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FLOWS
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Wednesday, 21 November 2012
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BUY
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YTL, MRCB, LATEXX
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SELL
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MAYBANK,UOA,AMMB
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SECTOR ALERT
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STOCK NAME
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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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YINSON (7293)
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21/11/2012
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RM1.84
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MT BUY
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RM2.67
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Recent rallies in O&G sector in
particular OSVs could see buying interest pick up in YINSON. FY14 YINSON will
see its Marine segment taking over its trading segment as its core business
contributing an estimated 60-70% of PAT as earnings from FSO begins to kick
in. Trading has been range bound (RM1.80-1.90) since Sept despite recent
rallies of O&G stocks such as ALAM (24% since Sept), PERDANA (40%) and
PERISAI (20%). We believe YINSON is due for a re-rating as it trades at PE of
only 6.8xJANFYE14 compared to small cap O&G that trades around 10xPE.
YINSON earning is expected to double by FY15 on delivery of FPSO by end of
next year. Net gearing as at 2QFY13 stands at 1.2x. Mid Term Buy with TP:
RM2.67
(TYK)
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CYPARK (5184)
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21/11/2012
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RM1.56
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Trading BUY
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RM2.00
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Share
price has retraced back to its key support level of RM1.55. Newsflow could
pickup by year end as CYPARK looks to bring 3 more projects similar to the
Pajam solar park to operational levels. They are the integrated RE park in
Bukit Palong, Negri Sembilan, as well as RE parks in Rimba Terjun, Johor and
Kuala Perlis, Perlis which are expected to be completed by year end. This
could add another 20MW of revenue generating capacity to its current 8MW in
Pajam with capacity expecting to reach 60MW by end of next year. We believe
this is an opportunity to accumulate ahead of signing of its concessions.
Trading at only 4.7X OctFYE13. Trading Buy with TP: 2.00
(TYK)
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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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Initiation 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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GAMUDA (5398)
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12/11/2012
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RM3.66
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BUY
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RM4.00
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RM3.66
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0.00%
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UEMLAND (5148)
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12/11/2012
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RM2.13
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TRIM
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RM1.90
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RM2.19
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+2.8%
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KLK (2445)
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14/11/2012
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RM20.72
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BUY
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RM23.00
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RM20.60
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-0.05%
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TWSPLNT (6327)
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14/11/2012
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RM4.03
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BUY
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RM4.43
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RM4.09
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+1.5%
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COASTAL (5071)
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16/11/2012
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RM2.01
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BUY
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RM2.40
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RM2.03
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+1.0%
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QL (7084)
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16/11/2012
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RM3.15
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BUY
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RM3.55
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RM3.16
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+0.1%
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YTLP (6742)
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19/11/2012
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RM1.53
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BUY
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RM1.70
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RM1.53
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0.00%
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RHBCAP (1066)
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19/11/2012
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RM7.60
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BUY
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RM8.20
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RM7.59
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-0.1%
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MBMR (5983)
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20/11/2012
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RM3.42
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BUY
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RM3.72
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RM3.42
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0.00%
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KIMLUN (5171)
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20/11/2012
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RM1.33
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Trading BUY
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RM1.60
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RM1.36
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+2.3%
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Wednesday, November 21, 2012
Morning Call | 21 Nov 2012
