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FLOWS
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Tuesday, 2 September, 2014
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BUY
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AXIATA, CIMB, SKPETRO
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SELL
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TENAGA, DIGI, UMW
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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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ARMADA (5210)
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2/9/2014
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RM2.97
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ACCUMULATE
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RM3.50
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Share price has fallen below its IPO price of
RM3.03 and recent placement by major shareholder of RM2.96. We believe this
is expected to provide a floor to the share price ahead of its 1 for 2 rights
issue at RM1.35 per rights share. Concurrently a 1 for 2 bonus issue will go
ex on the 10th Sept. FPSO earnings are expected to be stronger in
2H as the Kraken vessel conversion picks up pace and conversion starts for
the Angola project. Also, the Armada Clair commenced charter in August and
the Armada Sterling II will follow in 4Q14.Recent contract wins including Madura
FPSO bumped up its orderbook to over RM35bn with firm orders of RM24bn. Bumi
is still actively tendering for six other FPSO contracts that are
predominantly in Africa. Accumulate.
(TYK)
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WEIDA (7111)
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2/9/2014
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RM1.79
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ACCUMULATE
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RM2.20
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Share price gapped down from RM2.00 following
1Q result as net profit tumbled more than 50% yoy. However we believe current
price weakness offers opportunity to accumulate as earnings is expected to
pick up in the 2H mainly thru new income stream from its property division
and new contracts expected in the 3Q for its telco towers division. Its
property division saw maiden property project Urbana Residences take-up rate
in excess of 90% with plans now to launch its next premier project located in
Mont Kiara in the second half of year 2014. These 2 projects has estimated
GDV of around RM600mil. WEIDA owns 70% of its projects. MCMC has announced
plans to build 149 new towers in Sarawak and 79 towers in Sabah to increase
coverage in Sarawak to rise to 90% in 2015. These contracts are expected to
be given in the 2H. WEIDA is in a net cash position of RM0.85 which is
equivalent to close to 50% of its market cap. Assuming RM25mil net profit,
WEIDA trades at 9xFY15 PER and ex Cash PER of 4.8x. Accumulate TP: RM2.20
(TYK)
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Calls for AUGUST WEEK 3/ 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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ALAM (5115)
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25/8/2014
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RM1.45
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ACCUMULATE
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RM1.65
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RM1.38
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-4.9%
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AIRPORT (5014)
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25/8/2014
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RM7.91
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TRIM
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BB- RM7.50
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RM7.70
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-2.7%
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UZMA (7250)
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26/8/2014
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RM3.43
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Trading BUY
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RM4.00
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RM3.70
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+7.8%
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SCIENTX(4731)
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26/8/2014
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RM6.30
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TRIM
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BB- RM6.00
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RM6.13
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-2.7%
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CBIP (7076)
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27/8/2014
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RM4.68
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BUY
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RM5.49
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RM4.60
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-1.8%
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UOADEV (5200)
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27/8/2014
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RM2.10
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BUY on weakness
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RM2.40
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RM2.11
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+0.4%
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CYPARK (5184)
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28/8/2014
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RM2.65
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ACCUMULATE
on weakness
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RM3.20
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RM2.60
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-1.9%
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HOVID (7213)
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28/8/2014
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RM0.415
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ACCUMULATE
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RM0.45
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RM0.39
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-6.1%
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CENSOF (5195)
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29/8/2014
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RM0.505
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Trading Buy
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RM0.58
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RM0.52
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+2.9%
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KHEESAN (6203)
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29/8/2014
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RM0.605
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BUY
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RM0.71
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RM0.59
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-2.5%
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Performance
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Positive
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Negative
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Neutral
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