FLOWS
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Thursday, 9 May, 2013
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BUY
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UMW, ALAM, DRBHICOM
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SELL
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TENAGA, MAXIS, CIMB
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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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GADANG(9261)
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9/5/2013
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RM0.695
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BUY
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RM0.86
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GADANG (RM0.695): Share price broke
above its 1 year resistance of RM0.685 yesterday, signalling further upside
with target price of RM86sen. Gadang’s orderbook of RM1.48bn is 7.8xFY12
revenue with main job from MRT (RM863mil), RAPID earthworks (RM313m) and Shah
Alam Hospital (RM411m). Company is a good proxy for government infra works
with future jobs targeted such as KIDEX and WCE projects. Earnings will
further be boosted by ventures into property development with Phase 1 of
Condo in Salak South (GDV 150m) set to be launched in June. Gadang recently
inked an MOU to undertake the PR1MA affordable homes in Cyberjaya (GDV:
RM1bn). MAYFYE14 PE is only at 5.5x with a net cash balance sheet of RM0.29
(42% of share price) and a dividend yield of 3.7%. Buy immediate TP of RM0.86
(7xMAYFY14).
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MALTON(6181)
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9/5/2013
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RM0.535
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Mid-term BUY
|
RM0.70
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Volume picked up with weekly MACD cutting up
showing signs it could pierce through recent resistance of RM0.54. Malton
only trades at PE of 4x, P/B of 0.37x and a dividend yield of 4.5%. On-going
projects Bukit Rimau, Amaya Maluri, The Cantonment @ Penang and Mutiara
Residence will continue to sustain its earnings with newly launched Nova
Saujana (RM256m) expected to contribute in JunFY14. Recently Malton entered a
JV in Batu Kawan to develop 300 acres of land adjacent to the second Penang
bridge. With the expected opening of the bridge in Nov’13, demand is expected
to be strong. Total GDV is estimated RM3.8bn with 82% entitlement to Malton.
Another JV with Ho Hup for 24 acres of land In Bukit Jalil is also expected
to garner pace in the coming year as Malton has settled any outstanding loan
due in Jan2013. This project has a GDV of RM2.5bn over 8 years. Buy with
midterm TP: RM0.70 (5xJUNFY14)
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Calls for MAY Week 1/ Week 2
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STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change since Initiated
|
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WTK(4243)
|
02/5/2013
|
RM0.975
|
BUY
|
RM1.20
|
RM1.00
|
+2.5%
|
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MPHB(3859)
|
02/5/2013
|
RM3.52
|
BUY
|
RM4.20
|
RM3.73
|
+5.9%
|
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MISC(3816)
|
3/5/2013
|
RM4.30
|
BUY
|
RM4.97
|
RM4.57
|
+6.2%
|
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PETDAG(5681)
|
3/5/2013
|
RM23.52
|
Trading SELL
|
RM20.00
|
RM24.60
|
+4.6%
|
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TAMBUN(5191)
|
6/5/2013
|
RM0.94
|
ACCUMULATE
|
RM1.12
|
RM1.07
|
+13.8%
|
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SENDAI(5205)
|
6/5/2013
|
RM1.07
|
BUY
|
RM1.41
|
RM1.19
|
+11%
|
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RHBCAP(1066)
|
7/5/2013
|
RM8.65
|
BUY
|
RM10.00
|
RM8.75
|
+1.1%
|
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GLOMAC(5020)
|
7/5/2013
|
RM1.01
|
BUY
|
RM1.16
|
RM1.01
|
0.0%
|
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ARMADA(5210)
|
8/5/2013
|
RM3.98
|
ACCUMULATE
|
RM4.40
|
RM3.96
|
-0.6%
|
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MRCB(1651)
|
8/5/2013
|
RM1.63
|
Trading BUY
|
RM2.00
|
RM1.57
|
-3.7%
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Thursday, May 9, 2013
Morning Call | 9 May 2013
