Beruflich Dokumente
Kultur Dokumente
TRADERS ALMANAC
Greasy & oily
BRENT CRUDE OIL OPEC vs. shale oil again Analyst
Tee Sze Chiah
DELEUM Ready to pounce
603 2082 6858
DAYANG New Upswing in the card szechiah.t@maybank-ib.com
test the upper resistance of 1,720 and 1,728 in the near-term, BRENT (-1.96) 55.59 DOWN
GOLD (-0.81) 1,224.40 DOWN
with possible profit taking activities to come in between.
USDMYR +0.09 4.4482 UP
Downside supports are pegged at 1,667 and 1,658.
Sources: Bloomberg
TODAYS HIGHLIGHT BRENT CRUDE OIL, OPEC CUT VS. RISING US PRODUCTION
Malaysia
From a technical point of view, OPECs and Russias decision to cut production not only boosted the sentiment
but also pushed oil price higher. A successful breakout above Ichimoku Cloud in early November last year
has seen Brent oil price treading in the new territory. Although higher crude oil price may lead to a restart of
US shale oil production, oil price remained firm and established a strong support at USD53.70. The 10-week
consolidation has yet to showcase any weakness or potential reversal thus we opine that oil price could
actually retest the immediate resistance of USD57.50 in the near-term. Our justifications were based on 1)
momentum has not even tread into the oversold region a strong signal that selling pressure was well soaked,
2) price approaching Senkou A line and may rebound afterward, 3) uptrend signals still presence, and 4)
prior upswing has only reached 138.2% Fibonacci Extension level which mean there is still room for further
gains. However, we do not expect the bear to give up so easily. After a 1.9% plunge in oil price overnight,
expect kneejerk reaction in this commodity, but it is likely to normalise gradually. Immediate downside
support is at USD54.00 while we peg our resistance at the 161.9% Fibonacci Extension at USD60.00.
THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD. PP16832/01/2013 (031128)
SEE PAGE 4 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Technical Research
TRADING IDEAS
STRATEGY:
ACCUMULATE (TECHNICAL)
STRATEGY:
ACCUMULATE (TECHNICAL)
Research Offices
REGIONAL HONG KONG / CHINA INDONESIA Surachai PRAMUALCHAROENKIT
(66) 2658 6300 ext 1470
Sadiq CURRIMBHOY Howard WONG Head of Research Isnaputra ISKANDAR Head of Research Surachai.p@maybank-ke.co.th
Regional Head, Research & Economics (852) 2268 0648 (62) 21 8066 8680 Auto Conmat Contractor Steel
(65) 6231 5836 sadiq@maybank-ke.com.sg howardwong@kimeng.com.hk isnaputra.iskandar@maybank-ke.co.id
Strategy Strategy Metals & Mining Cement Suttatip PEERASUB
WONG Chew Hann, CA Oil & Gas - Regional
Rahmi MARINA (66) 2658 6300 ext 1430
Regional Head of Institutional Research suttatip.p@maybank-ke.co.th
(603) 2297 8686 wchewh@maybank-ib.com Benjamin HO (62) 21 8066 8689
(852) 2268 0632 benjaminho@kimeng.com.hk rahmi.marina@maybank-ke.co.id Media Commerce
ONG Seng Yeow Consumer & Auto Banking & Finance
Regional Head of Retail Research Sutthichai KUMWORACHAI
(65) 6231 5839 Christopher WONG Aurellia SETIABUDI (66) 2658 6300 ext 1400
ongsengyeow@maybank-ke.com.sg (852)2268 0652 christopherwong@kimeng.com.hk (62) 21 8066 8691 sutthichai.k@maybank-ke.co.th
HK & China Properties aurellia.setiabudi@maybank-ke.co.id Energy Petrochem
TAN Sin Mui Property
Director of Research Jacqueline KO, CFA
Termporn TANTIVIVAT
(65) 6231 5849 sinmui@kimeng.com.hk (852) 2268 0633 jacquelineko@kimeng.com.hk Pandu ANUGRAH
(66) 2658 6300 ext 1520
Consumer Staples & Durables (62) 21 8066 8688
termporn.t@maybank-ke.co.th
ECONOMICS pandu.anugrah@maybank-ke.co.id
Ka Leong LO, CFA Property
Infra Construction Transport Telcos
Suhaimi ILIAS (852) 2268 0630 kllo@kimeng.com.hk
Chief Economist Consumer Discretionary & Auto Janni ASMAN Jaroonpan WATTANAWONG
Malaysia | Philippines (62) 21 8066 8687 (66) 2658 6300 ext 1404
Mitchell KIM janni.asman@maybank-ke.co.id jaroonpan.w@maybank-ke.co.th
(603) 2297 8682 suhaimi_ilias@maybank-ib.com (852) 2268 0634 mitchellkim@kimeng.com.hk Cigarette Healthcare Retail Transportation Small cap
CHUA Hak Bin Internet & Telcos
Regional Thematic Macroeconomist Adhi TASMIN
(65) 6231 5830 chuahb@maybank-ke.com.sg Ning MA (62) 21 8066 8694 VIETNAM
(852) 2268 0672 ningma@kimeng.com.hk adhi.tasmin@maybank-ke.co.id
LEE Ju Ye Insurance LE Hong Lien, ACCA
Singapore Plantations Head of Institutional Research
(65) 6231 5844 leejuye@maybank-ke.com.sg Ricky NG, CFA Anthony LUKMAWIJAYA (84) 8 44 555 888 x 8181
Tim LEELAHAPHAN (852) 2268 0689 rickyng@kimeng.com.hk lien.le@maybank-kimeng.com.vn
(62) 21 8066 8690
Thailand Regional Renewables Strategy Consumer Diversified Utilities
anthony.lukmawijaya@maybank-ke.co.id
(66) 2658 6300 ext 1420 HK & China Properties Aviation
tim.l@maybank-ke.co.th THAI Quang Trung, CFA, Deputy Manager,
Sonija LI, CFA, FRM PHILIPPINES Institutional Research
Saktiandi SUPAAT (852) 2268 0641 sonijali@kimeng.com.hk (84) 8 44 555 888 x 8180
Head, FX Research Gaming Michael BENGSON Head of Research trung.thai@maybank-kimeng.com.vn
(65) 6320 1379 saktiandi@maybank.com.sg (63) 2 849 8840 Real Estate Construction Materials
Stefan CHANG, CFA michael_bengson@maybank-atrke.com
STRATEGY (852) 2268 0675 stefanchang@kimeng.com.hk Strategy Utilities Conglomerates Telcos Le Nguyen Nhat Chuyen
Technology Regional (84) 8 44 555 888 x 8082
Sadiq CURRIMBHOY Lovell SARREAL chuyen.le@maybank-kimeng.com.vn
Global Strategist INDIA (63) 2 849 8841 Oil & Gas
(65) 6231 5836 sadiq@maybank-ke.com.sg lovell_sarreal@maybank-atrke.com
Jigar SHAH Head of Research Consumer Media Cement NGUYEN Thi Ngan Tuyen, Head of Retail Research
Willie CHAN (91) 22 6623 2632 jigar@maybank-ke.co.in (84) 8 44 555 888 x 8081
Hong Kong / Regional Strategy Oil & Gas Automobile Cement Rommel RODRIGO tuyen.nguyen@maybank-kimeng.com.vn
(63) 2 849 8839 Food & Beverage Oil&Gas Banking
(852) 2268 0631 williechan@kimeng.com.hk
Vishal MODI rommel_rodrigo@maybank-atrke.com
Conglomerates Property Gaming
MALAYSIA (91) 22 6623 2607 vishal@maybank-ke.co.in
Ports/ Logistics TRINH Thi Ngoc Diep
Banking & Financials (84) 4 44 555 888 x 8208
WONG Chew Hann, CA Head of Research diep.trinh@maybank-kimeng.com.vn
Katherine TAN
(603) 2297 8686 wchewh@maybank-ib.com Neerav DALAL Technology Utilities Construction
(63) 2 849 8843
Strategy (91) 22 6623 2606 neerav@maybank-ke.co.in kat_tan@maybank-atrke.com
Desmond CHNG, ACA Software Technology Telcos Banks Construction PHAM Nhat Bich
(603) 2297 8680 (84) 8 44 555 888 x 8083
desmond.chng@maybank-ib.com SINGAPORE THAILAND bich.pham@maybank-kimeng.com.vn
Banking & Finance Consumer Manufacturing Fishery
Neel SINHA Head of Research Maria LAPIZ Head of Institutional Research
LIAW Thong Jung Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5838 neelsinha@maybank-ke.com.sg
(603) 2297 8688 tjliaw@maybank-ib.com Maria.L@maybank-ke.co.th NGUYEN Thi Sony Tra Mi
Strategy
Oil & Gas Services- Regional Strategy Consumer Materials Ind. Estates (84) 8 44 555 888 x 8084
SMID Caps Regional
mi.nguyen@maybank-kimeng.com.vn
ONG Chee Ting, CA
Gregory YAP Sittichai DUANGRATTANACHAYA Port operation Pharmaceutical
(603) 2297 8678 ct.ong@maybank-ib.com
(65) 6231 5848 gyap@maybank-ke.com.sg (66) 2658 6300 ext 1393 Food & Beverage
Plantations - Regional
SMID Caps Sittichai.D@maybank-ke.co.th
Mohshin AZIZ Technology & Manufacturing Telcos Services Sector Transport TRUONG Quang Binh
(603) 2297 8692 mohshin.aziz@maybank-ib.com (84) 4 44 555 888 x 8087
Aviation - Regional Petrochem Derrick HENG, CFA Yupapan POLPORNPRASERT binh.truong@maybank-kimeng.com.vn
(65) 6231 5843 derrickheng@maybank-ke.com.sg (66) 2658 6300 ext 1395
YIN Shao Yang, CPA Rubber plantation Tyres and Tubes Oil&Gas
Transport Property REITs (Office) yupapan.p@maybank-ke.co.th
(603) 2297 8916 samuel.y@maybank-ib.com
Gaming Regional Media John CHEONG, CFA Oil & Gas
UK
This document is being distributed by Maybank Kim Eng Securities (London) Ltd (Maybank KESL) which is authorized and regulated, by the Financial Conduct
Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial
Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any
responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as
constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
DISCLOSURES
Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 14 Feruary 2017, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the
research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: As of 14 Feruary 2017, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 14 Feruary 2017, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or
their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the
subject companies except as otherwise disclosed in the research report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or
third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issu
report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a r
for the services provided from the companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the r
directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of un
market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward inter
conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own
professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.