MORNING CALL 9 AUG
2012
FLOWS;
BUYS: PBBank, Axiata, TM
SELLS: Mudajaya, UEMLand, JCY
Technical Stock Alert;
Malton (RM0.58) - Recent interest in the counter after
recent talk that it will inject 20 hectares in Bukit Jalil into its books. The
entire Bukit jalil Land is said to generate a total GDV of 4 bil over the next 8 to 10 years. In exchange to resolving the dispute for
land dev previously, the deal was to share a small part of the GDV with Ho Hup,
subjected to a minimum amount of RM200 mil; Malton will develop 20 hectares
instead of 24 ha while the other 4 hectares will be developed by Bukit jalil
Development. NTA is RM 1.36. Stock has retraced from a high of RM0.63 down to
RM0.55 cents and has seen some stability. MACD turning up, RSI picked up along
with volume, Stochastistics triggering a buying momentum. Break up above RM0.60
should see it rechallenge the recent high of RM0.63. Trading Buy
(RL)
DELEUM (RM1.84) - The stock is currently in a
consolidation mode after the strong run up this year of 75%. It has recently
expressed its intention for expansion via M&A activities soon to utilize
its RM80m cash position. The company's current order book is RM650m with a
tenderbook of RM1bn. Valuations remain reasonable at 8x PE and a yield of 5%.
Its RSI is showing signs of turning up from 49 with a base support in its price
at RM1.80. Accumulate.