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FLOWS
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Wednesday, 29 May, 2013
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BUY
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UMW, IOI, DRBHICOM
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SELL
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TENAGA, IGB, FGV
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STOCK ALERT
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STOCK NAME
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DATE
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PRICE
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BUY/SELL
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TARGET PRICE
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HUNZPTY(5018)
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29/5/2013
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RM2.35
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LONG TERM BUY
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RM2.80
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Group is a Penang-based prop developer that’s
transforming into an asset rich company with investment properties. Hunza’s
projects are mainly based in Penang but also have presence in Kedah and KV.
Their projects include high end condominiums in Penang such as Infinity,
Alila as well as township projects in Kepala Batas and Sungai Petani; and
will also be completing its first mall in July. The gurney Paragon Mall phase
2 is expected to be completed in mid 2013 and start contributing earnings in
fy14. The mall is said to have received 80% occupancy with another 15% in negotiations
and will be able to fetch RM7 psf average rent. Another rerating catalyst for
the group is its next major development for the group at Bayan Baru of its 42
acre prime land with an estimated GDV of RM6-6.5bn. While group’s financial
performance has been lacklustre, we can expect the group to see a boost in 2h
earnings for the opening of its mall and more launches in FY14. Fwd PE is at
12.6x FY14 PE and 5.7x FY15 PE. Long Term BUY.
(RL)
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LMCEMENT (3794)
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29/5/2013
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RM10.98
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TRADING SELL
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RM9.75
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Group posted weaker 1Q2013 results last
quarter (only 12% of fy cons) due to a schedule maintenance of its cement
plant as well as the coinciding of the festive season resulting to lower
sales. Another on going concern is the easing off of ASP after an increase of
competition, putting pricing pressure of its cement products, thus reducing
profit margin going ahead. Albeit group expects stronger earnings coming from
major projects such as KLIA 2, MRT and SCORE, stock is trading at a hefty 10%
premium to its peers and should see some correction behind weaker results and
the diminishing of its oligopoly position in the market. MACD cutting down,
RSI at 67. Would reiterate a mid-term Trading SELL. Buyback closer to
RM9.75 which is 23.7x
(RL)
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Calls for MAY Week 3/ Week 4
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STOCK
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Initiation Dates
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Initiation price
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BUY/SELL
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TARGET
PRICE
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LAST PRICE
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% Change since Initiated
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TRC(5054)
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21/5/2013
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RM0.62
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ACCUMULATE on Weakness
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RM0.80
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RM0.635
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+2.4%
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UEMLAND(5148)
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21/5/2013
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RM3.51
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Take Profit
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RM2.70
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RM3.65
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+3.9%
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KUB(6874)
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22/5/2013
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RM0.48
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Trading BUY
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RM0.70
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RM0.51
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+6.25%
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HUBLINE(7013)
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22/5/2013
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RM0.065
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Trading BUY
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RM0.10
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RM0.06
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-7.7%
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TAS (5149)
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23/5/2013
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RM0.51
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BUY
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RM0.69
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RM0.51
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0.0%
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GLOMAC (5020)
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23/5/2013
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RM1.36
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SELL
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RM1.22
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RM1.34
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-1.5%
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MULPHA (3905)
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27/5/2013
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RM0.445
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BUY
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RM0.68
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RM0.475
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+7.9%%
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GENTING (3182)
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27/5/2013
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RM10.30
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Accumulate
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RM11.78
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RM10.30
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0.0%
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PRESBHD (5204)
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28/5/2013
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RM1.70
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ACCUMULATE
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RM2.30
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RM1.77
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+4.1%
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KIMLUN(5171)
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28/5/2013
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RM1.91
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ACCUMULATE
|
RM2.26
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RM2.13
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+11.1%
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Wednesday, May 29, 2013
Morning Call | 29 May 2013
