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FLOWS
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Wednesday, 31 October, 2012
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BUY
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PBBANK, CIMB, SIME,
MRCB
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SELL
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IOICORP, MAXIS, IJM
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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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SENDAI
(5205)
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31/10/2012
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RM1.44
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BUY
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RM1.65
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SENDAI (RM1.44): the share price
has slid some 16% over the last 6 months. We see this as a buying
opportunity. Co’s current OB stands at RM1.7b and has submitted RM12b in
tenders with a historical success rate of c10-20%. We see continued job flows
from the Middle East with Qatar as the main contributor, key catalyst being
the 2022 FIFA World Cup in which about USD150b worth of infra projects have
been lined up over the next 5-6 years. Abu Dhabi & Saudi Arabia are still
spending heavily on infra works as well. Eversendai is also expanding into
new markets - power plant projects in India & O&G steel fabrication
works locally for offshore topside projects. Domestically, it may secure some
RM500m worth of jobs, possibly in the power generation sector & MRT
sub-contracts. Management has guided a 3-year earnings CAGR of 10-15%, aims
to double revenue in the next 5 years while maintaining net margins at 11%.
Trading at below 8x for FY12/13 vs sector average of c11-12x - BUY. (AK)
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JTIASA
(4383)
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31/10/2012
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RM2.33
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Accumulate
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RM2.60
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JTIASA
(RM2.33) : Co’s share price has
pulled back some 24% over the past 4 months, significantly more than the
recent sell-down in the plantation sector. We continue to like Jayatiasa for
it’s young maturity profile, strong FFB growth & possible land-bank
expansion going forward. It now has some 58,000ha planted of which 37,000ha
have started producing. Its maturity profile stands at 36% immature, 57%
young mature & 7% prime mature, which sets the stage for sustained FFB
growth over the coming years. Although the performance of the timber segment
has been affected by delay in Japanese reconstruction & weakening Indian
Rupee, prospects remain positive in view of the tight log supply &
anticipated increase in demand from Japan’s reconstruction efforts. Co’s
trading at 11.6x for FY06/13, vs sector’s 13-14x - Accumulate. (AK)
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Calls for OCT Week 3 / Week 4
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STOCK
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Initiation Dates
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PRICE
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BUY/SELL
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TARGET
PRICE
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LAST
PRICE
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% Change since Initiated
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ARMADA (5210)
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23/10/2012
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RM3.70
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BUY
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RM4.20
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RM3.94
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6.49%
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PMETAL (8869)
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23/10/2012
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RM1.75
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Trading BUY
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RM1.91
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RM1.75
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0.00%
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SCABLE (5170)
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24/10/2012
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RM1.69
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BUY
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RM2.20
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RM1.68
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-0.59%
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FABER (1368)
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24/10/2012
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RM1.49
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Trading BUY
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RM1.72
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RM1.42
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-4.70%
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DIJACOR (5401)
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25/10/2012
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RM1.04
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Trading BUY
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RM1.20
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RM1.05
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0.96%
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MAXIS (6012)
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25/10/2012
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RM6.89
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BUY
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RM
7.50
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RM6.98
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1.30%
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TRC (5054)
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29/10/2012
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RM0.585
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BUY
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RM0.73
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RM0.595
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1.70%
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MKLAND (8893)
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29/10/2012
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RM0.375
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BUY
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RM0.465
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RM0.375
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0.00%
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DIALOG (7277)
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30/10/2012
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RM2.36
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BUY
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RM2.58
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RM2.36
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0.00%
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GENM (4715)
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30/10/2012
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RM3.48
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Accumulate
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RM3.80
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RM3.52
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1.15%
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