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FLOWS
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Wednesday, 22 April, 2015
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BUY
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PCHEM. TENAGA, ARMADA
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SELL
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GENM, WPRT, RHB
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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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UNISEM (5005)
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22/04/2015
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RM2.60
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TRIM
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RM2.30
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The share price has risen c18% over the past 2 weeks,
partially spurred by strong FY14 earnings. Management has guided for 8%
revenue growth in FY15, while industry research groups are expecting
semiconductor industry sales to grow moderately by 6-7%. We reckon the
positives have been reflected. Group is now trading at 16.9x FY15 & 15x
FY16, ahead of its 1 year historical mean. On the flipside, management
cautioned on a sequential revenue decline in 1Q15 given seasonal weakness.
Notable too is the possible conversion of the 168m warrants (in the money
now) & the corresponding dilution to EPS. Other downside risks include
the strengthening of the MYR, higher raw material cost & slowdown in
semiconductor market - Trim ( Buyback
at RM2.30). (AK)
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JCY (5161)
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22/04/2015
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RM0.785
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Trading Buy
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RM0.95
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Interest in the stock
has been gaining traction following the strong earnings recovery in FY14
& Q1FY15. Management is upbeat on prospects given the rising demand for
content storage, the consolidation in the industry which has led to reduced
volume cyclicality across the supply chain, improved operating efficiency
through automation plans & potential M&A activities. The MYR
depreciation will make Co more cost competitive against peers in other
regions. The strong cash-flow and Balance Sheet should sustain dividend yield
of 5-7% pa. Trading at PE of 8.5x FY15, about 30% discount to peers. –
Trading Buy ( TP RM0.95, 10x FY15).(AK)
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Calls for APRIL WEEK 2 / WEEK 3 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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PANTECH (5125)
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15/04/2015
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RM0.73
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ACCUMULATE
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RM0.94
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RM0.75
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+2.7%
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SKPETRO (5218)
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15/04/2015
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RM2.40
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Trading BUY
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RM2.75
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RM2.73
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+13.75%
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PESTECH (5219)
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16/04/2015
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RM4.90
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BUY
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RM5.50
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RM5.29
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+7.9%
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TEOSENG (7252)
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16/04/2015
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RM1.92
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ACCUMULATE
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RM2.30
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RM2.02
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+5.2%
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GOB (1147)
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17/04/2015
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RM0.555
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Trading BUY
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RM0.64
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RM0.55
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-1.0%
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GASMSIA (5209)
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17/04/2015
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RM2.68
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TRIM
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-
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RM2.58
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-3.7%
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WCT (9679)
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20/04/2015
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RM1.86
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Take Profit
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BB – RM1.65
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RM1.83
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-1.7%
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CARLSBG (2836)
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20/04/2015
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RM14.40
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Take Profit
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BB
– RM12.50
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RM14.34
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-0.4%
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SUNWAY (5211)
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21/04/2015
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RM3.75
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ACCUMULATE
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RM4.00 – RM4.50
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RM3.73
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-0.5%
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BJTOTO (1562)
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21/04/2015
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RM3.26
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ACCUMULATE
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RM3.60
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RM3.3
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+1.2%
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Performance
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Positive
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Negative
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Neutral
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