|
FLOWS
|
Tuesday, 26 May, 2015
|
|||||||||
|
BUY
|
GAMUDA, IJM, ASTRO
|
|||||||||
|
SELL
|
AMBANK, SKPETRO
|
|||||||||
|
STOCK ALERT
|
||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||
|
PHARMA (7081)
|
26/05/2015
|
RM6.98
|
TRIM
|
RM6.34
|
||||||
|
The
share price has risen c45% since February, largely on the back of Co being
the main beneficiary as the sole concession holder to purchase, store, supply
and distribute approved drugs/medical products to government hospitals &
clinics nationwide. Valuation appears rich now at 17x & 16.5x FY12/15
&16, compared to its earnings growth of just 4%. Ahead, there is
potential earnings disappointment from the spending it has to make for the
pharmacy information system (PhIS) in government hospitals (higher
amortization charges ) & increased competition from other local drug
makers who are expanding rapidly to compete for government tender offers.
Also worthy to note that Co may review its dividend payout (currently c4%
yield) as it’s free cash flow has dipped into negative territory in 1Q15
& could remain under pressure from the PhIS spending. – Trim (Buyback at
RM6.34, 15x FY15).
(AK)
 |
||||||||||
|
GDEX (0078)
|
26/05/2015
|
RM1.51
|
Trading BUY
|
RM1.70
|
||||||
|
The
share price has eased c18% over the past month. In the recent Q3 results,
volume growth remained strong on increased contribution from the e-commerce
segment (which still only constitutes c15% of revenue), an exposure of which
is still at an early stage & should be the group’s earnings driver going
forward. Notably, an increasing number of new e-commerce sites are being set
up as more businesses are now selling their products online given the
competitive pricing they can offer & intermediary costs are trimmed.
Outlook remains rosy ahead for the group with minimal capex outlay relative
to its strong operating cash flow churn. Trading close to it’s 4-month
support with RSI @ 31 – Trading Buy( TP RM1.70).
(AK)
 |
||||||||||
|
|
||||||||||
|
Calls for MAY WEEK 3 / WEEK 4 2015
|
||||||||||
|
STOCK
|
Initiation
Dates
|
Initiation
price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change
since Initiated
|
||||
|
SASBADI (5252)
|
19/05/2015
|
RM2.37
|
TRIM
|
RM2.10
|
RM2.28
|
-3.8%
|
||||
|
CHINWEL (5007)
|
19/05/2015
|
RM1.52
|
ACCUMULATE
|
RM1.86
|
RM1.60
|
+5.2%
|
||||
|
PMETAL (8869)
|
20/05/2015
|
RM2.87
|
ACCUMULATE
|
RM3.50
|
RM2.65
|
-7.7%
|
||||
|
SALCON (8567)
|
20/05/2015
|
RM0.85
|
ACCUMULATE
|
RM1.05
|
RM0.84
|
-1.2%
|
||||
|
BRAHIMS (9474)
|
21/05/2015
|
RM0.93
|
TRADING BUY
|
RM1.20
|
RM0.935
|
+0.5%
|
||||
|
STAR (6084)
|
21/05/2015
|
RM2.51
|
ACCUMULATE
|
RM2.80
|
RM2.56
|
+1.9%
|
||||
|
GASMSIA (5209)
|
22/05/2015
|
RM2.80
|
TRIM
|
RM2.40
|
RM2.74
|
-2.2%
|
||||
|
DAYANG (5141)
|
22/05/2015
|
RM2.44
|
BUY
|
RM2.80
|
RM2.40
|
-1.7%
|
||||
|
MUHIBBAH (5703)
|
25/05/2015
|
RM2.58
|
BUY
|
RM3.20
|
RM2.45
|
-5.1%
|
||||
|
HUAYANG (5062)
|
25/05/2015
|
RM2.09
|
BUY
|
RM2.09
|
RM2.06
|
-1.5%
|
||||
|
PERFORMANCE
ALERT
|
|||||
|
STOCK
|
Initiation
dates
|
Initiation
price
|
Target
Price
|
Action
|
Returns
|
|
GHLSYS (0021)
|
31/3/2015
|
RM0.96
|
RM1.15
|
Take
Profit
|
19.7%
|
|
MATRIX (5236)
|
3/4/2015
|
RM2.73
|
RM3.12
|
Take
Profit
|
14.2%
|
|
SKPETRO (5218)
|
15/4/2015
|
RM2.40
|
RM2.75
|
Take
profit
|
14.5%
|
|
UNISEM (5005)
|
22/4/2015
|
RM2.60
|
BB
– RM2.30
|
Trading
buy
|
-
|
|
SKPRES (7155)
|
8/5/2015
|
RM0.845
|
RM1.00
|
Take
profit
|
19.5%
|
|
ECONBHD (5253)
|
8/5/2015
|
RM1.02
|
RM1.22
|
Trading
sell
|
12.7%
|
|
EDUSPEC (0107)
|
12/5/2015
|
RM0.37
|
RM0.42
|
Trading
sell
|
8.1%
|
|
Performance
|
|
|
Positive
|
|
|
Negative
|
|
|
Neutral
|
|
