Technical tracker - HLIB Retail Research –26 April 2022 Thema | HLeBroking

Technical tracker - HLIB Retail Research –26 April 2022

Thematic: BANKING- A good defensive play amid adversities

Despite a commendable gain YTD, we continue to see more upside in KLFIN as the banking sector is now trading at inexpensive -1SD 1.1x FY22 P/B . Taking the 2008 subprime crisis as a reference, the rally from -2SD to -1SD so far in KLFIN suggests more room to go as the KLFIN rallied 3SD notches and peaked at +1STD during the 2009-2010 recovery period . While we note that the current recovery trend will be relatively rocky compared to the 2009-2010 period due to the heightened geopolitical risk, supply chain disruption and global central banks aggressive tightening policies, we reckon KLFIN should trade near its 5-year average P/B in a conservative stance, supported by solid earnings recovery. Hence, the recent weakness in KLFIN provides a good opportunity for investors to accumulate, in anticipation of a further mean reversal.

Stock picks:

MAYBANK- A prominent proxy of KLFIN
Technical Outlook: Creating higher high
Collection range: RM8.75-8.80-8.89
Upside targets: RM9.27-9.40-9.65
Cut loss: RM8.60

AFFIN-Potential re-rating catalyst from AHAM disposal
Technical Outlook: Pending a new wave
Collection range: RM2.00-2.06-2.08
Upside targets: RM2.20-2.27-2.35
Cut loss: RM1.96

Report Link : https://www.hlib.hongleong.com.my/Published/Download.ashx?ArticleId=18623&mode=view

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主题：银行业——逆境中的防守型股

尽管KLFIN年初至今取得了靓丽的收益，但我们依然认为 KLFIN 拥有更多上涨空间，因为银行业目前交易价格只是处于-1SD 1.1x FY22 P/B 。若以 2008 年次贷危机做为参考，KLFIN 在 2009-2010 复苏期间共上涨 3SD 档并在 +1STD 达到顶峰，这预示着KLFIN 迄今为止从-2SD至 -1SD 的反弹还有更大的上升空间。虽然我们注意到与 2009 年至 2010 年期间相比，当前的复苏趋势将相对的不稳定因为地缘政治风险加剧、供应链中断和全球央行积极的紧缩政策。但我们认为 KLFIN 应交易于其 5 年平均P/B附近，得益于其稳健的盈利复苏。因此，KLFIN 近期的疲软为投资者提供了一个很好的增持机会，以期待进一步的均值反转。

选股：

MAYBANK- KLFIN 的金融一哥
技术展望：创造更高的高点
买入范围：RM8.75-8.80-8.89
上行目标：RM9.27-9.40-9.65
止损：RM8.60

AFFIN-AHAM将作为潜在催化剂
技术展望：等待新的一波的涨潮
买入范围：RM2.00-2.06-2.08
上行目标：RM2.20-2.27-2.35
止损：RM1.96

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