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FLOWS
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Wednesday, 12 Dec 2012
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BUY
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TM, AXIATA, PCHEM
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SELL
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ARMADA, GAMUDA, GENTING
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STOCK 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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CRESBLD (8591)
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12/12/2012
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RM0.84
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BUY
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RM1.00
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Cresbuilders has lost 28% (July’12)
since it made headlines after being awarded an RM1bn GDV project from the
redevelopment of Dang Wangi LRT. Share price has been consolidating at 84sen
levels as company begins share buyback and directors purchasing in the
market. We believe current level offers limited downside as earnings will be
back by RM1.2bn construction orderbook with investment income expected to
rise upon completion of Tierra Crest by Jun 2013 as UNITAR has agreed to
lease 85% of total lettable area of 280,000sqft. This will add on to the
investment income from
(TYK)
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MRCB (1651)
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12/12/2012
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RM1.57
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Trading BUY
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RM1.70
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Share price trades near its ytd low
of RM1.53 as MACD shows sign of turning. Stock remains one of the worst
performing govt linked stock for the year due partly from uncertainties on
the EDL concession. MRCB has since received government compensation allaying
some fears. We believe next year will see better news flow as LRT and river
of life gathers momentum. Construction orderbook remains healthy at RM1.7bn
with property unbilled sales standing at RM1.1bn. Re-rating expected from
awarding of RRI land, RM3bn Serendah to Port Klang rail job, and confirmation
of EDL sale. MRCB’s 30% associate KESTURI, concession holder of DUKE highway,
has also entered into a supplemental agreement for the extension of the
highway which could increase concession period for a further 10 years.
Currently trades at 21x & 16x multiples for FY13 & FY14, and 42%
discount to RNAV. Trading Buy with TP: 1.70
(TYK)
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Calls for DEC Week 1/ Week 2
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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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CARLSBERG (2836)
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05/12/2012
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RM12.74
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Trading BUY
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RM13.60
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RM12.92
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+1.90%
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SIME (4197)
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05/12/2012
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RM8.97
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BUY
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RM9.50
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RM9.12
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+1.65%
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PARKSON (5657)
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06/12/2012
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RM4.60
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BUY
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RM4.97
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RM4.58
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-0.4%
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ARMADA (5210)
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06/12/2012
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RM3.77
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BUY
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RM4.08
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RM3.82
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+1.4%
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YTLPOWR (6742)
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07/12/2012
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RM1.51
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BUY
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RM2.00
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RM1.53
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+1.4%
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IJMLAND (5215)
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07/12/2012
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RM2.08
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BUY
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RM2.60
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RM2.08
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0.0%
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FAVCO (7229))
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10/12/2012
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RM1.64
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BUY
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RM2.00
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RM1.66
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+1.2%
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DIJACOR (5401)
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10/12/2012
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RM1.04
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BUY
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RM1.20
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RM1.05
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+1.0%
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ALAM (5115)
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11/12/2012
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RM0.705
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Trading BUY
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RM0.85
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RM0.715
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+1.4%
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PENERGY(5133)
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11/12/2012
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RM1.70
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Accumulate
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RM2.00
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RM1.70
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-0.00%
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