MORNING CALL 30 March 2012
FLOWS;
BUYS: CIMB, Gamuda, IOIC
SELLS: IJM, SPSetia, TM
Technical Stock Alert;
OIL WTI (USD102.78) - The price of oil has broken a key support level at
USD105 levels on recent fears of a global economic slowdown. The sell
off in the past two days has seen prices also dip below the SMA 50
levels and could be headed back down to USD99. This could trigger a
rebound in high energy consumers eg Airlines. AirAsia and MAS.
(PT/DN)
AIRASIA (RM3.42) - Recent sell off saw its price bounce of a low RM3.34
after breaking below the RM3.54 double bottom support. A bounce back
could see it test this resistance level and possibly push back up to
around the RM3.60 levels.
MAS (RM1.34) - Since touching a year high of RM1.74 in Jan, the price
has slipped 23% back down to around its strong support levels of RM1.30.
MACD in recent days has shown signs of trending higher with RSI 33, at
the low end of the range. Immediate upside potential of RM1.46.
RESULTS UPDATE - YINSON (RM1.73)
FYE Jan 2012 +11.7% RM715.8m Net +48% RM27.4m EPS 14.5sen
Earnings were driven primarily by the Marine segment where operating
profit jumped 286% to RM12.5m due to the addition of a new vessel during
the year and the full year effect of its original vessel. Trading
earnings dipped 22%to RM23m on lower margins. Exceptional gains of
RM6.38m were recorded in the transport segment mainly due to the
disposal of the loss making subsidiary. Disposal of Yinson Haulage added
another RM1.2m and disposal of properties RM2m gain.
Trading at undemanding 12x historical PE with O&G sector contribution
set to significantly contribute to its bottom line in FYE Jan 2014 as
its jointly owned FSO with PetVietnam is set to be delivered by 1Q 2013
for its 10yr+10yr bareboat charter to PetroV. BOW.
FLOWS;
BUYS: CIMB, Gamuda, IOIC
SELLS: IJM, SPSetia, TM
Technical Stock Alert;
OIL WTI (USD102.78) - The price of oil has broken a key support level at
USD105 levels on recent fears of a global economic slowdown. The sell
off in the past two days has seen prices also dip below the SMA 50
levels and could be headed back down to USD99. This could trigger a
rebound in high energy consumers eg Airlines. AirAsia and MAS.
(PT/DN)
AIRASIA (RM3.42) - Recent sell off saw its price bounce of a low RM3.34
after breaking below the RM3.54 double bottom support. A bounce back
could see it test this resistance level and possibly push back up to
around the RM3.60 levels.
MAS (RM1.34) - Since touching a year high of RM1.74 in Jan, the price
has slipped 23% back down to around its strong support levels of RM1.30.
MACD in recent days has shown signs of trending higher with RSI 33, at
the low end of the range. Immediate upside potential of RM1.46.
RESULTS UPDATE - YINSON (RM1.73)
FYE Jan 2012 +11.7% RM715.8m Net +48% RM27.4m EPS 14.5sen
Earnings were driven primarily by the Marine segment where operating
profit jumped 286% to RM12.5m due to the addition of a new vessel during
the year and the full year effect of its original vessel. Trading
earnings dipped 22%to RM23m on lower margins. Exceptional gains of
RM6.38m were recorded in the transport segment mainly due to the
disposal of the loss making subsidiary. Disposal of Yinson Haulage added
another RM1.2m and disposal of properties RM2m gain.
Trading at undemanding 12x historical PE with O&G sector contribution
set to significantly contribute to its bottom line in FYE Jan 2014 as
its jointly owned FSO with PetVietnam is set to be delivered by 1Q 2013
for its 10yr+10yr bareboat charter to PetroV. BOW.