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FLOWS
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Friday, 7 December, 2012
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BUY
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DIALOG, AFFIN, JCY
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SELL
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AMBANK, YTL, TENAGA
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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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YTLPOWR (6742)
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7/12/2012
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RM1.51
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BUY
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RM2.00
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the stock has plummeted to a 7-year low
recently. We think the share price slump provides a good opportunity to buy.
Earnings have been resilient despite losses at YES. The recent Q1 earnings
has demonstrated improving performances from Power Seraya, Wessex Water and
YES Broadband (although dividend declared was disappointing, suggesting net
yield of only c 2.5%). Despite YTLP’s recent unsuccessful bid to extend its
1st generation PPA, we note that this poses limited threat to group earnings
(to be covered by improvement in other assets). The strong q-o-q growth in
the WIMAX business suggests further sizeable improvements in income from the
1Bestariang project. Besides the improving fundamentals, it’s also likely
that some M&A activity could be in the offing (likely privatization by its
holding Co YTLCorp or sale of its Malaysian assets) which could benefit
shareholders. Trading at cheap PERs of 10X for FY06/13 & P/Bk of 1.3x (
vs historical mean of 2.0x) – BUY. (AK)
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IJMLAND (5215)
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7/12/2012
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RM2.08
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BUY
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RM2.60
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The share price has retreated some 25% from
its recent high of RM2.73 in July 2012 & has consolidated at current level
for the past 2 months. Its strong property sales momentum remain intact, and
Co is comfortably on track to meet or potentially surpass the RM1.5b sales
target for FY03/13 (sale as at Oct already at RM1.1b). 1HY FY13 total sales
stands at RM900m, and based on construction progress & unbilled sales of
RM1.6b, 2HY and FY14 sales/earnings are likely to come in stronger. EBIT
margin was still stable at c23% during Q2. Key share price drivers in 2013 –
visible new launches (Bandar Rimbayu, Sebana Cove & commercial segments
of the Light project), strong sales momentum, land banking prospects ( incl
the prime Sungai Buloh government tender). Election risk we believe is
largely priced in. Trading at PE of 14x FY13, RNAV discount of 40% (sector
mean of 25%) & P/Bk of 1.1x – Accumulate. (AK)
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Calls for Week 4
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STOCK
|
Initiation Dates
|
Initiation price
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BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change since Initiated
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KPJ (5878)
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30/11/2012
|
RM5.80
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BUY on weakness
|
RM6.20
|
RM5.90
|
+1.7%
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LIONIND (4235)
|
30/11/2012
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RM0.91
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BUY
|
RM1.15
|
RM0.92
|
+1.1%
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MISC (3186)
|
03/12/2012
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RM4.02
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Mid Term BUY
|
RM4.48
|
RM3.95
|
-1.7%
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OSK (5053)
|
03/12/2012
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RM1.39
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Accumulate
|
RM1.71
|
RM1.43
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+2.87%
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GADANG (9261)
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04/12/2012
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RM0.60
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Trading BUY
|
RM0.70
|
RM0.60
|
0.00%
|
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PCHEM (5183)
|
04/12/2012
|
RM5.66
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BUY
|
RM6.20
|
RM5.71
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+0.88%
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CARLSBERG (2836)
|
06/12/2012
|
RM12.74
|
Trading BUY
|
RM13.60
|
RM12.84
|
+0.78%
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SIME (4197)
|
06/12/2012
|
RM8.97
|
BUY
|
RM9.50
|
RM8.98
|
+0.11%
|
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PARKSON (5657)
|
6/12/2012
|
RM4.60
|
BUY
|
RM4.97
|
RM4.60
|
+0.00%
|
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ARMADA (5210)
|
6/12/2012
|
RM3.77
|
BUY
|
RM4.08
|
RM3.78
|
+0.26%
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Monday, December 10, 2012
Morning Call | 7 Dec 2012
