MORNING CALL 8 MAY, 2012
FLOWS;
Morning Call
Flows;
BUYS : Maxis, IJM, MAS
SELLS : Genting Msia, Tenaga, KNM
Technical Stock Alert;
1) BOUSTEAD (RM5.11) - its price is finally showing signs
of turning around after falling to a recent low of RM5.06. A bounce back above
the 200 SMA RM5.20 levels should see the current uptrend
continue to around the RM5.36 levels as RSI currently remains undemanding at
28. Plans of relisting its healthcare unit Pharmaniaga remains on track with
public spread at 17% and further placements are planned to bring it in line
with listing requirements of 25%. Trading at only 10.4x current PE and
attractive yield of 6.5%, we rate it a BUY.
2) MUHIBBAH (RM1.27) - double bottom established after
its recent rebound from RM1.12. A push back above the RM1.30 levels should see
momentum sustained to drive it back to around the RM1.40 levels with its MACD
indicator just beginning to cut upwards. Recently there has been talks once
again that the restructuring of APH from debt to equity is close to agreement
with CIMB the main financier and Muhibbah the main contractor for marine piling
and jetty works. Trading Buy
