|
FLOWS
|
Friday, 30 Nov 2012
|
|||||||||||
|
BUY
|
UEMLAND, SIME, DIGI
|
|||||||||||
|
SELL
|
MAS, GENTING,
MAYBANK, TM
|
|||||||||||
|
STOCK ALERT
|
||||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||||
|
KPJ (5878)
|
30/11/2012
|
RM5.80
|
BUY on weakness
|
RM6.20
|
||||||||
|
KPJ Healthcare RM5.80: the share price
recently fell to the RM5.80 level after having consolidated at cRM6 - 6.05
for the past 2 months. KPJ has reaffirmed its strategy to grow organically
over the next few years, while other players were embarking on more
aggressive M&A approaches. Beyond 2015, group will be looking to expand
presence further into Sabah & Sarawak. It also recently announced
acquisition of a 23.4% stake in Vejthani, which currently owns & operates
a 500-bed hospital in Bangkok, Thailand. The acquisition marks KPJ’s entry
into the Thai market as well as helping it to mitigate concentration risk in
its existing Malaysian & Indonesian markets. Despite an annual capex of
RM200-250m for its expansion programme, we expect KPJ to continue generating
positive cash flow of about RM50-100m a year. Trading at PER of 21x & 18x
for FY13 & FY14, we continue to like KPJ for its continuous expansion
programme & plan to expand regionally ( EPS growth c 15% FY13/14),
continued growth of medical travelers & undemanding valuation in
comparison to its peer IHH healthcare ( PER of 35x & 27X for FY13/14)-
BOW.
(AK)
 |
||||||||||||
|
LIONIND (4235)
|
30/11/2012
|
RM0.91
|
BUY
|
RM1.15
|
||||||||
|
The share price has underperformed, falling
some 30% over the last 5 months as it’s steel division continued to face
challenges in the form of margin pressure due to lower global steel prices.
This was despite group having good demand for its steel products in the local
market backed by the ETP projects. We believe the negatives are already
reflected in the price. Going forward, post election, we expect the steel
business to fare better from demand spillover from the up-tick in local
construction activities. Besides this, group which is currently invested in a
non-core high risk 29% stake in a multi-billion ringgit blast furnace
project, may be finally freed of it with the entrance of a foreign party into
the blast furnace project. We see its current P/Bk of 0.22x unjustified
( historical P/Bk of 0.4X) & that it should trade closer to the
historical mean. The strategic proximity of its steel mill in the Klang
Valley & Iskandar region is another positive BUY. (AK)
 |
||||||||||||
|
Calls for NOV Week 3 / Week 4
|
||||||||||||
|
STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change since Initiated
|
||||||
|
WASEONG (5142)
|
23/11/2012
|
RM1.80
|
Accumulate
|
RM2.00
|
RM1.73
|
-4.0%
|
||||||
|
MBSB (1171)
|
23/11/2012
|
RM2.34
|
Trading BUY
|
RM2.80
|
RM2.27
|
-3.0%
|
||||||
|
WCT (9679)
|
26/11/2012
|
RM2.72
|
Accumulate
|
RM2.96
|
RM2.76
|
+1.4%
|
||||||
|
AIRPORT (5014)
|
26/11/2012
|
RM5.48
|
Trading BUY
|
RM5.70
|
RM5.34
|
-2.6%
|
||||||
|
GLOMAC(5020)
|
27/11/2012
|
RM0.815
|
BUY on weakness
|
RM1.00
|
RM0.81
|
+0.5%
|
||||||
|
BENALEC (5190)
|
27/11/2012
|
RM1.29
|
BUY on weakness
|
RM1.60
|
RM1.29
|
0.00%
|
||||||
|
SUNREIT (5167)
|
28/11/2012
|
RM1.46
|
Accumulate
|
RM1.60
|
RM1.47
|
+0.6%
|
||||||
|
PADINI (7052)
|
28/11/2012
|
RM1.85
|
SELL
|
RM1.60
|
RM1.76
|
-5.1%
|
||||||
|
SPSETIA (8664)
|
29/11/2012
|
RM3.05
|
Accumulate
|
RM3.40
|
RM3.13
|
+2.6%
|
||||||
|
KULIM (2003)
|
29/11/2012
|
RM4.28
|
BUY
|
RM4.70
|
RM4.36
|
+1.8%
|
||||||