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FLOWS
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Friday, 22 February, 2013
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BUY
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UEMLAND,
MRCB, TM, AXIATA
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SELL
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GENM,
GENTING, CIMB
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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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DAYA(0091)
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22/2/2013
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RM0.205
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Trading BUY
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0.26
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The
share price has consolidated at the 21s level for the past month, after
breaking up from its previous support of 19s. The group has a very healthy OB
of RM1.8b, comprising RM460m O&G contracts & RM1.34b technical
services contracts.OB dwarfs its market capitalization of RM265m. And it has
been reported in the media that group is tipped to win a further RM1b worth
of O&G contracts in 2013. News-flow has been strong recently, with the
latest being the award from Braun Medical Industries for extension work for
its manufacturing facilities in Bayan Lepas, Penang worth RM228m. Other
catalysts include a) the M&A angle, where we have seen increasing M&A
activities in the O&G sector. We also do not discount the possibility of
Daya being a potential M&A target b) strong BS with low gearing & healthy
operating cash flows, putting it in a strategic position to gear up for
investment opportunities. Trading at PE of 9.3x FY12/2013, P/Bk of 1.18x –
Trading Buy.
(AK)
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DRBHICOM (1619)
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22/2/2013
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RM2.49
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BUY on weakness
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RM2.80
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Share
price has retreated c12% from its recent high of RM2.79 in late December, and
has dipped below its 100 days SMA of RM2.47. We see the price weakness a good
opportunity to buy into the stock, as we deem it undervalued &
under-priced, trading at just 8.4x for FY03/14, well below its conglomerate
peers average of 12x & at an unjustified 30% discount to its BVPS of
RM3.54. We see growth from its transformed automotive division ( driven by
Proton, assembly contract with VW & contribution from its defense
contracts). It’s property division will also soon start on projects worth a
total GDV of RM13b (large development landbanks in Iskandar & Glenmarie).
There’s also potential upside from the sale of its Shah Alam plant or its
redeployment. We expect strong earnings jump in FY13 & 14 from the inclusion
of Proton results & its military contracts – BOW.
(AK)
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Calls for JAN WEEK 4 / FEB
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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P&O(6009)
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4/2/2013
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RM1.26
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BUY
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RM1.80
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RM1.28
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+1.5%(ex)
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HUAYANG (5062)
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4/2/2013
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RM1.60
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BUY
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RM2.60
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RM1.55
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-3.2%(ex)
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TOPGLOV(7113)
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6/2/2013
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RM5.50
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SELL
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RM4.80
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RM5.53
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+0.6%
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GENM (4715)
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6/2/2013
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RM3.74
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Trading SELL
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RM3.40
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RM3.56
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-5.0%
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DIALOG (7277)
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18/2/2013
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RM2.35
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BUY
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RM2.80
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RM2.32
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-1.2%
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CYPARK (5184)
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18/2/2013
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RM1.53
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BUY
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RM1.80
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RM1.48
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-3.3%
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DIJACOR (5401)
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19/2/2013
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RM1.34
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SELL
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RM1.20
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RM1.30
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-3.0%
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UEMLAND (5148)
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19/2/2013
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RM2.24
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SELL
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RM2.00
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RM2.22
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-1.0%
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SPSETIA(8664)
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20/2/2013
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RM3.38
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Take profit
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-
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RM3.41
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-1.0%
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GENTING(3182)
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20/2/2013
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RM9.64
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SELL into Strength
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RM9.00
<
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RM9.58
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-0.6%
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