RSH Complete PDF

Friday, 08 November, 2019
TA RESEARCH’S ‘DAILY COMPILED REPORTS’

For Internal Circulation Only
N ew s
1. D ai l y M arke t C om men t a ry
2. D ai l y B ri ef
Fu nd a me n tal Rep o r ts
1. G DB H o ld i n g s Be rh a d : Se c u re s L o I f o r F i r st J o b in L a n d B e lo w th e W in d
2. Ge n t i n g Be rh a d : C h a ll e n g in g V I P M a r k e t
3. Jo h o re T i n Be r h a d : F Y 1 9 i s Se t f o r R e c o r d P ro f it
4. P u b l ic Ba n k B e r h a d : 9 M 1 9 R e su l t s Wi th in E x p e c ta tio n s
5. S e n t o r ia Gr o u p Be r h a d : R o p in g in S t ra te g ic I n v e s to r f o r L a n g k a w i R e so r t
Te ch n ic al R ep o rt s
1. D ai l y Te ch n ic a l St o ck W at ch , D ai l y Mon e y F lo w , D a il y St oc k Sc reen ( Loc al )
2. Fore i gn Te ch n i ca l St o c k W at ch ( F SS T I )
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
Friday, 08 November 2019
TA Research, e-mail : taresearch@ta.com.my
KLSE Market Statistics (07.11.2019) Review & Outlook

Volume Value Value/ Blue chips firmed to end near session highs on Thursday, shored up by
(mil) +/-chg (RMmn) +/-chg Volume Up Down optimism on reports that China has agreed with the US to cancel existing
Main Market 1,738.1 -196.9 1,694.5 155.6 0.97 305 239 trade tariffs in phases.The FBM KLCI rose 6.08 points to close at the day's
Warrants 404.4 145.4 77.0 30.2 0.19 95 107 high of 1,609.33, off an earlier low of 1,601.18, as gainers led losers 456 to
ACE Market 472.5 -37.5 121.9 -12.8 0.26 50 36 382 on steady turnover of 2.61bn shares worth RM1.89bn.
Bond 0.3 -1.8 0.1 -0.1 0.22 3 0
ETF 0.2 0.1 1.0 0.9 5.29 1 0 Optimism over global trade following the latest positive cue from the top
LEAP 0.4 (0.3) 0.1 0.0 0.14 2 0 two global economies to mutually withdraw current trade tariffs in phases
Total 2,615.8 1,894.5 0.72 456 382 should lift sentiment, but expect profit-taking to pause gains ahead of the
weekend. Immediate index resistance remains the 100-day ma at 1,616,
Off Market 112.3 -442.3 31.7 -492.3 0.28
followed by the 200-day ma at 1,637. Immediate support will be from the
Major Indices rising 10-day moving average now at 1,591, while crucial support stays at
Index +/- chg % chg % YTD chg the 10 Oct low of 1,548.
Malaysia
Gadang need convincing breakout above the 100-day ma (77sen) and
FBMKLCI 1,609.33 6.08 0.38 -4.81 61.8%FR (78sen) to enhance upside momentum towards the 76.4%FR
FBMEMAS 11,389.38 46.07 0.41 -1.20 (85sen), with next hurdle at 90sen, while key retracement supports are at
FBMSCAP 13,681.99 39.32 0.29 21.09 the 50%FR (72sen) and 38.2%FR (66sen). SunCon will need sustained
November Futures 1,615.50 9.00 0.56 -4.49 strength above the 76.4%FR (RM1.99) and 100-day ma (RM2.05) to fuel
Other Markets further upside and re-test the July 2019 high (RM2.20), while a decisive
DOW JONES 27,674.80 182.24 0.66 18.64 breakout should aim for the 123.6%FP (RM2.41) ahead. Key chart supports
NASDAQ (US) 8,434.52 23.89 0.28 27.12 are from the lower Bollinger band (RM1.90) and 61.8%FR (RM1.85).
FTSE (UK) 7,406.41 9.76 0.13 10.08
NIKKEI (JAPAN) 23,330.32 26.50 0.11 16.57 News Bites
KOSPI (KOREA) 2,144.29 0.14 0.01 5.06 • Bank Negara Malaysia's international reserves slipped US$100mn or
HANG SENG (HK) 27,847.23 158.59 0.57 7.74 0.1% to US$103.2bn as at Oct 31 this year, from US$103.3bn as at Oct
FSSTI (S'PORE) 3,285.72 23.03 0.71 7.07 15. It is sufficient to finance 7.6 months of retained imports and is 1.1
times total short-term external debt.
SET (BANGKOK) 1,640.88 16.89 1.04 4.92
• Bank Negara Malaysia is proposing to set a cash transaction limit of
JCI (JAKARTA) 6,165.62 -51.92 -0.84 -0.47 RM25,000 next year, as part of its initiative to continue curbing financial
SHANGHAI 2,978.71 0.12 0.00 19.44 crimes.
SHENZHEN 1,651.77 10.54 0.64 30.28 • GDB Holdings Bhd has bagged its first contract in East Malaysia to
AUSTRALIA 6,726.63 66.48 1.00 19.13 build the five-star Hyatt Centric hotel in Kota Kinabalu, Sabah, for a
provisional contract value of RM213.3mn, from Hap Seng Consolidated
Top 10 KLCI Movers Based on Bhd's unit Sunhill Ventures Sdn Bhd.
Off Market • Sentoria Group Bhd's 75%-owned unit Sentoria Langkawi Sdn Bhd
Mkt Cap.
plans to dispose of part of a plot of land, measuring 35 acres, for its
(mn) (RM) Counter Mkt Cap. Chg Vol. Langkawi Geopark Resort City project for RM49.5mn to I Strada Sdn
IMPIANA 40.0 @ 0.03 (RM’mn) (RM) (mn) Bhd.
TIGER 20.0 @ 0.01 MAYBANK 98,362 0.04 8.06 • SYF Resources Bhd is proposing to raise up to RM85.8mn via a
HANDAL 11.0 @ 0.45 PBBANK 77,099 0.06 4.59 renounceable rights issue with free warrants to fund its existing and
TRIVE 9.7 @ 0.02 IHH 48,696 0.01 4.79 future property development projects.
NIHSIN 7.6 @ 0.12 MAXIS 42,935 0.07 0.83 • EcoFirst Consolidated Bhd's wholly-owned unit Pujian Development
MSPORTS 5.4 @ 0.02 HLBANK 37,068 0.04 0.49 Sdn Bhd has received a sealed court order to pay a judgement sum of
SDS 4.2 @ 0.22 MISC 37,049 0.10 11.34 RM10.4mn in respect of the rescinded sale and purchase agreements
AMEDIA 4.0 @ 0.13 NESTLE 34,448 0.30 0.11 involving 12 units.
PETGAS 32,847 0.18 0.70 • Public Bank Bhd's 3QFY19 net profit dropped 1.5% to RM1.36bn from
IGBB 3.5 @ 2.70
PPB 26,034 0.02 0.57 RM1.38bn a year earlier, due to the negative effect of Overnight Policy
KBUNAI 1.5 @ 0.11
HAPSENG 24,847 0.08 0.41 Rate reduction of 0.25% in May 2019. It was within expectations.
GPACKET 1.3 @ 0.75 • Pentamaster Corp Bhd's 3QFY19 net profit grew 25.6% to RM21.5mn
VERTICE 1.0 @ 0.92 from RM17.1mn a year ago on higher revenue from the automated test
equipment operating segment.
Exchange Rate Commodities Futures • Ranhill Holdings Bhd's net profit for 3Q19 rose 7% to RM17.6mn from
USD/MYR 4.124 -0.068 Palm Oil (RM/mt) 2,554.00 -28.00 RM16.5mn a year ago on higher contribution from its environment
USD/JPY 109.180 0.150 Crude Oil (Brent) 62.34 0.56 segment while its quarterly revenue also rose 1.8% to RM409.1mn from
EUR/USD 1.109 0.000 Gold ($/tr.oz.) 1,469.40 -22.70 RM401.9mn.
USD/CNY 6.974 -0.027 • VSTECS Bhd's net profit grew 7.71% to RM8.3mn in 3Q from RM7.7mn
in the same period last year, thanks to higher sales, better gross profit,
Important Dates lower finance income and bigger share of profit in joint venture and
associate.
KFM - 5:1 Rights Issue - RI of up to 477.6m shares, together with • China and the US have agreed in principle to remove some tariffs
238.8m free detachable warrants. imposed in stages, Beijing has said, hinting that a potential trade truce
5 rights shares for every 1 existing share held, at an issue price of could go beyond a freeze on new duties.
RM0.10 per rights share, together with 1 warrant for every 2 rights
shares subscribed. Application Closed: 14/11/2019.
LISTING ON: 28/11/2019.
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
Friday, November 08, 2019
FBMKLCI: 1,609.33
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
Daily Brief
Market View, News in Brief: Corporate, Economy, and Share Buybacks
Chartist: Stephen Soo Tel: +603-2167 9607 stsoo@ta.com.my www.taonline.com.my
M a r k e t V i e w Profit-Taking to Pause Gains Ahead of Weekend

Blue chips firmed to end near session highs on Thursday, shored up by optimism on reports
that China has agreed with the US to cancel existing trade tariffs in phases. The FBM KLCI
rose 6.08 points to close at the day’s high of 1,609.33, off an earlier low of 1,601.18, as gainers
led losers 456 to 382 on steady turnover of 2.61bn shares worth RM1.89bn.
Resistance at 1,616, Then 1,637

Optimism over global trade following the latest positive cue from the top two global
economies to mutually withdraw current trade tariffs in phases should lift sentiment, but
expect profit-taking to pause gains ahead of the weekend. Immediate index resistance remains
the 100-day ma at 1,616, followed by the 200-day ma at 1,637. Immediate support will be from
the rising 10-day moving average now at 1,591, while crucial support stays at the 10 Oct low
of 1,548.
BUY Gadang & SunCon

Gadang need convincing breakout above the 100-day ma (77sen) and 61.8%FR (78sen) to
enhance upside momentum towards the 76.4%FR (85sen), with next hurdle at 90sen, while
key retracement supports are at the 50%FR (72sen) and 38.2%FR (66sen). SunCon will need
sustained strength above the 76.4%FR (RM1.99) and 100-day ma (RM2.05) to fuel further
upside and re-test the July 2019 high (RM2.20), while a decisive breakout should aim for the
123.6%FP (RM2.41) ahead. Key chart supports are from the lower Bollinger band (RM1.90)
and 61.8%FR (RM1.85).
Asian Markets Subdued on Trade News

Asian markets were mixed on Thursday in choppy trading following the lackluster cues
overnight from Wall Street amid reports that the signing of an interim trade deal between the
U.S. and China could be delayed until December. The meeting between Trump and Xi could
be pushed back as the two sides still need to decide on the terms and a venue, a senior
administration official told CNBC. Trump is scheduled to be in London for a gathering of
NATO leaders on Dec. 3 - 4, and a potential signing could happen nearby before or after that
visit, people close to the talks told CNBC. Those developments came after the Asia-Pacific
Economic Cooperation summit in Chile, originally scheduled for later this month, was
canceled due to protests in the country. Trump and Xi were scheduled to meet at the summit
to discuss and potentially sign a “phase one” deal. In Japan, the Nikkei 225 closed 0.11% higher
at 23,330.32 while the Topix index added 0.22% to finish its trading day at 1,698.13. The
Shanghai composite was largely flat at about 2,978.71. South Korea’s Kospi ended its trading
day largely flat at 2,144.29, while Australia’s S&P/ASX 200 closed 1% higher at 6,726.60.
Page 1 of 10
8-Nov-19
Wall Street Hits Fresh Record High as Investors Digest Trade Deal News
The Dow and S&P 500 closed at fresh records Thursday as signs of progress in trade talks
with China fueled investors’ appetite for risky assets, but a report raising fresh worries about
the outlook for a deal limited the day’s gains. The Dow Jones Industrial Average rose 182.24
points, or 0.66%, to 27,674.80, the S&P 500 gained 8.40 points, or 0.27%, to 3,085.18 and the
Nasdaq Composite added 23.89 points, or 0.28%, to 8,434.52. The early strength on Wall
Street came after a spokesman for the Chinese Commerce Ministry said that both sides had
agreed to simultaneously cancel some existing tariffs on one another’s goods, according to
the country’s state broadcaster. The ministry spokesperson said that both sides were closer
to a so-called “phase one” trade agreement following constructive negotiations over the past
two weeks. A U.S. official also said both sides agreed to the tariffs rollback, according to
Reuters. However, some of that optimism faded in afternoon trade amid reports of “fierce
internal opposition” within the White House over plans for the U.S. and China to roll back
the tariffs and no final decision has been made yet.
Investors also continued to parse a slew of fresh quarterly earnings reports on Thursday.
Shares of Qualcomm rose 6.3% after the chip maker signaled a strong year ahead for 5G
phone sales. Ralph Lauren jumped 15%, making it the best performer in the S&P 500, after the
fashion house’s quarterly results beat consensus expectations.
[ TH E RE M A ININ G OF T H IS P A GE IS IN TE N TI O NA L L Y L E F T BL AN K]
Page 2 of 10
8-Nov-19
N e w s I n B r i e f Corporate
GDB Holdings Bhd has bagged its first contract in East Malaysia to build the five-star Hyatt
Centric hotel in Kota Kinabalu, Sabah, for a provisional contract value of RM213.3mn, from
Hap Seng Consolidated Bhd’s (Not Rated) unit Sunhill Ventures Sdn Bhd. The 22-
storey development features 222 guestrooms and will cater to adventurous, leisure and
business guests as a convenient gateway of access to the commercial district, shopping mall,
restaurants, as well as other local attractions in Sabah and Borneo. (Bursa Malaysia / The Edge)
Comment: This is the third construction job secured by GDB in 2019, bringing the total order book
replenishment YTD to RM865.3mn. The job win bumps up the outstanding order book to RM1.2bn
and would provide strong earnings visibility to the group for the next 3 years. We raise our FY19
order book replenishment assumption from RM652mn to RM865mn, to reflect the likely total job
win in 2019. As a result, earnings forecasts for FY20 and FY21 are raised by 17.2% and 22.3%
respectively. Maintain Buy with a higher target price of RM0.53.
Property developer and resort operator Sentoria Group Bhd’s 75%-owned unit Sentoria
Langkawi Sdn Bhd plans to dispose of part of a plot of land, measuring 35 acres, for its
Langkawi Geopark Resort City project for RM49.5mn to I Strada Sdn Bhd. (Bursa Malaysia /
The Edge)
Comment: We are positive on this move, as it will allow Sentoria to lighten its balance sheet. The
proceeds of RM49.5mn is expected to reduce Sentoria’s current net gearing level of 0.85x to 0.70x.
Moreover, the disposal will enable Sentoria to rope in a strategic investor to complement the
development of Langkawi Geopark Resort City and allow Sentoria to realise the value of its landbank.
We estimate the disposal will give rise to a disposal gain of RM34.3mn. No change to our earnings
forecasts and target price of RM0.25 pending the completion of the disposal. Maintain Buy.
SYF Resources Bhd (Not Rated) is proposing to raise up to RM85.8mn via a

renounceable rights issue with free warrants to fund its existing and future property
development projects. The money raised will also be used to repay bank borrowings. The
cash call will be undertaken on the basis of one rights share with one free warrant for every
two existing SYF Resources shares held at an entitlement date to be fixed. The exercise will
involve up to 451.7mn right shares and a corresponding amount of free detachable warrants.
(Bursa Malaysia / The Edge)
EcoFirst Consolidated Bhd’s (Not Rated) wholly-owned unit Pujian Development Sdn
Bhd has received a sealed court order to pay a judgement sum of RM10.4mn in respect of
the rescinded sale and purchase agreements involving 12 units. (Bursa Malaysia / The Edge)
Public Bank Bhd’s net profit for the third quarter ended Sept 30, 2019 (3QFY19) dropped
1.5% to RM1.36bn from RM1.38bn a year earlier, due to the negative effect of Overnight
Policy Rate reduction of 0.25% in May 2019. Its quarterly revenue was flat at RM5.61bn
against RM5.62bn. For the nine months ended Sept 30 (9MFY19), Public Bank posted a net
profit of RM4.1bn, 1.9% lower from RM4.2bn, on the back of revenue of RM16.8bn, 2.3%
higher from RM16.4bn. (Bursa Malaysia / The Edge)
Pentamaster Corp Bhd’s (Not Rated) 3Q net profit grew 25.6% to RM21.5mn from
RM17.1mn a year ago on higher revenue from the automated test equipment operating
segment. Quarterly revenue was up 15.1% at RM124.6mn versus RM108.3mn. For the
cumulative nine-month period, net profit increased 58.3% to RM60.6mn from RM38.3mn or
last year while revenue grew 17.5% to RM364.1mn from RM310.0mn. (Bursa Malaysia / The
Edge)
Page 3 of 10
8-Nov-19
Ranhill Holdings Bhd’s (Not Rated) net profit for 3Q rose 7% to RM17.6mn from
RM16.5mn a year ago on higher contribution from its environment segment while its
quarterly revenue also rose 1.8% to RM409.1mn from RM401.9mn. For its cumulative nine-
month period (9MFY19), net profit climbed 15% to RM57.7mn from RM50.1mn in the
corresponding period last year as revenue grew 9% to RM1.2bn from RM1.1bn. (Bursa
Malaysia / The Edge)
VSTECS Bhd’s (Not Rated) net profit grew 7.71% to RM8.3mn in 3Q from RM7.7mn in
the same period last year, thanks to higher sales, better gross profit, lower finance income
and bigger share of profit in joint venture and associate. Quarterly revenue grew 5.4% at
RM459.6mn from RM436.2mn due to improved market sentiment. For the nine months of
FY19 (9MFY19), the net profit increased 15.6% to RM18.7mn from RM16.3mn last year,
while revenue grew 6.2% to RM1.3bn from RM1.2bn. (Bursa Malaysia / The Edge)
Page 4 of 10
8-Nov-19
N e w s I n B r i e f Economy
Malaysi a Bank Negara International Reserves Slips to US$103.2bn as at Oct 31
Bank Negara Malaysia's international reserves slipped US$100mn or 0.1% to US$103.2bn
as at Oct 31 this year, from US$103.3bn as at Oct 15, the central bank said in a
statement. The reserves position is sufficient to finance 7.6 months of retained imports
and is 1.1 times total short-term external debt. The reserves comprise five components.
The largest is foreign currency reserves, which rose to US$96.8bn from US$96.7bn two
weeks ago, while International Monetary Fund reserves position stayed the same at
US$1.1bn, as did Special Drawing Rights or SDRs at US$1.1bn, and gold at US$1.9bn.
Other reserve assets, meanwhile, retreated to US$2.3bn from US$2.5bn previously. The
bank's total assets retreated to RM458.63bn from RM460.19bn, while currency in
circulation expanded to RM109.97bn from RM108.91bn. (The Edge)
BNM Wants Cash Transactions to be Capped at RM25,000 Next Year

Bank Negara Malaysia (BNM) is proposing to set a cash transaction limit (CTL) of
RM25,000 next year, as part of its initiative to continue curbing financial crimes. A cash
transaction limit is the cap on the physical cash amount that can be paid per transaction.
If the proposal is implemented, cash transactions above the limit proposed cannot be
paid by cash and must be paid electronically, for example by credit card, or by cheque.
Any intentions to circumvent this limit are an offence for both the payer and payee, BNM
said. Speaking at a media briefing here on the proposed measure, BNM deputy governor
Datuk Abdul Rasheed Ghaffour said the initiative is not new or unique to Malaysia, as it
has been implemented in many other countries. (The Edge)
Cabinet Will Make Final Decision Whether to Ratify CPTPP — EAC

The cabinet will make the final decision on whether to ratify the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP) or otherwise, the
Economic Action Council (EAC) said today. The matter was decided during the 7th EAC
meeting held in Putrajaya yesterday, it said in a statement. According to the EAC, the
meeting chaired by Prime Minister Tun Dr Mahathir Mohamad discussed the results of
an impact study on the CPTPP conducted by the Ministry of Economic Affairs. “Trade
agreements such as the CPTPP need to take into account the government's commitment
to implement inclusive development policies so that benefits generated by CPTPP can
be enjoyed in tandem with the Shared Prosperity Vision 2030,” it explained. The
implications and potential impact of CPTPP were also discussed in depth at the meeting.
In addition to the government's efforts to create a more competitive, efficient and

conducive domestic market environment, the EAC also discussed the results of a review
on the national food sector market under the Competition Act 2010. The study was
conducted by the Malaysia Competition Commission (MyCC). It also said the results of
the finding have been scrutinised. It also discussed the prospects for the restructuring of
the food supply chain through digital economic platforms with the active involvement of
the private sector to lower the price of essential goods. (The Edge)
Page 5 of 10
8-Nov-19
Creative Industry Content Can be Lucrative Export for Malaysia

Tun Dr Mahathir Mohamad said creative industry content such as movies, dramas and
animations could be a lucrative export for the country, if the products were of high
quality. The prime minister noted that the creative industry is a thriving sector in Malaysia
with the existence of 345 MSC Malaysia status companies under the Creative Content
and Technology cluster, out of a total of 2,986 active MSC Malaysian companies as of
March 31, 2019.
"In 2018, the MSC Malaysia status companies under this cluster recorded sales of
RM7.69bn with export value of RM1.4bn and provided 11,471 job opportunities," he said
in his speech at the 15th National Academy of Arts Culture and Heritage (Aswara)
Convocation Ceremony. Dr Mahathir believes ASWARA, with its variety of faculties,
can provide high quality creative industry content and products for local and international
markets. Meanwhile, the prime minister stressed Malaysia cannot lose its identity, which
was shaped through its cultural and artistic diversity. "We need to balance physical and
material progress with the development of arts and culture, because it is only in this way
that we can strengthen the civilisation of the nation," he said. (The Edge)
WKB 2030 Focus on Economy and High-Income Jobs to Bridge Economic

Gaps
The government focus on high-value economy and high-income jobs creation will
contribute positively to efforts to bridge gaps between income groups, in tandem with
the recently-launched Shared Prosperity Vision 2030 (WKB 2030). Deputy Economic
Affairs Minister Dr Mohd Radzi Md Jidin said significant economic gaps still existed at all
levels of income groups, ethnicities and supply chains. “There are significant income gaps
among the income classes as the B40 households are more dependent on salaries and
the group also lack assets that can generate more income,” he said when replying to a
question by Datuk Dr Hasan Bahrom (PH-Tampin) at Dewan Rakyat.
The emphasis would be on increasing productivity as one of the drivers of economic

growth, besides strengthening the existing economic sector. According to Mohd Radzi,
WKB’s 2030 fifth strategic core namely Social Welfare emphasised the welfare of all
groups of people, especially the vulnerable and the B40 households. Commenting on
development gap between regions, particularly urban and rural areas, he said, the focus
on Smart Agriculture would be given to increase crop productivity, especially on rural
agropreneurs. The WKB 2030 was launched by Prime Minister Tun Dr Mahathir
Mohamad on Oct 5. (The Edge)
Incentive for Rubber Remains at RM2.50 — Shamsul

The Rubber Production Incentive (IPG) will remain at RM2.50 per kg, says Deputy
Primary Industries Minister Datuk Seri Shamsul Iskandar Mohd Akin. He said the
government does not intend to raise the IPG to RM3 per kg, as doing so would have a
significant financial impact on the nation. “It has gone up by 30 sen from RM2.20 per kg
previously, so I think it’s a good development for the people especially smallholders,” he
said at the question-and-answer session at the Dewan Rakyat here today. He was
replying to a supplementary question from Ahmad Tarmizi Sulaiman (PAS-Sik) on
whether the ministry would raise the IPG to RM3 per kg to help rubber smallholders.
In January this year, the government increased the Activation Pricing Level (PHP) from
RM2.20 to RM2.50 per kg of scrap rubber. In another development, Shamsul said his
ministry is in the midst of testing an online system for IPG claims by rubber tappers. He
said the system is being implemented in seven states, where about 24,000 smallholders
have made online claims. (The Edge)
Page 6 of 10
8-Nov-19
Asia Australia Trade Surplus AU$7.180bn in September

Australia posted a seasonally adjusted merchandise trade surplus of AU$7.180bn in
September, the Australian Bureau of Statistics said - up 9% on month. That handily
exceeded forecasts for a surplus of AU$5.050bn following the upwardly revised
AU$6.617bn surplus in August (originally AU$5.926bn). Exports were up AU$1.452bn
or 3.0% on month to AU$43.215 bn. Non-rural goods rose AU$586mn (2%), non-
monetary gold rose AU$558mn (26%) and rural goods rose AU$240mn (6%). Net
exports of goods under merchanting remained steady at AU$15mn.
Services credits rose AU$69mn (1%). Imports gained AU$889mn or 3.0% on month to
AU$36.034bn. Capital goods rose AU$702mn (12%), intermediate and other
merchandise goods rose AU$474mn (4%) and consumption goods rose AU$64mn (1%).
Non-monetary gold fell AU$373mn (34%). Services debits rose AU$22mn. (RTT
Philippine GDP Growth Accelerates on Government Spending

The Philippine economy logged a faster-than-expected growth in the third quarter driven
by government spending, data from the Philippine Statistics Authority revealed. Gross
domestic product grew 6.2% year-on-year, faster than the 5.5% expansion in the second
quarter and the expected pace of 6%. This was the fastest growth seen this year. On a
quarterly basis, the economy expanded 1.6% in the third quarter. Economic Planning
Secretary Ernesto Pernia said the economy needs to grow 6.7% in the fourth quarter to
achieve the government's full year target of 6%-7% growth. The production-side showed
that the service sector logged the fastest growth in the third quarter, up 6.9%. At the
same time, industry and farm sectors advanced 5.6% and 3.1%, respectively. (The Edge)
United States US Weekly Jobless Claims Fall More Than Expected

The number of Americans filing applications for unemployment benefits fell more than
expected last week, consistent with strong labor market conditions and continued job
growth. Initial claims for state unemployment benefits decreased 8,000 to a seasonally
adjusted 211,000 for the week ended Nov. 2, the Labor Department said. Data for the
prior week was revised to show 1,000 more applications received than previously
reported. Economists polled by Reuters had forecast claims would fall to 215,000 in the
latest week. The Labor Department said claims for one state, Kentucky, were estimated
last week. The four-week moving average of initial claims, considered a better measure
of labor market trends as it irons out week-to-week volatility, increased 250 to 215,250
last week.
The level of claims suggests solid labor market conditions. Employment grew faster than
expected in October, with firms adding 128,000 jobs, even though a strike by workers
at General Motors idled 46,000 employees at the automaker’s plants in Michigan and
Kentucky. Thursday’s claims report also showed the number of people receiving benefits
after an initial week of benefits dipped 3,000 to 1.69 million for the week ended Oct. 26.
The four-week moving average of the so-called continuing claims was unchanged at 1.69
million. (CNBC)
Page 7 of 10
8-Nov-19
China and US Agree to Lift Some Tariffs in Sign of Trade War Thaw
China and the US have agreed in principle to remove some tariffs imposed in the trade
dispute between the two countries, Beijing has said, hinting that a potential trade truce
could go beyond a freeze on new duties. Officials from the world’s two largest
economies are working on the terms of a trade ceasefire to be signed in the coming
weeks by Donald Trump, the US president, and Xi Jinping, his Chinese counterpart.
Commerce ministry spokesperson Gao Feng told reporters in Beijing on Thursday that
negotiators from both sides had agreed “to remove some of the additional tariffs in
phases”, according to China’s state media.
Removing tariffs gradually “can help to stabilise market expectations”, he added. “As for
how much will be eliminated in the first phase that will depend on the content of the
phase one agreement,” he said. Markets were boosted by the comments, with suggesting
China had shifted from its demand that the US should remove all existing levies as a
precondition of any trade deal. (Financial Times)
Eurozone and United Bank of England MPC Split 7-2 on Rate

Kingdom The Bank of England left its interest rate unchanged in a split vote as two members
sought a rate cut as growth outlook weakens amid Brexit uncertainty and signaled that
a rate hike is unlikely. Seven members of the Monetary Policy Committee including
Governor Mark Carney voted to maintain the bank rate at 0.75%, while Jonathan Haskel
and Michael Saunders preferred a quarter-point reduction. Haskel and Saunders said
some extra stimulus was needed now to ensure a sustained return of inflation to the
target. Signaling policy easing, the monetary policy summary said, "If global growth fails
to stabilise or if Brexit uncertainties remain entrenched, monetary policy may need to
reinforce the expected recovery in UK GDP growth and inflation." The committee
unanimously decided to retain the stock of corporate bond purchases at GBP10bn and
government bond purchases at GBP435bn. The committee judged that the existing
stance of monetary policy is appropriate.
Policymakers forecast economic growth to be roughly half that in 2018. In the new
Monetary Policy Report, the bank forecast GDP forecast of 1.2% in 2020 and 1.8% in
2021, which was down from 2.3%. The bank projected GDP growth to pick up from 1%
in the fourth quarter of 2019 to 2.1% by the end of 2022. The level of GDP ends the
forecast period around 1% lower than in August. Inflation which is currently below 2%
is expected to decline to around 1.25% by the spring. Then inflation is forecast to rise
gradually to a little above 2% target. (The Edge)
EC Lowers Eurozone Growth Outlook

The European Commission downgraded its growth projections for the euro area as the
economy faces a period of very high uncertainty. In the Autumn forecast, the EC said
that the European economy has entered a protracted period of subdued growth amid
weak global growth, trade tensions and uncertainties over Brexit. The single currency
bloc is forecast to expand 1.1% this year instead of 1.2% estimated previously. Growth
is seen at 1.2% each in 2020 and 2021. The outlook for 2020 was downgraded from
1.4%. Inflationary pressures are set to be more moderate than expected in spring,
lowering the inflation forecast for 2019 and 2020 to 1.2%, followed by slight uptick to
1.3% in 2021, the commission said.
Page 8 of 10
8-Nov-19
Germany's economy is expected to see muted growth over the forecast horizon. GDP
is expected to increase by only 0.4% this year, and by just 1% in 2020 and 2021. France's
real growth is set to decrease in 2019 before leveling out a rate close to the economy's
potential. Underpinned by domestic demand, GDP is forecast to grow by 1.3% in 2019
and 2020 and then by 1.2% in 2021.
The EU said Italy still shows no signs of a meaningful recovery. GDP is expected to edge
up 0.1% this year. In 2020, growth is set to pick up moderately to 0.4% on the back of
rising external demand and moderate household spending. For 2021, growth is seen at
0.7%. Amid Brexit uncertainty, UK's pace of economic growth has been volatile in 2019.
The growth is seen at 1.3% this year. Then growth is forecast to be 1.4% in 2020 and
2021. (RTT)
Germany Industrial Output Falls More Than Expected

Germany's industrial production declined more than expected in September, data from
Destatis revealed. Industrial production fell 0.6% month-on-month in September,
reversing a 0.4% rise in August. Economists had forecast a moderate drop of 0.3%. On a
yearly basis, industrial output was down 4.3%, which was faster than the 3.9% decrease
logged in August. Production was expected to decrease 4.4%. Excluding energy and
construction, industrial production fell 1.3% from previous month. Energy output
advanced 2% and construction expanded 1.8% in September. (RTT)
Page 9 of 10
8-Nov-19
N e w s I n B r i e f Share Buy-Back
Share Buy-Back: 07 November 2019

Total Treasury
Company Bought Back Price (RM) Hi/Lo (RM)
Shares
ANCOM 55,000 0.49/0.485 0.49/0.485 16,375,959
BORNOIL 600,000 0.05 0.045/0.04 198,876,000
FARLIM 63,800 0.34/0.335 0.34/0.33 3,615,400
FIMACOR 10,000 1.73/1.72 1.73/1.71 5,627,900
KFIMA 5,000 1.61 1.61 1,341,300
P&O 33,000 0.97 0.965/0.96 16,370,393
PRTASCO 118,600 0.26 0.265/0.26 10,256,100
SUNZEN 388,000 0.145/0.14 0.145/0.125 6,281,400
TITIJYA 38,800 0.29 0.295/0.29 82,597,900
TROP 275,000 0.845/0.835 0.845/0.83 6,400,541
Source: Bursa Malaysia
Disclaimer
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.

www.ta.com.my
Page 10 of 10
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) FY19 FY20 FY19 FY20 FY19 FY20 High Price % Chg Low Price % Chg YTD
07-Nov-19
AUTOMOBILE
BAUTO 2.20 2.86 30.0% Buy 2,556 0.60 22.8 21.8 9.6 10.1 9.7 7.4 2.78 -20.9 1.81 21.5 5.1
MBMR 4.09 4.45 8.8% Buy 1,599 0.62 46.5 49.5 8.8 8.3 6.8 7.3 4.47 -8.5 1.86 119.9 85.9
PECCA 1.23 0.99 -19.5% Sell 226 0.78 8.9 8.1 13.8 15.1 5.7 4.9 1.30 -5.4 0.69 79.6 67.3
SIME 2.35 2.33 -0.9% Sell 15,982 1.56 16.5 15.4 14.2 15.3 4.3 4.0 2.51 -6.3 2.03 15.7 -1.6
UMW 4.51 5.20 15.3% Buy 5,269 0.67 36.2 37.5 12.5 12.0 1.3 1.3 6.02 -25.1 4.36 3.4 -17.6
BANKS & FINANCIAL SERVICES

ABMB 2.90 3.20 10.3% Buy 4,490 0.92 34.7 33.8 8.4 8.6 5.8 5.2 4.35 -33.3 2.57 12.8 -27.9
AFFIN 1.95 2.20 12.8% Buy 3,873 0.83 26.7 26.6 7.3 7.3 5.1 5.1 2.43 -19.8 1.92 1.6 -12.6
AMBANK 4.09 4.40 7.6% Buy 12,328 1.21 42.2 45.2 9.7 9.1 4.9 4.9 4.64 -11.9 3.81 7.3 -5.8
CIMB 5.30 5.50 3.8% Hold 52,592 1.33 50.9 52.4 10.4 10.1 4.9 4.9 6.03 -12.1 4.82 10.0 -7.2
HLBANK 17.10 17.60 2.9% Sell 37,068 0.92 122.9 118.0 13.9 14.5 2.9 2.9 21.66 -21.1 15.82 8.1 -16.2
MAYBANK 8.75 8.60 -1.7% Hold 98,362 0.87 73.7 75.3 11.9 11.6 6.6 6.6 9.71 -9.9 8.37 4.5 -7.9
PBBANK 19.86 19.20 -3.3% Sell 77,099 0.89 147.6 152.3 13.5 13.0 3.5 3.5 25.18 -21.1 19.06 4.2 -19.8
RHBBANK 5.76 6.40 11.1% Buy 23,098 1.05 59.9 61.7 9.6 9.3 4.3 4.3 6.07 -5.1 5.11 12.7 8.9
BURSA 6.22 5.70 -8.4% Sell 5,029 0.89 22.7 23.9 27.4 26.1 3.9 3.9 7.46 -16.6 5.90 5.4 -9.1
BUILDING MATERIALS
ANNJOO 1.10 1.00 -9.1% Sell 570 1.42 -2.3 10.0 na 11.0 0.0 3.6 1.88 -41.5 1.09 0.9 -12.0
CHINHIN 0.82 0.71 -12.9% Sell 448 1.00 5.0 7.2 16.2 11.3 1.8 2.2 0.91 -10.4 0.63 29.4 12.4
CHINWEL 1.62 2.06 27.2% Buy 475 0.75 18.2 19.8 8.9 8.2 4.8 4.9 1.94 -16.5 1.55 4.5 0.0
CMSB 2.39 2.50 4.6% Hold 2,564 1.47 16.7 18.4 14.3 13.0 2.1 2.3 3.92 -39.0 2.26 5.8 -11.2
CSCSTEL 0.99 1.10 11.1% Hold 366 0.95 8.4 6.9 11.8 14.4 4.1 3.4 1.20 -17.5 0.98 1.5 -2.9
ENGTEX 0.61 0.80 31.1% Buy 267 0.77 1.6 3.0 39.1 20.3 0.8 0.9 0.97 -37.1 0.56 8.9 -26.1
CONSTRUCTION
GADANG 0.75 0.77 3.4% Buy 542 1.70 6.0 8.1 12.5 9.2 1.6 2.0 0.96 -22.4 0.48 56.8 46.1
GAMUDA 3.70 3.55 -4.1% Sell 9,152 1.49 28.5 29.5 13.0 12.6 3.2 3.2 4.04 -8.4 2.18 69.7 58.1
Note: GAMUDA proposed 1 for 4 rights issue warrants. For more details please refer to 17.12.18 report.
GDB 0.40 0.53 34.2% Buy 247 na 4.2 5.3 9.4 7.5 5.1 5.1 0.40 -1.2 0.22 79.5 71.7
IJM 2.16 2.18 0.9% Sell 7,840 1.60 9.5 10.0 22.7 21.7 1.9 2.3 2.51 -13.9 1.51 43.0 33.3
KAB 0.63 0.53 -15.9% Hold 222 na 3.0 3.3 21.0 19.0 1.6 1.6 0.69 -8.7 0.19 240.5 223.1
PESONA 0.23 0.31 37.8% Buy 156 1.32 3.2 3.6 7.1 6.3 4.4 4.4 0.28 -19.6 0.17 32.4 18.4
SENDAI 0.41 0.30 -28.0% Sell 320 1.42 4.0 4.9 10.2 8.4 0.0 2.4 0.73 -43.8 0.38 9.3 -38.8
SUNCON 1.96 1.71 -12.8% Sell 2,527 1.22 11.0 12.3 17.8 16.0 4.1 4.1 2.20 -10.9 1.30 50.8 47.4
WCT 0.89 0.92 2.8% Sell 1,255 1.26 3.9 3.9 22.7 23.1 2.2 2.2 1.22 -27.0 0.65 37.5 34.5
LITRAK 4.50 5.21 15.8% Buy 2,390 0.58 44.5 49.8 10.1 9.0 5.6 5.6 5.00 -10.0 3.80 18.4 8.4
CONSUMER
Brewery
CARLSBG 28.32 25.90 -8.5% Sell 8,712 0.64 95.9 100.5 29.5 28.2 3.4 3.5 28.32 0.0 18.77 50.8 44.1
HEIM 25.24 27.00 7.0% Buy 7,625 0.71 104.1 110.7 24.2 22.8 4.0 4.3 25.74 -1.9 19.00 32.8 23.4
Retail
AEON 1.62 1.85 14.2% Buy 2,274 0.85 10.2 11.1 15.9 14.6 3.1 3.4 1.93 -16.1 1.38 17.4 10.2
AMWAY 5.91 7.76 31.3% Buy 972 0.64 37.5 40.5 15.8 14.6 5.1 5.5 6.91 -14.5 5.53 6.9 -0.3
F&N 34.90 42.00 20.3% Buy 12,801 0.83 116.4 131.5 30.0 26.5 1.7 2.0 36.96 -5.6 29.20 19.5 4.2
FOCUSP 0.34 0.54 58.8% Buy 75 na 3.8 4.1 8.9 8.2 5.6 6.1 0.49 -30.3 0.12 183.3 138.6
HUPSENG 0.91 0.98 8.3% Hold 724 0.44 5.0 5.5 17.9 16.5 6.6 6.6 1.09 -17.0 0.89 1.7 -4.7
JOHOTIN 1.48 2.00 35.1% Buy 108 1.04 13.6 15.5 10.9 9.5 4.1 4.4 1.60 -7.5 0.84 76.2 54.2
LHI 0.97 1.15 19.2% Buy 2,192 na 5.2 6.1 18.4 15.9 3.3 1.9 1.19 -18.9 0.72 34.0 -12.3
NESTLE 146.90 159.60 8.6% Hold 64,209 0.59 310.0 332.9 47.4 44.1 2.1 2.3 150.60 -2.5 142.40 3.2 -0.3
PADINI 3.65 4.60 26.0% Buy 161 0.62 25.6 27.6 14.2 13.2 3.2 3.3 5.79 -36.9 3.14 16.3 4.4
POHUAT 1.49 2.06 38.3% Buy 341 0.59 24.4 25.1 6.1 5.9 5.4 5.4 1.64 -9.1 1.38 8.0 -0.7
QL 7.28 6.50 -10.7% Sell 8,915 0.71 13.4 14.9 54.5 48.7 0.6 0.7 7.63 -4.6 6.03 20.7 6.9
SCIENTX 9.11 10.30 13.1% Buy 8,871 0.79 65.7 78.8 13.9 11.6 2.2 2.5 9.50 -4.1 8.11 12.3 2.9
SIGN 0.48 0.60 26.3% Buy 16 0.62 2.1 4.7 22.5 10.1 2.1 3.8 0.57 -15.9 0.32 50.8 41.8
Tobacco
BAT 17.60 19.20 9.1% Hold 5,025 0.75 112.8 98.8 15.6 17.8 6.3 5.6 38.68 -54.5 17.22 2.2 -51.2
GAMING
Casino
GENTING 6.17 6.87 11.3% Buy 23,758 1.15 53.7 52.0 11.5 11.9 2.3 2.6 7.54 -18.2 5.59 10.4 2.2
GENM 3.29 3.30 0.3% Hold 18,601 1.30 22.7 16.8 14.5 19.6 2.4 3.0 4.00 -17.8 2.70 22.0 11.5
NFO
BJTOTO 2.56 2.93 14.5% Buy 3,448 0.79 22.9 20.6 11.2 12.4 6.3 6.3 2.82 -9.2 2.02 26.7 21.3
HEALTHCARE
Hospitals/ Pharmaceutical
DPHARMA 1.36 1.70 25.0% Buy 925 0.59 8.1 8.6 16.8 15.8 4.0 4.3 1.48 -8.1 0.93 47.0 43.2
IHH 5.55 5.95 7.2% Sell 48,696 0.62 10.9 12.4 50.8 44.7 0.5 0.6 5.95 -6.7 4.54 22.2 3.0
KPJ 0.92 1.05 14.1% Buy 3,938 0.74 4.4 4.8 21.0 19.3 2.3 2.5 1.13 -18.6 0.87 5.7 -11.5
Rubber Gloves
HARTA 5.39 4.42 -18.0% Sell 18,176 0.93 13.5 13.4 39.8 40.1 1.5 1.5 6.45 -16.4 4.52 19.2 -12.2
KOSSAN 4.22 5.16 22.3% Buy 5,397 0.59 19.2 21.5 22.0 19.6 1.8 2.0 4.60 -8.3 3.44 22.7 -2.8
SUPERMX 1.47 1.99 35.4% Buy 1,920 0.86 9.5 12.2 15.5 12.0 1.0 3.6 2.05 -28.3 1.40 5.0 -15.5
TOPGLOV 4.41 4.25 -3.6% Sell 11,289 0.51 14.5 15.8 30.5 28.0 1.7 1.8 6.36 -30.7 4.21 4.8 -21.3
INSURANCE
TUNEPRO 0.60 0.87 45.0% Buy 451 1.03 7.4 8.2 8.1 7.3 6.1 6.9 0.77 -21.6 0.53 14.3 7.1
MEDIA
ASTRO 1.41 1.80 27.7% Buy 7,352 1.28 10.8 12.3 13.1 11.4 6.4 7.4 1.70 -17.1 1.05 34.3 8.5
MEDIA PRIMA 0.34 0.30 -11.8% Sell 377 1.02 -7.9 -5.9 na na 0.0 0.0 0.60 -43.3 0.33 4.6 -1.4
STAR 0.45 0.57 28.1% Sell 328 0.94 1.1 1.3 39.8 35.1 0.6 0.7 0.87 -48.9 0.45 0.0 -35.0
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) FY19 FY20 FY19 FY20 FY19 FY20 High Price % Chg Low Price % Chg YTD
OIL & GAS

LCTITAN 2.44 2.60 6.6% Hold 5,546 0.85 11.2 18.2 21.8 13.4 2.9 3.7 4.96 -50.8 2.41 1.2 -47.2
MHB 0.88 1.05 20.0% Buy 1,400 1.41 -0.3 7.0 na 12.4 0.0 0.0 0.97 -9.8 0.50 76.8 60.6
MISC 8.30 8.60 3.6% Hold 37,049 0.92 38.4 42.0 21.6 19.7 3.6 3.6 8.63 -3.8 5.93 40.0 23.9
PANTECH 0.50 0.57 15.2% Buy 371 1.04 6.4 5.2 7.8 9.5 4.1 3.2 0.61 -19.4 0.41 20.5 14.9
PCHEM 7.60 8.70 14.5% Buy 60,800 0.76 49.7 56.0 15.3 13.6 3.3 3.7 10.20 -25.5 6.75 12.6 -18.2
SERBADK 4.25 5.00 17.6% Buy 6,241 1.08 31.0 33.5 13.7 12.7 2.1 2.4 4.56 -6.8 3.55 19.7 12.4
Note: SERBADK proposed bonus issue shares/ warrants on the basis of 2 for 5. For more details please refer to 03.09.19 report.
UZMA 1.03 0.77 -25.2% Under Review 13,556 1.48 5.0 9.1 20.6 11.3 0.0 0.0 1.19 -13.4 0.55 87.3 79.1
VELESTO 0.40 0.43 7.5% Buy 3,286 1.61 0.1 0.4 331.9 97.8 0.0 0.0 0.41 -2.4 0.17 142.4 122.2
PLANTATIONS
FGV 1.15 1.03 -10.4% Sell 4,195 1.50 -4.6 -3.6 na na 0.0 0.0 1.42 -19.0 0.63 82.5 60.8
IJMPLNT 1.61 1.27 -21.1% Sell 1,418 0.97 -2.1 4.4 na 36.6 1.2 1.2 1.94 -17.0 1.30 23.8 15.0
IOICORP 4.39 3.81 -13.2% Sell 27,590 0.78 11.3 14.3 38.8 30.8 1.8 2.0 4.74 -7.4 4.10 7.1 -1.3
KFIMA 1.61 1.89 17.4% Buy 452 0.68 11.8 11.6 13.7 13.9 5.6 5.6 1.80 -10.6 1.41 14.2 5.9
KLK 22.92 19.17 -16.4% Sell 24,409 0.57 62.3 72.1 36.8 31.8 1.3 1.5 25.78 -11.1 20.90 9.7 -7.3
SIMEPLT 4.97 3.94 -20.7% Sell 34,216 na 5.3 13.4 93.1 37.0 0.8 1.8 5.32 -6.6 3.95 25.8 4.4
TSH 0.96 0.84 -12.5% Sell 1,325 0.50 2.6 3.5 36.7 27.5 0.9 1.1 1.19 -19.3 0.87 11.0 -3.0
UMCCA 5.20 5.26 1.2% Sell 1,090 0.53 -14.1 -5.8 na na 1.5 1.5 5.80 -10.3 5.00 4.0 -0.2
PROPERTY
GLOMAC 0.37 0.37 0.0% Sell 288 0.55 0.9 2.1 42.2 18.0 2.2 2.7 0.43 -12.9 0.35 7.2 -5.1
HUAYANG 0.34 0.40 19.4% Buy 118 0.66 -3.6 2.4 na 13.8 0.0 0.0 0.47 -28.0 0.30 11.7 -2.9
IBRACO 0.56 0.70 25.0% Buy 278 0.46 7.4 9.1 7.6 6.2 4.9 4.9 0.75 -25.3 0.36 57.7 -5.9
IOIPG 1.11 1.40 26.1% Buy 6,112 1.24 11.7 11.4 9.5 9.8 2.7 2.7 1.73 -35.8 1.03 7.8 -27.9
MAHSING 0.76 0.90 19.2% Buy 1,833 0.81 5.7 6.5 13.2 11.6 5.3 5.3 1.05 -28.1 0.74 2.0 -17.5
SIMEPROP 0.74 0.99 34.7% Buy 4,999 na 7.6 7.4 9.6 9.9 2.7 4.1 1.21 -39.3 0.71 4.3 -26.1
SNTORIA 0.20 0.25 25.0% Buy 112 0.57 3.0 3.5 6.7 5.7 0.0 0.0 0.48 -58.3 0.19 5.3 -50.0
SPSETIA 1.37 1.89 38.0% Buy 5,538 1.38 9.7 11.1 14.1 12.4 2.9 4.0 2.62 -47.7 1.18 16.1 -41.2
SUNWAY 1.80 1.78 -1.1% Hold 8,877 0.77 12.5 13.8 14.4 13.1 4.4 4.4 1.81 -0.6 1.33 35.0 24.9
REIT
CMMT 1.04 1.17 12.5% Hold 2,134 0.51 6.1 6.7 17.1 15.5 6.3 6.8 1.14 -8.8 0.99 5.1 3.0
SUNREIT 1.85 2.05 10.8% Hold 5,448 0.60 9.6 10.7 19.3 17.4 5.2 5.8 1.98 -6.6 1.61 14.9 6.9
POWER & UTILITIES

MALAKOF 0.85 0.93 10.1% Buy 4,129 1.15 5.1 5.7 16.6 14.8 6.6 6.7 0.99 -14.6 0.75 13.4 5.6
PETDAG 23.80 22.70 -4.6% Sell 23,644 0.80 105.7 108.1 22.5 22.0 3.7 3.8 28.48 -16.4 21.20 12.3 -10.2
PETGAS 16.60 15.50 -6.6% Sell 32,847 0.96 97.3 98.3 17.1 16.9 4.4 4.4 20.00 -17.0 14.00 18.6 -13.5
TENAGA 13.92 16.40 17.8% Buy 79,161 1.24 97.9 98.8 14.2 14.1 3.9 4.0 15.00 -7.2 11.24 23.8 2.4
YTLPOWR 0.69 0.71 2.9% Sell 5,296 0.93 7.3 6.7 9.5 10.2 7.2 5.8 1.01 -31.7 0.67 3.0 -16.9
TELECOMMUNICATIONS
AXIATA 4.30 5.00 16.3% Buy 39,253 1.60 10.3 13.7 41.6 31.4 2.1 2.7 5.28 -18.6 3.36 28.0 9.4
DIGI 4.69 4.25 -9.4% Sell 36,465 1.06 19.7 20.6 23.8 22.7 4.0 4.2 5.10 -8.0 4.08 15.0 4.2
MAXIS 5.49 4.80 -12.6% Sell 42,935 0.89 19.1 18.8 28.8 29.3 3.6 3.6 5.81 -5.5 5.13 7.0 2.6
TM 3.74 3.49 -6.7% Sell 14,083 2.12 23.6 23.9 15.9 15.6 3.2 3.2 4.68 -20.1 2.21 69.2 40.6
TECHNOLOGY
Semiconductor & Electronics
ELSOFT 0.95 0.77 -18.9% Sell 634 0.61 3.7 5.0 25.5 18.9 4.2 4.3 1.50 -36.7 0.77 24.2 -12.8
INARI 2.04 2.17 6.4% Buy 6,498 0.99 6.0 7.7 34.1 26.6 2.5 3.0 2.09 -2.4 1.22 67.2 36.0
MPI 10.78 8.34 -22.6% Sell 2,144 0.90 64.5 67.5 16.7 16.0 2.5 2.5 12.40 -13.1 8.33 29.4 8.3
N2N 0.75 0.77 2.7% Hold 448 0.82 2.3 2.9 32.4 25.9 2.7 2.7 1.18 -36.4 0.70 7.9 -28.6
SKPRES 1.26 1.51 19.8% Buy 1,688 1.21 7.7 8.8 16.3 14.3 3.0 3.5 1.44 -12.5 0.95 33.3 20.0
UNISEM 2.33 2.75 18.0% Buy 1,694 0.56 9.7 16.4 23.9 14.2 2.6 3.4 3.30 -29.4 1.91 22.0 -29.0
TRANSPORTATION
Airlines
AIRASIA 1.92 2.60 35.4% Buy 6,417 1.61 14.8 26.0 13.0 7.4 46.9 6.3 2.25 -14.7 1.53 25.7 -5.5
AIRPORT 8.50 8.58 0.9% Hold 14,103 0.99 39.1 41.3 21.7 20.6 1.8 2.0 8.88 -4.3 6.60 28.8 1.4
Freight & Tankers
PTRANS 0.24 0.44 83.3% Buy 341 0.89 2.9 3.5 8.4 6.9 4.2 5.0 0.28 -12.7 0.19 26.3 2.1
TNLOGIS 0.48 0.76 60.0% Buy 216 0.61 -1.4 2.4 na 19.8 0.0 0.0 0.94 -49.2 0.42 13.1 -35.4
WPRTS 4.33 3.87 -10.6% Sell 14,765 0.76 19.2 20.7 22.6 20.9 3.3 3.6 4.44 -2.5 3.45 25.5 19.6
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) FY19 FY20 FY19 FY20 FY19 FY20 High Price % Chg Low Price % Chg YTD
BANKS & FINANCIAL SERVICES
DBS 26.66 27.80 4.3% Hold 68,106 1.21 240.8 249.2 11.1 10.7 4.5 4.7 28.6 -6.9 22.65 17.7 12.5
OCBC 11.13 12.40 11.4% Buy 49,020 1.20 110.9 116.2 10.0 9.6 3.9 3.9 12.2 -8.7 10.45 6.5 -1.2
UOB 26.97 29.90 10.9% Buy 44,993 1.23 255.4 265.1 10.6 10.2 4.4 4.4 27.8 -2.9 23.39 15.3 10.6
PLANTATIONS
WILMAR 3.89 3.65 -6.2% Sell 24,890 0.75 21.4 26.8 18.2 14.5 2.1 2.6 4.1 -5.4 3.04 28.0 24.7
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.
COMPANY UPDATE
FBMKLCI: 1,609.33
Sector: Construction
GDB Holdings Berhad TP: RM0.53 (+34.2%)

Last Traded: RM0.395
Secures LoI for First Job in Land Below the Wind BUY
Ooi Beng Hooi Tel: +603-2167 9612 benghooi@ta.com.my www.taonline.com.my
RM213mn 5-Star Hotel Job in Kota Kinabalu, Sabah Share Information

GDB has executed a Letter of Intent (LoI) with Sunhill Ventures Sdn Bhd, a Bl oomberg Code GDB MK
Burs a GDB
wholly-owned subsidiary of Hap Seng Consolidated Berhad, with the mutual
Stock Code 0198
intention to enter into a definitive Letter of Award for main building works for Li s ti ng Ace Ma rket
the proposed development of a 5-star 22-storey hotel in Kota Kinabalu, Sabah. Sha re Ca p (mn) 625.0
Ma rke t Ca p (RMmn) 246.9
52-wk Hi/Lo (RM) 0.40/0.22
The provisional contract value is RM213.3mn, subject to finalisation of the Bill
12-mth Avg Da i l y Vol ('000 s hrs ) 1105.4
of Quantities for the contract, with contractual commencement date scheduled Es ti ma ted Free Fl oa t (%) 19.5
on 2 January 2020, and scheduled completion on 16 November 2021, bringing Be ta na
the duration to some 22.5 months. Major Shareholders (%)
CHC Hol di ngs Sdn Bhd - 51.80
Al e xa nder Lo - 22.26
Our View
This is the third construction job secured by GDB in 2019, bringing the total Forecast Revision
order book replenishment YTD to RM865.3mn. FY19 FY20
Foreca s t Revi s i on (%) - 17.2
Net profi t (RMmn) 26.4 33.1
Exhibit 1: Historical order book replenishment Cons ens us - -
TA's / Cons e ns us (%) - -
Previ ous Ra ti ng Buy (Ma i nta i ned)
Financial Indicators
FY19 FY20
Net Debt / Equi ty (%) net ca s h ne t ca s h
CFPS (s en) 3.1 1.1
Pri ce / CFPS (x) 12.8 35.0
ROA (%) 11.7 11.9
NTA/Sha re (s e n) 18.9 22.2
Pri ce /NTA (x) 2.1 1.8
Share Performance (%)

Price Change GDB FBM KLCI
1 mth 14.5 3.2
3 mth 31.7 (0.4)
6 mth 27.4 (1.5)
Source: Company, TA Securities
12 mth 38.6 (6.5)
The job win bumps up the outstanding order book to RM1.2bn, translating into (12-Mth) Share Price relative to the FBMKLCI
4.4x FY18 revenue. This would provide strong earnings visibility to the group
for the next 3 years.
Impact
While the contract is subject to the definitive Letter of Award, we see
reasonable certainty in GDB sealing the job. As such, we raise our FY19 order
book replenishment assumption from RM652mn to RM865mn, to reflect the
likely total job win in 2019. As a result, earnings forecasts for FY20 and FY21
are raised by 17.2% and 22.3% respectively.
Source: Bloomberg
Valuation
Following the earnings revision, we upgrade the target price from RM0.455 to
RM0.53, based on 10xCY20 earnings. Reiterate Buy on GDB.
Page 1 of 2
8-Nov-19
Earnings Summary (RMmn)

Profit & Los s (RMmn) Balance Sheet (RMmn)
YE Dec 31 2017 2018 2019F 2020F 2021F YE Dec 31 2017 2018 2019F 2020F 2021F
R e ve nue 296.8 274.6 300.0 453.9 6 00.0 F ixe d a s s e ts 13.0 11.2 12.9 20.3 26.2
E B ITDA 34.7 42.1 39.1 47.4 5 8.3 Othe rs - - - - -
De pre cia tion (4.2) (5.2) (3.4) (2.6) (4.1 ) NCA 13.0 11.2 12.9 20.3 26.2
E B IT 30.5 36.9 35.7 44.8 5 4.2 Ca s h 5.5 10.8 30.1 37.2 53.0
F ina nce cos t 0.0 0.0 0.0 0.0 0.0 S hort te rm fund + F D 25.9 72.5 72.5 72.5 72.5
P BT 30.5 36.9 35.7 44.8 5 4.2 Othe rs 1 07.7 118.2 1 23.2 186.3 246.2
Ta xa tion (8.0) (9.1) (9.3) (11.6) (1 4.1 ) CA 139.2 201.5 225.8 295.9 371.7
NCI 0.0 0.0 0.0 0.0 0.0 Total as s ets 152.2 212.8 238.6 316.2 397.9
Ne t profit 22.5 27.9 26.4 33.1 4 0.1
Core profit 23.4 28.6 26.4 33.1 4 0.1 S T borrowin g s - - - - -
GDP S (s e n) na 2.0 2.0 2.0 2.0 Othe r lia bilitie s 1 12.2 108.6 1 20.6 177.5 231.6
Div Yie ld (% ) na 5.1 5.1 5.1 5.1 CL 112.2 108.6 120.6 177.5 231.6
Shareholders ' funds 39.9 104.1 118.1 138.7 166.3
Cas h Flow (RMmn) L T borrowing s - - - - -
YE Dec 31 2017 2018 2019F 2020F 2021F Othe r L T lia bilitie s 0.1 - - - -
P BT 30.5 36.9 35.7 44.8 5 4.2 NCL 0.1 - - - -
Adjus tm e nts 7.7 4.5 0.5 (1.0) 0.2
Cha ng e s in WC (10.9) 25.1 7.0 (6.2) (5.8 ) Total capital 152.2 212.8 238.6 316.2 397.9
Inte re s t & ta x (8.5) (9.0) (9.3) (11.6) (1 4.1 )
Operational cas h flow 18.8 16.8 33.8 26.0 34.5 Ratio
Ca pe x (5.4) (3.5) (5.0) (10.0) (1 0.0 ) YE Dec 31 2017 2018 2019F 2020F 2021F
Othe rs (2.4) 0.9 2.9 3.6 3.8 E B ITDA Ma rg ins (% ) 11.7 15.3 13.0 10.4 9.7
Inves tment c as h flow (7.9) (2.6) (2.1) (6.4) (6.2) Core E P S (s e n) 3.8 4.6 4.2 5.3 6.4
De bt ra is e d/(re pa id) (4.0) 0.0 0.0 0.0 0.0 E P S Growth (% ) 45.7 22.0 (7.6) 25.4 21.1
Divide nd (9.8) (6.3) (12.5) (12.5) (1 2.5 ) P E R (x) 10.5 8.6 9.3 7.4 6.2
Othe rs (1.1) 42.1 0.0 0.0 0.0 GDP S (s e n) na 2.0 2.0 2.0 2.0
Financial cas h flow (15.0) 35.8 (12.5) (12.5) (12.5) Div Yie ld (% ) na 5.1 5.1 5.1 5.1
Net cas h flow (4.0) 50.1 19.3 7.1 15.8
Beginning cas h 30.0 26.0 10.8 30.1 37.2 Ne t ca s h (R Mm n) 31.5 83.3 1 02.6 109.7 125.5
Ending cas h 26.0 76.1 30.1 37.2 53.0 Ne t g e a ring (% ) ne t ca s h ne t ca s h n e t ca s h ne t ca s h ne t ca s h
Adjus tm e nts (20.5) 0.0 0.0 0.0 0.0 R OE (% ) 69.9 39.7 23.8 25.8 26.3
Cas h 5.5 10.8 30.1 37.2 53.0 R OA (% ) 17.9 15.7 11.7 11.9 11.2
NTA (s e n) 6.4 16.7 18.9 22.2 26.6
As s umptions (RMmn) P /NTA(x) 6.2 2.4 2.1 1.8 1.5
YE Dec 31 2017 2018 2019F 2020F 2021F
Ne w job wins 744 .9 2.6 865.0 400.0 400.0
Stock Recommendation Guideline

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.
Disclaimer
As of Friday, November 08, 2019, the analyst, Ooi Beng Hooi, who prepared this report, has interest in the following securities covered in this report:
(a) nil

www.ta.com.my
Page 2 of 2
COMPANY UPDATE
FBMKLCI: 1,609.33
Sector: Gaming
Genting Berhad TP: RM6.87 (+11.4%)

Last Traded: RM6.17
Challenging VIP Market BUY
Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my www.taonline.com.my
Genting Berhad’s (GENT) 53%-owned subsidiary, Genting Singapore Share Information

(GENS), achieved a core profit of S$539.6mn (-12.4% YoY) for 9H19 Bloomberg Code GENT MK
Stock Code 3182
which accounted for 76.6% of consensus full-year forecasts. Overall
Listing Main Market
3Q19 results disappointment was due to challenging VIP market Share Cap (mn) 3850.6
and the rise in casino entry levy. However, we maintain our Buy Market Cap (RMmn) 23,758.2
recommendation on GENT with an unchanged target price of 52-wk Hi/Lo (RM) 7.70/5.59
12-mth Avg Daily Vol ('000 shrs) 4903.0
RM6.87 in view of the easing US-China trade tension to bode well for
Estimated Free Float (%) 58
casino operations. Beta 1.15
Major Shareholders (%)
GENS’ 3Q19 financial and briefing highlights Kien Huat Realty - 42.4%
3Q19 revenue and adjusted EBITDA declined by 6.7% and 12.8% YoY to
S$596.1mn and S$278.0mn, respectively. The earnings disappointment
was due to challenging VIP market as well as the rise in casino entry levy. Forecast Revision
Based on hold-normalised basis, the group would have generated an FY19 FY20
adjusted EBITDA of S$295mn, a decline of 7% against the same quarter Forecast Revision (%) 0.0 0.0
last year. Net profit (RMm) 2,083 2,018
Consensus 2,293 2,340
For 3Q19, GENS’ gross gaming revenue market share was 37% (vs 40% in TA's / Consensus (%) 91 86
3Q18) with a rolling volume market share of 47% with a lower hold Previous Rating Buy (Maintained)
percentage of 2.6%. Looking forward, the group would remain cautious

on the VIP segment in terms of credit facilities. Note that GENS has FY19 FY20
prudently impaired $S25mn (+94% YoY) trade receivables in 3Q19 to Net debt/equity (%) Net cash Net cash
comply with a more stringent accounting and credit policies. CFPS (sen) 4.6 18.9
P/CFPS (x) 134.3 32.6
The S$4.5bn mega expansion plan, a.k.a. RWS 2.0, is progress well with ROA (%) 2.1 2.0
construction works expected to begin in 2H20. First attraction would be NTA/Share (RM) 7.8 8.2
The Adventure Dining Playhouse, which is scheduled to open in end-2020. Price/ NTA (x) 0.8 0.8
Thereafter, there will be new attractions and business venues unveiled

every year over the next 5 years. The two new luxury hotels with 1,100 Price Change GENTING FBMKLCI
keys are expected to complete by 2024-2025. 1 mth 7.7 3.2
3 mth (0.2) 0.3
In early-June, Osaka prefecture announced seven operator groups 6 mth (10.6) (1.8)
expressed their intent to bid for an Osaka integrated resort (IR) license. 12 mth (7.5) (6.2)
Later in September, the race was down to three candidates. So, Osaka’s
IR bid will be a triple-threat match for Genting Singapore to take on
(12-Mth) Share Price relative to the FBMKLCI
MGM Resorts International (MGM) and Galaxy Entertainment Group
(Galaxy). According to management, selection of winner would likely be
in 3Q2020.
Besides Osaka, management indicated that the company is now preparing
for Yokohama’s request-for-concept, which was just opened in October
and will be closed on 23 December 2020. The selection of winner will
likely be in end-3Q20 or 4Q20.
Impact
No change to our Genting’s FY19/20/21 forecasts.
Source: Bloomberg
Page 1 of 4
8-Nov-19
Valuation
We maintain Genting’s SOP valuation at RM6.87/share (Table 1) and
reiterate our Buy recommendation. Like other casino operators, Genting
would benefit from the ease of US-China trade tension, which would
bode well for casino operations.
Table 1: SOP Valuation

Valuation Method % stake Value (RM'mn)
Genting Singapore DCF @ 14.0% 52% 18,641

Genting Malaysia DCF-TP of RM3.30 47% 9,229
Genting Plantations Target FY20 PER of 22x 55% 4,219
Power Target FY20 PER of 10x 100% 889
Landmarks Bhd Fair Value of RM0.6 28% 87
Oil & Gas Target FY20 PER of 10x 100% 264
Total 33,330
Enlarged share base (m) 3,880

RNAV/ share (RM) 8.59
Holding company discount 20%
Fair value/ share (RM) 6.87
Table 2: 3Q19 Results Analysis – Genting Singapore (S$’mn)

FYE Dec (SG$'mn) 3Q18 2Q19 3Q19 QoQ% YoY% 9M18 9M19 YoY%
Revenue 639.1 636.8 596.1 (6.4) (6.7) 1874.5 1873.2 (0.1)
- Gaming 445.4 441.1 360.8 (18.2) (19.0) 1358.9 1232.1 (9.3)
- Non gaming 192.8 195.0 234.6 20.3 21.7 513.5 638.9 24.4
Adjusted EBITDA 318.8 294.4 278.0 (5.6) (12.8) 943.6 902.1 (4.4)
Depr. & Amort. (72.1) (99.1) (101.3) 2.2 40.5 (211.3) (295.2) 39.7
Finance cost (9.3) (9.1) (1.1) (87.7) (88.0) (27.0) (19.4) (28.0)
JV & associate 1.2 1.2 1.0 (12.7) (14.2) 2.9 3.2 11.8
EI (2.4) 2.4 3.6 50.4 (252.1) (10.4) (6.8) (34.4)
Core PBT 259.4 207.0 196.0 (5.3) (24.5) 761.6 664.2 (12.8)
Tax (46.6) (41.0) (40.7) (0.7) (12.6) (145.9) (124.7) (14.6)
Reported PAT 210.4 168.4 158.9 (5.7) (24.5) 605.2 532.8 (12.0)
Core PAT 212.8 166.0 155.2 (6.5) (27.1) 615.6 539.6 (12.4)
%pts %pts %pts

Adj EBITDA margin (%) 49.9 46.2 46.6 0.4 (3.2) 50.3 48.2 (2.2)
PBT margin (%) 40.6 32.5 32.9 0.4 (7.7) 40.6 35.5 (5.2)
Net margin (%) 33.3 26.1 26.0 (0.0) (7.3) 32.8 28.8 (4.0)
Tax rate (%) 18.0 19.8 20.8 1.0 2.8 19.2 18.8 (0.4)
Page 2 of 4
8-Nov-19
Financial statement
Income Statement (RM'mn) Balance Sheet (RM'mn)
FYE 31 Dec 2017 2018 2019F 2020F 2021F FYE 31 Dec 2017 2018 2019F 2020F 2021F
Revenue 20025.7 20853.0 23315.0 24090.6 25128.6 PPE 36,228.8 38,996.0 40,836.7 39,975.5 39,162.0
EBITDA 7061.1 8137.1 8003.6 8256.7 8691.8 Intangibles 5,903.8 5,677.1 5,677.1 5,677.1 5,677.1
Dep. & Amor. (2127.0) (2223.7) (2159.3) (2261.2) (2213.5) Others 16,715.5 14,900.6 15,021.6 14,821.7 14,713.9
EBIT 4934.1 5913.4 5844.3 5995.5 6478.3 Non-current Assets 58,848.1 59,573.7 61,535.4 60,474.3 59,553.0
Finance cost (950.1) (1013.1) (1110.5) (1091.5) (1072.5)
Associate & JV (47.1) 134.4 121.0 (199.8) (107.8)
EI (315.6) (2454.4) 0.0 0.0 0.0 Inventories 580.4 689.1 1,085.9 1,188.0 1,239.2
PBT 4309.9 3418.4 4854.8 4704.1 5297.9 Trade & Other Rec. 2,123.7 2,205.1 3,832.6 3,960.1 4,130.7
Tax (1069.4) (974.5) (1072.9) (1039.6) (1170.8) Others 1,239.3 1,626.3 1,626.3 1,626.3 1,626.3
MI (1797.5) (1078.3) (1699.2) (1646.4) (1854.3) Cash 30,817.0 32,047.2 31,433.2 35,154.8 39,213.5
Net profit 1443.0 1365.6 2082.7 2018.1 2272.8 Current Assets 34,760.4 36,567.7 37,978.0 41,929.2 46,209.8
Core Net Profit 1758.6 3820.0 2082.7 2018.1 2272.8
Total Assets 93,608.5 96,141.4 99,513.3 102,403.5 105,762.7
Core EPS (sen) 46.0 99.9 53.7 52.0 58.6
EPS growth (%) 39.7 117.2 (46.2) (3.1) 12.6 Share Capital 2,818.7 3,056.2 3,056.2 3,056.2 3,056.2
PE (x) 13.4 6.2 11.5 11.9 10.5 Reserve 31,192.2 31,438.7 33,114.0 34,666.5 36,415.5
GDPS (sen) 21.5 21.5 14.0 16.0 18.0 Treasury share (221.2) (221.2) (221.2) (221.2) (221.2)
Dividend yield (%) 3.5 3.5 2.3 2.6 2.9 MI 23,319.2 23,114.5 24,813.7 26,460.1 28,314.4
Total Equity 57,108.9 57,388.2 60,762.7 63,961.6 67,564.9
Cash Flow (RM'mn)
FYE 31 Dec 2017 2018 2019F 2020F 2021F Borrowings 24,950.2 25,163.5 24,913.5 24,663.5 24,413.5
PBT 4309.9 3418.4 4854.8 4704.1 5297.9 Other 3,218.7 3,471.3 3,471.3 3,471.3 3,471.3
Dep. & Amor. 2127.0 2223.7 2159.3 2261.2 2213.5 Non-current Liabilities 28,168.9 28,634.8 28,384.8 28,134.8 27,884.8
Changes in WC 196.0 (332.9) (1526.8) (38.4) 34.1
Others 202.5 1521.1 (83.3) 251.8 9.5 Borrowings 2,019.1 4,061.0 3,811.0 3,561.0 3,311.0
CFO 6835.4 6830.3 5403.9 7178.7 7555.1 Trade & Other Pay. 5,394.2 5,251.4 5,748.9 5,940.2 6,196.1
Others 917.4 806.0 806.0 806.0 806.0
Capex (4570.3) (5425.4) (4000.0) (1400.0) (1400.0) Current Liabilites 8,330.7 10,118.4 10,365.9 10,307.2 10,313.1
Others 3448.5 1007.5 0.0 0.0 0.0
CFI (1121.8) (4417.9) (4000.0) (1400.0) (1400.0) Total Liabilities 36,499.6 38,753.2 38,750.7 38,442.0 38,197.9
Dividend (792.9) (825.4) (407.4) (465.6) (523.8) NTA/share (RM) 7.3 7.5 7.8 8.2 8.7
Net Borrowing (4477.9) (1046.2) (500.0) (500.0) (500.0) P/NTA (x) 0.8 0.8 0.8 0.8 0.7
Others 5095.0 609.2 (1110.5) (1091.5) (1072.5) EV/EBITDAR (x) 24.1 22.8 23.2 22.0 20.4
CFF (175.8) (1262.4) (2017.9) (2057.1) (2096.3)
Net chg in Cash 5537.8 1150.0 (614.0) 3721.6 4058.7

FCFE 5713.6 2412.4 1403.9 5778.7 6155.1
FCF/share (RM) 0.2 0.1 0.0 0.2 0.2 Ratio
FYE 31 Dec 2017 2018 2019F 2020F 2021F
Key Assumptions (RM'mn) Profitability
FYE 31 Dec 2017 2018 2019F 2020F 2021F EBITDA margin (%) 35.3 39.0 34.3 34.3 34.6
Revenue breakdown Core profit margin (%) 8.8 18.3 8.9 8.4 9.0
L&H (Malaysia) 5831.5 6586.3 7742.9 7616.1 7959.6 ROE (%) 5.1 11.2 5.9 5.5 5.9
L&H (Singapore) 7444.0 7591.7 8407.4 8927.0 9483.1 ROA (%) 1.9 4.0 2.1 2.0 2.2
L&H (UK) 1893.4 1780.7 1770.2 1858.7 1951.6
L&H (US) 1435.2 1384.9 1488.4 1562.8 1640.9 Liquidity
Current Ratio (x) 4.2 3.6 3.7 4.1 4.5
Adj EBITDA breakdown Quick Ratio (x) 4.1 3.5 3.6 4.0 4.4
L&H (Malaysia) 2378.2 2915.7 2273.2 2140.4 2269.1
L&H (Singapore) 3629.9 3758.8 3879.0 4077.5 4284.4 Leverage
L&H (UK) 231.0 182.4 159.3 185.9 195.2 Net gearing (x) Net cash Net cash Net cash Net cash Net cash
L&H (US) 232.0 305.8 297.7 312.6 328.2 Interest Coverage (x) 7.4 8.0 7.2 7.6 8.1
Page 3 of 4
8-Nov-19

Disclaimer
As of Friday, November 08, 2019, the analyst, Tan Kam Meng, who prepared this report, has interest in the following securities covered in this report:
(a) nil

www.ta.com.my
Page 4 of 4
COMPANY UPDATE
FBMKLCI: 1,609.33
Sector: Consumer
Johore Tin Berhad TP: RM2.00 (+35.1%)

Last Traded: RM1.48
FY19 is Set for Record Profit Buy
Jeff Lye Zhen Xiong Tel: +603-2167 9730 jefflye@ta.com.my www.taonline.com.my
Our recent meeting with Johore Tin Berhad’s (JTB) management Share Information
reaffirmed our positive view on the group. This is on the back of i) ramp Bloomberg Code JTB MK
Stock Code 7167
up in production ii) growth catalyst through Mexican plant and iii)
Listing Main Market
favourable portfolio shift. We reiterate Buy on JTB as it is trading at an Share Cap (mn) 310.5
undemanding implied FY20 PER of 9.5x. Target price has been raised to Market Cap (RMmn) 459.5
RM2.00/share. 52-wk Hi/Lo (RM) 1.60/0.84
12-mth Avg Daily Vol ('000 shrs) 819.3
Estimated Free Float (%) 49.4
Ramping Up Domestic Production Beta 1.10
Management guided that its wholly-owned subsidiary, Able Diaries Sdn Bhd’s Major Shareholders (%)
(ADSB), condensed milk capacity has recently been increased by 60kMT/annum Goh's Family 18.8
to c.160kMT/annum. The renewed capacity was a result of adding multiple new Ng Keng Hoe 10.8
production lines in the factory. Corresponding to the renewed capacity,
Forecast Revision (%)
production has also been ramped up to meet pent-up demands from FY19 FY20
customers and also progressively fulfils outstanding orders that have been built Forecast Revision (%) 9.8 17.1
up over recent quarters, when the factory was operating at full capacity. It is Net Profit (RM mn) 42.1 48.2
Consensus 39.9 46.7
expected that the group may need another 2-3 months to clear the backlog
TA/Consensus (%) 105.7 103.3
orders. Overall, we are positive on this timely expansion to support JTB’s Previous Rating Buy (Maintained)
sales growth in the future.
FY19 FY20
Progress of Mexico JV
Net debt/equity (%) Net Cash Net Cash
In September 2019, JTB increased its stake in Able Dairies Mexico from 40.0% ROE (%) 12.9 13.7
to 43.13%. Management updated that installation of machineries in its Mexican ROA (%) 9.0 9.5
condensed milk and evaporated milk factory are still on-going but the NTA/Share (RM) 1.1 1.1
estimated commercial production date is now postponed to 1QCY20 from Price/ NTA (x) 1.4 1.3
4QCY19 guided previously. We understand that the Mexican plant’s installed Share Performance
production capacity could be on par with the enlarged capacity of Teluk Price Change (%) JTB FBM KLCI
Panglima Garang’s plant (at c.160kMT capacity of evaporated milk and 1 mth 7.2 3.2
condensed milk) suggesting that JTB remains optimistic, if not more so about 3 mth 5.7 (0.4)
6 mth 1.4 (1.5)
the Mexican venture (we understand it initially targeted plant’s capacity of 12 mth 70.1 (6.5)
c.80kMT).
As Mexico has formed various free trade agreement with most countries in the
Western hemisphere, the new plant will provide JTB a stronger foothold into
Mexico itself, alongside Central and South American region through more
favourable import duty structure. Besides, Mexican JV’s ability to source dairies
supplies domestically and from neighbouring countries, alongside better
managed logistics arrangement is expected to result in higher profitability. We
also understand that JTB and its JV partner have begun marketing, engaging
sales leads and participate in exhibition shows.
Source: Bloomberg
Favourable Portfolio Shift
Among various factors, we observe geographical exposure of customer is also
a major factor that could affects profitability of JTB. Within the recent 3 years,
core net margin of JTB was inversely correlated with the proportion of JTB’s
African sales. Such observation is in line with management’s explanation that
Page 1 of 5
8-Nov-19
African continent is very sensitive to product pricing, where quality is at times
secondary to affordability.
Hence, with the group’s continued efforts in growing its Asian, Central
American and Malaysian markets that are conducive for sales of better margin
products, we believe favourable product portfolio would provide certain
support to the group’s profitability amidst increasing raw material prices. Note
that Malaysian, Central American and Asian sales grew 38.4%, 52.7%, and 12.0%
YoY in FY18 substituting a huge portion of sales to African continent.
Meanwhile, we believe majority of the 28.7% YoY revenue growth recorded by
JTB during 1HFY19 is underpinned by the higher margin products thus
supportive of the 1.6%-pts increase in core net margin.
Figure 1: Geographical Revenue Breakdown

100% 2.2% 1.8% 8.0%
7.0%
90% 7.0%
28.4%
80% 27.5% 37.2%
6.0%
70%
8.8% 5.0%
60% 8.5%
12.7%
50% 4.0%
30.1%
40% 3.0%
30% 48.7% 31.9%
2.0%
20%
30.6% 1.0%
10% 16.4%
8.2%
0% 0.0%
FY16 FY17 FY18
Africa (%) Asia (%) Central America(%)

Malaysia (%) Others (%) CNP Margin (%)
Source: Bursa announcement, TA Securities
Undemanding Valuation
As a growing consumer stock that is likely to mark its record yearly profit, we
find JTB valuation to be undemanding at a trading FY20 PER of 9.5x. Besides, at
current levels, we expect the stock to offer investors dividend yield of 4.1-4.7%
over FY19-21. This is based on assumed dividend payout of 6.0-7.0sen/share or
40-44% of net earnings for FY19-21 (recent FY17-18 historical dividend payout
were 43-48%). Moreover, we expect the group to continue generating strong
operating cash flows and to have low capex requirement moving into FY20,
after completion of both domestic expansion alongside Mexico facilities.
Impact
Main changes to our earnings model are as follows:
1. Adjusting production capacity to 160MT/annum (up by 60MT/annum),

taking into account the domestic expansion and the delay in
commencement of Mexican operations;
2. Increasing FY19 capex assumptions.
3. Raising FY19/20/21 DPS from 5.0/6.0/6.5sen to 6.0/6.5/7.0sen.
Thus, our FY19-21 forecasts are adjusted higher by 9-17% respectively.
Valuation
Reiterate Buy recommendation on JTB with higher TP of RM2.00/share
(previously RM1.80/share) based on 15x F&B EPS and 8x Tin Manufacturing EPS
for CY20.
Page 2 of 5
8-Nov-19
Valuation Method
Segment Valuation Method Equity Value (RMmn)
Tin CY20 EPS PER 8x 98.9
F&B CY20 EPS PER 15x 518.6
SOP valuation 617.5

Enlarged share base (mn) 310.5
Target price/share (RM) 2.00
[ TH E RE M A ININ G OF T H IS P A GE IS IN TE N TI O NA L L Y L E F T B L AN K]
Page 3 of 5
8-Nov-19
Earnings Summary
PROFIT & LOSS BALANCE SHEET
FYE Dec 31 (RMmn) FY17 FY18 FY19E FY20F FY21F FYE Dec 31 (RMmn) FY17 FY18 FY19E FY20F FY21F
Revenue 474.5 501.1 584.1 648.8 692.4 PPE 110.9 125.1 128.8 132.2 135.3
EBITDA 43.7 58.7 70.3 77.2 82.3 Investment in JV 0.2 8.3 23.3 25.0 29.6
EBIT 34.6 48.7 59.0 65.6 70.3 Goodwill 10.7 10.7 10.7 10.7 10.7
Reported PBT 33.6 48.4 58.1 66.5 74.3 Non Current Assets 121.8 144.1 162.8 167.8 175.5
Reported Net Profit 25.7 36.2 42.1 48.2 53.9
Adj. Net Profit 28.7 35.6 42.1 48.2 53.9 Inventories 96.7 118.7 128.0 142.7 152.3
Basic EPS (sen) 8.3 11.7 13.6 15.5 17.3 Trade Receivables 79.6 100.7 136.0 130.1 138.8
Adj. Basic EPS (sen) 9.2 11.5 13.6 15.5 17.3 Cash and bank balances 85.4 56.0 43.8 51.8 65.4
GDPS (sen) 4.0 5.0 6.0 6.5 7.0 Others 10.9 24.4 24.4 24.4 24.4
Dividend Yield (%) 2.7 3.4 4.1 4.4 4.7 Current Assets 272.5 299.8 332.2 348.9 380.9
FINANCIAL RATIOS Assets 394.3 443.8 495.0 516.8 556.4

FYE Dec 31 FY17 FY18 FY19E FY20F FY21F
Valuations Long-term borrowings 2.5 2.0 2.5 2.5 2.5
Core PER (x) 16.0 12.9 10.9 9.5 8.5 Deferred tax liabilities 8.2 7.3 7.3 7.3 7.3
Div. Yield (%) 2.7 3.4 4.1 4.4 4.7 Others 0.4 0.4 0.4 0.4 0.4
ROA (%) 7.7 8.5 9.0 9.5 10.0 Non Current Liabilities 11.1 9.7 10.2 10.2 10.2
ROE (%) 11.2 11.8 12.9 13.7 14.1
NTA/share (RM) 0.9 1.0 1.1 1.1 1.2 Trade Payables 30.6 64.4 80.0 71.4 76.2
Net debt/equity (%) Net Cash Net Cash Net Cash Net Cash Net Cash Short-term borrowings 41.4 30.4 39.9 39.9 39.9
Current Ratio (x) 2.9 2.5 2.3 2.6 2.7 Others 21.1 24.3 24.3 24.3 24.3
Quick Ratio (x) 1.9 1.5 1.4 1.5 1.6 Current Liabilities 93.1 119.1 144.2 135.6 140.3
Interest Coverage (x) 27.5 44.3 47.7 52.4 55.8
Share capital 176.8 176.8 176.8 176.8 176.8
Margin Reserves 113.2 137.5 161.0 189.0 221.2
EBITDA (%) 9.2 11.7 12.0 11.9 11.9 Shareholders' funds 290.1 314.4 337.8 365.9 398.0
EBIT (%) 7.3 9.7 10.1 10.1 10.2 MI 0.1 0.6 2.7 5.2 7.8
Reported PBT (%) 7.1 9.6 9.9 10.3 10.7 Equity 290.1 315.0 340.6 371.0 405.8
Reported Net Profit (%) 5.4 7.2 7.2 7.4 7.8
Adj. Net Profit (%) 6.0 7.1 7.2 7.4 7.8 Equity & Liabilities 394.3 443.8 495.0 516.8 556.4
Growth CASH FLOW

Revenue (%) 7.6 5.6 16.6 11.1 6.7 FYE Dec 31 (RMmn) FY17 FY18 FY19E FY20F FY21F
EBIT (%) (29.8) 41.0 21.1 11.2 7.2 PBT 33.6 48.4 58.1 66.5 74.3
Reported PBT (%) (28.2) 44.0 20.2 14.5 11.7 Depreciation of PPE 9.2 10.0 11.3 11.6 11.9
Adj. PBT (%) (14.8) 30.3 21.7 14.5 11.7 Finance costs 1.6 1.3 1.5 1.5 1.5
Reported Net Profit (%) (27.9) 41.2 16.2 14.5 11.7 Others 3.5 4.3 0.0 0.0 0.0
Adj. Net Profit (%) (9.8) 24.0 18.3 14.5 11.7 EBIT before ∆WC 47.9 64.0 70.9 77.9 83.1
Adj EPS (%) (9.8) 24.0 18.3 14.5 11.7 ∆WC (current assets) (17.3) (13.4) (29.1) (17.4) (13.5)
Interest expense (1.6) (1,326.8) (1.5) (1.5) (1.5)
Tax paid (11.0) (8.8) (13.9) (15.9) (17.8)
Others 33.0 1,377.2 41.8 60.6 69.6
CFO 20.3 41.6 26.5 43.2 50.4
CAPEX (17.2) (31.5) (30.0) (15.0) (15.0)

Others 0.2 0.0 0.0 0.0 0.0
CFI (17.0) (31.5) (30.0) (15.0) (15.0)
Dividend paid (11.0) (14.0) (18.6) (20.2) (21.7)

Others 32.5 (12.0) 10.0 0.0 0.0
CFF 21.5 (26.0) (8.6) (20.2) (21.7)
Net Cash Flow 24.8 (15.9) (12.2) 8.0 13.6
Page 4 of 5
8-Nov-19
Recommendation Guideline
Disclaimer
As of Friday, November 08, 2019, the analyst, Jeff Lye Zhen Xiong, who prepared this report, has interest in the following securities covered in this report:
(a) nil

www.ta.com.my
Page 5 of 5
RESULTS UPDATE
FBMKLCI: 1,609.33
Sector: Finance
Public Bank Berhad TP: RM19.20 (-3.3%)

Last Traded: RM19.86
9M19 Results Within Expectations SELL
Li Hsia Wong Tel: +603-2167 9610 liwong@ta.com.my www.taonline.com.my
Review Share Information

PBB’s 9MFY19 results came within expectations. YTD net profit of Bloomberg Code PBK MK
Stock Code 1295
RM4,106mn accounted for around 72% and 74% of ours and consensus Listing Main Market
full year estimates respectively. ROE stood at 13.3% (FY18: 14.8%), still Share Cap (mn) 3882.1
within reach of management’s FY19 KPI target of 13-14%. Market Cap (RMmn) 77,098.5
52-wk Hi/Lo (RM) 25.18/19.06
Accounting for some 74% of our full year forecast, 9MFY19 total 12-mth Avg Daily Vol ('000 shrs) 4447.5
Estimated Free Float (%) 59.4
operating income broadened by 0.2% QoQ and 1.5% YoY as stronger Beta 0.90
non-interest income and contributions from Islamic Banking operations Major Shareholders (%)
were muted by softer net interest income (NII). Consolidated Teh Holdings - 22.8
EPF - 12.4
That said, while NII improved by 2.4% QoQ due to stable net interest
Forecast Revision
margin (NIM) sequentially, it fell by 0.5% YoY. Annualised domestic and FY19 FY20
loan for the entire group softened to a growth of 4.4% and 4.2% YoY, in Forecast Revision (%) - -
line with management’s loan growth target of 4-5% YoY for FY19. PBB’s Net profit (RMmn) 5588.5 5913.4
Consensus 5554.0 5721.0
domestic loans market share stood at 17.4%, a slight 20 bps improvement TA's / Consensus (%) 100.6 103.4
from 17.2% in 2018. Previous Rating Hold (Downgraded)
Compared to a year ago, NII was mostly dampened by weaker net FY19 FY20
interest margin (NIM), which has declined by some 7 bps YTD. 9MFY19 ROE (%) 13.1 12.9
NIM stood at 2.15% vs. 2.22% in 2018. QoQ, NIM stabilised - after falling ROA (%) 1.3 1.3
CTI Ratio (%) 34.1 33.7
by 7% in 2QFY19, as effects from the repricing of funding costs post the Gross NPL Ratio (%) 0.5 0.5
OPR cut in May gather pace and positive impact from a higher LD ratio. BV/ Share (RM) 11.37 12.24
Price/ BV (x) 1.7 1.6
PBB’s annualised total and domestic deposits eased, rising at more
modest pace of 3.4% and 3.2% respectively. PBB’s market share in the Scorecard
customer deposit space slipped to 16.2% from 16.4% in 2QFY19. % of FY
vs. TA 72.0 Within
Nevertheless, liquidity buffers remained stable with gross loan to fund vs. Consensus 74.0 Within
ratio of around 89.5% (FY18: 88.4%).
9MFY19 non-interest income (non-NII) also came within expectations. Price Change PBK FBM KLCI
Although non-NII declined by 11.3% QoQ, YTD non-NII rose 5.8% YoY. 1 mth (2.2) 0.7
3 mth (2.3) (0.2)
Offsetting lower fee income from unit trust (-4.3% YoY) and stockbroking 6 mth (15.8) (2.5)
(-14.8% YoY), loan related fee and commission income grew by 3.4%. 12 mth (20.3) (4.2)
Non-NII was also boosted by net gains on financial instruments amounting
to RM133.8mn (+RM90.3mn YoY).
Meanwhile, Net Asset Value of Funds (NAV) under management slipped
to RM84.2bn vs. RM84.4bn in the previous quarter (FY18: RM78.7bn).
Over in the bancassurance business, 9MFY19 annualized new premium
(ANP) stood at RM208.2mn (FY18: RM268.9mn).
By segment, 9MFY19 PBT contribution from overseas operations
remained robust (+14.4% YoY). Overseas operations accounted for some
11% of the group’s PBT. Treasury operations and Investment banking saw
weaker PBT of -56.8% YoY and -35.7% YoY. PBT also contracted for
Fund management (-5.0% YoY). Source: Bloomberg
On a positive note, PBT for hire purchase rebounded, rising 4.1% YoY vs.
a contraction of 2.7% YoY registered in the previous quarter. Elsewhere,
Page 1 of 3
8-Nov-19
Retail operations (comprising individuals and SMEs), which accounts for
almost 51% of PBT, stood little changed at RM2,734mn vs. a year ago due
to competition and overall weakened sentiments. Other segments which
reported stronger YoY PBT include corporate lending (+18.2% YoY).
3QFY19 allowance for impairment on loans and other assets softened to
RM45.8mn vs. RM66.1mn in 2QFY19. YTD, total allowances stood at
RM109.0mn vs. RM136.8mn in 9MFY18. Upholding healthy asset quality,
the gross impaired loans ratio (GIL) stayed pat at 0.5% (Dec 2018: 0.5%)
while loan loss coverage stood at 117.6% (Dec 2018: 126.0%). The GIL
for key segments namely residential financing (0.5%) and transport
vehicles (0.5%) were stable. Meanwhile, the GIL for commercial
properties improved by 10 bps QoQ to 0.3%.
PBB remains backed by solid capital position with Common Equity Tier 1
(CET1) Capital Ratio, Tier 1 Capital Ratio and Total Capital Ratio of
13.1%, 13.5% and 16.5% respectively.
Impact
Tweaking our: 1) loan growth assumption to 4% from 5%, and 2) NIM
assumption lower by another 3 bps for FY19 slightly lower in tandem with
weaker NII – but keeping our FY20 and FY21 assumptions largely
unchanged for now, we adjusted our FY19 net profit forecast to
RM5,589mn from RM5,728mn but maintained FY20 and FY21 profit
forecasts at RM5,913mn and RM6,235mn.
Outlook
Maintaining FY19 key performance benchmarks, management continues
to guide for modest growth targets due to the challenging macro
environment. To recap, in the previous briefing, loan growth is guided to
soften to a range of 4-5% (vs. an initial target of 5.0% in FY19).
Nevertheless, growth can be supported by healthy outstanding pipeline of
loans along with higher loan approval rates in recent quarters.
We maintain our view that the impact from the challenging operating
environment will continue to put pressure on topline, as the growth
momentum continues to ease. Adding to the squeeze, competition in key
loan segments such as residential mortgages and HP remain robust. NIM
is also expected to remain under pressure due to competition.
Valuation
Deriving an implied PBV of 1.57x based on the Gordon Growth Model,
we maintain PBB’s TP at RM19.20. With that, we reiterate our SELL
recommendation on PBB.
Key upside/downside risks to PBB’s TP include: 1) stronger-than-expected
contributions from operations overseas, 2) healthier demand for
bancassurance and wealth management products, 3) unexpected increase
in unemployment rate resulting in high default rates among retail
borrowers and its exposure to the commercial property space, and 4)
further outflow of foreign funds resulting in a sharp decline in the foreign
shareholding level.
Page 2 of 3
8-Nov-19
Table 1: Earnings Summary (RMmn)

FYE Dec 2017 2018 2019F 2020F 2021F
Net interest income 7417.1 7563.0 7578.5 8055.8 8552.1
Non-interest income 2331.0 2214.6 2281.0 2326.6 2396.4
Islamic Banking 998.7 1065.9 1119.2 1163.9 1222.1
Total operating income 10746.8 10843.4 10978.7 11546.4 12170.7
Pre-provisioning profit 7318.6 7269.9 7237.4 7655.4 8123.4
Pre-tax profit 7117.7 7101.2 7078.5 7484.6 7886.8
Net profit 5470.0 5590.6 5588.5 5913.4 6235.1
EPS (sen) 129.2 132.1 132.0 139.7 147.3
EPS growth (%) 5.1 2.2 (0.0) 5.8 5.4
Gross div (sen) 61.0 69.0 69.0 69.0 69.0
Dividend yield (%) 3.1 3.5 3.5 3.5 3.5
Table 2: 3QFY19 Results Analysis (RMmn)

YE 31 Dec 3QFY18 2QFY19 3QFY19 QoQ YoY YTD FY18 YTD FY19 YoY
Net interest income 1,877.5 1,851.3 1,896.3 2.4 1.0 5,654.6 5,626.8 (0.5)
Income from Islamic
Banking business 265.1 268.5 299.5 11.5 13.0 793.5 842.7 6.2
Non interest income 556.2 634.5 562.9 (11.3) 1.2 1,684.7 1,782.6 5.8
Total income 2,698.8 2,754.3 2,758.7 0.2 2.2 8,132.8 8,252.2 1.5
Operating expenses (889.7) (956.5) (952.7) (0.4) 7.1 (2,687.3) (2,834.1) 5.5
Operating profit 1,809.0 1,797.8 1,806.0 0.5 (0.2) 5,445.5 5,418.1 (0.5)
Loan impairment allowances (48.8) (66.1) (45.8) (30.8) (32.8) (136.8) (109.0) (20.3)
Profit from associates (0.4) (1.2) 1.6 >(100) >(100) 2.7 2.5 (7.7)
PBT 1,759.8 1,730.6 1,761.8 1.8 0.1 5,311.4 5,311.7 0.0
Net profit 1,383.7 1,332.9 1,362.7 2.2 (1.5) 4,185.3 4,105.7 (1.9)
EPS (sen) 35.6 34.3 35.1 2.2 (1.5) 107.8 105.8 (1.9)

Disclaimer
As of Friday, November 08, 2019, the analyst, Wong Li Hsia, who prepared this report, has interest in the following securities covered in this report:
(a) nil

www.ta.com.my
Page 3 of 3
COMPANY UPDATE
FBMKLCI: 1,609.33
Sector: Property
Sentoria Group Bhd TP: RM0.25 (+25.0%)

Last Traded: RM0.20
Roping in Strategic Investor for Langkawi Resort Buy
Thiam Chiann Wen Tel: +603-2167 9615 cwthiam@ta.com.my www.taonline.com.my
`
Partial Disposal of Langkawi Geopark Resort City Share Information
Yesterday, Sentoria’s 75% owned subsidiary, Sentoria Langkawi S/B (SLSB) has Bloomberg Code SNT MK
Stock Code 5213
accepted a letter of intent (LOI) by I Strada S/B to enter into negotiation in Listing Main Market
relation to the proposed disposal of 35 acres of 90 years lease land in Mukim Share Cap (mn) 557.7
Bandar Padang Matsirat, Langkawi for RM49.5mn (or RM32.47psf). The LOI Market Cap (RMmn) 111.5
52-wk Hi/Lo (RM) 0.48/0.19
shall be valid for a period of 14 days from the date of the LOI and may be 12-mth Avg Daily Vol ('000 shrs) 1,537.2
further extended by mutual agreement by both parties. Estimated Free Float (%) 26.2
Beta 0.6
Major Shareholders (%)
A Recap of Langkawi Geopark Resort City Sentoria Capital - 56.1
The land, which is part of the 70 acres Langkawi Geopark Resort City, is State Secretary, Pahang - 15.7
strategically located near the Langkawi International Airport. To recap, Forecast Revision
Langkawi Geopark Resort City is leased to SLSB for a lease period of 90 years FY19 FY20
commencing 1 Sep 2014 to 31 Aug 2104, for a consideration of RM30.5mn (or Forecast Revision (%) 0.0 0.0
Net profit (RMmn) 17.0 19.8
RM10psf). The initial development plan of Langkawi Geopark Resort City is to Consensus n.a n.a
develop the 70 acres land into a resort city comprising retail and street malls, TA's / Consensus (%) n.a n.a
Previous Rating Buy (Maintained)
service apartments, a water theme park, hotels and convention centre with a
total gross development value (GDV) of about RM1.38bn. Financial Indicators
FY19 FY20
Net gearing (%) 81.0 82.0
Our View
CFPS (sen) 0.0 0.0
We are positive on this move, as it will allow Sentoria to lighten its balance P/CFPS (x) nm nm
sheet. The proceeds of RM49.5mn is expected to reduce Sentoria’s current net ROAA (%) 2.2 2.2
ROAE (%) 3.1 3.5
gearing level of 0.85x to 0.70x. Moreover, the disposal will enable Sentoria to NTA/Share (RM) 1.0 1.0
rope in a strategic investor to complement the development of Langkawi Price/ NTA (x) 0.2 0.2
Geopark Resort City and allow Sentoria to realise the value of its landbank.
Price Change SNT FBM KLCI
Impact 1 mth (4.8) 3.2
3 mth (9.1) (0.4)
We estimate the disposal will give rise to a disposal gain of RM34.3mn. For
6 mth (37.5) (1.5)
property development in Langkawi, we had assumed the official launch of Phase 12 mth (50.0) (6.5)
1 in FY20 with maiden earnings contribution kicking in FY21. As for the leisure
segment, Sentoria operates a Nature Park in Langkawi showcasing specially
built 800 meter boardwalk surrounded by mangrove forest. Commenced
operation in Aug-18, we understand that the earnings contribution from
Langkawi Nature Park is insignificant.
We believe the entry of new strategic investor would help to enhance the
value of the development and expedite the project delivery process. Having
said that, we also do not rule out potential delay in the official launch of
Langkawi Geopark Resort City as Sentoria may require to amend the master
development plan following the entry of a new strategic investor. Assuming the
official launch of Langkawi development is postponed to FY22, our FY21 Source: Bloomberg
earnings would reduce by 9.6%, and cut our target price by 1sen to RM0.24.
For now, we maintain our FY19-21 earnings forecasts pending the completion
of the proposed disposal.
Page 1 of 2
8-Nov-19
Valuation
Maintain Buy on Sentoria with an unchanged target price of RM0.25, based on
target average blended CY20 PE/PB of 4x/0.35x.
Earnings Summary
Profit & Loss (RMm) Balance Sheet (RMm)
YE Sep 30 2017 2018 2019f 2020f 2021F YE Sep 30 2017 2018 2019f 2020f 2021F
Revenue 280.4 293.0 327.1 361.0 396.0 PPE 419.2 513.0 580.9 618.0 655.6
EBITDA 59.8 29.8 47.2 60.5 61.4 Investment Properties 38.2 61.8 121.8 181.8 182.8
Dep. & amortisation (11.2) (10.7) (14.5) (16.4) (17.6) Others 91.5 111.9 125.8 146.7 166.3
Fair value gain 5.5 10.2 0.0 0.0 0.0 Total Non Current Assets 548.9 686.6 828.4 946.6 1004.7
Net finance cost (2.7) (3.9) (8.4) (15.8) (17.3) Trade Receivables 226.1 299.7 277.6 214.2 235.7
Normalised PBT 45.9 15.2 24.2 28.2 26.4 Inventories 1.7 1.9 3.5 3.9 4.2
Taxation (13.3) 2.7 (7.3) (8.5) (7.9) Cash 46.0 10.9 114.9 163.1 175.1
MI (0.0) 0.0 0.0 0.0 0.0 Others 200.3 236.6 126.6 89.7 96.7
Reported Net profit 38.0 28.1 17.0 19.8 18.5 Current Assets 474.1 549.1 522.6 470.9 511.7
Normalised net profit (sen) 33.9 20.4 17.0 19.8 18.5
Core EPS* (sen) 6.0 3.6 3.0 3.5 3.3 Total assets 1023.1 1235.7 1351.0 1417.5 1516.4
GDPS (sen) 0.0 0.0 0.0 0.0 0.0
Div Yield (%) - - - - - ST debt 166.2 191.7 181.7 131.7 71.7
Trade Payables 178.9 245.3 233.7 210.4 230.8
Cash Flow (RMm) Other current liabilities 3.9 2.5 2.5 2.5 2.5
YE Sep 30 2017 2018 2019f 202f 2021F Current Liabilities 349.1 439.6 417.9 344.6 305.0
PBT 51.4 25.4 24.2 28.2 26.4 Shareholders' funds 446.5 534.9 551.9 571.6 590.1
Adjustments (2.8) (5.2) 8.4 15.8 17.3 MI 1.0 1.0 1.0 1.0 1.0
Dep. & amortisation 11.2 10.7 14.5 16.4 17.6 Long Term Borrowings 226.6 260.3 380.3 500.3 620.3
Changes in WC (86.9) (63.1) 103.1 52.3 (33.7)
Operational cash flow (27.2) (32.2) 150.3 112.8 27.7 Total Equity and Liabilities 1023.1 1235.7 1351.0 1417.5 1516.4
Capex (58.1) (111.1) (156.3) (134.6) (75.8)
Others 0.2 (3.4) 0.0 0.0 0.0
Investment cash flow (57.9) (114.5) (156.3) (134.6) (75.8)
Debt raised/(repaid) 110.1 40.5 110.0 70.0 60.0
Equity raised(repaid) 0.0 61.5 0.0 0.0 0.0 Ratio
Dividend 0.0 0.0 0.0 0.0 0.0 YE Sep 30 2017 2018 2019f 2020f 2021F
Others 5.2 (7.0) 0.0 0.0 0.0 EPS Growth (%) 17.7 (39.8) (16.9) 16.4 (6.3)
Financial cash flow 115.3 95.0 110.0 70.0 60.0 PER (x) 3.3 5.5 6.7 5.7 6.1
Net cash flow 30.2 (51.8) 104.0 48.2 12.0 GDPS (sen) 0.0 0.0 0.0 0.0 0.0
Div Yield (%) 0.0 0.0 0.0 0.0 0.0
Assumptions Net Debt/ (Net cash) (RMm) 346.7 441.2 447.2 468.9 517.0
YE Sep 30 2017 2018 2019f 2020f 2021F Net gearing (x) 0.8 0.8 0.8 0.8 0.9
New Sales (RM mn) 238 393 300 300 290 ROE (%) 8.0 4.2 3.1 3.5 3.2
Prop Dev Margins (%) 22 11 13 13 12 ROA (%) 6.5 3.3 2.2 2.2 1.9
No of Visitors ('000) 546 551 511 494 526 NTA/share (RM) 0.9 1.0 1.0 1.0 1.0
Revenue/Visitor (RM) 40 40 47 47 48 P/NTA (x) 0.2 0.2 0.2 0.2 0.2

Disclaimer
As of Friday, November 08, 2019, the analyst, Thiam Chiann Wen, who prepared this report, has interest in the following securities covered in this report:
(a) nil

www.ta.com.my
Page 2 of 2

L oc al Te ch n ic al R ep o r ts
1. D ai l y Te ch n ic a l St o ck s W at ch
2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch
3. D ai l y Mon e y F low of FB MK L CI
4. D ai l y S t o c k S c r e e n
Disclaimer

www.ta.com.my
Technical View
Daily Technical Stock Watch

Malaysia FBM KLCI: 1,609.33 (+6.08, +0.38%)
Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD DMI MACD
Change High Low
Name 7/Nov Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change
FBMKLCI 1609.33 6.08 1,609.33 1,601.18 1,544.53 1,576.59 1,608.66 64.16 1,587.26 1,576.22 1,585.26 32.81 12.53 26.56 20.29 5.24 0.13 5.11 BUY BUY - -
AFFIN 1.95 0.01 1.95 1.93 1.92 1.94 1.96 45.27 1.93 1.95 1.97 13.72 13.33 35.02 0.38 -0.01 -0.01 0.00 BUY BUY BUY -
ABMB 2.90 -0.01 2.94 2.89 2.63 2.81 2.98 55.60 2.82 2.82 2.91 25.44 19.48 23.56 5.96 -0.01 -0.04 0.03 BUY BUY - -
AMBANK 4.09 0.05 4.09 4.03 3.80 3.94 4.08 54.47 3.98 3.98 4.04 25.23 13.26 18.88 11.97 0.00 -0.02 0.02 BUY BUY - -
AXIATA 4.30 0.00 4.31 4.26 4.22 4.27 4.32 47.75 4.28 4.28 4.42 9.50 21.75 49.76 (12.25) -0.03 -0.04 0.02 SELL BUY - -
CIMB 5.30 -0.02 5.34 5.28 4.73 5.04 5.34 73.67 5.14 5.02 5.02 34.11 10.30 25.82 23.80 0.08 0.04 0.04 BUY BUY - -
DIGI 4.69 -0.02 4.73 4.68 4.64 4.70 4.76 49.04 4.71 4.70 4.76 11.43 20.13 35.30 (8.69) -0.01 -0.02 0.01 SELL BUY - -
GAMUDA 3.70 0.09 3.70 3.60 3.60 3.72 3.83 43.44 3.67 3.69 3.64 12.55 21.63 18.15 (9.07) 0.00 0.01 (0.01) SELL SELL - -
GENTING 6.17 0.15 6.18 5.98 5.49 5.75 6.00 66.43 5.81 5.74 5.80 27.79 14.81 20.95 12.98 0.04 -0.01 0.05 BUY BUY - -
GENM 3.29 0.02 3.29 3.24 2.95 3.12 3.29 71.55 3.18 3.09 3.11 30.44 8.66 26.99 21.78 0.04 0.02 0.02 BUY BUY - -
IHH 5.55 0.01 5.66 5.51 5.54 5.67 5.79 38.05 5.65 5.67 5.69 14.65 18.57 16.66 (3.93) -0.03 -0.01 (0.02) SELL SELL - -
IOICORP 4.39 -0.04 4.41 4.36 4.15 4.31 4.47 60.51 4.36 4.32 4.34 26.37 14.31 21.94 12.07 0.03 0.01 0.02 BUY BUY -
MALAKOFF 0.85 0.00 0.86 0.85 0.80 0.83 0.86 54.36 0.84 0.84 0.85 25.34 11.23 22.33 14.12 0.00 0.00 0.00 BUY BUY - BUY
MAXIS 5.49 0.07 5.49 5.41 5.38 5.43 5.49 46.28 5.44 5.45 5.49 14.20 14.13 9.85 0.07 -0.02 -0.02 0.00 BUY BUY - -
MAYBANK 8.75 0.04 8.75 8.69 8.35 8.52 8.68 66.49 8.55 8.52 8.60 25.87 12.82 21.42 13.05 0.02 -0.01 0.03 BUY BUY - -
MBSB 0.87 0.01 0.88 0.87 0.82 0.86 0.90 52.38 0.87 0.85 0.85 19.47 9.20 33.88 10.27 0.01 0.01 (0.00) BUY SELL - SELL
RHBBANK 5.76 0.00 5.82 5.74 5.57 5.68 5.80 59.53 5.71 5.66 5.66 18.98 11.52 16.32 7.45 0.03 0.02 0.01 BUY BUY - -
SIME 2.35 0.07 2.38 2.27 2.26 2.29 2.32 49.26 2.29 2.28 2.27 14.69 13.36 13.07 1.33 0.00 0.01 (0.00) BUY SELL - -
TENAGA 13.92 0.00 13.98 13.84 13.61 13.81 14.01 56.86 13.86 13.75 13.75 15.93 9.43 13.79 6.51 0.06 0.04 0.02 BUY BUY - -
TM 3.74 -0.03 3.79 3.73 3.44 3.75 4.07 52.72 3.78 3.68 3.66 25.03 22.07 16.88 2.96 0.04 0.04 (0.00) BUY SELL - -
WPRTS 4.33 0.03 4.40 4.30 4.16 4.29 4.41 54.60 4.30 4.25 4.19 20.25 17.87 25.74 2.38 0.04 0.04 (0.01) BUY SELL - -
AEMULUS 0.27 0.00 0.28 0.27 0.27 0.29 0.30 41.52 0.28 0.28 0.28 20.59 20.18 20.89 0.41 0.00 0.00 (0.00) BUY SELL - -
ARMADA 0.48 0.03 0.48 0.45 0.37 0.43 0.49 61.74 0.44 0.40 0.35 29.91 16.59 37.54 13.32 0.03 0.03 (0.00) BUY SELL - -
DIALOG 3.45 0.02 3.46 3.43 3.38 3.46 3.53 45.63 3.48 3.44 3.45 18.62 20.37 13.73 (1.76) 0.01 0.01 (0.00) SELL SELL SELL SELL
DNEX 0.28 0.01 0.29 0.27 0.27 0.28 0.29 49.21 0.28 0.27 0.27 19.50 13.24 38.05 6.25 0.00 0.00 (0.00) BUY SELL - -
FGV 1.15 0.05 1.15 1.09 0.98 1.06 1.14 62.06 1.08 1.00 0.98 34.08 14.22 37.22 19.86 0.04 0.03 0.00 BUY BUY - -
GADANG 0.75 0.03 0.76 0.73 0.64 0.68 0.73 59.11 0.69 0.68 0.69 30.36 13.72 23.74 16.64 0.01 0.00 0.01 BUY BUY - -
GLOBETRONICS 2.11 -0.02 2.15 2.10 1.99 2.13 2.28 54.06 2.14 2.11 1.97 23.95 17.66 29.49 6.29 0.03 0.05 (0.02) BUY SELL - -
HIAP TECK 0.20 -0.01 0.20 0.20 0.18 0.19 0.21 53.35 0.20 0.19 0.19 24.98 19.63 17.84 5.35 0.00 0.00 0.00 BUY BUY - -
HIBISCUS 0.96 -0.01 0.96 0.95 0.92 0.94 0.97 56.88 0.94 0.95 0.94 26.85 14.63 10.36 12.22 0.00 0.00 0.00 BUY BUY - -
INARI 2.04 0.03 2.04 2.00 1.92 2.00 2.08 58.68 2.01 1.96 1.85 24.09 19.50 25.75 4.58 0.04 0.05 (0.01) BUY SELL - -
MPI 10.78 0.04 10.80 10.66 9.65 10.62 11.59 60.83 10.98 10.18 9.64 32.15 16.72 44.71 15.43 0.35 0.42 (0.07) BUY SELL - -
MRCB 0.76 -0.02 0.78 0.75 0.70 0.74 0.79 56.20 0.75 0.74 0.74 30.48 19.94 20.75 10.55 0.01 0.00 0.01 BUY BUY - -
SAPURA ENERGY 0.27 0.01 0.28 0.27 0.26 0.27 0.28 45.71 0.27 0.27 0.27 8.15 14.13 16.14 (5.99) 0.00 0.00 0.00 SELL BUY - -
SKP RESOURCES 1.26 -0.02 1.29 1.26 1.07 1.22 1.36 63.75 1.27 1.18 1.14 32.59 11.40 47.41 21.18 0.04 0.04 0.00 BUY BUY - -
SUNCON 1.96 -0.01 1.99 1.96 1.90 1.97 2.03 48.30 1.95 1.99 2.01 19.62 19.03 19.81 0.59 -0.02 -0.02 0.00 BUY BUY BUY BUY
UEM SUNRISE 0.75 -0.01 0.76 0.75 0.64 0.70 0.75 66.96 0.71 0.69 0.69 38.23 8.40 28.32 29.83 0.01 0.00 0.01 BUY BUY - -
VELESTO 0.40 0.02 0.41 0.39 0.31 0.34 0.38 71.72 0.36 0.34 0.32 40.16 10.03 46.44 30.13 0.01 0.01 0.00 BUY BUY - -
UNISEM 2.33 -0.01 2.35 2.32 2.28 2.49 2.69 47.35 2.43 2.38 2.23 25.95 24.06 28.60 1.88 0.02 0.06 (0.04) BUY SELL - -
VS INDS 1.37 0.01 1.38 1.35 1.27 1.35 1.43 53.37 1.38 1.34 1.32 20.09 20.20 19.17 (0.11) 0.02 0.02 (0.00) SELL SELL SELL SELL
WASEONG 1.10 0.03 1.12 1.08 0.71 1.00 1.28 68.56 1.10 0.87 0.77 28.16 18.90 50.27 9.26 0.10 0.11 (0.01) BUY 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.
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 1 of 4
8-Nov-19
Technical Comments: BUY Gadang & SunCon
Gadang need convincing breakout above the 100-day ma (77sen) and 61.8%FR (78sen) to enhance upside momentum towards
the 76.4%FR (85sen), with next hurdle at 90sen, while key retracement supports are at the 50%FR (72sen) and 38.2%FR
(66sen). SunCon will need sustained strength above the 76.4%FR (RM1.99) and 100-day ma (RM2.05) to fuel further upside and
re-test the July 2019 high (RM2.20), while a decisive breakout should aim for the 123.6%FP (RM2.41) ahead. Key chart
supports are from the lower Bollinger band (RM1.90) and 61.8%FR (RM1.85).
.01
GADANG (9261) RM0.745 (+0.025)
Z
BOLLINGER BANDS SIMPLE MOVING AVERAGES
Upper RM 0.74 10-day RM 0.70
Middle RM 0.69 30-day RM 0.68
Lower RM 0.64 50-day RM 0.69
DMI DAILY MACD
Recent Signal BUY Recent Signal BUY
Signal Change Signal Change
SUNCON (5263) RM1.96 (-0.01)

DMI DAILY MACD
Signal Change BUY Signal Change BUY
Page 2 of 4
8-Nov-19
Daily Money Flow of Technical Stock Watch

Malaysia
Total Money Flow (RM'mn) Total (A) (B) CLOSING PRICE (A+B)
No Name
31-Oct 1-Nov 4-Nov 5-Nov 6-Nov 5D MF Prv. Chg Cur. Chg 31-Oct 1-Nov 4-Nov 5-Nov 6-Nov Chg DMF
FBMKLCI 15.2 (10.4) (11.4) (3.1) (10.7) (20.5) 8.3 (7.6) 1,598 1,593 1,604 1,607 1,603 (3.49) IN
1 AFFIN 0.0 (0.0) (0.0) 0.0 (0.0) (0.0) 0.1 (0.0) 1.94 1.93 1.93 1.94 1.94 0.00 IN
2 ABMB 0.2 0.0 0.1 0.0 (1.1) (0.8) (0.1) (1.1) 2.88 2.88 2.88 2.89 2.91 0.02 OUT
3 AMBANK 0.3 (0.1) (0.1) 0.1 0.1 0.3 0.2 (0.0) 3.99 3.98 4.02 4.10 4.04 (0.06) IN
4 AXIATA 0.5 0.7 (0.1) (0.1) (0.1) 1.0 (0.1) 0.1 4.30 4.30 4.30 4.28 4.30 0.02 IN
5 CIMB 2.4 0.1 1.3 (8.2) (0.1) (4.6) (9.5) 8.1 5.25 5.26 5.25 5.33 5.32 (0.01) OUT
6 DIGI 1.1 1.0 0.0 0.4 (0.7) 1.8 0.4 (1.1) 4.70 4.68 4.71 4.70 4.71 0.01 OUT
7 GAMUDA (2.1) 0.1 (0.2) (0.2) 1.4 (1.0) 0.0 1.6 3.74 3.63 3.67 3.68 3.61 (0.07) IN
8 GENTING 2.1 0.8 0.6 (2.9) 0.9 1.5 (3.5) 3.8 5.81 5.87 5.96 6.04 6.02 (0.02) IN
9 GENM (0.1) (0.3) (0.9) (1.2) 0.4 (2.0) (0.3) 1.5 3.21 3.23 3.24 3.27 3.27 0.00 IN
10 IHH (0.2) (2.8) (0.9) 1.8 (8.1) (10.2) 2.7 (9.9) 5.70 5.62 5.59 5.52 5.54 0.02 OUT
11 IOICORP 1.0 0.3 0.2 (1.1) 0.1 0.5 (1.2) 1.1 4.37 4.38 4.42 4.46 4.43 (0.03) OUT
12 MALAKOFF 0.1 0.0 0.0 0.0 0.0 0.1 (0.0) 0.0 0.86 0.85 0.85 0.85 0.85 0.00 OUT
13 MAXIS 0.1 0.1 (0.1) 0.1 (0.1) 0.0 0.2 (0.1) 5.39 5.38 5.43 5.45 5.42 (0.03) IN
14 MAYBANK 8.1 0.7 (0.1) (4.4) (11.3) (7.1) (4.3) (6.9) 8.60 8.60 8.63 8.66 8.71 0.05 OUT
15 MBSB (0.1) (0.0) (0.2) (0.2) 0.0 (0.5) 0.0 0.2 0.88 0.87 0.88 0.87 0.87 0.00 IN
16 RHBBANK 1.3 0.2 0.4 0.6 0.0 2.6 0.2 (0.6) 5.75 5.78 5.75 5.76 5.76 0.00 OUT
17 SIME (0.5) (0.2) (0.1) (0.1) (0.7) (1.6) 0.1 (0.7) 2.27 2.29 2.30 2.31 2.28 (0.03) OUT
18 TENAGA 1.5 1.5 (0.2) 0.2 5.5 8.4 0.4 5.3 13.86 13.88 14.00 14.00 13.92 (0.08) IN
19 TM 0.1 (0.6) 0.1 0.2 2.4 2.3 0.1 2.2 3.76 3.80 3.83 3.75 3.77 0.02 IN
20 WPRTS 0.2 0.4 (5.6) (0.1) 2.3 (2.8) 5.6 2.4 4.28 4.27 4.35 4.35 4.30 (0.05) IN
21 AEMULUS (0.0) 0.0 0.0 (0.1) (0.1) (0.1) (0.1) (0.0) 0.28 0.28 0.28 0.28 0.27 (0.01) OUT
22 ARMADA 0.6 (0.5) (0.3) (0.3) (0.1) (0.5) (0.1) 0.3 0.45 0.46 0.45 0.45 0.45 0.00 IN
23 DIALOG (0.1) 0.8 (3.7) 3.6 (2.5) (1.9) 7.3 (6.1) 3.48 3.47 3.50 3.48 3.43 (0.05) IN
24 DNEX 0.1 0.0 (0.0) 0.0 0.0 0.1 0.0 0.0 0.28 0.28 0.28 0.28 0.28 0.00 IN
25 FGV (0.2) 0.3 (0.3) (0.1) (0.2) (0.4) 0.1 (0.0) 1.10 1.10 1.10 1.11 1.10 (0.01) IN
26 GADANG 0.0 (0.1) (0.1) (0.0) 0.1 (0.1) 0.0 0.1 0.69 0.72 0.73 0.73 0.72 (0.01) IN
27 GTRONIC 0.5 (0.1) (0.3) (0.0) 0.0 0.1 0.3 0.1 2.07 2.05 2.10 2.12 2.13 0.01 IN
28 HIAP TECK (0.0) 0.0 (0.0) (0.0) (0.0) (0.0) 0.0 0.0 0.20 0.21 0.21 0.20 0.20 0.00 IN
29 HIBISCUS (0.1) 0.1 (0.1) 0.1 0.5 0.4 0.2 0.4 0.94 0.93 0.93 0.97 0.97 0.00 IN
30 INARI 0.4 0.9 1.2 (0.5) (0.9) 1.2 (1.7) (0.4) 1.97 1.99 1.98 2.01 2.01 0.00 OUT
31 MPI (0.0) (0.1) (0.1) (0.0) 0.1 (0.2) 0.1 0.1 10.70 10.78 10.70 10.76 10.74 (0.02) IN
32 MRCB (0.0) (0.0) 0.3 (0.2) (0.0) 0.1 (0.5) 0.1 0.74 0.78 0.80 0.78 0.77 (0.01) OUT
33 SAPURA ENERGY (0.5) 0.1 0.2 (0.3) (0.3) (0.9) (0.5) (0.0) 0.27 0.26 0.27 0.27 0.27 0.00 OUT
34 SKP RESOURCES 0.1 0.1 0.4 0.0 0.0 0.6 (0.4) (0.0) 1.25 1.26 1.29 1.29 1.28 (0.01) OUT
35 SUNCON (0.0) (0.0) 0.0 0.0 0.1 0.1 0.0 0.0 1.95 1.94 1.94 1.96 1.97 0.01 IN
37 UEMS (0.0) 0.1 (0.1) (0.0) 0.0 (0.1) 0.1 0.1 0.69 0.76 0.74 0.75 0.76 0.01 IN
38 VELESTO (0.9) (0.2) 0.1 0.2 (1.2) (2.1) 0.1 (1.3) 0.36 0.35 0.36 0.36 0.39 0.03 OUT
39 UNISEM 0.1 0.1 (0.0) 0.0 0.0 0.2 0.0 0.0 2.38 2.39 2.35 2.34 2.34 0.00 IN
39 VS IND 1.1 (0.2) (0.1) 0.2 0.3 1.3 0.3 0.2 1.40 1.37 1.38 1.37 1.36 (0.01) IN
40 WASEONG (0.0) (0.1) (0.8) (0.3) (0.1) (1.3) 0.5 0.3 1.11 1.12 1.07 1.05 1.07 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 3 of 4
8-Nov-19
Daily Money Flow of FBMKLCI

Malaysia
No Name
FBMKLCI 15.2 (10.4) (11.4) (3.1) (10.7) (20.5) 8.3 (7.6) 1,598 1,593 1,604 1,607 1,603 (3.49) IN
1 MAYBANK 8.1 0.7 (0.1) (4.4) (11.3) (7.1) (4.3) (6.9) 8.60 8.60 8.63 8.66 8.71 0.05 OUT
2 PBBANK 5.8 0.6 (0.3) 0.4 7.8 14.3 0.6 7.4 20.30 19.80 19.80 19.86 19.80 (0.06) IN
3 TENAGA 1.5 1.5 (0.2) 0.2 5.5 8.4 0.4 5.3 13.86 13.88 14.00 14.00 13.92 (0.08) IN
4 CIMB 2.4 0.1 1.3 (8.2) (0.1) (4.6) (9.5) 8.1 5.25 5.26 5.25 5.33 5.32 (0.01) OUT
5 PCHEM (0.8) (0.7) 0.3 0.1 (0.0) (1.2) (0.2) (0.1) 7.47 7.48 7.62 7.70 7.60 (0.10) OUT
6 IHH (0.2) (2.8) (0.9) 1.8 (8.1) (10.2) 2.7 (9.9) 5.70 5.62 5.59 5.52 5.54 0.02 OUT
7 AXIATA 0.5 0.7 (0.1) (0.1) (0.1) 1.0 (0.1) 0.1 4.30 4.30 4.30 4.28 4.30 0.02 IN
8 MAXIS 0.1 0.1 (0.1) 0.1 (0.1) 0.0 0.2 (0.1) 5.39 5.38 5.43 5.45 5.42 (0.03) IN
9 HLBANK (1.2) (0.3) 5.6 0.1 (1.0) 3.3 (5.5) (1.1) 17.22 17.30 17.16 17.16 17.06 (0.10) OUT
10 SIME PLT 0.0 0.2 (0.8) (2.3) 0.2 (2.6) (1.4) 2.5 4.91 4.91 5.00 5.03 4.99 (0.04) IN
11 DIGI 1.1 1.0 0.0 0.4 (0.7) 1.8 0.4 (1.1) 4.70 4.68 4.71 4.70 4.71 0.01 OUT
12 NESTLE (0.5) (0.0) (0.0) 10.8 (0.1) 10.1 10.9 (11.0) 144.70 144.80 147.10 146.40 146.60 0.20 OUT
13 PETGAS (0.5) (0.6) (0.2) (0.2) (0.4) (1.9) (0.1) (0.2) 16.64 16.48 16.58 16.62 16.42 (0.20) OUT
14 GENTING 2.1 0.8 0.6 (2.9) 0.9 1.5 (3.5) 3.8 5.81 5.87 5.96 6.04 6.02 (0.02) IN
15 MISC (1.3) (0.3) (2.1) (0.9) (0.4) (5.0) 1.2 0.5 8.33 8.24 8.28 8.19 8.20 0.01 IN
16 IOI CORP 1.0 0.3 0.2 (1.1) 0.1 0.5 (1.2) 1.1 4.37 4.38 4.42 4.46 4.43 (0.03) OUT
17 GENM (0.1) (0.3) (0.9) (1.2) 0.4 (2.0) (0.3) 1.5 3.21 3.23 3.24 3.27 3.27 0.00 IN
18 KLK (0.3) (11.7) (12.8) (0.2) (0.2) (25.1) 12.7 0.0 21.66 21.70 21.98 22.28 22.32 0.04 IN
19 PETDAG (0.2) 0.3 0.2 (0.1) 0.4 0.6 (0.3) 0.5 23.56 23.54 23.68 23.74 23.70 (0.04) IN
20 HAP SENG 0.1 0.0 0.0 (0.0) (0.1) 0.1 (0.0) (0.1) 9.98 9.92 9.98 9.98 9.90 (0.08) OUT
21 HLFG (0.0) 0.1 0.6 0.0 0.2 0.8 (0.6) 0.2 17.42 17.18 17.22 17.22 17.20 (0.02) OUT
22 PPB 0.2 0.4 0.5 0.4 0.2 1.7 (0.0) (0.3) 18.10 18.08 18.22 18.20 18.28 0.08 OUT
23 TOP GLOVE 0.1 0.3 0.4 0.2 (0.4) 0.6 (0.2) (0.7) 4.35 4.40 4.52 4.50 4.37 (0.13) OUT
24 RHBBANK 1.3 0.2 0.4 0.6 0.0 2.6 0.2 (0.6) 5.75 5.78 5.75 5.76 5.76 0.00 OUT
25 PMETAL 0.1 (0.0) 0.1 0.2 (0.7) (0.4) 0.1 (0.9) 4.76 4.72 4.80 4.67 4.75 0.08 OUT
26 SIME (0.5) (0.2) (0.1) (0.1) (0.7) (1.6) 0.1 (0.7) 2.27 2.29 2.30 2.31 2.28 (0.03) OUT
27 HARTALEGA (2.9) 0.1 0.3 (0.0) (0.7) (3.2) (0.4) (0.7) 5.26 5.37 5.54 5.47 5.42 (0.05) OUT
28 AMBANK 0.3 (0.1) (0.1) 0.1 0.1 0.3 0.2 (0.0) 3.99 3.98 4.02 4.10 4.04 (0.06) IN
29 DIALOG (0.1) 0.8 (3.7) 3.6 (2.5) (1.9) 7.3 (6.1) 3.48 3.47 3.50 3.48 3.43 (0.05) IN
30 MAHB (1.1) (1.7) 0.5 (0.4) 1.2 (1.4) (0.8) 1.6 7.92 8.02 8.14 8.04 8.50 0.46 IN
(RM'mn)
INFLOW 24.7 8.2 11.0 18.9 16.8 79.5 Daily Trading Participation
OUTFLOW (9.5) (18.6) (22.4) (22.0) (27.5) (100.1) Date Retail Institution Foreign Total
NET FLOW 15.2 (10.4) (11.5) (3.1) (10.7) (20.5) 31-Oct 19.2% 53.4% 27.4% 100%
1-Nov 26.6% 49.2% 24.2% 100%
COMPANIES 4-Nov 25.8% 52.3% 21.9% 100%
INFLOW 16 18 15 15 12 5-Nov 20.9% 53.3% 25.8% 100%
OUTFLOW (14) (12) (15) (15) (18) 6-Nov 24.1% 49.7% 26.2% 100%



Disclaimer
As of Friday, November 08, 2019, the chartist, Stephen Soo, who prepared this report, has interest in the following securities covered in this report:
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Page 4 of 4
Technical View
Daily Stock Screen

Malaysia End Day Census of 07.11.2019
Report Description:
The Daily 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 20 ‘potential’ breakout stocks which just climbed above
the middle Bollinger band, with potential to appreciate toward the upper Bollinger band.
[MIDDLE BOLLINGER RANGEBOUND]

List of 20 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 5-day 10-day 30-day 50-day
1 HEINEKEN MALAYSIA BHD 25.24 24.33 25.17 26.02 56.19 25.49 25.43 24.75 24.60 78,100 63,100
2 FRASER & NEAVE HOLDINGS BHD 34.90 34.08 34.73 35.38 52.09 35.04 34.82 34.63 34.92 372,700 269,705
3 MALAYSIA AIRPORTS HLDGS BHD 8.50 7.67 8.26 8.86 56.61 8.12 8.07 8.40 8.46 2,974,500 2,584,600
4 PUBLIC BANK BERHAD 19.86 18.81 19.45 20.09 56.29 19.91 19.60 19.51 19.82 4,589,200 3,404,455
5 XIAN LENG HOLDINGS BHD 0.64 0.28 0.52 0.76 73.74 0.64 0.62 0.46 0.44 506,200 419,125
6 PENTAMASTER CORP BHD 4.75 4.49 4.67 4.85 60.60 4.70 4.69 4.62 4.29 2,859,600 2,628,130
7 SIME DARBY PLANTATION BHD 4.97 4.61 4.84 5.06 57.68 4.97 4.89 4.80 4.83 4,159,400 2,553,260
8 AIRASIA GROUP BHD 1.92 1.72 1.86 2.01 60.58 1.90 1.90 1.82 1.81 9,859,100 6,814,455
9 PETRONAS CHEMICALS GROUP BHD 7.60 7.16 7.42 7.68 61.83 7.57 7.50 7.41 7.33 5,985,600 3,660,125
10 BIMB HOLDINGS BHD 4.25 4.03 4.18 4.33 60.57 4.26 4.20 4.10 4.06 1,569,000 1,154,435
11 COASTAL CONTRACTS BHD 1.19 0.90 1.08 1.27 67.94 1.15 1.15 1.02 0.99 635,200 301,425
12 TEO GUAN LEE CORP BHD 1.42 1.02 1.26 1.49 73.71 1.39 1.34 1.17 1.10 54,500 10,255
13 CHIN TECK PLANTATIONS BHD 6.50 6.04 6.30 6.57 56.98 6.40 6.35 6.35 6.44 3,000 1,155
14 KOTRA INDUSTRIES BHD 1.96 1.78 1.90 2.02 66.34 1.98 1.94 1.86 1.85 10,100 9,015
15 HAP SENG CONSOLIDATED 9.98 9.79 9.91 10.03 53.04 9.95 9.95 9.88 9.85 406,400 302,775
16 TECK GUAN PERDANA BHD 1.24 0.88 1.08 1.27 67.07 1.18 1.10 1.05 1.05 81,400 35,985
17 SCGM BHD 1.35 1.19 1.28 1.37 68.32 1.27 1.28 1.24 1.10 1,338,200 538,000
18 GENTING MALAYSIA BHD 3.29 2.95 3.13 3.31 73.32 3.24 3.18 3.09 3.11 9,363,300 8,028,615
19 SAND NISKO CAPITAL BHD 0.35 0.20 0.29 0.37 88.99 0.33 0.32 0.27 0.25 82,500 47,825
20 PPB GROUP BERHAD 18.30 17.79 18.05 18.31 61.13 18.18 18.12 18.04 18.24 568,300 502,965
Raw data sourced from Bloomberg
*Note: To qualify in this list above, 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 charts to spot accumulation (volume growth) or breakout patterns.

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 2
*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)
Stock Name Price Vol 20-day avg vol
1 KUALA LUMPUR KEPONG BHD 22.92 21.01 21.74 22.47 69.26 21.99 21.79 21.93 22.58 1,449,400 1,331,500
2 UNITED PLANTATIONS BHD 25.88 24.57 25.01 25.44 70.50 25.00 24.96 24.97 25.19 34,300 79,660
3 NESTLE (MALAYSIA) BERHAD 146.90 142.85 144.83 146.81 66.22 145.92 145.16 144.77 145.64 113,700 67,760
4 GENTING BHD 6.17 5.46 5.77 6.08 72.67 5.94 5.81 5.74 5.80 6,363,100 4,868,535
5 KUMPULAN POWERNET BHD 1.57 0.82 1.15 1.48 91.69 1.33 1.24 1.06 0.98 2,991,800 1,821,505
6 MEGA FIRST CORP BHD 4.73 4.20 4.42 4.65 80.91 4.50 4.45 4.32 4.14 732,800 687,210
7 CARLSBERG BREWERY MALAYSIA B 28.32 26.12 27.19 28.25 67.32 27.61 27.27 26.87 26.34 241,300 117,205
8 MESINIAGA BHD 1.49 0.86 1.14 1.43 74.53 1.31 1.19 1.15 1.20 231,100 61,850
9 SARAWAK PLANTATION BHD 1.66 1.38 1.49 1.60 70.27 1.53 1.50 1.47 1.48 15,000 12,465
10 THONG GUAN INDUSTRIES BHD 3.01 2.71 2.83 2.95 72.93 2.88 2.84 2.79 2.67 916,000 209,520
11 MALAYAN BANKING BHD 8.75 8.35 8.53 8.72 69.20 8.64 8.55 8.52 8.60 8,062,800 7,363,235
12 PROLEXUS BHD 0.99 0.82 0.89 0.95 73.49 0.90 0.89 0.85 0.72 5,112,700 1,132,705
13 SUNWAY BHD 1.80 1.63 1.70 1.77 75.23 1.72 1.70 1.69 1.67 4,231,300 4,129,970
14 CARIMIN PETROLEUM BHD 1.39 1.16 1.26 1.36 67.49 1.26 1.26 1.20 1.11 11,101,500 4,521,540
15 BURSA MALAYSIA BHD 6.22 5.97 6.08 6.19 58.57 6.05 6.05 6.08 6.12 727,100 1,072,915
16 TPC PLUS BHD 0.38 0.30 0.32 0.35 64.19 0.32 0.32 0.33 0.35 109,700 12,795
17 APEX EQUITY HOLDINGS BERHAD 0.88 0.76 0.81 0.86 57.07 0.82 0.81 0.85 0.90 500 2,950
18 OCEANCASH PACIFIC BHD 0.48 0.39 0.42 0.46 69.90 0.43 0.42 0.42 0.42 732,900 57,935
19 TEO SENG CAPITAL BHD 1.39 1.13 1.25 1.37 80.46 1.31 1.28 1.21 1.17 3,927,000 1,426,980
20 ENCORP BHD 0.38 0.26 0.31 0.36 62.67 0.31 0.31 0.33 0.32 5,600 2,565
*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)
1 PERUSAHAAN SADUR TIMAH MALAY 4.26 4.35 4.51 4.68 24.97 4.49 4.53 4.52 4.59 27,400 7,265
2 IGB BHD 2.70 2.73 2.78 2.83 34.75 2.75 2.77 2.77 2.76 10,800 94,945
3 CHEMICAL CO OF MALAYSIA BHD 1.40 1.43 1.55 1.68 22.20 1.49 1.52 1.60 1.64 373,700 40,570
4 C.I. HOLDINGS BERHAD 1.25 1.27 1.42 1.57 34.74 1.34 1.41 1.39 1.39 15,000 28,410
5 MMC CORP BHD 0.97 0.98 1.03 1.07 32.06 1.01 1.02 1.04 1.06 3,894,800 1,399,360
6 KUMPULAN H&L HIGH-TECH BHD 0.95 0.96 1.05 1.14 33.91 0.99 1.02 1.08 1.15 100 2,405
7 SUNGEI BAGAN RUBBER (M) 2.82 2.83 2.97 3.11 41.74 2.89 2.93 2.98 2.97 1,900 3,605
8 IRE-TEX CORP BHD 0.08 0.08 0.10 0.11 28.41 0.10 0.10 0.10 0.10 5,075,200 420,185
9 HAI-O ENTERPRISE BHD 2.24 2.25 2.33 2.41 36.55 2.34 2.34 2.34 2.35 359,900 220,300
10 WARISAN TC HOLDINGS BHD 1.78 1.79 2.03 2.28 10.91 1.85 1.95 2.07 2.10 100 85
11 MAGNI-TECH INDUSTRIES BHD 2.37 2.38 2.51 2.64 41.39 2.46 2.49 2.51 2.36 1,473,600 766,342
12 PENSONIC HOLDINGS BHD 0.32 0.33 0.38 0.43 28.13 0.35 0.37 0.38 0.39 24,900 91,970
13 FAR EAST HOLDINGS BHD 2.60 2.61 2.65 2.70 37.51 2.65 2.65 2.66 2.66 15,600 20,170
14 KSL HOLDINGS BHD 0.76 0.76 0.77 0.79 37.11 0.77 0.77 0.77 0.78 574,500 297,845
15 NEXTGREEN GLOBAL BHD 0.38 0.38 0.39 0.40 40.54 0.39 0.39 0.39 0.39 2,905,900 2,324,930
16 KPS CONSORTIUM BHD 0.47 0.47 0.48 0.48 35.96 0.47 0.47 0.48 0.49 20,000 7,800
17 ECOFIRST CONSOLIDATED BHD 0.33 0.33 0.34 0.36 43.05 0.34 0.34 0.34 0.33 3,535,500 335,210
18 CYMAO HOLDINGS BHD 0.27 0.27 0.32 0.37 31.57 0.28 0.30 0.32 0.34 15,000 1,250
19 HENG HUAT RESOURCES GROUP BH 0.11 0.11 0.13 0.14 34.74 0.12 0.12 0.13 0.14 1,898,200 3,775,100
20 STAR MEDIA GROUP BHD 0.45 0.45 0.49 0.53 11.75 0.47 0.48 0.51 0.53 351,200 248,715
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Page 2 of 2

L oc al Te ch n ic al R ep o r ts
1. D ai l y Te ch n ic a l St o ck s W at ch
2. D ai l y Mon e y F low of T e ch n i c a l St o ck W at ch
3. D ai l y Mon e y F low of FB MK L CI
4. D ai l y S t o c k S c r e e n
Disclaimer

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Technical View
Daily Technical Stock Watch

Malaysia FBM KLCI: 1,609.33 (+6.08, +0.38%)
Close Bollinger Bands RSI Moving Averages DMI MACD DMI MACD DMI MACD
Change High Low
Name 7/Nov Lower Mid Upper 14d 10d 30d 50d DI + DI - ADX Diff Line Signal Diff Recent Signal Signal Change
FBMKLCI 1609.33 6.08 1,609.33 1,601.18 1,544.53 1,576.59 1,608.66 64.16 1,587.26 1,576.22 1,585.26 32.81 12.53 26.56 20.29 5.24 0.13 5.11 BUY BUY - -
AFFIN 1.95 0.01 1.95 1.93 1.92 1.94 1.96 45.27 1.93 1.95 1.97 13.72 13.33 35.02 0.38 -0.01 -0.01 0.00 BUY BUY BUY -
ABMB 2.90 -0.01 2.94 2.89 2.63 2.81 2.98 55.60 2.82 2.82 2.91 25.44 19.48 23.56 5.96 -0.01 -0.04 0.03 BUY BUY - -
AMBANK 4.09 0.05 4.09 4.03 3.80 3.94 4.08 54.47 3.98 3.98 4.04 25.23 13.26 18.88 11.97 0.00 -0.02 0.02 BUY BUY - -
AXIATA 4.30 0.00 4.31 4.26 4.22 4.27 4.32 47.75 4.28 4.28 4.42 9.50 21.75 49.76 (12.25) -0.03 -0.04 0.02 SELL BUY - -
CIMB 5.30 -0.02 5.34 5.28 4.73 5.04 5.34 73.67 5.14 5.02 5.02 34.11 10.30 25.82 23.80 0.08 0.04 0.04 BUY BUY - -
DIGI 4.69 -0.02 4.73 4.68 4.64 4.70 4.76 49.04 4.71 4.70 4.76 11.43 20.13 35.30 (8.69) -0.01 -0.02 0.01 SELL BUY - -
GAMUDA 3.70 0.09 3.70 3.60 3.60 3.72 3.83 43.44 3.67 3.69 3.64 12.55 21.63 18.15 (9.07) 0.00 0.01 (0.01) SELL SELL - -
GENTING 6.17 0.15 6.18 5.98 5.49 5.75 6.00 66.43 5.81 5.74 5.80 27.79 14.81 20.95 12.98 0.04 -0.01 0.05 BUY BUY - -
GENM 3.29 0.02 3.29 3.24 2.95 3.12 3.29 71.55 3.18 3.09 3.11 30.44 8.66 26.99 21.78 0.04 0.02 0.02 BUY BUY - -
IHH 5.55 0.01 5.66 5.51 5.54 5.67 5.79 38.05 5.65 5.67 5.69 14.65 18.57 16.66 (3.93) -0.03 -0.01 (0.02) SELL SELL - -
IOICORP 4.39 -0.04 4.41 4.36 4.15 4.31 4.47 60.51 4.36 4.32 4.34 26.37 14.31 21.94 12.07 0.03 0.01 0.02 BUY BUY -
MALAKOFF 0.85 0.00 0.86 0.85 0.80 0.83 0.86 54.36 0.84 0.84 0.85 25.34 11.23 22.33 14.12 0.00 0.00 0.00 BUY BUY - BUY
MAXIS 5.49 0.07 5.49 5.41 5.38 5.43 5.49 46.28 5.44 5.45 5.49 14.20 14.13 9.85 0.07 -0.02 -0.02 0.00 BUY BUY - -
MAYBANK 8.75 0.04 8.75 8.69 8.35 8.52 8.68 66.49 8.55 8.52 8.60 25.87 12.82 21.42 13.05 0.02 -0.01 0.03 BUY BUY - -
MBSB 0.87 0.01 0.88 0.87 0.82 0.86 0.90 52.38 0.87 0.85 0.85 19.47 9.20 33.88 10.27 0.01 0.01 (0.00) BUY SELL - SELL
RHBBANK 5.76 0.00 5.82 5.74 5.57 5.68 5.80 59.53 5.71 5.66 5.66 18.98 11.52 16.32 7.45 0.03 0.02 0.01 BUY BUY - -
SIME 2.35 0.07 2.38 2.27 2.26 2.29 2.32 49.26 2.29 2.28 2.27 14.69 13.36 13.07 1.33 0.00 0.01 (0.00) BUY SELL - -
TENAGA 13.92 0.00 13.98 13.84 13.61 13.81 14.01 56.86 13.86 13.75 13.75 15.93 9.43 13.79 6.51 0.06 0.04 0.02 BUY BUY - -
TM 3.74 -0.03 3.79 3.73 3.44 3.75 4.07 52.72 3.78 3.68 3.66 25.03 22.07 16.88 2.96 0.04 0.04 (0.00) BUY SELL - -
WPRTS 4.33 0.03 4.40 4.30 4.16 4.29 4.41 54.60 4.30 4.25 4.19 20.25 17.87 25.74 2.38 0.04 0.04 (0.01) BUY SELL - -
AEMULUS 0.27 0.00 0.28 0.27 0.27 0.29 0.30 41.52 0.28 0.28 0.28 20.59 20.18 20.89 0.41 0.00 0.00 (0.00) BUY SELL - -
ARMADA 0.48 0.03 0.48 0.45 0.37 0.43 0.49 61.74 0.44 0.40 0.35 29.91 16.59 37.54 13.32 0.03 0.03 (0.00) BUY SELL - -
DIALOG 3.45 0.02 3.46 3.43 3.38 3.46 3.53 45.63 3.48 3.44 3.45 18.62 20.37 13.73 (1.76) 0.01 0.01 (0.00) SELL SELL SELL SELL
DNEX 0.28 0.01 0.29 0.27 0.27 0.28 0.29 49.21 0.28 0.27 0.27 19.50 13.24 38.05 6.25 0.00 0.00 (0.00) BUY SELL - -
FGV 1.15 0.05 1.15 1.09 0.98 1.06 1.14 62.06 1.08 1.00 0.98 34.08 14.22 37.22 19.86 0.04 0.03 0.00 BUY BUY - -
GADANG 0.75 0.03 0.76 0.73 0.64 0.68 0.73 59.11 0.69 0.68 0.69 30.36 13.72 23.74 16.64 0.01 0.00 0.01 BUY BUY - -
GLOBETRONICS 2.11 -0.02 2.15 2.10 1.99 2.13 2.28 54.06 2.14 2.11 1.97 23.95 17.66 29.49 6.29 0.03 0.05 (0.02) BUY SELL - -
HIAP TECK 0.20 -0.01 0.20 0.20 0.18 0.19 0.21 53.35 0.20 0.19 0.19 24.98 19.63 17.84 5.35 0.00 0.00 0.00 BUY BUY - -
HIBISCUS 0.96 -0.01 0.96 0.95 0.92 0.94 0.97 56.88 0.94 0.95 0.94 26.85 14.63 10.36 12.22 0.00 0.00 0.00 BUY BUY - -
INARI 2.04 0.03 2.04 2.00 1.92 2.00 2.08 58.68 2.01 1.96 1.85 24.09 19.50 25.75 4.58 0.04 0.05 (0.01) BUY SELL - -
MPI 10.78 0.04 10.80 10.66 9.65 10.62 11.59 60.83 10.98 10.18 9.64 32.15 16.72 44.71 15.43 0.35 0.42 (0.07) BUY SELL - -
MRCB 0.76 -0.02 0.78 0.75 0.70 0.74 0.79 56.20 0.75 0.74 0.74 30.48 19.94 20.75 10.55 0.01 0.00 0.01 BUY BUY - -
SAPURA ENERGY 0.27 0.01 0.28 0.27 0.26 0.27 0.28 45.71 0.27 0.27 0.27 8.15 14.13 16.14 (5.99) 0.00 0.00 0.00 SELL BUY - -
SKP RESOURCES 1.26 -0.02 1.29 1.26 1.07 1.22 1.36 63.75 1.27 1.18 1.14 32.59 11.40 47.41 21.18 0.04 0.04 0.00 BUY BUY - -
SUNCON 1.96 -0.01 1.99 1.96 1.90 1.97 2.03 48.30 1.95 1.99 2.01 19.62 19.03 19.81 0.59 -0.02 -0.02 0.00 BUY BUY BUY BUY
UEM SUNRISE 0.75 -0.01 0.76 0.75 0.64 0.70 0.75 66.96 0.71 0.69 0.69 38.23 8.40 28.32 29.83 0.01 0.00 0.01 BUY BUY - -
VELESTO 0.40 0.02 0.41 0.39 0.31 0.34 0.38 71.72 0.36 0.34 0.32 40.16 10.03 46.44 30.13 0.01 0.01 0.00 BUY BUY - -
UNISEM 2.33 -0.01 2.35 2.32 2.28 2.49 2.69 47.35 2.43 2.38 2.23 25.95 24.06 28.60 1.88 0.02 0.06 (0.04) BUY SELL - -
VS INDS 1.37 0.01 1.38 1.35 1.27 1.35 1.43 53.37 1.38 1.34 1.32 20.09 20.20 19.17 (0.11) 0.02 0.02 (0.00) SELL SELL SELL SELL
WASEONG 1.10 0.03 1.12 1.08 0.71 1.00 1.28 68.56 1.10 0.87 0.77 28.16 18.90 50.27 9.26 0.10 0.11 (0.01) BUY 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.

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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8-Nov-19
Technical Comments: BUY Gadang & SunCon
Gadang need convincing breakout above the 100-day ma (77sen) and 61.8%FR (78sen) to enhance upside momentum towards
the 76.4%FR (85sen), with next hurdle at 90sen, while key retracement supports are at the 50%FR (72sen) and 38.2%FR
(66sen). SunCon will need sustained strength above the 76.4%FR (RM1.99) and 100-day ma (RM2.05) to fuel further upside and
re-test the July 2019 high (RM2.20), while a decisive breakout should aim for the 123.6%FP (RM2.41) ahead. Key chart
supports are from the lower Bollinger band (RM1.90) and 61.8%FR (RM1.85).
.01
GADANG (9261) RM0.745 (+0.025)
Z
DMI DAILY MACD
Signal Change Signal Change
SUNCON (5263) RM1.96 (-0.01)

DMI DAILY MACD
Signal Change BUY Signal Change BUY
Page 2 of 4
8-Nov-19
Daily Money Flow of Technical Stock Watch

Malaysia
No Name
FBMKLCI 15.2 (10.4) (11.4) (3.1) (10.7) (20.5) 8.3 (7.6) 1,598 1,593 1,604 1,607 1,603 (3.49) IN
1 AFFIN 0.0 (0.0) (0.0) 0.0 (0.0) (0.0) 0.1 (0.0) 1.94 1.93 1.93 1.94 1.94 0.00 IN
2 ABMB 0.2 0.0 0.1 0.0 (1.1) (0.8) (0.1) (1.1) 2.88 2.88 2.88 2.89 2.91 0.02 OUT
3 AMBANK 0.3 (0.1) (0.1) 0.1 0.1 0.3 0.2 (0.0) 3.99 3.98 4.02 4.10 4.04 (0.06) IN
4 AXIATA 0.5 0.7 (0.1) (0.1) (0.1) 1.0 (0.1) 0.1 4.30 4.30 4.30 4.28 4.30 0.02 IN
5 CIMB 2.4 0.1 1.3 (8.2) (0.1) (4.6) (9.5) 8.1 5.25 5.26 5.25 5.33 5.32 (0.01) OUT
6 DIGI 1.1 1.0 0.0 0.4 (0.7) 1.8 0.4 (1.1) 4.70 4.68 4.71 4.70 4.71 0.01 OUT
7 GAMUDA (2.1) 0.1 (0.2) (0.2) 1.4 (1.0) 0.0 1.6 3.74 3.63 3.67 3.68 3.61 (0.07) IN
8 GENTING 2.1 0.8 0.6 (2.9) 0.9 1.5 (3.5) 3.8 5.81 5.87 5.96 6.04 6.02 (0.02) IN
9 GENM (0.1) (0.3) (0.9) (1.2) 0.4 (2.0) (0.3) 1.5 3.21 3.23 3.24 3.27 3.27 0.00 IN
10 IHH (0.2) (2.8) (0.9) 1.8 (8.1) (10.2) 2.7 (9.9) 5.70 5.62 5.59 5.52 5.54 0.02 OUT
11 IOICORP 1.0 0.3 0.2 (1.1) 0.1 0.5 (1.2) 1.1 4.37 4.38 4.42 4.46 4.43 (0.03) OUT
12 MALAKOFF 0.1 0.0 0.0 0.0 0.0 0.1 (0.0) 0.0 0.86 0.85 0.85 0.85 0.85 0.00 OUT
13 MAXIS 0.1 0.1 (0.1) 0.1 (0.1) 0.0 0.2 (0.1) 5.39 5.38 5.43 5.45 5.42 (0.03) IN
14 MAYBANK 8.1 0.7 (0.1) (4.4) (11.3) (7.1) (4.3) (6.9) 8.60 8.60 8.63 8.66 8.71 0.05 OUT
15 MBSB (0.1) (0.0) (0.2) (0.2) 0.0 (0.5) 0.0 0.2 0.88 0.87 0.88 0.87 0.87 0.00 IN
16 RHBBANK 1.3 0.2 0.4 0.6 0.0 2.6 0.2 (0.6) 5.75 5.78 5.75 5.76 5.76 0.00 OUT
17 SIME (0.5) (0.2) (0.1) (0.1) (0.7) (1.6) 0.1 (0.7) 2.27 2.29 2.30 2.31 2.28 (0.03) OUT
18 TENAGA 1.5 1.5 (0.2) 0.2 5.5 8.4 0.4 5.3 13.86 13.88 14.00 14.00 13.92 (0.08) IN
19 TM 0.1 (0.6) 0.1 0.2 2.4 2.3 0.1 2.2 3.76 3.80 3.83 3.75 3.77 0.02 IN
20 WPRTS 0.2 0.4 (5.6) (0.1) 2.3 (2.8) 5.6 2.4 4.28 4.27 4.35 4.35 4.30 (0.05) IN
21 AEMULUS (0.0) 0.0 0.0 (0.1) (0.1) (0.1) (0.1) (0.0) 0.28 0.28 0.28 0.28 0.27 (0.01) OUT
22 ARMADA 0.6 (0.5) (0.3) (0.3) (0.1) (0.5) (0.1) 0.3 0.45 0.46 0.45 0.45 0.45 0.00 IN
23 DIALOG (0.1) 0.8 (3.7) 3.6 (2.5) (1.9) 7.3 (6.1) 3.48 3.47 3.50 3.48 3.43 (0.05) IN
24 DNEX 0.1 0.0 (0.0) 0.0 0.0 0.1 0.0 0.0 0.28 0.28 0.28 0.28 0.28 0.00 IN
25 FGV (0.2) 0.3 (0.3) (0.1) (0.2) (0.4) 0.1 (0.0) 1.10 1.10 1.10 1.11 1.10 (0.01) IN
26 GADANG 0.0 (0.1) (0.1) (0.0) 0.1 (0.1) 0.0 0.1 0.69 0.72 0.73 0.73 0.72 (0.01) IN
27 GTRONIC 0.5 (0.1) (0.3) (0.0) 0.0 0.1 0.3 0.1 2.07 2.05 2.10 2.12 2.13 0.01 IN
28 HIAP TECK (0.0) 0.0 (0.0) (0.0) (0.0) (0.0) 0.0 0.0 0.20 0.21 0.21 0.20 0.20 0.00 IN
29 HIBISCUS (0.1) 0.1 (0.1) 0.1 0.5 0.4 0.2 0.4 0.94 0.93 0.93 0.97 0.97 0.00 IN
30 INARI 0.4 0.9 1.2 (0.5) (0.9) 1.2 (1.7) (0.4) 1.97 1.99 1.98 2.01 2.01 0.00 OUT
31 MPI (0.0) (0.1) (0.1) (0.0) 0.1 (0.2) 0.1 0.1 10.70 10.78 10.70 10.76 10.74 (0.02) IN
32 MRCB (0.0) (0.0) 0.3 (0.2) (0.0) 0.1 (0.5) 0.1 0.74 0.78 0.80 0.78 0.77 (0.01) OUT
33 SAPURA ENERGY (0.5) 0.1 0.2 (0.3) (0.3) (0.9) (0.5) (0.0) 0.27 0.26 0.27 0.27 0.27 0.00 OUT
34 SKP RESOURCES 0.1 0.1 0.4 0.0 0.0 0.6 (0.4) (0.0) 1.25 1.26 1.29 1.29 1.28 (0.01) OUT
35 SUNCON (0.0) (0.0) 0.0 0.0 0.1 0.1 0.0 0.0 1.95 1.94 1.94 1.96 1.97 0.01 IN
37 UEMS (0.0) 0.1 (0.1) (0.0) 0.0 (0.1) 0.1 0.1 0.69 0.76 0.74 0.75 0.76 0.01 IN
38 VELESTO (0.9) (0.2) 0.1 0.2 (1.2) (2.1) 0.1 (1.3) 0.36 0.35 0.36 0.36 0.39 0.03 OUT
39 UNISEM 0.1 0.1 (0.0) 0.0 0.0 0.2 0.0 0.0 2.38 2.39 2.35 2.34 2.34 0.00 IN
39 VS IND 1.1 (0.2) (0.1) 0.2 0.3 1.3 0.3 0.2 1.40 1.37 1.38 1.37 1.36 (0.01) IN
40 WASEONG (0.0) (0.1) (0.8) (0.3) (0.1) (1.3) 0.5 0.3 1.11 1.12 1.07 1.05 1.07 0.02 IN



Page 3 of 4
8-Nov-19
Daily Money Flow of FBMKLCI

Malaysia
No Name
FBMKLCI 15.2 (10.4) (11.4) (3.1) (10.7) (20.5) 8.3 (7.6) 1,598 1,593 1,604 1,607 1,603 (3.49) IN
1 MAYBANK 8.1 0.7 (0.1) (4.4) (11.3) (7.1) (4.3) (6.9) 8.60 8.60 8.63 8.66 8.71 0.05 OUT
2 PBBANK 5.8 0.6 (0.3) 0.4 7.8 14.3 0.6 7.4 20.30 19.80 19.80 19.86 19.80 (0.06) IN
3 TENAGA 1.5 1.5 (0.2) 0.2 5.5 8.4 0.4 5.3 13.86 13.88 14.00 14.00 13.92 (0.08) IN
4 CIMB 2.4 0.1 1.3 (8.2) (0.1) (4.6) (9.5) 8.1 5.25 5.26 5.25 5.33 5.32 (0.01) OUT
5 PCHEM (0.8) (0.7) 0.3 0.1 (0.0) (1.2) (0.2) (0.1) 7.47 7.48 7.62 7.70 7.60 (0.10) OUT
6 IHH (0.2) (2.8) (0.9) 1.8 (8.1) (10.2) 2.7 (9.9) 5.70 5.62 5.59 5.52 5.54 0.02 OUT
7 AXIATA 0.5 0.7 (0.1) (0.1) (0.1) 1.0 (0.1) 0.1 4.30 4.30 4.30 4.28 4.30 0.02 IN
8 MAXIS 0.1 0.1 (0.1) 0.1 (0.1) 0.0 0.2 (0.1) 5.39 5.38 5.43 5.45 5.42 (0.03) IN
9 HLBANK (1.2) (0.3) 5.6 0.1 (1.0) 3.3 (5.5) (1.1) 17.22 17.30 17.16 17.16 17.06 (0.10) OUT
10 SIME PLT 0.0 0.2 (0.8) (2.3) 0.2 (2.6) (1.4) 2.5 4.91 4.91 5.00 5.03 4.99 (0.04) IN
11 DIGI 1.1 1.0 0.0 0.4 (0.7) 1.8 0.4 (1.1) 4.70 4.68 4.71 4.70 4.71 0.01 OUT
12 NESTLE (0.5) (0.0) (0.0) 10.8 (0.1) 10.1 10.9 (11.0) 144.70 144.80 147.10 146.40 146.60 0.20 OUT
13 PETGAS (0.5) (0.6) (0.2) (0.2) (0.4) (1.9) (0.1) (0.2) 16.64 16.48 16.58 16.62 16.42 (0.20) OUT
14 GENTING 2.1 0.8 0.6 (2.9) 0.9 1.5 (3.5) 3.8 5.81 5.87 5.96 6.04 6.02 (0.02) IN
15 MISC (1.3) (0.3) (2.1) (0.9) (0.4) (5.0) 1.2 0.5 8.33 8.24 8.28 8.19 8.20 0.01 IN
16 IOI CORP 1.0 0.3 0.2 (1.1) 0.1 0.5 (1.2) 1.1 4.37 4.38 4.42 4.46 4.43 (0.03) OUT
17 GENM (0.1) (0.3) (0.9) (1.2) 0.4 (2.0) (0.3) 1.5 3.21 3.23 3.24 3.27 3.27 0.00 IN
18 KLK (0.3) (11.7) (12.8) (0.2) (0.2) (25.1) 12.7 0.0 21.66 21.70 21.98 22.28 22.32 0.04 IN
19 PETDAG (0.2) 0.3 0.2 (0.1) 0.4 0.6 (0.3) 0.5 23.56 23.54 23.68 23.74 23.70 (0.04) IN
20 HAP SENG 0.1 0.0 0.0 (0.0) (0.1) 0.1 (0.0) (0.1) 9.98 9.92 9.98 9.98 9.90 (0.08) OUT
21 HLFG (0.0) 0.1 0.6 0.0 0.2 0.8 (0.6) 0.2 17.42 17.18 17.22 17.22 17.20 (0.02) OUT
22 PPB 0.2 0.4 0.5 0.4 0.2 1.7 (0.0) (0.3) 18.10 18.08 18.22 18.20 18.28 0.08 OUT
23 TOP GLOVE 0.1 0.3 0.4 0.2 (0.4) 0.6 (0.2) (0.7) 4.35 4.40 4.52 4.50 4.37 (0.13) OUT
24 RHBBANK 1.3 0.2 0.4 0.6 0.0 2.6 0.2 (0.6) 5.75 5.78 5.75 5.76 5.76 0.00 OUT
25 PMETAL 0.1 (0.0) 0.1 0.2 (0.7) (0.4) 0.1 (0.9) 4.76 4.72 4.80 4.67 4.75 0.08 OUT
26 SIME (0.5) (0.2) (0.1) (0.1) (0.7) (1.6) 0.1 (0.7) 2.27 2.29 2.30 2.31 2.28 (0.03) OUT
27 HARTALEGA (2.9) 0.1 0.3 (0.0) (0.7) (3.2) (0.4) (0.7) 5.26 5.37 5.54 5.47 5.42 (0.05) OUT
28 AMBANK 0.3 (0.1) (0.1) 0.1 0.1 0.3 0.2 (0.0) 3.99 3.98 4.02 4.10 4.04 (0.06) IN
29 DIALOG (0.1) 0.8 (3.7) 3.6 (2.5) (1.9) 7.3 (6.1) 3.48 3.47 3.50 3.48 3.43 (0.05) IN
30 MAHB (1.1) (1.7) 0.5 (0.4) 1.2 (1.4) (0.8) 1.6 7.92 8.02 8.14 8.04 8.50 0.46 IN
(RM'mn)
INFLOW 24.7 8.2 11.0 18.9 16.8 79.5 Daily Trading Participation
OUTFLOW (9.5) (18.6) (22.4) (22.0) (27.5) (100.1) Date Retail Institution Foreign Total
NET FLOW 15.2 (10.4) (11.5) (3.1) (10.7) (20.5) 31-Oct 19.2% 53.4% 27.4% 100%
1-Nov 26.6% 49.2% 24.2% 100%
COMPANIES 4-Nov 25.8% 52.3% 21.9% 100%
INFLOW 16 18 15 15 12 5-Nov 20.9% 53.3% 25.8% 100%
OUTFLOW (14) (12) (15) (15) (18) 6-Nov 24.1% 49.7% 26.2% 100%



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Page 4 of 4
Technical View
Daily Stock Screen

Malaysia End Day Census of 07.11.2019
Report Description:
The Daily 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 20 ‘potential’ breakout stocks which just climbed above
the middle Bollinger band, with potential to appreciate toward the upper Bollinger band.
[MIDDLE BOLLINGER RANGEBOUND]

List of 20 Potential Breakout Stocks (Short-term BUY for upside toward Upper Bollinger Band or higher to TAKE PROFIT/ SELL)

No Stock Name Price Vol 20-day avg vol
1 HEINEKEN MALAYSIA BHD 25.24 24.33 25.17 26.02 56.19 25.49 25.43 24.75 24.60 78,100 63,100
2 FRASER & NEAVE HOLDINGS BHD 34.90 34.08 34.73 35.38 52.09 35.04 34.82 34.63 34.92 372,700 269,705
3 MALAYSIA AIRPORTS HLDGS BHD 8.50 7.67 8.26 8.86 56.61 8.12 8.07 8.40 8.46 2,974,500 2,584,600
4 PUBLIC BANK BERHAD 19.86 18.81 19.45 20.09 56.29 19.91 19.60 19.51 19.82 4,589,200 3,404,455
5 XIAN LENG HOLDINGS BHD 0.64 0.28 0.52 0.76 73.74 0.64 0.62 0.46 0.44 506,200 419,125
6 PENTAMASTER CORP BHD 4.75 4.49 4.67 4.85 60.60 4.70 4.69 4.62 4.29 2,859,600 2,628,130
7 SIME DARBY PLANTATION BHD 4.97 4.61 4.84 5.06 57.68 4.97 4.89 4.80 4.83 4,159,400 2,553,260
8 AIRASIA GROUP BHD 1.92 1.72 1.86 2.01 60.58 1.90 1.90 1.82 1.81 9,859,100 6,814,455
9 PETRONAS CHEMICALS GROUP BHD 7.60 7.16 7.42 7.68 61.83 7.57 7.50 7.41 7.33 5,985,600 3,660,125
10 BIMB HOLDINGS BHD 4.25 4.03 4.18 4.33 60.57 4.26 4.20 4.10 4.06 1,569,000 1,154,435
11 COASTAL CONTRACTS BHD 1.19 0.90 1.08 1.27 67.94 1.15 1.15 1.02 0.99 635,200 301,425
12 TEO GUAN LEE CORP BHD 1.42 1.02 1.26 1.49 73.71 1.39 1.34 1.17 1.10 54,500 10,255
13 CHIN TECK PLANTATIONS BHD 6.50 6.04 6.30 6.57 56.98 6.40 6.35 6.35 6.44 3,000 1,155
14 KOTRA INDUSTRIES BHD 1.96 1.78 1.90 2.02 66.34 1.98 1.94 1.86 1.85 10,100 9,015
15 HAP SENG CONSOLIDATED 9.98 9.79 9.91 10.03 53.04 9.95 9.95 9.88 9.85 406,400 302,775
16 TECK GUAN PERDANA BHD 1.24 0.88 1.08 1.27 67.07 1.18 1.10 1.05 1.05 81,400 35,985
17 SCGM BHD 1.35 1.19 1.28 1.37 68.32 1.27 1.28 1.24 1.10 1,338,200 538,000
18 GENTING MALAYSIA BHD 3.29 2.95 3.13 3.31 73.32 3.24 3.18 3.09 3.11 9,363,300 8,028,615
19 SAND NISKO CAPITAL BHD 0.35 0.20 0.29 0.37 88.99 0.33 0.32 0.27 0.25 82,500 47,825
20 PPB GROUP BERHAD 18.30 17.79 18.05 18.31 61.13 18.18 18.12 18.04 18.24 568,300 502,965
*Note: To qualify in this list above, 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 charts to spot accumulation (volume growth) or breakout patterns.

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 2
*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)
1 KUALA LUMPUR KEPONG BHD 22.92 21.01 21.74 22.47 69.26 21.99 21.79 21.93 22.58 1,449,400 1,331,500
2 UNITED PLANTATIONS BHD 25.88 24.57 25.01 25.44 70.50 25.00 24.96 24.97 25.19 34,300 79,660
3 NESTLE (MALAYSIA) BERHAD 146.90 142.85 144.83 146.81 66.22 145.92 145.16 144.77 145.64 113,700 67,760
4 GENTING BHD 6.17 5.46 5.77 6.08 72.67 5.94 5.81 5.74 5.80 6,363,100 4,868,535
5 KUMPULAN POWERNET BHD 1.57 0.82 1.15 1.48 91.69 1.33 1.24 1.06 0.98 2,991,800 1,821,505
6 MEGA FIRST CORP BHD 4.73 4.20 4.42 4.65 80.91 4.50 4.45 4.32 4.14 732,800 687,210
7 CARLSBERG BREWERY MALAYSIA B 28.32 26.12 27.19 28.25 67.32 27.61 27.27 26.87 26.34 241,300 117,205
8 MESINIAGA BHD 1.49 0.86 1.14 1.43 74.53 1.31 1.19 1.15 1.20 231,100 61,850
9 SARAWAK PLANTATION BHD 1.66 1.38 1.49 1.60 70.27 1.53 1.50 1.47 1.48 15,000 12,465
10 THONG GUAN INDUSTRIES BHD 3.01 2.71 2.83 2.95 72.93 2.88 2.84 2.79 2.67 916,000 209,520
11 MALAYAN BANKING BHD 8.75 8.35 8.53 8.72 69.20 8.64 8.55 8.52 8.60 8,062,800 7,363,235
12 PROLEXUS BHD 0.99 0.82 0.89 0.95 73.49 0.90 0.89 0.85 0.72 5,112,700 1,132,705
13 SUNWAY BHD 1.80 1.63 1.70 1.77 75.23 1.72 1.70 1.69 1.67 4,231,300 4,129,970
14 CARIMIN PETROLEUM BHD 1.39 1.16 1.26 1.36 67.49 1.26 1.26 1.20 1.11 11,101,500 4,521,540
15 BURSA MALAYSIA BHD 6.22 5.97 6.08 6.19 58.57 6.05 6.05 6.08 6.12 727,100 1,072,915
16 TPC PLUS BHD 0.38 0.30 0.32 0.35 64.19 0.32 0.32 0.33 0.35 109,700 12,795
17 APEX EQUITY HOLDINGS BERHAD 0.88 0.76 0.81 0.86 57.07 0.82 0.81 0.85 0.90 500 2,950
18 OCEANCASH PACIFIC BHD 0.48 0.39 0.42 0.46 69.90 0.43 0.42 0.42 0.42 732,900 57,935
19 TEO SENG CAPITAL BHD 1.39 1.13 1.25 1.37 80.46 1.31 1.28 1.21 1.17 3,927,000 1,426,980
20 ENCORP BHD 0.38 0.26 0.31 0.36 62.67 0.31 0.31 0.33 0.32 5,600 2,565
*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)
1 PERUSAHAAN SADUR TIMAH MALAY 4.26 4.35 4.51 4.68 24.97 4.49 4.53 4.52 4.59 27,400 7,265
2 IGB BHD 2.70 2.73 2.78 2.83 34.75 2.75 2.77 2.77 2.76 10,800 94,945
3 CHEMICAL CO OF MALAYSIA BHD 1.40 1.43 1.55 1.68 22.20 1.49 1.52 1.60 1.64 373,700 40,570
4 C.I. HOLDINGS BERHAD 1.25 1.27 1.42 1.57 34.74 1.34 1.41 1.39 1.39 15,000 28,410
5 MMC CORP BHD 0.97 0.98 1.03 1.07 32.06 1.01 1.02 1.04 1.06 3,894,800 1,399,360
6 KUMPULAN H&L HIGH-TECH BHD 0.95 0.96 1.05 1.14 33.91 0.99 1.02 1.08 1.15 100 2,405
7 SUNGEI BAGAN RUBBER (M) 2.82 2.83 2.97 3.11 41.74 2.89 2.93 2.98 2.97 1,900 3,605
8 IRE-TEX CORP BHD 0.08 0.08 0.10 0.11 28.41 0.10 0.10 0.10 0.10 5,075,200 420,185
9 HAI-O ENTERPRISE BHD 2.24 2.25 2.33 2.41 36.55 2.34 2.34 2.34 2.35 359,900 220,300
10 WARISAN TC HOLDINGS BHD 1.78 1.79 2.03 2.28 10.91 1.85 1.95 2.07 2.10 100 85
11 MAGNI-TECH INDUSTRIES BHD 2.37 2.38 2.51 2.64 41.39 2.46 2.49 2.51 2.36 1,473,600 766,342
12 PENSONIC HOLDINGS BHD 0.32 0.33 0.38 0.43 28.13 0.35 0.37 0.38 0.39 24,900 91,970
13 FAR EAST HOLDINGS BHD 2.60 2.61 2.65 2.70 37.51 2.65 2.65 2.66 2.66 15,600 20,170
14 KSL HOLDINGS BHD 0.76 0.76 0.77 0.79 37.11 0.77 0.77 0.77 0.78 574,500 297,845
15 NEXTGREEN GLOBAL BHD 0.38 0.38 0.39 0.40 40.54 0.39 0.39 0.39 0.39 2,905,900 2,324,930
16 KPS CONSORTIUM BHD 0.47 0.47 0.48 0.48 35.96 0.47 0.47 0.48 0.49 20,000 7,800
17 ECOFIRST CONSOLIDATED BHD 0.33 0.33 0.34 0.36 43.05 0.34 0.34 0.34 0.33 3,535,500 335,210
18 CYMAO HOLDINGS BHD 0.27 0.27 0.32 0.37 31.57 0.28 0.30 0.32 0.34 15,000 1,250
19 HENG HUAT RESOURCES GROUP BH 0.11 0.11 0.13 0.14 34.74 0.12 0.12 0.13 0.14 1,898,200 3,775,100
20 STAR MEDIA GROUP BHD 0.45 0.45 0.49 0.53 11.75 0.47 0.48 0.51 0.53 351,200 248,715
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Friday, 08 November, 2019

TA RESEARCH’S ‘DAILY COMPILED REPORTS’

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

KLSE Market Statistics (07.11.2019) Review & Outlook

Kaladher Govindan, Head of Research

for TA SECURITIES HOLDINGS BERHAD (14948-M)

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

M a r k e t V i e w Profit-Taking to Pause Gains Ahead of Weekend

Resistance at 1,616, Then 1,637

BUY Gadang & SunCon

Asian Markets Subdued on Trade News

SYF Resources Bhd (Not Rated) is proposing to raise up to RM85.8mn via a

BNM Wants Cash Transactions to be Capped at RM25,000 Next Year

Cabinet Will Make Final Decision Whether to Ratify CPTPP — EAC

In addition to the government's efforts to create a more competitive, efficient and

Creative Industry Content Can be Lucrative Export for Malaysia

WKB 2030 Focus on Economy and High-Income Jobs to Bridge Economic

The emphasis would be on increasing productivity as one of the drivers of economic

Incentive for Rubber Remains at RM2.50 — Shamsul

Asia Australia Trade Surplus AU$7.180bn in September

Philippine GDP Growth Accelerates on Government Spending

United States US Weekly Jobless Claims Fall More Than Expected

Eurozone and United Bank of England MPC Split 7-2 on Rate

EC Lowers Eurozone Growth Outlook

Germany Industrial Output Falls More Than Expected

Share Buy-Back: 07 November 2019

Kaladher Govindan – Head of Research

SNAPSHOT OF STOCKS UNDER COVERAGE

BANKS & FINANCIAL SERVICES

SNAPSHOT OF STOCKS UNDER COVERAGE

OIL & GAS

POWER & UTILITIES

SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

GDB Holdings Berhad TP: RM0.53 (+34.2%)

RM213mn 5-Star Hotel Job in Kota Kinabalu, Sabah Share Information

Share Performance (%)

Earnings Summary (RMmn)

Stock Recommendation Guideline

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Genting Berhad TP: RM6.87 (+11.4%)

Genting Berhad’s (GENT) 53%-owned subsidiary, Genting Singapore Share Information

percentage of 2.6%. Looking forward, the group would remain cautious

Thereafter, there will be new attractions and business venues unveiled

Table 1: SOP Valuation

Genting Singapore DCF @ 14.0% 52% 18,641

Enlarged share base (m) 3,880

Table 2: 3Q19 Results Analysis – Genting Singapore (S$’mn)

%pts %pts %pts

Net chg in Cash 5537.8 1150.0 (614.0) 3721.6 4058.7

Stock Recommendation Guideline

Kaladher Govindan – Head of Research

TA SECURITIES HOLDINGS BERHAD (14948-M)

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Johore Tin Berhad TP: RM2.00 (+35.1%)

Figure 1: Geographical Revenue Breakdown

Africa (%) Asia (%) Central America(%)

Source: Bursa announcement, TA Securities

1. Adjusting production capacity to 160MT/annum (up by 60MT/annum),