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Flows
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Wednesday, 30th August 2012
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BUY
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GENM, DIGI, MMC
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SELLS
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TNB, MAXIS, GAMUDA
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Stock Alert
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STOCK
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DATE
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PRICE
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BUY/SELL
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TARGETPRICE
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QCAPITA(5123)
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30/8/2012
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RM1.14
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Long Term BUY
|
RM1.20
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Qcapita
(RM1.14) – retail REIT that pays very decent div yield of 7% and has
retraced withtechnical indications of a possible recovery in px as MACD is
way oversold andRSI 43. This diversified REIT with 5 out of 10 properties
located in thebusiness district of Cyberjaya that is currently being occupied
by foreigncompanies such as DHL, HSBC and BMW. Other properties include:
PlazaMont Kiara, Tesco in Penangas well as properties in Shah Alam and PJ.
Value of portfolio is aboutRM814.5mil, NTA is RM1.30 per share, P:B 0.87x.
Stock price slumped another 3%after paying out dividend of 4 sens on 26 Jul.
This presents an opportunity toaccumulate-LT Buy with TP: RM1.20.
(RL/LJN)
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MBSB(1171)
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30/8/2012
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RM 2.36
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Trading BUY
|
RM 2.70
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MBSB
(RM2.36) – accumulate in advance of anexpected expansionary budget to be
tabled on 28 Sept. A good proxy to the civilservants segment should their
disposable income be enhanced in upcoming budget.Co is also in midst of
undergoing restructuring of its legacy NPLs with aim tobring down NPL to a
more acceptable level of 5% from current 7.3%. The privatization/M&Apossibility
is also on the cards in future. Trades at PER’12 6x, P:B 2.3xwith one of
highest ROE in financial sector of 28%. Stock has retraced frm peak of RM2.54
and is now testing the necklinesupport. Technically indicating a possible bounce
as MACD is hinting of cuttingup after being oversold, RSI 38. Trading buy
with a RM2.70target.
(LJN)
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Calls for August Week 4
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STOCK
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DATE
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PRICE
|
BUY/SELL
|
TARGETPRICE
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TWS (4421)
|
23/8/2012
|
RM8.08
|
Trading BUY
|
RM 8.60
|
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MHB (5186)
|
23/8/2012
|
RM4.78
|
BUY on weakness
|
RM 5.05
|
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BERNAS (6866)
|
24/8/2012
|
RM3.46
|
BUY
|
RM3.70
|
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SENDAI (5205)
|
24/8/2012
|
RM1.49
|
Trading BUY
|
RM 1.65
|
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GENP (2291)
|
27/8/2012
|
RM9.26
|
BUY On Weakness
|
RM 10.20
|
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AIRPORT (5014)
|
27/8/2012
|
RM5.46
|
BUY On Weakness
|
RM5.75
|
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|
KIANJOO (3522)
|
28/8/2012
|
RM2.73
|
SELL Into Str
|
RM2.50
|
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|
IHH (5225)
|
28/8/2012
|
RM3.11
|
Long Term BUY
|
RM3.55
|
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|
GenM (4715)
|
29/8/2012
|
RM3.36
|
Accumulate
|
RM3.70
|
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|
SUNWAY (5211)
|
29/8/2012
|
RM2.25
|
BUY on Weakness
|
RM2.70
|
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Thursday, August 30, 2012
Morning Call | 30 August 2012
News Bits | 30 August 2012
Highlights of the day
IGB REIT’s initial portfolio comprises 2 properties,
namely, Mid Valley Megamall and The Gardens Mall located at the Mid Valley
City, which have a combined NLA of over 2.5m sq ft. These two malls are
capturing multiple target customer segments due to their size and diversified
tenant mix. At an indicative IPO price of RM1.25, IGB REIT will be the largest
REIT in Malaysia
§
Telekom
Malaysia
Excluding 1HFY12 tax incentive of RM87.8m from TM’s normalised PATAMI of
RM406.4m, 1H adjusted net profit of RM318.6m came in within house but below
consensus full year estimates at 47% and 42%, respectively. We reduce our
target price of RM4.78 to RM4.48 after stripping out the capital repayment of
30 sen that has been distributed to shareholders. Despite decent 1HFY12
results, we view that TM’s positive aspects have been fully reflected in the
share price, with growing downside risk from intense competition particularly
in the HSBB segment. Coupled with a
capital downside of 25%, we downgrade our HOLD recommendation to SELL.
Other reports
§ Kuala Lumpur Kepong
(Results Review): 3QFY12: Below expectations (Maintain HOLD, TP: RM19.54) [download
report]
§ UEM Land
Other
Malaysian news
§
Sime Darby: Aims
for 1m hectares by 2015
§ AirAsia: May order
100 aircraft
§ AirAsia: Indonesia
§
Media
Chinese: Mulls M&A in radio, television
§
Litrak: Gets
RM80m from government for toll hike delay
§ Litrak: Cannot
confirm possible stake sale by Gamuda
§
Ahmad Zaki: Wins
RM174m MRT project
§ Oil
& Gas: Petronas gets nod for Progress Energy buy
§ Oil
& Gas: Petronas, Tokyo Gas sign LNG deal
Global
news
§ US: 2Q2012
growth exceeds prior estimate
§ US
§ US
§ Europe: Greece
§ Brazil
§ South Korea
§ Thailand
Market Roundup | 29 August 2012
FBM30 1645.58
-1.53points (-0.09%) Volume
1,263mil Value 1,295.6mil
1) KLCI was marginally lower falling for the 5th
consecutive days, inline with the regionals after a reports of China slowing
the pace of monetary policy easing. Index reached a high of 1650.52 (+3.41pts)
before paring its gains as buying momentum waned with investors reluctant to
take on riskier assets ahead of key US GDP numbers and speech from US Federal
Reserve chairman Ben Bernanke. Market breadth was negative with decliners
edging advancers 363:352. Futures closed 1646.5pts (1point premium).
2) Heavyweights:GENTING-1.31% RM9.02, GENM-1.8% RM3.30,
KLK-1.36% RM23.24, AIRASIA-1.41% RM3.50, PCHEM-0.46% RM6.50, DIGI+0.83% RM4.84, IHH+1.93% RM3.17, UMW+1.19% RM10.22
3) DBT: PASUKGB 10mil @ RM0.26 (57% discount), OLDTOWN
8.2mil @ RM2.07 (3.7% discount), SUNWAY 5mil @ RM2.25
4) Situationals:
INGENS+13% RM0.395: Trading was suspended at midday as
company announced they have received an offer letter from Ninetology to
purchase all and not partial of the shares held by Chin Boon Long, Firstwide
Success Sdn. Bhd., Landasan Simfoni Sdn. Bhd. and Titanium Hallmark
Sdn. Bhd shares representing 39.44% of the total equity interest of INGENS at
an offer price of RM0.55 per share.
PASUKGB+404% RM0.485: PASUKGB a Mechanical and electrical
engineering (M&E) services provider made an astounding debut on
the ACE market today, closing at day's limit price ofRM0.605 with 67mil shares
traded.
PASUKGB offered 90mil shares at RM0.12 which represents
30.5% of its enlarged shares. Looking ahead, PASUKGB is in the midst of
applying for operating license in Gulf States such as Qatar. Order book stands
at
RM68 million which can last the group for at least 18
months. It submitted RM54 million worth of bids for private and government
projects in Malaysia as at end-June.
5) TM
1H JUNE 2012 Tover +9.8% RM4.8bn Net +98% RM617.1m EPS 16.7sen
Div9.8sen
Excl def tax cred
of RM176m, 17% above cons(f) RM750m
The stronger top line was driven by positive growth
across all key products - internet and multimedia, data, voice and other
telecommunications related services. The significant increase in net earnings
was primarily due to recognition of deferred tax income on unutilised tax
incentives in the current year period totaling RM176m.
Internet revenue rose by 21.7%, from RM941 million in
1H2011 to RM1.145 billion in 1H2012. This was due to the growth in broadband
customers, particularly UniFi. Data revenue increased by 5.6% to RM1.016
billion against RM962 million in 1H2011. Broadband customer base continued to
increase in the 2nd quarter of this year, with Streamyx and UniFi collectively
growing 9.9% YoY (384,024 customers as at 1H2012), and 1.9% QoQ to 2.011
million. In terms of coverage, as at 2Q2012, TM rolled out HSBB to close to
1.26 million premises covering 81 exchange areas, up from 1.22 million in
1Q2012.
Capex continued to be managed prudently with capex
spend/revenue ratio improving from 17.1% in 1H2011 to 16.3% in 1H2012. Total
capex spent for
1H2012 was RM785 million, which is lower in total against
1H2011. Cost as a percentage of revenue also improved from 89.5% to 88.3%.
HOLD : as the company remains the best proxy to increased
penetration for internet solution via Streamyx and its HSBB offering both in
retail and wholesale. Furthermore the company's dividend policy will continue
to provide a decent yield of btw 3-4%.
6) Market - Quieter end to the week tomorrow ahead of the
Merdeka Day and events in the US.
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