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FLOWS
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Friday, 28 March, 2014
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BUY
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SKPETRO,
GENTING, DIGI
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SELL
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AXIATA, TM, GENM
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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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MSC (5916)
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28/3/2014
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RM3.20
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BUY
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RM3.80
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The
company world’s 2nd largest tin producer is looking forward to a
more profitable year in 2014 after ceasing operations of PT Koba Tin in
Indonesia and Rapu Rapu in the Philippines. Domestic under Butterworth tin
mining and Rahman Hydraulic produce 200m tns/month.. Its latest development
includes purchasing an 80% stake in SL Tin S/B for RM500k which has a mining
lease over a 267.3ha area in Sg Lembing, Kuantan for 15 years. In the event
of positive exploration, the lead time for commencement of production could
be 3-5years. Prospect for the metal looks bright as the appetite for
electronic gadgets grows, so does demand for tin, which is used as a solder
in circuit boards. Chinese imports of tin concentrate tripled last year,
according to St. Albans, U.K.-based industry group ITRI Ltd. Morgan Stanley
in November identified tin as its top base metal to invest in in 2014. Tin
prices on the London Metals Exchange have risen 24 percent over the past four
years to $23,000 per ton in London today. With minimal impairment and write
downs expected this year, earning should recover to around RM55m or EPS
55sen. Currently trading at only 5.8x PE, we expect a rerating to around the
RM3.80 levels or 7x PE.
(DN)
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SBCCORP(5207)
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28/3/2014
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RM1.82
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BUY
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RM2.30
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Company
has been shoved into the limelight after signing a JV with Suria Cap for the
development of 16.25 acres in KK. The project named Jesselton Quay with an
initial projected GDV of RM1.8bn will see SBC pay Suria for the land via 18%
of the total GDV or RM324m over 8 years whichever is higher. The project is
expected to kick off next month with the 1st phase of commercial
suites comprising of six 15 storey blocks. The stock remains undervalued not
only on an earnings basis of 5.8x PE
2015 but also a sharp discount to its RNAV of RM5.60 based on its 134 acre
land bank in Ulu Selangor, Batu, Kota Kinabalu and Kuantan, We rate it a buy
with an upside target of RM2.30.
(DN)
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Calls for MARCH Week 4 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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IJM (3336)
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21/3/2014
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RM5.90
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ACCUMULATE
on weakness
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RM6.75
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RM6.12
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+3.7%
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UEMS (5148)
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21/3/2014
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RM2.15
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ACCUMULATE
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RM2.60
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RM2.19
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+1.8%
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GENTING (3182)
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24/3/2014
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RM9.60
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ACCUMULATE
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RM10.50
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RM9.70
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+1.0%
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KPS (5843)
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24/3/2014
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RM1.63
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ACCUMULATE
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RM2.00
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RM1.63
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0.0%
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BENALEC (5190)
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25/3/2014
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RM0.925
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ACCUMULATE
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RM1.15
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RM0.90
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-2.8%
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WASEONG(5142)
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25/3/2014
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RM1.88
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ACCUMULATE
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RM2.00
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RM1.88
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0.0%
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HOHUP (5169)
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26/3/2014
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RM1.49
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ACCUMULATE
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RM2.00
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RM1.48
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+0.7%
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PERDANA (7108)
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26/3/2014
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RM1.89
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ACCUMULATE
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RM2.50
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RM1.90
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+0.5%
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MHB (5186)
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27/3/2014
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RM3.72
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ACCUMULATE
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RM4.30
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RM3.69
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+0.9%
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KKB (9466)
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27/3/2014
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RM2.47
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ACCUMULATE
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RM2.75
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RM2.47
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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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