MORNING CALL 29 JUNE
2012
FLOWS;
BUYS: CIMB, Digi, BAB
SELLS: Gamuda, Mudajaya, PChem
Technical Stock Alert;
MISC (RM4.54) - Its price performance has exceeded out
initial target of RM4.30 since our call on 15 June at RM3.91.
RM3.91.Retracement analysis from a lo of RM3.86 & high of RM5.45 its 50%
rebound target is RM4.66 and 61.8% RM4.84. With RSI approaching 70 and MACD
diverging up, we view current levels as a trading sell although we remain
bullish on a 2-3 year scale when Petronas begins shipping Canadian shale Gas
into Asia. Trading sell with an initial buy back level below RM4.20
(AL/DN)
DAYANG (RM1.95) - Stk has retraced from recent high of
RM2.20 down to current strong support lvls despite recent newsflow on its 11.5%
owned Perdana's decision to sell its 26.9% stake in Penergy to Waseong. This
finally enables Perdana to clean up its balance sheet and gives Dayang access
to Perdana's large fleet of vessels which will be instrumental to Dayang as it
remains a leading contender to secure hookup and commissioning contracts worth
RM6.5bn from Pan Malaysia and Shell in 2H12. This will significantly enhance its
RM1.4bn OB. Technically oversold with RSI at 36, PER 11x-Buy.
(LJN)
