|
FLOWS
|
Tuesday, 10 February, 2015
|
|||||||||
|
BUY
|
SKPETRO, TENAGA, GENTING
|
|||||||||
|
SELL
|
PCHEM, UEMS, ASTRO
|
|||||||||
|
STOCK ALERT
|
||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||
|
MAHSING (8583)
|
10/02/2015
|
RM2.00
|
ACCUMULATE
|
RM2.30
|
||||||
|
The share price has retreated more than 10%
following the ex-date for its rights & warrant issue in January. While
the rights issue itself is generally neutral (dilutive effect vs stronger
longer term growth prospects), it does allow the group to further gear up its
balance sheet by another RM1b while maintaining net gearing ratio of 0.5x.
Sales has proven to be resilient with group chalking up a 14% y-o-y increase
to RM3.43b in 2014, despite trying conditions in the sector, and guiding for
another RM3.4b in 2015. Margins also guided to be fairly stable (from lower
oil, raw material costs & improved cost management). Trading at 9.8x
earnings vs peers average of 12-14x, MACD on verge of cutting up with RSI at
45, with robust earnings and sales & further land-banking as catalyst –
Accumulate ( TP RM2.30, 10x FY15 EPS).
(AK)
 |
||||||||||
|
PESONA-WC (8311WC)
|
10/02/2015
|
RM0.525
|
TRADING BUY
|
-
|
||||||
|
With exercise price set at 25s, the warrant is now
trading at a huge 16% discount to the mother. The underlying share price has
performed well, following proposals of its acquisition of SEP Resources (
which involves the design, development & maintenance of a student hostel
in University Malaysia Perlis, development contract worth RM130m &
maintenance for period of 22 years – recurring income). Group expects OB to
double to RM1b this year, by biding for more infrastructure projects as group
looks for further earning stability. Arbitrage opportunity on the warrants
(maturing Jan 2020, gearing 1.76x) – Trading buy.
(AK)
 |
||||||||||
|
|
||||||||||
|
Calls for Jan WEEK 4 / FEB
WEEK 1 2015
|
||||||||||
|
STOCK
|
Initiation
Dates
|
Initiation
price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change
since Initiated
|
||||
|
MBMR (5983)
|
30/01/2015
|
RM3.15
|
TRIM
|
-
|
RM3.20
|
+1.5%
|
||||
|
SENDAI (5205)
|
30/01/2015
|
RM0.61
|
ACCUMULATE
|
RM0.81
|
RM0.61
|
0.0%
|
||||
|
OIL AND GAS
|
04/02/2015
|
-
|
TRADING BUY
|
-
|
|
-
|
||||
|
SASBADI (5252)
|
04/02/2015
|
RM1.41
|
BUY
|
-
|
RM1.57
|
+11.3%
|
||||
|
PESTECH (5219)
|
05/02/2015
|
RM4.10
|
ACCUMULATE
|
RM4.50
|
RM4.21
|
+2.6%
|
||||
|
OLDTOWN (5201)
|
05/02/2015
|
RM1.66
|
ACCUMULATE
|
RM1.90
|
RM1.67
|
+0.6%
|
||||
|
CMMT (5180)
|
06/02/2015
|
RM1.43
|
ACCUMULATE
|
RM1.60
|
RM1.45
|
+1.3%
|
||||
|
AIRASIA (5099)
|
06/02/2015
|
RM2.78
|
BUY
|
RM3.20
|
RM2.80
|
+0.7%
|
||||
|
ENGTEX (5056)
|
09/02/2015
|
RM1.10
|
TRADING BUY
|
RM1.40
|
RM1.12
|
+1.8%
|
||||
|
BJAUTO (5248)
|
09/02/2015
|
RM3.31
|
BUY
|
RM3.70
|
RM3.35
|
+1.2%
|
||||
|
Performance
|
|
|
Positive
|
|
|
Negative
|
|
|
Neutral
|
|
