FLOWS
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Monday, 7 January, 2013
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BUY
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SIMe, AMMB, AXIATA
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SELL
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DIALOG, JCY, SIME
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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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RHBCAP (1066)
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7/1/2013
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RM7.77
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BUY
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RM8.40
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Upon
completion of the RHB/OSK merger, not only would RHBcap have the largest
market share in terms of trading value (12%), RHB will have a total asset
under management of RM26.9bn which is ranked no.4 in Malaysia, and also a
regional platform for group to expand its investment banking business to
other countries such as Singapore, Indonesia and Thaliand. Loan growth of the
group for fy12 has been consistent with average of 12.6% vs 12% concensus.
Currently trading at cheap valuations in terms of the sector at 9.7x PE, and
1.3p/b vs sector average of 12x PE and 2.0p/b. BUY with a TP of RM8.30
which based on EPS 0.80 for fy12 and 10x FWD PE. (RL)
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TIMECOM (5031)
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7/1/2013
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RM3.96
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BUY
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RM4.32
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Counter recently spiked after the company
announce a proposal to distribute up to 137.5mil DiGi shares to TDC
shareholders on a basis of 6:25 TDC shares (est value of RM665.5mil). This is
positive as it would unlock the true value of TDC’s stake in DiGi shares
which has risen by 35% (300mil) since TDC
acquired them. Looking ahead, Timecom’s 10 year agreement with Setia Haruman
Technology to extend the group’s high-speed service to home and offices in
the KV that ties in with the Astro B.yond and IPTV packages is expected to
contribute positively to the group’s earning from 2013 onwards.
Currently trading at 16x Fy11 and would improve to 14x in fy12 with an
EPS of 25 sens per share assuming earnings come inline for 4Q. BUY with a
immediate TP of RM4.32 and eventually Rm4.60. (RL)
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Calls for DEC WEEK 4/ JAN
WEEK 1
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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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MAHSING (8583)
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21/12/2012
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RM2.16
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Accumulate
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RM2.50
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RM2.13
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-1.4%
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QL (7084)
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21/12/2012
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RM3.07
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BUY on Weakness
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RM3.60
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RM3.18
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+3.5%
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FGV (5222)
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27/12/2012
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RM4.67
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SELL into Strength
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RM4.30
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RM4.61
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-1.5%
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AIRASIA (5099)
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27/12/2012
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RM2.53
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Trading BUY
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RM3.40
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RM2.93
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+13.4%
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STAR (6084)
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2/1/2013
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RM2.58
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BUY
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RM3.00
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RM2.70
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+4.5%
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BENALEC (5190)
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2/1/2013
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RM1.39
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BUY
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RM1.60
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RM1.39
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0.00%
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GENTING (3182)
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3/1/2013
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RM9.29
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BUY
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RM9.82
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RM9.51
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+3.3%
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IJM (3336)
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3/1/2013
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RM5.05
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Trading BUY
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RM5.40
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RM5.12
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+1.3%
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MBMR (5983)
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4/1/2013
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RM3.37
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Accumulate
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RM4.00
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RM3.35
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-0.5%
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PERDANA (7108)
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4/1/2013
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RM1.13
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Trading BUY
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RM1.30
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RM1.10
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-3.0%
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