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FLOWS
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Tuesday, 15 April, 2014
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BUY
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TM,
UEMS, DIGI
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SELL
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RHBCAP, TENAGA, SIME
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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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NAIM (5073)
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15/4/2014
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RM3.83
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BUY
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RM4.40
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The mid-term indicators are confirming its recent bullish
uptrend with its weekly macd just registering a positive crossover. The stock
is attractively priced currently trading at prospective FY14 & FY15 PER
of 8.3x & 7.5x and p/bk of 0.97x & 0.88x. It has an order book of
RM1.3bn and an outstanding GDV of RM3.0b that will drive earnings for the
next 3-5 years. Naim is a proxy to one of the favorite investment themes in
Malaysia - the Sarawak Corridor of Renewable Energy (SCORE). Naim's sustained
high construction margins is due to limited competition from only a small
pool of Sarawak-state-registered contractors for most public jobs in Sarawak.
Its property division is also buoyed by the property boom in Bintulu (a
beneficiary of the buoyant O&G sector) & the massive industrial
development in Samalaju. Naim is also a cheap proxy to the O&G services
sector through its 30.91%-owned associate, Dayang Enterprise Holdings with a
market value of RM955.9m which already exceeds Naim’s current market cap of
RM908m. Naim is sitting on unrealised gains of more than RM800m based on Dayang’s
closing price of RM3.73.Buy
(LJN/PT)
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GOB (1147)
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15/4/2014
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RM0.91
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BUY
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RM1.18
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A beneficiary of the opening of the Penang Second Bridge
with its 350acres of land in Bandar Cassia Batu Kawan with long-term growth
prospects on Penang’s mainland. This parcel of land is very near to the exit
of the Penang Second Bridge and the Batu Kawan Industrial Park, hence
increasing demand for residential properties in GOB’s land with potential GDV
of RM2.3b. The recent launch of its property development project, Callisia 2,
has been fully taken up with more phases slated for next year. Its other
developments are its flagship Taman Equine with a remaining 80 acres
(estimated GDV RM900m) to be completed over the next 2 years, and its JV with
Lembaga Getah Malaysia to develop a mixed development project with a GDV of
RM800m along Jalan Ampang. GOB is undervalued compared to its RNAV of RM2.71.
It is currently trading at 66% discount to its RNAV. Technically, the stock
has also broken out from its resistance at RM0.85/0.86 level with positive
daily & weekly technical indicators. Buy
(LJN/PT)
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Calls for APRIL 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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LBS (5789)
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8/4/2014
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RM1.81
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BUY
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RM2.20
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RM1.81
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0.0%
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TGUAN (7034)
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8/4/2014
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RM2.13
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BUY
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RM2.70
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RM2.09
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-1.9%
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TM (4863)
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9/4/2014
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RM5.86
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TRADING BUY
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RM6.20
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RM5.90
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+0.6%
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DIALOG (7277)
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9/4/2014
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RM3.68
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ACCUMULATE
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RM4.50
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RM3.51
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-4.7%
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PMETAL (8869)
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10/4/2014
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RM2.50
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BUY
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RM3.10
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RM2.97
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+18.8%
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WCT (9679)
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10/4/2014
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RM2.25
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TRADING BUY
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RM2.50
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RM2.19
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-2.7%
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MUDAJYA (5085)
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11/4/2014
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RM2.83
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BUY
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RM3.56
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RM2.83
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-0.0%
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HSL (6238)
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11/4/2014
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RM1.80
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ACCUMULATE
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RM2.50
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RM1.85
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+2.7%
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SKPETRO (5218)
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14/4/2014
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RM4.35
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BUY
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RM4.80
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RM4.28
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+1.7%
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ASTRO (6399)
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14/4/2014
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RM3.35
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Sell Into Strength
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-
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RM3.37
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+0.6%
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Given that our call initiated on the 10 April 2014 to buy PMETAL
(8869) has achieved our target of RM3.10,
we advocate a take
profit on the stock.
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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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