FLOWS
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Friday, 18 October, 2013
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BUY
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YTL, MRCB, AXIATA
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SELL
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MAYBANK, MPHBCAP, AMBANK
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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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NAIM (5073)
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18/10/2013
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RM3.75
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ACCUMULATE
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RM5.12
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The
Sarawak Corridor for Renewable Energy (SCORE) could be one of the government
priority projects to continue to receive funding from Budget 2014 announced
next week and Naim is one of the main proxies to benefit. Besides
construction projects under SCORE, the group has also taken up constructing
its Bandar Baru Permyjaya (strategically located near Miri Town) which has
outstanding GDV of more than RM3.0bil that will drive earnings for the next
3-5 years. We continue to like group for its ability to sustain its
higher construction margins due to its oligopoly state among the other
smaller developers in Sarawak; as well as its direct exposure in the O&G
sector via 33.7% stake in Dayang. Stock is currently trading at attractive
multiple of 7.04x for FY14 and 6.82x for FY15. Technically it is trading at
the neckline of a reverse head and shoulder with a potential 0.60 sen upside
from RM3.71. MACD had just past the baseline indicating the beginning of a
positive trend. Accumulate with a mid-term TP of 4.30 based on chart
formation and eventually RM5.12 based on 9x FY14 EPS of 0.53 sens.
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OLDTOWN (5201)
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18/10/2013
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RM2.48
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Trading BUY
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RM2.88
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After falling as much as 4.3% on Wednesday,
stock saw some accumulation yesterday to close at the 50% retracement level.
RSI is only 39%. Group’s fundamental is expected to improve in the next few
years with plans to expand its outlets in the region as well as neighbouring
countries such as (Vietnam, China, Australia and Singapore). Furthermore,
group is expecting business to pick up in the local scene after receiving the
official Halal status for 168 stores in Peninsular Malaysia this June. Group
projected high EPS growth of 20% averagely for the next 2 years which will
bring down the group’s PE close to the lower teens. FWD FY15 PE is 13.9x and
FY16 is only 11x vs its peers such as BJFOOD and NESTLE that’s trading at
higher multiple (FY15 PE of 15x and 24x respectively. Trading BUY with a TP
of RM2.88 based on 16x FY15 PE.
(RL)
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Calls for OCT Week 2/ Week 3
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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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CYPARK (5184)
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10/10/2013
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RM2.01
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ACCUMULATE
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RM2.40
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RM2.12
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+5.4%
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GASMSIA (5209)
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10/10/2013
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RM3.91
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Take Profit
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RM3.40
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RM3.94
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+0.8%
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DRBHCOM(1619)
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11/10/2013
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RM2.50
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BUY
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RM2.75
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RM2.49
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-0.4%
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HUBLINE (7013)
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11/10/2013
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RM0.055
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BUY
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RM0.095
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RM0.055
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0.0%
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DELEUM(5132)
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14/10/2013
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RM4.17
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Take Profit
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RM3.50
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RM4.08
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-2.2%
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SUNWAY (5211)
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14/10/2013
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RM2.90
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BUY
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RM3.40
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RM2.92
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+0.6%
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YTL (4677)
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16/10/2013
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RM1.52
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ACCUMULATE
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RM1.80
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RM1.54
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+0.6%
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SCOMIES(7045)
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16/10/2013
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RM0.67
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ACCUMULATE
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RM0.80
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RM0.685
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+2.2%
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MALTON (6181)
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17/10/2013
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RM0.97
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Trading BUY
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RM1.20
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RM0.96
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-1.1%
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SENDAI (5205)
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17/10/2013
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RM1.42
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ACCUMULATE
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RM1.80
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RM1.43
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+0.7%
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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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