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FLOWS
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Thursday, 5 September, 2013
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BUY
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MAYBANK, TM, KOSSAN
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SELL
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TENAGA, GAMUDA
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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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CMSB (2852)
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5/9/2013
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RM4.53
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ACCUMULATE
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RM5.30
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The
share price has surrendered c40% of its sharp run up in May 2013 when price
surged to the RM6.20 level on the back of renewed investor interest in the
group’s dominant position in Sarawak, as well as progress of its 20%
owned venture in OM Materials Sarawak (the 1st ferrosilicon
alloy & manganese ferroalloy facility in SCORE ). It’s recent Q2 results
showed profits jumped 39% q-o-q, trend of which is expected to continue into
2H of the year. The newly upgraded clinker plant (resumed operations in March
2013) is set to propel the group’s near term earnings & it remains that
the other business units will benefit from the developments in SCORE. Timely
land sales (still owns 4000 acres of land) may also boost profits. With the
price retracement, stock valuation is undemanding, trading at 8.6x FY14 and
P/BK 1x, RSI at 29. ; Accumulate ( TP RM5.30, 10x FY14 )
(AK)
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PERISAI (0047)
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5/9/2013
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RM1.25
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ACCUMULATE
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RM1.65
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The significant 24% fall in price from RM1.70 some
2 months ago to RM1.30, due partly to the termination of the derrick lay
barge contract by TL Offshore, has opened up buying opportunities into this
name. Despite the negative news, we remain positive on Perisai's asset
expansion strategy. FY14 outlook still looks promising following Co's recent
acquisition of its new assets, a FPSO in view of the upcoming Pan Malaysian
transportation and installation tender exercise & a new jack up drilling
rig which is expected in late 2014. We remain positive on Perisai's earnings
prospects given its asset expansion strategy to diversify its risk profile.
We also see potential for involvement in marginal fields or matured field
enhanced oil recovery type work. Group recently set up a SGD700m MTN facility
partly to finance potential acquisitions, strategic expansions, suggesting
possibility of more acquisition news going forward. With the FPSO &
drilling rig, forward EPS growth is strong, with Co trading at 8.7x FY14 -
Accumulate ( TP RM1.65, 11x FY14)
(AK)
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Calls for AUGUST Week 4 / SEPT Week 1
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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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UMW (4588)
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29/8/2013
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RM12.12
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Trading BUY
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-
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RM12.40
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+2.3%
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SUNWAY (5211)
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29/8/2013
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RM2.74
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Trading BUY
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-
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RM2.92
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+6.5%
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BENALEC (5190)
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30/8/2013
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RM1.18
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Trading BUY
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RM1.40
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RM1.18
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0.0%
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GADANG (9261)
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30/8/2013
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RM0.825
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Trading BUY
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RM1.30
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RM0.815
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-1.3%
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YTL (4677)
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2/9/2013
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RM1.55
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Accumulate
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RM1.83
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RM1.53
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-1.3%
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MHB (5186)
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2/9/2013
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RM3.58
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Accumulate
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-
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RM3.60
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+0.5%
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DAYANG (5141)
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3/9/2013
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RM4.42
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BUY
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RM5.40
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RM4.43
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+0.2%
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IJMLAND (5215)
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3/9/2013
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RM2.41
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BUY
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RM2.85
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RM2.41
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0.0%
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PBBANK (1295)
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4/9/2013
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RM17.22
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Take Profit
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-
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RM17.22
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0.0%
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AIRASIA (5099)
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4/9/2013
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RM2.56
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ACCUMULATE
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RM3.00
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RM2.57
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+0.3%
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HOLD
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CONT SELL
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SELL/ TAKE PROFIT
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CONT BUY
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STRONG BUY
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