MORNING CALL 28 JUNE
2012
FLOWS;
BUYS: PetGas, CIMB, UEMLand
SELLS: UMW, TNB,
Axiata
Technical Stock Alert;
1) Glomac (RM
0.855) - Glomac just announced FY12 net profit of 85.8mil vs 62.9mil (+32%) from a year ago. Revenue for
the FY12 (RM655.61mil) is almost 10% higher than previous year.
It's said that the group's improvement was due to on-going sales and
development projects in various developments. Looking ahead Glomac will be
launching its Glomac Puchong GDV worth 2bn by the end of the year. Outlook for
the group's growth for FY13 will get a boost from its unbilled sales of
RM731mil for 4Q fy12. Management has set a goal to grow Glomac's market cap to
RM 1bil (translating to RM1.48/shr) from current RM600mil in the next 3 years
by means of M&A exercise besides organic growth. Glomac has development
landbanks of 200 acres in Sungai Buloh, adjacent to Bandar Saujana Utama and
192 acres in Dengkil for a new township project worth RM800mil each. Price has
seen a steady recovery after touching a low of 77sen in mid May. Immediate resistance
of 88sen with a target of RM1.00. Buy on weakness.
(RL/DN)
2)
FajarBaru (RM0.86) - Recent short
rally from 84.5sen to RM1.16 was just as quickly snuffed out with the price
coming straight back down to these
levels. This has seen its RSI dive from an extreme level of 80- back down to
below neutral of 42. Weak last quarter numbers which partially explain the low
trading levels were due to delays in its LRT extension projects. They are one
of the front runners to secure Klang Valley MRT station contracts to add to its
existing order book of RM900m. BUY for a move back to a normalized level of
RM1.00.