|
FLOWS
|
Wednesday, 18 September, 2013
|
||||||||||||
|
BUY
|
AIRASIA, MAYBANK, SKPETRO
|
||||||||||||
|
SELL
|
GENTING, CIMB, TENAGA
|
||||||||||||
|
STOCK ALERT
|
|||||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
|||||||||
|
PMETAL (8869)
|
18/9/2013
|
RM2.09
|
ACCUMULATE
|
RM2.87
|
|||||||||
|
Share
price has drifted lower from the RM2.42 level over the past 2 months &
has consolidated for the past 3 weeks around RM2.10. It’s now trading at
attractive multiples of c4.5-5.2x for FY14-15. Co recently announced its
final asset settlement agreement with its China partners, the move of which
will see Co disposing the Chinese smelter business which has been loss
making, and at the same time retain its downstream aluminium extrusion
business which is profitable. This move is considered positive as the Chinese
smeltering business has been hit by unfavorable costs. The high power tariff
scenario in China is likely to worsen. The Mukah plant is expected to resume
production by year end & Co is likely to see compensation from the
insurance claims as well. The state of the art 400kA smelting technology of
its smelter plant in Samalaju is set to propel earnings – Accumulate TP
RM2.87 ( 7x FY14 EPS ).
(AK)
 |
|||||||||||||
|
CARLSBG (2836)
|
18/9/2013
|
RM12.86
|
TRIM
|
RM11.70
|
|||||||||
|
Share price has fallen c12% since it’s 1H/FY13
results, which was surprisingly poor, dragged down by Singapore’s poor
showing due to stiff competition and costs incurred by stock
rationalisation. It has since consolidated around the RM12.80 level for the
past 3 weeks. We have qualms about the outlook for the sector as industry
volume in the malt liquor market ( MLM ) may pull back on potential excise
duty hike in Budget 2014. Valuations are looking more demanding, as in a
rising bond yield environment, we see Cos that offer high dividend but which
have limited growth opportunities do not deserve high valuation premiums.
Rising bond yields are taking the shine off sin stocks. Trading at PEs of
21.2x & 19.6x for FY13 & 14, Trim on the back of concerns regarding
Singapore operations & sector headwinds. (Possible buyback at RM11.70,
18x FY14 EPS).
(AK)
 |
|||||||||||||
|
Calls for SEPT Week 2/ Week 3
|
|||||||||||||
|
STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET PRICE
|
LAST PRICE
|
% Change
since Initiated
|
|||||||
|
HLI (3301)
|
9/9/2013
|
RM5.14
|
ACCUMULATE
|
RM6.00
|
RM5.64
|
+10.1%
|
|||||||
|
CIMB (1023)
|
9/9/2013
|
RM7.19
|
ACCUMULATE
|
RM8.50
|
RM7.58
|
+5.2%
|
|||||||
|
HARTA (5168)
|
10/9/2013
|
RM7.04
|
SELL
into strength
|
RM6.20
|
RM7.19
|
+2.1%
|
|||||||
|
TROP (5401)
|
10/9/2013
|
RM1.56
|
Trading BUY
|
RM1.89
|
RM1.54
|
-1.3%
|
|||||||
|
KIMLUN (5171)
|
11/9/2013
|
RM1.92
|
BUY
|
RM2.34
|
RM1.94
|
+1.0%
|
|||||||
|
HUAYANG (5062)
|
11/9/2013
|
RM2.73
|
ACCUMULATE
|
RM3.55
|
RM2.77
|
+1.4%
|
|||||||
|
MAS (3786)
|
12/9/2013
|
RM0.32
|
Trading BUY
|
RM0.38
|
RM0.32
|
0.0%
|
|||||||
|
AIRPORT (5014)
|
12/9/2013
|
RM7.10
|
SELL
into strength
|
RM6.54
|
RM7.30
|
+2.8%
|
|||||||
|
UZMA (7250)
|
13/9/2013
|
RM4.57
|
SELL
|
RM3.85
|
RM4.49
|
-1.8%
|
|||||||
|
IJM (3336)
|
13/9/2013
|
RM5.57
|
BUY
|
RM6.50
|
RM5.57
|
0.0%
|
|||||||
|
CMSB (2852)
|
17/9/2013
|
RM4.59
|
BUY
|
RM4.98
|
RM4.74
|
+3.2%
|
|||||||
|
UMW (4588)
|
17/9/2013
|
RM12.26
|
ACCUMULATE
|
RM13.10
|
RM12.38
|
+0.9%
|
|||||||
|
HOLD
|
|
|
CONT SELL
|
SELL/ TAKE PROFIT
|
|
CONT BUY
|
STRONG BUY
|
