FLOWS;
BUYS: PBBank, Axiata, Kencana
SELLS: Mudajaya, UEMLand, JCY
Technical Stock Alert;
Axiata (RM5.00) - Divergence in MACD indicating a likely pull back from current levels. Sell into strength as fundamentally also facing headwinds in cancellation of 2G licenses in India plus continue margin compression in Indonesia due to competition. Sell into strength with an immediate support at RM4.70.
YTLPower (RM1.86) - Formation of a triple top with susceptible risk of breaking recent support levels of RM1.74. The company has been losing its attraction as a high yielding stock with the recent lowering of its dividend payout, partially to fund its ambitious WIMAX rollout plans without gaining the expected traction. Switch to TM.
Gent Msia (RM3.94) - Sell into strength as we do not expect current the stock to break out of its current consolidation pattern around RM3.80 after its immediate re rating catalyst of a gaming license in Florida looks more likely only to be considered in 2013.