Public Watchlist: Maybank IB Research's Top Buy Picks for Year 2017

We expect a mild pick-up in Malaysia’s growth as real GDP is expected to be at +4.4% in 2017 (2016E: +4.2%), underpinned by sustained consumer spending growth momentum, stronger growth in investments on progress of existing and rollout of new major infrastructure and investment projects, and the rebound in government consumption expenditure. The wild card is external trade due to the risk on US-China trade relation, although the rise in crude oil price in particular and the firming of commodity prices in general, will provide some buffer. MYR will remain volatile with weakness bias but the downside is mitigated by BNM measures to stablise the MYR and the rise in crude oil price.

With external headwinds to remain dominant driving volatility, we continue to maintain a defensive strategy for Malaysia equities. We trim end-2017 KLCI target to 1,750 (from 1,780), based on 16.0x 2018 earnings, with an early 14GE having the potential of bringing forward this target. Thematic investing includes: (i) construction plays, with the added angle being new major infrastructure projects relating to China’s OBOR initiative, (ii) higher tourist arrivals with growth having returned, with 2017 being Visit ASEAN@50 Year and as Malaysia plays host to the 2017 SEA and Para ASEAN Games, (iii) FX (USDMYR, JPYMYR) proxies, (iv) oil price proxies, (v) small-mid caps, and (vi) general election plays.


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Stock Name Ref Date Ref Price Price Diff Last Range Open Change Volume Note
TENAGA 30-Dec-2016 13.82 9.93
GENM 30-Dec-2016 4.57 2.88
GAMUDA 30-Dec-2016 4.78 3.57
AIRPORT 30-Dec-2016 6.01 5.58
SAPNRG 30-Dec-2016 1.66 0.14
ABMB 30-Dec-2016 3.75 2.56
IGBREIT 30-Dec-2016 1.63 1.73
INARI 30-Dec-2016 3.30 3.26
YINSON 30-Dec-2016 2.89 5.14
RCECAP 30-Dec-2016 1.36 2.72

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