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Market Insight

Wednesday, 30 November, 2016

16795/03/2013(031743) www.bisonline.com.my

www.bimbsec.com.my BIMB Securities| 1

Major Highlights Local & Global Economic News

Dutch Lady's 3Q net profit falls 19%; pays RM1.10 dividend

MyEG's 1Q net profit up 42% on higher transaction volumes

Kimlun bags RM52.8m deal to supply MRT tunnel linings

Petronas among pre-qualified bidders for Mexican oil field

auctions

Sime Darby Property inks deal with Turner International as

project consultant

Sime Darby Plantation’s Indonesian unit replants

aggressively

US 3Q growth revised up to 3.2%

S&P: Higher interest costs and volatile foreign exchange

rates to be top credit risks for Asia-Pacific in 2017

China forex regulator tightens controls to stem capital

outflows

Oil tumbles nearly 4% on doubts over OPEC production cut

Indonesia c.bank buys 6.5trn rupiah of local bonds after

Trump jolt

Bursa Malaysia

Bursa Malaysia Close Change +/- Change % FBMKLCI 1,626.93 -1.73 -0.11

FBMEMAS 11,377.66 -26.45 -0.23

FBM100 11,110.74 -19.11 -0.17

FBMEMAS Shariah 11,918.59 -41.52 -0.35

FBM Hijrah Shariah 13,326.39 -23.18 -0.17

Volume (mn) 1,379.94 58.23 4.41

Value (RMmn) 1,716.50 281.23 19.59

FBMKLCI YTD Chg -3.87 Scoreboard

Close Change +/- Change % Gainers 218 -7 -3.11

Losers 539 -57 -9.56

Unchanged 342 26 8.23 Regional Indices

Close Change

+/- Change %

YTD Change

(%) DJIA 19,121.60 23.70 0.12 9.74

NASDAQ 5,379.92 11.11 0.21 7.44

S&P 500 2,204.66 2.94 0.13 7.86

FTSE 100 6,772.00 -27.47 -0.40 8.49

Nikkei 225 18,307.04 -49.85 -0.27 -3.82

HSI 22,737.07 -93.50 -0.41 3.75

SHCOMP 3,282.92 5.92 0.18 -7.24

KOSPI 1,978.39 0.26 0.01 0.87

TWSE 9,192.38 -29.86 -0.32 10.25

STI 2,879.14 4.49 0.16 -0.12

JCI 5,136.67 22.10 0.43 11.84

SET 1,497.18 -3.60 -0.24 16.24

PSEi 6,781.20 -44.20 -0.65 -2.46 Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI 17.03 16.27 16.60

SHCOMP 15.67 13.81 11.08

HSI 12.68 11.58 11.05

JCI 16.86 14.12 15.23

SET 15.50 13.99 13.71

STI 13.87 13.24 13.91

PSEi 17.30 15.99 17.40 The Research Team

[email protected]

03-2613 1738

Sector Indices

Close Change +/- Change % Industrial 3,076.14 -12.69 -0.41 Consumer 576.13 -3.75 -0.65 Industrial Products 142.96 -0.51 -0.36 Construction 283.60 0.35 0.12 Finance 14,216.97 50.86 0.36 Property 1,138.30 -9.78 -0.85 Plantation 7,651.28 -15.82 -0.21 Technology 21.93 -0.24 -1.08 KLCI Futures

Contracts Nov-16 Dec-16 High 1,630.00 1,636.00 Low 1,624.50 1,628.50 Last 1,627.50 1,632.50 Volume 7,485.00 8,115.00 Commodities (Most Recent Close)

Close Change +/- (+/- %) % Brent Crude (USD/bbl) 46.38 -1.86 -3.86 WTI Crude (USD/bbl) 45.23 0.10 0.22 Gold (USD/ounce) 1,188.25 2.19 0.18 CPO (RM/MT) 3,050.00 -27.00 -0.88 SMR 20 (sen/kg) 785.50 0.00 0.00 Latex (sen/kg) 580.00 -1.00 -0.17 Soybean Oil 36.62 -0.35 -0.95 Forex

(per USD1) Close Change +/- Change % MYR 4.4660 0.0077 0.17 JPY 112.3800 0.4400 0.39 EUR 0.9390 -0.0034 -0.36 SGD 1.4251 0.0011 0.08

KLCI Performance

KLCI Year-End Target: 1,720 points

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www.bimbsec.com.my | 2

Market Insight

Major Rates

KLIBOR 3-mth 3.41% KLIBOR 6-mth 3.52% KLIBOR 12-mth 3.62% 5-yr MGS 4.02% 10-yr MGS 4.46%

Active Stock

Close Change+/- (+/- %)

Airasia X 0.36 -0.02 -4.05

Sumatec Resources 0.05 -0.01 -9.09

APFT 0.06 -0.01 -7.69

RGB International 0.24 0.01 2.13 Green Packet 0.28 0.00 0.00

Top Gainers


Tasek Corp 13.50 0.28 2.12

Bintulu Port 6.55 0.25 3.97

Success Transformer 2.17 0.20 10.15

Maybank 7.89 0.14 1.81

Hume Industries 2.97 0.12 4.21

Top Losers


Panasonic Mala 34.58 -0.72 -2.04 Perusahaan Sadur Timah Malay

6.68 -0.26 -3.75

PPB Group 15.72 -0.26 -1.63

DKSH 4.75 -0.25 -5.00

Ajinomoto 13.08 -0.24 -1.80

Daily Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Inst 57.9 1,077.8 909.1 168.7

Local Retail 13.8 226.9 247.5 -20.6

Foreign 28.3 411.8 559.9 -148.1

Total 100.0 1,716.5 1,716.5 0.0


Market Insight

LOCAL CORPORATE NEWS Dutch Lady's 3Q net profit falls 19%; pays RM1.10 dividend Dutch Lady net profit fell 19% yoy in its 3QFY16 as it spent more to support new launches to drive sales, which offset the revenue increase that it saw during the quarter. Net profit came in at RM40.66m or 63.5 sen per share, compared with RM49.95m or 78.1 sen per share a year ago, as it penned in higher cost of sales and advertising and promotion investment to support new launches. Revenue was up 9% at RM279.59m compared with RM255.95m. It also declared a single-tier interim dividend of 50 sen/share and a single-tier special interim dividend of 60 sen per share for the FY16, payable on Dec 29. (Source: The Edge) MyEG's 1Q net profit up 42% on higher transaction volumes MyEG's net profit for the 1QFY17, rose 42.2% to RM40.5m or 1.7 sen per share from RM28.5m or 1.2 sen/share a year earlier. Revenue increased 29.4% to RM78.6m from RM60.7m. The group attributed the increase in earnings and revenue to higher transaction volumes from online renewal of foreign workers' permits and insurance (FWP), and foreign worker re-hiring programme services. Net profit also rose because of increase in revenue contribution from Road Transport Department (JPJ)-related services and contribution from its newly-acquired subsidiary Cardbiz Holding SB and group of companies. (Source: The Edge) Kimlun bags RM52.8m deal to supply MRT tunnel linings Kimlun has secured a RM52.8m contract for the supply and delivery of precast concrete tunnel segment linings to the MRT2 project. The contruction firm was awarded the contract by MMC Gamuda KVMRT (UGW) JV for the Sungai Buloh-Serdang-Putrajaya (SSP) alignment. The estimated date of completion was Sept 30, 2019. The company does not foresee any exceptional risk other than operational risks associated with the supply contract. (Source: StarBiz) Petronas among pre-qualified bidders for Mexican oil field auctions Petronas is among the individual bidders and among the members of the consortia pre-qualified to bid on Mexico’s first-ever deep water oil auctions, said Reuters. A final list of 17 oil companies representing a dozen countries that had pre-qualified for the bidding next month. The pre-qualified individual bidders, according to the article, are Australia’s BHP Billiton, Britain’s BP, China’s CNOOC, the United States’ ExxonMobil, Malaysia’s Petronas, Mexico’s Pemex, Norway’s Statoil and France’s Total. (Source: StarBiz) Sime Darby Property inks deal with Turner International as project consultant Sime Darby Property has signed on international construction services company Turner International as its project and construction management consultant for potentially three high-rise developments collectively worth over RM1.3bn in GDV. At a signing ceremony today, it was revealed that Turner International's involvement with Sime Darby will encompass advisory and consultancy roles for Cantara Residences at Ara Damansara, an integrated development of 888 serviced apartments units with a GDV of RM676.05m. (Source: StarBiz) Sime Darby Plantation’s Indonesian unit replants aggressively PT Minamas Gemilang, the Indonesian unit of Sime Darby Plantation, is undertaking an aggressive replanting programme to improve production yield. The company had been aggressively replanting unproductive trees with higher yielding seedlings, taking advantage of the dismal levels of palm oil prices over the past couple of years. The company have been aggressively replanting 14,000ha annually or 7% of our 203,000ha of planted area. As these young trees start to mature and bear fruit, Minamas estates’ yield should improve further. (Source: Bernama) Ahmad Zaki's Q3 earnings almost double to RM8.5m AZRB saw its net profit almost double to RM8.5m for the Q316 driven by higher revenue and other operating income. The revenue for Q3 16 rose by 53% to RM271m, primarily on the back of commendable contributions by its construction division as certain projects had shown higher progress during the period. Besides that, the additional new projects that were awarded during the 2

nd quarter, also strengthened AZRB’s revenue for the quarter under review. (Source: StarBiz)

Mida okays RM2bn RE investments The Malaysian Investment Development Authority (Mida) approved investments totalling RM2.07bn in renewable energy (RE) projects in the first 8 months this year, up from RM1.37bn approved for the whole of 2015. German companies not only continue to invest in Malaysia, but more importantly in quality projects while incorporating the latest technology and high value added activities. (Source: Bernama)


Market Insight

LOCAL AND GLOBAL ECONOMIC NEWS US 3Q growth revised up to 3.2% The US economy grew faster than initially thought in the third quarter, notching its best performance in 2 years, buoyed by strong consumer spending and a surge in soybean exports. GDP increased at a 3.2% annual rate instead of the previously reported 2.9% pace. Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4% pace. Growth was also lifted by upward revisions to business investment in structures and home building, underscoring the economy's solid fundamentals that further bolster the case for the Federal Reserve to raise interest rates next month. (Source: Reuters) S&P: Higher interest costs and volatile foreign exchange rates to be top credit risks for Asia-Pacific in 2017 Potentially higher interest costs and volatile foreign exchange rates represent the top credit risks for Asia-Pacific going into 2017. Uncertainty about the policies of the future President-elect Donald Trump’s administration is dominating financial markets. Rising US stock markets, a sell-off in global debt markets, and the significant strengthening of the USD showed that markets are already testing a scenario that incorporates key features of Trump’s campaign: fiscal stimulus through increased infrastructure spending and tax cuts; rising inflation; and a tightening monetary policy. (Source: StarBiz) China forex regulator tightens controls to stem capital outflows China is stepping up measures to stem capital outflows after the yuan currency skidded to more than 8-year lows, taking aim at outbound investments that have soared to a record high. The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth $5m or more and is stepping up scrutiny of major outbound deals, including those with prior approval. Capital outflows through both legal and illegal channels have added pressure on the yuan. The Chinese currency has depreciated nearly 6% against a strong dollar so far this year and many traders are betting on further losses, raising the spectre of more capital flight. (Source: Reuters) Oil tumbles nearly 4% on doubts over OPEC production cut Oil slumped by roughly 4% on Tuesday as OPEC's leading oil exporters struggled to agree on a deal to cut production to reduce global oversupply and boost prices, with Iran and Iraq at loggerheads with Saudi Arabia a day ahead of meeting. Brent futures fell $1.86, or 3.9%, to settle at $46.38 a barrel, while US crude lost $1.85, or 3.9%, to $45.23. That was the biggest daily percentage decline for Brent since September. Those declines put both global benchmarks on track to fall for a 2

nd month in a row, with US crude down around 3% and Brent down almost 4%. (Source: Reuters)

Indonesia c.bank buys 6.5trn rupiah of local bonds after Trump jolt Indonesia’s central bank bought 6.5trn IDR (RM2.14bn) in Indonesian government bonds in the secondary market to temper market volatility after the US presidential election. Bank Indonesia bought a portion of the Indonesian government bonds that foreign investors sold in the wake of the US presidential election on Nov 8. The c.bank bought about 6.5 trn IDR, adding that foreign investor outflows from Indonesia’s government bond market amounted to about 24trn IDR (RM7.9bn) over that span. (Source: Reuters)


Market Insight

ECONOMIC CALENDAR

Date Time Country Event Survey Actual Prior Revised

11/30/2016 01:00 UR PPI YoY Nov -- -2.90% -3.40% --

11/30/2016 01:00 UR PPI MoM Nov -- 0.14% -1.60% --

11/30/2016 07:00 SK Industrial Production SA MoM Oct -0.50% -1.70% 0.30% 0.60%

11/30/2016 07:00 SK Industrial Production YoY Oct -1.30% -1.60% -2.00% -1.70%

11/30/2016 07:00 SK Cyclical Leading Index Change Oct -- 0.1 0.2 -- 11/30/2016 07:50 JN Industrial Production MoM Oct P 0.00% -- 0.60% --

11/30/2016 07:50 JN Industrial Production YoY Oct P -1.30% -- 1.50% --

11/30/2016 08:00 NZ ANZ Activity Outlook Nov -- -- 38.4 --

11/30/2016 08:00 NZ ANZ Business Confidence Nov -- -- 24.5 --

11/30/2016 08:01 UK GfK Consumer Confidence Nov -4 -- -3 -- 11/30/2016 08:01 UK Lloyds Business Barometer Nov -- -- 37 --

11/30/2016 08:30 AU Building Approvals MoM Oct 2.00% -- -8.70% --

11/30/2016 08:30 AU Building Approvals YoY Oct -6.20% -- -6.40% --

11/30/2016 08:30 AU Private Sector Credit MoM Oct 0.40% -- 0.40% --

11/30/2016 08:30 AU Private Sector Credit YoY Oct 5.20% -- 5.40% --

11/30/2016 09:45 CH Westpac-MNI Consumer Sentiment Nov -- -- 117.1 --

11/30/2016 10:00 NZ Money Supply M3 YoY Oct -- -- 4.80% --

11/30/2016 10:00 SI Money Supply M1 YoY Oct -- -- 5.10% --

11/30/2016 10:00 SI Money Supply M2 YoY Oct -- -- 5.20% --

11/30/2016 10:00 SI Bank Loans and Advances YoY Oct -- -- -0.80% --

11/30/2016 10:00 SI Credit Card Billings SGD Oct -- -- 4140.9m --

11/30/2016 10:00 SI Credit Card Bad Debts SGD Oct -- -- 22.8m --

11/30/2016 11:00 SK Short-Term External Debt 3Q -- -- $106.8b --

11/30/2016 12:00 TH Mfg Production Index ISIC NSA YoY Oct -0.20% -- 0.60% --

11/30/2016 12:00 TH Capacity Utilization ISIC Oct -- -- 65.2 --

11/30/2016 12:00 JN Vehicle Production YoY Oct -- -- 1.40% --

11/30/2016 13:00 JN Housing Starts YoY Oct 11.00% -- 10.00% --

11/30/2016 13:00 JN Annualized Housing Starts Oct 0.964m -- 0.984m --

11/30/2016 13:00 JN Construction Orders YoY Oct -- -- 16.30% --

11/30/2016 13:00 JN Small Business Confidence Nov 48 -- 48.3 --

11/30/2016 14:00 ES Retail Trade (YoY) Oct -- -- 5% --

11/30/2016 15:00 GE Retail Sales MoM Oct 1.00% -- -1.40% --

11/30/2016 15:00 GE Retail Sales YoY Oct 1.00% -- 0.40% --

11/30/2016 15:00 FI Trade Balance Sep F -- -- -70m --

11/30/2016 15:00 NO Credit Indicator Growth YoY Oct 5.10% -- 5.10% --

11/30/2016 15:00 TU Trade Balance Oct -4.10b -- -4.36b --

11/30/2016 15:00 SZ UBS Consumption Indicator Oct 1.55 -- 1.59 --

11/30/2016 15:30 TH Exports YoY Oct -- -- 3.50% --

11/30/2016 15:30 TH Exports Oct -- -- $19303m -- 11/30/2016 15:30 TH Imports YoY Oct -- -- 1.70% --

11/30/2016 15:30 TH Imports Oct -- -- $15582m --

11/30/2016 15:30 TH Trade Balance Oct -- -- $3721m --

11/30/2016 15:30 TH BoP Current Account Balance Oct $3200m -- $2929m --

11/30/2016 15:30 TH BoP Overall Balance Oct -- -- -$1108m --

11/30/2016 15:45 FR PPI MoM Oct -- -- 0.10% --

11/30/2016 15:45 FR PPI YoY Oct -- -- -1.70% --

11/30/2016 15:45 FR CPI EU Harmonized MoM Nov P -0.10% -- 0.00% --

11/30/2016 15:45 FR CPI EU Harmonized YoY Nov P 0.60% -- 0.50% --

11/30/2016 15:45 FR CPI MoM Nov P -0.10% -- 0.00% --

11/30/2016 15:45 FR CPI YoY Nov P 0.50% -- 0.40% --

11/30/2016 16:00 DE Unemployment Rate SA Oct -- -- 3.40% --

Source: Bloomberg, BIMB Securities


Market Insight

PIVOT POINT ANALYSIS

Stocks Closing

Price S3 S2 S1

Pivot Point

R1 R2 R3 Est.

Weighting.

FBMKLCI Index 1626.93 1619.69 1622.54 1624.52 1627.37 1629.35 1632.20 1634.18 n.a.

FBM Hijrah Shariah 13326.39 13244.45 13272.45 13299.08 13327.08 13353.71 13381.71 13408.34 n.a.

Autos

APM Automotive 3.440 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.242%

Delloyd Ventures n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

MBM Resources 2.400 2.370 2.375 2.390 2.395 2.410 2.415 2.430 0.34%

Tan Chong 1.860 1.860 1.860 1.860 1.860 1.860 1.860 1.860 0.436%

UMW 4.870 4.570 4.720 4.770 4.920 4.970 5.120 5.170 2.044%

Building Materials Ann Joo Resource 2.000 1.970 1.980 1.990 2.000 2.010 2.020 2.030 0.360%

Alum Co of Malay 0.940 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.045%

Choo Bee Metal 1.800 1.785 1.793 1.795 1.803 1.805 1.813 1.815 0.070%

CSC Steel 2.050 2.005 2.023 2.035 2.053 2.065 2.083 2.095 0.272%

Eksons Corp 0.890 0.875 0.883 0.885 0.893 0.895 0.903 0.905 0.051%

Engtex Group 1.130 1.055 1.093 1.105 1.143 1.155 1.193 1.205 0.125%

Goh Ban Huat 1.400 1.400 1.400 1.400 1.400 1.400 1.400 1.400 0.094%

Hiap Teck 0.280 0.265 0.273 0.275 0.283 0.285 0.293 0.295 0.129%

Jaks Resources 1.010 0.950 0.975 0.990 1.015 1.030 1.055 1.070 0.159%

Java 0.070 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.004%

Kim Hin Ind 1.890 1.785 1.818 1.855 1.888 1.925 1.958 1.995 0.095%

Kinsteel 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.017%

Lafarge M Cement 7.300 7.015 7.158 7.205 7.348 7.395 7.538 7.585 2.229%

Lion Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Lion Industries 0.390 0.368 0.374 0.383 0.389 0.398 0.404 0.413 0.096%

Malaysia Smelting 4.100 3.830 3.965 4.010 4.145 4.190 4.325 4.370 0.147%

Masteel 0.675 0.593 0.626 0.648 0.681 0.703 0.736 0.758 0.059%

Melewar Ind 0.395 0.298 0.346 0.363 0.411 0.428 0.476 0.493 0.032%

MTD ACPI 0.315 0.308 0.311 0.313 0.316 0.318 0.321 0.323 0.026% Pantech 0.530 0.515 0.523 0.525 0.533 0.535 0.543 0.545 0.117%

Perwaja 0.110 0.095 0.098 0.105 0.108 0.115 0.118 0.125 0.022%

Press Metal 1.660 1.600 1.620 1.640 1.660 1.680 1.700 1.720 2.203%

Southern Steel 1.150 1.075 1.103 1.125 1.153 1.175 1.203 1.225 0.174%

Tasek 13.500 13.080 13.150 13.360 13.430 13.640 13.710 13.920 0.588%

Tong Herr 2.150 1.970 2.015 2.090 2.135 2.210 2.255 2.330 0.119%

Conglomerates

Cahya Mata Sarawak 3.620 3.545 3.573 3.595 3.623 3.645 3.673 3.695 1.397% Lion Diversified 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.030 0.015%

Hap Seng Cons 7.860 7.650 7.755 7.790 7.895 7.930 8.035 8.070 7.031%

MMC 2.400 2.325 2.343 2.375 2.393 2.425 2.443 2.475 2.63%

Sime Darby 8.150 8.045 8.088 8.115 8.158 8.185 8.228 8.255 19.453%

YTL Corp 1.490 1.445 1.468 1.475 1.498 1.505 1.528 1.535 5.635%

Construction

AZRB 0.620 0.583 0.596 0.608 0.621 0.633 0.646 0.658 0.107%

Ekovest 2.290 2.200 2.235 2.260 2.295 2.320 2.355 2.380 0.704%

Fajar Baru 0.550 0.543 0.546 0.548 0.551 0.553 0.556 0.558 0.071%

Favelle Favco 2.320 2.245 2.263 2.295 2.313 2.345 2.363 2.395 0.184%

Gamuda 4.780 4.660 4.685 4.740 4.765 4.820 4.845 4.900 4.161%

Hock Seng Lee 1.690 1.660 1.665 1.680 1.685 1.700 1.705 1.720 0.334%

IJM Corp 3.250 3.115 3.168 3.205 3.258 3.295 3.348 3.385 4.206%

Kimlun 2.060 1.955 2.008 2.025 2.078 2.095 2.148 2.165 0.230%

KKB Engineer 1.330 1.270 1.280 1.310 1.320 1.350 1.360 1.390 0.123%

MRCB 1.260 1.215 1.228 1.245 1.258 1.275 1.288 1.305 0.971%


Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Mudajaya 0.820 0.798 0.801 0.813 0.816 0.828 0.831 0.843 0.16%

Muhibbah 2.110 2.020 2.055 2.080 2.115 2.140 2.175 2.200 0.36%

Naim Hold 1.390 1.345 1.358 1.375 1.388 1.405 1.418 1.435 0.12%

Sunway Hldgs 2.960 2.840 2.895 2.920 2.975 3.000 3.055 3.080 2.159%

TRC Synergy 0.395 0.335 0.363 0.375 0.403 0.415 0.443 0.455 0.068% TSR Capital 0.460 0.423 0.441 0.448 0.466 0.473 0.491 0.498 0.029%

Zelan 0.115 0.093 0.101 0.108 0.116 0.123 0.131 0.138 0.035%

Consumer/Retail

Aeon Co (M) 2.620 2.560 2.570 2.600 2.610 2.640 2.650 2.680 1.322%

Ajinomoto 13.080 12.660 12.840 12.940 13.120 13.220 13.400 13.500 0.286%

Apollo Food 5.850 5.835 5.843 5.845 5.853 5.855 5.863 5.865 0.168%

Bonia 0.555 0.540 0.543 0.550 0.553 0.560 0.563 0.570 0.161%

CI Holdings 2.590 2.500 2.520 2.560 2.580 2.620 2.640 2.680 0.151%

Cocoaland 1.990 1.915 1.933 1.965 1.983 2.015 2.033 2.065 0.164%

Dutch Lady 55.400 54.170 54.685 54.990 55.505 55.810 56.325 56.630 1.274%

Guan Chong 1.100 1.040 1.060 1.080 1.100 1.120 1.140 1.160 0.189%

Hai-O Ent 3.720 3.660 3.680 3.700 3.720 3.740 3.760 3.780 0.258%

Hovid 0.360 0.353 0.356 0.358 0.361 0.363 0.366 0.368 0.106%

Hup seng Inds 1.160 1.130 1.140 1.150 1.160 1.170 1.180 1.190 0.333%

K-Star Sports 0.060 0.053 0.054 0.058 0.059 0.063 0.064 0.068 0.006%

Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Padini 2.610 2.550 2.580 2.590 2.620 2.630 2.660 2.670 0.617%

Parkson Holdings 0.690 0.668 0.674 0.683 0.689 0.698 0.704 0.713 0.266%

Pelikan International 0.855 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.168%

Poh Kong 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.067%

QL Resources 4.300 4.240 4.265 4.280 4.305 4.320 4.345 4.360 1.928%

Silver Bird n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Three-A Resource 1.310 1.295 1.298 1.305 1.308 1.315 1.318 1.325 0.185%

Xingquan Int’l 0.095 0.095 0.095 0.095 0.095 0.095 0.095 0.095 0.020%

Yee Lee Corp 2.320 2.275 2.288 2.305 2.318 2.335 2.348 2.365 0.157%

Zhulian 1.340 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.221%

Education

HELP Int’l n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Masterskill n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

SEG Int’l 1.110 1.095 1.098 1.105 1.108 1.115 1.118 1.125 0.288%

Finance

BIMB Hold. 4.190 4.130 4.160 4.170 4.200 4.210 4.240 4.250 2.392%

Syarikat Takaful 4.180 4.090 4.110 4.150 4.170 4.210 4.230 4.270 1.233%

Healthcare

Apex Healthcare 4.700 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.198%

CCM Duopharma 2.050 2.050 2.050 2.050 2.050 2.050 2.050 2.050 0.205%

KPJ Healthcare 4.190 4.160 4.165 4.180 4.185 4.200 4.205 4.220 1.577%

Faber Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Manufacturing

CBIP 1.950 1.935 1.943 1.945 1.953 1.955 1.963 1.965 0.367%

Chin Well 1.550 1.490 1.515 1.530 1.555 1.570 1.595 1.610 0.167%

Daibochi Plastic 2.300 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.225%

Evergreen Fibre 0.945 0.848 0.889 0.913 0.954 0.978 1.019 1.043 0.287%

George Kent 2.810 2.690 2.750 2.770 2.830 2.850 2.910 2.930 0.379%

Guh Holdings 0.820 0.813 0.816 0.818 0.821 0.823 0.826 0.828 0.078%

Hil Industries 0.880 0.880 0.880 0.880 0.880 0.880 0.880 0.880 0.087%

Hong Leong Ind 9.740 9.260 9.380 9.580 9.700 9.900 10.020 10.220 1.118%


Market Insight



R1 R2 R3 Est.

Weighting

KYM Hldgs 0.310 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.017%

MWE Hold 1.240 1.180 1.200 1.220 1.240 1.260 1.280 1.300 0.103%

Muda Hold 1.530 1.410 1.470 1.490 1.550 1.570 1.630 1.650 0.168%

NTPM Hold. 0.840 0.818 0.821 0.833 0.836 0.848 0.851 0.863 0.339%

Nylex Malaysia 0.580 0.550 0.565 0.570 0.585 0.590 0.605 0.610 0.040%

Perstima 6.680 6.485 6.583 6.615 6.713 6.745 6.843 6.875 0.238%

Scientex 6.780 6.600 6.690 6.720 6.810 6.840 6.930 6.960 1.129%

Sino Hua-an 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.025 0.010%

SLP Resources 2.300 2.285 2.293 2.295 2.303 2.305 2.313 2.315 0.204%

Wellcall 1.830 1.800 1.810 1.820 1.830 1.840 1.850 1.860 0.218%

Media

Media Chinese 0.660 0.645 0.648 0.655 0.658 0.665 0.668 0.675 0.400%

Star Publication 2.410 2.350 2.360 2.390 2.400 2.430 2.440 2.470 0.639%

Utusan Melayu 0.380 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.015%

Oil & Gas

Alam Maritim 0.200 0.200 0.200 0.200 0.200 0.200 0.200 0.200 0.066%

Daya Materials 0.055 0.048 0.051 0.053 0.056 0.058 0.061 0.063 0.037%

Dayang Ent. 0.770 0.725 0.748 0.755 0.778 0.785 0.808 0.815 0.243%

Deleum 0.845 0.770 0.805 0.820 0.855 0.870 0.905 0.920 0.121%

Dialog group 1.540 1.510 1.515 1.530 1.535 1.550 1.555 1.570 2.958%

ESSO Malaysia 4.210 4.120 4.145 4.180 4.205 4.240 4.265 4.300 0.408%

KNM Group 0.325 0.288 0.304 0.313 0.329 0.338 0.354 0.363 0.249%

MMHE 0.865 0.843 0.846 0.858 0.861 0.873 0.876 0.888 0.497%

Perisai Petroleum 0.045 0.038 0.041 0.043 0.046 0.048 0.051 0.053 0.020%

Petra Energy 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.950 0.110%

Pet Chem 6.800 6.650 6.715 6.750 6.815 6.850 6.915 6.950 19.545%

Pet Dag 23.520 23.310 23.375 23.450 23.515 23.590 23.655 23.730 8.395%

Pet Gas 21.360 21.120 21.200 21.280 21.360 21.440 21.520 21.600 15.185%

Ramunia Hold 0.100 0.093 0.096 0.098 0.101 0.103 0.106 0.108 0.040%

SAAG Cons. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sapurakencana 1.410 1.350 1.375 1.390 1.415 1.430 1.455 1.470 3.036%

Scomi Eng 0.175 0.153 0.156 0.168 0.171 0.183 0.186 0.198 0.022%

Scomi Group 0.095 0.080 0.085 0.090 0.095 0.100 0.105 0.110 0.065%

Shell Refining 2.800 2.590 2.690 2.730 2.830 2.870 2.970 3.010 0.302%

Tanjung Offshore 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.040%

Wah Seong 0.795 0.758 0.776 0.783 0.801 0.808 0.826 0.833 0.221%

Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plantation

Batu Kawan 18.280 18.160 18.220 18.240 18.300 18.320 18.380 18.400 2.661%

BLD Plantation 8.500 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.286%

Cepat Wawasan 0.915 0.855 0.873 0.895 0.913 0.935 0.953 0.975 0.102%

Genting Plant 10.640 10.490 10.535 10.590 10.635 10.690 10.735 10.790 3.033%

Golden Land 0.610 0.610 0.610 0.610 0.610 0.610 0.610 0.610 0.047%

Gopeng 1.280 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.082%

Hap Seng Plant 2.440 2.410 2.420 2.430 2.440 2.450 2.460 2.470 0.701%

IJM Plant. 3.320 3.305 3.313 3.315 3.323 3.325 3.333 3.335 1.050%

Inch Ken Kajang 0.680 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.099%

IOI 4.360 4.300 4.320 4.340 4.360 4.380 4.400 4.420 9.850%

Keck Seng Malay 4.720 4.675 4.698 4.705 4.728 4.735 4.758 4.765 0.609%

Kim Loong 3.400 3.400 3.400 3.400 3.400 3.400 3.400 3.400 0.380%

Kretam Holdings 0.535 0.513 0.524 0.528 0.539 0.543 0.554 0.558 0.378%

KLK 23.880 23.640 23.730 23.800 23.890 23.960 24.050 24.120 9.137%

Kulim Malaysia n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Rimbunan Sawit 0.500 0.478 0.486 0.493 0.501 0.508 0.516 0.523 0.255%


Market Insight



R1 R2 R3 Est.

Weighting

Riverview Rubber 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 0.084%

Sarawak Plant 1.740 1.740 1.740 1.740 1.740 1.740 1.740 1.740 0.175%

TDM 0.690 0.660 0.673 0.680 0.693 0.700 0.713 0.720 0.373%

TH Plant 1.130 1.070 1.100 1.110 1.140 1.150 1.180 1.190 0.359%

Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

United Plant 26.500 26.470 26.485 26.490 26.505 26.510 26.525 26.530 1.978%

Power

TNB 14.080 13.840 13.920 14.000 14.080 14.160 14.240 14.320 28.592%

YTL Power 1.450 1.405 1.418 1.435 1.448 1.465 1.478 1.495 4.042%

Property

A & M Realty 1.040 1.040 1.040 1.040 1.040 1.040 1.040 1.040 0.136%

Am Corp Prop. 0.765 0.750 0.755 0.760 0.765 0.770 0.775 0.780 0.163%

Symphony Life Bh 0.640 0.625 0.633 0.635 0.643 0.645 0.653 0.655 0.071%

Crescendo Corp 1.480 1.480 1.480 1.480 1.480 1.480 1.480 1.480 0.121%

Daiman Develop 2.270 2.270 2.270 2.270 2.270 2.270 2.270 2.270 0.172%

Damansara Realty 0.590 0.590 0.590 0.590 0.590 0.590 0.590 0.590 0.066%

Dijaya n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Dutaland 0.395 0.380 0.385 0.390 0.395 0.400 0.405 0.410 0.120%

E&O 1.460 1.400 1.430 1.440 1.470 1.480 1.510 1.520 0.659%

Global Oriental 0.310 0.295 0.298 0.305 0.308 0.315 0.318 0.325 0.051%

Glomac 0.730 0.715 0.723 0.725 0.733 0.735 0.743 0.745 0.190%

Hunza Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Ivory Properties 0.455 0.440 0.448 0.450 0.458 0.460 0.468 0.470 0.080%

KLCC Property n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

KSL Hold. 1.070 1.025 1.043 1.055 1.073 1.085 1.103 1.115 0.396%

Kump Hartanah n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Kump Perangsang 1.170 1.125 1.148 1.155 1.178 1.185 1.208 1.215 0.210%

LBS Bina Group 1.680 1.635 1.653 1.665 1.683 1.695 1.713 1.725 0.387%

Magna Prima 0.980 0.980 0.980 0.980 0.980 0.980 0.980 0.980 0.117%

Mah Sing 1.470 1.365 1.413 1.435 1.483 1.505 1.553 1.575 1.273%

Malton 0.700 0.655 0.675 0.685 0.705 0.715 0.735 0.745 0.113%

MK Land 0.280 0.273 0.276 0.278 0.281 0.283 0.286 0.288 0.121%

Nadayu n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plenitude 1.590 1.590 1.590 1.590 1.590 1.590 1.590 1.590 0.218%

Selangor Prop 4.500 4.500 4.500 4.500 4.500 4.500 4.500 4.500 0.556%

Selangor Dredging 0.830 0.808 0.819 0.823 0.834 0.838 0.849 0.853 0.127%

SP Setia 3.280 3.145 3.183 3.235 3.273 3.325 3.363 3.415 3.363%

Sunway 2.960 2.840 2.895 2.920 2.975 3.000 3.055 3.080 2.159%

Suria Capital 2.050 1.885 1.913 1.995 2.023 2.105 2.133 2.215 0.212%

Talam Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Tebrau Teguh n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

UEM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

WCT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Wing Tai 1.070 1.070 1.070 1.070 1.070 1.070 1.070 1.070 0.183%

YNH Property 1.530 1.470 1.480 1.510 1.520 1.550 1.560 1.590 0.289%

YTL Land & Dev 0.570 0.563 0.566 0.568 0.571 0.573 0.576 0.578 0.170%

Rubber Glove

Adventa 0.710 0.710 0.710 0.710 0.710 0.710 0.710 0.710 0.039%

Hartalega 4.700 4.595 4.638 4.665 4.708 4.735 4.778 4.805 2.771%

Kossan 6.690 6.660 6.670 6.680 6.690 6.700 6.710 6.720 1.537%

Latexx Partners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Rubberex 0.775 0.753 0.764 0.768 0.779 0.783 0.794 0.798 0.064% Supermax Corp 2.230 2.140 2.155 2.200 2.215 2.260 2.275 2.320 0.538%


Market Insight



R1 R2 R3 Est.

Weighting

Top Glove 5.050 4.885 4.963 4.995 5.073 5.105 5.183 5.215 2.273%

Technology

Compugates 0.035 0.028 0.029 0.033 0.034 0.038 0.039 0.043 0.027%

D&O Green Tech 0.300 0.278 0.284 0.293 0.299 0.308 0.314 0.323 0.107%

ETI Tech n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formis Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formosa Prosonic 0.810 0.803 0.804 0.808 0.809 0.813 0.814 0.818 0.072%

Frontken 0.150 0.143 0.146 0.148 0.151 0.153 0.156 0.158 0.056%

Globetronics 3.410 3.200 3.290 3.340 3.430 3.480 3.570 3.620 0.345%

JCY Int’l 0.515 0.508 0.511 0.513 0.516 0.518 0.521 0.523 0.381%

Key Asic 0.065 0.043 0.051 0.058 0.066 0.073 0.081 0.088 0.020%

MPI 7.360 6.790 7.045 7.170 7.425 7.550 7.805 7.930 0.526%

Notion V-Tec 0.405 0.390 0.398 0.400 0.408 0.410 0.418 0.420 0.039%

Panasonic Man 34.580 33.560 34.020 34.240 34.700 34.920 35.380 35.600 0.755%

Supportive n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Symphony House n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Uchi Tech 1.800 1.770 1.780 1.790 1.800 1.810 1.820 1.830 0.282%

Unisem 2.360 2.285 2.318 2.335 2.368 2.385 2.418 2.435 0.622%

VS Industry 1.400 1.355 1.373 1.385 1.403 1.415 1.433 1.445 0.589%

Telcos

Axiata Group 4.320 4.005 4.058 4.215 4.268 4.425 4.478 4.635 13.924%

DiGi.Com 4.950 4.845 4.873 4.915 4.943 4.985 5.013 5.055 13.827%

Green Packet 0.275 0.268 0.271 0.273 0.276 0.278 0.281 0.283 0.068%

Maxis 5.910 5.760 5.830 5.860 5.930 5.960 6.030 6.060 15.947%

Telekom Malaysia 6.170 5.975 6.053 6.105 6.183 6.235 6.313 6.365 8.330%

Time Dotcom 7.820 7.700 7.740 7.780 7.820 7.860 7.900 7.940 1.625%

Timber

Jaya Tiasa 1.360 1.330 1.340 1.350 1.360 1.370 1.380 1.390 0.473%

Subur Tiasa 1.380 1.320 1.350 1.360 1.390 1.400 1.430 1.440 0.093%

WTK 1.040 1.010 1.015 1.030 1.035 1.050 1.055 1.070 0.178%

Transport/Logistics

Bintulu Port 6.550 6.550 6.550 6.550 6.550 6.550 6.550 6.550 1.083%

Airasia 2.670 2.520 2.575 2.620 2.675 2.720 2.775 2.820 2.670%

Century Logistic 0.875 0.853 0.861 0.868 0.876 0.883 0.891 0.898 0.121%

Cycle & Carriage 2.900 2.900 2.900 2.900 2.900 2.900 2.900 2.900 0.105%

Hubline 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.023%

Integrated Log. 0.875 0.860 0.863 0.870 0.873 0.880 0.883 0.890 0.054%

Integrax n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Konsortium n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Maybulk 0.705 0.683 0.691 0.698 0.706 0.713 0.721 0.728 0.253%

MISC 7.200 7.080 7.120 7.160 7.200 7.240 7.280 7.320 11.547%

NCB Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Scomi Energy Ser 0.140 0.125 0.128 0.135 0.138 0.145 0.148 0.155 0.118%

Water & Infrastructure

PBA Hold 1.140 1.125 1.133 1.135 1.143 1.145 1.153 1.155 0.136%

Puncak Niaga 0.895 0.865 0.878 0.885 0.898 0.905 0.918 0.925 0.144%

Salcon 0.570 0.548 0.556 0.563 0.571 0.578 0.586 0.593 0.132%

Taliworks Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Lingkaran Trans 5.800 5.650 5.715 5.750 5.815 5.850 5.915 5.950 1.095%

Protasco 1.220 1.205 1.208 1.215 1.218 1.225 1.228 1.235 0.186%


Market Insight

Note: R = Resistance S = Support Est. Weight = Based on FBMah Mkt. Cap

Stocks

Closing Price


R1 R2 R3 Est.

Weighting

Ancom 0.335 0.328 0.329 0.333 0.334 0.338 0.339 0.343 0.026% Asia File 3.760 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.260%

Boustead Heavy 1.800 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.161%

Eden Inc 0.195 0.173 0.176 0.188 0.191 0.203 0.206 0.218 0.022%

Fima Corp 2.100 2.085 2.088 2.095 2.098 2.105 2.108 2.115 0.182%

Kumpulan FIMA 1.750 1.720 1.730 1.740 1.750 1.760 1.770 1.780 0.177%

KUB Malaysia 0.320 0.298 0.301 0.313 0.316 0.328 0.331 0.343 0.064%

Pie Industrial 1.690 1.675 1.683 1.685 1.693 1.695 1.703 1.705 0.233%

Southern Acids 4.100 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.202%

Mega First 2.380 2.290 2.320 2.350 2.380 2.410 2.440 2.470 0.326%

Coastal Contract 1.310 1.160 1.205 1.260 1.305 1.360 1.405 1.460 0.250%

Time Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sealink Int'l 0.155 0.133 0.139 0.148 0.154 0.163 0.169 0.178 0.028%

Shin Yang 0.270 0.255 0.260 0.265 0.270 0.275 0.280 0.285 0.116%

Jobstreet Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Myeg Services 2.210 2.120 2.165 2.180 2.225 2.240 2.285 2.300 1.906%

Pos Malaysia 3.850 3.640 3.705 3.780 3.845 3.920 3.985 4.060 1.083%

Picorp 0.140 0.133 0.134 0.138 0.139 0.143 0.144 0.148 0.033%

Lion Forest 0.450 0.405 0.418 0.435 0.448 0.465 0.478 0.495 0.037%


Market Insight

DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months. TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10% over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15% in the next 3 months. SELL Share price may fall by more than 10% over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION OVERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to outperform the relevant primary market

index over the next 12 months NEUTRAL The Industry as defined by the analyst’s coverage universe, is expected to perform in line with the relevant primary

market index over the next 12 months UNDERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to underperform the relevant primary

market index over the next 12 months Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn may from time to time have a position in or either the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to change without notice. BIMB Securities Sdn accepts no liability for any direct, indirect or consequential loss arising from use of this report.

Published by

BIMB SECURITIES SB (290163-X) A Participating Organisation of Bursa Malaysia Securities Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur Tel: 03-2613 1600 Fax: 03-2613 1799 Azharuddin Nordin http://www.bimbsec.com.my Head of Research

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..



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