MORNING CALL 5 JUNE
2012
FLOWS;
BUYS: PetGas,
CIMB, UEMLand
SELLS: UMW, TNB,
Axiata
Technical Stock Alert;
1) MAHB (RM5.52) -
Price is now trading at the low end of it defined range for the year between RM6.00-RM5.00 and also
actually below the private placement price of 110m @ RM5.60 done recently. We
expect the stock to steadily move higher as the main re rating catalyst draws
nearer with the commencement of KLIA 2 in April 2013, targeted to handle 45m
passengers/annum. Accumulate.
2) PADINI (RM1.66) - A recent darling of the investment
community under the fashion and apparel segment touching a year high of RM1.85.
It long term chart is showing some signs of a trend reversal with a potential
downside of RM1.40. Interesting to note that its balance sheet inventory levels
have been on the rise since 2010 from RM78.6m , June 2011 RM171m and Mar 2012
RM213m. This corresponds to 15% of total sales in 2010 to 29% currently. Take
profit.
