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FLOWS
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Wednesday,
3 October, 2012
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BUY
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DIALOG,
MAYBANK, JCY
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SELL
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TNB,
UEMLAND, SIME
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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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TARGET PRICE
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MAHB
(5014)
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3/10/2012
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RM5.63
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ACCUMULATE
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RM5.84
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1) MAHB (RM5.63) : the stock has underperformed the KLCI
by 11% YTD, probably due to lingering doubts that KLIA2 may be further delayed
& slowdown in the global economy. However, the recent unexpected entry into
Malaysia of Malindo Airways is a positive major surprise & should benefit
by boosting passenger & aircraft traffic growth from 2013 onwards. MAHB,
despite doubts in the local media, has also insisted that KLIA2 should be on track to open in April 2013. Co still
enjoys almost monopoly of airport operations in Malaysia, and is the main
beneficiary of stronger air traffic into the country, in line with the
government's effort to promote tourism. It also stands to enjoy potentially
higher non-aeronautical revenue. Currently trading at FY14 PER of 15x, P/Bk
1.4x & yield of 3-3.5% - Accumulate.
(AK)
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MPHB
(3859)
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3/10/2012
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RM3.56
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BUY
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RM3.80
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Share price has retreated some 8% over the past month & a half
over gamin tax uncertainties in the Budget 2013. We see this as a good
opportunity to buy into the stock. The de-merger exercise is expected to
unlock the group’s value & crystallize some of its hidden asset value. It
offers as well plays to the potential domestic gaming liberalization &
further capital management. We expect more monetization exercises to
materialize ( this include the sale of its landbank in Pengerang, Johor,
possible recruitment of a JV partner for the re-development of it’s Flamingo
hotel in Ampang, KL & the decapitalisation & sale of its
stock-broking unit ). The group’s dividend is also set to rise higher on the
back of a 80% dividend payout policy (current yield of 4.5-5%). BOW.
(AK)
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Calls for SEPT Week 4 / OCT Week 1
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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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TARGET PRICE
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IJM
(3336)
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26/9/2012
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RM4.75
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Trading BUY
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RM4.92
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CANONE
(5105)
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26/9/2012
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RM2.54
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ACCUMULATE
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RM3.20
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IGB
(1597)
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27/9/2012
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RM2.24
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BUY
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RM2.54
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SUPERMX
(7106)
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27/9/2012
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RM2.01
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Situational BUY
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RM2.30
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DIALOG
(7277)
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28/9/2012
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RM2.30
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ACCUMULATE
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RM2.50
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SKPETRO
(5218)
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28/9/2012
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RM2.31
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Trading BUY
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RM2.60
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KEURO
(3565)
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1/10/2012
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RM1.02
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ACCUMULATE
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RM1.13
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MYEG
(0138)
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1/10/2012
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RM0.745
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ACCUMULATE
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RM0.82
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TIMECOM
(5031)
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2/10/2012
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RM3.14
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BUY
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RM3.40
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IJMLAND
(5215)
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2/10/2012
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RM2.15
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BUY
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RM2.60
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