Technical Ideas - 11 Jan 2016 - HALEX (5151) | REXIT (0106) 

http://klse.i3investor.com/blogs/bursakakis/89471.jsp

Technical Ideas - 11 Jan 2016 - HALEX (5151) | REXIT (0106)

http://klse.i3investor.com/blogs/bursakakis/89471.jsp

Piling firms off with a bang

Piling and foundation companies ride on construction boom

PILING and foundation companies such as Ikhmas Jaya Group Bhd and Econpile Holdings Bhd started the year with a bang after announcing a slew of contract wins within the first week of the year.

This has happened even as the broader market expectations continue to remain subdued heading into the new year.

Despite announcing further contract wins, their share prices have continued to be stuck in trading range, indicating that the bulls have not been too keen to take prices higher at this point in time although there is a fundamentally strong case to do so.

But notwithstanding the tense external sentiments, piling companies have continued to advance in terms of their future earnings prospects as they will see additions to their orderbooks in the longer run.

Earlier in the week, Ikhmas Jaya received a letter of award to undertake the construction of a RM166.4mil serviced apartments project for Bina Puri Holdings’s property unit Star Effort Sdn Bhd.

For Ikhmas Jaya, AmResearch’s analyst Max Koh says the contract win makes up 51% of its order book replenishment of RM330mil for the financial year 2016 ending Dec 31 compared with RM206mil in the year before.

This contract is expected to boost its outstanding orderbook to about RM280mil.

For Econpile, its unit Econpile (M) Sdn Bhd had been appointed to carry out RM20.3mil piling and sub-structure works from Ahmad Zaki Sdn Bhd.

Koh estimates that with this latest job, Econpile has secured RM236mil worth of jobs for FY16 ending June 30 – making up 74% of his replenishment expectations of RM320mil compared to RM490mil in FY15.

“We assume Econpile’s outstanding order book to amount to about RM620mil, which will support earnings over FY16 till FY17 forecasted,” he says.

Notably, Econpile has a good exposure to the strong construction industry, with a strong tenderbook of around RM1bil.

Both companies, which are operating in the niche area of piling and foundation works, are a proxy to the broader property and construction industry.

http://www.thestar.com.my/business/business-news/2016/01/09/piling-firms-off-with-a-bang/

Pfizer hikes U.S. prices for over 100 drugs on January 1

Pfizer Inc (PFE.N), which plans a $160 billion merger with Ireland-based Allergan Plc (AGN.N) to slash its U.S. tax bill, on Jan. 1 raised U.S. prices for more than 100 of its drugs, some by as much as 20 percent, according to statistics compiled by global information services company Wolters Kluwer.

Pfizer confirmed a 9.4 percent increase for heavily advertised pain drug Lyrica, which generated $2.3 billion in 2014 U.S. sales; a 12.9 percent increase for erectile dysfunction drug Viagra, which had 2014 U.S. sales of $1.1 billion; and a 5 percent increase for Ibrance, a novel breast cancer drug launched last year at a list price of $9,850 per month, or $118,200 per year.

http://www.reuters.com/article/us-pfizer-prices-idUSKBN0UM2FU20160108

EPF substantial shareholder in SKP Resources 

Note : Total contracts should be RM1 billion/year for 5 years not as per The Star biz below. 

http://www.thestar.com.my/business/business-news/2016/01/08/epf-substantial-shareholder-in-skp-resources/

Thank you

EPF substantial shareholder in SKP Resources

Note : Total contracts should be RM1 billion/year for 5 years.

http://www.thestar.com.my/business/business-news/2016/01/08/epf-substantial-shareholder-in-skp-resources/

Technical Ideas - 8 Jan 2016 - NTPM (5066) 

http://klse.i3investor.com/blogs/bursakakis/89408.jsp

@nakata....agreed YeeLee is the local champion. CIH are mostly for exports as local sales are restricted by government quotas. A quick check on YeeLee Q3 ended Sep 2015 & latest Annual Report ended Dec 2014, does not revealed whether YeeLee is exporting.

YeeLee's Q3 turnover was 197.8 million of which 61.7 million or 32 % contributed by the manufacturing division, namely Palm Oil, Aerosol Cans & Corrugated Carton Boxes. However, CIH Q1 ended Sep 2015, turnover was 260 million & almost all were from Palm Oil Division and for exports.Thus, CIH Palm Oil division is about 4-5 times bigger than YeeLee.

YeeLee's estimated yearly turnover of about 800 million which includes Trading Division (agencies products like Spritzer, Red Bull, Campbell & Old Town Products) and Plantation Division (Oil Palm & Tea) is also lower than CIH yearly turnover projection of 1 billion.

YeeLee's share price is RM2.16 at PE 15.3 and my TP for CIH is RM3.75 at PE 15.

Exports increase by 6.3pc year-on-year in November: MITI

KUALA LUMPUR: Exports in November rose by an annualised 6.3 per cent to RM67.63 billion, driven by higher demand for manufactured goods.

The International Trade and Industry Ministry said imports expanded by 9.1 per cent to RM57.39 billion while the trade surplus decreased by 6.9 per cent to RM10.23 billion.

"Overall, export performance in January to November 2015 was driven mainly by higher exports of manufactured goods, in particular, electrical and electronic (E&E) products which cushioned the contraction in exports of both agricultural and mining goods, “said MITI.

For November, significant increases in exports of manufactured goods were recorded for manufactures of metal, petroleum products, machinery, appliances and parts, optical and scientific equipment, chemicals and chemical products as well as processed food.

It added that growth in exports of agricultural goods was mainly supported by increased exports of palm oil and palm-based products, by 7.2 per cent (exports of palm oil in increased by 4.3 per cent contributed mainly by higher quantity).

Lower exports of mining goods in November were affected mainly by contraction in exports of LNG by 20.5 per cent caused by lower AUV (average unit value).

Meanwhile, Malaysia's trade strengthened in the first eleven months of 2015 to record a growth of 1.1 per cent to RM1.337 trillion compared with the same period of 2014.

MITI said expansion in trade with China, the US, Asean, European Union (EU), Turkey, India and Taiwan were the main contributors to the increase.

The achievement was also supported by improved export performance recorded since June 2015 which resulted in a cumulative expansion of 1.9 per cent to RM711.65 billion for the period of January to November 2015.

Imports during January to November 2015 was valued at RM625.34 billion compared with RM624.48 billion registered in the same period of 2014 while trade surplus surged by 17.3 per cent to RM86.31 billion.

http://www.nst.com.my/news/2016/01/120945/exports-increase-63pc-year-year-november-miti

Bank Negara international reserves at RM409 bil end-2015

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) saw an increase in its international reserves at end-2015 which rose to RM409.1bil from RM405.4bil at end-2014.

The central bank said on Thursday that in US dollar terms, the forex reserves fell to US$95.3bil from US$115.9bil.

“The reserves level as at Dec 31, 2015 has taken into account the adjustment for foreign exchange revaluation changes,” it said. The ringgit weakened by about 18% against the US dollar in 2015.

BNM said the level of reserves during 2015 remained supported by the current account surplus and inflows of foreign direct investment in an environment of reversal of flows.

“These outflows reflected the reversal of non-resident portfolio investments due to adverse sentiment arising from the moderating growth momentum in a number of major and emerging economies, the uncertainty surrounding commodity prices as well as the possible disorderly market conditions arising from policy adjustments in major economies,” it said.

BNM added that continued direct investment abroad by Malaysian companies and the acquisition of foreign portfolio assets by resident institutional investors during the year also contributed to the outflows.

It pointed out the international reserves were ample to facilitate international transactions.

As at Dec 31, 2015, the reserves were sufficient to finance 8.5 months of retained imports, significantly higher than the three-month international threshold.

BNM also noted the reserves level was also adequate to meet external obligations with a reserves to short-term external debt coverage of 1.1 times.

“It is important to note that not all short-term external debt creates an immediate claim on reserves given the external assets and export earnings of borrowers,” it added.

http://www.thestar.com.my/business/business-news/2016/01/07/bank-negara-international-reserves-at-rm409b-end-2015/

Technical Ideas - 8 Jan 2016 - NTPM (5066)

http://klse.i3investor.com/blogs/bursakakis/89408.jsp

Thank you Mr TanKW,

Will add upon div payment date on 26/1/2016

TECHNOLOGY - Losing Its Shine

SKPRES (TP: RM1.76) is our only OUTPERFORM stock for now, with investment merits being its: (i) resilient earnings prospect (at a 2-year NP CAGR of 93%) backed by its on-hand long-term contracts from the topnotch home appliance maker, Dyson as well as (ii) strong Balance Sheet and healthy Operating Cash Flow, which will support its generous Dividend Payout Policy of no less than 50% of PATAMI (translating into decent dividend yield of 2.9%-5.0%). Valuation-wise, it is also trading at an undemanding 10.8x FY17E PER, which is at an unjustified 10% discount from the industry average PER of 12x; all against its superb 2-year NP CAGR of 93% as well as the higher-than-industry (yet sustainable) margins backed by its cost pass through mechanism - Kenanga Research 7 Jan 2016
http://klse.i3investor.com/blogs/kenangaresearch/89346.jsp

TECHNOLOGY - Losing Its Shine

SKPRES (TP: RM1.76) is our only OUTPERFORM stock for now, with investment merits being its: (i) resilient earnings prospect (at a 2-year NP CAGR of 93%) backed by its on-hand long-term contracts from the topnotch home appliance maker, Dyson as well as (ii) strong Balance Sheet and healthy Operating Cash Flow, which will support its generous Dividend Payout Policy of no less than 50% of PATAMI (translating into decent dividend yield of 2.9%-5.0%). Valuation-wise, it is also trading at an undemanding 10.8x FY17E PER, which is at an unjustified 10% discount from the industry average PER of 12x; all against its superb 2-year NP CAGR of 93% as well as the higher-than-industry (yet sustainable) margins backed by its cost pass through mechanism - Kenanga Research 7 Jan 2016
http://klse.i3investor.com/blogs/kenangaresearch/89346.jsp

SKPRES (TP: RM1.76) is our only OUTPERFORM stock for now, with investment merits being its: (i) resilient earnings prospect (at a 2-year NP CAGR of 93%) backed by its on-hand long-term contracts from the topnotch home appliance maker, Dyson as well as (ii) strong Balance Sheet and healthy Operating Cash Flow, which will support its generous Dividend Payout Policy of no less than 50% of PATAMI (translating into decent dividend yield of 2.9%-5.0%). Valuation-wise, it is also trading at an undemanding 10.8x FY17E PER, which is at an unjustified 10% discount from the industry average PER of 12x; all against its superb 2-year NP CAGR of 93% as well as the higher-than-industry (yet sustainable) margins backed by its cost pass through mechanism - Kenanga Research 7 Jan 2016
http://klse.i3investor.com/blogs/kenangaresearch/89346.jsp

Mr TanKW, tried to add magni div of rm264.00 but do not know where to start.

Kindly assist, thank you

Mr TanKW

Magni X dividend today, kindly add the dividend payment of 8 % to my portfolio.

Single tier Special Dividend 3 Sen
Single Tier Interim Dividend 5 Sen

Thank you.

TauRx boost for Genting

Casino operator may gain from share in drug company

PETALING JAYA: The potential listing of Genting Bhd’s 20.7%-owned Alzheimer’s drugs company on Nasdaq could provide a catalyst to the share price of the Malaysian conglomerate.

At a valuation of US$15bil (RM65.9bil), the initial public offering (IPO) of Singapore-based TauRx Pharmaceuticals Ltd could potentially add RM10.4bil, or 40%, to the sum-of-parts (SOP) for Genting based on Maybank Investment Bank (IB) Research analysis.

“This implies a 40% upside from this one listing alone,” Maybank IB Research said in its report.

“If TauRx is valued at RM15bil, our SOP-target price surges to RM11.35, implying a whopping 60% upside,” the brokerage explained.

Citing Genting as one of its top “buy” picks, Maybank IB Research pointed out that even without the listing of TauRx, its target price of RM9.05 for Genting would already imply a 27% upside.

http://www.thestar.com.my/business/business-news/2016/01/07/taurx-boost-for-genting/

Just for sharing, all the Technical Ideas picked for my blog must have some degree of FA comfort. Example :-
1) Skpres is the only company in Bursa having 5 yrs earning visibility, with 5 billion contracts in hand
2) Dufu Q9 net earning was 2.63 cts, if this can be maintained for 4 quarters, then the yearly earnings will be 10.52 cts. A simple calculation of forward PE 10 will value the share price at RM1.05.

@ JinTanah, if market swept by tsunami.....any stocks either FA or TA also no use :)

Investors should be selective in stock picking this year

KUALA LUMPUR: Stock selection is crucial in 2016 given the FBM KLCI’s current fairly priced-in valuation, and ongoing cautious market sentiments.

JF Apex Research said investors should adopt a combination of defensive and active investment strategy by investing in value stocks, which are trading at lower price relative to their book value and earnings.

The focus should also be on growth stocks yielding better earnings prospects; high-yielding stocks with resilient business models; and thematic plays which are expected to benefit from the upcoming positive newsflow.

The FBM KLCI is currently trading at 15x 2016 consensus PE, which is close to its historical mean PE of 15.2x, the second highest PE after the Philippines Composite Index and on par with Jakarta Composite Index.

This indicates that the FBM KLCI is trading at 17% PER premium to other major Asian indices. Furthermore, the yield of the local market looks unappealing for long term investors, rendering a mere 3.5% for 2016, which is lower than Singaporean, Taiwanese, HK and Thai bourses.

“At this junction, we deem the current valuation as fully valued in the absence of any positive catalyst whilse immediate market outlook remains bleak, which is mired by prevailing weakness in crude oil prices and ringgit,” it said.

The research house targets for year-end 2016 FBM KLCI to reach 1,770 points, with market EPS growth of 5% in 2016 and 8% in 2017.

http://www.thestar.com.my/business/business-news/2016/01/06/investors-should-be-selective-in-stock-picking-this-year/

Technical Ideas - 7 Jan 2016 - SKPRes (7155) | Dufu (7233)

http://klse.i3investor.com/blogs/bursakakis/89010.jsp

Technical Ideas - 7 Jan 2016 - SKPRes (7155) | Dufu (7233)

http://klse.i3investor.com/blogs/bursakakis/89010.jsp

Q9 net earning 2.63 cts, if this can be maintained for 4 quarters, then the yearly earnings will be 10.52 cts. A simple calculation of forward PE 10 will value the share price at RM1.05.

Thank you the steward :)

Hi steve, palm oil/vegoils are influenced by the future market. Buyers & sellers will used the future prices to determine their contracts.

Stocks To Watch on 6/1/2016 - OLDTOWN (5201), KIMHIN (5371), SKPRES (7155) & MAGNI(7087)

http://fatta888.blogspot.my/

good very direct :)

Thank you ven felix & nina :)

@ven felix, thank you

TQ John for your support & encouragement :)

why I picked C.I.Holdings?

http://klse.i3investor.com/blogs/bursakakis/89030.jsp

C.I.HOLDINGS BHD (2828) - A F&B GIANT AWAKENS !!!

http://klse.i3investor.com/blogs/bursakakis/89030.jsp

C.I.HOLDINGS BHD (2828) - A F&B GIANT AWAKENS !!!

http://klse.i3investor.com/blogs/bursakakis/89030.jsp

Posted by Tessa Joseph > Jan 5, 2016 10:19 PM | Report Abuse

rikki, you too in TJ telegram group ka?

Ans : Yes Tessa, that's why that day informed bro Hot that u looking for him.

haha Tessa, Uni I was there but exit bcoz of the continuous fighting there.....thousands of unproductive messages :(

Tessa,so many telegram groups nowadays. What is the name of your group ?

China shares slump 7%, trading halted for rest of day

SHANGHAI: China's benchmark CSI300 share index tumbled 7% on the first session of 2016 on Monday, prompting the stock exchange to halt trading for the rest of the day.

The "circuit breaker" suspension mechanism first came into effect on Monday.

Stocks slumped after weak factory activity surveys soured hopes that the world's second-largest economy will enter the new year on better footing, and selling intensified throughout the day.

Investors also dumped stocks ahead of the imminent expiration of a share sales ban on listed companies' major shareholders, which had been imposed during the market crash last summer. - Reuters

http://www.thestar.com.my/business/business-news/2016/01/04/china-stocks-slump-4-pct-in-gloomy-start-to-2016-on-weak-factory-data/?style=biz

Tien Wah :)

Stock picks for 2016: SKP Resources

http://klse.i3investor.com/blogs/the_edge_stock_pick_2016/89082.jsp

My Stock Pick 2016
1) CIHolding 4,000 X 2.55 = 10,200.00
2) Tienwah 3,900 X 2.57 = 10,023.00
3) OWG 3,200 X 3.09 = 9,888.00
4) Magni 2,250.00 X 4.48 = 10,080.00
5) KTC 23,800 X 0.42 = 9,996.00
6) TGuan-WA 4,600 X 2.14 = 9,844.00
7) KESM 1,900 X 5.19 = 9,861.00
8) Pohuat-wb 9800 X 1.02 = 9,996.00
9) SKPRes-Wa 12,900 X 0.77 = 9,933.00
10) Comcorp 12,000 X 0.83 = 9,960.00

Total amount RM99,841.00

Thank you

Technical Ideas - 4 Jan 2016 - GUH (3247)

http://klse.i3investor.com/blogs/bursakakis/89010.jsp

China factory activity shrinks in soggy start to 2016

China looked set for a soggy start to 2016 after activity in the manufacturing sector contracted for a fifth straight month in December, suggesting the government may have to step up policy support to avert a sharper slowdown.

While China's services sector ended 2015 on a strong note, the economy still looked set to grow at its slowest pace in a quarter of a century despite a raft of policy easing steps, including repeated interest rate cuts, in the past year or so.

The world's second-largest economy faces persistent risks this year as leaders have pledged to push so-called "supply-side reform" to reduce excess factory capacity and high debt levels.

The official manufacturing Purchasing Managers' Index (PMI)stood at 49.7 in December, in line with expectations of economists polled by Reuters and up only fractionally from November. A reading below 50 suggests a contraction in activity, while a higher one indicates an expansion.

Still, economists seemed to find some comfort that there were no signs of a sharper deterioration which has been feared by global investors.

http://www.cnbc.com/2016/01/01/china-factory-activity-shrinks-in-soggy-start-to-2016.html

Fund manager's stock pick 

Stock pick: Thong Guan Industries 

GIVEN the pessimistic outlook for many sectors within the market, investors will have no choice but look for companies that are insulated from slowing domestic demand, tough economic conditions and beneficiary of weak domestic currency. 

The export sector is a sweet spot and given the run that we had seen in 2015 among glove, furniture and chips sector and selected others in the packaging sector. Narrowing down the search, Thong Guan Industries is a rare gem, despite rising some 63% in 2015, the stock is still deemed to be undervalued as it is trading at P/B of about 0.85x and annualised forward 2015 basic PER of about 10.5x, which is still a bargain. 

Thong Guan is also a net cash company, with cash of about 20 sen per share. Growth for the company will basically come from new capacity installation, which is 33-layer nano-technology stretch film line is expected to be ready soon. Thong Guan also raised its production capacity of PVC food wrap to 720 million tonnes with the installation of 2 additional lines this year. 

These are key drivers for both topline and bottomline growth. With the new capacity, Thong Guan is rightly placed to benefit to rising demand for plastic films and this could drive earnings by 10%-15% in 2016. 

Some 90% of Thong Guan’s revenue comes from plastic films and the current low oil price basically translates to lower selling prices for plastic and hence increase in demand. With a favourable exchange rate, Thong Guan is a winner due to lower input cost as close to 80% of its revenue are derived from exports. 

Stock pick: SKP Resources Bhd 

EXCITEMENT in a company’s shares always hinges on its track record, ability to deliver strong earnings growth and generate cash flows to reward shareholders with dividends. 

SKP Resources Bhd fits this bill. Despite reporting a profit growth of 43% in the last financial year, the company is expected to record a 3-year earnings CAGR of 68.2% until 2018 based on our projections. 

This growth will be underpinned by the RM1bil annual orders from its main customer, Dyson, to produce cordless vacuum cleaners. Considering this new source of demand is only taking up about 25% of its newly enlarged 20-assembly line facility that came on board last September, growth potential is enormous. Dyson plans to launch 100 new products by 2018 to satisfy increasing demand for its products and services. 

SKP has also mitigated operational risks by having specific agreements with clients to pass through nearly 100% of costs related to changes in raw material prices and currency fluctuations. This not only provided business stability but also some predictability. 

SKP has a high ROE of 40% and a strong balance sheet. With current net gearing of only 4.5%, it is expected to turn net cash soon on the back of strong profit growth and cash flows. Thus, our expectations for future dividend yield to remain attractive around 4.6% to 6% are not far-fetched. 

While having Dyson as a single largest customer can be considered as a major risk, the management is aware of that and has taken a proactive step by acquiring the subsidiaries of Technic to diversify the product range and customer base. It has also succeeded in growing the business through a win-win strategy that has strengthened the relationship, for the partnership to continue into distant future. 

The fair value ascribed to SKP Resources shares is RM2 based on a calendar year (CY) 2016 price earnings (PE) multiple of 18 times, which will dwindle to 16 times and 10 times in CY17 and CY18 respectively on the back of robust earnings growth. 

http://www.thestar.com.my/business/business-news/2016/01/02/fund-managers-stock-pick/?style=biz

Fund manager's stock pick

Stock pick: Thong Guan Industries

GIVEN the pessimistic outlook for many sectors within the market, investors will have no choice but look for companies that are insulated from slowing domestic demand, tough economic conditions and beneficiary of weak domestic currency.

The export sector is a sweet spot and given the run that we had seen in 2015 among glove, furniture and chips sector and selected others in the packaging sector. Narrowing down the search, Thong Guan Industries is a rare gem, despite rising some 63% in 2015, the stock is still deemed to be undervalued as it is trading at P/B of about 0.85x and annualised forward 2015 basic PER of about 10.5x, which is still a bargain.

Thong Guan is also a net cash company, with cash of about 20 sen per share. Growth for the company will basically come from new capacity installation, which is 33-layer nano-technology stretch film line is expected to be ready soon. Thong Guan also raised its production capacity of PVC food wrap to 720 million tonnes with the installation of 2 additional lines this year.

These are key drivers for both topline and bottomline growth. With the new capacity, Thong Guan is rightly placed to benefit to rising demand for plastic films and this could drive earnings by 10%-15% in 2016.

Some 90% of Thong Guan’s revenue comes from plastic films and the current low oil price basically translates to lower selling prices for plastic and hence increase in demand. With a favourable exchange rate, Thong Guan is a winner due to lower input cost as close to 80% of its revenue are derived from exports.

Stock pick: SKP Resources Bhd

EXCITEMENT in a company’s shares always hinges on its track record, ability to deliver strong earnings growth and generate cash flows to reward shareholders with dividends.

SKP Resources Bhd fits this bill. Despite reporting a profit growth of 43% in the last financial year, the company is expected to record a 3-year earnings CAGR of 68.2% until 2018 based on our projections.

This growth will be underpinned by the RM1bil annual orders from its main customer, Dyson, to produce cordless vacuum cleaners. Considering this new source of demand is only taking up about 25% of its newly enlarged 20-assembly line facility that came on board last September, growth potential is enormous. Dyson plans to launch 100 new products by 2018 to satisfy increasing demand for its products and services.

SKP has also mitigated operational risks by having specific agreements with clients to pass through nearly 100% of costs related to changes in raw material prices and currency fluctuations. This not only provided business stability but also some predictability.

SKP has a high ROE of 40% and a strong balance sheet. With current net gearing of only 4.5%, it is expected to turn net cash soon on the back of strong profit growth and cash flows. Thus, our expectations for future dividend yield to remain attractive around 4.6% to 6% are not far-fetched.

While having Dyson as a single largest customer can be considered as a major risk, the management is aware of that and has taken a proactive step by acquiring the subsidiaries of Technic to diversify the product range and customer base. It has also succeeded in growing the business through a win-win strategy that has strengthened the relationship, for the partnership to continue into distant future.

The fair value ascribed to SKP Resources shares is RM2 based on a calendar year (CY) 2016 price earnings (PE) multiple of 18 times, which will dwindle to 16 times and 10 times in CY17 and CY18 respectively on the back of robust earnings growth.

http://www.thestar.com.my/business/business-news/2016/01/02/fund-managers-stock-pick/?style=biz

Wow,so many quality picks towards the end. Those submitted later have an advantage of studying & filtering those stocks submitted by the participants earlier.

I saw a suggestion few days ago that all submission should be private & confidential until it's closed. The idea was excellent & i suggest that it should be adopted next year.

Tessa, bro Hot T now quite active in TJ telegram group.

My Stock Pick For Year 2016

1) CIHLDG - 15 %
2) MAGNI - 15 %
3) OWG - 30 %
4) TGUAN-WA - 10 %
5) TIENWAH - 30 %

Thank You

Wishing all happy new year. May 2016 be your year to conquer Mr Bursa & huat huat all the way.......cheers!!!!!