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FLOWS
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Friday, 14 March, 2014
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BUY
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ARMADA,
GAMUDA
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SELL
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MISC, SIME, AIRASIA
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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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IJMLAND (5215)
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14/3/2014
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RM2.71
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Accumulate
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RM3.14
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Group’s core
earnings of RM240m for 9M14 was strong, coming in at about 81% of consensus.
It also recorded group sales of RM2.45b or c89% of FY14 sales target of
RM2.8b. In the next few months, it will be launching Rimbayu Phase 3 & is
targeting RM3b worth of launches in FY15 ( which includes the anticipated
Pantai Sentral, Nusa City @Johor & several affordable /township launches
). Management believes the property market will regain its strength towards
2HCY14. We believe it’s a good time to position into the stock now, given the
improving outlook for the property sector. We continue to like it for it’s
light Balance Sheet, lower sales base versus other large cap developers, high
exposure to affordable / township projects ( more resilient to a slowdown ),
strong management, good branding and strategic land bank ( good diversification
). Valuation attractive, trading at 27% discount to RNAV of RM3.70 & PER
of 11.2x for FY03/15; Accumulate TP RM 3.14 (15% disc to RNAV & PE 13x). (AK)
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ENCORP (6076)
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14/3/2014
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RM1.29
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BUY
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RM1.60
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The stock has
seen significantly higher interest over the past 1.5 months, with the share
price rising c35% in the process. The growing interest could partly be
attributable to the management buyout by its top management of the 30.6%
stake from the Executive Chairman Datuk Seri Effendi Nawawi. The street is
expecting significant earnings improvement from Q213 onwards. Profitability
currently relies mostly on it’s 100% owned Puteri Harbour Marina Project in
Iskandar, Johor while it’s projects in Cahaya Alam, Shah Alam and Kota Damansara
are said to be doing well. The RM200m Batu Feringgi project is expected to be
launched in early 2014. Property division expects a revenue churn of RM500m
pa in the next 2-3 years. The concession division (10,000 units teacher’s
quarters) contributes cRM100m revenue pa. On it’s construction division,
group has demonstrated it’s ability to replenish jobs, raking in 3 contracts
over the past 6 months amounting to RM344m, bringing construction OB to
cRM894m ( to last the next 2-3 years). For FY13 results, PAT jumped 4x over
FY12, although FY13 results included significant one-off extraordinary items.
Core earnings were in line, putting FY13 PE at c15X; Trading Buy - on
expected improved earnings in FY14/15.
(AK)
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Calls for MARCH 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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BRAHIMS (9474)
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6/3/2014
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RM2.44
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BUY
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RM3.04
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RM2.54
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+4.1%
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PANTECH (5125)
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6/3/2014
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RM0.91
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ACCUMULATE
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RM1.10
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RM0.91
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0.0%
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GAMUDA (5398)
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7/3/2014
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RM4.62
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BUY
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RM5.20
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RM4.46
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-3.5%
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MEDIAC (5090)
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7/3/2014
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RM0.91
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ACCUMULATE
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RM1.05
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RM0.90
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-0.1%
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UCHITEC (7100)
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10/3/2014
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RM1.36
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ACCUMULATE
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RM1.58
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RM1.33
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-2.2%
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VITROX (0097)
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10/3/2014
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RM1.44
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BUY
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RM1.70
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RM1.51
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+6.9%
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PHARMA (7081)
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11/3/2014
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RM4.18
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BUY
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RM5.40
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RM4.40
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+5.3%
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BSTEAD (2771)
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11/3/2014
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RM5.39
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ACCUMULATE
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RM6.00
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RM5.40
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+0.2%
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CYPARK (5184)
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13/3/2014
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RM2.42
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BUY
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RM2.80
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RM2.42
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0.0%
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SUPERMX (7106)
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13/3/2014
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RM2.80
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BUY
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RM3.10
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RM2.78
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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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