FLOWS;
BUYS: MRCB,
TM, UOADev
SELLS: BAB,
Genting, TNB
Technical Stock Alert;
1)BUMI ARMADA (RM3.88) -
stock has retraced 50% from its Sep 2011 low to Aril 2012 high of RM4.56
before settling around this support levels for the past few trading sessions.
RSI stabilized at 29 with MACD now showing signs of cutting upwards. Last
month, its major shareholders placed out 293m shares @ RM3.95 to institutional
investors. BUY for a bounce back to around the RM4.20 levels on expected FPSO
wins.
(PT/DN)
2) GLOBETRONICS (RM1.17) - trading on its support level of its up trend
line set since Dec 2011 on the back of a new product line to be launch in the
2H of this year. Earnings contribution should help drive bottom line
substantially next year with full year contribution and production ramp up.
Trading at 9x current year PE and a yield of 9% we view this current weakness
as an accumulation opportunity against our fair value of RM1.50 yielding 7%.