Morning Call | 29 August 2012

Flows		Wednesday,  29th August 2012
BUY		Genting, Gamuda, SPsetia
SELLS		TNB, Sime, Pchem
Stock Alert
STOCK	DATE		PRICE	BUY/SELL	TARGETPRICE
GenM (4715)	29/8/2012		RM3.36	BUY	-
GENT MSIA (RM3.36) – with the current uncertain environment where investors are awaiting further policy moves from central bankers and/or politicians, GenM is an attractive defensive stock to have in one’s portfolio. It is currently trading at the lower end of its PER band with FY12 & FY13 at 12.2x & 11.2x respectively. Furthermore, with the expected implementation of stricter regulations being enforced on local gamers in Singapore casinos, GenMsia will be poised to recapture some of the lost traffic since the opening of the 2 casinos in Singapore. Accumulate (PT)
SUNWAY (5211)	29/8/2012		RM2.25	BUY on Weakness	-
SUNWAY (RM2.25) : Share price has remained subdued at current levels for the past 3 months after management grew cautious of the slower property market & decided to held back some Malaysian launches. It however remained confident that their Singapore projects will continue to do well. Co’s 2QFY12  adjusted net profit, came in 10% of market’s full year estimates on an annualized basis. The company is confident of meeting full year targets driven by on-going construction earnings ( backed by RM3.7b OB) & RM1.8b property unbilled sales. Despite management’s cautionary stance, market still expects Sunway to deliver a 3-year CAGR of about 5-9%. Trading at 9x 2013F PE, Sunway is relatively cheap compared to peers in the construction & property sector and defensive as well, as future earnings are comfortably cushioned by recurring income from Sunreit (32% of net profit). Group is gunning for RM500m more jobs for the year, to add to the RM1.6b secured YTD & RM1.6b unbilled sales of which 40% comes from it’s Singapore products. We believe negatives on subdued property market has been priced in -  BOW (AK)
Calls for August Week 4
STOCK	DATE		PRICE	BUY/SELL	TARGETPRICE
BRDB (1473)	22/8/2012		RM2.56	Trading Buy	RM 2.90
YTL(4677)	22/8/2012		RM1.86	BUY on weakness	RM 2.10
TWS (4421)	23/8/2012		RM8.08	Trading BUY	RM 8.60
MHB (5186)	23/8/2012		RM4.78	BUY on weakness	RM 5.05
BERNAS (6866)	24/8/2012		RM3.46	BUY	RM3.70
SENDAI (5205)	24/8/2012		RM1.49	Trading  BUY	RM 1.65
GENP (2291)	27/8/2012		RM9.26	BUY On Weakness	RM 10.20
AIRPORT (5014)	27/8/2012		RM5.46	BUY On Weakness	RM5.75
KIANJOO (3522)	28/8/2012		RM2.73	SELL Into Str	RM2.50
IHH (5225)	28/8/2012		RM3.11	Long Term BUY	RM3.55