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FLOWS
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Tuesday, 7 January, 2014
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BUY
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UMWOG,
SUPERMX, HLBANK
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SELL
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PETGAS, MAYBANK,
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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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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The
share price has retreated c19% over the past 2.5 months, back to its support
level of 80s. We see this as a good opportunity to accumulate the stock as it
is now trading c75% discount to its potential RNAV of RM3.60. A few big
projects have been sorted out for Malton – a sizeable mall at Bukit Jalil worth
RM3.5b (strategic location, 5.3m population catchment), 300 acres with
RM3.88b GDV at Batu Kawan right off the 2nd Penang Bridge &
200 acres in Pengerang (the next mega O&G hub in Malaysia) with GDV of
RM480m. Co’s involvement in the commercial redevelopment of Pusat Bandar
Damansara RM2-3b is a wild card, given the position of its major shareholder
Datuk Desmond Lim. We see the huge 75% discount to RNAV unjustified, given
the fundamentals of the group & the potential that it offers &
trading at just below its SMA 100, RSI @ 47; Trading Buy (TM RM1.45, based on
60% discount to RNAV).
(AK)
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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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The share price has been consolidating between the
RM3.50- 3.90 levels for the past 3 months. At current price, group is trading
at an attractive 7.4x for FY12/14, below the forward target PE for the
construction sector of 10-16x. We consider Naim undervalued, as prospects for
the construction sector remain strong, underpinned by the extended upcycle driven
by the MR37b Klang Valley MRT project, which will keep players busy until
2019. For Naim, it will also be supported by the booming property markets in
Miri & Bintulu (backed by the massive O&G & heavy industrial
developments in Sarawak), construction projects under SCORE ( construction
div securing RM665m new projects in 2013 vs expectations of RM500m,
Construction OB estimated at RM1.3b which could last unitil 2016 ), as well
as high earnings growth of its 37% owned associate Dayang ( share price +20% over
the same 3 months period) ; Accumulate, attractive valuation with strong
fundamentals. (TP RM5.16, based on PE 10x FY14 EPS).
(AK)
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Calls for DEC week 3/ JAN week 1 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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DELEUM (5132)
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18/12/2013
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RM4.03
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BUY
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RM4.68
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RM4.24
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+5.2%
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E&O(3417)
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18/12/2013
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RM1.93
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Trading BUY
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RM2.76
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RM1.91
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-1.1%
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UNISEM (5005)
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19/12/2013
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RM0.89
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BUY
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RM1.30
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RM1.04
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+16.8%
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BURSA (1818)
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19/12/2013
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RM8.09
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BUY
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RM9.84
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RM8.07
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-0.3%
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TIMECOM (5031)
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2/1/2013
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RM3.55
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BUY
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RM4.00
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RM3.66
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+3.0%
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JTIASA (4383)
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2/1/2013
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RM2.04
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BUY
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RM2.30
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RM2.23
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+9.3%
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MUHIBBAH (5703)
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3/1/2013
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RM2.31
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BUY
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RM3.00
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RM2.31
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0.0%
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GADANG (9261)
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3/1/2013
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RM1.02
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BUY
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RM1.60
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RM1.13
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+10.7%
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SENDAI (5205)
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6/1/2013
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RM1.03
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BUY
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RM1.29
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RM1.06
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+2.9%
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ALAM(5115)
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6/1/2013
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RM1.53
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BUY
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RM1.80
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RM1.57
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+2.6%
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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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