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2021-09-28 06:27:14 HLIB Retail Research – 28 Sep - Bullish Tracker:

KOBAY, 6971 (RM4.87) , Main market, Industrial products

Uptrend remain, accumulate during retracement.

HLIB Research Insti- TP RM7.00.

Time frame: 7 days
Entry: RM4.80-RM4.88
Stop Loss: RM4.73
Resistance:RM 5.09- RM5.28-RM5.50
Target price: RM5.10-RM5.30
Risk profile: Moderate

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2021-09-28 04:03:48 Technical tracker - HLIB Retail Research – 28 September 2021

HIBISCS (RM0.665-Non-Rated) – Good proxy for higher oil prices

Listed in 2011, HIBISCUS is one of the pure play exploration & production (E&P) companies, principally engage in the exploration, development and production of oil and gas.

Over the past 4-week, oil prices has resumed its upward trajectory on the back of supply disruption due to the Hurricane Ida, reflation trade activities by investors, higher demand worldwide with the easing of pandemic restrictions, as well as difficulty in raising output from the OPEC+ as under-investment or maintenance delays persist from the pandemic. Being an E&P player, HIBISCUS is deemed to be a great proxy for higher oil prices.

Moreover, upon the completion of the proposed acquisition of high-quality offshore O&G assets in Malaysia and Vietnam from Repsol (purchase consideration ~USD213m in June 2021) by end 2021, HIBISCS daily net oil and gas output is expected to triple to 26,800 barrel of oil equivalent (BOE) per day, while its 2P net entitlement reserve will increase by more than 1.5 times. In anticipation of buoyant oil prices in the next 2-3 years (consensus Brent oil USD72.12 to USD 63.1 for 2021-2023) as well as the earnings consolidation from Repsol assets from 2HFY22, HIBISCS earnings is expected to enjoy a massive surge of 89% CAGR from FY21-23.

After falling 15.3% from 52-week high of RM0.785 to RM0.665 yesterday, we reckon that the risk-reward is getting attractive as the HIBISCS is currently only trading at 5.7x FY22E P/E (46.7% lower than its 5-years average of 10.7).Technically, the stock is poised for a downtrend reversal in anticipation of a double bottom formation soon. A successful breakout above its neckline (RM0.67) will spur the prices toward RM0.70-0.74-0.785 territory. Cut lost at RM0.625.

Collection range: RM0.635-0.65-0.665

Upside targets: RM0.70-0.74-0.785

Cut: RM0.625

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*Technical tracker - HLIB Retail Research – 28 September 2021*

*HIBISCS（RM0.665-Non Rated）——油价上涨的受益者*

* HIBISCUS 于 2011 年上市，是挖掘与生产 (E&P) 的公司之一，主要从事石油和天然气的挖掘、开发和生产。*

*在过去的 4 周中，由于艾达飓风导致供应中断、加上疫情活动限制的重新开放导致全球原油需求增加和OPEC+难以提高产量的原因，油价已进入了上升趋势。作为 E&P 上游油气公司，HIBISCUS 被认为是油价上涨的主要受益。*

*此外，预计年底完成的拟议收购（收购代价约为 2.13 亿美元），将从 Repsol 获取马来西亚和越南的油气资产，使HIBISCS 每日的石油和天然气净产量提升两倍至 26,800 桶 （BOE），而其 2P net entitlement reserve将增加 1.5 倍以上。 在预计未来 2-3 年油价的上涨（2021-2023 年布伦特原油共识价格为 72.12 美元至 63.1 美元）以及 2HFY22 的 Repsol 资产收益总合的帮助下，将帮助 HIBISCS 大幅提升其业务收入（21-23 财年的复合年增长率为 89%）*

*Hibiscus从52 周的高位RM0.785下跌 15.3% 至 昨日的RM0.665后，风险回报显得相当诱人，因为 HIBISCS 目前仅交易于5.7 倍的 FY22E P/E（比5年平均低了46.7%） ，其5 年平均值为 10.7。从技术分析上，由于目前处于双底有待突破的阶段，若股价成功突破其阻力点RM0.67 后，有望继续上探至 RM0.70-0.74-0.785 的区域。 投资者可以把止损设置在RM0.625.*

*买入范围：RM0.635-0.65-0.665*

*上行目标：RM0.70-0.74-0.785*

*止损：RM0.625*

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2021-09-27 06:00:06 HLIB Retail Research – 27 Sep - Bullish Tracker:

TECHBND,5289 (RM0.46) , Main market, Industrial products

Set to rebound while Indicators showing reversal sign; supported with healthy fundamental and prospects

Time frame: 7 days
Entry: RM0.44-0.46
Stop Loss: RM 0.43
Resistance:RM 0.48-0.50-0.53
Target price: RM0.48-0.50
Risk profile: Moderate

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2021-09-24 03:41:11 Technical tracker - HLIB Retail Research – 24 September 2021

DIALOG (RM2.35-BUY-Rated) – Steeply oversold, brace for a technical rebound

Established in 1984 (listed in 1996) Dialog is a leading integrated technical service provider to the upstream, midstream and downstream sectors in the O&G and petrochemical industry. The group serves a diverse range of customers that include multinational oil majors, national oil companies as well as multinational engineering and service providers located throughout the world. The group has grown both organically and through strategic alliances with internationally-renowned technology partners. Its global footprint includes offices and facilities in Malaysia, Singapore, Thailand, Indonesia, Philippines, China, Australia, New Zealand, Saudi Arabia and UAE.

After plunging 31.8% YTD (vs KLCI: -5.4%), we reckon that the risk-reward is getting attractive as the KLCI-linked DIALOG is currently trading at an undemanding 25.2x FY22 P/E (20.3% lower than its 5-years average of 32x). HLIB reiterated a BUY call with a target price of RM 3.45 in anticipation of Its recurring income will improve with the commencement of PDT Phase 3A and Langsat 3l, given that Asia-Pacific oil demand likely to grow over the next two decades. We maintain our view that the company has been steeply oversold with valuation nudging below mean while growth in earnings is still on the horizon (+16% EPS CAGR from FY21-23).

Going forward, Petronas’ RAPID facilities are expected to commence within the year, which will improve prospects for its Pengerang Phase 3. To recap, the construction works of the 430,000m³ storage capacity under Phase 3A of Pengerang Deepwater Terminals was completed in March 2021 whilst, the 85,000m³ capacity expansion of Langsat 3 is slated for full completion by the end of CY21. The group is still sitting on 500 acres of Pengerang land ready for future expansions.

After plunging 32% from a high of RM3.50 (4 January) to a low of RM2.31 (22 September), DIALOG is poised for a technical rebound as indicators showing uptick bias. A strong rebound above RM 2.42 will spur the prices towards its August levels of RM2.57-RM2.62. Cut lost at RM 2.20.

Collection range: RM2.35-2.30-2.28

Upside targets: RM2.45-2.55-2.65

Cut: RM2.20
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Technical tracker (中文版) - HLIB Retail Research – 24 September 2021

DIALOG (RM2.35-BUY-Rated) – 技术超卖，预计会有技术反弹

Dialog 成立于 1984 年（1996 年上市），是一家为油气和石化行业的上、中、下游提供技术服务的提供商，其中跨国石油巨头、国家石油公司以及遍布世界各地的跨国工程和服务提供商都是DIALOG的客服群。DIALOG的业务遍布许多国家其中包括了在马来西亚、新加坡、泰国、印度尼西亚、菲律宾、中国、澳大利亚、新西兰、沙特阿拉伯和阿联酋。

DIALOG 股价在年初至今下跌 31.8%（相对于隆指：-5.4%）后，我们认为风险和回报率变得有吸引力，主要因为蓝筹股之一的 DIALOG 目前的FY22 市盈率的25.2 倍低于其 5-年平均 的32 倍。除此之外，鉴于亚太区的石油需求可能在未来二十年实现增长，HLIB 重申买入评级，目标价为RM 3.45 ，预计随着 PDT Phase 3A 期和 Langsat 3l 的开始，公司收入将有所改善。公司目前已进入超卖阶段，估值略低于均值，而公司盈利也有望增长（21-23 财年每股收益CAGR为 +16%）。

展望未来，马来西亚国家石油公司的 RAPID 设施预计将于年内动工，这将改善其Pengeran Phase 3的前景。Pengeran Deepwater Terminals 430,00m³ 储存容量的建设工程已于 2021 年 3 月完成，同时，Langsat 3 的 85,000 m³产能扩建计划于 21 年底全面完成。此外，公司仍拥有 500 英亩的Pengerang land为未来的扩张做好准备。

股价在从 RM3.50 （1 月 4 日）的高点下跌 32% 至RM 2.31 （9 月 22 日）的低点后，DIALOG 预计会出现技术性反弹，目前指标也显示出上涨倾向。股价突破RM 2.42 有望上探至RM 2.57 至 RM2.62 的水平。止损点为RM2.2。

买入范围：RM2.35-2.30-2.28

上行目标：RM2.45-2.55-2.65

止损：RM2.20

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2021-09-23 09:32:10 HLIB Retail Research – 23 Sep - Bullish Tracker:

DIALOG 7277 (RM2.39) , Main market, Oil&Gas

Set to rebound ; Indicators showing reversal sign

Time frame: 7 days
Entry: RM2.31-2.39
Stop Loss: RM 2.27
Resistance: 2.40-2.60-2.70
Target price: 2.55-2.65
Risk profile: Moderate

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2021-09-23 03:37:12 Technical tracker - HLIB Retail Research – 23 Sep 2021

GDB (RM0.465-HLIB Research BUY – RM0.63 TP) – Solid track record with a RM1.8bn sizable order book; Pending a bullish cup and handle formation


GDB’s outlook is getting better underpinned by the encouraging vaccination progress that will enable it to pick up in billings in 4QFY21. The company has ramped up to 100% operating rate since early Sept for its Peninsular projects which make up 94% of its outstanding order book while its HCKK project in Sabah remains at 60% operating capacity plagued by the state’s relatively slow vaccination progress.


Currently GDB’s order book stood at RM1.8bn translating to a sizable 5.0x cover on FY20 revenue to be executed over the next 2-3 years. Meanwhile, its tender book stands at RM1.7bn broken down into: (i) commercial & hotel - 38%, (ii) residential - 31%, (iii) office - 19% and (iv) mixed - 12%. Tender book of RM1.7bn could see award decision by year-end; we have baked in nil for FY21.


GDB’s TP is based on FY22 EPS of 5.4 sen pegged to an ex-cash PE multiple of 10.0x plus net cash per share of 10 sen. We believe this is justified given GDB’s solid balance sheet as well as high ROE.


After plunging 51.3% from a high of RM0.72 (22 Jan) to a low of RM 0.35, GDB staged a mild rebound to close at RM0.465 yesterday. Currently, GDB is pending for a bullish cup and handle formation. A successful breakout above its neckline would signal a new uptrend had begun, potentially lifting the stock towards 0.50-0.55-0.60 levels.

Collection range: RM 0.42-0.44-0.465

Upside targets: RM0.50-0.55-0.60

Cut loss: RM0.415

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2021-09-22 03:40:55 HLIB Retail Research – 22 Sep - Bullish Tracker:

OWG 5260 (RM0.48) , Main market, Leisure& Hospitality

Uptrend remain intact ; Momentum building up; Accumulate during retracement phase


Time frame: 7 days
Entry: RM0.480-0.465
Stop Loss: RM 0.455
Resistance: 0.480-0.500-0.530
Target price: 0.520-0.530
Risk profile: High

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2021-09-22 03:40:24 HLIB Retail Research – 22 Sep - Bullish Tracker:

GENM 4715 RM3.05 (HLIB Research-BUY-RM3.28 TP) , Main market, Leisure& Hospitality

Brace for new uptrend leg amid hopes for travel bubble destination; Momentum building up


Time frame: 7 days
Entry: RM3.05-3.00
Stop Loss: RM 2.94
Resistance: 3.16-3.25-3.40
Target price: 3.25-3.30
Risk profile: Low

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2021-09-20 07:21:43 Bullish Tracker Results ( 1 Sep - 15 Sep)

We’ve achieved 100% successful hit rate and 7.15% return for this round!

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2021-09-20 03:38:28 Technical tracker - HLIB Retail Research – 20 September 2021

MASTER (RM1.78-Non-Rated) – Riding on the promising packaging outlook and solid balance sheet

MASTER is primarily engaged in the business of manufacturing fully recyclable corrugated cartons, wooden packaging and providing one-stop packaging solutions to its customers, warehousing as well as vendor managed Inventory. Over the last 30 years, MASTER had made a name for itself as an innovative niche market player in the packaging industry with the operation in Malaysia (contributed FY20 revenue 62%) and Vietnam (38%). Currently, the group’s turnover is spread over a multitude of industries with the top five leading industries being solar energy, food-beverage & agro based, electronics & electrical, converter and ceramics.

MASTER sees promising prospect ahead because packaging plays a significant role in the preservation and protection of consumer products from physical damage and to provide aesthetic and branding appeal. Overall, the group expects solar industries (FY19 revenue: 67%; FY20 revenue: 47%) to outperform in the coming years amid robust demand of solar module due to the continuing policy support and increasingly favourable economics for solar power over other types of electricity. Notably, Bloomberg Intelligent expects the annual solar capacity to increase by 20% CAGR from FY21-23, which translated into greater solar module demand.

Although short term outlook are likely to be affected amid rising raw material costs and challenging operating environment in Malaysia and Vietnam following the Covid-19 outbreak, MASTER is cautiously optimistic of FY21 earnings owing to its diversified customer clientele and most of its major customers are able to operate without abnormal restrictions. In anticipation of more economic re-openings in both countries, we reckon MASTERS’ outlook would gradually improve.

MASTER is currently trading at trailing 6.9x P/E (18% discount against its peers’), supported by healthy profit margin of 10% (19% higher than peers) and solid balance sheet (net cash/share RM0.53). After recent correction from RM 2.06 (19 Jan) to a low of RM 1.66 (8 July), MASTER is pending for a rounding bottom formation rebound. A strong breakout on its neckline RM1.81 will spur the price toward RM1.87-1.94-2.08 levels. Collection range is RM1.72-1.77. Cut loss at RM1.66.

Collection range: RM1.72-1.75-1.77

Upside targets: RM1.87-1.94-2.08

Cut: RM1.66
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Technical tracker (中文版) - HLIB Retail Research – 20 September 2021

MASTER (RM1.78-Non-Rated) –包装行业的佼佼者; 拥有强劲的每股RM 0.53净现金

MASTER 主要业务包括制造可回收瓦楞纸箱、木质包装以及为其客户、仓储和供应商管理库存提供一站式包装解决方案。在过去的 30 年里，MASTER 凭借在马来西亚(2020 财年营业额：68%）和越南 (38%) 的业务，成为包装行业的佼佼者。目前，集团的营业额分布在多个行业，其中前五名MASTER所供应的行业是太阳能、食品饮料与农产品、电子与电气、转换器和陶瓷。

MASTER前景亮丽，主要因为包装在保护物品免受损坏以及提供品牌吸引力方面发挥着重要作用。值得一提的是该集团所供应的太阳能行业预计将在未来几年会跑赢市场（2019 财年营业额：67%；2020 财年营业额：47%），原因是各囯政府政策持续支持太阳能发电，使太阳能组件的需求强劲。值得注意的是，Bloomberg Intelligent预计从 21-23 财年开始，太阳能年产能将以 20% 的CAGR增长，这将提升太阳能组件需求，从而提高其包装的需求。

尽管在 Covid-19 爆发后马来西亚和越南的原材料成本持续上升，充满挑战性的经营环境可能会影响短期前景，但 MASTER 对 21 财年的收益持谨慎乐观态度，因为公司的客户多元化，并且其大多数主要客户业务都能够持续不受影响。在预计两国将有更多的经济活动得以重新开放下，我们认为 MASTERS 的前景将逐渐改善。

MASTER 目前的市盈率为 6.9 倍（低于同行18% ），公司也拥有10% 的利润率（比同行高19%）和稳健的资产负债表（净现金/每股 0.53 令吉）。股价从 RM2.06 （1 月 19 日）回调至 RM1.66 （7 月 8 日）的低点之后，MASTER 目前有待出现圆底形态的突破。股价如果突破RM1.81 后有机会上探至 RM1.87-1.94-2.08 的水平。买入范围是RM1.72-1.77。投资者可以 把RM1.66 作为止损。

买入范围：RM1.72-1.75-1.77

上行目标：RM1.87-1.94-2.08

止损：RM1.66


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