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Author: MalaccaSecurities   |   Latest post: Mon, 15 Oct 2018, 10:16 AM

 

M+ Online Technical Focus - 15 Oct 2018

Author: MalaccaSecurities   |  Publish date: Mon, 15 Oct 2018, 10:16 AM


The FBM KLCI staged a sharp rebound, recovering most of its previous session’s losses as the key index closed at around the 1,730.34 pts last Friday. The MACD Histogram has turned green, while the RSI remains oversold. Resistance will be pegged around the 1,750-1,770 levels. Support will be set around the 1,710 level.

After finding support above the EMA60 level, DELEUM has formed a bullish engulfing candle to close above the EMA20 level. The MACD Histogram has extended another red bar, while the RSI remains above 50. Price may extend its gains, targeting the RM1.22 and RM1.34 levels after a minor pullback. Support will be set around the RM1.06 level.

NOTION has experienced a short-term channel formation breakout above the RM0.655 level with slightly improved volumes. The MACD Histogram has turned green, while the RSI has risen above 50. Price may advance, targeting the RM0.745-RM0.79 levels. Support will be anchored around the RM0.605 level.

LIIHEN has formed a bullish candle to close above the EMA120 level. The MACD Histogram has extended another red bar, while the RSI has recovered from oversold. Price may stage further recovery, targeting the RM3.08-RM3.29 levels. Support will be pegged around the RM2.75 level.

Source: Mplus Research - 15 Oct 2018

Labels: DELEUM, NOTION, LIIHEN
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Mplus Market Pulse - 15 Oct 2018

Author: MalaccaSecurities   |  Publish date: Mon, 15 Oct 2018, 09:50 AM


Calmer Conditions

  • The FBM KLCI (+1.3%) staged a sharp rebound last Friday as the key index recovered most of its previous session losses. Still, the FBM KLCI (-2.6% W.o.W) recorded its third weekly losing streak. The lower liners – FBM Small Cap (+0.7%), FBM Fledgling (+1.1%) and FBM ACE (+2.1%) all rebounded, while the broader market closed mostly higher.
  • Market breadth turned positive as winners overcame losers on a ratio of 578-to-334 stocks, while 351 stocks closed unchanged. Traded volumes, however, fell 28.6% to 2.22 bln shares as selling activities cooled off.
  • Chart toppers were Petronas Gas (+RM1.24), Tenaga (+32.0 sen), Maybank (+30.0 sen), CIMB (+29.0 sen) and Hong Leong Bank (+20.0 sen). Notable advancers on the broader market include Fraser & Neave (+40.0 sen), UMS Holdings (+37.0 sen), SAM Engineering & Equipment (+36.0 sen), United Plantations (+32.0 sen) and Hong Leong Industries (+22.0 sen).
  • On the flipside, significant decliners on the broader were Time dotCom (-23.0 sen), Amway (-20.0 sen), Ajinomoto (- 14.0 sen), DKLS (-10.0 sen) and Vitrox (- 9.0 sen). Key losers on the FBM KLCI were Nestle (-90.0 sen), Axiata (-10.0 sen), MISC (-9.0 sen), Genting Malaysia (- 6.0 sen) and Hap Seng Consolidated (-5.0 sen).
  • Asian benchmark indices managed to recover all their intraday losses to close higher as the Nikkei (+0.5%) marched into the positive territory in the eleventh trading hour. The Shanghai Composite added 0.9% to close marginally above the 2,600 psychological level, boosted by solid export data in September 2018 that grew 14.5% Y.o.Y, while the Hang Seng Index jumped 2.1% higher. ASEAN stockmarkets, meanwhile, closed on a positive note on last Friday.
  • U.S. stockmarkets rebounded from a twoday slump as the Dow gained 1.2% after concerns over rising interest rates dwindled. On the broader market, the S&P 500 (+1.4%) snapped a six-day losing streak with ten of the eleven major sectors advancing, while the Nasdaq closed 2.3% higher
  • Major European indices – the FTSE (- 0.2%), CAC (-0.2%) and DAX (-0.1%), however, all extended their losses after erasing all their intraday gains. The weakness stemmed from warnings from the International Monetary Fund (IMF) about risks to global economic growth that continues to sap investors’ confidence.

The Day Ahead

  • After making a surprise upturn last Friday, it appears that the FBM KLCI is likely to extend its recovery for a second day in tandem with the positivity on Wall Street at the end of last week. However, we also think that volatility will remain a feature as bargain hunting activities will be punctuated by quick profit taking actions.
  • Consequently, we think that the upsides could also be measured amid the push and pull factors, albeit we still expect some decent upsides after the steep falls last week. On the upside, we think the key index could move up to the 1,740-1,750 resistance levels, while the supports are at the 1,720 and 1,700 points respectively.
  • We also think the broader market shares and the lower liners will continue making headway over the near term as their recovery continues. However, their recovery has been milder as many retail players are still wary over the market’s direction and this will continue to limit their gains, in our view.

COMPANY BRIEF

  • OSK Holdings Bhd has terminated its plans to list its cables business on the Main Board of the Hong Kong Stock Exchange due to the present unfavourable global market conditions. To recap, the group has proposed the listing on 26th March this year to unlock shareholders' value in the cables business and provide transparent valuation benchmark for the same in Hong Kong. (The Edge Daily)
  • FGV Holdings Bhd’s Chief Financial Officer, Ahmad Tifli Mohd Talha has resigned to pursue other career opportunities. His exit came shortly after former Group President and Chief Executive Officer Datuk Zakaria Arshad’s resignation in mid-September. (The Edge Daily)
  • Hibiscus Petroleum Bhd has filed a lawsuit against Lime Petroleum Norway AS, which has reportedly caused the former financial losses. The legal action follows GHL's filing of the complaint at the Oslo Conciliation Board, which is the municipal's lowest level of the legal system for civil cases, back in April 2016. The claim was for an estimated value of at least US$35.0 mln (RM136.0 mln). (The Edge Daily)
  • Alam Maritim Resources Bhd is proposing to issue three tranches of three-year Redeemable Convertible Notes to raise up to RM160.0 mln to replenish its fleet of vessel and working capital.  The group has inked a conditional subscription agreement with Advance Opportunities Fund I (AOF I), Advance Credit Fund SPC (ACF) and Advance Capital Partners Asset Management Pte Ltd (ACPAM) for the issues.
  • The group plans to utilise up to RM50.0 mln of the proceeds for maintenance and inspection works on its 16 existing vessels, while up to RM80.0 mln will be used to acquire up to five Anchor Handling Tug Supply (AHTS) vessels and convert two AHTS vessels from using only fuel oil system to using both fuel oil and liquefied natural gas dual-fuel system.
  • Separately, Alam Maritim has also proposed to undertake a bonus issue of up to 462.2 mln free warrants on the basis of one free warrant-for-every two existing shares. (The Edge Daily)
  • Muda Holdings Bhd has proposed to acquire a stationery distribution company in Singapore for S$1.4 mln (RM4.3 mln) to strengthen its market position in Singapore. The group’s 70.0%-owned subsidiary, Intrapac (Singapore) Pte Ltd has acquired Wenfang Pte Ltd from Kang Yiang Li and Kuah Lian Lee.
  • Wenfang is principally engaged in importing and distributing stationery and holds a number of agency products in Singapore under the name of Deli, Comix, Hopax, Kapamax and TiTi. (The Edge Daily)
  • Vertice Bhd has signed a deal to supply construction materials and hotel furnishing products to smart hotels. The agreement inked with Smuzcity Bhd is expected to pave the way for the group to participate in the construction activities in the building of “smart hotel” chain based on the concept of “unmanned” and “cashless” using technologies such as virtual reality, artificial intelligence and mobile apps which will be applied into various hotel services applications. (The Edge Daily)
  • MyEG Services Bhd has received a letter of intent (LoI) from Universiti Utara Malaysia (UUM) to co-operate and deploy their respective expertise, knowledge and resources to conduct academic programmes with the contract award to be formalised within 12 months.
  • Both parties are keen to exploit their respective expertise, knowledge and resources to conduct academic programmes in IT and project management, blockchain technology, augmented and virtual reality, artificial intelligence, Internet of Things, software development and IT operations. (The Edge Daily)
  • KKB Engineering Bhd is planning to bid for several projects in Sarawak’s ambitious billion-ringgit state water grid development programme after the Sarawak government has identified a total of 247 water and water-related projects for implementation in the next two years, with additional state allocation of RM800.0 mln, bringing to a total of RM2.8 bln, to fund these projects.
  • The projects will include water treatment plants, distribution networks system, pipe replacement, upgrading works, nonrevenue water management, modernisation and Sarawak alternative rural water supply.
  • Besides the construction job, KKB is also looking at supplying steel water pipes and structural steel for the projects. As Sarawak’s sole steel water pipe manufacturer, KKB expects to supply water pipes to other contractors involved in the projects, from 2H2019 to 2020. (The Star Online)  

Source: Mplus Research - 15 Oct 2018

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M+ Online Technical Focus - 12 Oct 2018

Author: MalaccaSecurities   |  Publish date: Fri, 12 Oct 2018, 09:26 AM


Tracking the renewed volatility on Wall Street overnight, the FBM KLCI gapped-down, forming a hammer candle to close at around the 1,708.49 pts yesterday. The MACD Histogram has extended another red bar, while the RSI remains oversold. Resistance will be pegged around the 1,730-1,750 levels. Support will be set around the 1,680 level.

DSONIC has formed a bullish engulfing candle to re-test the EMA9 level with improved volumes. The MACD Histogram has turned green, while the RSI has recovered from oversold. Price may stage further recovery, targeting the RM0.715 and RM0.745 levels after a minor pullback. Support will be set around the RM0.60 level.

RHONEMA has formed a bullish candle to re-test the EMA20 level. The MACD Histogram has turned green, while the RSI is re-testing 50. Monitor for a breakout above the RM0.815 level, targeting the RM0.875-RM0.92 levels. Support will be anchored around the RM0.76 level.

KAB has recovered all its intraday losses to close above the EMA120 level. The MACD Histogram has extended another red bar, while the RSI remains below 50. Price may stage further recovery, targeting the RM0.31-RM0.33 levels. Support will be pegged around the RM0.25 level.

Source: Mplus Research - 12 Oct 2018

Labels: DSONIC, RHONEMA, KAB
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Mplus Market Pulse - 12 Oct 2018

Author: MalaccaSecurities   |  Publish date: Fri, 12 Oct 2018, 09:19 AM


More Headwind

  • The FBM KLCI (-1.5%) took another beating yesterday after the key index gapped down sharply lower to close at its lowest level in two months, spooked by the renewed volatility on Wall Street overnight. The lower liners – FBM Small Cap (-2.2%), FBM Fledgling (-1.2%) and FBM ACE (-2.5%) all extended their losses, while the construction sector (+2.1%) emerged as the sole winner on the broader market after its recent selldown was seen overdone.
  • Market breadth was negative as losers hammered winners on a ratio of 804-to- 232 stocks, while 309 stocks closed unchanged. Traded volumes, however, rose 2.6% to 3.10 bln shares as selling activities remain unabated.
  • Nestle (-RM1.00) led the FBM KLCI decliners list, followed by Petronas Gas (- 54.0 sen), Tenaga (-40.0 sen), Hong Leong Financial Group (-28.0 sen) and Hong Leong Bank (-26.0 sen). Among the biggest decliners on the broader were United Plantations (-RM1.08), Heineken (- 94.0 sen), Carlsberg (-64.0 sen), KESM Industries (-56.0 sen) and Ajinomoto (- 54.0 sen).
  • Gamuda (+23.0 sen) rebounded after it welcomed the government’s decision to review the cancellation of the MRT 2 underground contract, while other notable advancers on the broader market were Top Glove (+20.0 sen), CMSB (+15.0 sen), Time dotCom (+15.0 sen) and Supermax (+11.0 sen). Meanwhile, Axiata (+16.0 sen), Telekom (+9.0 sen), Hartalega (+6.0 sen) and RHB Bank (+5.0 sen) were the only winners on the local bourse.
  • Asian benchmark indices trended sharply lower yesterday, taking cue from the rout on Wall Street overnight on concern over rising interest rates, escalating Sino-U.S trade dispute and the IMF’s warnings on global growth. The Nikkei sank 3.9% to close below the 23,000 psychological level. The Shanghai Composite tumbled 5.2% to record its worst session since February 2016, while the Hang Seng Index dipped 3.5% to close below the 23,000 psychological level. ASEAN stockmarkets, meanwhile, were in a sea of red yesterday.
  • U.S. stockmarkets took another beating overnight as the Dow sank 2.1% after erasing all its intraday gains as concern over rising interest rates and slowdown in global growth remain unabated. Likewise, the S&P 500 slipped 2.1% with all eleven major sectors in the red, while the Nasdaq finished 1.3% lower.
  • Earlier, European indices – the FTSE (- 1.9%), CAC (-1.9%) and DAX (-1.5%), all extended their losses, spooked by the renewed global volatility. Nevertheless, European Union's chief Brexit negotiator, Michel Barnier has struck an optimistic tone on a deal for the U.K.

The Day Ahead

  • We see further near term selling on Bursa Malaysia stocks after yet another round of steep losses on global stocks overnight that is set to permeate to local stocks and sending most stocks to end the week with more losses amid an increasingly frail market outlook.
  • As it is, Malaysian stocks are already reeling from the purported introduction of new taxes in the upcoming Budget annoucement that could dampen market sentiments and the malaise on global stocks will further dampen confidence. This also means that the FBM KLCI’s intraday rebound to above the 1,700 points yesterday is likely to become undone again. Below the 1,700 points level, the supports are at 1,682 – yesterday’s low, and at 1,673. The resistances, meanwhile, are at 1,720 and 1,750 respectively.
  • There should also be little reprieve for the lower liners and broader market shares as the prevailing weak market conditions will continue to see substantive selling as market players are likely to further trim their positions amid the uncertain market conditions and retreat to the sidelines.

COMPANY BRIEF

  • Pasdec Holdings Bhd has been awarded a contract from Nissan South Africa (Pty) Ltd (Nissan SA) to manufacture and supply electrical wiring harness sets, which is expected to generate revenue of RM380.0 mln. The group’s 70.0%- indirectly owned subsidiary Pasdec Automotive Technologies (Botswana) (Pty) Ltd has been selected by Nissan SA to manufacture and supply electrical wiring harness set for its 3G-200 H60A vehicles for a period of seven years commencing from June 2019. (The Star Online)
  • Barakah Offshore Petroleum Bhd has clinched a five-year contract to provide maintenance, construction and modification work for structures and facilities in oil and gas fields offshore Peninsular Malaysia, from Hess Exploration and Production Malaysia BV. The total value of the contract is not fixed and will depend on the actual scope agreed in work orders. The contract is also expected to commence until 2023. (The Edge Daily)
  • Top Glove Corp Bhd’s 4QFY18 net profit grew 7.5% Y.o.Y to RM101.6 mln, from RM94.5 mln last year, on higher sales volume. Revenue for the quarter reached a record RM1.22 bln, up 34.8% Y.o.Y from RM902.4 mln a year ago. The group is proposing a final dividend of 10.0 sen per share for FY18, which would bring the total dividend payout for the year to 17.0 sen per share.
  • For the full year, Top Glove also hit a record net profit of RM433.6 mln (+32.0% Y.o.Y) vs RM328.6 mln in the previous year, while revenue rose 23.6% Y.o.Y to RM4.21 bln, from RM3.41 bln a year earlier. (The Star Online)
  • Revenue Group Bhd is proposing to undertake a bonus issue of 111.4 mln five-year warrants on the basis of one warrant-for-every two existing shares at an exercise price to be fixed at a later date. The proposed issuance is expected to be completed by the 1Q2019. (The Edge Daily)
  • Ta Win Holdings Bhd is collaborating with Chinese copper manufacturer and a Hong Kong-based metal trading company to jointly-operate a new copper rod manufacturing line in Malaysia. The jointventure (JV) with China-based Full Dragon Electric (Guang Dong) Co Ltd and Hong Kong firm Wing Ying Non-Ferrous Trading Ltd will be the stepping stone into higher-margin business lines.
  • The business venture also aims to expand in all three markets in Malaysia, mainland China and Hong Kong, and to “enhance fund-raising prospects from overseas capital markets” for future expansions.
  • Moving forward, Ta Win Copper Sdn Bhd will act as the special purpose vehicle (SPV) for the JV, which will be held by Ta Win, Full Dragon and Wing Ying at 65%/10%/25% stake respectively.
  • The initial arrangement of capital contribution will see Ta Win contributing up to US$1.9 mln via internal funds, followed by US$1.0 mln each from Full Dragon and Wing Ying.
  • From the total US$3.9 mln, some US$1.8 mln will be capitalised as paid-up equity in the SPV, while the balance will be treated as long-term debt. Any additional funding will be arranged and injected by Ta Win in the form of debt at local market financing rate not exceeding 7.0%, or any other rate agreed by JV partners. (The Star Online)
  • Cuscapi Bhd, which is currently operating from leased premises, is acquiring a commercial space at Empire City in Damansara Perdana for RM20.0 mln. The 33,340 sq ft commercial space is located within the podium level below MyEG Tower, from Cosmopolitan Avenue Sdn Bhd, a unit of Mammoth Empire Holdings Sdn Bhd and will be ready for occupation in 18 months.
  • Subsequently, Cuscapi has entered into a put option agreement with Cosmopolitan to obtain an option at Cuscapi’s sole discretion to sell the commercial space back to Cosmopolitan at a sum equal to 66.7% of the purchase consideration within six months from delivery of vacant possession. The group intends to finance the acquisition through a mixture of internally-generated funds and bank borrowings. (The Edge Daily)
  • Supermax Corp Bhd has appointed an Australian, Albert Saychuan Cheok, as its new independent and non-executive Chairman effective 19th October, 2018, following the resignation of Tan Sri Rafidah Aziz six months ago.
  • Cheok has extensive experience in the Australian government, having been the Chief Manager at the Reserve Bank of Australia from October 1988 to September 1989. He also served as Chairman of Bangkok Bank Bhd in Malaysia from September 1995 to November 2005. (The Edge Daily)
  • Orion IXL Bhd has signed a 15-year agreement to develop and operate an online end-to-end loan application system. The technical services agreement with the group's 10.0%-owned affiliate, Sukaniaga Sdn Bhd, followed a service level agreement between Sukaniaga and MyAngkasa Holdings Sdn Bhd for the development of the fintech system, dubbed Angkasa Az-Zahara. The move is an expansionary strategy to establish a new customer base as a tech company. (The Edge Daily)
  • Kerjaya Prospek Group Bhd is acquiring a majority stake in Yakin Land Sdn Bhd (YLSB), which has a 36-storey condominium project in Batu, Kuala Lumpur, for RM10.8 mln. The group has acquired the 90.0% stake in YLSB for RM1.4 mln, while also agreeing to pay RM9.5 mln owed by YLSB to its previous shareholders. (The Edge Daily)  

Source: Mplus Research - 12 Oct 2018

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Mplus Market Pulse - 11 Oct 2018

Author: MalaccaSecurities   |  Publish date: Thu, 11 Oct 2018, 09:22 AM


Selling Spree To Continue

  • The FBM KLCI (-2.2%) tumbled as the key index registered its sixth straight session of decline yesterday, after the government hinted of a new tax implementations in the upcoming Budget 2019, coupled with disposal of assets to reduce the government’s budget deficit. The lower liners – FBM Small Cap (- 2.3%), FBM Fledgling (-2.7%) and FBM ACE (-3.1%) all took a beating, while the broader market was splashed in red.
  • Market breadth was negative as losers hammered winners on a ratio of 993-to- 116 stocks, while 286 stocks closed unchanged. Traded volumes added 67.6% to 3.02 bln shares as selling activities intensified.
  • More than two-thirds of the key index constituents retreated, dragged down by Tenaga (-70.0 sen), followed by Petronas Gas (-52.0 sen), Axiata (-51.0 sen), Telekom (-48.0 sen) and Genting (-46.0 sen). Notable decliners on the broader include Fraser & Neave (-RM1.72), Heineken (-52.0 sen), MPI (-48.0 sen), Allianz (-34.0 sen) and Gamuda (-31.0 sen).
  • Meanwhile, Panasonic (+18.0 sen), Cycle & Carriage Bintang (+13.0 sen), Grand Hoover (+11.5 sen), Ajinomoto (+8.0 sen) and C.I. Holdings (+5.0 sen) topped the broader market gainers list. Key winners on the local bourse were MISC (+13.0 sen), KLCC (+5.0 sen), Sime Darby (+3.0 sen), KLK (+2.0 sen) and Public Bank (+2.0 sen).
  • Asian benchmark indices rebounded yesterday, driven by bargain hunting activities in recent beaten down stocks. The Nikkei (+0.2%) snapped a four-day losing streak on buying support in defensive stocks. The Shanghai Composite gained 0.2%, while the Hang Seng Index closed 0.2% higher on gains in financial stocks. ASEAN stockmarkets, meanwhile, closed mostly higher yesterday.
  • U.S. stockmarkets endured their worst session since February 2018 as the Dow sank 3.2%, on fresh concerns over the impact of trade dispute between the U.S. and China, coupled with the rising interest rate. On the broader market, the S&P 500 dipped 3.3% with all eleven major sectors in the red, while the Nasdaq plunged 4.1%.
  • Earlier, European indices – the FTSE (- 1.3%), CAC (-2.1%) and DAX (-2.2%), all erased their previous session gains. The weakness stemmed from the rising U.S. bond yields, coupled with signs of economic slowdown amid the downgrade of global growth by the International Monetary Fund.

The Day Ahead

  • The stronger-than-expected reaction to the possible introduction of new taxes in the upcoming Budget took the wind of the sail of Malaysian stocks which looks to continue after U.S. stocks were also battered overnight. This has left market conditions increasingly frail and the weakness is likely to extend the selling spree on Bursa Malaysia stocks over the near term.
  • As it is, the selloff on U.S. stocks, spooked by the potential fallout from the escalated trade war between the U.S. and China, is likely to resonate globally amid the uncertain outcome of the trade issue. On Bursa Malaysia, market conditions will still be reeling from the possible new taxes and with the key index breaking the 1,750 support, conditions are turning increasingly frail with the next supports pegged at 1,720 and 1,700 points respectively coming into play. The 1,750 and 1,760 levels are the resistances.
  • The lower liners and broader market shares are still undergoing a steep pullback amid the severely dented market sentiments. Hence, we see more retail players unwinding their position in view of the weak market conditions and stay on the sidelines until there is clarity in the market’s direction.

COMPANY BRIEF

  • LPI Capital Bhd‘s 3QFY18 net profit narrowed marginally to RM91.8 mln (- 0.4% Y.o.Y), from RM92.2 mln the previous corresponding period, in-tandem with the drop in quarterly revenue of 4.0% Y.o.Y to RM390.6 mln, mainly due to a decline in gross earned premiums from its general insurance segment.
  • Cumulative 9MFY18 net profit, meanwhile, was flat at RM230.1 mln compared with RM230.8 mln last year, although revenue rose 1.6% Y.o.Y to RM1.12 bln, from RM1.11 bln. (The Star Online)
  • Shareholders of Top Glove Corp Bhd has approved a resolution to remove its Executive Director Low Chin Guan despite his claims of innocence in the alleged fraudulent misrepresentations in the acquisition of Aspion Sdn Bhd. Low, who is also a director of Aspion's former parent Adventa Capital Pte Ltd, did not attend Top Glove’s extraordinary general meeting (EGM) on 10th October, 2018.
  • Low has vowed to hold Top Glove responsible for any losses he or Adventa Capital may suffer as a result of the suit against them. He also said Adventa no longer considers itself beholden to guarantee the core profit after tax shortfall based on a clause in the sales and purchase agreement for Aspion. (The Star Online)
  • LEAP Market-listed Red Ideas Holdings Bhd is partnering Parcel 365 to jointlyoperate community parcel lockers at neighbourhoods. The service is an alternative to delivery of parcels to communities that are unable to await the deliveries during designated times. Consequently, the two companies will set up the community parcel lockers at 50 neighbourhoods managed by Red Ideas. (The Star Online)
  • MCE Holdings Bhd expects to manufacture and sell window regulators to Proton and Geely Motor customers in Malaysia under a technical assistance agreement with China-based Shanghai SIIC Transportation Electric Co Ltd (STEC).
  • The group had inked an agreement to purchase equipment and products comprising child parts and components designed by STEC and for Multi-Code to manufacture the products. (The Edge Daily)
  • Malaysia Airports Holdings Bhd (MAHB) has announced that passenger traffic at the 39 airports in the countries where it operates, rose 1.3% Y.o.Y in September to 7.8 mln, from 7.7 mln in September last year. International traffic was 0.9% Y.o.Y higher to 4.0 mln passengers, while domestic traffic grew 1.6% Y.o.Y to 3.8 mln passengers. (The Edge Daily)
  • MMC Gamuda KVMRT (T) Sdn Bhd the joint-venture company (JVco) between Gamuda Bhd and MMC Corp Bhd has announced that it will leave the issue of the termination of the Mass Rapid Transit Line 2 (MRT2) underground contract to Prime Minister Tun Dr Mahathir Mohamad.
  • Subsequently, the JVco also welcomes the decision by the government to review the cancellation of the MRT 2 underground contract as it remains committed to further discussion with the Finance Ministry and to cooperating with MoF to reach an agreeable reduction of cost. (The Edge Daily)
  • CNI Holdings Bhd has suspended its multi-level marketing (MLM) operations in Myanmar after the government banned the use of such methods. To recap, the Ministry of Commerce Myanmar issued a notification prohibiting the MLM business in Myanmar on 18th September 2018. Consequently, its indirect-subsidiary Creative Network International (Myanmar) Co Ltd suspended its MLM business activities there to comply with the notification. (The Edge Daily)
  • mTouche Technology Bhd has terminated its plan to jointly-develop and operate the SMART4 public phone and WiFi hub terminal with G.I.S. Park (Thailand) Co Ltd for Thai state-owned telecommunications company, TOT PCL, following certain issues relating to the due diligence review which cannot be resolved to the satisfaction of its subsidiary mTouche (Thailand) Co Ltd. (The Edge Daily)  

Source: Mplus Research - 11 Oct 2018

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M+ Online Technical Focus - 10 Oct 2018

Author: MalaccaSecurities   |  Publish date: Wed, 10 Oct 2018, 09:06 AM


The FBM KLCI remained in the red for the fifth straight session after hovering mostly in the negative territory as the key index closed at around the 1,774.17 pts yesterday. The MACD Histogram has extended another red bar, while the RSI remains below 50. Resistance will be pegged around the 1,800- 1,810 levels. Support will be set around the 1,760 level.

CHINWEL has formed a bullish candle to recover above the EMA20 level with improved volumes. The MACD Histogram has extended another red bar, while the RSI is remains above 50. Monitor for a breakout above the RM1.86 level, targeting the RM2.00 and RM2.10 levels. Support will be set around the RM1.79 level.

JAKS has formed a bullish engulfing candle yesterday, snapping a three-day losing streak. The MACD Histogram has extended another red bar, while the RSI is hovering at 50. Monitor for a short-term channel formation breakout above the RM0.995 level, targeting the RM1.08-RM1.15 levels after a short consolidation. Support will be anchored around the RM0.925 level.

CENSOF has formed a bullish engulfing candle to close above the EMA60 level with slightly improved volumes. The MACD Histogram has turned green, while the RSI remains above 50. Monitor for a breakout above the RM0.185 level, targeting the RM0.21-RM0.235 levels. Support will be pegged around the RM0.175 level.

Source: Mplus Research - 10 Oct 2018

Labels: CHINWEL, JAKS, CENSOF
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