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FLOWS
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Thursday, 12 March, 2015
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BUY
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MAYBANK, YTL, IOICORP
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SELL
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AMBANK, TENAGA,
ASTRO
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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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YINSON (7293)
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12/03/2015
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RM2.85
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BUY
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RM3.30
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with the recent corporate manoeuvrings in the local
O&G sector, possibilities are brewing for game-changer developments in
Yinson. Its consolidation for the past month around the RM2.70 level despite
high crude oil price volatility supports this observation. Yesterday, it
broke out of its RM2.82 immediate resistance coupled with a golden cross on
the macd. Post its winning of the Sankofa FPSO from ENI, it has been reported
that Yinson’s SOP under stress scenario (WACC @ 7% vs exp WACC of 5.8%,
ebidta margin of 72% vs co guidance of 80%) is RM3.55 (with 52% from
Sankofa FPSO). There is minimal counterparty risk with the solid balance
sheet of ENI & its strong shareholder support. Catalysts ahead are: 1)
further contracts from the non-associated gas reserves just next to the
Sankofa concession especially with the huge demand of natural gas from
Ghana’s existing underutilised gas-fired power plants; 2) potential success
from bids of mid-sized FPSO contracts in Indonesia & Vietnam
(source: Upstream). Buy
(PT)
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SNTORIA (5213)
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12/03/2015
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RM1.08
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BUY
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RM1.33
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Px hs bn easing & is now @ a 7-mth lo. The
latest acquisition of 305ac of land in Sg Petani (GDV RM800m) will allow Co
to expand & diversify its biz in2 northern Peninsula Msia, & in turn
push its total GDV towards RM10b mark. (Current GDV pipeline RM1.4b fm
existing projects in Bt Gambang & Kuantan and RM7.5b fm new projects in
Morib, Samariang & Langkawi). Trading @ 7.7x & 5.7x for F09/15 &
16 rsptively, we c current share px weakness an excellent opportunity to buy
in2 a grwth stk w a unique biz model & in the hands of committed co
builders. RSI @ 46 – Buy (TP RM1.33 based on 7x FY16 EPS).
(PT)
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Calls for MARCH WEEK 1/WEEK 2
2015
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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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TEKSENG (7200)
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05/03/2015
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RM0.545
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BUY
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RM0.65
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RM0.500
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-8.3%
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WELLCAL (7231)
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05/03/2015
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RM1.98
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ACCUMULATE
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RM2.30
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RM2.00
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+1.0%
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SEM (5250)
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06/03/2015
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RM1.60
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SELL
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RM1.45
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RM1.56
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-2.5%
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MPI (3867)
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06/03/2015
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RM6.49
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SELL into strength
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RM5.80
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RM6.19
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-4.4%
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GAB(3255)
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09/03/2015
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RM14.76
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SELL into strength
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BB
- RM13.00-13.50
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RM14.84
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+0.5%
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POS (4634)
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09/03/2015
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RM5.09
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SELL into strength
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BB - RM4.50
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RM5.07
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-0.2%
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SASBADI (5252)
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10/03/2015
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RM1.56
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BUY
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RM2.00
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RM1.58
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+1.2%
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YTL (4677)
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10/03/2015
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RM1.59
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TRADING BUY
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RM1.75
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RM1.55
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-2.6%
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IHH (5225)
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11/03/2015
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RM5.41
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TRIM
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-
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RM5.37
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-0.8%
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MUDAJYA (5085)
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11/03/2015
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RM1.36
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BUY on weakness
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RM1.64
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RM1.36
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0.0%
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Performance
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Positive
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Negative
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Neutral
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