Retail Research
TrendSpotter
Let’s get technical
Top pick for the day: South Korea’s Won (KRW)
11 Nov 2014
Regional Technical Team Kong Seh Siang T: +60 (3) 2261-9076 E:
[email protected] Nabil Fikri Noor Iskandar Hashim T: +60 (3) 2261-9079 E:
[email protected] Patricia Sumampouw T: +62 (21) 515-1330 E:
[email protected] Fajar Wahyudi T: +62 (21) 515-1330 (375) E:
[email protected] Teerasak Tanavarakul T: +66 (0)2657-9231 E:
[email protected]
More weakness is likely The South Korean Won (KRW) appears to have completed a 5-waves move from the recent low of 1,008 in July. The 5-waves up signals that the trend for one larger degree is up, which supports our view that the KRW has formed a multi-year top at 1,008 in July. Taking out 1,163 in the months ahead would likely signal that prices could easily weaken to above 1,278 thereafter. In the near term, if 5-waves is indeed completed, then expect the KRW to strengthen in 3waves towards 1,045 next before weakening further in 2015. The more aggressive alternate wave count suggests that the recent higher highs and higher lows are a series of 1s and 2s. If that is the case, then the KRW would soon test the key 1163 level. Even if one were to ignore the wave counts, the series of higher highs and higher lows suggests that the trend is up now compared to that in 2013 and early 2014. We believe that the KRW is now at a beginning stage of a larger move (USD Strength and KRW weakness) that would likely take months and years to complete. More weakness in the KRW would likely be negative for stocks on Korea’s KOSPI.
ST Outlook (0-1mth) LT Outlook (6-12mths)
KLCI
FSSTI
1,828
3,301
HSI 23,745
JCI 4,965
SET 1,567
►▼ ►▼
►▼ ►▼
►▼ ►
▼ ►▼
▼ ►▼
PT Perusahaan Gas Negara Buy 6050 5950 5825 5800 5750
Master Ad Buy 1.96 1.90 1.77 1.77 1.75
PT Petrosea Buy 1100 1085 1025 1020 1005
Bangpakong Terminal Buy 1.95 1.86 1.73 1.72 1.70
R2 R1 Last Price (local) S1 S2
RCE Capital Buy 0.390 0.370 0.340 0.320 0.295
R2 R1 Last Price (local) S1 S2
Progressive Impact Corp Buy 0.320 0.265 0.240 0.200 0.175
Swing Media GCL-Poly Energy Technology Group Holdings Buy Sell 0.066 2.44 0.063 2.20 0.061 2.10 0.059 1.95 0.053 1.85 Pne Micron Holdings Buy 0.056 0.049 0.046 0.043 0.039
Bank of China Buy 3.79 3.75 3.69 3.65 3.42
Please read carefully the important disclosures at the end of this publication.
Commodities / Indices… Indices Indices
Last
Dow Jones
Currencies % chg Ytd % chg
Currencies (Spot)
Last
% chg Ytd % chg
17,613.74
+0.2%
+6%
US Dollar Index
87.78
+0.2%
S&P 500 Index
2,038.26
+0.3%
+10%
Australian Dollar
0.8627
+0.1%
-3%
Nasdaq Index
4,651.62
+0.4%
+11%
Canadian Dollar
1.1373
-0.1%
+7%
Euro Stoxx 50
3,094.60
+1.0%
-0%
Euro
1.2426
+0.0%
-10%
Germany's DAX
9,351.87
+0.6%
-2%
Japanese Yen
114.79
-0.1%
+9% +10%
UK's FTSE 100
+10%
6,611.25
+0.7%
-2%
Danish Krone
5.9867
-0.0%
16,780.53
-0.6%
+3%
British Pound
1.5850
+0.0%
-4%
Shanghai SE Composite Index
2,473.67
+2.3%
+17%
Swiss Franc
0.9677
-0.1%
+8%
Hong Kong's Hang Seng Index
23,744.70
+0.8%
+2%
Singapore Dollar
5,518.50
-0.1%
+3%
South Korean Won
27,874.73
+0.0%
+32%
Singapore's Straits Times Index
3,301.00
+0.4%
+4%
Taiwan TAIEX
9,049.98
+1.5%
+5%
Korea's KOSPI
1,958.23
+0.9%
-3%
Indonesian Rupiah
Malaysia's FBMKLCI
1,827.93
+0.2%
-2%
Indonesia's JCI
4,965.39
-0.4%
Thailand's SET
1,567.34
Philippines' PCOMP
7,192.12
Japan's Nikkei-225
Australia's ASX 200 Index India's BSE Sensex 30
1.2910
-0.0%
+2%
1,084.95
-0.0%
+3%
30.57
-0.1%
+3%
Hong Kong Dollar
7.7547
-0.0%
+0%
Malaysian Ringgit
3.3305
-0.0%
+2%
12,168.00
-0.0%
-0%
Thai Baht
32.81
-0.1%
+0%
+16%
Indian Rupee
61.51
-0.0%
-0%
-0.7%
+21%
Philippines Peso
44.88
-0.0%
+1%
-0.2%
+22%
China Renminbi
6.1199
-0.0%
+1%
Taiwan Dollar
Global Commodities Global Commodities ThomReuters/JefferiesCRB
Last
Most Actives % chg Ytd % chg
Most Active Malaysia
Last
% chg Ytd % chg
267.83
-1.0%
-4%
NOVA MSC BHD
0.19
+42.3%
1,152.81
+0.1%
-4%
GENETEC TECH BHD
0.19
+23.3%
+48%
Silver Spot $/Oz
15.62
+0.1%
-20%
SYSTECH BHD
0.25
+11.1%
+138%
WTI Crude Oil (US$/barrel)
77.22
-0.2%
-22%
PRIVASIA TECHNOL
0.18
+16.7%
+84%
Brent Crude Oil
81.98
-0.4%
-26%
DGB ASIA BHD
0.16
+6.7%
+45%
4.29
+0.9%
+1%
Most Active Singapore
301.60
-0.1%
-11%
COMPACT METAL IN
0.04
-8.3%
+16%
1,025.75
-1.1%
-22%
BLUMONT GRP LTD
0.02
+4.5%
-73%
32.36
-0.1%
-17%
INTERNATIONAL HE
0.28
+0.0%
-19%
380.90
-2.4%
-13%
SIIC ENVIRONMENT
0.17
+0.6%
-8%
Sugar Futures
15.66
-0.2%
-5%
ASIA-PACIFIC STR
0.04
-15.6%
-44%
Cocoa Futures
2,895.00
+0.2%
+7%
Coffee Futures
181.40
-0.5%
+64%
GCL-POLY ENERGY
2.10
-16.7%
-13%
Corn Futures
369.25
+0.5%
-13%
ICUBE TECHNOLOGY
0.15
-5.7%
+32%
Wheat Futures
517.25
+0.5%
-15%
CST MINING GROUP
0.05
+23.3%
-21%
Live Cattle Futures
167.13
+0.2%
+24%
BANK OF CHINA-H
3.69
+0.5%
+3%
62.43
-2.4%
-26%
ICBC-H
5.05
+1.0%
-4%
2,244.00
+1.7%
-16%
Most Active Indonesia
124.95
-2.0%
-8%
ELNUSA
540.00
+10.2%
+64%
52.08
+0.2%
-9%
SEKAWAN INTI
202.00
+5.8%
+59%
INDO ACIDATAMA
50.00
+0.0%
+0%
ARPENI PRATAMA
65.00
-35.0%
+30%
LEYAND INTERNATI
53.00
-20.9%
-53%
INTL ENGINEERING
0.07
+0.0%
+133%
NATURAL PARK PCL
0.06
+0.0%
+20%
ETERNAL ENERGY P
1.74
+13.0%
+132%
GEN ENGINEERING
1.07
-4.5%
+47%
MIDA ASSETS PCL
1.89
+21.9%
+191%
Gold Spot (US$/oz)
Natural Gas Futures Copper Futures Soybeans Futures Soybean Oil Futures Soymeal Futures
Cotton Futures Palm Oil Futures (3th month) Orange Juice Futures Coal Futures
+185%
Most Active Hong Kong
Most Active Thailand
2
Retail Research
Crossroads
Market Spotlight
11 Nov 2014
Regional Technical Team
US Dollar Index - DXY (87.81)
R2: 88.190 R1: 87.890 S1: 85.191 S2: 84.472
The strong rally from 78.906 to now suggests that the underlying trend for the Dollar is up but it is likely coming to an ST end soon.
The recent climb to 88.19 could be counted as a complete 5 waves from the 78.906 low in May. If that is the case, then prices are likely to tumble sharply from here towards 83.86-84.47 in the weeks to come.
If the current fifth wave is incomplete, prices are more likely to reach 89.02-89.29, the next fibo target. The next few days would likely help us determine the next large trend for the US Dollar. Source: Bloomberg
Euro - EUR (1.2425)
R2: 1.2606 R1: 1.2501 S1: 1.2358 S2: 1.2116
The sharp fall for the EUR from 1.3993 in 5 waves appears to be completed or is likely to do so in the coming weeks. The 5-waves down suggest that the larger trend is now down.
Wave-5 could be counted as complete at 1.2358 but this count requires prices to rally sharply from here in the coming days. As this move is not expected by the masses, the odds would favour this big rebound in the EUR next.
The alternative would be that the current move could extend as wave-5 shoot lower once the 1.2358 low gives way, targeting 1.2200 followed by 1.2093-1.2166. Source: Bloomberg
3
Japanese Yen – JPY (114.78)
R2: 115.59 R1: 114.95 S1: 110.09 S2: 107.61
The sharp rally in the USD (weakening JPY) is in line with our preferred view (see previous week’s comments).
The rally could be counted as complete at 115.59, after prices surpassed our 114.23-114.95 target. However, given that the strength of the run is still intact, we would not be surprised if prices pushed to a slight new high, targeting 116-116.70 to complete this run before a sharper pullback takes place.
If prices do not stop at the said levels then expect prices to rally towards 119.25 next. It may seem a tad farfetched but never say never following the recent steep rally. Note: Longer term, we still expect prices to fall back below the 100 (likely sometime in 2015). Source: Bloomberg
4
Retail Research
Malaysia
Trading Picks
11 Nov 2014
Nabil Fikri +60 (3) 2261-9079 –
[email protected], Kong Seh Siang +60 (3) 2261-9076 –
[email protected]
RCE Capital (RCE MK; RM0.34) – BUY
R2: 0.390 R1: 0.370 S1: 0.320 S2: 0.295
The stock closed above the channel resistance yesterday after building a small base above its 200-day SMA recently. Prices also swung past the 50-day SMA along the way. This breakout could signal that the ST trend is reversing.
MACD and RSI are still rising, likely suggesting that the momentum is still with the bulls in the short term.
Aggressive traders may go long here with a stop placed below the 200-day SMA at RM0.32. Look for a push beyond RM0.37, as it would mean that prices are heading to RM0.39 and RM0.425 next. Source: Bloomberg
Progressive Impact Corp (PICB MK; RM0.24) – BUY
R2: 0.320 R1: 0.265 S1: 0.200 S2: 0.175
The stock broke above the channel resistance on the back of heavy volume yesterday. This breakout is likely a precursor to more upside ahead.
MACD is still rising while RSI is at new 5-month high.
Buy now or on weakness with a stop placed below yesterday’s low at RM0.21. Look for a push towards the RM0.25-RM0.265 range, the 50-62%FR levels. The following target is at the RM0.32 high. Source: Bloomberg
5
Retail Research
Singapore
11 Nov 2014
Trading Picks
Nabil Fikri +60 (3) 2261-9079 –
[email protected], Kong Seh Siang +60 (3) 2261-9076 –
[email protected]
Swing Media Technology Group (SWM SP; S$0.061) – BUY
R2: 0.066 R1: 0.063 S1: 0.059 S2: 0.053
The stock tried to move above the channel resistance but failed yesterday. However we think a breakout is still on the card as prices still maintained above its 30-day SMA.
MACD has entered into positive territory while RSI is above the 50pts mark.
Aggressive traders may go long here with a stop placed below the 30-day SMA at S$0.059. A move above the channel resistance at S$0.063 would likely send prices higher towards S$0.066 and S$0.075 next. Source: Bloomberg
Pne Micron Holdings (PNEM SP; S$0.046) – BUY
R2: 0.056 R1: 0.049 S1: 0.043 S2: 0.039
Prices broke above the channel resistance recently and this breakout is positive. Coupled with the fact that prices are still trading above its moving averages, we reckon prices could climb further from here.
MACD climbed and entered into bullish levels while RSI is above the 60pts mark.
Aggressive traders may go long here with a stop placed below the 30-day SMA at S$0.043. We expect prices to take out S$0.049, which would likely lead to a move towards the S$0.056 high. The following target is at S$0.062. Source: Bloomberg
6
Retail Research
Hong Kong
Trading Picks
11 Nov 2014
Raymond Yap+60 (3) 2261 9072 –
[email protected]
GCL-Poly Energy Holdings (3800 HK; HK$2.10) – SELL
R2: 2.44 R1: 2.20 S1: 1.95 S2: 1.85
The stock tumbled sharply after falling below its Head & shoulders neckline at HK$2.43 yesterday. The sharp fall also saw prices close below a key support trend line at HK$2.20.
MACD continued to weaken further while RSI is at a new low, the lowest since April 2013.
Any rebounds should be seen as a chance to sell. As long as prices stay below the neckline at HK$2.43, we reckon that prices are heading to HK$1.80-1.85, based on the H&S target measurement. Lower prices are possible. Source: Bloomberg
Bank of China (3988 HK; HK$3.69) – BUY
R2: 3.79 R1: 3.75 S1: 3.65 S2: 3.42
Here, we see a very large triangle pattern may be taking place. Prices appear to be finding it difficult to breakout above the triangle resistance seen at HK$3.75 right now.
MACD and RSI also showing some profit taking may take place here.
Traders can either buy on weakness closer to HK$3.55-3.60 with a stop placed below HK$3.42 or go long on a breakout (close) above HK$3.75 with a stop placed below HK$3.65. The breakout should see prices move towards HK$3.95-4.00 next. Source: Bloomberg
7
Retail Research
Indonesia
Trading Picks
Patricia Sumampouw +6221 515-1330 –
[email protected]
PT Perusahaan Gas Negara (PGAS IJ; Rp 5825) – BUY
R2: 6050 R1: 5950 S1: 5800 S2: 5750
PGAS still looking steady after holding above its 30-day and 50day SMAs. It is also trading stead, holding well above its uptrend channel support.
MACD is still bullish while RSI has flattened out somewhat. Hence, we may see prices trade sideways for a while longer.
Aggressive traders may consider buying the stock on weakness with a stop placed below IDR 5300. On the upside price could potentially climb to IDR 6300 once the IDR 6000 resistance is breached on a closing basis.
PT Petrosea (PTRO IJ; Rp 1025) – BUY
R2: 1100 R1: 1085 S1: 1020 S2: 1005
PTRO is likely trying to form a base at current levels of IDR 1004-1019. If this base holds, then we may see prices rebound to retest its 50-day SMA.
MACD and RSI are rising slowly, probably suggesting that momentum may be picking up slowly.
We recommend buying PTRO with a stop placed below IDR 1000. Taking out IDR 1100 would boost the bullish view, targeting the 50day SMA.
8
11 Nov 2014
Retail Research
Thailand
Trading Picks
Teerasak Tanavarakul -(66) 2 657 9236 -
[email protected]
Master Ad (MACO TB; THB 1.77) – BUY
R2: 1.96 R1: 1.90 S1: 1.77 S2: 1.75
The stock moved higher after rebounding off its channel support as well as its support band of 1.51-1.57. Yesterday’s long white candle suggests that the bounce could continue on higher from here.
MACD has confirmed its golden crossover while RSI has hooked sharply higher.
We recommend buying into this stock which has support at 1.77 and 1.75. Meanwhile, it has resistance at 1.90 and 1.96. Put a stop below 1.72.
Bangpakong Terminal (BTC TB; THB 1.73) – BUY
R2: 1.87 R1: 1.78 S1: 1.53 S2: 1.40
Prices appear to be forming a small bullish flag pattern. A move above the resistance trend line would see the resumption of its ST uptrend.
MACD maintained its positive stance while RSI has turned upwards slightly.
Traders may nibble now with a stop placed below 1.53. A move above the resistance trend line at 1.78 would send prices towards 1.87 and 1.95 next.
9
11 Nov 2014
CMDF-Bursa Research Scheme
3QFY14 RESULTS
11 Nov 2014
Hektar REIT
RECOM
Buy
PRICE
RM1.52
MKT CAPITALISATION
9M14 results fell short
BOARD SECTOR INDEX COMPONENT
HEKT MK / HEKR.KL
MALAYSIA
CIMB Research Report
RM605m Main REIT Nil
Faisal SYED AHMAD + 60 (3) 2261-9277 –
[email protected]
Results highlights Below expectations; reiterate Buy. Hektar REIT's 3Q14 EPS of 2.71 sen brought its 9M14 EPS to 8.19 sen, below expectation as it accounted for only 71% of our full-year EPS forecast. The key variance was the higher costs arising from the electricity tariff hike and higher finance costs. The REIT announced a third interim DPU of 2.6 sen, in line with our FY14 DPU estimate of 10.5 sen. Our Buy recommendation is maintained, with an unchanged target price of RM1.60. 15% rental reversion in 3Q14. During the quarter, Hektar's portfolio rental reversions averaged 15%, bringing its average rental reversion YTD to 7% for 27% of its total Net Lettable Area (NLA). For 3Q14, the bulk of reversions were in Central Square, which saw an increase of 104% for 8.4% of the mall's NLA. The strong increase was primarily driven by the entry of a new entertainment tenant on the 4th floor of the mall. We are highly positive on the strong reversion as it shows Hektar's ability to generate stronger rentals from the mall, mainly due to the asset enhancement initiative (AEI) it has undertaken to improve Central Square. Completion of Central Square AEI to boost EPS in FY15. While we anticipate FY14 earnings to be flattish, we think that the completion of Central Square's AEI would provide a significant uplift to EPS in FY15. Since the mall was acquired in 2012, it has seen a decline in occupancy rates, from 89.8% as at end- FY12 to 80% as at end-3Q14, as Hektar undertook an AEI to improve the mall and its rental rates. We understand that occupancy is expected to improve with the completion of the mall’s AEI. We understand that occupancy rates by 3Q15 would be around 97-98%, i.e. almost fully occupied. Key stock statistics
Per share data
Source: Company, CIMB estimates, Bloomberg
10
Figure 1: Results comparison (RM m) 3Q14 30.8 18.2 0.0 (4.9) 10.9 10.9 59.1 35.3 35.3
FYE Dec Revenue Operating Profit (EBIT) Depreciation Interest Expenses Pretax Profit Net Profit Operating Margin (%) Pretax Margin (%) Net Margin (%)
3Q13 30.1 17.8 0.0 (4.7) 11.1 11.1 59.3 36.9 36.9
%Change 2.4 2.0 na 4.3 -2.1 -2.1 -0.4 -4.4 -4.4
Source: Company, CIMB estimates
Figure 2: P&L analysis (RM m)
Source: Company, CIMB estimates
Recommendation Maintain Buy. We maintain our Buy recommendation, with an unchanged target price of RM1.60. We expect Hektar's earnings to improve in FY15, when its AEI for Central Square is complete and occupancy rates improve. Furthermore, aside from earnings uplift from the increased occupancy in Central Square, Hektar is expecting major rental reversions coming in FY15 as three of its malls have >40% of their NLA up for reversions.
Figure 3: Share price chart (RM)
Source: Bloomberg
11
Financial summary
Source: Company, CIMB Research, Bloomberg
12
10 November 2014
Analyse This… CIMB Research Pte Ltd
JMG SP HOLD; TP:S$0.285 HY15 results
Jason Marine Group Limited Cautious sailing through the waters
Steady progress amidst the headwinds
Forecasts and valuations
HY15 revenue gained 35.0% yoy to reach S$30.5m. All business
Price @10/11/2014: S$0.250 52-week range (SGD): 0.150 – 0.295 Market cap: S$26.4m
segments registered healthy sales growth yoy, with the exception of rendering of services segment, which registered a decrease of S$0.4m. We expect sustained revenue growth with JMG’s deeper Chinese market penetration and revised our FY15 revenue estimates to S$59.1m to reflect the positive progress JMG has made. Reported net profit grew 81.8% yoy to $2.0m for HY15, boosted by increased revenue and slightly offset by higher manpower expenditure. JMG has now experienced 4 profitable halves since its S$1.9m net loss in 1H13, pointing to a successful turnaround. Gross Margin stayed relatively consistent at 27.1%, while Net Margin improved significantly from 4.9% to 6.5%. A special interim DPS of 0.5 Scts was declared for the first time since listing to reward shareholders in view of the good performing HY15. JMG’s balance sheet is strengthened by the $22.8m cash with zero gearing, which translates to a net cash per share of 21.6 cents and allows it to deal with possible industry downturns and make strategic acquisitions. We recommend a HOLD as the recent share price surge has partially captured the better growth prospects. Our target price of S$0.285 is based on 7.40x CY16 EPS (0.5SD below historical forward average P/E), without factoring M&A activities. A positive catalyst to the stock will be inorganic growth, while key risks include softening oil prices, rising labour costs and increasingly competitive environment.
FYE (S$ m)
Mar-13A
Mar-14A
Mar-15F
Mar-16F
Mar-17F
Revenue (S$ m)
37.9
50.2
59.1
64.7
70.4
EBITDA (S$ m) Core net profit (S$ m)
0.9 0.6
3.7 2.7
3.8 3.1
4.4 3.6
4.7 4.0
Core EPS (Scts)
0.61
2.51
2.88
3.41
3.74
EPS growth (% )
(60.1)
312.1
14.9
18.2
9.6
Core P/E (x)
41.1
10.0
8.7
7.3
6.7
BVPS/(Scts)
23.6
25.9
28.2
31.3
34.8
P/BV (x)
1.1
1.0
0.9
0.8
0.7
DPS (Scts)
0.2
1.0
0.7
0.2
0.2
Dividend yield (% )
0.8
4.0
2.8
0.8
0.8
ROE (% )
2.6
10.1
10.7
11.4
11.3
Net cash per share (Scts)
12.7
16.1
15.3
16.5
18.6
P/CF (x)
24.6
8.5
7.4
7.1
6.7
EV/EBITDA (x)
10.0
2.5
2.4
2.1
1.9
Source: Bloomberg, Company, CIMB
Historical Price-Earnings
Outlook
We expect FY15 profits to remain profitable and improve on FY14’s
results. As China, the world’s largest shipbuilder, tackles overcapacity and pushes for modernization, firms will be encouraged to build higher quality and more efficient vessels. This is in addition to the 12th 5-year plan to increase offshore exploration and production (E&P) sector expenditure from $120b RMB to $300b RMB. JMG, being a small market player committed to growing their Chinese market, will be able to capitalize on these market developments despite the mixed outlook for the Chinese shipbuilding industry. JMG continues to be prudent in selecting financially-sound customers, especially stateowned ones. Strong cash position puts JMG in a good position to grow via M&A. We believe potential targets include companies that can offer JMG a technological edge over its competitors, but management is cautious in choosing the right partner.
Source: Bloomberg, Company, CIMB
About Jason Marine Group Limited
HY15 Results HYE - Mar (S$ m)
1H15
1H14
yoy chg (%)
Sales
30.5
22.6
34.9
Gross profit
8.3
6.1
35.6
Net profit
2.0
1.1
81.8
EPS (Scts)
1.91
1.03
85.4
BVPS (Scts)
26.75
24.18
10.6
Net cash/share (scts)
21.6
13.4
60.7
GPM (%)
27.1
26.9
0.1
NPM (%)
6.5
4.9
1.7
ROE (%)
14.1
8.6
5.5
Chg (ppts)
Source: Company
13
Leading marine electronics systems integrator and support services provider for marine and offshore O&G industries globally Main businesses include design, supply, installation, testing for marine communications, navigation and automation systems / Support and maintenance of the above systems / Provision of satellite airtime services & certification services Headquartered in Singapore, JMG’s operating divisions were segmented into Offshore O&G, Marine and China in FY2013 in order to better focus their marketing and business efforts
Trading Portfolio
11 Nov 2014
Kong Seh Siang +60 (3) 2261-9076 –
[email protected]
Portfolio Monitor Trading portfolio Stock
Country
Weighting
Shares Entry price
%
(local curr)
Current price (local curr)
Total cost (local curr)
Market value
Stop loss
Target
(local curr)
(local curr)
(local curr)
Position
Market value S$
Dividend S$
Profit/loss S$
Profit/loss
Forex
%
Existing stocks Technodex
MY
5%
60,000
0.215
0.230
12,900.00
13,800.00
0.190
0.270
LONG
5,415.16
-
353.16
7.0%
2.55
Henderson Land
HK
11%
1,500
51.500
51.600
77,250.00
77,400.00
53.660
44.800
SHORT
12,719.59
-
(24.65)
-0.2%
6.09
New purchases my r Share sales
Cumulative dividend
-
Cumulative realised gains/profits
10,805.17
Cash balance + Cumulative dividend
93,048.23 Portfolio value
111,133.69
* Assuming no transaction cost inv olv ed.
Note: Trading Portfolio is a simulation that incorporates technical analysis as a means of stock-picking. The modus operandi is such that we select companies that were recommended in Trading Picks across the five countries (Malaysia, Singapore, Hong Kong, Thailand and Indonesia). Trading, however, may not take place on a day-to-day basis but from time to time, we may up our stop loss point towards breakeven or even to turn it into a trailing stop. For a start, we have allocated SGD100,000 as our initial capital for this Trading Portfolio.
We make no changes to our portfolio today.
14
20 February 2012
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research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
RETAIL RESEARCH RECOMMENDATION FRAMEWORK* STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: The stock's total return is expected to be +15% or better over the next three months.
OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +15% or better over the next three months.
HOLD: The stock's total return is expected to range between +15% and -15% over the next three months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +15% (or better) or 15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next three months.
SELL: The stock's total return is expected to be -15% or worse over the next three months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -15% or worse over the next three months.
CIMB Research Pte Ltd (Co. Reg. No. 198701620M)
17
