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technical focus
Technical Focus

Technical Focus – HARBOUR

An integrated logistics services provider, shipping and engages in construction works, heavy lifting and haulage as well as property development with established footprint extends across the Intra-Asia region. Capitalising on the increasing charter and freight rates that was stemmed by the global supply chain disruption following the shortage of vessels, coupled with the improving trade activities. Current price at RM1.01 is trading at a discount to its book value per share of RM1.12 which was recorded in 3QFY21. Technically, traders may anticipate for a short-term breakout above RM1.01, to target next resistances at RM1.06-1.13 with long term target set at RM1.20.

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market pulse
Market Pulse

Cautious undertone prevails

The FBM KLCI drifted lower earlier Wednesday but rebounded to close flat on lastminute
buying amid cautious market sentiment. Nevertheless, we believe bargain
hunting activities should emerge with the return of foreign participation in our local
stock markets on the back of our reopening of economic activities following
several relaxations of SOPs under our National Recovery Plan; month-to-date
foreigners have registered an inflow of RM904.6m. Commodities wise, the crude
oil price hovered above USD75 per barrel, CPO price surged, while the gold price
retreated.

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technical focus
Technical Focus

Technical Focus – MMSV

Involved in the design and manufacture of LED and semiconductor industrial automation systems and machinery as well as software development. Tapping onto the recovery in smartphone sales that fell sharply in 2020 as demand will be driven by the evolution into 5G mobile devices, while sales towards the automotive sector will pick up from the low base effect last year. Riding onto the surge in global demand for semiconductor test equipment across other sectors such as automotive, industrial automation and general lighting. Technically, traders may anticipate for a breakout above RM1.10, to target next resistances at RM1.16-1.26 with long term target set at RM1.43.

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Stock Digest

Kelington Group Bhd – 15Sep21

We gather that this would be KGB’s single largest project win to-date. The move subsequently boosted KGB orderbook replenishment year-to-date to another record high at approximately RM764.0m (inclusive of smaller scale projects). This also exceeded our orderbook replenishment target of RM450.0m for FY21f. We expect the momentum to continue with another RM50-100m worth of projects coming into the picture for KGB to wrap up the record year, premised to the strong global semiconductor sales.

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market pulse
Market Pulse

Still downbeat

The FBM KLCI sank for a fourth consecutive session as the key index accelerated
to the downside throughout the session, mainly dragged down by PMETAL and
most banking heavyweights. Concerns over the possible interest rate exemption
for loan moratorium repayments, coupled with the possibility of imposing windfall
tax spooked the market. However, we believe market may be turning oversold soon
and likely to expect bargain hunting activities to emerge. Meanwhile, both the CPO
and crude oil prices extended gains, while the Baltic Dry Index (BDI) continued its
uptrend movement.

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Stock Digest

Jaks Resources Bhd – 14Sep21

Moving forward, T&T Group on track to commission 800.0-MW of solar PV and onshore win projects by end-2021. We gather that T&T Group is has recently launch a strategic collaboration with Ørsted, the largest energy company in Denmark for the development of offshore wind in Vietnam. This strategic partnership is expected to generate an estimated total installed capacity of nearly 10.0-GW and total investment value of about USD30.0bn (to be phased in investment over 20 years).

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market pulse
Market Pulse

Sentiment turns jittery

Tracking the overall negative regional performances, the FBM KLCI dipped for a
third straight session amid sour market sentiment on heavy selling in selected
heavyweights led by TOPGLOV. However, tracking the positive rebound on Wall
Street, coupled with the stability in the political landscape following the MoU inked
between the federal coalition and Pakatan Harapan yesterday, we believe the
recent bashed down in broader market may to be cushioned out by potential
bargain hunting activities at least for this week. Commodities wise, both the CPO
and crude oil prices advanced, while aluminium prices continue to charge higher.

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technical focus
Technical Focus

Technical Focus – MSC

Involved in the upstream and downstream sector of the tin industry through tin mining and custom tin smelting and was ranked as the third world largest supplier of tin metal supplier in 2020, having produced 22,325 tonnes of tin metal. In the midst of relocating and fully commissioning its new smelting plant in Pulau Indah, Selangor, which will improve production capacity by 50% to 60,000 tonnes per year. Prevailing low inventories and tightness in the global tin supply chain arising from shipping constraints may continue to sustain tin prices at record high levels. Technically, price has formed a flag-formation breakout above RM2.33, targeting the resistances at RM2.49-2.65 with long term target set at RM2.86.

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Stock Digest

SLP Resources Bhd – 13Sep21

We gather that current average selling prices remains favourable for SLP owing to the rise in resin prices. Traditionally, plastic packaging players adopt a cost-pass-through mechanism, though there will be approximately 3 months of time lag. At the same time, the weakening ringgit against the greenback also bodes well for SLP which derived RM39.5m or 45.1% of revenue from overseas in 6MFY21.

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market pulse
Market Pulse

Finding a footing

The FBM KLCI extended its decline with marginal losses on Friday, after erasing
most of the earlier gains and the sentiment remained mixed. Nevertheless, the
local bourse continued to see buying support from foreign and retail investors on
the back of brighter economic recovery prospects driven by positive developments
in NRP and vaccination rate. Meanwhile, aluminium price remained elevated,
surging above USD2,900 level as market digested the predictions from the Harbor
Aluminum Summit attendees that supply shortage is unlikely to be alleviated in the
short term. Crude oil price reversed and closed above USD72 per barrel level, while
CPO dropped below RM4300.

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macquarie structured warrants 20200914
Macquarie Warrants

Volatility in Hong Kong market continues

With structured warrants over a wide range of local and foreign underlyings available on Bursa, investors may gain leveraged exposure to the broader local or foreign market with warrants over the indices, while warrants over stocks allow investors to gain leveraged exposure to specific listed companies.

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market pulse
Market Pulse

Volatility returns

Overall, the FBM KLCI and broader market declined with the returned of selling
pressure from foreign funds; it turned net sellers with a net outflow of RM63.0m,
snapping 12 sessions of net buying streak. Glove counters extended their retreat
amid the on-going vaccination progress. Going forward, we expect recovery theme
to stay focus in the anticipation of the reopening of more economic activities,
where most stocks might be oversold after being bashed down yesterday.
Commodities wise, both CPO and crude oil prices dipped, while the aluminium
price continued trending higher.

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market pulse
Market Pulse

Bank Negara OPR in focus

The FBM KLCI was up firmly in the positive territory following a volatile session, as
last-minute buying in selected heavyweights led by PMETAL (+17.0 sen) and MISC
(+30.0 sen) lifted the key index. Economic recovery seems to be on track with
Kuala Lumpur, and Putrajaya transitioning to Phase 2 of the NRP from Friday, and
active cases dropping for the eighth consecutive day; investors might turn more
optimistic going forward. Nevertheless, investors may mildly cautious ahead of the
OPR decision by Bank Negara today, where BNM statement may provide clues to
the current economic situation and future recovery outlook for Malaysia.
Commodities wise, both CPO and crude oil prices advanced.

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Stock Digest

Jaks Resources Bhd – 8Sep21

On a brighter note, we reckon that the coal fired thermal power plant will continue to
anchor the bottom line in 2H21. Although Vietnam has entered into an extended
lockdown since July 2021, we reckon that utilisation rate to remain afloat (above
70% level), supported by sustainable demand. Going forward, we see JAKS leaning
towards expansion of renewable energy sector, both local and internationally.

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Stock Digest

Kelington Group Bhd – 8Sep21

Kelington Group Bhd’s (KGB) wholly owned subsidiary, Kelington Engineering Pte Ltd has secured a contract valued at RM49.0m from an un-disclosed global leader in engineering and project management of high-technology facilities to undertake the bulk gas system distribution works for a global leading semiconductor manufacturer’s new fab in Singapore. The contract spans from September 2021 and is expected to be completed by May 2023.

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technical focus
Technical Focus

Technical Focus – TCS

Principally involved in the construction of building and civil works with notable clients such as Sime Darby Property Bhd, Mah Sing Group Bhd, IJM Corporation Bhd, SP Setia Bhd, Tropicana Corporation Bhd and Worldwide Holdings Bhd. Outstanding orderbook of RM1.57bn, representing an orderbook-to-cover ratio of 6.5x against FY20 revenue of RM242.6m to provide earnings visibility at least for the next 3 years. Recovery in the cards on works resumption in the construction sector that was largely affected by works disruption from MCO 3.0 and FMCO. Technically, price has formed a short-term consolidation breakout above RM0.46, targeting the next resistances at RM0.495-0.515 with long term target set at RM0.56.

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market pulse
Market Pulse

Turning sideways

After fluctuating between modest gains and losses for most of the day, the FBM
KLCI (+0.1%) inched up as gains in PMETAL outweighed losses in selected banking
and plantation heavyweights, powered by a surge in aluminium price. However,
tracking the weaker performance on Wall Street overnight, the local bourse may
turn sideways amid profit taking activities on the broader market. Nevertheless, we
expect the support from the recent net foreign buying amid the recovery hopes
following more sectors to be allowed to operate in Klang Valley in the anticipation
of moving into Phase 2 of NRP should be able to cushion the downside risk in the
market. Meanwhile, CPO price climbed while the crude oil price saw a pullback.

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market pulse
Market Pulse

Quick profit taking

Bucking regional uptrend move, the FBM KLCI dipped into the negative territory in
mid-morning as selected plantation, banking and Petronas-linked stocks went
through some profit-taking activities. We believe the ongoing discussion on SOP
relaxation in preparation for the Covid-19 endemic phase, coupled with the
declining Covid-19 daily infections may continue to drive the recovery theme play
across the board. Commodities wise, CPO price climbed, while aluminium price
also increased on the back of concerns over raw material supply amid a coup in
Guinea, the major supplier of bauxite.

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technical focus
Technical Focus

Technical Focus – FREIGHT

An integrated international logistics provider, offering complete multimodal international freight services covering sea, rail and air freight. Impending acquisition of two parcels of land at Klang measuring 9.3-ac to be developed as an integrated logistics hub will expand the warehousing and distribution services that is currently operating at 90-95% capacity. Trade activities to remain robust and to see further improvement following relaxation of restrictions and reopening of business activities since mid-July 2021 in Malaysia. Technically, price has formed a short-term triangle formation breakout above RM0.795, targeting the resistances at RM0.86-0.935 with long term target set at RM1.04.

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market pulse
Market Pulse

Eking out last-minute gains

The FBM KLCI finished on a positive note after a volatile session with selected
banking, plantation and shipping counters taking the lead, despite mixed
performances in the regional markets. Investors may look ahead to Malaysia’s
unemployment rate and the Bank Negara’s decision on interest rate which will be
released on Thursday. Meanwhile, the CPO price extended its gain to close above
RM4,300, the gold price rose, while the crude oil price retreated. Still, we expect the
recovery tone for the economic activities to pick up once with the decent
vaccination rate at this juncture.

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macquarie structured warrants 20200914
Macquarie Warrants

Put warrant HSI-HG1 the most active warrant last week

The HSI futures clocked in its second weekly gain last week, ending at 25,845 (+1.9%) with four green days out of 5. Despite a choppy start to the week which saw prices swinging between gains and losses on Monday and Tuesday, the index still managed to regain its footing to close higher over the first four days of the trading week, only to lose some momentum on Friday

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TradePlus ETF

What’s Trending? (2 Sept 2021)

The FANG+ Index continued to underperform the broader tech index, having been dragged down by Alibaba and Baidu’s weaker performance. Over last month the index gained 1.47% in MYR terms, while the 0830EA, which provides 200% daily exposure into the index upped 5.19%.

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technical focus
Technical Focus

Technical Focus – QES

Involves in the distribution and manufacturing of automated test equipment (ATE) with offices in Malaysia, Singapore, Thailand, Indonesia, Philippines and Vietnam. Manufacturing segment growth will be driven by new manufacturing facility in January 2021 that boosts capacity from 60 machines to 120 machines per annum. Future prospects supported by robust demand from the semiconductor industry with the rising adoption of Internet of Things (IoT), 5G and smart manufacturing. Technically, price has formed a hammer candle, signalling potential rebound towards the resistances at RM0.785-0.835 with long term target set at RM0.945.

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market pulse
Market Pulse

Drifting slightly lower

The FBM KLCI witnessed another session of pullback despite buying from local
retail and foreign investors, as the index constituents succumbed to further profit
taking activities after rebounding in mid-morning. With the average infection rate
(R-naught) dipping below 1.0 (based on 1st Sept data), while Melaka and Negeri
Sembilan being moved to Phase 2 and 3 of NRP from 4th September 2021, we
believe optimism remains in the recovery theme on the local bourse. Meanwhile,
the crude oil price rebounded and stood above USD72 per barrel, while CPO price
rose above RM4,200 level.

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market pulse
Market Pulse

Profit taking looms

The FBM KLCI retreated yesterday, snapping a seven-day winning streak and
backing away from the 1,600 psychological level as profit taking activities kicked
in. However, we believe the local stocks to continue to eke out gains after taking a
breather as investors’ confidence could be boosted by the pre-budget statement
issued by the Finance Ministry which is believed to spur economic recovery.
Meanwhile, OPEC+ is expected to stick to the existing gradual output hike despite
revising up the 2022 demand outlook, which may boost the oil price in the long run.

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technical focus
Technical Focus

Technical Focus – GESHEN

Equipped with 4 factories in Malaysia and Vietnam and 1 sales office in Singapore, comprising 203 injection moulding machines and 78 metal fabrication machines in 2Q21. Relatively large-scale expansion of additional 100,000 clean room and control rooms at Johor and Penang has boosted the manufacturing capacity in Johor and Penang by approximately 20.0% and 10.0% respectively. Sales growth to be underpin by sustainable demand, coupled with the upliftment of 60% workforce restrictions recently. Technically, price has formed a short-term resistance breakout above RM1.67, targeting the next resistances at RM1.77-1.85 with long term target set at RM2.00.

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