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FLOWS
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Monday, 25 February, 2013
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BUY
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MAYBANK, PCHEM,
AXIATA
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SELL
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BJTOTO, DAYANG,
DRBHICOM
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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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AMFIRST(5120)
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25/2/2013
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RM1.06
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Defensive BUY
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1.20
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Amfirst
(RM1.06) – AMfirst in a nutshell is a REIT entity of AMbank with 1bil
worth of properties consisting mainly of office buildings in Cyberjaya, KL
and KV. Albeit the cyclical nature of the tenants for the offices is somewhat
challenging, group reportedly manage to secure and occupancy rate up to 83%
with the help of AMbank. With this anchor, we believe that the stock will
resume posting resilient numbers in the future. AMfirst’s recent successful
rights issue saw the group raise a total proceed of RM214mil which was used
to pare down gearing from 45% to 28% to create additional headroom for more
acquisition at the same time increasing the liquidity of the stock. Post
rights issue, NAV of the group was reduced to RM1.19 (13% discount) from
RM1.44 (37%) previously. Looking ahead, group is expected to acquire Jaya99,
a new investment commercial office building in (Melaka) for 86mil (100%funded
by bank borrowings) that would contribute additional 0.28 cents to the groups
DPU. Dividend yield of 7.5%. Defensive BUY in uncertain market.
(RL)
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AZRB(7078)
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25/2/2013
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RM0.69
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Trim
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-
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AZRB
(0.69) – Stock rose to a high of RM0.78 after the group had inked the
concession agreement with the government to design construct the uncompleted
route of the Kuala Lumpur Outer Ring Road bringing the group’s orderbook to
3.8bil. The concession reportedly comes with a period of 50 years as well as
a loan from the government worth RM635mil attached with a 4% interest rate
which would burden it with an additional RM25.4mil/pa interest expense to the
present RM9m llifting gearing level to 1.16x from 0.25x currently. Share
price breached thru the 78.6% retracement level confirming the technical bear
trend. MACD has just cut down while RSI still remain high. Trim.
(RL)
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Calls for FEB WEEK 3/4
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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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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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RM5.52
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+0.5%
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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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RM3.63
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-3.0%
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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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RM2.33
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-1.0%
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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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RM1.50
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-2.0%
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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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RM1.33
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-0.9%
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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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RM2.28
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+2.00%
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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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RM3.32
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-1.8%
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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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RM9.67
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-0.3%
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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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RM0.205
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0.00%
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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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RM2.49
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-0.6%
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