FLOWS
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Wednesday, 8 January, 2014
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BUY
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TENAGA,
SKPETRO, DIGI
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SELL
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MAYBANK, PCHEM,
DIALOG
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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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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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HUAYANG (RM2.06) – We continue to like
Huayang for being one of the few property developers to focus on the
affordable housing market which will enjoy resilient demand for the next few
years. Huayang should not be impacted by the Budget 2014 property cooling
measures as they do not have any initial exposure to the DIBS which will help
them outstand the rest in the sector. Group’s clear long term earnings
visibility is one of its trump cards, with approximately RM3bil in GDV of
future launches beyond FY14 as well as unbilled sales of RM558mil that will
sustain their earnings for the next 2-3 years. The group’s outstanding GDV of
its landbank stood at RM4.1bil where most of them are concentrated in the
Klang Valley, Perak and Johor area. Valuation of the group is
attractive with only 6.09x multiple for FY14 and 4.86x for FY15. Huayang pays
div of 5.34% at this price and expected to pay out 6% by 2015 due to
more launches in the Puchong region. Technical chart shows the beginning of a
new trendline after successfully completing its last cycle. BUY with a TP of 2.62
based on 25% to our RNAV of RM3.50 and 6x FY14PE.
(RL)
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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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PARKSON (RM2.86) - Stock price has fallen a
whopping 31% (from RM3.90 to RM2.72) over the last quarter itself on concerns
of its slower numbers from its Parkson Retail group in China as well as
thinner margins. Looking forward, PRG will continue to refurbish its existing
stores in China and will open fewer but bigger stores in 2014 (est 6
stores); the group is also rationalising its cost by closing 6 non performing
stores with lacking prospects. Parkson is currently trading at 13.75x
for FY 14 and 11.6x for FY 15 vs its 7 year average of 14x; a healthy balance
sheet and a strong cash pile of RM3.0bil gives the group more options in
terms of capex. Stock is group pays div yield of 4% historically. RSI only
28%. Accumulate on bottoming share prices and group’s rationalisation
exercise. Immediate TP of RM3.45 based on 14x PE for FY 15.
(RL)
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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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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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RM8.03
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-0.8%
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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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RM2.25
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+10.2%
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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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RM2.30
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-0.5%
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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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RM1.12
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+9.8%
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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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RM1.04
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+1.0%
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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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RM1.58
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+3.2%
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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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RM0.84
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-0.6%
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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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RM3.80
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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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