FLOWS;
BUYS: Perisai,
Unisem, Maybank
SELLS: Axiata,
MRCB, PChem
Technical Stock Alert;
1) AMMB (RM6.35) - The share price recent movement is
threatening to form a bearish pennant. A drop below the RM6.30 levels could see
it move further down to the SMA 200 levels of RM6.14. Recent set of results
have indicated a slowdown in loan growth and deterioration in NIM. Most
research has a fair value call at around RM6.30. Trim.
STOCK UPDATE - YINSON (RM1.77)
Yinson today announced a proposed private placement today
of 11.987m new shares or 6.36% of the existing PUC at a price to be determined
later at a price not more than 10% discount from the WAMP immediately preceding
a price fixing date. The proceeds raised
will be use for ; acquisition of fixed assets 32%, repayment of bank overdrafts
8%, accounts payable 35%, operating expense 23.5%, private placement expense
1.5%.
Assuming a price of RM1.70, it will raise approximately
RM20.4m. Share capital will increase from 188.368m to 200.355m and gearing
reduced from 0.89x to 0.81x.
Its Chairman/ MD today was also quoted in the papers today indicating that Yinson planned to start construction of warehouse facilities at its 40% owned Vietnam PTSC Phu My Port in the 3q. Facilities will be used for animal feed storage and they have been in talks with several Vietnamese animal feed stock importers who may lease these facilities.
The port broke even last year and enhancement to its
facilities should give the group a stable recurring income source.
BOW - as even based on its enlarged capital base, the
stock will still trade only at a PE of 11x for FY Jan 2013 with a net profit
growth of 50% in 2014 when it enjoys the full year effect of its new FSO.