Author Topic: TIME TO INVEST IN BURSA ??  (Read 28467 times)

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Re: TIME TO INVEST IN BURSA ??
« Reply #150 on: March 08, 2017, 06:49:21 AM »



Tuesday, 7 March 2017 | MYT 9:57 PM
EPF ceases to be Bursa Malaysia’s substantial shareholder
image: http://www.thestar.com.my/~/media/online/2017/03/07/14/02/dcx_doc6s6o6ldo74gw74fmegp.ashx/?w=620&h=413&crop=1&hash=482E5F8BE912AEC18E97993D5747189624D3A9B0
The EPF has been disposing shares in Bursa Malaysia since early December 2016.
The EPF has been disposing shares in Bursa Malaysia since early December 2016.
 
PETALING JAYA: The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in stock exchange operator Bursa Malaysia Bhd after disposing 500,000 shares last Thursday, leaving it with 26.56 million shares or 4.95%, according to the latest filing with the bourse.

Within the week prior to Friday, the retirement fund had disposed of a total of 220,000 shares on three separate days, reducing its stake in Bursa to 5.046% or 27.06 million share.

The EPF has been disposing shares in Bursa Malaysia since early December 2016. In that month, it sold a 1.21% stake or 6.48 million Bursa Malaysia shares.

Year-to-date, it has sold 1.29% or 6.94 million shares.

Bursa shares gained 12 sen on Tuesday to RM9.23, with 1.82 million shares changing hands.

Read more at http://www.thestar.com.my/business/business-news/2017/03/07/epf-ceases-to-be-bursa-malaysias-substantial-shareholder/#M5JKyHbPs3XufSOU.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #151 on: March 12, 2017, 08:38:34 AM »



Saturday, 11 March 2017 | MYT 7:58 PM
Fundamental difference between stocks and commodities
BY MARK REIJMAN

image: http://www.thestar.com.my/~/media/online/2017/03/11/12/01/commoditiesstocks-march17.ashx/?w=620&h=413&crop=1&hash=1CB770EE566432BF516B5777E3AC581EC36DF3C0

 
IF YOU choose to invest, you have numerous options of assets to invest in: stocks, corporate and government bonds and commodities.

Then you have a whole range of more exotic investment instruments, like options, futures, warrants, turbo’s, (synthetic) CDO’s or CMO’s, which I will not delve further in here.

Commodities can be distinguished in four categories: energy (oil, gas, electricity), metals (gold, copper, iron), livestock and meat (beef, pork bellies, live cattle) and agricultural products (rice, palm oil, corn, coffee, cocoa, cotton, sugar, orange juice).

It is believed that 6,000 years ago, traders in China already bought and sold rice futures, a contract to buy a predetermined quantity and quality of rice at a predetermined price somewhere in the future. These futures were used by farmers who want to hedge their risk.

Farmers want to ensure that what they sow today is still valuable when they reap. By paying a premium, they are ensured of a fixed price ahead of harvesting time.

Although they miss the potential upside of possibly higher prices, they also lose the risk of possible lower prices. Nowadays, most futures are bought and sold by traders and it is standard practice to settle the contract in cash, instead of actual physical delivery of rice.

One of the differences between stocks and commodities is that the average citizen won’t be directly impacted by the rise or fall of any company’s stock.

On the other hand, a rise in the price of commodities such as electricity or rice will be directly felt through reduced purchasing power.

On the other hand, a drop in the price of oil will be felt through a smaller government budget (which the government might counter with more taxes).

Commodities represent actual, physical products, while stocks represent ownerships – a part in the future cash flows of a company. Commodities are typically traded and held for a shorter duration, while stock can be held years, even decades.

So there are multiple differences, but what is the one, big fundamental difference? This difference is that commodities won’t ‘do’ anything, while stocks do.

 Your gold won’t grow slowly from 100 to 200 grams and your rice investments will also not magically double. In fact, they might spoil!

This means that the only way to make money with commodities is to buy low and sell high, which everyone in the market is trying to do, so it is not exactly easy.

Many stocks, on the other hand, will pay you dividend, while you are holding the stock.

Even if you sell after a year for exactly the same price as you bought, you will have made a return on your investment.

Hence, stocks can "grow" in a way that commodities can’t. Stocks ‘work’ for you as the company they own tries to produce more cash flows.

So, commodities are standing still, their price determined by global forces of supply, demand and the occasional natural disaster.

Bonds – which generate interest payments – move very steady and predictably and at the end of the duration of the bond, you will get your money back. Stocks, finally can move at different speeds, depending on how well the company is doing.

Does this mean stocks are most risky and commodities are safe? No, not at all. Commodities are known to be quite volatile (think of what happened to the oil price), while the volatility of stocks can be reduced fairly easy by diversifying your investments.

 I would therefore not advise commodity training for beginners. You are better of buying rice for consumption and stocks as investments.

Mark Reijman is co-founder and managing director of https://www.comparehero.my/ dedicated to increasing financial literacy and to help you save time and money by comparing all credit cards, personal loans and broadband plans in Malaysia.

Read more at http://www.thestar.com.my/business/business-news/2017/03/11/fundamental-difference-between-stocks-and-commodities/#8Y7kQrygwgdxArKj.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #152 on: March 14, 2017, 03:00:58 PM »



Tuesday, 14 March 2017 | MYT 1:15 PM
Financial services, property and consumer sectors set to outperform FBM KLCI
BY DALJIT DHESI

image: http://www.thestar.com.my/~/media/online/2016/06/02/02/27/bursa-bull-and-bear.ashx/?w=620&h=413&crop=1&hash=0F6D09A6CFA7DFC129D0854B168AC93D7757AEBC

 
PETALING JAYA: Financial services, property and consumer sectors, which are linked to cyclical upturn, could outperform the broader market this year amid a more stable currency outlook. 
Against a backdrop of a more stable currency outlook, AmInvestment Research believe investors would start to pay more attention to the cyclical upturn in corporate earnings in Malaysia, as reflected in 7.2% and 8.3% growth in FBM KLCI earnings for its 2017 and 2018 forecast respectively.


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Under this circumstance, it noted on Tuesday in a report that cyclical sectors could start to outperform the broader market, i.e. financial services (CIMB and RHB Bank), property (MRCB and Sunway) and consumer discretionary (Padini).

Besides that, the research outfit felt that small-and mid-cap stocks (defined as those with market capitalisation of up to RM2bil) could be in the limelight, thanks to the Government’s mandate to government-linked company(GLC) funds in Budget 2017 to allocate up to RM3bil to invest in this space, backed by equity research financed with an initial funding of RM75mil from the Capital Market Development Fund administered by Bursa Malaysia.
AmInvestment Research said towards this end, it added that it liked high growth small and mid cap stocks such as VS Industry, OldTown and Bison. The research outfit  was maintaining its  end 2017 KLCI target of 1,745 points and end-2018  target of 1,900 points, based on 17.5 times 2017 and 2018 forecast earnings respectively.

In a report entitled, “Malaysia a winner as Emerging Markets brave political uncertainty In Eurozone” the research house believe the portfolio rebalancing out of emerging markets, triggered by the expectations of a steeper rate hike cycle in the US post Trump’s victory in the US Presidential Election in Nov 2016, has somewhat run its full course.

“Not only have major emerging market equity indices recouped all losses from the Trump selloff in Nov 2016, they have surpassed the levels before the selloff to hit new 18-24 month highs.
"Similarly, emerging market bond yields have come off their recent highs, while emerging market currencies have come off their recent lows, and they have since seemingly found their support levels,’’ it added.


Read more at http://www.thestar.com.my/business/business-news/2017/03/14/cyclical-sectors-to-outperform-market/#lj4PmyIqQm6sUSp4.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #153 on: March 16, 2017, 07:03:19 AM »



财经  2017年03月15日
日均交易值超预期 马交所前景看高一线

日均交易值超预期 马交所前景看高一线
截至3月13日为止,大马交易所每日平均交易值为28亿3000万令吉,按月上扬11.8%。

(吉隆坡15日讯)由于马股今年以来(截至3月13日)的交易数据超越预期,分析员上调大马交易所(BURSA,1818,主板金融股)的財测、投资评级和目標价;同时,也预测大马交易所將派发较高的股息,周息率介于6至6.5%。

从年初至3月13日,大马交易所每日平均交易值(ADV)达23亿3000令吉,高于艾芬黄氏资本分析员所预测的19亿9000万令吉,表现超预期。

该分析员指出,大马交易所今年1月的每日平均交易值按月上涨9.6%,至19亿3000万令吉;2月则达25亿3000万令吉,按月增长31%。截至3月13日为止,3月的每日平均交易值为28亿3000万令吉,按月上扬11.8%。

在衍生品市场方面,1月和2月的平均每日交易量按月增加9.9%及36.7%,但在3月却按月下滑27%。


儘管衍生品的日均合约交易量(ADC)为5万2484宗,略低于预测的5万9500宗,但分析员认为,日均合约交易量在未来数月有上升空间,因为投资情绪正在改善。

大马交易所的交易数据显示,截至今年3月13日,股票市场情绪转为乐观,本地机构投资者占交易总值的49%至50%,外国投资者佔约20%(与2015至2016年的25至26%相比,处在下跌趋势)。

5利好支撑市场动力

分析员称,如果乐观的情绪持续,相信流入大马的资金將强稳,以及预料资金將从债市流向股市,这有利于大马交易所的前景。

「我们认为,5个利好將支撑目前的市场动力,即:一、企业盈利復甦;二、活络的企业活动,包括新股上市、企业合併或分拆;三、股市交投炙热;四、商品价格处在良好的周期;五、即將举行的全国大选。

艾芬黄氏资本分析员指出,隨著调高马股的每日平均交易值预测和衍生產品的每日平均合约交易量,他也將大马交易所2017至2019財政年的盈利预测,分別上修8.8%至19%。同时,他也將该股的投资评级从「卖出」上调至「买进」,目標价从7令吉上调至10.80令吉。

此外,他也把2017至2019財政年的每股股息预测,分別调高至60仙、55仙和45仙,净周息率分別为6.5%、6%和4.9%。

今天闭市时,大马交易所以9.18令吉平盘收市。


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Re: TIME TO INVEST IN BURSA ??
« Reply #154 on: March 18, 2017, 08:14:34 AM »



Saturday, 18 March 2017
Good year for emerging markets?
BY INTAN FARHANA ZAINUL

image: http://www.thestar.com.my/~/media/online/2017/03/17/18/56/bizw_p18a_1803_jy_11.ashx/?w=620&h=413&crop=1&hash=4BB4DD5B17286C39EC4347CBC8DAFAF907E8A141

 
STARBIZWEEK met up with Edward Evans (pic), who is part of the emerging markets (EM) equity team with Schroders Plc, at its headquarters in London recently.

Evans shares his broad view on the outlook for the EM this year, of which he reckons that 2017 would be a good year for the market after almost eight years of flat growth.

Although stocks in the EM tanked from the “Trump Tantrum” last year, there were rallies of fund inflows into the EM in the beginning of 2016.

On emerging economies, Evans says the recovery in global economies will support growth and that nations like Russia and Brazil are among his top picks, coming from a low base, and that the stock market rally would depend on oil and gas prices.

“We are constructive on the EM. The valuation seems attractive, but you need to be selective,” he says.

Below are excerpts from the interview:

The world has been undergoing slow economic growth since 2008 and the market has gone through more than eight years of a bull cycle. How do you view the market now, especially with concerns like the growth of China and Trump’s policy?

The developed market (DM) such as the United States has gone through a bull cycle, and we are currently in that theme, while the EM has actually been approximately flat. In other words, you have neither lost money nor earned it.

The MSCI EM index has been flat. Since the 2008 crisis, the index has recovered sharply, but since the end of 2009, the MSCI has been flat. Therefore, it has underperformed relative to the DM over that eight-year period. In terms of global growth, for sure it has been anaemic and boring, and we are wondering when is this ever going to change. It is interesting to note that on a year-to-date basis, global growth has actually shown a little bit more signs of synchronising pick-up in growth. However, it is not on a big scale.

This is important in the EM’s point of view because the EM, as you can imagine, is a market that benefits from increased global trading activities.

It is very good news if the global backdrop is a little bit more supportive for the EM to operate. Now, the EMs are doing far more trades with one another. If you go back 20 years, it was all about the EM exporting to the developed world.

For sure, we are still seeing it now, but in the last two decades, EM intra-trade has become far more important, and clearly, China is within that.

We are sort of coming into a period today where you ride off the slow global growth, but we are seeing signs of a pick-up in synchronised global activities. EM economies are looking a little bit better and a bit rosier, led by the two big economies of Russia and Brazil recovering from a very low base. Also, China, a big part of the EM growth story, has stabilised.

So, when you put these factors together, you can sum up quite a positive economic growth backdrop for the EM to perform in.

What happened to the EM last year? What are the big question marks in the market now?

The elephant in the room clearly has been the Trump presidency. What you saw last year after three consecutive years of EM underperformance against the DM and three consecutive years of net outflows where the sentiment was very poor towards the EM, is starting to change.

In 2016, you started to see the momentum coming back to the EM. The inflow started to come in. Our phones were ringing a lot, and people were looking to get into the EM.

So, at the industry level, you were seeing about US$12bil of net inflow, peaking towards the end of the summer in 2016.

Then came along the Trump election win, which basically put that momentum on hold. So, suddenly, you saw a reversal of those flows into the EM. At end-2016, industry flow was still positive, but very small.

In a short period of time, the market quickly priced in the stronger US story and potential trade protection measures.

Coming back to my point that the EM benefits from increasing global activities and global trading volume, once you start to see difficult world politics or any changes in trade policy, it could potentially be bad news for the EM.

Another point is that companies’ earnings in the EM are improving. At the end of the day, we are talking about the stock markets, and they react to long-term growth in earnings.

So, EM corporates are finally getting better in managing their businesses. They are cutting cost and managing capital better, and are investing more wisely. It is because if you rewind the scenario to 10 years ago, the EM corporates had it easy. A lot of these companies are in protected industries with heavy Government support, often related to commodity prices during the commodity super-cycle. It was easy to look good.

Clearly, since the financial crisis, the backdrop has been far more difficult. So, it is only recently that EM corporates have been improving, catching up with inefficiencies, and improving margins and growth.

The main question now on everyone’s mind is: “Has the outlook on the EM changed, or is it now the time to reconsider investments?”

What is your outlook on the emerging economies’ equity market this year?

There are two ways the Trump presidency can impact the EM: number one through trade, and number two through fiscal policy.

From the trade policy point of view, clearly in Trump’s campaign, he was very vocal about Mexico and he also said some points on China. So, everyone is very worried that there are negatives going to happen.

Ultimately, nobody quite knows the direction. We all know that President Trump likes to make noise, but in terms of actual policy implementation, it has so far been far more muted than the concerns we saw at the end of last year.

At the end of the day, the world has become very entwined globally. Globalisation has become so great that it’s not so straightforward to slap on tariffs or border controls because everything is integrated.

Quite frankly, nobody knows any trade policy change’s implications. But it seems like any moves would be far more selective and targeted than broad changes. Therefore, as an investor, the impact is going to be specific to a country or maybe to sectors or companies within that country.

On fiscal policy, as we mentioned earlier, so Trump came in and people thought “oh wow, he is going to embark on a massive infrastructure programme”, and that it would boost the US economy. That would probably mean that the Federal Reserve would need to tighten its interest rate policy quicker than currently anticipated.

This would mean tighter liquidity for the global market as a whole. Clearly, normally, an aggressive interest rate hike of the cycle would support the dollar.

Those two things – tighter global liquidity and a stronger dollar – are bad news for the EM.

Would you say that the US dollar is already at its peak?

Everyone had quite priced in the negatives last year. Since the rally in the US dollar in 2016, the currency started to stabilise and actually weakened a little bit this year. The market has sort of like calmed down. So, why is that? In part, I reckon Trump can’t just turn up and embark on an aggressive fiscal programme, there are other parties involved.

The other key point is that the US economy’s growth has been reasonably good from an employment point of view. It’s close to being full. So, when President Trump is talking about job creation, that is quite difficult to do, especially at this stage of the cycle.

Therefore, putting that together, it is unlikely that the dollar would go on any strong strengthening phase as it had done in the last 12 months.

Overall, this would remain a tail risk, not about the base case.

Valuation-wise, how is the EM like? Can you also briefly give us your comments on South-East Asia as well as Malaysia?

Our strategy is top-down country allocation. We identify the country first and then we look at the companies. Overall, valuations for the EM look reasonable. It looks attractive in the developed world.

Sadly, Malaysia is at the bottom of our model.

From the bottom-up perspective, Malaysia is structurally quite expensive. One of the reasons is because of the Government-linked investment companies that have a restriction to buy locally. So they form a big part of the market and keep stock prices high. So, it’s always quite an expensive market, which doesn’t help. Adding to that, it also impacts liquidity.

Meanwhile, in terms of the top-down perspective, Malaysia is quite a mature and developed market in the EM. Political instability is adding more headwinds. But, of course, at the end of the day, it’s about the valuations.

Indonesia and the Philippines have expensive valuations.

Nonetheless, we are neutral on China. It is a very big economy and is juggling with the Trump factor, a new economic model, a consumption-led economy, and at the same time, carrying out reform measures that had weighed on growth.

That said, China is usually misunderstood by investors. The outlook is bright and rosy for China. It has huge internal savings, current account surpluses and a controlled banking sector. I think the expectation is overcooked and valuations are becoming reasonable


Read more at http://www.thestar.com.my/business/business-news/2017/03/18/good-year-for-emerging-markets/#6t7GHiqTklowFbkm.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #155 on: March 18, 2017, 04:41:32 PM »



马股交投逼近50亿股
成交值创9个月新高
1894点看 2017年3月17日
报道:刘颖政
(吉隆坡17日讯)马股交投火热,今天成交量逼近50亿股,达49亿8162万8000股,写下自2014年8月21日以来最高!


黄德明


此外,成交值更突破50亿令吉大关,报50亿3655万506令吉,是自去年6月以来新高。

Areca资本总执行长黄德明认为,美联储升息幅度小于市场预期,打消了“鹰派当道”大幅调升的负面担忧,大大刺激股市投资者的乐观情绪。

“投资者认为,美联储升息程度温和且合理,没有出现市场预测的激进升息。”

除了小幅升息外,肯纳格投资银行研究主管陈建尧也认为,“升息带来股市跌势”的投资情绪,已在投资市场上完全消退,这额外扶持股市涨势。

“负面的预测已在一年多前出现,但随着市场完全消化这预测,让本地股市在美联储在今近日升息后,出现不跌反升的情况。”

另外,两人都乐见外资的流入,也异口同声认为,本地股市在短期内仍充满“牛气”。


陈建尧

牛气充斥上看1775

续首两个月净买入马股后,外资在本月初至17日共净买入22亿2525万令吉;在2月时净买入9.6亿令吉,1月份为4.2亿令吉。

富时隆综指从去年杪的1641.73点,涨至今天的1745.20点,涨幅达到6.3%或103.47点。

陈建尧看好短期马股走向,更提到综指料在未来一个月内,有潜能上探1775点水平。

隆综指在2015年3月16日,从1775点反弹回升,形成扶持水平。

而对于目前的走势来说,则转为阻力水平。

陈建尧指出:“欧洲正经历大选年,不少基金经理为了避险,将资金从欧洲市场投入大马和其他亚洲新兴市场,进一步推动股市上涨。”



今年或大选 诱外资重返

陈建尧认为,市场估计我国今年可能大选,因此吸引外资继续流入。

“市场预测,我国将今年举行大选,按照过往的表现,大选年都吸引外资流入我国。”

黄德明则认为,外资早前已经完成了“撤资”举动,现在来到“重回马股”的周期,因此,这样的趋势预计会延续一段时期。

“目前,我们看不到因为美国升息导致外资进一步撤离马股的迹象,反而出现回流加码。”

“因此我认为所谓的‘撤离马股’现象,在今年不会再发生。”

散户未完投入

虽然马股在近日高歌猛进,但黄德明认为,本地散户似乎还未完全苏醒,更没有出现全体投入市场的状况。

他提到,一旦外资流入,通常最先有反应的是本地投资机构,而散户往往都是慢半拍,最后才进场持股,同时也是最后离场。

“从成交量和股价走势来看,还没出现交投异常活跃的现象,通常都是涨至一定位置,甚至高位后,散户才开始全体买票进场。”

马交所作价创9年新高

交投活动炽热,加上市场看好未来交易活动,作为我国唯一交易所营运公司——大马交易所(BURSA,1818,主板金融股),股价今一度突破9年来新高,来到9.77令吉!

该股今天以9.35令吉开盘后,涨势不断,休市前一度冲至9.77令吉或4.6%,创下2008年3月6日以来新高,不过随后回吐涨幅。

马交所最终收报9.50令吉,升16仙或1.71%,成交量为386万6600股。

堡垒投资分析员盖弗里黄(译音)向彭博社指出,全球股市攀升,驱动投资者的信心引擎,增加市场活动,大大利好交易所营运公司。

盖弗里黄说道:“这不但带来更高的交易量和交易额,也包括更多的上市、并购活动,及其他企业活动。”

“多个企业活动,也会为马交所提供更多收入。”



艾芬黄氏建议买入

另外,艾芬黄氏投资早前也指出,基于交易所的每日平均成交值大增,显示出投

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Re: TIME TO INVEST IN BURSA ??
« Reply #156 on: March 18, 2017, 04:42:21 PM »



Friday, 17 March 2017 | MYT 6:44 PM
Trading value on Bursa surges to RM5b, foreign buying hits net RM816m
BY JOSEPH CHIN

image: http://www.thestar.com.my/~/media/online/2017/03/17/10/53/klci-march17.ashx/?w=620&h=413&crop=1&hash=5DB3371D118558F6C7F68A138673A2AD3276A001

 
KUALA LUMPUR: Bursa Malaysia capped the week on a strong note as trading value surged to RM5bil, the highest since May 31, 2016, powered by foreign fund buying of banks, Axiata and Petronas Chemicals after a positive outlook from Credit Suisse Research.

At 5pm, the FBM KLCI was up 8.06 points or 0.46% to 1,745.20 – about the highest since mid-2015 but off the day's best as key Asian markets retreated.

Trading volume on Bursa was 4.98 billion shares – a surge from the average three billion over units done each. Trading value was RM5.03bil, reflecting the better quality of buying. Advancers beat decliners 591 to 368 while 359 counters were unchanged.

Stock market data showed foreign funds were net buyers at RM816mil, compared with over RM600mil on Thursday. Local institutions were net sellers at RM738.2mil while retailers were net sellers at RM77.9mil.

Credit-Suisse Research believes the 45-month 34% US dollar underperformance of Malaysian equities (20% in local currency terms) was warranted. However, it has now reached an end game.

In a recent research report, the foreign research house said it had now turned positive on Malaysia.

Meanwhile, key Asian markets retreated with China's main stock indexes posting their worst day since last December, as investors await fresh evidence of a sustainable recovery in the world's second-largest economy, said Reuters.

On the currency front, the pound sterling rose for the third day running against the dollar on Friday for the first time since mid-January, drawing confidence from signs some at the Bank of England may be leaning toward a rise in interest rates to support the currency, Reuters reported.

The ringgit rose 0.06% against the US dollar to 4.4355 from 4.4383. However, the local unit fell against the pound, sliding 1.17% to 5.5042 from 5.4403, weakened 0.26% against the Singapore dollar to 3.1676 from 3.1594 and lost 0.67% against the Euro to 4.7857 from 4.7539.

Finance and bank stocks were the top gainers. Public Bank rose 30 sen to RM20.18 and pushed the KLCI up 1.98 points, CIMB added six sen to RM5.65 and Maybank five sen higher at RM8.90 while AmBank gained two sen to RM4.87 and RHB Bank edged up one sen to RM5.26.

Aeon Credit was the top gainer of the day, up 70 sen to RM16.50 while HLFG added 16 sen to RM16.16. Insurer Allianz added 28 sen to RM11.68.

US light crude oil climbed 19 sen to US$48.94 and Brent 14 sen higher at US$51.88. Petronas Chemicals rose 15 sen to RM7.43 and nudged the KLCI up 2.04 points, Petronas Dagangan added 22 sen to RM23.84 but Petronas Gas lost two sen to RM19.78.

As for consumer stocks, Nestle rose 22 sen to RM76.82, BAT added 20 sen to RM47.90.

Crude palm oil for third month delivery was flat at RM2,796 per tonne. United Plantations rose 20 sen to RM28.30, KL Kepong six sen to RM24.76, Sime Darby and PPB Group four sen higher at RM9.34 and RM16.82.
However, TAHPS and Far East lost 10 sen each to RM6.40 and RM8.70 while IOI Corp shed one sen to RM4.69

Axiata was the top mover among the KLCI stocks, up 16 sen to RM4.97 and nudging the index up 2.44 points. Digi was flat at RM5.15, Telekom lost four sen to RM6.32 and Maxis shed seven sen to RM6.33. Time dotCom jumped 17 sen to RM8.70.

Dataprep surged 16.5 sen to 43.5 sen with 173 million shares done.

IHH Healthcare fell nine sen to RM5.98 and erased 1.26 points from the KLCI, MISC lost 11 sen to RM7.34. Genting Bhd was down six sen to RM9.79 but Genting Malaysia gained five sen to RM5.47.

Rohas-Euco made a dismal start, skidding 23 sen to 89 sen with 6.33 million shares. It took over Tecnic Group and assumed its listing status. The paid-up jumped from 40 million shares to 400 million shares after the takeover.

Read more at http://www.thestar.com.my/business/business-news/2017/03/17/trading-value-on-bursa-surges-to-rm5b-banks-advance/#KhTTu28XubdqbJMc.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #157 on: March 20, 2017, 06:37:47 AM »




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Business NewsHome > Business > Business News
Saturday, 18 March 2017
Credit Suisse: It’s time to invest in Malaysia
BY AFIQ ISA

 
PETALING JAYA: Credit Suisse (CS) said it is now time for investors to put their funds into Malaysian stocks as current valuations indicate that local equities are poised for a strong recovery.

Malaysia has underperformed its peers in the emerging markets due to several reasons, among them being the downward pressure on the ringgit as well the selldown in heavyweight sectors such as banks.

But now, according to CS in an extensive report yesterday, while the 34% decline in Malaysian equities on a dollar-adjusted basis over the past 45 months was warranted, the market bottom may be close at hand.

Calling it as “the ultimate contrarian trade”, the research house outlined 10 reasons to be bullish (see table).

Among them is that Malaysia’s GDP growth may see further upside, thanks to a rebound in commodities. Additionally, the government may have more leeway to increase spending, given its conservative average crude oil price forecast of US$48 per barrel, CS said.

“We believe that the recent stability in the commodity complex we have witnessed the last of the downgrades to near term growth expectations.

“We now expect a pick-up in growth to 4.5% this year (above consensus expectations of 4.3%), driven by public infrastructure projects, commodity-related investments and a boost to rural income from the recovery in rubber prices,” it explained.

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Another reason is on the improvement of earnings dynamics among Malaysian corporates. CS points out that at the sector level, the recovery in earnings revisions is led by the energy and mining space.

Additionally, among the larger sectors, consumer discretionary and staples have recovered sharply well into net positive territory with industrials and financials improving to at least neutral levels.

Another key catalyst for the markets is the attractiveness of the ringgit at present levels after significant devaluation.

Although Malaysia’s 15-year trend of a weaker ringgit in real effective exchange rate (REER) terms is justified by the steady erosion of its share of global exports, the 18% REER devaluation over the past three years appears severely overdone, given the relatively modest decline in export share over this period, CS noted.

One prominent beneficiary from the repair in the macro environment appears to be the banking sector, which is a heavyweight component for the FBM KLCI.

The research house said that private sector credit growth had just bounced off a 13-year low at 5.6% year-on-year in January compared to 4.2% in September last year.

“Encouragingly, deposit growth recovering back into positive territory should serve to moderate the pick-up in the loan-to-deposit ratio, which is currently at elevated levels which typically dampens credit extension,” it said.

In light of its market recommendation, CS has picked its top 10 stocks which offer superior dividends and free cashflow yields.

The companies are Malayan Banking Bhd, CIMB Group Holdings Bhd, Axiata Group Bhd, Kuala Lumpur Kepong Bhd, Astro Malaysia Holdings Bhd, British American Tobacco (M) Bhd, IJM Corp Bhd, Gamuda Bhd, Alliance Financial Group Bhd and Malakoff Corp Bhd.

To date, the FBM KLCI is already up by 6.3%. Yesterday saw the largest one-day turnover in stocks since May 2016 with total trading volume of 4.98 billion shares valued at RM5.04


Read more at http://www.thestar.com.my/business/business-news/2017/03/18/credit-suisse-its-time-to-invest-in-malaysia/#cX703mPdJM9LtZFb.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #158 on: March 21, 2017, 07:41:06 AM »
On Friday, the buying turned into a frenzy with foreigners acquired a massive RM816mil, the highest since May 7, 2013, two days after the GE13.

Foreign investors simply tutup mata and wallop all our chip shares like nobody business !!!


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Re: TIME TO INVEST IN BURSA ??
« Reply #159 on: March 21, 2017, 03:10:57 PM »



LATEST NEWS, CORPORATE
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Maybank IB: KLCI seen topping 1,800pts
By Chester Tay / theedgemarkets.com   | March 21, 2017 : 2:52 PM MYT   
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SINGAPORE (March 21): Maybank Investment Bank Bhd (Maybank IB) said the FBM KLCI may breach the 1,800-point level by end of this year on foreign buying of Malaysian shares.

Maybank IB chief executive officer Datuk John Chong said foreign demand for Malaysian shares was based on fundamentals as investors saw value in the country's equities market.

"Year to date, foreign investors recorded a net buy of RM3.1 billion in the Malaysian equity market. This is driven by the fundamentals. There is a lot of upside in Malaysia and the region. People are seeing value; I don't think this is hot money.

"I do not discount the possibility that it (KLCI) would hit the 1,800-point target faster, because there is a renewed interest in the Malaysian equity market. In fact, not just Malaysia, momentum in Southeast Asia [has] picked up (in the) last three months," Chong said.

At Bursa Malaysia today, the KLCI rose 2.97 points to 1,752.38 points at 2:34pm.

Chong was speaking at a press conference today in conjunction with the two-day Invest ASEAN 2017: Singapore event. The event ends tomorrow.

Today, Chong said Maybank IB has a "healthy" pipeline of fundraising deals this year. He said some 30% of the deals were deferred from last year.

According to him, while the remaining 70% of the deals were new entities, he did not discount the possibility that a portion of the new deals would be postpone till next year.

"I cannot tell you exactly what these deals are, but they are from all sides of the primary and secondary markets. They are driven by trade recovery, higher commodity prices and improved global electronics demand.

"We are in the equity market, and we see there are a lot of fundraising demand for infrastructure projects. We also see opportunities in places like Vietnam and Indochina region, where the governments are working on some privatisation of their SOE (state-owned entity), so there may be some project financing opportunities," he said.

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Re: TIME TO INVEST IN BURSA ??
« Reply #160 on: March 21, 2017, 05:38:23 PM »
SINGAPORE (March 21): Maybank Investment Bank Bhd (Maybank IB) said the FBM KLCI may breach the 1,800-point level by end of this year on foreign buying of Malaysian shares.

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Re: TIME TO INVEST IN BURSA ??
« Reply #161 on: March 22, 2017, 09:04:09 AM »



Business NewsHome > Business > Business News
Wednesday, 22 March 2017
Bursa warns of stock market manipulation with pump and dump schemes
BY P. ARUNA

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In a circular to the heads of dealing and compliance of stockbroking companies, the stock exchange said it discovered certain groups of market participants using the social media and Internet trading to carry out manipulative activities, which included pump and dump schemes.  The circular was exhaustive on how the manipulation was being carried out.
In a circular to the heads of dealing and compliance of stockbroking companies, the stock exchange said it discovered certain groups of market participants using the social media and Internet trading to carry out manipulative activities, which included pump and dump schemes. The circular was exhaustive on how the manipulation was being carried out.
 
PETALING JAYA: Just when the market has picked up steam with trading in stocks hitting high volumes, Bursa Malaysia has detected “pump and dump” activities circulating through the social media.

In a circular to the heads of dealing and compliance of stockbroking companies, the stock exchange said it discovered certain groups of market participants using the social media and Internet trading to carry out manipulative activities, which included pump and dump schemes.

The circular was exhaustive on how the manipulation was being carried out.

It said the operators of the pump and dump schemes, that are transacted through the social media, would typically begin by spreading false or misleading statements, news or rumours in investor blogs, chat groups such as Telegram, WhatsApp, WeChat, electronic bulletin board postings or online newsletters to entice or recommend unsuspecting investors to buy stocks which are touted as “hot” picks.


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This, it said, was to facilitate the disposal of the stocks that they had accumulated earlier at higher prices.

“We believe that in this Internet age, it is extremely easy to reach out to people through the social media and the availability of the new cyber-tools to reach investors has given rise to unscrupulous operators of pump and dump,” said Bursa in its industry communication letter.

Bursa said operators would often post their own researches, make unsubstantiated statements, promotional news or hearsay to gain the confidence of their followers and lure them into following their stock tips.

“The false or misleading statements regarding the stock are spread while the operators are accumulating large quantities of it or have it accumulated earlier at a much lower price,” said the stock exchange.

Bursa said the operators were persuasive in the chatrooms to entice people into buying the stock with the end goal of running up the prices.

The stock exchange spelt out other methods used to generate interest, which included order stacking or layering, slicing of orders into small quantities to give an appearance of active trading as well as aggressive buying and selling.

“These parties could have multiple accounts opened and operated at a broker or brokers, as well as online trades in creating a hype of activities to attract others to come into the market,” it said.

When the stock price is pumped up due to an increase in trading volume, the operators behind the schemes will sell their stocks before the hype stops.

“The exit of the operators will cause the price to plummet while innocent investors who bought high and sold low will lose their money,” it added.

Bursa said it wanted to share the observations with brokers so that they become aware of such activities and alert their representatives and clients to exercise caution and diligence.


Read more at http://www.thestar.com.my/business/business-news/2017/03/22/bursa-warns-of-pump-and-dump-schemes/#7EJjwJ2pgde2MfvI.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #162 on: March 24, 2017, 07:54:23 PM »
The surge has also pushed up the 12-month price-to-earnings ratio on the small-caps gauge to 11.6, near the highest level since August 2014. That’s still well below the ratio of 16.2 for the Kuala Lumpur Composite Index, which comprises the biggest 30 companies.

The small caps are still very chip when compared with the KLCI stocks.

So, eat all the small caps U can.  :thumbsup: :thumbsup: :thumbsup:

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Re: TIME TO INVEST IN BURSA ??
« Reply #163 on: March 25, 2017, 06:44:18 AM »



Photographer: Sanjit Das/Bloomberg
Malaysian Small Caps Are Too Hot to Handle for Top Manager
by En Han Choong
March 24, 2017, 5:00 AM GMT+8
March 24, 2017, 5:10 PM GMT+8
Index of smaller companies has surged 18% since end-November
Government plans to support sector coinciding with EM rally
The surge in Malaysian small caps over the last few months may be reason enough to avoid buying many of them now.

So says Gan Eng Peng, head of equities at Affin Hwang Asset Management Bhd., citing an 18 percent gain in the the FTSE Bursa Malaysia Small Cap Index since November. Stocks in the measure are up more than twice as much as those in the large-cap benchmark, as a government plan to support the sector coincided with an emerging-market rally.

“We’re always on the lookout for ideas which are fresh, turnaround situations and deep value plays,” said Gan, whose Asia ex-Japan small and midcap fund has returned 34 percent over the past year to beat 96 percent of its peers. “With the recent run in the index, this is getting harder to come by.”

Prime Minister Najib Razak’s budget pledge in October to establish a 3 billion ringgit ($678 million) fund to invest in small and mid-sized companies and promote research on them stirred interest in the sector. Malaysia as a whole has benefited as faster economic growth and rebounding commodity prices helped push developing-nation equities to the highest levels since mid-2015.


Foreign investors are returning, pumping $1 billion into Malaysian stocks so far this year, following a three-year run of outflows in which they pulled $7.7 billion. Credit Suisse Group AG went overweight on the country’s stocks last week, calling it “perhaps the most unloved mainstream emerging market.” The Swiss lender cited positive earnings revisions, economic forecasts and an undervalued ringgit among reasons for its optimism.

The small-cap gauge dropped 0.2 percent in Kuala Lumpur on Friday, retreating from its highest close since April 2015 on Thursday, while the FTSE Bursa Malaysia KLCI Index declined 0.1 percent.

Seed money for the small-cap fund will come from government-linked companies, according to the budget. Some smaller companies aren’t receiving the attention they deserve, and an independent research scheme will start next quarter to address this, Ranjit Ajit Singh, chairman of the Securities Commission Malaysia, said at a March 9 briefing.

Boosting Demand

While the 3 billion ringgit fund isn’t that big, the government’s willingness to support the sector is improving sentiment and boosting demand from institutional investors, said Ang Kok Heng, chief investment officer at Phillip Capital Management Bhd. in Kuala Lumpur.


While this has pushed some small and midcaps “beyond our targets,” there are still good buys out there, said Ang. These include JAKS Resources Bhd., Gabungan AQRS Bhd., Ekovest Bhd. and ViTrox Corp. Bhd., he said.

The surge has also pushed up the 12-month price-to-earnings ratio on the small-caps gauge to 11.6, near the highest level since August 2014. That’s still well below the ratio of 16.2 for the Kuala Lumpur Composite Index, which comprises the biggest 30 companies.

The government plans are contributing to the small-cap surge, along with the earnings turnaround and the cheap ringgit, said Jason Chong, chief investment officer at Manulife Asset Management’s Malaysian unit in Kuala Lumpur.

While the planned fund and research scheme might aid small caps in the future, it’s not driving gains at the moment, said Affin Hwang Asset’s Gan. Small caps are more sensitive to growth expectations and are also benefiting from “the global return of animal spirits in risk markets,” he said.

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Re: TIME TO INVEST IN BURSA ??
« Reply #164 on: March 25, 2017, 06:49:43 AM »



Friday, March 24, 2017
The run up of a penny stock
The recent run up of some of the penny stocks is just an opportunity for the owners to get out. The below is one of them. All of them are sales and in very large quantities - more than 10% of the total stocks available (done in a day or two) - can one imagine?



The link here, is just one of the example. For any speculators (who gambles), one should wish that he/she followed the right wave. Otherwise, there would not be any more comebacks as these are stocks which the controlling shareholders do not want at all. In fact, they know they do not want the warrants especially to be converted. They just want to dump it out. Even if it is converted, one do not know how they are going to use the money raised.

If there is a second wave, it is really luck. I would not want to touch these in all scenarios although can be tempting.

Disclaimer: Not all penny stocks are bad, but the above is not one of the good ones.

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Re: TIME TO INVEST IN BURSA ??
« Reply #165 on: March 25, 2017, 08:04:13 AM »



涨势过头宜警惕
避开小型股免烧伤手
2155点看 2017年3月24日
(吉隆坡24日讯)近月来,股市走势不俗,尤其是中小型股,但业界警愓说,部分已涨过了头,散户还是避免太激进为妙,以免烧伤手!

自政府宣布出手推动中小型上市公司后,小型股作价在近几个月掀起强劲涨势;富时小型股项指数自去年11月至今已经上涨18%。


艾芬黄氏资产管理有限公司股票主管颜英鹏(译音)指,随着政府计划扶持小型股,恰逢新兴市场走高,该指数上涨比大型股指数超出2倍!

好股难求

颜英鹏说:“我们一直都在寻找新的、公司转亏为盈、以及价值很高的股票。不过,随着小型股项指数近期的涨势汹涌,也使到我们越来越难买到合适的股票。”

随着股价飙涨,亦带动小型股项指数12个月的本益比上升至11.6倍,接近自2014年8月以来最高水平。

不过,这仍低于富时隆综指的16.2倍。

今日闭市时,小型股项指数收在1万6950.05点,全日下跌24.90点或0.15%;而综指则报1745.75点,下滑1.25点或0.07%。



官联30亿银弹助攻

首相拿督斯里纳吉在公布2017年财政预算案时指,官联投资公司将投放30亿令吉在有潜能的中小型股。

政府分配这笔30亿令吉的特别基金,给拥有证监会执照的基金经理投资,但锁定在中小型股。

在3月9日的汇报会上,证监会主席拿督斯里兰奇阿吉星指,部分较小型公司没有受到应得的关注,所以将会有一个独立研究方案从下一个季度开始解决这个问题。

但颜英鹏则认为,30亿令吉的基金和研究方案未来有助小型股,但现在不是推动小型股走高的因素。

“小型股对增长预期较敏感,同时,也从全球风险市场的活力回归下受惠。”


洪国兴

洪国兴:改善投资情绪

辉立资产管理公司投资总监洪国兴指,虽然30亿令吉的基金规模不大,但政府愿意扶持中小型股,有助改善投资情绪和推高机构投资者的需求。

“虽然这促使部分中小型股超越我们的目标价位,但市场上还是有值得买进的股票。”

他点出,这包括捷硕资源(JAKS,4723,主板建筑股)、家盟吉(GBGAQRS,5226,主板贸服股)、怡克伟士(EKOVEST,8877, 主板建筑股)和伟特机构(VITROX,0097,主板科技股)。

另外,宏利资产管理服务投资总监张顺明则指,政府的计划、净利好转和令吉贬值,皆成为小型股上涨的推手。


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Re: TIME TO INVEST IN BURSA ??
« Reply #166 on: March 25, 2017, 09:47:30 AM »
"Malaysian Small Caps Are Too Hot to Handle for Top Manager"

No wori, our DR KIM can handle the small caps like child play if top manager cant do it.  :D :D :D

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Re: TIME TO INVEST IN BURSA ??
« Reply #167 on: March 25, 2017, 09:52:13 AM »
Disclaimer: Not all penny stocks are bad, but the above is not one of the good ones.

Korrect, Got some good ones also, just no play those penni stocks which are made in China.

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Re: TIME TO INVEST IN BURSA ??
« Reply #168 on: March 25, 2017, 10:14:28 AM »
BURSA Malaysia has underperformed for the past three years, largely due to the outflow of foreign funds.

The foreign funds started coming back five weeks ago and subsequently trading volumes on the exchange picked up. Bursa saw its overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

outflow of foreign funds = three years

started coming back = 5 weeks.

Verdict : much, much more foreign funds expected to come back.  :clap: :clap: :clap: :dancing:

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Re: TIME TO INVEST IN BURSA ??
« Reply #169 on: March 25, 2017, 01:25:33 PM »
BURSA Malaysia has underperformed for the past three years, largely due to the outflow of foreign funds.

The foreign funds started coming back five weeks ago and subsequently trading volumes on the exchange picked up. Bursa saw its overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

outflow of foreign funds = three years

started coming back = 5 weeks.

Verdict : much, much more foreign funds expected to come back.  :clap: :clap: :clap: :dancing:

yesss.....with volume  around  4 - 5  billions unit  daily  -  really  a  super bull in the making
but  now  only at the early  stage  >>  stage  1  bull ...

Not   late  to join the Band wagon ( bull market )......but  if  prefer  the chicken_feed  FD @  Fixed Deposit  3 %  a  year  , or peanut  :headbang: 6  %  ASM . ASB we  can't  help your  -  stick to your  snail  phased :phew: :sweat: peanut  return  :sweat: :'(

###  with dow  jone  steadily above  20,000 +  ,,,,
this  is  an early stage of  super bull to BURSA @ KLSE !...huartt  arrrrr :cash: :beer: :cocktail: :party:

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Re: TIME TO INVEST IN BURSA ??
« Reply #170 on: March 25, 2017, 01:48:41 PM »



What’s cooking in penny stocks
TheStarSat, Mar 25, 2017

Active market: Investors monitoring shares index at a private stock market gallery in Kuala Lumpur. Bursa Malaysia saw overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014.
Active market: Investors monitoring shares index at a private stock market gallery in Kuala Lumpur. Bursa Malaysia saw overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014.

BURSA Malaysia has underperformed for the past three years, largely due to the outflow of foreign funds.

The foreign funds started coming back five weeks ago and subsequently trading volumes on the exchange picked up. Bursa saw its overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

Unfortunately though, the good always attracts the depraved. Sure, foreign funds are here, but so are the much dreaded “pump and dump” operators.

The presence of the operators who churned out the volume was so immense that it prompted Bursa to come out with a warning to brokerages to not facilitate such activities. The exchange particularly mentioned about social websites that promote these stocks.

So just what are these “pump and dump” operators all about?

Well, they are perhaps a group of people who operate on creating hype and building up fevered excitement around a (usually) small company, where insiders can subsequently unload overvalued or worthless shares to unsuspecting investors.

So let’s say these pump and dumpers identify a cheap stock. Typically it has no earnings but rides on offering big “potential” for upside.

What they do is to cheaply acquire a large position in a company. Then they begin informing the public about this company via e-mail and Internet stock sites. They also start trading shares of these companies, creating volume and upside. Combined together, these activities create the perception that something big is brewing in that fledgling little company.

So the share price skyrockets, doubles, triples or quadruples even. Along the way, the operators dump their stock and make a fat profit for themselves.

That is more or less the modus operandi.

In the last few weeks, stocks that have hogged the volumes and gainers list are those in the sectors of construction, property, technology, logistics and e-commerce. The themes play out every few days before rotating to the next sector.

Brokers say it is more likely that the pump and dumpers are in some of the fintech stocks.

“The majority of the construction stocks, all said and done, have fundamentals and orderbooks to back their earnings. Furthermore, there are real construction contracts to be dished out this year and next.

“The same cannot be said for the tech stocks, where a lot of it is going up purely on potential and speculation,” said one broker.

Caution by the authorities

The authorities are vigilant of the current situation, and over the week, cautioned that “pump and dump” activities are circulating through the social media.

In a circular to the heads of dealing and compliance of stockbroking companies, the stock exchange said it discovered certain groups of market participants using the social media and Internet trading to carry out manipulative activities, which included “pump and dump” schemes.

The circular said that the operators of the “pump and dump” schemes, which are transacted through the social media, would typically begin by spreading false or misleading statements, news or rumours in investor blogs, chat groups – such as Telegram, WhatsApp, WeChat, electronic bulletin board postings or online newsletters – to entice or recommend unsuspecting investors to buy stocks which are touted as “hot” picks.

This, it said, was to facilitate the disposal of the stocks that they had accumulated earlier at higher prices.

Bursa said operators would often post their own researches and make unsubstantiated statements, promotional news or hearsay to gain the confidence of their followers and lure them into following their stock tips.

Bursa said the operators were persuasive in the chatrooms to entice people into buying the stock with the end goal of running up the prices.

When the stock price is pumped up due to an increase in trading volume, the operators behind the schemes will sell their stocks before the hype stops.

“The exit of the operators will cause the price to plummet while innocent investors who bought high and sold low will lose their money,” it added.

Bursa said it wanted to share the observations with brokers so that they become aware of such activities and alert their representatives and clients to exercise caution and diligence.

So what’s cooking?

Now, the latest batch of stocks being “peddled” by financial blogs and social media are those perceived to be beneficiaries of the Digital Free Trade Zone (DTFZ) where Jack Ma’s Alibaba will have a presence.

Prime Minister Datuk Seri Najib Tun Razak and Ma launched the DFTZ on Wednesday, which is expected to generate trade worth US$65bil (RM286bil) by 2025. It is expected to double the export growth of small and medium businesses by 2025 and create 60,000 jobs. It will also create a new Kuala Lumpur Internet City to house 10,000 Internet firms and 25,000 tech professionals in Bandar Malaysia.

Using these big numbers and the China factor, blogs have started talking up the likes of Dataprep Holdings Bhd, GHL Systems Bhd, Rev Asia Bhd, Cuscapi Bhd, Malaysia Airport Holdings Bhd, AirAsia Bhd, DKSH Bhd and Tropicana Bhd, among others.

The share price of Malaysia Airports Holdings Bhd (MAHB) going up isn’t all surprising.

MAHB will be teaming up with Cainiao Network, the logistics arm of e-commerce giant Alibaba Group where both companies will develop a regional e-commerce and logistics hub in the KL International Airport (KLIA) Aeropolis, as part of the DFTZ initiative.

This is not to say that all the thematic stocks that have moved up sharply are absent of fundamentals, but certainly the element of speculation is huge.

One of the sharpest rise was seen in business process outsourcing solutions provider Efficient-E Solutions. Its share price went up 72.41% or 21 sen in one day to 50 sen on Thursday. It was also the most actively traded counter of the day with 208.04 million shares being traded.

While it is true that Singapore Post Ltd is the largest shareholder in Efficient E-Solutions with a 20.8% stake, and in turn, Alibaba Investment Ltd has a 14.41% stake in Singapore Post, nonetheless fundamentally wise, nothing appears to be happening within the company.

It remains a loss-making company, posting RM10mil loss for its financial year ended Dec 31, 2016 from a previous net profit of RM44mil.

Meanwhile, companies like Cuscapi Bhd and Rev Asia Bhd are riding on the DFTZ wave by virtue of connections.

For Rev Asia, the link is through its parent company Catcha Group, which has been chosen to be the master developer for the Kuala Lumpur Internet City, a component of DFTZ.

It is also uncertain how software solutions provider Cuscapi, which is primarily involved in business management solutions software for the food and beverage industry, will benefit from DTFZ.

The company, however, posted a widening loss of RM36mil for financial year 2016, from a loss of RM24mil the year before.

Perhaps the most drastic of all moves are that of little Dataprep, which has seen its share price run from 25.5 sen on March 15 to reach its high of 65 sen on March 23. It has also been on a phenomenal run. At its last price of 62 sen, the stock still only has a market capitalisation of RM259.2mil.

The main reason being touted for Dataprep’s rise is because its owner, Tan Sri Lim Chee Wah, the son of Genting founder Lim Goh Tong, is a major shareholder of the 20 billion yuan (RM13bil) Genting Secret Garden Resorts project in China.

Genting Secret Garden Resort is an all-season holiday and skiing resort, which will be an important venue for the Beijing Winter Olympics 2022. It is located at the outskirts of Zhangjiakou city in Hebei Province.

The price is rising because Dataprep is Lim’s only Malaysian-listed company. His other private vehicle, VXL Group, is also a major investor in Secret Garden. There are now rumblings in the blogs that there could be a potential transfer of assets and Dataprep could be a beneficiary.

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Re: TIME TO INVEST IN BURSA ??
« Reply #171 on: March 25, 2017, 02:01:37 PM »


JUST SHARING AN OLD ARTICLE....



Saturday, 23 August 2014 | MYT 12:00 AM
Don’t be fooled by the high trading volume
BY M.SHANMUGAM . . . THE ALTERNATIVE VIEW

 
LAST week a broker got an order from a client who has not bought or sold shares for the past three years. The client, who is retired, placed an order to buy shares in Sumatec Resources Bhd at 61 sen.

Sumatec was among the few stocks that saw heavy volume being traded last week. The broker advised the elderly man that he should not be taken in by the euphoria that the market had seen last week, with trading volumes hitting record high of more than 7.6 billion shares in a single day.

Apart from Sumatec, the bulk of the shares were traded in two other stocks, namely, Globaltec Formation Bhd and PDZ Holdings Bhd. The three stocks have a combined market capitalisation of RM2.6bil, which is a fraction of the entire market capitalisation of Bursa Malaysia that stood at RM1.76 trillion yesterday.

The elderly retail investor did not listen to the broker’s advice. Sumatec ended at 45 sen that day. Now, the retail investor has to wait for Sumatec to recover or lose a few thousand ringgit if he chooses to sell.

The large trading volumes of stocks should not be a reason for retail investors to invest in stocks. Fundamentals should be the primary reason. The large volume is a game for a select group of market participants called proprietary day traders, or better known as stockists.

There are about 80 of them attached to various brokerages in Bursa Malaysia. Their job is to trade for the brokerage as principals. They don’t have any clients. The stockists can buy and sell as much as they want in a day. There is no limit imposed.

They are not imposed any brokerage fees but have to pay stamp duty and clearing fee to Bursa Malaysia based on the value of trades done. The duty is capped at RM250 or less, while the clearing fee is minimal.

A brokerage will normally place their stockists in a room where they conduct their buying and selling operations with minimum disruptions. Even phone calls are restricted.

The stockists can short-sell stocks without having the shares in hand. But they have to cover their positions by buying back from the market before the end of the day’s trading.

The profit from buying and selling are shared between the brokerage and the stockist. Normally 60% goes to the brokerage and the trader gets 40%. However, an “ace stockist” can command up to 90% of the profits. But the stockist has to absorb all the losses.

Normally, the brokerage will hold the profits of the stockist and pay out only after a year. An ace stockist can earn RM10mil or more a year by just being a principal stockist for the company.

But there are limitations to what a stockist can do to generate the volume of stocks. They generally shy away from stocks that are more than RM1 and that have a small paid-up capital.

Apart from having to incur a higher clearing fee, normally stocks that are held tightly tend not to have enough shares in the market to generate the volume without causing a substantial rise in the price.

The typical targets for a stockist are stocks that are priced at less than RM1 and that have a large share capital. For instance, Globletec Formation, which is an amalgamation of three stocks that were involved in manufacturing automotive components, has a capital of more than 5 billion shares.

Some companies like to see the activities of the stockist because it supposedly adds excitement to the market, not to mention to the stock as well.

But there is also a view that the stockists hold an unfair advantage over the normal investors because they can short a stock or take long positions several bids higher.

This allows a few stockists to “gang up” and deliberately cause a panic sell-down of a particular stock.

In jurisdictions such as Hong Kong, while short-selling is allowed, there are rules that prevent deliberate sell-downs. Anyway, this volume game of trading in stocks is not for retailers. It is only for the traders of the market where the risk and returns are high.

For retailers, ultimately value investing is the game. Value stocks may not have the kind of volume one would like to see nor would it be cheap. But it attracts the kind of investors who generally take a long-long term view.

Berkshire Hathaway Inc, the flagship listed entity of Warren Buffett crossed the US$205,000 per share mark last week, making it the highest-priced stock on the New York Stock Exchange. Despite calls from shareholders to split the stock, Buffett has stayed firm in refusing to undertake such an exercise on the grounds that it would attract a “different breed” of investors that he does not fancy.

A hard-to-trade stock encourages investors to take a long-term view and cuts out those trading on emotions. This is something retail investors should take heed of. The volume game in trading stocks is not their cup of tea. It is only for a select few.


Read more at http://www.thestar.com.my/business/business-news/2014/08/23/dont-be-fooled-by-the-high-trading-volume/#02MQzZjmP3Mkdhd3.99

Offline CurryLee

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Re: TIME TO INVEST IN BURSA ??
« Reply #172 on: March 25, 2017, 02:21:21 PM »
but if buy good share like aeoncredit yesterday ah....oso kena dump wo....... who dump geh? ahbah ah? giv good news then dump? ahbah...i know u buy at rm13.20....so low...what ur intention? u invest or wait to dump?  :shake:
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Re: TIME TO INVEST IN BURSA ??
« Reply #173 on: March 25, 2017, 02:28:15 PM »
ahbah very bad one...keep ask pple buy...say got hot marney from foreign fund rollin in like crazy......hell marney ah? foreign fund will goreng pantee sock not? some pantee sock very good one...until genting boss lim kee hua oso pop.eye wana invest n grow it..... later we all read so good news but dont let us buy.....how to untong ah? watch only ah? all becoz ahbah lar....kaciau kaciau...interfere market good luck..... :headbang:
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Re: TIME TO INVEST IN BURSA ??
« Reply #174 on: March 25, 2017, 02:29:55 PM »
ahbah not scared one...most oso go back ICU stay few day ma....he ady used to it.....right ahbah?
malimalimaliongongongnotongchefbutishua thuatong

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Re: TIME TO INVEST IN BURSA ??
« Reply #175 on: March 25, 2017, 02:41:40 PM »
Be gridi when CurryLee is scare  :thumbsup: :thumbsup: :thumbsup: :cash: :cash: :cash:

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Re: TIME TO INVEST IN BURSA ??
« Reply #176 on: March 25, 2017, 03:52:56 PM »
BANK Negara Malaysia has projected the economy to grow by between 4.3 and 4.8 per cent this year.  :clap: :clap: :clap: :thumbsup: :thumbsup: :thumbsup:

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Re: TIME TO INVEST IN BURSA ??
« Reply #177 on: March 27, 2017, 02:06:30 PM »



Monday, 27 March 2017 | MYT 1:02 PM
Foreign buying on Bursa at net RM3.23b in March so far
image: http://www.thestar.com.my/~/media/online/2016/12/04/09/04/~-hq.ashx/?w=620&h=413&crop=1&hash=6582F5EB8CAEEEA478F4E154D906C12FF8C357B9

 
KUALA LUMPUR: Foreign funds remained net buyers on Bursa Malaysia in week ended March 24 at RM1.08bil, which was the second consecutive week, according to MIDF Equities Research.

It said on Monday the foreign liquidity tide on Bursa Malaysia had continued to remain elevated for the second week running. Up to March 24, foreign buying was net RM3.23bil.

“With five trading days left in the month, it is already higher than RM956mil in February and is the highest since March 2016,” it said. Year-to-date, net foreign buying on Bursa was RM4.287bil.

MIDF Research said the strong foreign buying momentum was reflected by the fact that when equity markets around the globe retraced significantly on Wednesday, foreigners continued to pick up Malaysian shares.

Recall that the global retracement on Wednesday was spurred by concerns arising ahead of the Republican’s healthcare vote on Thursday which was eventually withdrawn.

The research house pointed out foreign participation remained at an elevated level. The foreign average daily trade value (ADTV) was RM1.26bil, the second highest this year.

“The strong foreign buying momentum continues to enable local investors to lighten their position. Year-to-date, local fund managers have disposed of RM3.86bil net.

“The retail market remained vibrant as retail ADTV increased by 1.3% to RM1.26bil compared to the week before, marking the third week in a row it exceeded RM1bil,” said MIDF Research.

Read more at http://www.thestar.com.my/business/business-news/2017/03/27/foreign-buying-on-bursa-at-net-rm3pt23b-in-march-so-far/#pLiuVeGJQC0AugIS.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #178 on: March 27, 2017, 02:37:18 PM »
KUALA LUMPUR: Foreign funds remained net buyers on Bursa Malaysia in week ended March 24 at RM1.08bil, which was the second consecutive week, according to MIDF Equities Research.

I oredi told U so.

Foreign funds are the hungry ghosts of our Bursa now, eating our chip shares non stop.

Join in fast. If we join in late, we will onli eat the bones left behind by the foreign funds.  :'( :'( :'(

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Re: TIME TO INVEST IN BURSA ??
« Reply #179 on: March 27, 2017, 05:59:51 PM »



Monday, 27 March 2017
Overvalued stocks – a call for vigilance
BY YAP LENG KUEN

image: http://www.thestar.com.my/~/media/online/2017/03/27/01/37/stocks-copy.ashx/?w=620&h=413&crop=1&hash=4948BFCDDB21F4E15B40E347D936FDB97D8124B6
There are still value buys on Bursa Malaysia but the selection is diminishing. “This makes it more likely for mistakes in stock selection to occur,” said Pong.
There are still value buys on Bursa Malaysia but the selection is diminishing. “This makes it more likely for mistakes in stock selection to occur,” said Pong.
 
SHOULD it be taken as a warning sign that world stocks are seen as most overvalued in 17 years, as revealed by a Bank of America Merrill Lynch (BAML) survey of fund managers?

Although emerging markets are still seen as undervalued by a large proportion of investors polled, the dominance of major market movements may cast a pall on trading.

On Bursa Malaysia, robust trading with the main index hitting 1,750 points on high volume calls for vigilance.

“Much more caution in stock selection is necessary currently than at the start of the year,” said Pong Teng Siew, head of research, Inter-Pacific Securities.

The main index has raced past the stiff resistance of 1,730 points to breach 1,750 and is said to be poised for further advances as foreign money pours into the market after a dormancy of three years.

There are still value buys on Bursa Malaysia but the selection is diminishing. “This makes it more likely for mistakes in stock selection to occur,” said Pong.

“Trading has become riskier since last week when volume traded reached six billion shares. A near-term peak of sorts may be around the corner.

“However, given the proximity to the quarter close, I think it will gyrate around the 1,750 zone before actually easing off, unless volume traded climbs to seven and then eight billion shares.

“That will allow stocks to rally to even higher levels than last week,” said Pong.

Investors are advised to equip themselves with charting tools which add another dimension to visualising the timing aspects of trading.

“While ‘easy money’ has been made, given the positive change in sentiment, gradual improvement in global and domestic economic conditions and stabilisation in commodity prices, among others, should translate into healthier prospects for investors.

“Value investing will always be value investing so long as one is aware of associated risks and time horizons.

“A relatively ‘hotter’ market like this just makes it easier to exit. But if one has different investment objectives, any time is an opportune time,” said Ching Weng Jin, head of research, Public Investment Bank.

US market most overvalued

Regionally, the US stockmarket is the most overvalued, according to 81% of respondents in the BAML poll of investors managing US$592bil worldwide, said The Sydney Morning Herald (SMH).

A net 44% think emerging market stocks are undervalued, while a net 23% say the same about eurozone equities, according to the survey conducted from March 10-16, when Wall Street’s recent string of record highs had slowed down and the US Federal Reserve raised interest rates.

“Risks include Trumpnomics falling short of expectations, US Fed rate hikes turning out to be more aggressive than guidance and unexpected event shocks or policy missteps that derail global growth,” said Lee Heng Guie, executive director, Socio Economic Research Centre.

“Much higher US interest rates inflicted by an accelerating risk of inflation will push up bond yields, making equities less compelling as an asset class,” said Lee.

But flight from equities not seen yet.

The biggest risk to the equity bull market will come from higher interest rates, said 35% of BAML respondents, rather than weak company earnings (21%).

“A net 36% said the 10-year US Treasury yield would have to rise above 3.5% before a bear market in stocks ensues.

“The yield has risen sharply since mid-2016 but has struggled to rise above 2.5%. The last time it was higher than 3.5% was six years ago,” reported The SMH.

The Fed raised rates recently and plans to tighten further this year.

“But investors are sceptical that growth and inflation will be strong enough to warrant a sustained series of hikes and longer dated yields have slipped as a result,” said The SMH.

Emerging markets trade of a decade?

Stocks in emerging markets cost more than when he first made the call in February last year, but they remain an “enormous bargain”, said Christopher Brightman, chief investment officer (CIO) at Research Affiliates, a sub-adviser to money managers including Pacific Investment Management Co (Pimco), Invesco Ltd and Charles Schwab Corp.

Local-currency bonds in developing nations are also seen as trading at a discount, especially those in Turkey, Malaysia, Indonesia and Mexico.

Emerging markets offer an average yield of 2% after accounting for inflation and offer an additional 2% in pick-up from currency appreciation – attractive numbers compared with next-to-zero yield and an expensive currency in the US, said Bloomberg, quoting Brightman.

Bull market still waiting on Wall Street

“The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive, investors should temper expectations for the breadth of expected tax cuts,” said Reuters.

“The market believes it raises the probability of a tax cut later this year since Trump is showing more strategic behavior. (It) puts the market a little more at ease,” Paul Zemsky, CIO of multi-asset strategies and solutions at Voya Investment Management in New York, was quoted as saying by Reuters.

Columnist Yap Leng Kuen hopes these hot players are not caught dancing when the plug is pulled.


Read more at http://www.thestar.com.my/business/business-news/2017/03/27/overvalued-stocks-a-call-for-vigilance/#ecaFFlOxmP71YBLY.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #180 on: March 27, 2017, 06:11:38 PM »
now market so good they want us go away??! dowan see us dancing nekid meh??!  :S :S

tan tean boo child prodigy stock expert say 2400 kambing wo.... :'(
malimalimaliongongongnotongchefbutishua thuatong

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Re: TIME TO INVEST IN BURSA ??
« Reply #181 on: March 27, 2017, 10:03:42 PM »





财经商业视频时事国际地产图天下副刊地方体育娱乐言论市场情报
主页 > 财经 > 国内 > 肯纳格投行:看好6领域 次季瞄准落后大市股
肯纳格投行:看好6领域
次季瞄准落后大市股
405点看 2017年3月27日
(吉隆坡27日讯)肯纳格投行研究主管陈建尧认为,富时隆综指(KLCI)目前的涨势,主要是由非基本面因素所主导,因此在第二季建议以“回归基本面”的策略选股;同时瞄准落后大市股,因这可减轻股价调整的风险。

陈建尧在报告中表示,虽然综指表现比预期强劲,但基本面大致上没太大变化,因此相信,近期的涨势很有可能是由投资情绪和交投量所推动。


尽管许多分析均显示,综指的涨势依旧完好,但近期内调整的风险却有所增加。

经历了末季业绩公布季节,以及调整财测预算后,陈建尧依旧相信,今明财年的净利增长将会是“持平至负数”的状态,分别为-0.3%和-0.5%。

宜减持汽车保健股

他认为,市场目前的良好情绪,是由以下因素所推动,包括(一)来临的第14届全国大选;(二)全球经济改善,特别是美国;以及(三)重回大马的外资。

陈建尧看好的领域包括航空、手套、塑料包装、能源、产业和科技领域。

同时,建议减持汽车和保健股。

除了基本面强稳的股项,他也青睐“超越大市”、且股价落后于大市的股项,如沙肯石油(SKPETRO,5218,主板贸服股)和马电讯(TM,4863,主板贸服股)。

在“增持”领域方面,陈建尧首选IOI产业(IOIPG,5249,主板产业股)、顶级手套(TOPGLOV,7113,主板工业产品股)和国家能源(TENAGA,5347,主板贸服股)。

科技股的代表股项有诺申集团(NOTION,0083,主板科技股)和广宇工业(PIE,7095,主板工业产品股)。

至于SCGM(SCGM,7247,主板工业产品股)和信利资源(SLP,7248,主板工业产品股),则是塑胶包装领域的首选。

征阳集团(SUNSURIA,3743,主板工产业股)则是产业领域的收益股。



5利好支撑
虽然原棕油和原油价格齐齐走弱,但令吉兑美元依旧收复了部分失地。
陈建尧留意到,油价和综指及令吉的关系,已经逐步脱钩。而这有可能为未来更强稳的股市情绪拉开序幕。
他是基于以下数点,作出此估算,包括:
(一)美股的强稳表现;
(二)马股的交易量和交易值增加;
(三)中小型股表现超越综指;
(四)投资者开始撤离抗跌股项,转向风险较高的股项,如产业股;以及
(五)市场持续上修综指目标。

肯纳格投行研究增持6大领域:


塑料与包装领域信利资源净利看涨

信利资源和通源工业(TGUAN,7034,主板工业产品股)的产品改革可提升赚幅,相信未来的净利增长将会取决于产能扩展,令吉贬值可促进更好的股价情绪。

首选信利资源,看好其销售增长、稳固的赚幅和长期增长。



能源领域


净利前景稳定

强韧的净利是此领域的卖点。在目前波动的市况,市场会珍惜业者稳定的净利。

在成本转嫁机制(ICPT)下,国能免了燃油成本的风险,而独立发电厂(IPP)也有购电协议(PPA)支撑。



手套领域


顶级手套贺特佳表现稳健

领域已为稳定的下半年打好基础,因三个季度的净利都有所增长。

在更高的平均售价和赚幅的驱动下,相信顶级手套和贺特佳将持续迈向更稳定的下半年表现。



航空领域


亚航大马机场展望佳

我们维持领域“增持”的投资评级,因看好亚航的证明前景,和大马机场有改善的净利能见度。

亚航的前景正面,因为集团计划增购飞机,相信载客量可超越85%。而大马机场营运合约被延长,也可提供更好的净利能见度。



房产领域


首选IOI产业征阳

虽然整体领域的销售趋势几乎持平,但部分发展商仍交出稳健的销售表现。

房产股迄今增长10.7%,超越综指的4.6%,领域的情绪已经取代了基本面,因目前还未真正看见蓬勃的销售。

该领域的风险是产业股容易因市场的套利活动,而被抛售。



科技领域


汇兑利出口业者

我们更正面看待半导体封装和测试(OSAT)的业者,因为他们在智能手机、汽车半导体市场的曝光率较广。

此外,大马半导体出口业者的净利,也会因有利的汇兑而受惠。





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Re: TIME TO INVEST IN BURSA ??
« Reply #182 on: March 28, 2017, 06:52:54 AM »



刊地方体育娱乐言论市场情报
主页 > 财经 > 国内 > 国行升息预期高 银行股料成马股动力
国行升息预期高
银行股料成马股动力
98点看 2017年3月28日
(吉隆坡27日讯)达证券研究主管卡拉德认为,随着我国2月消费者物价指数(CPI,通胀率)按年涨4.5%,推高市场对国家银行升息的预期,将会带动银行股,这成为富时隆综指持续走高的推动力。

上周五,2月通胀率终于出炉,显示由成本推动的通胀影响依然显著。


由于燃油价格回弹,加上令吉疲弱推高进口成本,这促使2月通胀率按年涨4.5%,大幅高于市场预期的3.9%。

净利息赚幅扩增

卡拉德在研究报告中点出,这最终将出现实际利率陷入负数的情况,投资者预计国行将开始升息,至少在今年首半年升息一次,并且可缓冲美国在6月再度升息25个基点所带来的影响。

他说,若是国行升息,银行将成为最大赢家,因为他们的净利息赚幅将扩增。

“虽然综指相比区域市场的估值较高,加上企业净利增长表现不太强稳,以及首季橱窗粉饰结束后的投资情绪不持久,但这些银行蓝筹股的购兴,将会加强综指的涨势。”

今日闭市时,综指跌0.8点或0.05%,收在1744.95点。

法国选举受瞩目

同时,卡拉德认为,在预计外围因素没有出现不稳定情况下,对14届大选的市场预期,将有助于缓冲短期内出现的任何套利压力。

他指,短期内的重大风险在于投资者对本周三英国与欧盟展开脱欧谈判的反应,以及法国总统选举在4月至5月举行的两轮投票结果。

卡拉德说,若是极右翼国民阵线党首玛琳勒庞成功击败前经济部长马克龙,在大选中胜出,将对欧盟和欧元不利。

“若是这情况出现,将促使投资者把资金撤去避险天堂,并推高美元,这将冲击新兴市场。”



3月至今外资净流入32.3亿

根据MIDF研究的资金流向报告,上周外资在马股的净流入达10.8亿令吉,为连续第二周超过10亿令吉,也是连续第7周成为净买家。

3月至今的累计外资金净流入达32.3亿令吉,已显著超于2月的9.56亿令吉,也是自2016年3月以来最高水平。

“当投资者担心特朗普政府的新医保方案在上周四不获通过,拖累全球股市在上周三大幅下跌时,外资持续买入马股,显示强劲的买盘动力。”

上周四,该项方案最终被众议院撤回。

上周,马股的外资参与率仍处于高水平,每日平均交易值为12.6亿令吉,为今年第二高水平。

本地投资者减持

强劲的外资买盘动力,持续让本地投资者减少仓位。今年至今,本地基金经理在马股的净流出为38.6亿令吉。

至于散户市场仍充满生气,因为每日平均交易值按周上升1.3%,达12.6亿令吉,为持续第三周超越10亿令吉。


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Re: TIME TO INVEST IN BURSA ??
« Reply #183 on: March 29, 2017, 04:27:59 PM »



Wednesday, 29 March 2017 | MYT 3:38 PM
New IPOs will drive Bursa's trading velocity higher
image: http://www.thestar.com.my/~/media/online/2016/11/09/23/13/datuk-seri-tajuddin-atan.ashx/?w=620&h=413&crop=1&hash=962BE0B9334EACC4216BD9FE32F94C1A24D8D737

 
KUALA LUMPUR: Potential new initial public offerings (IPOs) this year will likely drive Bursa Malaysia's trading velocity higher than 27% achieved last year.

Bursa Malaysia Bhd chief executive officer Datuk Seri Tajuddin Atan said Eco World International Bhd's listing on April 3 would be one of the major highlights this year, given its large market capitalisation.

"Furthermore, we hear the Securities Commission Malaysia has approved two more IPOs - one in the Main Market and another in the ACE market.

"These listings will be enough to get the market excited," he told reporters after Bursa's AGM on Wednesday. - Bernama

Read more at http://www.thestar.com.my/business/business-news/2017/03/29/new-ipos-to-drive-bursa-trading-velocity-higher/#ec6pwiSkBHw7fOg8.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #184 on: March 31, 2017, 06:46:52 AM »



Thursday, 30 March 2017
Local funds to the fore? Poised to invest RM4bil on Bursa
BY INTAN FARHANA ZAINULandTEE LIN SAY

image: http://www.thestar.com.my/~/media/online/2017/03/30/01/26/bursa-copy.ashx/?w=620&h=413&crop=1&hash=46ADF316CC61B2EAAC63C5CF391C1F983F96E953
Sources said local institutional funds are expected to invest RM4bil in the equities market in the next few weeks. “Firstly, a local fund is expected to invest RM1bil in the local bourse starting next month to mainly buy the big-capitalised stocks. Apart from that, there is also another RM3bil of “fresh money” to be invested by government-linked investment companies (GLICs) in small and medium-cap stocks over the next few weeks,” said sources
Sources said local institutional funds are expected to invest RM4bil in the equities market in the next few weeks. “Firstly, a local fund is expected to invest RM1bil in the local bourse starting next month to mainly buy the big-capitalised stocks. Apart from that, there is also another RM3bil of “fresh money” to be invested by government-linked investment companies (GLICs) in small and medium-cap stocks over the next few weeks,” said sources
 
PETALING JAYA: Local institutional funds that have been net sellers on Bursa Malaysia in the last few weeks as foreign investors took centre stage are expected to come back strongly.

Sources said local institutional funds are expected to invest RM4bil in the equities market in the next few weeks.

“Firstly, a local fund is expected to invest RM1bil in the local bourse starting next month to mainly buy the big-capitalised stocks. Apart from that, there is also another RM3bil of “fresh money” to be invested by government-linked investment companies (GLICs) in small and medium-cap stocks over the next few weeks,” said sources.

The initiative to invest RM3bil in the small and medium-cap stocks was announced during Budget 2017.

“It is understood that the sum invested would not include the investments that GLICs had already made in small and mid-cap stocks before Dec 31, 2016,” said a source.

In the last two years, foreigners have exited the stock market. In 2015, the net foreign outflow from the equities market was RM19.5bil, while last year it was RM3bil.

Local institutional funds have been mopping up the stocks at low valuations, particularly in the second half of last year.

“The local funds have taken some money off the table this year as foreign funds were net buyers. They have realised some of the gains,” said a fund manager.

Analysts said that while RM1bil in new capital was not huge when compared to Bursa Malaysia’s benchmark market capitalisation of RM1.06 trillion, this would, however, create excitement especially among blue-chip companies that have been lagging behind in the recent rally.

“Banking and gaming stocks have been leading the rally, while telecommunications, airline and utility stocks are among the laggers,” said a broker.

Stocks on Bursa Malaysia have under-performed over the past three years, largely due to the outflow of foreign funds.

In the last six weeks, foreign funds have started returning, and subsequently trading volumes on the exchange have picked up immensely. Bursa saw its overall turnover hitting a staggering 6.01 billion shares on March 20 – the biggest one-day volume since August 2014.

The benchmark FBM KLCI has also risen more than 6.8% since the beginning of the year.

On the rising volumes in the market, a broker said that 2016 was a “really dry” year for the local equity market, with trading volume and value hardly reaching the two-billion mark.

“The volume now averages three billion and value also exceeds RM3bil so far this year,” the broker said.

Foreign portfolio funds have been net buyers in the local stock exchange. MIDF Research said that for seven consecutive weeks, foreign investors have been net buyers on Bursa Malaysia.

It said foreign investors purchased RM1.08bil in the open market, excluding off-market deals, last week. This is the second week where purchases exceeded RM1bil in value.

As of March 24, cumulative foreign net purchase amounted to RM3.23bil.

While there has been strong buying momentum by foreign investors, the local investors have taken the opportunity to take profit on some of the investments. On a year-to-date basis, local fund managers have disposed a total of RM3.86bil worth of shares.

Meanwhile, at present, most GLICs have already invested in small and medium-cap companies, though the stakes held are relatively small compared to their investments in the large-caps.

In recent years, some investment firms such as the Employees Provident Fund, Retirement Fund Inc (KWAP) and Permodalan Nasional Bhd (PNB) have begun buying up stakes in smaller companies.

Also in 2015, Prime Minister Datuk Seri Najib Tun Razak announced an injection of RM20bil into Malaysia’s state investment firm ValueCap Sdn Bhd to boost the local bourse and shore up confidence.

ValueCap has been mandated by the government to invest in “undervalued” Malaysian stocks to lend confidence to the local market. “Investors are keeping an eye on the fund injection to ValueCap,” market observers said.

ValueCap’s three shareholders are government-linked funds, namely, Khazanah Nasional Bhd, PNB and KWAP.


Read more at http://www.thestar.com.my/business/business-news/2017/03/30/local-funds-to-the-fore/#HZWX6y1sH1i4ySvs.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #185 on: March 31, 2017, 08:53:08 AM »



Friday, 31 March 2017 | MYT 8:31 AM
Breakfast briefing: Friday, March 31
image: http://www.thestar.com.my/~/media/online/2013/08/29/03/30/oldtown.ashx/?w=620&h=413&crop=1&hash=24AB3E8448744B8E60B02670ADD218D8C045600C

 
MarketWatch: Wall Street gained on Thursday, led by financial shares, after data showed US economic growth was stronger than previously reported last quarter, helped by robust consumer spending, and the tech-heavy Nasdaq set a record closing high. The DJIA rose 69.17 points, or 0.33%, to 20,728.49, the S&P 500 gained 6.93 points, or 0.29%, to 2,368.06 and the Nasdaq added 16.80 points, or 0.28%, to 5,914.34. - Reuters

Energy

Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait backed an extension of Opec production cuts to reduce a global glut. Brent crude oil LCOc1 settled up 54 cents, or about 1%, to US$52.96 a barrel after hitting US$53.10. - Reuters

Top foreign stories

Global equity listings start to recover after 2016 slump: Global equity listings rose in the first quarter compared with a year earlier, driven by issuance in Asia and the United States, Thomson Reuters data showed, pointing to a more buoyant year for share sales than 2016. Companies globally issued US$189 billion of equity in the first quarter of the year, up 58% from the first quarter of 2016. - Reuters

US judge clears Toshiba's Westinghouse to tap bankruptcy loan: A US bankruptcy judge on Thursday cleared Westinghouse Electric Co, a unit of Japan's Toshiba Corp, to borrow an initial US$350 million to support the company's global operations while it restructures operations. - Reuters

US economic growth revised higher: US economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost that was partially offset by the largest gain in imports in two years. Gross domestic product increased at a 2.1% annualised rate instead of the previously reported 1.9% pace, the Commerce Department said on Thursday in its third GDP estimate for the period. The economy grew at a 3.5% rate in the third quarter. - Reuters

Top local stories

KWAP buys into E&O project: Retirement Fund Inc (KWAP) will purchase 20% in Eastern & Oriental Bhd’(E&O)’s second phase of Seri Tanjung Pinang (STP 2A), a township being developed on reclaimed land with an estimated gross development value of RM17bil. The fund will also subscribe to 66.1 million new shares or a 5.26% stake in E&O, raising the former’s stake to 6.75%. Both deals are worth a total of RM887.7mil. - StarBiz

Goldis gives IGB more time: IGB Corp Bhd said Goldis Bhd has agreed to its request for an extension of time to April 28 for the group to evaluate the proposed offer from Goldis to acquire the outstanding shares it did not already own in IGB at RM3 each. - StarBiz

Yinson profit climbs 2.2% in fourth quarter on higher revenue: Oil and gas services provider Yinson Holdings Bhd’s net profit rose 2.2% to RM51.2mil for its fourth quarter on a revenue that was up 59.6% to RM185.5mil. Yinson proposed a final interim dividend of two sen per share, bringing the total dividend declared to date to 16.60 sen. - StarBiz

Star dividend players: Star Media Group Bhd is ranked among the top companies on Bursa Malaysia for consistent dividend payouts and positive operating cash flows over the past 10 years. The publisher of The Star newspaper has a rolling four-quarter dividend yield of 7.34% with a dividend payout ratio of 120.88%, according to statistics compiled by independent research firm equitiestracker.com. - StarBiz

BCorp Q3 earnings surge to RM22.8m: Berjaya Corp Bhd (BCorp) saw its net profit surge 44.6% to RM22.88mil in the third quarter compared with RM15.82mil a year earlier. Its revenue to RM2.22bil from RM2.16bil, while earnings per share increased to 0.47 sen from 0.37 sen previously. - StarBiz

Daya to sell offshore construction vessel for RM442m: Daya Materials Bhd has proposed to sell its offshore subsea construction vessel, Siem Daya 1, via the disposal of the group’s wholly-owned unit, Daya Global 1 Ptd Ltd to Siem OCV Ptd Ltd for US$100mil (RM442mil). The deal will reduce Daya’s borrowings by about RM406.9mil. - StarBiz

Mitsui OSK Lines buys 20.9% stake in PKT Logistics: Mitsui OSK. Lines Ltd said its acquisition of a 20.9% stake in PKT Logistics Group Sdn Bhd would provide it with an opportunity to significantly enhance its operational capabilities in Malaysia. - StarBiz

Oldtown expands in China: Oldtown Bhd has appointed a local partner in China to expand its business there, with plans to open its first outlet in Fujian in the third quarter this year. It has signed a territorial licence agreement with Xiamen Kuaike Investment Management Co Ltd, giving the latter the rights to operate the restaurant business under the “Oldtown White Coffee” brandname in Fujian. - StarBiz

High utilisation rate for PetChem: Petronas Chemicals Group Bhd (PetChem)’s first quarter 2017 results, due for release at end-April, will be a windfall underpinned by strong volume and higher average selling price, says Maybank Investment Bank Research. - StarBiz
 
RAM: Banking system liquidity sound: The domestic banking system’s liquidity is sound as the liquidity coverage ratio (LCR) exceeded the minimum of 100%, says RAM Rating Services Bhd. The banking sector’s Basel III LCR has averaged 125% since its implementation and stood at 128% as at end-January 2017. - StarBiz

Price hikes will only help illegal cigarette market, says trade body: The Confederation of Malaysian Tobacco Manufacturers says the impression that smokers will quit when cigarettes are too expensive ignores the fact that there are cheaper alternatives in the market. It warned that price increases would instead provide more fuel to the booming illegal market. - StarBiz

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Breakfast Briefing

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Latest News
Steep drop in Lululemon share price may signal squeeze for athletic leisure lines
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UMW Toyota to replace inflator modules for 42,000 units
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Market Summary
Updated: 30 Mar 2017|6:50 PM
Quotes are delayed by at least 15 mins
FBM KLCI
1749.25-1.16-0.07%
Vol ('00)
32,239,022
FBMKLCI
Day's RangeLow1746.05High1751.0752 Weeks RangeLow1611.88High1760
Gainers465
Losers420
Unchanged377
Untraded470
Go to Market Watch
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Read more at http://www.thestar.com.my/business/business-news/2017/03/31/breakfast-briefing-march-31/#M54WO4U1oEpRouAV.99

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Re: TIME TO INVEST IN BURSA ??
« Reply #186 on: April 01, 2017, 09:52:06 AM »



2017-03-31 17:07
传统旺季到‧东盟股市4月蓄势待发
受惠于全球景气持续好转,且美元近期相对亚币走贬,国际资金大举回流东盟股市,印尼股市甚至频频飙出历史新高。摩根投信指出,东盟5国经济体质早已非昔日吴下阿蒙,且各具投资亮点,多元题材料将挹注东盟股市未来上涨动力,眼见东盟即将进入4月传统股市旺季,建议可以把握此黄金投资期。

(新加坡31日讯)受惠于全球景气持续好转,且美元近期相对亚币走贬,国际资金大举回流东盟股市,印尼股市甚至频频飙出历史新高。摩根投信指出,东盟5国经济体质早已非昔日吴下阿蒙,且各具投资亮点,多元题材料将挹注东盟股市未来上涨动力,眼见东盟即将进入4月传统股市旺季,建议可以把握此黄金投资期。

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泰股最可期

摩根东盟基金经理人黄宝丽指出,东盟还有旺季题材可期,就过去经验来看,东盟股市在旺季题材加持下,4月向来都有不错表现,摩根投信统计,MSCI东南亚指数近10年来(扣除金融海啸)4月平均涨幅缴出4.73%的出色表现,居各月份之冠,令人期待东盟股市接下来蓄势待发的旺季行情。

旺季效应又以泰国最令人期待,黄宝丽说明,泰国每年最盛大的节庆泼水节,预期泰国内需消费有望在国际游客簇拥以及银弹攻势下再上一层楼,并进一步挹注泰股动能。

亚洲中小型股看俏

第一金亚洲新兴市场基金经理人杨慈珍表示,东南亚各国去年汇率贬值带来的效益浮现,今年印尼、泰国等国,经常账金额由赤字转为小幅盈余,印度则看到经常账赤字占GDP比重下降,都为经济成长带来正向贡献。

宏利亚太中小企业基金经理人龚晓薇指出,亚洲中小型类股财报仍佳,加上评价面及基本面景气循环启动下,看好亚洲中小型类股,类股方面,以生技医疗、新能源及汽车零组件等较为看好。


韩国企业拟40亿 收购亚航旗下公司

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保德信策略成长ETF组合基金经理人欧阳渭棠分析,亚洲除日本股市今年以来表现强劲,预估新兴亚洲市场仍将在经济增长稳定、中行维持宽松货币政策下走高;国际货币基金(IMF)预估,今年全球经济成长率可望维持在3%以上,股市“涨”相可期,回顾2001年以来,只要全球经济成长率超过3%,当年度股市平均涨幅超过8%。

日盛亚洲机会基金经理人郑慧文表示,Bloomberg统计3月24日当周资料,除菲律宾以外,外资对新兴亚洲皆为买超,韩国总统遭弹劾下台后,市场乐观看待新政府施政;印尼政府力推税务赦免法与基建支出,财经情势好转;企业获利年增速偏向乐观,港股仍有表现机会,多元题材可望为亚股带来期待空间。

文章来源:
星洲日报/财经·2017.03.31

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Re: TIME TO INVEST IN BURSA ??
« Reply #187 on: April 01, 2017, 04:01:20 PM »
KUALA LUMPUR: Bursa Malaysia is poised to trend higher next week, driven by the return of foreign funds into the country and stabilising ringgit against the US dollar, with the benchmark FTSE Bursa Malaysia KLCI moving towards the 1,800 points level.  :clap: :clap: :clap:


Go in fast and eat 1st lah before others do.  :thumbsup: :thumbsup: :thumbsup:

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Re: TIME TO INVEST IN BURSA ??
« Reply #188 on: April 02, 2017, 07:52:36 PM »



2017-04-02 19:00
炒风不熄.马股过热了吗?
2017年第一季马股高唱丰收,综指飙升逾6%,特别是中小资本股掀起的轮流炒风,让市场意外惊喜!依过往数年经验,第一季往往是“最美好的一季”,今年会因“大选揣测年”而有所不同吗?尤其是进入第二季,恰好落在“5月卖股离场去”的季度,蓝筹还能扶持综指,小型股还会否发光发热呢?

(图:星洲网)
首季炒翻天.小股当头起
次季马股有何看点

广告

 
今年首季利好经济数据排队登场,肯纳格研究相信经济强劲增速有望延续至第二季,次季经济增速可能加快至4.8%,若全国大选第三季上演,将可能为经济再添薪火,但需慎防居高不下的通膨搅局。

第二季成长加速

肯纳格研究表示,今年第二季有望从首季增长动能延续,以及全球经济好转中吸取养分,相信经济增速料从首季预估的4.4%加快至4.8%,主要是私人消费和公共消费分别增长7.3%和0.7%,同时净出口也将为经济增长带来些许扶持,进而拉拔上半年经济增速达到4.8%。

“随着首季外需改善,将为电子与电器等制造业带来额外扶持,预见次季制造业增速将从首季预期的4.7%提高至5.1%,同时私人消费增长也有望刺激服务业大户的批发与零售表现,看好服务业增速将加快至5.9%,比较首季为5.4%。”

在潜在全国大选情绪支撑下,第三季经济增长动能也可能持续,但第四季走势则相对温和,下半年经济增幅减缓至4.5%,拉低全年经济增长率至4.5%,与财政部和国家银行的4至5%和4.3至4.8%预测相符。

不排除9月大选可能


AAA品牌评级 MAYBANK最有价值

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“虽然全国大选细节未明,但我们不排除9月大选可能。我们相信大选传言在次季开始发酵后,将带动消费和投资并对经济带来温和的感觉良好效应(feel good impact),但高通膨却可能将美好气氛击散。”

小股炒风料延续

丰隆投资银行零售研究主管刘礼誉受询时指出,综指在第一季已经攀升一段长时期,第一波涨势已接近尾声,进入第二季,预料交投情况会稍为放缓,惟小资本股可望依然精彩。

刘礼誉预料,小资本股轮流炒风将延续至第二季,投资者可注意股价尚未走高及价值低估的优质小资本股,特别有望获得本地催化因素支撑,例如全国大选、政府相关公司、企业并购交易或企业动作等。

广告

“选对股”最关键

刘礼誉指出,随着马股已经升高,第二季交投转为谨慎之余,他建议可将部份投资资金转向较为稳定及抗跌的大型财团股。建筑领域仍有看头,不过一些建筑股的利好已经全面反映,投资获利机会尚存,不过,而主要关键是要“选对股”。

虽说第二季为股市传统淡季,市场有“5月卖股离场去!”及“五穷六绝”之说,不过,他相信,这种情况在今年第二季不会出现,主要是首季涨势及盛旺交投情绪将持续,市场将传出更多企业消息,有助支撑马股持续活络。

肯纳格研究主管陈建尧指出,刚走过的第一季表现标青,市场喜出望外,升势比预期强劲,主要是受到区域甚至全球股市强劲表现的溢出效应,以及外资更激进地重返马股所致。

其实,在这期间,马股的基本因素并没有改变。该行相信最近的涨势,很可能仅是由市场情绪及游资所推动。更何况,国内游资情况依然吃紧,大马银行体系的过剩游资保持在1600亿令吉的低水平。

基本因素无太大变动

分析员指出,除了2016年的盈利成长超越市场预测之外,其实马股的基本因素没有太大变动。综指股的2016年的盈利成长达到8%,反观肯纳格较早时的预测为负成长4%。

综指股去年较好盈利表现,主要是包括国家能源(TENAGA,5347,主板贸服组)实施不平衡成本转移(ICPT)、云顶(GENTING,主板贸服组)及吉隆坡甲洞(KLK,2445,主板种植组)因外汇及沽售资产而进行资产价值重估、以及联昌集团(CIMB,1023,主板金融组)没有互惠离职计划(MSS)成本的影响等。

首季马股是由市场情绪和游资推动,这些“感觉良好”因素中,首推即将举行的第十四届全国大选、全球经济获得改善,特别是全球最大经济体的美国、以及外资开始重返马股等。



外资重返
激情依在

陈建尧指出,今年至今,外资在马股净买进35亿令吉,扭转2016年第四季净流出53亿令吉,以及2016年全年净外流29亿令吉的窘境。

外资大举重返,让市场感到惊讶,特别是美国联邦储备局甫于3月份调升利率25个基点,资金不但没有外流,反倒加速回返。一般而言,调高利率往往对股市不利。

今年至今外资回流47亿

大马交易所首席执行员拿督斯里达祖丁日前在股东常年大会后受到记者询问时,针对马股外资问题就表示,今年至今,外资回流达到47亿令吉,主要是马币汇率走贬后,对马股的估值深具吸引力,因为马币走低,使持有外币的外资在低汇率转换为马币进场时,马股估值拥有钜大的折价及具吸引力。

分析员指出,从最近马股表现显示,市场通常是非常善忘的,因为近期的原棕油及国际原油价格回落走低,马币兑美元汇率稍为好转取回一些失地,不过,综指与原油价格及马币汇率的价格联连性已经较不明显,可能是市场看好马股前景而使交投情绪好转。

交投情绪好转有迹可寻

马股交投情绪好转是有迹可寻的,这股热情料可延伸至第二季(至少未来一个月);推高交投情绪原因包括,美国股市强劲反弹、马股交易量与交易值显著增长、中小资本股(小资本股指数及70股项指数)的表现皆超越综指、投资者已开始避开抗跌股(如产业投资信托股)而转向较高贝他(如产业股)的股项、市场继续上调综指年杪目标水平。



次季追随
趋势策略

肯纳格研究对马股交投情绪因素加以数量化,即通过富时大马小资本指数(或富时大马70股项指数)对富时大马综指的预测本益比所出现的溢价(或折价)来加衡量。

目前,小资本指数对综指的预测本益比折价,在试探正2点标准差水平后,已经开始出现回调;同时70股项指数的预测本益比,也在溢价情况下交易,估值远远地超越正2点标准差水平,在在显示马股的交投情绪可能已经过热,很有可能在短期内出现回落调整。

为了追踪马股游资情况,肯纳格研究研发一项称为“累积成交量——价格研究”,显示出最近的马股购兴依然完好。有鋻于此,目前的最好投资策略,是采取“趋势追随法”。

进一步扬升空间受限

不过,马股的进一步扬升空间已是日益有限,主要是(一)中小资本股的估值补涨过于快速、(二)一般市场预测目标与综指的折价,已经达到正1点标准差至正2点标准差之间水平,可能意味着综指已经见顶。

惟资深分析员则认为,今年首季的涨势,实获得多项利好支撑,特别是马股经历连续3年的负成长后从谷底反弹,盈利获得复苏。

去年油气价格走跌/消费税问题期间,已是最坏情况,如今在多项利好激励下止跌回扬,包括商品价格回弹、马币汇率大贬后持稳、以及整体经济平稳等。

年杪综指目标上调

基于交投情绪激进,肯纳格将2017年杪综指目标上调至1775点(早前目标为1750点)。若以1775点为准,综指的2017及2018财政年的预测本益比分别为16.6倍及16.7倍。

一般市场对综指的年杪目标,则从之前的1735点上调至约1780点。分析员指出,综指现有水平的上升空间有限,不再令人感到振奋,加上股价调整的风险升高,该行建议投资者开始作好准备,一旦综指回调至1705点/1670点之间,相信则是理想的“趁低买进”水平。

资深分析员指出,技术层面而言,预料马股综指在第二季走势将呈震荡,最高可达1770点至1800点之间,较强下跌支持水平则落在1700点/1650点。

投资仙股谨慎为妙

至于首季“鸡犬升天”的低价股或仙股,市场人士认为,还是谨慎为妙,短期炒作回酬可能很高,不过,高风险也伴随而来,最好是居安思危,见好就收。

肯纳格研究在第二季看好的投资领域,包括航空、胶手套、塑胶包装、电力设施、产业及科技等领域。

该行看好11只股项(见附表)。



外资回流区域

肯纳格研究指出,海外因素方面,欧洲市场仍落在不确定环境之中,因多个主要成员国将在2017年举行大选,逼使一些外国游资重新回流至包括马股在内的区域股市。

欧洲市场落在低利率甚至是负利率赚幅情况,反观亚太主要股市特别是银行股依然落在较高/或正面的利率赚幅,从而吸引一些外国资金或基金转向区域市场,以寻求更高的投资回酬。

联储局甫升息25个基点,市场预期下半年会再升息两三次,使短期里的利率展望稳定下来。加上美国经济进一步改善,推动美国股市未来展望向好,从而也会激励全球股市的交投情绪。若全球游资大肆回流美国,料对全球股市不利。

须关注美企财报

刘礼誉认为,投资者必须关注美国股市上市公司4月份开始陆续出炉的财报、5月及6月的美国联储局的议息会议、国际原油价格走势等,因对国内外股市的表现息息相关。

国际原油价格方面,预料石油输出国组织(OPEC)将在5月决定是否继续削减石油产量,任何决定都会对原油价格走势产生重大影响,有必要密切加以关注与追踪。

大马政府在2017年财政预算案把石油平均价格定在每桶45美元为准,目前每桶为50美元左右,若是进一步扬升,将有助提高大马的石油收入及对整体经济及马股有利,特别是石油收入占大马政府总收入的20至25%之间。

美股仍是全球指标

美股仍是全球股市主要指标;联储局在第二季的5月及6月举行议息会议,若是升息过快过急,无疑将为全球股市抛下震撼弹,同时美国新总统特朗普的所作所为,至今为止仍然是全球股市最大不确定因素之一。

特朗普政策未明朗化

随着特朗普的医药政改计划失利,目前全球市场对其大减税及基建改革刺激经济政策及贸易政策能否过关还是未知数,偏偏减税改革计划(将目前35%大砍至20至25%)为推动美国股市走高的最主要动力,若是未能推行或与市场预期有很大差异,相信美国股市可能调整,料也会冲击全球股市交投情绪。

第二季美国及大马企业财报分别从4月第二周及5月份开始陆续出炉,相信也是其中左右股市走势的关键因素。分析员预料,即将出炉的财报应该会好与正面,特别是最近全球经济前景开始向好。

全球股市首季已大幅度走高,进入第二季,全球股市间中可能会出现正常的调整或修正,不过,幸运的是,目前尚看不到任何崩溃大跌的肇因。

目前美国股市的标准与普尔500指数的2017年预测本益比落在18倍,比10年平均本益比21倍较低,仍有一些上升空间。不过,无可否认为,技术层面而言,已落在“超买”的状况。

马币料游走4.30至4.55

若是马币兑美元汇率回稳或甚至回升,预料有助扶持股市企稳扬升。分析员预测2017年马币兑美元汇率将落在4.30至4.55令吉,市场可容忍的价位料落在4.50令吉水平,若是美元汇率因急升息而大起,预料将为马币及马股带来震荡。

过去记录显示,一旦美国利率走高至3%以上水平,将为美股带来较大震荡冲击。目前市场信心较为强劲,因近年来发生的重大事件或利空,全球股市在很短时间里就恢复稳定,这也是短期里第二季股市不会大跌崩溃的支柱。

今年欧洲多个国家举行大选,包括法国5月及德国则在下年半举行大选,市场一般认为,若是执政党失利,预料将为市场带来新的不确定因素,冲击程度到时还有待观察。

文章来源:
星洲日报‧投资致富‧焦点策划‧文:李文龙‧2017.04.0

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Re: TIME TO INVEST IN BURSA ??
« Reply #189 on: April 03, 2017, 08:43:59 PM »



A Pullback in Asian Stocks Looms: Fund Managers
by En Han Choong  and Livia Yap
April 3, 2017, 5:00 AM GMT+8
April 3, 2017, 9:47 AM GMT+8
MSCI Asia Pacific Index had biggest quarterly gain since 2012
‘We can think of plenty of disaster scenarios’: Legg Mason
A pullback in Asian equities looms after a stellar start to the year, according to fund managers, who remain bullish for the longer term thanks to cheap valuations and optimism that the region will benefit from improving global growth.

While managers see strong fundamentals, they ticked off several risks that may weigh in the second quarter, from French elections and Brexit to U.S. interest rates, as well as Donald Trump’s stance on protectionism and his ability to steer his agenda through Congress.

“We are cautiously optimistic, but there a lots of things that could upset this benign environment,” said Paul Danes, chief executive of Martin Currie Asia, a subsidiary of Legg Mason. “There will no doubt be persistent concerns about what President Trump says and does, and how this will be reflected in policy. We can think of plenty of disaster scenarios, and in such an event there will be few businesses untouched.”

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The MSCI Asia Pacific Index jumped almost 9 percent from January to the end of March, its best return since the same period in 2012. It was up 0.2 percent at 9:45 a.m. Monday in Hong Kong, kicking off the second quarter higher, along with markets from Japan to Australia. India’s Sensex advanced the most in the region in the first quarter, rising more than 11 percent to a record high. Japan, pressured by a strengthening yen, had the poorest showing among major markets, as it slipped to a loss on the final day of the quarter.


Here’s what some investment managers had to say in recent interviews with Bloomberg about the quarter ahead:

Anthony Ho, Amundi Asset Management

The Trump administration is still a big uncertainty for Asia, especially on trade policies and the relationship with China. Trump’s meeting with Xi Jinping is “the key event” for this quarter.
NOTE: Trump and Xi to meet in Florida on April 6 and 7.
Short-term investors may take some profits in the coming months, creating more volatility.
Earnings expectations are being revised upwards, with strong double-digit growth rates in countries such as China, India, Indonesia and Korea.
The commodity rally should continue on overcapacity reduction in China and elsewhere. This should filter into equity markets, especially energy and material names that have underperformed over the last few years.
Andrew Gillan, Henderson Global Investors

Brexit and issues with the European Union are still risks. Also awaiting clear policies from Trump, especially since he couldn’t get health-care changes through.
Consensus is that China’s economy has stabilized, but there are issues with debt.
Asia is attractive compared to the U.S. and Europe as valuations are at a discount. There’s a high probability of more than 10 percent earnings growth for Asia ex-Japan this year.
More than 20 percent of Gillan’s portfolio is in India. Also likes Taiwan, with a mixture of technology including Taiwan Semiconductor Manufacturing Co. and companies involved in Apple’s supply chain.


Arthur Kwong, BNP Paribas Investment Partners

It’s unlikely there will be the same robustness in Asia ex-Japan equities this quarter, but there is support given the steep discount to U.S. stocks.
Elections in France and Germany pose potential risks, while Brexit negotiations should dominate financial news headlines.
Prefer India and Asean over the longer term given their working-population growth, lower penetration of products and services, and rising disposable incomes. Concerns about current account deficits are valid but overdone.
Cautious on China due to its rapidly deteriorating demographics, rising labor costs and oversupply issues.
James Soutter, K2 Asset Management

Election concern has died down as Dutch polls went through “without issues” and French election risk is diminishing. The other political risk is Trump and whether he can get policies through.
Asian markets are volatile, especially with more U.S. interest-rate moves likely this year. “There will be volatility around those interest rates and dollar movements.”
Adding positions in technology and Asian financials, especially Hong Kong insurers and banks, latching on to global growth. There are some opportunities in South Korea, which was sold off heavily toward the end of 2016.
Avoiding Hong Kong and Singapore property companies.

Shane Oliver, AMP Capital Investors

A pullback of maybe 5 percent is likely in the second quarter because the market has had good gains.
There is risk around U.S. policies on trade, and tensions with China and the South China Sea. Also North Korea, “but we’re always worried about that and have been for 20 years.”
Company earnings in Asia, emerging markets, Europe and Japan should outperform the U.S.
Alan Richardson, Samsung Asset Management

Issues in the West remain a risk, including the magnitude of U.S. interest-rate tightening, European politics and Brexit.
Volatility will stem from profit-taking after a strong year-to-date performance and lack of new leads to trigger a fresh round of buying over the next three months.
Market is unlikely to fall back more 10 percent, so investors can use declines to progressively buy more.
“I don’t see any new unexpected developments, so it is just a repetition of continuing issues which the market is mostly aware of, so it is already mostly discounted.”

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Re: TIME TO INVEST IN BURSA ??
« Reply #190 on: April 04, 2017, 02:07:31 PM »



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A bull trap or a real bull run?
Author: Tan KW   |   Publish date: Mon, 3 Apr 2017, 11:44 AM

 

By Billy Toh / The Edge Financial Daily   | April 3, 2017 : 9:06 AM MYT
   

A filepic of Bursa Malaysia in Kuala Lumpur. Investors in the local stock market are probably laughing their way to the bank as the global equity market including the Malaysian stock market rallied in the first quarter of 2017. Photo by Bloomberg

 

This article first appeared in The Edge Financial Daily, on April 3, 2017.
 

KUALA LUMPUR: Investors in the local stock market are probably laughing their way to the bank as the global equity market including the Malaysian stock market rallied in the first quarter of 2017.

Malaysia’s FBM KLCI gained by 6% and the broader index, FBM Emas Index, gained by 7.8% in the first quarter of the year. The US market continued where it left off in 2016, as both US Dow Jones Industrial Average and S&P 500 Index jumped by about 5% and 5.8% respectively.

The European and Asian markets have both rebounded strongly in 2017 as Stoxx Europe 600 rose by 6.1%, while the MSCI AC Asia Pacific Index surged by 9.68% during the same period. Globally, the MSCI All Country World Index has also increased by 5.4%.

To put it into perspective, out of the 925 companies listed on Bursa Malaysia, 79.2% or 733 companies have seen their share prices heading north. Meanwhile, 17.1% or 158 companies’ share prices have drifted lower. The remaining 34 companies or 3.7% remained unchanged.

Of those stocks that have climbed, about 480 or more than 50% of the listed companies have jumped by a double-digit growth.

In other words, for every 10 stocks invested in, you would have about five of them growing double digits, another three gaining by less than 10% with the remaining two counters heading south.

While it feels good when things are going your way in the market, will you be caught wondering if the music may soon stop?

Etiqa Insurance and Takaful Bhd head of research Chris Eng, who had correctly predicted the stock market to rally in the first quarter, told The Edge Financial Daily that he maintains his bullish view so far.

“We have maintained the same view so far, expecting the market to be positive for the first quarter while [there is] a risk of recession in the middle of the year. What has changed is that there is a less chance of a recession, but still there could be a retraction in the stock market in the middle of the year,” Eng said.

He shared that the movement of the market would depend largely on the timing and level of the index.

“I think that the current level of the index is still not quite there. A 1,800 level is still very possible and I think it should be able to hold above there before retracing back to a lower level.

“At the moment, local fund managers who are still sceptical about the stock market have sold to the foreigners. Otherwise, it should be at an even higher level. This indicates that there is more room for the market to move up before some correction at the later part of the year,” Eng added.

While positive on the market, Eng cautioned that a collapse in the US stock market would bring a stop to the rally party.

“If the US starts to drop, there is no way that the Malaysian stock market could continue the rally,” he said.

On the danger of a US stock market collapse, Eng shared the concern is always there but the likelihood of it happening now has declined.

However, he said that if it did not happen in 2017, the likelihood of it occurring in 2018 is higher and if we do not see it next year, it is almost certain to see it in 2019.

Mercury Securities Sdn Bhd head of research Edmund Tham is slightly more cautious about his view as he questioned the sustainability of the current rally in the stock market.

“We are not sure if this could be a bull trap. Just a couple of months back, things had been pretty negative but it’s good to see a positive turnaround in 2017. Definitely, there is liquidity in the market.

“However, the question remains on how long this can be sustained? At one time, the volume reached about six billion and I think it is impossible to maintain such [a] momentum,” Tham said.

He added that the current rally is driven mainly by sentiment play and many investors have just been too bullish after a lacklustre year in 2016.

“Our valuation is still considered high … I’ll be [more] convinced that the rally is sustainable if fundamental factors such as the earnings, book value and cash flow improve. So far, the price has gone up significantly compared with a year ago but we have not really seen in it the earnings … it is also difficult to just depend on foreign investors to prep up the stock market since foreign players are only about 22%. seventy-eight per cent of the activity on Bursa is still driven by local interest,” he said.

Tham, however, opines that the Malaysia’s general election play could be a catalyst to keep the momentum going.

Another analyst said the risk of a reversal in trend could occur especially if the KLCI fell below the 1,730 mark.

Attempting to predict when the bull run will start and end is almost an impossible task even for the market experts. Investors just have to make sure that they are able to grab a chair before the music stops.

http://www.theedgemarkets.com/my/article/bull-trap-or-real-bull-run

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Re: TIME TO INVEST IN BURSA ??
« Reply #191 on: April 04, 2017, 02:54:24 PM »
ripe time  now  :clap: :clap: :clap: :clap: :thumbsup: :cash: :cash: :cash:

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Re: TIME TO INVEST IN BURSA ??
« Reply #192 on: April 04, 2017, 03:16:42 PM »
PETALING JAYA: Malaysia has emerged as the most favoured emerging market in South-East Asia year-to-date based on foreign liquidity flow in the local stock market, beating Thailand, Indonesia and the Philippines.

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Re: TIME TO INVEST IN BURSA ??
« Reply #193 on: April 05, 2017, 10:04:58 AM »
Within the same report, MQ Research shared their views that with the loan growth slowing, the banking sector will continue to be dependent on operating and credit cost containment. MQ Research has an Outperform rating on CIMB and reiterates Public Bank as their top defensive pick in the Malaysian banking sector.

PBB ...  :thumbsup: :thumbsup: :thumbsup: :cash: :cash: :cash:

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Re: TIME TO INVEST IN BURSA ??
« Reply #194 on: April 06, 2017, 02:22:41 PM »



TOP STORIES
Hot Stock
Bursa Malaysia rises ahead of 1Q results
By Wong Ee Lin / theedgemarkets.com   | April 6, 2017 : 12:54 PM MYT   
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Translated by Google Translator:
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KUALA LUMPUR (April 6): Bursa Malaysia Bhd rose as much as 20 sen or 2% after analysts said the bourse operator and regulator could have registered better first quarter results on higher share and derivative trades.

The Employees Provident Fund (EPF) recently upping its Bursa Malaysia stake could have also led to better sentiment on Bursa Malaysia's outlook.

Today, Bursa Malaysia shares rose to their highest so far at RM9.93. At 12.30pm, the counter cuts gains to settle at RM9.88 with 781,200 shares traded. Bursa Malaysia was the sixth-largest gainer across the exchange.

AmInvestment Bank Bhd analyst Kevin Ong told theedgemarkets.com: "The operating revenue (of Bursa Malaysia) is expected to be better in the first quarter than fourth quarter."

"This is based on improvement in the trading of equities in the equities market as well as improvement in the number of contracts traded for derivatives," Ong said.

Last Monday, Bursa Malaysia said it would announce its results for the first quarter ended March 31, 2017 (1QFY17) this April 26.

Yesterday, Bursa Malaysia said the EPF had raised its stake in the bourse operator to 5.087% after buying 167,190 Bursa Malaysia shares on the open market. Bursa Malaysia said the EPF had acquired the shares last Thursday (March 30).

In February this year, Bursa Malaysia said 4QFY16 net profit fell to RM50.17 million from RM50.6 million a year earlier. Full year net profit was lower at RM193.62 million versus RM198.61 million a year earlier.


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Re: TIME TO INVEST IN BURSA ??
« Reply #195 on: April 13, 2017, 06:12:06 PM »



 上则新闻
马制铝削资每股回退32仙
下则新闻
稳定金融市场  国行明再出招
财经  2017年04月12日
股票衍生品交投炽热 大马交易所业绩可期

(吉隆坡12日讯)我国首季的股票和衍生品市场交投炙热,令安联星展研究分析员看好大马交易所(BURSA,1818,主板金融股)的2017財政年首季(截至3月31日止)业绩將超越市场预测,並把未来3年的盈利预测调高5%至7%,至2亿2600万令吉、2亿4100万令吉和2亿5900万令吉。

因此,分析员进而把大马交易所的目標价从10令吉,调高至10.90令吉,並维持「买进」评级。

大马交易所的股价在週三盘中应声上涨17仙或1.78%,至9.72令吉;惟,之后回吐大部份涨幅,以微起5仙或0.52%,至9.60令吉掛收。

写最大按季涨幅


今年首季,马股成交量大涨,日均成交量按年与按季,分別激增49.1%和89.4%,至27亿1000万股,並写下2007年首季以来最大的按季涨幅纪录。

此外,日均成交值则达23亿7000万令吉,比分析员预期的全年日均成交值,即18亿5000万令吉,多出28%。

另一方面,大马衍生品交易所的首季成交量亦取得不俗的成长表现,按年与按季分別增长7.3%及12.3%。

儘管上述情况被部份市场人士解读为潜在的全国大选前股市热潮现象,不过分析员研究过往4届大选的马股趋势后发现,並不一定每次都会出现交投炙热现象。

因此,分析员倾向于认为,今年的股市热潮是市场大环境的其它因素所致。

財测目標价上调

除了调涨大马交易所的盈利预期和目標价,分析员也把今年全年日均成交量和成交值预期,分別从17亿2000万股及18亿5000万令吉,上调至20亿8000万股与21亿9000万令吉。

分析员指出,马股在去年跑输区域股市,今年终于在全球通货膨胀重新升温的情况下,受到外资的关注,使首季强劲反弹,並料將延续至次季。

分析员对大马交易所喊买,主要因为该公司股息丰厚,预料將把94%净利拿来派息,长期的盈利成长率料將达4.5%。以目前股价计算,该股的週息率(DY)介于4%至5%,具有吸引力。

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Re: TIME TO INVEST IN BURSA ??
« Reply #196 on: April 16, 2017, 08:47:22 PM »



2017-04-16 19:18
“动物本能”回归.全球信心回升.大马依然悲观
全球经济“动物本能”回归!这里的“动物本能”可不是指全球股市的“牛气冲天”,抑或是商品市场的“熊影出没”,而是投资者的非理性因素──“信心”回归。渣打银行首席经济学家马利奥马拉德夫蒂表示,全球经济和金融市场在信心簇拥下走扬,这是非常重要和正面的迹象,主要是商家有信心就会投资更多,家庭信心提升将会增加消费意愿。
全球经济“动物本能”(Animal spirits)回归!这里的“动物本能”可不是指全球股市的“牛气冲天”,抑或是商品市场的“熊影出没”,而是投资者的非理性因素──“信心”回归。

广告

渣打银行首席经济学家马利奥马拉德夫蒂表示,全球经济和金融市场在信心簇拥下走扬,这是非常重要和正面的迹象,主要是商家有信心就会投资更多,家庭信心提升将会增加消费意愿。



不过,令人忧心的是,大马投资者的“动物本能”似乎没有跟上同侪回归脚步。渣打银行调查显示,大马客户对2017年前景依旧“悲观”,在7大调查市场(越南、泰国、香港、中国、菲律宾、新加坡和大马)中敬陪末座,唯一可喜的是今年“动物本能”高于负10%,比2016年的负50%好了许多。

基于“动物本能”缓步回归,渣打银行为反映近期强劲出口复苏动能,上调今年大马国内生产总值(GDP)增长目标从3.8%至4.1%,但仍比官方预期的4至5%为低,。

“去年杪出口增长表现令人鼓舞,12月出口即攀升11%,比首11个月的平均每月0.2%增幅高出不少。”

值得一提的是,渣打银行虽上修全年经济增长,但相信全年经济增长依旧不温不火,主要是家庭开销可能放缓至2016年水平,同时去年政府祭出的振兴消费等一次性措施也将拉高今年下半年比较基础。


MPV打回原价 汽车公司冷待

广告

就业市场疲弱

更重要的是,去年12月失业率攀升至3.5%,而就业仅年增0.6%,意味着就业市场依旧疲弱。

“以占就业比例17%的批发、零售和制造业为准,我们预计12月薪酬将增长3%,但在今年通膨显著上扬的情况下,预见今年实际薪酬增长可能比去年为低。”

油气无利好
地产放缓

广告

投资也同样不乐观,渣打银行认为,尽管原产品价格复苏,但市场投资情绪依旧审慎,石油与天然气领域投资带来的利好消息并不多,同时产业交易减缓也将抑制投资者投资实业意愿。

“但是,政府基础工程可能带来些许正面动能,主要是去年公共工程释出增长近19%。”

整体来看,基于外贸环境好转,渣打银行仍上调2017年经常账盈余目标,从占GDP比重的1.5%至3%,以反映原本产品价格攀升、电子出口强劲和资本和消费品进口增速较预期为缓。

今年利率料保持

随着外贸改善,渣打银行也一改国家银行(BNM)将在今年5月减息25个基点的立场,预测国行今年将按兵不动。

“虽然去年下半年出口比较基础比较高,加上全球需求持续受抑,我们相信国行在外围环境不明朗和高通膨压力的情况下,货币政策立场可能倾向静观其变。”

该行指出,岸内外汇交易流动性依旧甚低,一旦美元走强将导致汇率波动变得剧烈,因此国行可能避免货币政策过于宽松,以免提高汇市波动程度。

此外,通膨压力也快速抬头,今年1月通膨突破3%,2月通膨更一举飙至4.5%的8年高位,因此渣打银行上修全年通膨目标至3.6%,主要考量津贴合理化和国内油价调高。

“我们预期国行将把现有物价压力视为供应和行政管理措施推动,今年将维持利率不变。在今年1月和3月的货币政策委员会文告中,国行已承认今年总体通膨可能走扬,但却将焦点开始转向核心通膨。”

在审慎需求下,核心通膨可能较总体通膨更为稳定,今年1月核心通膨仅年增2.3%。

同时,国行在3月文告中也提及乐观经济增长的潜在风险,并直接点名主要原产品价格走跌因素,显示其对现价格推动的出口表现感到忧心。

马币回升不多

马币实际有效汇率(REER)现已比10年平均低12%,比亚洲金融危机期间更为廉宜,渣打银行相信估值遭低估情况可能延续一段时日,主要考量到美元强劲和联邦储备局(Fed)继续升息。

“此外,受到美元马币交易量显著走跌,投资者购兴也可能因流动性不足隐忧而减弱。”

与此同时,该行相信马币兑美元涨势受限,主要是当前涨势只获原产品价格走扬,以及国行改善美元供应措施带动。

“我们预测外资依旧抱持‘减码’债市态度,但除非大马债市指数比重再遭下调,否则进一步显著卖压风险将受到抑制。”

不可忽视外围风险

虽然全球经济“动物本能”回归,但马利奥马拉德夫蒂认为,这并不足以确保全球经济中期增长动能。

信心仍需要基本面支撑

“只有信心,但却没有基本面改善支撑,这是华而不实的。虽然我们欢迎‘动物本能’的回归,但我们不应被这样的情绪所摆布。”

他认为,全球经济现得利于美国经济强劲增长、亚洲良好的出口数据和蓬勃的资产市场,但这都是由高油价、中国库存周期和美国再通膨几个因素所带动。

“这些推动因素虽可确保未来几季经济增长无忧,但却无法催生另一个多年经济涨潮。其中,美国货币政策将对经济前景带来最大风险。虽然市场对美国总统特朗普的再通膨预期兴奋不已,但我们对其能否实现抱持悲观态度。”

此外,联储局也启动利率正常化程序,马利奥马拉德夫蒂认为,联储局今年将升息3次,明年再升息2次,这对未来数月的经济不会带来太大的问题,但货币政策收紧将最终影响经济增长,而这样的情况将在2018年开始浮现。

“事件风险(Event Risk)也需纳入考量。虽然市场现将焦点放在选举(特别是欧洲)上,但更重要的发展是本月特朗普与中国国家主席习近平的会晤,一旦两大国际领袖态度一致,这将大大削弱发生贸易战的可能性,从而进一步提振‘兽性精神’,反之则可能造成信心破灭。”



财经小辞典

“动物本能”是经济大师凯恩斯在1936年发表的《就业、利息和货币通论》一书中提出的经济学术语,意在指出影响与引导人类经济行为的本能、习惯与感情等非理性因素,但通俗的解释就是信心,一种对于未来有愿景与希望的想法。

文章来源:
星洲日报‧投资致富‧市场热点‧文:洪建文‧2017.04.16

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Re: TIME TO INVEST IN BURSA ??
« Reply #197 on: April 16, 2017, 08:53:08 PM »
SURE  ONE - ripe  timing now    :thumbsup: :cash: :cash: :cash: :cash:

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Re: TIME TO INVEST IN BURSA ??
« Reply #198 on: April 17, 2017, 10:41:58 AM »



【独家】分拆业务上市缔双赢
93点看 2017年4月17日
独家报道:姚思敏
随着国内有不少企业计划把业务分拆上市,投资专家正面看待这项发展,因为这意味着企业的业务已有所增长,到了能够独立上市的阶段。

同时,他们认为,分拆业务将对企业和投资者带来“双赢”局面。


从企业方面来看,分拆业务之后,能够更有效经营,并能够反映出业务内在价值;而投资者则拥有更多投资选择,并可以更明确地投资在某一个领域。



绿盛世国际(EWINT,5283,主板产业股)在4月3日上市首日取得佳绩后,为投资者注入强心针,因而也更期待森那美(SIME,4197,主板贸服股)的分拆上市活动。

2013年,绿盛世(ECOWLD,8206,主板产业股)成立绿盛世国际,收购海外产业资产进行发展,并在2015年决定分拆上市,这有助提高IPO市场的情绪。


Areca资本总执行长 黄德明

Areca资本总执行长黄德明向《南洋商报》指出,综合企业(Conglomerate)分拆业务有利马股,这包括IPO市场。

同时,Fundsupermart.com高级分析员李天翔说,IPO市场在过去3年面对艰难时期后,目前有更多值得期待的大型IPO,如最近新上市的绿盛世国际。

他说:“一旦市场复苏,马股会有更多IPO活动。”

此外,他相信,特别是能源领域接下来将出现更多企业活动,包括分拆业务或整合。


Fundsupermart.com 高级分析员李天翔

Inter Pacific研究主管冯廷秀认为,从去年至今越来越多企业计划分拆业务上市,部分原因是预计我国的IPO市场将比去年表现更好。

他说,目前来看,今年会比去年好。

“不过,进入下半年,市场将面对多项不确定因素,特别是海外市场表现,这会影响IPO市场。”


Inter Pacific 研究主管冯廷秀

正面看待企业分拆业务

针对企业分拆业务的现象,冯廷秀认为,这是一项正面的发展。

他说:“企业考虑分拆,意味着旗下业务有所增长。我很开心能够见到这股分拆业务的趋势。这能够刺激股市的投资兴趣。”

此外,他认为,分拆是一个很好的想法,因为企业不应该拥有太多元化的业务。

冯廷秀说,大马一直以来面对很大的问题,就是放大“协同效应”(synergy)这个字眼。

“在我国企业领域中,大家都会惯性的使用‘协同效应’作为断定一项并购活动的原因。我不曾喜欢这个字眼。”

他解释,企业顾问都会以重大协同效应让企业进行合并,但却忘了反面则是让企业规模变得笨重。

他指,通过分拆业务,能够让投资者专注在特定业务上,而且股票估值也会反映公司基本面。

“因此,一旦分拆业务之后,公司股价有望取得极佳的表现。”

投资者将有更多选择

黄德明认为,企业分拆业务之后,投资者也会有更多投资选择。

他说:“从投资领域来看,投资者会有更多选择。”

例如,目前国内纯汽车股不多,较为大型的仅有陈唱摩多(TCHONG,4405,主板消费产品股),但森那美分拆业务之后,将多加一只汽车股。

今年1月,森那美宣布,将种植和房产业务分拆上市,以释放价值,公司最终分成3个体。

根据森那美2016财年年报,汽车业务占集团营业额总数达43.05%,是贡献最大的业务;而在净利总数比重则达16.07%,是自种植和产业业务之后第三大贡献来源。

因此,在集团分拆种植和产业业务之后,汽车业务将会成为营业额和净利最大贡献支柱,也有望成为投资者眼中的汽车股。

分拆业务刺激股价

在多家计划分拆业务上市的公司中,研究主管和基金经理皆认为,森那美是必须分拆业务的公司,因为规模过度庞大,而且业务太多,引起管理和财务的问题。

2007年成功将9家上市公司合并成为我国首屈一指的大企业,森那美如今似乎也陷入了窘境,表现欠佳的业务掩盖了表现亮眼的业务,特别是过去两年更为明显,拖累股价从2014年的9.60令吉以上,下跌至去年平均介于7令吉至8令吉之间。

之后,股价在去年下半年才慢慢回升至9令吉以上,这主要是因为集团脱售资产套现和减少融资成本,加上汽车业务有气色和原棕油业务表现佳,带动截至去年12月31日上半年净利表现显著改善。

此外,森那美计划分拆种植和房产业务,也刺激股价走高。

在2月27日,森那美宣布一项内部重组计划,为分拆业务上市铺路。

该集团建议展开内部重组计划,包括重组集团的贷款、转移特定资产,包括地皮、以及“资本化”内部公司贷款。

接着,森那美将把旗下森那美种植私人有限公司,以及森那美房产私人有限公司的所有股权,分发给股东。截至上周五,森那美闭市报9.27令吉。

分拆业务须留意2条件

虽然从去年至今,有不少上市公司计划分拆业务上市,但投资专家却建议,企业必须留意两大必备条件才做决定。


丰隆投行研究主管 兼经济学家徐克宇

第一:业务太多元化及没有关联

丰隆投行研究主管兼经济学家徐克宇指,若是一家企业拥有2至3项业务,甚至更多,分析员会就会使用分类加总估值法(Sum of parts)计算不同的业务价值。

他说,分析员会合计所有业务的价值,但会出现综合企业折价。

“除非业务之间有关联,否则将会出现折价,因为业务不集中,使到企业无法释放真正的股票价值。”

他说,由于不同的业务,就会有不同的本益比(P/E),所以分析员会从评估中取得一项中值。

他说,一般上,业务多元化的综合企业,估值都会比较低。

徐克宇举例,森那美业务非常多元化,但之间却没有关联。

该集团拥有5项业务,分别是种植、工业、汽车、产业,以及能源与公用事业,都涉足在不同领域。

他认为,更大的问题是,投资者很难分辨一家综合企业的债务是来自于哪一项业务,在这缺乏了透明度。

同时,黄德明则指,若是企业规模太大,但看不到优势,特别是其中一项业务表现佳,却被另一项业务表现逊色中和了。

黄德明指,若是公司因为业务多元化而无法释放内在价值,投资者就不会买进该股。

此外,李天翔则指,当企业旗下部分业务表现欠佳时,将会拉低整个集团的股价。

“部分公司,估值相比于内在价值,综合企业折价将达近30%至40%。”

第二:业务必须达到一定的规模或价值

徐克宇认为,企业要分拆业务,必须先确保业务已达到一定的规模和价值。

他说,虽然业务多元化,但若是规模太小,分拆上市也缺乏吸引力,因为一般上分析员会根据业务的规模而给予估值。

若是规模大,他们会给予较高的估值,但反之亦然。

徐克宇指出,市值达到10亿令吉以上,才能够吸引到机构投资者。

他举例,森那美目前的市值达630亿令吉,规模非常庞大,所以估计各别业务的市值也达到数十亿。

因此,即使森那美分拆,业务规模依然非常大。

根据森那美2016财年年报,种植、工业、汽车和产业在营业额和净利贡献都相当显著,而且规模都已是以“亿令吉”计算。

他说,森那美的问题反而是规模太大了,让投资者无法看透每一个业务的问题,包括财务问题。

此外,李天翔指,若是一家公司多元化至新业务,之后逐步扩展,以及在行业的地位稳固,那就应该分拆。

“相反的,若是业务仅属于辅助业务,贡献非常小,并只是为了加强公司的价值链或服务而延伸出来的业务,那就不必分拆。”

他认为,森那美和合顺(UMW,4588,主板消费产品股)的业务都已建立稳固地位了。

森那美一拆三释放价值

森那美决定要分拆种植和产业业务,是为了让每个业务能够在各别领域的全球和区域市场里进一步增长,有助于释放价值给股东。

“打造单一业务公司,将能够直接进入资本市场,以及拥有融资弹性,以便能够更好地专注在资本管理及定制增长策略。”

这让三家企业可以通过不同的负债率,以及资本分配,设计最合适的资本架构。

同时,也能够定制不同的策略,如股息政策、增长和投资者关系策略,以达到各别的增长目标,以及决定优先关注的业务。

“单一业务公司策略,预计将通过更好的物色人才、管理和人力发展,改善每一家公司的执行能力。这将通过更加不同的策略和业务焦点,协助加速改善业绩表现。”

同时,股东将能够直接参与股权和三家公司的增长,各别业绩表现也更具透明度。

随着森那美分拆业务,是否意味着2007年合并成目前的综合企业模式已失败?

森那美说:“相反的,集团已把各别业务增长至一个能够走向下一个增长阶段和发展的水平。这是森那美以往所做到的,也是现在持续进行的事情。”

针对通过派发种植和产业业务股票给股东的形式,集团认为,这让股东能够直接参与森那美种植和产业的股票和增长,以及在投资决定上有更大的伸缩性。

该项活动也让股东和投资者能够分开评估单一业务公司的业绩表现和展望。


怡克伟士董事经理 拿督斯里林景清

怡克伟士分拆账目更透明

怡克伟士(EKOVEST,8877, 主板建筑股)董事经理拿督斯里林景清接受本报电访时说,基于三项因素,该公司长期计划是把基建、产业和建筑臂膀,分拆成三家上市公司。

第一,通过分拆业务,以分拆账目,这会显得更透明化。

他指,由于公司的产业和建筑业务合计在一起,所以每次要等到产业销售后,建筑业务才会有盈利入账。

第二,让投资者能够投资在自己喜欢的领域。

他说,大道业务想到受到投资者的青睐,所以分拆出来能够让投资者更专注的投资。

第三,比较容易扩展业务,因为没有现金流限制。

林景清指出,一旦企业增长到某个阶段,都需要分拆业务,因为大规模比较难管理,而且基金要专注在特定领域,如很多投资者青睐于建筑业。

一家企业能够分拆的标准是,首先已达到交易所和大马证券监督委员会最低要求,其次则是受到市场热爱的时候才做。

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Highlight
Affin Hwang AM cautions investors against 'chasing the market' amid market rally
Billy Toh
/
theedgemarkets.com

April 20, 2017 15:40 pm MYT
-A+A
KUALA LUMPUR (April 20): Affin Hwang Asset Management Bhd (Affin Hwang AM) has warned investors against falling into the trap of "chasing the market" following a strong and solid performance of the stock market in the first quarter this year.

"It's something that I believe very strongly. We have seen it time and time again; when people chase the latest trend or stocks, more often than not, it ends up in tears. It's almost like a mantra for us as a fund house. We want to advocate asset allocation," its chief investment officer David Ng told reporters at the company's Market Outlook presentation today.

He noted that the FBM Small Cap index is Asia's and emerging market's top performer year-to-date with an increase of 19%, while the benchmark FBM KLCI index has gained by 6.2%.

However, he shared that the market is likely to enter into a consolidation period moving forward as it digests the earnings prospects and how it has fared.

"The more risk you took in the first quarter, the better the returns. As we move into this quarter (2Q17), you just have to be judicious and selective (in stock picking)," Ng said.

He also pointed to some of the key events in the upcoming months including US President Donald Trump's first 100 days in office, French presidential election in May, the UK's snap election in June and German parliamentary election in September. The market confidence on Trump's ability to pass some of the pro-growth reforms seems to be diminishing.

Some of the risks include the risk posed by Trump's protectionism, as well as a potential US-China trade.

However, Ng said recent developments have seen these risks mellowed down, following the US's decision not to label China as a currency manipulator.

With the expectation that the stock market's rally will tone down, Ng said Affin Hwang AM has increased its allocation in cash. Currently, the cash allocation in some of its equity funds stands at about 10% to 15%. In comparison, most equity funds allocate up to 5% in cash only.

Nevertheless, Ng said it is not unusual for the fund house to do so, given its prudent and disciplined investment style.

Some of the key themes that Ng sees this year include reflation, which is beneficial to the banking, insurance, industrial and commodity sectors.

He also expects Asia's domestic-driven economy to benefit some domestic driven sectors such as consumer goods and tourism. Similarly, with the infrastructure spending in the region, the construction and infrastructure sectors stand to benefit from it.