.39
Lower SGD 3.31 50-day SGD 3.47
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

HONGKONG LAND SGD6.85

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper SGD 7.17 10-day SGD 6.92
Middle SGD 6.97 30-day SGD 6.99
Lower SGD 6.76 50-day SGD 7.05
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

Page 1 of 5
 19-Mar-18

CAPITALAND SGD3.66

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper SGD 3.69 10-day SGD 3.62
Middle SGD 3.61 30-day SGD 3.60
Lower SGD 3.53 50-day SGD 3.68
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

STARHUB SGD2.41

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper SGD 2.59 10-day SGD 2.45
Middle SGD 2.49 30-day SGD 2.59
Lower SGD 2.38 50-day SGD 2.73
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

Page 2 of 5
 19-Mar-18

WEEKLY FOREIGN STOCK WATCH UPDATE

The table below consists of the revamped 30 SGX FTSE Straits Times Index component stocks, sorted by market capitalization in descending order, with some popular technical
indicators. Some other popularly traded stocks are included at the bottom section.

The technical BUY/SELL signals on the last two columns are auto generated.

Stock Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD
Change High Low
Name 16-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal
FS S TI 3,508.39 (9.34) 3,519.54 3,501.81 3,433.03 3,502.57 3,572.11 52.80 3,497.75 3,479.92 3,504.98 25.01 24.01 15.55 1.00 10.49 5.32 5.17 BUY BUY

S INGTE L 3.49 0.07 3.49 3.42 3.31 3.37 3.43 52.81 3.37 3.39 3.47 21.30 17.14 22.11 4.16 -0.02 -0.03 0.02 BUY BUY
DBS 28.25 (0.36) 28.45 28.23 27.78 28.73 29.68 54.76 28.50 28.05 27.43 24.92 22.08 18.88 2.84 0.39 0.46 (0.07) BUY SELL
OCBC 13.30 (0.13) 13.41 13.30 12.77 13.22 13.67 57.66 13.33 12.95 13.00 26.78 16.07 25.22 10.71 0.18 0.15 0.02 BUY BUY
UOB 28.15 (0.43) 28.54 28.15 26.92 28.00 29.07 58.07 28.25 27.59 27.67 30.70 19.02 21.43 11.69 0.36 0.28 0.09 BUY BUY
J ARDINE M. 62.23 (0.55) 62.51 62.02 61.19 62.92 64.66 49.02 63.04 62.82 62.78 23.14 25.94 12.76 (2.80) 0.12 0.11 0.01 SELL BUY
WILMAR 3.22 0.01 3.24 3.20 3.02 3.16 3.30 56.88 3.19 3.13 3.16 23.36 20.44 15.72 2.93 0.03 0.02 0.01 BUY BUY
HK LAND 6.85 (0.11) 6.94 6.85 6.76 6.97 7.17 48.65 6.92 6.99 7.05 24.15 24.99 17.01 (0.83) -0.03 -0.04 0.01 SELL BUY
CAP LAND 3.66 (0.02) 3.69 3.66 3.53 3.61 3.69 56.52 3.62 3.60 3.68 19.68 19.85 15.23 (0.17) 0.01 -0.01 0.02 SELL BUY
GE NS P 1.13 0.01 1.14 1.12 1.05 1.18 1.32 31.87 1.13 1.21 1.26 14.36 30.81 31.03 (16.44) -0.04 -0.04 (0.00) SELL SELL
KE P PE L 7.72 (0.07) 7.79 7.72 7.58 7.91 8.23 44.09 7.77 8.00 8.10 19.49 27.91 18.57 (8.43) -0.08 -0.09 0.00 SELL BUY
S GX 7.50 (0.04) 7.57 7.50 7.38 7.54 7.69 46.62 7.51 7.63 7.74 19.27 26.70 21.44 (7.43) -0.05 -0.07 0.02 SELL BUY
S IA 11.22 0.13 11.22 11.13 10.79 11.12 11.44 50.67 11.01 11.08 11.09 19.71 22.58 16.33 (2.87) 0.01 0.00 0.01 SELL BUY
FNN 2.25 (0.04) 2.30 2.25 2.26 2.34 2.41 34.55 2.30 2.37 2.46 10.80 24.79 40.34 (13.99) -0.04 -0.05 0.00 SELL BUY
NOBLE 0.14 (0.02) 0.15 0.13 0.13 0.17 0.20 41.94 0.15 0.18 0.20 25.36 24.33 16.05 1.03 -0.01 -0.02 0.00 BUY BUY
CITY DE V 13.36 (0.02) 13.47 13.28 12.24 12.89 13.54 58.92 13.05 12.84 12.98 23.41 20.88 17.28 2.54 0.14 0.06 0.09 BUY BUY
J ARDINE S . 40.19 1.19 40.19 38.44 37.54 38.94 40.34 48.51 39.23 38.89 39.32 17.42 22.48 13.51 (5.06) 0.08 0.00 0.08 SELL BUY
S G PRE S S 2.52 0.05 2.52 2.46 2.46 2.59 2.71 31.05 2.53 2.60 2.64 10.77 30.07 26.78 (19.30) -0.04 -0.03 (0.01) SELL SELL
J ARDINE C&C 34.94 (0.11) 35.27 34.66 34.91 36.76 38.61 30.71 35.97 37.27 38.51 9.61 38.00 48.94 (28.39) -0.86 -0.79 (0.07) SELL SELL
GOLDE N AGRI 0.36 0.01 0.36 0.35 0.35 0.36 0.37 39.22 0.36 0.36 0.37 10.61 14.37 20.42 (3.75) 0.00 0.00 0.00 SELL BUY
S G TE CH 3.53 0.03 3.54 3.49 3.29 3.40 3.51 64.48 3.42 3.36 3.36 32.76 12.81 23.35 19.95 0.04 0.03 0.01 BUY BUY
OLAM INT 2.34 (0.05) 2.40 2.33 2.16 2.29 2.42 67.55 2.33 2.24 2.20 36.96 14.33 38.82 22.64 0.06 0.04 0.01 BUY BUY
CAP TRUS T 2.08 0.02 2.08 2.05 1.95 2.01 2.07 58.57 2.02 2.01 2.04 17.23 17.39 18.23 (0.16) 0.00 -0.01 0.01 SELL BUY
S E MBCORP 3.09 0.01 3.09 3.07 2.97 3.16 3.36 40.66 3.08 3.23 3.26 18.15 22.30 16.91 (4.15) -0.06 -0.05 (0.00) SELL SELL
S E MCORP M. 2.07 (0.04) 2.12 2.07 1.76 2.20 2.65 44.29 2.05 2.35 2.28 18.85 27.08 32.53 (8.22) -0.08 -0.08 (0.00) SELL SELL
CMFT DE LGRO 2.02 0.02 2.03 1.99 1.97 2.02 2.06 45.35 2.02 2.03 2.04 19.59 22.61 9.22 (3.02) 0.00 -0.01 0.00 SELL BUY
S TARHUB 2.41 (0.01) 2.43 2.37 2.38 2.49 2.59 29.73 2.45 2.59 2.73 11.19 28.71 41.64 (17.52) -0.09 -0.09 0.01 SELL BUY
S IA E NG 3.25 0.03 3.25 3.23 3.20 3.28 3.36 35.98 3.25 3.30 3.27 14.58 26.50 25.56 (11.92) -0.01 0.00 (0.01) SELL SELL
IFOOD AGRI 0.33 0.00 0.33 0.32 0.31 0.34 0.37 36.06 0.33 0.35 0.37 8.30 24.72 40.32 (16.42) -0.01 -0.01 0.00 SELL BUY
YZJ 1.34 0.04 1.34 1.30 1.26 1.40 1.55 34.80 1.34 1.42 1.49 11.64 21.32 24.62 (9.68) -0.05 -0.04 (0.01) SELL SELL

INTERPRETATION OF TECHNICAL INDICATORS:

Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.

14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-
day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.

Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it
breaches below this level.

Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.

Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day
EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the
MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.

Page 3 of 5
 19-Mar-18

Fundamentals of Foreign Technical Picks

Bloomberg Target EPS ($) PER(x) Div Yield(%) 52week Price % Chg
Stock Name Close % upside
Ticker Price 2017 2018 2017 2018 2017 2018 High Low YTD
ST SP S INGTE L 3.49 4.12 15% 0.2 0.2 14.2 14.4 5.8 5.2 3.98 3.30 -2.24
DBS SP DBS 28.25 31.15 9% 2.2 2.5 12.6 11.2 4.1 4.3 29.71 18.47 13.68
OCBC SP OCBC 13.30 14.34 7% 1.1 1.2 12.1 10.9 3.2 3.4 13.61 9.45 7.34
UOB SP UOB 28.15 30.44 8% 2.3 2.6 12.1 10.9 3.5 3.7 28.99 21.38 6.43
JM SP J ARDINE M. 62.23 66.43 0.06 4.5 4.9 13.7 12.8 2.7 2.9 68.11 59.73 2.44
WIL SP WILMAR 3.22 3.61 11% 0.2 0.2 12.8 11.6 2.4 2.6 3.87 2.97 4.21
HKL SP HK LAND 6.85 7.88 13% 0.4 0.4 15.8 15.5 3.1 3.1 7.89 6.72 -2.70
CAP L SP CAP LAND 3.66 4.27 14% 0.2 0.2 16.6 16.1 3.2 3.3 3.88 3.42 3.68
GE NS SP GE NS P 1.13 1.44 22% 0.1 0.1 18.2 17.7 3.1 3.2 1.41 0.98 -13.74
KE P SP KE P P E L 7.72 8.94 14% 0.5 0.6 14.3 13.1 3.4 3.6 8.92 6.16 5.03
S GX SP S GX 7.50 8.14 8% 0.3 0.4 21.6 20.3 4.0 4.3 8.50 7.20 0.81
S IA SP S IA 11.22 11.76 5% 0.6 0.6 19.4 20.2 2.7 2.5 11.50 9.66 5.15
FNN SP FNN 2.25 2.83 20% 0.1 0.1 22.5 20.5 2.4 2.4 2.66 2.09 -12.79
NOBL SP NOBLE 0.14 NA NA 0.2 0.2 NA 0.5 0.0 36.5 2.10 0.12 -31.50
CIT SP CITY DE V 13.36 14.46 8% 0.7 0.7 19.1 18.2 1.2 1.2 13.60 9.95 6.97
JS SP J ARDINE S . 40.19 42.92 0.06 3.1 3.4 13.1 11.9 0.8 0.9 46.48 37.50 1.54
S PH SP S G P RE S S 2.52 2.54 1% 0.1 0.1 18.9 18.9 5.5 5.3 3.54 2.46 -4.91
J CNC SP J ARDINE C&C 34.94 44.07 21% 2.3 2.4 11.7 11.0 2.6 2.7 48.50 34.66 -14.09
GGR SP GOLDE N AGRI 0.36 0.36 1% 0.0 0.0 18.0 16.9 1.4 1.4 0.41 0.34 -4.05
S TE SP S G TE CH 3.53 3.88 9% 0.2 0.2 20.3 18.8 4.4 4.6 3.86 3.16 8.28
OLAM SP OLAM INT 2.34 NA NA 0.1 0.2 16.1 15.1 2.4 2.4 2.47 1.86 15.27
CT SP CAP TRUS T 2.08 2.24 7% 0.1 0.1 17.3 18.6 5.3 5.4 2.17 1.92 -2.35
S CI SP S E MBCORP 3.09 3.61 14% 0.2 0.3 13.7 11.4 2.9 3.4 3.60 2.89 1.98
S MM SP S E MCORP M. 2.07 2.12 3% 0.0 0.1 64.7 39.1 1.0 1.3 2.81 1.55 12.50
CD SP CMFT DE LGRO 2.02 2.25 10% 0.1 0.1 14.7 14.3 5.1 5.3 2.80 1.89 2.02
S TH SP S TARHUB 2.41 2.44 1% 0.1 0.1 18.3 19.6 6.5 6.4 2.99 2.37 -15.44
S IE SP S IA E NG 3.25 3.74 13% 0.2 0.2 21.7 20.3 4.3 4.4 4.16 3.08 3.83
IFAR SP IFOOD AGRI 0.33 0.42 22% 441.7 510.8 7.7 6.7 NA NA 0.55 0.32 -16.67
YZJ S GD SP YZJ 1.34 1.47 9% 0.6 0.6 10.9 11.0 15.8 15.7 1.74 1.06 -8.84
Note: The above data is based on Bloomberg consensus

Page 4 of 5
 19-Mar-18
LIST OF RECOMMENDED BUY STOCKS FROM JUNE 2016 TO CURRENT

Stock REC BUY 16-Mar-18 Change Upside Targets % Upside

Date Price Price (+/-) pct ST MT LT ST MT LT
CAPITALAND 19-Jan 3.12 3.66 0.54 17.31 4.09 4.23 4.34 11.75 15.57 18.58
CAPITALAND 16-Nov 3.53 3.66 0.13 3.68 4.09 4.23 4.34 11.75 15.57 18.58
CAPITALAND 7-Feb 3.61 3.66 0.05 1.39 4.09 4.23 4.34 11.75 15.57 18.58
CAPITALAND 27-Feb 3.63 3.66 0.03 0.83 4.09 4.23 4.34 11.75 15.57 18.58
CAPITAMALL TRUST 5-Jan 1.93 2.08 0.15 7.77 2.25 2.35 2.41 8.17 12.98 15.87
CAPITAMALL TRUST 13-Oct 2.06 2.08 0.02 0.97 2.25 2.35 2.41 8.17 12.98 15.87
CITY DEVELOPMENTS 30-Aug 8.62 13.36 4.74 54.99 13.65 14.49 15.18 2.17 8.46 13.62
CITY DEVELOPMENTS 7-Mar 9.63 13.36 3.73 38.73 13.65 14.49 15.18 2.17 8.46 13.62
CITY DEVELOPMENTS 8-Dec 12.32 13.36 1.04 8.44 13.65 14.49 15.18 2.17 8.46 13.62
CITY DEVELOPMENTS 4-Oct 11.44 13.36 1.92 16.78 13.65 14.49 15.18 2.17 8.46 13.62
COMFORTDELGRO 14-Jun 2.65 2.02 (0.63) (23.77) 2.12 2.21 2.37 4.95 9.41 17.33
COMFORTDELGRO 5-Apr 2.62 2.02 (0.60) (22.90) 2.12 2.21 2.37 4.95 9.41 17.33
DBS 21-Jul 16.23 28.25 12.02 74.06 29.42 32.17 33.83 4.14 13.88 19.75
DBS 20-Oct 15.08 28.25 13.17 87.33 29.42 32.17 33.83 4.14 13.88 19.75
DBS 26-Apr 19.20 28.25 9.05 47.14 29.42 32.17 33.83 4.14 13.88 19.75
DBS 4-Jan 25.88 28.25 2.37 9.16 32.17 33.83 35.17 13.88 19.75 24.50
GENTING SPORE 1-Mar 1.15 1.13 (0.02) (1.74) 1.23 1.41 1.58 8.85 24.78 39.82
GOLDEN AGRI-RESOURCES 1-Mar 0.38 0.36 (0.03) (6.58) 0.40 0.43 0.46 12.68 21.13 29.58
HONGKONG LAND 8-Dec 6.47 6.85 0.38 5.87 7.89 8.34 8.62 15.18 21.75 25.84
KEPPEL CORP 20-Jul 6.54 7.72 1.18 18.04 8.78 9.48 9.93 13.73 22.80 28.63
OCBC 12-Oct 8.66 13.30 4.64 53.58 14.04 14.82 15.45 5.56 11.43 16.17
OCBC 15-Nov 8.72 13.30 4.58 52.52 14.04 14.82 15.45 5.56 11.43 16.17
SEMBCORP INDUSTRIES 24-Feb 3.36 3.09 (0.27) (8.04) 3.52 3.84 4.23 13.92 24.27 36.89
SEMBCORP MARINE 8-Aug 1.64 2.07 0.43 26.22 2.15 2.37 2.73 3.86 14.49 31.88
SIA ENGINEERING 28-Jun 3.66 3.25 (0.41) (11.20) 3.34 3.46 3.55 2.77 6.46 9.23
SINGTEL 9-Sep 4.06 3.49 (0.57) (14.04) 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 12-Jan 3.79 3.49 (0.30) (7.92) 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 21-Apr 3.74 3.49 (0.25) (6.68) 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 24-Aug 3.74 3.49 (0.25) (6.68) 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 10-Nov 3.76 3.49 (0.27) (7.18) 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 9-Feb 3.40 3.49 0.09 2.65 3.60 3.73 3.84 3.15 6.88 10.03
SINGTEL 15-Mar 3.40 3.49 0.09 2.65 3.60 3.73 3.84 3.15 6.88 10.03
S'PORE AIRLINES 10-Nov 9.82 11.22 1.40 14.26 11.67 12.15 12.46 4.01 8.29 11.05
S'PORE AIRLINES 25-Jul 10.24 11.22 0.98 9.57 11.67 12.15 12.46 4.01 8.29 11.05
S'PORE AIRLINES 21-Sep 10.13 11.22 1.09 10.76 11.67 12.15 12.46 4.01 8.29 11.05
S'PORE AIRLINES 8-Mar 10.83 11.22 0.39 3.60 11.67 12.15 12.46 4.01 8.29 11.05
S'PORE EXCHANGE 4-Nov 7.04 7.50 0.46 6.53 7.70 7.96 8.23 2.67 6.13 9.73
S'PORE EXCHANGE 29-Mar 7.71 7.50 (0.21) (2.72) 7.70 7.96 8.23 2.67 6.13 9.73
S'PORE TECHNOLOGIES 14-Sep 3.57 3.53 (0.04) (1.12) 3.57 3.86 4.15 1.13 9.35 17.56
S'PORE TECHNOLOGIES 15-Dec 3.21 3.53 0.32 9.97 3.57 3.86 4.15 1.13 9.35 17.56
WILMAR INT'L 28-Jul 3.08 3.22 0.14 4.55 3.46 3.66 4.00 7.45 13.66 24.22
WILMAR INT'L 1-Jun 3.54 3.22 (0.32) (9.04) 3.46 3.66 4.00 7.45 13.66 24.22

Total funds invested * 277,190 Upside Targets **

Total unrealised profit 60,965 ST = Short Term (one month)
Return 21.99% MT = Medium Term (three months)
LT = Long Term (above six months)

* The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision

** Upside Targets are derived from the subsequent Fibonacci Projection levels

The above table is a performance summary of our top BUY recommendations from JUNE 2016 to current (sorted by name) together with upside targets, which are taken from
subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date.

Interpretation:
Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value
indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

Page 5 of 5
 Technical View
Monday, March 19, 2018

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Weekly Technical Stock Picks

United States
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my

BOEING CO USD329.98

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper USD 369.05 10-day USD 343.93
Middle USD 350.48 30-day USD 347.59
Lower USD 331.91 50-day USD 340.71
DMI DAILY MACD
Recent Signal SELL Recent Signal SELL

JOHNSON & JOHNSON USD133.06

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper USD 134.88 10-day USD 131.41
Middle USD 131.10 30-day USD 131.31
Lower USD 127.33 50-day USD 136.34
DMI DAILY MACD
Recent Signal SELL Recent Signal BUY

Page 1 of 5
 19-Mar-18

AT&T USD37.04

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper USD 37.61 10-day USD 36.98
Middle USD 36.84 30-day USD 36.85
Lower USD 36.07 50-day USD 37.05
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

MORGAN STANLEY USD57.22

BOLLINGER BANDS SIMPLE MOVING AVERAGES

Upper USD 58.84 10-day USD 57.05
Middle USD 56.32 30-day USD 55.55
Lower USD 53.79 50-day USD 55.49
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY

Page 2 of 5
 19-Mar-18
WEEKLY FOREIGN STOCK WATCH UPDATE

The table below consists of the 30 NYSE Dow Jones Industrial Average component stocks, sorted by market capitalization in descending order, with some popular technical indicators.
Some other popularly traded stocks are included at the bottom section.

The technical BUY/SELL signals on the last two columns are auto generated.

Stock Close Change High Low Bollinger Bands RSI Moving Averages DMI MACD DMI MACD
Name 15-Mar Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal
DOW J ONE S 24,873.66 115.54 25,053.87 24,753.29 24,459.65 25,017.95 25,576.24 47.38 24914.67 24,946.83 25,309.30 22.82 30.87 23.45 (8.05) -65.91 -71.47 5.559 SELL BUY

IBM 159.61 1.49 161.25 158.52 152.59 156.65 160.72 55.04 157.83 155.68 159.14 24.31 19.02 15.43 5.29 0.54 -0.03 0.570 BUY BUY
3M 235.87 1.58 238.07 234.20 229.35 236.06 242.77 48.81 235.76 235.11 239.49 22.00 26.53 17.65 (4.53) -0.38 -0.73 0.353 SELL BUY
CHE VRON 115.58 0.45 116.21 114.75 109.02 113.31 117.60 49.82 114.68 114.07 120.42 20.46 24.35 31.71 (3.89) -0.71 -1.55 0.839 SELL BUY
CATE RPILLAR 154.57 2.03 155.59 151.69 146.98 155.40 163.83 48.79 152.99 154.97 159.54 21.11 26.42 25.02 (5.31) -1.13 -1.25 0.120 SELL BUY
MCDONALDS 161.61 3.37 162.14 158.59 149.27 157.31 165.35 53.92 155.04 159.61 165.61 27.60 30.46 33.17 (2.87) -2.00 -3.12 1.125 SELL BUY
UNITE CH 129.25 -0.33 130.57 127.96 126.89 131.31 135.72 45.37 131.00 130.68 132.38 20.97 24.51 15.36 (3.54) -0.23 0.02 (0.246) SELL SELL
BOE ING 329.98 -0.28 332.88 322.95 331.91 350.48 369.05 39.53 343.97 347.59 340.71 18.90 34.79 18.39 (15.88) -1.02 2.68 (3.708) SELL SELL
E XXON MOBIL 74.42 0.82 75.00 74.11 73.10 75.64 78.18 38.86 74.87 76.75 81.02 16.29 29.81 32.50 (13.52) -1.69 -1.84 0.150 SELL BUY
J &J 133.06 0.74 134.23 132.47 127.33 131.10 134.88 51.09 131.41 131.31 136.34 21.77 25.79 28.58 (4.03) -0.62 -1.41 0.785 SELL BUY
P&G 78.67 -0.33 79.12 78.55 77.93 80.22 82.50 36.21 79.65 80.78 84.35 16.69 34.61 36.80 (17.92) -1.31 -1.50 0.187 SELL BUY
COCA-COLA 43.67 -0.11 44.00 43.55 43.00 44.01 45.01 42.03 44.12 44.23 45.28 23.53 29.71 18.00 (6.18) -0.28 -0.37 0.100 SELL BUY
WAL-MART 87.51 -0.16 88.79 85.91 81.98 91.34 100.69 31.38 88.37 94.74 98.24 15.17 34.39 34.43 (19.22) -3.23 -3.23 0.004 SELL BUY
TRAVE LE RS 140.47 0.95 141.78 139.40 137.29 140.05 142.81 50.67 140.19 140.43 139.98 22.97 24.19 13.06 (1.22) 0.07 0.02 0.046 SELL BUY
DOWDUPONT 67.88 -1.11 69.28 67.87 67.74 70.88 74.03 39.05 70.06 70.80 72.67 21.45 32.17 25.85 (10.72) -0.75 -0.61 (0.142) SELL SELL
GOLDMAN 266.61 2.18 269.00 265.35 257.75 265.71 273.68 52.55 266.36 262.61 261.38 24.77 26.78 10.84 (2.00) 1.96 1.89 0.069 SELL BUY
J PMORGAN 115.24 0.29 115.98 114.84 112.75 115.63 118.50 51.36 115.51 114.49 113.72 23.98 26.83 15.44 (2.85) 0.71 0.86 (0.144) SELL SELL
AME X 94.39 -0.14 95.40 93.97 93.49 96.98 100.47 43.26 96.16 96.06 97.56 23.53 30.09 16.31 (6.55) -0.42 -0.19 (0.234) SELL SELL
ME RCK 55.25 0.45 55.73 54.90 53.61 54.91 56.20 48.14 54.82 55.31 57.04 22.82 27.86 23.04 (5.04) -0.46 -0.67 0.210 SELL BUY
WALT DIS NE Y 103.24 -0.66 104.28 103.24 101.44 104.77 108.10 43.52 103.97 104.89 107.29 20.60 26.45 17.61 (5.85) -0.82 -0.88 0.058 SELL BUY
VE RIZON 48.29 -0.16 48.77 48.14 47.43 48.63 49.84 39.50 48.69 49.36 50.74 14.82 25.22 28.45 (10.41) -0.57 -0.70 0.124 SELL BUY
HOME DE POT 178.07 0.66 179.84 176.76 175.02 182.26 189.50 39.97 179.41 184.08 189.88 17.39 33.27 37.43 (15.88) -3.06 -2.96 (0.103) SELL SELL
UTD HE ALTH 229.48 4.10 230.76 225.66 221.74 227.17 232.60 52.79 226.18 226.67 230.23 17.42 17.33 19.77 0.09 -0.76 -0.95 0.184 BUY BUY
AT&T 37.04 0.01 37.29 37.01 36.07 36.84 37.61 51.27 36.98 36.85 37.05 22.85 20.79 12.34 2.06 0.05 -0.03 0.076 BUY BUY
MICROS OFT 94.18 0.33 94.58 92.83 91.02 93.75 96.47 54.05 94.40 92.43 91.57 22.77 26.16 13.85 (3.39) 1.05 1.12 (0.068) SELL SELL
CIS CO 45.33 0.05 45.73 45.12 43.07 44.49 45.91 62.63 44.81 43.13 42.27 28.22 20.13 22.24 8.09 0.95 0.97 (0.017) BUY SELL
INTE L 50.88 -0.98 52.29 50.88 44.70 49.16 53.62 59.33 50.97 47.76 46.83 31.62 16.65 23.32 14.97 1.50 1.34 0.161 BUY BUY
PFIZE R 36.58 0.23 36.80 36.43 35.42 36.25 37.08 53.63 36.34 35.87 36.34 21.38 23.00 12.08 (1.62) 0.13 0.05 0.072 SELL BUY
GE 14.36 0.09 14.53 14.26 13.96 14.54 15.12 41.74 14.53 14.72 15.79 24.24 33.63 22.25 (9.39) -0.30 -0.39 0.087 SELL BUY
NIKE 66.39 0.19 66.61 66.13 64.13 66.74 69.35 50.83 65.73 66.42 66.09 24.68 24.17 11.80 0.51 -0.04 0.04 (0.076) BUY SELL
VIS A 123.41 0.83 124.42 122.70 119.77 122.35 124.92 55.01 122.57 121.24 121.42 22.98 25.17 14.29 (2.19) 0.75 0.68 0.067 SELL BUY
AIG 54.66 -0.27 55.18 54.55 54.33 57.72 61.12 28.38 56.44 58.67 59.99 14.67 34.69 26.73 (20.02) -1.35 -1.12 (0.226) SELL SELL
BANK OF AME RICA 32.10 -0.04 32.34 31.93 31.48 32.12 32.76 52.42 32.24 31.80 31.58 23.04 27.89 13.75 (4.86) 0.26 0.28 (0.027) SELL SELL
BP 39.03 0.16 39.14 38.75 38.54 39.40 40.25 42.42 39.31 39.71 41.08 20.32 33.60 33.51 (13.28) -0.41 -0.49 0.074 SELL BUY
CITIGROUP 73.34 -0.13 73.87 73.01 72.57 75.40 78.22 40.82 74.40 75.31 76.13 19.99 34.76 22.03 (14.78) -0.56 -0.43 (0.126) SELL SELL
LV S ANDS 74.77 0.87 75.31 73.92 70.79 73.89 77.00 53.63 74.00 73.74 73.57 25.68 27.48 17.41 (1.80) 0.31 0.17 0.140 SELL BUY
MS 57.22 0.23 57.54 56.94 53.79 56.32 58.84 55.55 57.05 55.55 55.49 27.96 25.85 14.82 2.12 0.75 0.62 0.129 BUY BUY
WE LLS FARGO 56.83 0.20 57.12 56.24 55.82 58.26 60.70 39.79 57.27 58.44 60.61 20.52 31.65 24.26 (11.13) -0.89 -0.91 0.013 SELL BUY
FACE BOOK INC-A 183.86 -0.33 184.00 182.19 174.73 180.85 186.97 53.63 182.28 180.79 182.53 21.19 23.30 11.57 (2.11) 0.73 0.16 0.573 SELL BUY
APPLE INC 178.65 0.21 180.24 178.07 170.47 176.36 182.25 58.00 178.04 171.35 172.45 29.91 21.31 15.80 8.59 2.55 2.32 0.235 BUY BUY
ALIBABA GRP-ADR 199.06 6.50 201.50 196.52 179.38 188.40 197.42 61.81 188.83 186.25 188.25 31.92 21.89 12.00 10.03 1.81 0.70 1.114 BUY BUY
INTERPRETATION OF TECHNICAL INDICATORS:
Bollinger Bands: Variable width bands that narrow during less volatile periods and widen during more volatile periods. As a general rule, in a bearish trend, traders should buy when
share price touches the lower band and exit when price touches the middle band. The reverse is true in a bullish trend, ie. buy when price touches the middle band and sell when price
touches the upper band. Momentum traders tend to buy on price breakouts above the upper band, and sell when price breaks down below the lower band.

14-day Relative Strength Index (RSI): A reading below 30 is considered oversold, above 70 is overbought. A rise above 50 with a corresponding share price surge above the 30-
day moving average should be taken as a bullish move with good short-term upside potential. A fall below 50 and a simultaneous dip below the 30-day average is bearish and imply
further near-term downside risk.

Moving Averages: A stock’s short-term trend is bullish if share price stays above the 10-day moving average, and bearish if it stays below. The medium-term trend is positive if share
price stays above the 30-day average, and negative if it remains below. A longer-term uptrend is intact if share price sustain above the 50-day average, and is deemed broken if it
breaches below this level.

Directional Movement Indicator (DMI): The DMI is an indicator of trend strength. A positive DMI difference (DMI diff) value is bullish and indicate a higher DI+ vs. DI-, while a
negative DMI diff is bearish due to a lower DI+ vs. DI- (DMI diff = DI+ minus DI-). A crossover of DI+ above DI- triggers a BUY signal, while a SELL signal is flashed when the DI+
crosses below the DI-. The Average Directional Movement Index (ADX) indicates the strength of a trend, whether it is up or down. The higher the value of ADX, the stronger the
trend. An ADX value above 25 suggests a trending market or stock, while a value below 20 signal congestion or absence of trend.

Daily Moving Average Convergence Divergence (MACD): The MACD diff value is derived from the difference between the MACD line (the 12-day EMA minus the 26-day
EMA) and the MACD signal line (the 9-day EMA of the MACD). A positive MACD diff value is bullish, while a negative MACD diff is bearish. A BUY signal is generated when the
MACD diff rises above zero, and SELL signal sparked when the MACD diff value falls below zero.

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 19-Mar-18

Fundamentals of Foreign Technical Picks

Target EPS ($) PER(x) Div Yield(%) 52week Price % Chg
Bloomberg Ticker Stock Name Close % upside
Price 2017 2018 2017 2018 2017 2018 High Low YTD
IBM UN IBM 159.61 171.95 7% 13.85 14.18 11.5 11.3 3.9 4.0 179.00 139.14 4.03
MMM UN 3M 235.87 253.06 7% 10.57 11.56 22.3 20.4 2.3 2.4 259.77 188.62 0.21
CVX UN CHE VRON 115.58 134.28 14% 6.20 6.29 18.6 18.4 3.9 4.0 133.86 102.56 -7.68
CAT UN CATE RP ILLAR 154.57 183.04 16% 9.09 10.49 17.0 14.7 2.0 2.1 173.18 90.40 -1.91
MCD UN MCDONALDS 161.61 188.20 14% 7.57 8.22 21.3 19.7 2.5 2.7 178.68 127.94 -6.11
UTX UN UNITE CH 129.25 148.31 13% 7.12 7.90 18.2 16.4 2.3 2.4 139.21 109.11 1.32
BA UN BOE ING 329.98 387.50 15% 14.09 16.68 23.4 19.8 2.1 2.3 371.51 173.78 11.89
XOM UN E XXON MOBIL 74.42 86.39 14% 4.67 4.67 15.9 15.9 4.3 4.4 89.30 73.54 -11.02
J NJ UN J &J 133.06 148.95 11% 8.10 8.54 16.4 15.6 2.7 2.9 148.32 120.95 -4.77
P G UN P&G 78.67 92.78 15% 4.21 4.54 18.7 17.3 3.6 3.8 94.67 77.90 -14.38
KO UN COCA-COLA 43.67 49.85 12% 2.10 2.27 20.8 19.3 3.6 3.8 48.61 41.91 -4.82
WMT UN WAL-MART 87.51 105.07 17% 4.96 5.26 17.7 16.6 2.4 2.5 109.98 69.33 -11.38
TRV UN TRAVE LE RS 140.47 146.61 4% 10.76 11.39 13.1 12.3 2.1 2.2 150.51 113.77 3.56
DWDP US DOWDUPONT 67.88 82.50 18% 4.09 4.88 16.6 13.9 2.4 2.5 77.08 59.29 -4.69
GS US GOLDMAN S ACHS 266.61 267.96 1% 21.56 23.75 12.4 11.2 1.2 1.3 275.29 209.66 4.65
J P M UN J P MORGAN 115.24 121.08 5% 8.89 9.78 13.0 11.8 2.1 2.5 119.33 81.64 7.76
AXP UN AME X 94.39 107.72 12% 7.11 7.89 13.3 12.0 1.5 1.6 102.38 75.52 -4.95
MRK UN ME RCK 55.25 67.19 18% 4.17 4.39 13.3 12.6 3.5 3.6 66.41 53.13 -1.81
DIS UN WALT DIS NE Y 103.24 122.47 16% 7.09 7.65 14.6 13.5 1.6 1.8 116.09 96.20 -3.97
VZ UN VE RIZON 48.29 56.09 14% 4.52 4.65 10.7 10.4 5.0 5.1 54.77 42.82 -8.77
HD UN HOME DE POT 178.07 211.64 16% 9.44 10.17 18.9 17.5 2.3 2.6 207.60 144.26 -6.05
UNH US UTD HE ALTH 229.48 266.22 14% 12.52 14.10 18.3 16.3 1.4 1.5 250.79 162.74 4.09
T UN AT&T 37.04 41.57 11% 3.46 3.52 10.7 10.5 5.4 5.5 42.69 32.55 -4.73
MS FT UW MICROS OFT 94.18 103.41 9% 3.65 3.92 25.8 24.1 1.8 1.9 97.24 64.13 10.10
CS CO UW CIS CO 45.33 48.10 6% 2.60 2.86 17.5 15.9 2.8 3.1 46.15 30.36 18.36
INTC UW INTE L 50.88 52.89 4% 3.56 3.81 14.3 13.4 2.3 2.4 53.78 33.24 10.23
PF E UN PF IZE R 36.58 40.55 10% 2.95 3.04 12.4 12.0 3.8 4.0 39.43 31.67 0.99
GE UN GE 14.36 17.32 17% 0.95 1.06 15.1 13.6 3.7 3.6 30.54 13.95 -17.71
NKE US NIKE INC 66.39 67.94 2% 2.30 2.69 28.9 24.7 1.2 1.3 70.25 50.35 6.14
V US VIS A INC 123.41 140.51 12% 4.41 5.21 28.0 23.7 0.7 0.8 126.88 87.85 8.24
AIG US AIG 54.66 68.86 21% 5.51 6.04 9.9 9.1 2.6 2.8 67.30 54.55 -8.26
BAC US BANK OF AME RICA 32.10 34.49 7% 2.51 2.86 12.8 11.2 1.9 2.5 33.05 22.07 8.74
BP US BP 39.03 45.31 14% 2.73 2.88 14.3 13.5 6.2 6.2 44.62 33.57 -7.14
C US CITIGROUP 73.34 84.08 13% 6.41 7.37 11.4 10.0 2.0 2.5 80.70 56.55 -1.44
LVS US LV S ANDS 74.77 80.61 7% 3.32 3.63 22.5 20.6 4.0 4.2 79.84 54.71 7.60
MS US MS 57.22 60.76 6% 4.53 5.03 12.6 11.4 1.9 2.3 59.38 40.06 9.05
WFC US WE LLS FARGO 56.83 64.93 12% 4.74 5.35 12.0 10.6 2.9 3.2 66.31 49.27 -6.33
FB US FACE BOOK INC 183.86 224.02 18% 8.39 10.16 21.9 18.1 0.0 0.0 195.32 137.60 4.19
AAP L US AP PLE INC 178.65 191.85 7% 11.52 13.12 15.5 13.6 1.5 1.7 183.50 138.62 5.57
BABA US ALIBABA GRP 199.06 229.24 13% 32.79 42.34 38.4 29.7 0.0 0.0 206.20 103.98 15.44
Note: The above data is based on Bloomberg consensus

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 19-Mar-18
Stock REC BUY 16-Mar-18 Change Upside Targets % Upside
Date Price Price (+/-) pct ST MT LT ST MT LT
AIG 25-May 62.60 54.66 (7.94) (12.68) 57.93 60.17 62.95 5.98 10.08 15.17
ALIBABA 3-Nov 98.51 199.06 100.55 102.07 212.50 222.83 233.15 6.75 11.94 17.13
ALIBABA 7-Dec 90.40 199.06 108.66 120.20 212.50 222.83 233.15 6.75 11.94 17.13
ALIBABA 21-Mar 107.25 199.06 91.81 85.60 212.50 222.83 233.15 6.75 11.94 17.13
AMERICAN EXPRESS 21-Oct 66.78 94.39 27.61 41.34 106.45 113.09 118.46 12.78 19.81 25.50
APPLE INC 12-Oct 116.30 178.65 62.35 53.61 179.34 188.25 195.45 0.39 5.37 9.40
APPLE INC 15-Nov 105.71 178.65 72.94 69.00 179.34 188.25 195.45 0.39 5.37 9.40
APPLE INC 9-May 153.01 178.65 25.64 16.76 179.34 188.25 195.45 0.39 5.37 9.40
APPLE INC 2-Aug 150.05 178.65 28.60 19.06 179.34 188.25 195.45 0.39 5.37 9.40
APPLE INC 21-Sep 156.07 178.65 22.58 14.47 179.34 188.25 195.45 0.39 5.37 9.40
APPLE INC 27-Sep 153.14 178.65 25.51 16.66 179.34 188.25 195.45 0.39 5.37 9.40
AT&T INC 26-Oct 33.49 37.04 3.55 10.60 40.84 43.89 46.93 10.26 18.49 26.70
AT&T INC 13-Dec 38.10 37.04 (1.06) (2.78) 40.84 43.89 46.93 10.26 18.49 26.70
AT&T INC 9-Jan 38.25 37.04 (1.21) (3.16) 40.84 43.89 46.93 10.26 18.49 26.70
AT&T INC 14-Mar 37.39 37.04 (0.35) (0.94) 40.84 43.89 46.93 10.26 18.49 26.70
BANK OF AMERICA 5-Jan 22.95 32.10 9.15 39.87 34.08 35.96 37.84 6.17 12.02 17.88
BANK OF AMERICA 18-Apr 22.81 32.10 9.29 40.73 34.08 35.96 37.84 6.17 12.02 17.88
BANK OF AMERICA 19-Sep 24.70 32.10 7.40 29.96 34.08 35.96 37.84 6.17 12.02 17.88
BANK OF AMERICA 15-Nov 26.24 32.10 5.86 22.33 34.08 35.96 37.84 6.17 12.02 17.88
BP PLC 30-Nov 33.52 39.03 5.51 16.44 40.46 44.61 48.76 3.66 14.30 24.93
BP PLC 9-Mar 33.31 39.03 5.72 17.17 40.46 44.61 48.76 3.66 14.30 24.93
BP PLC 14-Sep 35.99 39.03 3.04 8.45 40.46 44.61 48.76 3.66 14.30 24.93
BP PLC 8-Feb 40.00 39.03 (0.97) (2.43) 40.46 44.61 48.76 3.66 14.30 24.93
CHEVRON CORP 2-Aug 99.11 115.58 16.47 16.62 120.03 133.85 147.60 3.85 15.81 27.70
CHEVRON CORP 20-Jul 104.46 115.58 11.12 10.65 120.03 133.85 147.60 3.85 15.81 27.70
CHEVRON CORP 7-Nov 117.04 115.58 (1.46) (1.25) 120.03 133.85 147.60 3.85 15.81 27.70
CHEVRON CORP 14-Feb 113.29 115.58 2.29 2.02 120.03 133.85 147.60 3.85 15.81 27.70
CISCO SYSTEMS 16-May 34.23 45.33 11.10 32.43 46.07 47.90 50.85 1.63 5.67 12.18
CITIGROUP 14-Jun 43.16 73.34 30.18 69.93 82.21 85.12 88.73 12.09 16.06 20.98
CITIGROUP 20-Sep 46.59 73.34 26.75 57.42 82.21 85.12 88.73 12.09 16.06 20.98
CITIGROUP 11-Oct 49.55 73.34 23.79 48.01 82.21 85.12 88.73 12.09 16.06 20.98
CITIGROUP 19-Jan 57.39 73.34 15.95 27.79 82.21 85.12 88.73 12.09 16.06 20.98
CITIGROUP 6-Jul 68.45 73.34 4.89 7.14 82.21 85.12 88.73 12.09 16.06 20.98
CITIGROUP 13-Sep 68.79 73.34 4.55 6.61 82.21 85.12 88.73 12.09 16.06 20.98
COCA-COLA 8-Jun 45.32 43.67 (1.65) (3.64) 49.62 51.16 52.41 13.62 17.15 20.01
COCA-COLA 29-Nov 41.75 43.67 1.92 4.60 49.62 51.16 52.41 13.62 17.15 20.01
COCA-COLA 18-Jan 46.82 43.67 (3.15) (6.73) 49.62 51.16 52.41 13.62 17.15 20.01
COCA-COLA 27-Feb 44.03 43.67 (0.36) (0.82) 49.62 51.16 52.41 13.62 17.15 20.01
EXXOM MOBIL 27-Jul 80.37 74.42 (5.95) (7.40) 83.55 86.38 95.55 12.27 16.07 28.39
EXXOM MOBIL 16-Nov 81.21 74.42 (6.79) (8.36) 83.55 86.38 95.55 12.27 16.07 28.39
EXXOM MOBIL 7-Feb 78.35 74.42 (3.93) (5.02) 83.55 86.38 95.55 12.27 16.07 28.39
FACEBOOK 11-May 150.29 183.86 33.57 22.34 200.34 211.14 219.88 8.96 14.84 19.59
FACEBOOK 13-Jul 158.90 183.86 24.96 15.71 200.34 211.14 219.88 8.96 14.84 19.59
GENERAL ELECTRIC 5-Dec 17.76 14.36 (3.40) (19.14) 15.80 19.27 21.43 10.03 34.19 49.23
HOME DEPOT 8-Mar 178.58 178.07 (0.51) (0.29) 186.74 194.73 207.60 4.87 9.36 16.58
IBM CORP 19-Jul 154.00 159.61 5.61 3.64 162.64 167.24 182.79 1.90 4.78 14.52
INTEL CORP 30-Aug 34.73 50.88 16.15 46.50 55.26 57.62 59.97 8.61 13.25 17.87
JOHNSON & JOHNSON 19-Apr 121.82 133.06 11.24 9.23 139.11 148.28 157.45 4.55 11.44 18.33
JOHNSON & JOHNSON 6-Feb 130.39 133.06 2.67 2.05 139.11 148.28 157.45 4.55 11.44 18.33
JPMORGAN CHASE 22-Jun 87.12 115.24 28.12 32.28 124.32 133.43 137.51 7.88 15.78 19.32
LAS VEGAS 7-Feb 51.98 74.77 22.79 43.84 78.57 87.33 92.76 5.08 16.80 24.06
LAS VEGAS 3-May 59.19 74.77 15.58 26.32 78.57 87.33 92.76 5.08 16.80 24.06
LAS VEGAS 7-Sep 63.26 74.77 11.51 18.19 78.57 87.33 92.76 5.08 16.80 24.06
LAS VEGAS 21-Nov 67.08 74.77 7.69 11.46 78.57 87.33 92.76 5.08 16.80 24.06
MERCK & CO 23-Mar 63.50 55.25 (8.25) (12.99) 59.69 62.37 66.80 8.04 12.89 20.90
MERCK & CO 25-Apr 62.14 55.25 (6.89) (11.09) 59.69 62.37 66.80 8.04 12.89 20.90
MERCK & CO 28-Nov 54.93 55.25 0.32 0.58 59.69 62.37 66.80 8.04 12.89 20.90
MERCK & CO 31-Oct 54.71 55.25 0.54 0.99 59.69 62.37 66.80 8.04 12.89 20.90
MERCK & CO 27-Dec 56.34 55.25 (1.09) (1.93) 59.69 62.37 66.80 8.04 12.89 20.90
MERCK & CO 28-Feb 54.72 55.25 0.53 0.97 59.69 62.37 66.80 8.04 12.89 20.90
MICROSOFT 11-Jul 69.98 94.18 24.20 34.58 100.77 105.28 109.78 7.00 11.79 16.56
MORGAN STANLEY 1-Jun 41.74 57.22 15.48 37.09 58.70 61.74 68.54 2.59 7.90 19.78
MORGAN STANLEY 3-Oct 48.92 57.22 8.30 16.97 58.70 61.74 68.54 2.59 7.90 19.78
NIKE INC 4-Apr 55.56 66.39 10.83 19.49 72.72 75.52 80.05 9.53 13.75 20.58
NIKE INC 17-Aug 58.54 66.39 7.85 13.41 72.72 75.52 80.05 9.53 13.75 20.58
NIKE INC 4-Oct 51.47 66.39 14.92 28.99 72.72 75.52 80.05 9.53 13.75 20.58
PFIZER INC 28-Mar 34.18 36.58 2.40 7.02 39.12 40.22 41.11 6.94 9.95 12.38
PFIZER INC 20-Apr 33.61 36.58 2.97 8.84 39.12 40.22 41.11 6.94 9.95 12.38
PFIZER INC 23-Aug 33.15 36.58 3.43 10.35 39.12 40.22 41.11 6.94 9.95 12.38
PFIZER INC 17-Jan 36.60 36.58 (0.02) (0.05) 39.12 40.22 41.11 6.94 9.95 12.38
PROCTER & GAMBLE 25-Oct 86.98 78.67 (8.31) (9.55) 84.20 88.19 94.64 7.03 12.10 20.30
PROCTER & GAMBLE 24-Jan 88.31 78.67 (9.64) (10.92) 84.20 88.19 94.64 7.03 12.10 20.30
UNITEDHEALTH 19-Oct 205.23 229.48 24.25 11.82 252.03 262.48 279.38 9.83 14.38 21.74
UNITED TECH CORP 3-Aug 120.35 129.25 8.90 7.40 147.16 153.02 157.75 13.86 18.39 22.05
UNITED TECH CORP 6-Sep 111.21 129.25 18.04 16.22 147.16 153.02 157.75 13.86 18.39 22.05
VERIZON 14-Nov 44.75 48.29 3.54 7.91 56.95 61.45 64.12 17.93 27.25 32.78
VERIZON 22-Feb 47.96 48.29 0.33 0.69 56.95 61.45 64.12 17.93 27.25 32.78
VISA 28-Dec 114.02 123.41 9.39 8.24 129.83 134.50 139.16 5.20 8.99 12.76
WALT DISNEY 18-May 106.31 103.24 (3.07) (2.89) 116.10 122.18 125.94 12.46 18.35 21.99
WALT DISNEY 17-Oct 98.13 103.24 5.11 5.21 116.10 122.18 125.94 12.46 18.35 21.99
WALT DISNEY 13-Feb 103.39 103.24 (0.15) (0.15) 116.10 122.18 125.94 12.46 18.35 21.99
WALT DISNEY 1-Mar 103.16 103.24 0.08 0.08 116.10 122.18 125.94 12.46 18.35 21.99
WAL-MART 21-Feb 94.11 87.51 (6.60) (7.01) 99.43 100.75 102.95 13.62 15.13 17.64
WELLS FARGO 23-May 53.01 56.83 3.82 7.21 60.80 65.84 70.88 6.99 15.85 24.72

VISA INC* = Share price adjusted for 1-to-4 stock split on 19/03/2015.

Total funds invested * 6,328,590 Upside Targets **

Total unrealised profit 1,027,150 ST = Short Term (one month)
Return 16.23% MT = Medium Term (three months)
LT = Long Term (above six months)

* The portfolio assumes each position consists of 1,000 shares and no deductions for any charges, fees and commision

** Upside Targets are derived from the subsequent Fibonacci Projection levels

The above table is a performance summary of our top BUY recommendations from JUNE 2016 to current (sorted by name) together with upside targets, which are taken from
subsequent Fibonacci Projection targets which could be achieved in one month (ST), three months (MT) and above six months (LT) from recommendation date.

Interpretation:
Investors should aim to take profit/sell trading positions when the percentage upside on the last three columns falls to 5% or below (shaded column). A negative percentage value
indicates the upside target for the particular time-frame has been breached. Any revision in upside targets will be highlighted in bold.

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/ 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.

As of Monday, March 19, 2018, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
(a) nil

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One 22 Jalan P. Ramlee 50250 Kuala Lumpur Malaysia Tel: 603 – 2072 1277 Fax: 603 – 2032 5048
www.ta.com.my

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