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market pulse
Market Pulse

Bargain hunting may take shape

The FBM KLCI surrendered its gains amid hawkish comments from the Feds, alongside its regional peers. However, with the strong rebound overnight on Wall Street, coupled with the gradual subsiding in Covid-19 daily cases, bargain hunting may lift the sentiment on the local bourse. Also, we believe market participants should focus on recovery theme stocks given the vaccination rate is improving in Malaysia. Meanwhile, the oil price climbed near the USD75 on the back of weaker USD; while the CPO price continued its downtrend move.

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Stock Digest

Jaks Resources Bhd – 21st Jun 21

JAKS is primed for charting new heights, supported by the diversification into the long-term recurring income from the power generation concession in Vietnam, coupled with the on-going efforts to improve tenancy ratio under the property development segment. Whilst the concession segment will generate earnings sustainability, current construction orderbook of RM281.3m is able to provide earnings visibility till 2022. We assigned a P/E multiple of 9.0x to all, but the concession segment that is valued on a discounted cash flow approach, arriving at a fair value of RM0.72.

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technical focus
Technical Focus

Technical Focus – UCHITEC

Established track record, backed by key clienteles from the European countries industry top players such as Jura and Nestle (Switzerland), AEG, Krups, Bosch and Siemens (Germany). Expects mild impact from the imposition of Full Movement Control Order (FMCO) whereby only 60.0% capacity are allowed for operation and subsequently recovery is largely on the table, premised to the sustainable strong demand. Prospective dividend yields at 5.4% and 5.5% for FY21f and FY22f deemed to be relatively attractive. Technically, traders may anticipate for a breakout above RM3.22, targeting the next resistances at RM3.35-3.52 with long term target at RM3.60.

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market pulse
Market Pulse

Striding high, but volatility still a feature

The FBM KLCI snapped the three consecutive sessions of losses on the back of bargain hunting activities after recent selldown, bucking the downtrend in the regional markets. Investors may continue to stay defensive amid the ongoing battle of the Covid-19 health pandemic and the recent political developments, but the downside risks may be cushioned by the rising daily vaccination rate as the government target to achieve 80% herd immunity by the third quarter of this year. Meanwhile, the constituents changes following the semi-annual review of the FTSE Bursa Malaysia Index Series will be taking effect today.

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macquarie structured warrants 20200914
Macquarie Warrants

High demand for the new DNEX call warrant

The Malaysia warrants market recorded a 6.3% increase in trading activity last week with a RM137.2mil turnover. Zooming further into the turnover composition, Malaysia stock warrants posted a lower turnover at RM69.0mil while warrants over indices saw a surge in interest

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when you don't have time to invest
M+ Knowledge

When You Don’t Have Time to Invest

Time is precious, or we like to say ‘Masa itu Emas’. That’s right, you don’t have enough hours to take away from your job of earning RM30.00 to RM50.00 an hour because you are so busy spending all your time on your job that earns you RM30.00 to RM50.00 per hour. So you can’t put your time aside. But do you know what’s worse? Putting your investment plans aside!

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market pulse
Market Pulse

Quadruple witching

Taking cues from most of the regional markets, the FBM KLCI was firmly lower in
the negative territory after the US Federal Reserve brought forward its outlook for
the interest rate hike. The market may continue to trade sideways to negative bias
tone with mild bargain hunting activities as investors mulled on the four-phase
National Recovery plan. However, we believe the positive performance on Nasdaq
may spillover to tech stocks on the local front. Commodities wise, oil price slipped
as the USD strengthened, while the CPO price extended its losses.

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market pulse
Market Pulse

Cautiousness prevails

The FBM KLCI sank into the negative territory as investors were concern on the outcome of the FOMC meeting. Despite the tepid sentiment, downside risks on the local bourse might be capped by declining Covid-19 cases trend, coupled the acceleration in vaccination rate following the implementation of Public-Private Partnership Industrial Covid-19 Immunisation Programme (PIKAS) yesterday. Meanwhile, selected commodities prices dropped following China’s announcement on its campaign to control raw material prices by expanding its oversight of commodities trading and pledging to release the nation’s reserves of base metals.

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Stock Digest

Astino Bhd – 16th Jun 2021

Astino is likely to expand its capacity, in line with the broad economic recovery trend following the Covid-19 pandemic, as well as the recent commodity supercycle trend, which may translate to firmer earnings going forward. Also, Astino’s AHMS should see growing demand from the poultry sector within the region as poultry consumption is still relatively low as compared to Malaysia. We project the net income could grow by 3-125% to RM50.5-52.2m in FY21-22f. Astino could justify by pegging its FY22f EPS of 19.76 sen to 11x P/E (c.28% discount vs. peers average of 15.2x), arriving at a fair value of RM2.17.

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technical focus
Technical Focus

Technical Focus – VS

One of the leading integrated Electronics Manufacturing Services (EMS) providers in the region total production area of 1.7m sqf. New facility will boost total production built-up area to more than 2.1m sqf is deemed to be timely to cater for the new customer secured in October 2020. Compelling prospects, riding onto the increasing adoption of emerging technologies in the Industrial Internet of Things (IIoT) and enhanced communication posed by 5G. Technically, the breakout above RM1.37 may lift price higher to target the next resistances at RM1.51-1.56 with long term target at RM1.70.

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market pulse
Market Pulse

Marking time

The FBM KLCI finished a see-saw session mildly lower after bargain hunting activities emerged in the previous session as market sentiment remained cautious prior to the National Recovery Plan announcement. We expect the projection that Malaysia might gradually open up the economy by September according to the announcement, coupled with the accelerating daily vaccination rate in the country to lift the market sentiment on the local front. Commodities wise, the CPO price rebounded after a sixth-session decline, while the Brent oil price stayed firmly above USD73.

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market pulse
Market Pulse

Signs of bargain hunting

Mirroring the overnight gains at Wall Street and advances in regional markets, the FBM KLCI recouped losses from previous sessions as the key index witnessed signs of bargain hunting after recent selldown. There might be some portfolio rebalancing activities by index-linked funds towards the end of the week before the June semi-annual review of the FBM Index Series taking effect after coming Friday. Commodities wise, the CPO price has seen a pullback in line with the weakness in soybean oil as well as concerns over higher production and stock level, while Brent oil steadied above USD70 at this juncture.

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technical focus
Technical Focus

Technical Focus – LBALUM

One the largest aluminium extrusions manufacturer in Malaysia with production capacity at 100,000MT per annum. Aluminium prices rallied to multi-year high as global demand recovered, given consumption in China soared, owing to the higher usage in ultra-high vacuum cable, automotive, photovoltaics and appliances segments.
Global manufacturing PMI for May 2021 rose to 56.0; the strongest reading in 11 years amid the persistent supply constraints and gradual reopening of economic activities. Technically, traders may anticipate for a resistance breakout above RM1.03, to target the next resistances at RM1.09-1.20 with long term target at RM1.33.

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market pulse
Market Pulse

Extension of FMCO

The FBM KLCI retreated for the third straight session amid mixed regional sentiment as the key index succumbed to the extended profit taking activities. We reckon that sentiment to remain tilted towards the downside following the extension of Full Movement Control Order (FMCO) until 28th June 2021 as new daily Covid-19 cases stayed above the 5,000 level. Meanwhile, investors may focus on the upcoming Federal Open Market Committee (FOMC) meeting, as well as the daily number of vaccination doses administered in the country. Commodities wise, the CPO price may see some buying interest following recent pullback.

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market pulse
Market Pulse

Prolonged consolidation

The FBM KLCI closed marginally lower on the back of weaker sentiment amid some developments in the political scene. Despite a leap in the US inflation, Wall Street ended slightly higher as investors viewed the spike in consumer prices as a temporary effect of industries reopening following the lockdown. We reckon the positive sentiment on Wall Street, coupled with the climbing vaccination rate in the country should move the local stocks higher. Meanwhile, the oil price continued to stay above USD72.

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TradePlus ETF

What’s Trending (June 2021)

Technology stocks underperformed the broader market in May, as investors transitioned into recovery plays. The broader S&P gained 1.61%, while the tech-focused Nasdaq dipped 0.5%, and the FANG+ Index slid 1.47% in MYR terms

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market pulse
Market Pulse

Drifting sideways again

The FBM KLCI reversed its gains from the previous session as the key index languished in the negative territory on profit taking, mirroring the regional declines. However, we believe investors’ sentiment may turn mildly positive following the government’s announcement to commence the dispensing of vaccines to critical economic sectors under phase four of the National Covid-19 Immunisation Programme, targeting to increase the vaccination rate. Commodities wise, the CPO price extended its losses, while the crude oil price remained flat around USD72.

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technical focus
Technical Focus

Technical Focus – COMPLET

A total logistics services provider that encompasses the integration of both the shipping and land transportation. Completion of factories on vacant lands in late 2020 will cater for the rising in demand for warehousing activities and improve revenue stream from the warehousing segment in FY21f. Surge in e-commerce market to remain fairly strong over the foreseeable future, which in turn boost the demand for delivery services, both locally and internationally. Technically, traders may anticipate for a breakout above RM1.40 to target the next resistances at RM1.53-1.65, with long term target at RM1.77.

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market pulse
Market Pulse

Tipping higher

Gains on the FBM KLCI was encouraged by the reducing Covid-19 transmission, coupled with the strong performance delivered by the Employees’ Provident Fund that saw gross investment income grew 58.6% YoY to RM19.29bn in 1Q21. We reckon that further upsides are in the cards, premised to the progressive step up in vaccination efforts, while investors may keep an eye on the unemployment rate data that demonstrate sequential improvements since January 2021. Meanwhile, the crude oil prices advanced, but the crude palm oil prices retreated.

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market pulse
Market Pulse

Back into consolidation

The FBM KLCI finished lower, dragged by pervasive selldown in glove stocks as healthcare weightage in the FBM KLCI declined after SUPERMAX was deleted from the key index, coupled with the ongoing vaccination programme. Tracking the sideways tone on Wall Street, investors may stay sidelines while monitoring Malaysia’s industrial production index to be released on Friday, and European Central Bank’s interest rate decision on Thursday. Also, we might expect the sentiment to stay weak on technology stocks as Joe Biden expands the list of Chinese companies banned from US investment. Commodities wise, both CPO and Brent oil prices are seeing mild pullback.

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technical focus
Technical Focus

Technical Focus – ECOWLD

Established brand presence across three key economic regions in Malaysia with 20 projects include new townships, integrated commercial developments, luxury high-rise apartments and green business parks. Secured RM2.02bn sales in 1HFY21, largely on track to exceed RM2.30bn sales recorded in FY20 and to meet internal target of RM2.88bn for FY21f. Robust sales to remain stable, anchored by strong brand presence with recent launches mainly comprise products priced to suit the M40 as well as Gen-Y & Z market. Technically, the resistance breakout above RM0.635 may lift price higher to target the next resistances at RM0.685-0.72, with long term target at RM0.755.

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market pulse
Market Pulse

Profit taking looms

The FBM KLCI snapped a two-day gain over the rising Covid-19 cases. Meanwhile, selldown was noticed in gloves and vaccine-related stocks, pulling the health care index down. Tracking the negative tone from the US stock markets, we expect the local exchange to trade sideways with the lack of fresh catalyst in the market. On a side note, MRDIY will be replacing SUPERMX in FBM KLCI following the FTSE semi-annual review. Commodities wise, we expect mild pullback on crude palm oil (tracking the soy bean futures movement), while crude oil has firmly stood above USD70 for now.

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