FLOWS
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Tuesday, 12 August, 2014
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BUY
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SKPETRO,
TENAGA, GENTING
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SELL
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DIGI, IOICORP,
SPSETIA
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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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DIALOG (7277)
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12/8/2014
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RM1.76
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ACCUMULATE
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RM2.00
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Stock has retraced > 10% since mid-July’14 and is trading near to
strong support at RM1.75-1.73 levels Dialog has continued to execute on its
core business with its 3rd tank terminal project at Pengerang,
where Phase 1A is completed & started operations in 1QCY14. This
deep-water petroleum terminal will underpin Dialog’s long-term profitability
especially with the continuation of the ensuing phases of the project. Dialog
has also signed a MOU with Concord Energy to conduct a feasibility study for
a proposed dedicated crude oil and petroleum product storage terminal In
Pengerang. These are all potential sizeable jobs for its EPCC division which
will add to the secured jobs on the other phases of Pengerang terminal and
provide earnings feasibility for easily the next 5 years. Over a mid-time
frame of 2-3 years, Dialog has a potential re-rating catalyst which analysts
have yet to build into their forecasts. These are their ventures in the
upstream O&G development, i.e. the 50:50 EOR JV with Halliburton Energy
Services Inc. to redevelop the matured Bayan oilfield off-Sarawak and its
Balai marginal field Risk Sharing Contract (RSC) with Petronas which has
already hit first-oil. Accumulate
(PT)
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SALCON (8567)
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12/8/2014
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RM0.885
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ACCUMULATE
on weakness
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RM1.00
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Stock is poised for exciting times ahead in the second half
of the year with the award of the RAPID raw water supply and the water
treatment plant contracts where Salcon is tipped to be a likely winner. These
contracts were tendered both on an individual basis and in JV with partners
totalling up to RM500m. The company is also partnering Ecoworld Development
to launch a property development project with GDV of RM1.2b in 3Q 2014 and
will start contributing to the bottomline from FY15. The Salcon, MMC &
Ahmad Zaki consortium (Salcon 36% stake) which won the RM1b Langat 2 water
treatment plant is expected to contribute from FY14-FY16. The company is also
bidding for waste water & non-revenue water contracts in East Malaysia
and Sri Lanka of which the management is positive of securing. The prospective
PER of Salcon for FY15 will drop to 10.4x if these contracts are secured and
executed as planned. Accumulate on weakness
(PT)
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Calls for AUGUST 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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PESTECH (5219)
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4/8/2014
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RM3.80
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Trading BUY
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RM4.40
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RM4.00
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+5.2%
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TDM (2054)
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4/8/2014
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RM0.985
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ACCUMULATE
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RM1.10
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RM0.975
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-1.1%
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KIANJOO (3522)
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5/8/2014
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RM3.06
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ACCUMULATE
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RM3.30
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RM3.07
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+0.3%
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HIAPTEK (5072)
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5/8/2014
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RM0.77
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BUY
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RM0.90
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RM0.77
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0.0%
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CYPARK (5184)
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6/8/2014
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RM2.71
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BUY
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RM3.20
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RM2.67
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-1.5%
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CMSB (2852)
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6/8/2014
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RM3.95
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SELL
into strength
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RM3.50
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RM4.00
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+1.2%
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PRTASCO(5070)
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7/8/2014
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RM1.73
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ACCUMULATE
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RM2.58
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RM1.74
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+0.5%
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JAKS (4723)
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7/8/2014
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RM0.74
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TRADING BUY
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RM0.84
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RM0.700
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-5.5%
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PERDANA (7108)
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8/8/2014
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RM1.86
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ACCUMULATE
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RM2.40
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RM1.87
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+0.5%
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DSONIC (5216)
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8/8/2014
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RM1.86
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TRADING BUY
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RM2.05
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RM1.87
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+0.5%
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Performance
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Positive
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Negative
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Neutral
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