FLOWS
|
Thursday, 13 December, 2012
|
|||||||||||
BUY
|
DIALOG, MAYBANK,
AXIATA
|
|||||||||||
SELL
|
TENAGA, GENM, ASTRO
|
|||||||||||
STOCK ALERT
|
||||||||||||
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||||
HSL (6238)
|
13/12/2012
|
RM1.48
|
Accumulate
|
RM1.70
|
||||||||
The share price has been sliding, losing
some 15% from recent peak in July of RM1.71, as the market continued to
demand high risk premium for construction stocks ahead of the GE. Recent Q3
results were relatively flat, but a strong Q4 is expected. EBIT margin has
been holding steady c 19%. Co has secured orders worth RM525m YTD, well
within the expected RM400-600m for FY12 & has an outstanding OB of
RM1.1b. We believe job prospects for HSL will continue to be bright (from the
Balingian coal power plant, Phase 2 of the Kuching sewerage plant, Samalaju
Port works). HSL will also be buoyed by projects under SCORE, limited
competition from only a small pool of Sarawak based UPK registered
contractors for most public jobs in Sarawak & a strong B/S. Trading at
PER of 8.2x for FY13 ( at the low end for the construction sector’s 8-13x),
MACD cutting up & RSI at 36 – Accumulate.
(AK)
 |
||||||||||||
UNISEM (5005)
|
13/12/2012
|
RM0.90
|
Trading Buy
|
RM1.20
|
||||||||
Share price has lost some 47% since February
2012 (RM1.68) on the back of 3 consecutive quarters of losses. However,
3QFY12 marked a turnaround when Co reported a net profit of RM8.3m. Capacity
utilization rate has averaged at about 67% for the group, up from 62%
recorded last quarter & 60% a year ago. Unisem has adopted a new business
model, where it will focus on higher margin & high growth products, cost
optimization and phasing out lower margin customers of legacy packages. Going
forward, it will only make capex on high margin & growth products such as
WLCSP, flip chip & MEMS packaging. We reckon the share price has been
sold down to an attractive level as it’s now trading at FY13 P/Bk of less
than 0.6x (35% discount to it’s 5-year average P/Bk of 0.9x). MACD on the
verge of cutting up & RSI at 39. Although we expect seasonal weakness in
4QFY12 & 1QFY13, we are optimistic of Co’s recovery prospects in FY13 –
Trading Buy.
(AK)
 |
||||||||||||
Calls
for DEC Week 1/ Week 2
|
||||||||||||
STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change since Initiated
|
||||||
PARKSON (5657)
|
06/12/2012
|
RM4.60
|
BUY
|
RM4.97
|
RM4.60
|
+0.0%
|
||||||
ARMADA (5210)
|
06/12/2012
|
RM3.77
|
BUY
|
RM4.08
|
RM3.80
|
+0.80%
|
||||||
YTLPOWR (6742)
|
07/12/2012
|
RM1.51
|
BUY
|
RM2.00
|
RM1.54
|
+1.98%
|
||||||
IJMLAND (5215)
|
07/12/2012
|
RM2.08
|
BUY
|
RM2.60
|
RM2.06
|
-1%
|
||||||
FAVCO (7229)
|
10/12/2012
|
RM1.64
|
BUY
|
RM2.00
|
RM1.66
|
+1.2%
|
||||||
DIJACOR (5401)
|
10/12/2012
|
RM1.04
|
BUY
|
RM1.20
|
RM1.04
|
+0.0%
|
||||||
ALAM (5115)
|
11/12/2012
|
RM0.705
|
Trading BUY
|
RM0.85
|
RM0.70
|
-0.7%
|
||||||
PENERGY(5133)
|
11/12/2012
|
RM1.70
|
Accumulate
|
RM2.00
|
RM1.70
|
-0.00%
|
||||||
CRESBLD (8591)
|
12/12/2012
|
RM0.84
|
BUY
|
RM1.00
|
RM0.825
|
-1.78%
|
||||||
MRCB (1651)
|
12/12/2012
|
RM1.57
|
Trading BUY
|
RM1.70
|
RM1.58
|
+0.64%
|
||||||
Thursday, December 13, 2012
Morning Call | 13 Dec 2012
