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2021-09-06 03:16:52 《美股走高何时见顶？KLCI 1600点遇阻力》

嘉宾：吴俊声（丰隆投资银行零售研究主管）
主持人：有胜 & 宏耀

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2021-09-06 02:59:16 Technical tracker - HLIB Retail Research – 6 September 2021

DAYANG (RM1.14-BUY rated) – Picking up pace

After sliding 40% from its 52-week high of RM1.65 to a low of RM1.00 (on 16th August 2021), the stock staged a gradual rebound to close at RM1.14 last Friday. The stock is trading at an undemanding 8x FY22 P/E (60% lower against its peers’ average 20.2x) together with impressive 62% FY21-23 EPS CAGR premised on higher maintenance, construction, and modification (MCM) and topside maintenance services (TMS) works under the Pan Hook-up and Commissioning Contract (Pan HUC) due to improving operating climate and renewed activities by Petronas.

In anticipation of further capex ramp up by Petronas in 2H21(1H21: RM12.6bn; FY21E: RM35bn), we reckon DAYANG 2H21 outlook to improve as offshore support vessel (OSV) demand is likely to increase to support drilling rigs, and would potentially enhance the group order books that currently stood at RM 2.5bn (able to sustain minimum 2Y earnings visibility). In addition, with most of its contracted assets are expected to be converted into revenue in 2Q21, we expect to see some improvement in the upcoming earnings.

HLIB reiterated a BUY rating in DAYANG (TP: RM1.60) with an overweight rating in Oil & Gas sector, underpinned by (i) buoyant oil prices, (ii) stronger commitment from OPEC+ to keep oil prices afloat, (iii) higher impending capex from Petronas in 2H21 albeit not at pre-Covid levels, (iv) timeline of vaccine rollouts and (v) the strong economic recovery from China, US and Europe that will boost oil demand.

Technically, the stock is pending for a U-shaped rebound. A strong breakout on its neckline RM1.15 levels will spur the price toward RM1.2-1.27 levels. Cut loss at RM1.05.*

Collection range: RM1.1-1.14

Upside targets: RM1.2-1.25-1.27

Cut: RM1.05

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Technical tracker (中文版) - HLIB Retail Research – 6 September 2021

DAYANG (RM1.14-买入评级) – 进入复苏步伐

DAYANG在从 52周高点RM1.65下跌 40% 至 RM1.00的低点（2021 年 8 月 16 日）后，已经得到支撑并反弹，并在上周5收于RM 1.14 。DAYANG 目前交易在8x FY 22 PE（比同行的平均 20.2 X低了 60%）。公司在 21-23 财年预计每股盈利CAGR 达 62%，归功于马来西亚国家石油公司改善了运营环境和增加了更多业务活动，将有利于DAYANG 得到更多的维护、建设&改造（MCM）和上部维护服务(TMS) 根据 Pan 连接和调试合同 (Pan HUC) 的工作。

预计马来西亚国家石油公司在 2H21 进一步增加资本支出（1H21：126 亿令吉；FY21E：350 亿令吉），我们认为DAYANG 在 2H21 业绩将改善，因为（OSV）需求可能会因为钻井平台而增加，并且可能增强公司的订单。公司目前订单达 25 亿令吉（能够维持最低 2 年盈利可见性）。此外，由于其大部分合同资产预计将在 2021 年第二季度转化为收入，我们预计即将到来的收益将更上一层楼。

HLIB 重申对DAYANG的买入评级（目标价：1.60 令吉），并且在石油和天然气行业增持评级，原因是 ：
(i) 油价上涨
(ii) OPEC + 更坚定地承诺维持油价
(iii) 国油即将在 2H21 进行更高的资本支出，
(iv) 疫苗推出的时间表
(v) 中国、美国和欧洲的强劲经济复苏将提振石油需求。

从技术上讲，DAYANG正组U型形态。股价可以突破阻力 RM1.15 后有望继续上探 RM 1.2-1.27, RM1.05 可以设置为止损。

买入范围：RM1.1-1.14

上行目标：RM1.2-1.25-1.27

止损：RM1.05

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2021-09-02 06:40:00 HLIB Retail Research – 2 September - Bullish Tracker:

MASTER, 7029 (RM1.84) - Main market, Industrial Products

Pending breakout sideway channel

Time frame: 7 days
Entry : 1.82-1.85
Stop Loss: 1.71
Resistance: 1.93-2.06-2.15
Target price: 2.00-2.1
Risk profile: Moderate

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2021-09-01 05:25:31 SCOMNET (0001) -
BRACE FOR STRONGER 2H21!

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2021-09-01 03:15:38 Technical tracker - HLIB Retail Research – 1 September 2021

SCOMNET (RM1.45-Non rated) – Brace for a stronger 2H21

Scomnet Technologies Berhad (SCOMNET) principal activities include manufacturing and sub-assembly of wires and cables for the electrical appliances, consumer electronics and automotive markets, and specialises in the conception and manufacturing of original equipment manufacturer (OEM) medical cable assemblies. The group derives >60% of its revenue through its wholly-owned subsidiary Supercomnet Medical Products Sdn Bhd which is involved in medical cable assemblies.

YTD, SCOMNET stock performance had been lacklustre, sliding 21% to RM1.45 (vs KLCI -1.6%), weighed down by below market expectation earnings as unpredictable events kicks in: 1) higher raw material cost (Copper price +27% YTD); 2) limited workforce allowed during the MCO3.0; 3) elevated freight rates. Nevertheless, we reckon the market had fully digested the short-term headwinds as the company forged strategies to address the negative impact by stringent cost controls and pass on the price hikes along to customers (1QFY21 PAT margin: 13% compared to 2QFY21 PAT margin: 16.52%).

Currently, SCOMNET is trading at an undemanding 22.8x FY22E P/E (32% discount against 5 years average of 33.6x) together with impressive FY21-FY23 EPS CAGR of 51%, on the back of its high barrier of entry medical cable divisions which gross margin (>45%) is way higher than normal electronic wire cable.

Overall, we believe SCOMNET’s prospects are likely to improve in 2H21, underpinned by: (1) Production of NAZA PSA to commence in Aug21; (2) Strong order visibility from medical divisions due to more product launches in the coming months; (3) relaxed SOP which allowed factories to ramp-up their production in the coming months.

Technically, SCOMNET is grossly oversold and building a sound base RM1.40-1.45 territory. Any weakness from current price towards key supports of RM1.40 level provides a good opportunity to accumulate. A strong breakout above RM1.55 (0.28 FR) will spur price higher to RM 1.50-1.65 levels. Cut loss at RM1.38.

Collection range: RM1.4-1.45

Upside targets: RM1.57-1.6-1.65

Cut: RM1.35

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2021-08-31 17:52:39 DRBHCOM (1619) -
AN UNDERVALUED RECOVERY STOCK

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2021-08-30 19:07:05 Wishing everyone a "Selamat Hari Merdeka!" Open / Comment

2021-08-30 04:06:45 HLIB Retail Research – 30 Aug - Bullish Tracker

WASEONG-0.645 (HLIB BUY-RM0.80 TP) - Main Market-O&G

Poised for a bullish downtrend line breakout near 0.655

Time frame: 5-7 days
Entry: 0.62-0.655
Stop Loss: 0.60
Resistance: 0.68-0.725-0.76
Target price: 0.725-0.76
Risk profile: Moderate

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2021-08-30 02:56:22 Technical tracker - HLIB Retail Research – 30 Aug 2021

DRBHCOM (RM1.66-HLIB Research BUY – RM2.30 TP) – Expecting a strong rebound in 2H21; Poised for a downtrend line breakout

Profile: DRBHCOM develops, assembles, and sells motor vehicles and military vehicles. It also operates banking, property development, and construction work as well as provides logistic, airline catering, and ground handling services.

Steeply undervalued. The stock appears mispriced, trading at just 6.6x FY22E EPS (58% below its peers’ average of 15.6x) and at 0.44x P/B (65% below its peers’ P/B of 1.2x). We project core earnings to reach RM489m in FY22E and RM655m in FY23E from –RM150m in FY21, underpinned by the re-opening of the automotive sector especially in its main operation region of Klang Valley effective 16 Aug, leveraging on SST exemptions and attractive model line-up from Proton, Honda and Mitsubishi. Notably, Proton has continued to forge ahead towards its 10-year restructuring target of becoming the largest automotive player in Malaysia and the 3rd in South East Asia by 2027.

Other key segments. Composite Technology Research Malaysia (CTRM) will also leverage the recovery of the global aviation sector (especially in the US, Europe, and China markets). Property contributions will also remain sustainable, given its concession income for Northern Gateway ICQS and Media City. The group will continue to monetize its huge landbank over the longer term. Other businesses in the group will continue to adapt to the “new normal” environment to ensure financial sustainability amid the current pandemic.

Based on the weekly chart, DRBHCOM is poised for a downtrend line breakout after tumbling from a 52-week high of RM2.25 to a low of RM1.58 before closing at RM1.66 last Friday, supported by bottoming up indicators. A decisive breakout above RM1.72 (downtrend line from RM2.25) will lift prices higher towards RM1.83 (38.2% FR) before reaching our LT objective at RM1.99 (61.8% FR). The collection range is pegged at the RM1.58-1.67 range. Cut loss at RM1.55.

Collection range: RM1.58-1.63-1.67
Upside targets: RM1.72-1.83-1.99
Cut: RM1.55

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Technical tracker (中文版) - HLIB Retail Research – 30 August 2021


DRBHCOM (RM1.66-HLIB 买入评级-RM2.30 目标价) – 预计 2H21 强劲反弹；准备突破其下行趋势线

*严重低估：在FY22E 市盈率仅为6.6倍（比同行平均 15.6 倍低 58%）以及0.44 倍市净率（比同行 1.2 倍市净率低 65%）的估值下，DRBHCOM估值处于被低估的阶段。随着汽车行业从8月16日起允许运营（尤其是在巴生谷的主要运营地区），SST 豁免优势，以及来自宝腾、本田和三菱具有吸引力的最新车型阵容的带动下，我们预计该集团将从FY21 的–1.5 亿令吉核心亏损的情况下，在FY22E 交出核心盈利4.89 亿令吉和FY23E 6.55 亿令吉 的核心盈利. 除此之外, Proton 将继续朝着其 10 年重组目标迈进，即到 2027 年成为马来西亚最大的汽车制造商和东南亚第三大汽车制造商。*

*其他关键业务：DRBHCOM的子公司CTRM 也将受惠于全球航空业（尤其是美国、欧洲和中国市场）的复苏。鉴于其对 Northern Gateway ICQS 和 Media City 的特许收入，产业业务的贡献预计将可持续。从长远来看，公司将继续通过其庞大的土地储备而赚取收入，而其它业务将继续适应“新常态”环境，并确保这期间的业绩是可持续。*

*根据周线图，DRBHCOM 在从 RM2.25 的 52 周高位跌至 RM1.58 的低位后，在上周五收于 RM1.66 。技术面上，底部已有指标开始拐头向上，股价准备突破下跌趋势线。如果股价可以突破 RM1.72 (从 RM2.25向下趋势线) ，股价有望上探RM1.83（38.2% FR），并达到我们的长期目标 RM1.99 （61.8% FR）。买入范围在 RM1.58-RM1.67 ；止损于 RM1.55 。*

买入范围：RM1.58-1.63-1.67

上行目标：RM1.72-1.83-1.99

止损：RM1.55

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2021-08-27 10:10:41 【RESULTS REVIEW】-
KOBAY (6971)

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