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FLOWS
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Monday, 18 August, 2014
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BUY
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SKPETRO,
WCT, TENAGA
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SELL
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UEMS, MAYBANK,
PBBANK
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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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SBCCORP (5207)
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19/8/2014
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RM2.17
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Trading BUY
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RM2.91
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Group is a low-key contractor
turned developer which recently caught the attention of many after its
signing of a JV project with Suria to develop Jesslton Quay (Kota Kinabalu,
Sabah) which has a RM1.8bn GDV. The group has a total currently has a total
of RM6.3b in the pipeline mainly coming from Kiara East (GDV: RM1.5b),
Jesselton Quay (GDV: RM1.8b), Batang Kali development in JV with PKNS (GDV:
RM1.7b), Cantoment Square (GDV: M500m), and The Peak (GDV: RM500m),
planned for the next 7-8 years. Its current unbilled sales stands at RM200m
providing the group with at least two years of earnings visibility. Group
also expects a growth at a CAGR of 25% - 28% should they are able to maintain
year-on-year sales growth of 10% from FY15 onwards. Current share price is
approximately 20% from its recent high yet is still trading at a hefty 68%
discount to RNAV of RM6.48 attributed to its massive landbank. Currently
valuations are undemanding at only 8.0x for fy15 and 6.2x for FY16. With the
upcoming results and the launching of phase 1 Jesselton Quay, we expect share
price to perform. Trading BUY with a TP of RM2.91 based on 55% discount to
RNAV.
(RL)
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MUHIBBAH (5703)
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19/8/2014
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RM3.14
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Trading BUY
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RM3.50
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MUHIBBAH (RM3.14) - Share price has fallen
approximately 10% from its recent high of RM3.50 and has stabilized around
the 50 SMA (RM3.10 after ex div of 4.5sens). Technical perspective remain
positive as the MACD currently trades at the base line and has started to
ascend, Stochastics has also triggered a buy call indicating a signal for a
trade. Growth story remains compelling as Muhibah is one of the proxy to the
RM60b RAPID project of which they have tendered for RM2-3bil worth of jobs
with a 20-30% success rates over the next 12 months. Current orderbook stood
at RM1.9b inclusing infraworks, cranes and shipyards which would keep the
group busy for the next 3 years. Valuations are undemanding trading at 11.4x
FY 15 and 11x for FY16. Trading BUY with a target of RM3.50 based on chart
break out upside.
(RL)
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Calls for AUGUST 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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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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RM1.78
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+1.1%
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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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RM0.87
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-1.7%
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SEM (5250)
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13/8/2014
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RM1.82
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TRIM
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BB- RM1.60
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RM1.82
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0.0%
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CARING (5245)
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13/8/2014
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RM1.84
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Buy on weakness
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RM2.00
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RM1.84
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0.0%
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IOICORP (1961)
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14/8/2014
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RM5.00
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TRADING SELL
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BB- RM4.40
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RM4.99
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-0.2%
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SYMLIFE (1538)
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14/8/2014
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RM1.12
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ACCUMULATE
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RM1.60
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RM1.23
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+9.8%
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WTK (4243)
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15/8/2014
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RM1.40
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ACCUMULATE
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RM1.60
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RM1.39
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-0.8%
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AIRASIA(5099)
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15/8/2014
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RM2.36
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ACCUMULATE
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RM2.70
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RM2.38
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+0.8%
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UMWOG (5243)
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18/8/2014
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RM4.05
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ACCUMULATE
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RM4.53
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RM4.05
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0.0%
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PRESBHD (5204)
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18/8/2014
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RM2.25
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ACCUMULATE
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RM2.70
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RM2.21
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-1.8%
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Performance
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Positive
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Negative
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Neutral
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