FLOWS
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Thursday, 20 December, 2012
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BUY
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GENTING, MAYBANK,
SPSETIA
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SELL
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TNB, SIME, AXIATA
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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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GCB (5102)
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20/12/2012
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RM1.61
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BUY
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RM1.90
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Since
its 3QFY12 results, share price has retraced from RM1.92 to touch a low of
RM1.59 (-17%). 3QFY12 PBT fell 9.4% QoQ mainly due to lower gain on commodity
futures contracts. GCB’s earnings were also affected by higher cocoa prices
which peaked in Sept thus squeezing its margins. Prices of cocoa have since
normalized thus expecting margin to improve. Last week saw the acquisition of
Petra Food’s cocoa grinding business by Barry Callebaut at USD950mil which
valued its business at 14.4xEBITDA FY11. This substantially undervalues GCB
which trades at only 6.3x annualized PE for FY12. Consolidation of
competitors is also expected to improve margins for cocoa processors. MACD
has turned with RSI picking up, trading buy with immediate TP: RM1.90. (TYK)
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NAIM (5073)
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20/12/2012
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RM1.79
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BUY
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RM2.30
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Company’s
recent 3Q result is the 2nd quarter running where it beat
consensus estimates. 9M12 core net profit improved significantly by 80% from
RM40.9mil to RM73.6mil supported by a 90% growth in property sales revenue
while construction margins improved substantially. Earnings will be supported
by its orderbook of RM1bn and property sales that ytd has achieved RM233mil.
Despite its sustainable earnings visibility, current share price do not
account for its earnings from construction and property development as market
cap stands at RM455mil vs 33.63% Dayang’s stake valued at RM451mil. Naim also
has plans to build a mixed development project at Bintulu Old Airport (GDV of
RM2.0b over a period of about 10-15 years), and launching a street mall with
a GDV of RM400m in 2013. Trades at only 4.2x annualized FY12 PE, with yield
of 5%. (TYK)
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Calls
for DEC Week 2/ Week 3
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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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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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RM0.69
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-2.12%
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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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RM1.54
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-9.4%
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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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RM0.84
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0.0%
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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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RM1.57
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+0.0%
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HSL (6238)
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13/12/2012
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RM1.48
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Accumulate
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RM1.70
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RM1.47
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-0.67%
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UNISEM (5005)
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13/12/2012
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RM0.90
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Trading BUY
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RM1.20
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RM0.88
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-2.2%
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TMCLIFE (0101)
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14/12/2012
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RM0.33
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BUY
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RM0.41
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RM0.35
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+6.0%
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BAT (4162)
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14/12/2012
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RM61.10
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SELL
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RM56.40
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RM59.50
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-2.6%
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CYPARK (5184)
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19/12/2012
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RM1.54
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BUY
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RM2.00
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RM1.60
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+3.89%
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DIALOG (7277)
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19/12/2012
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RM2.39
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BUY on weakness
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RM2.80
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RM2.43
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+1.67%
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