We downgraded Tenaga Nasional last week as the share price has risen to near our fair value, which means that the power sector has been derated to Neutral from Overweight. Hence, the sectors with OVERWEIGHT ratings are technology, oil & gas, manufacturing, ports, property, healthcare, REIT and transportation sectors. Our neutral rating on banking, plantation, telecommunications, automobiles and consumer sectors now account for 67% (from 62% last month) of the FBMKLCI index weightage.
We have replaced Tenaga with YTL Power International as amongst our Top BUYs, which also include Public Bank, IHH Healthcare, Hong Leong Bank, IOI Properties, Telekom Malaysia, Inari Amertron, Dialog Group, IOI Properties and Yinson (Exhibit 24).
For small cap ideas, we like fertility specialist Alpha IVF (BUY, FV: RM0.42/share) which continues to deliver remarkably high pregnancy success rates, superior margins and savvy focus on target markets amid rising affluence and low IVF penetration rates in the region position ahead of peers. We also like stocks with strong brand names which can safely navigate inflationary pressures such as Spritzer (BUY, FV: RM3.19/share) and niche agrichemical producer Ancom Nylex (BUY, FV: RM1.28/share), as well as grossly undervalued companies such as Deleum (BUY, FV: RM1.70/share) (Exhibit 25).
For dividend plays, we like REITS such as YTL Hospitality, Pavilion, UOA, Sunway and IGB as well as RHB Bank, Maybank, Paramount Corp, MBM Resources and CIMB Bank (Exhibit 22).
Our ESG champions are Maybank, Petronas Chemicals Group, Petronas Gas, IHH Healthcare, Telekom Malaysia, Inari Amertron, Sunway Holdings, Gamuda, Sunway REIT, Westports Holdings and Yinson Holdings (Exhibit 23).
Technical analysis: The trend of the FBM KLCI appears to be turning positive again after it surged to a new 52-week high on 19 Jul 24. To recap, since the KLCI recovered above the key 1,500 psychological mark in late-Jan 24, the index has been trending higher, following a pattern of higher highs and higher lows. Coupled with the breakout from its 7-week bullish flag pattern a few weeks ago and the rise in its 20-day and 50-day exponential moving averages, the bullish momentum may persist in the longer run. Therefore, we expect the KLCI to trend higher in the coming months. Resistance is set at 1,640, followed by the 1,700 round figure. Key support sits at 1,580, with the next support level at 1,530 if a decisive breakdown occurs (Exhibit 1).
Source: AmInvest Research - 2 Aug 2024
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YINSONCreated by AmInvest | Sep 06, 2024
probability
what about VSTECS? i think it should benefit from stronger MYR as its importing product & services from US and selling in Malaysia
furthermore, its margin is thin....it will have significant benefit
1 month ago