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FLOWS
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Wednesday, 15 January, 2014
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BUY
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TENAGA,
IOICORP, MISC
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SELL
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AXIATA,CIMB, UEMS
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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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UZMA (7250)
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15/1/2014
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RM5.75
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Trading Sell
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RM5.31
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share
price has moved up c16% over the past 2 weeks, largely on the back of
market’s anticipation that the group could secure RSCs in the near term,
coupled with the shares’ illiquidity. Chances for RSC wins are strong given
that UZMA was a participant in the early studies for some of the marginal
fields, which should strengthen it’s tender proposals. Interest in the stock
is underpinned by it’s OB which stands at cRM1b and a sizeable tender book.
Further catalysts for the group is it’s possible participation in any of the
Chemical Enhanced Oil Recovery (CEOR) projects. However, with the sharp rise
in price, Co is now trading at c21x & 17x for FY12/13 & 14, appears
to have factored in potential contract wins and appears justly valued,
pending further positive news flows. RSI at 85; Trading Sell (buyback at RM
5.31, 15.5x FY14 EPS ). (AK)
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WCT (9679)
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15/1/2014
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RM2.20
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ACCUMULATE
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RM4.80
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share
price has recovered from it’s trough of cRM2.02 over the past 2 weeks,
earlier weakness in price caused by more stringent property rulings from
Budget 2014 & lower construction contract wins for the year YTD ( RM670m
vs management guidance of RM1.5b). We anticipate some of the delayed awards
of contracts could flow into 2014, where Co’s prospects remain bright. WCT is
still primed to secure more contracts this year from these ongoing tenders -
Putrajaya building works (parcel F worth >RM1b), Qatar job worth RM1bn,
Sabah Hospitals (RM800mil), earthworks package for the RRI Land and West
Coast Expressway sub-constract works. Orderbook remains healthy at RM2.7bn. Property
development division remains robust, while the much awaited opening of the
Gateway@KLIA2 by May 2014 will add another source of recurring income.
Foreign shareholding remains at c17% as at end Oct 2013. We believe there is
room for higher price as we move deeper into 2014 if group is able to deliver
more on its core divisions of both construction wins & property sales;
Accumulate, TP RM2.56 ( based on 20% disc to SOP of RM3.20, PE 12.6x FY14 )
(AK)
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Calls for JAN week 1/Week 2 2014
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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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MALTON (6181)
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7/1/2013
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RM0.845
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Trading BUY
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RM1.45
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RM0.855
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+1.2%
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NAIM (5073)
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7/1/2013
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RM3.80
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ACCUMULATE
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RM5.16
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RM3.77
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-0.8%
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HUAYANG (5062)
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8/1/2013
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RM2.06
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BUY
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RM2.62
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RM2.00
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-2.9%
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PARKSON (5657)
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8/1/2013
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RM2.86
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ACCUMULATE
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RM3.45
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RM2.75
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-3.8%
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SPSETIA (8664)
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9/1/2013
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RM2.89
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Trading BUY
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RM3.30
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RM2.93
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+2.4%
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KKB (9466)
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9/1/2013
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RM2.60
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ACCUMULATE
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RM2.90
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RM2.60
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+0.0%
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PHARMA (7081)
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10/1/2013
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RM4.46
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BUY
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RM5.40
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RM4.41
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-1.1%
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SCIENTX (4731)
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10/1/2013
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RM5.53
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BUY
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RM6.64
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RM5.42
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-2.0%
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GAMUDA (5398)
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13/1/2013
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RM4.52
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ACCUMULATE
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RM4.90
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RM4.48
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-0.8%
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IOICORP (1961)
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13/1/2013
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RM4.24
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ACCUMULATE
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RM4.80
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RM4.24
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+0.0%
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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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