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FLOWS
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Wednesday, 27 March, 2013
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BUY
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CIMB, DIGI, KNM
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SELL
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GAMUDA, MUDAJYA,
MRCB
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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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MHB(5186)
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27/3/2013
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RM3.82
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ACCUMULATE
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RM4.40
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Share price has fallen 13% ytd
making them among the top losers in the big cap. Share price is only
marginally higher from its IPO price of RM3.61. Orderbook now stands at RM3bn
inclusive of Malakai project which is worth RM1.2bn to MMHE. With tenderbook
of RM4.5bn and 50% of job in Malaysia, we see brighter prospect for company
especially with yard capacity freeing up on completion of projects like the
Gemusut-Kakap FPS and upgrading works completing by 1H2013. MMHE has also
preselected several key subcontractors to improve the productivity and
efficiency of work. Recently it was also reported to be a front runner for
central processing platform job in the West Sepat oilfield. This could be
another significant job as total development is worth up to RM4.6bn. We
believe MMHE has seen the worst given the major provisions accounted in 2012,
yard space becoming available and strong JV partner in Technip.
(TYK)
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BENALEC(5190)
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27/3/2013
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RM1.17
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BUY
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RM1.50
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Share price has retraced to its key
support level of RM1.17 despite announcing a major coup on 12th Mar whereby its
70% owned subsidiary had entered into a binding term sheet with The State
Secretary, Johor and 1MY Strategic Oil Terminal Sdn. Bhd to undertake the
reclamation works and sale of approximately 1,000 acres of land off the coast
of Tanjung Piai. Reclamation cost is estimated around RM2.4-3.0bn and
assuming PBT of 30-40%, this could potential yield company RM540mil -900mil
over 4 years. Expect key re-rating upon completion of EIA studies or signing
of SPA. Currently trading at 8xCY13 compared to construction peers of low
teens with a net cash position of RM42mil.
(TYK)
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Calls for MARCH Week 3/Week 4
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STOCK
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Initiation Dates
|
Initiation price
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BUY/SELL
|
TARGET
PRICE
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LAST PRICE
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% Change since Initiated
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PAVREIT(5212)
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20/3/2013
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RM1.58
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SELL
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RM1.45
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RM1.61
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+1.2%
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CARLSBG(2836)
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20/3/2013
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RM14.06
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SELL
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RM12.50-13.00
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RM13.90
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-1.1%
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PENERGY(5133)
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21/3/2013
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RM1.26
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BUY
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RM1.47
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RM1.31
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+3.9%
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MULPHA(3905)
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21/3/2013
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RM0.405
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Trading BUY
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RM0.50
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RM0.400
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-1.25%
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KOSSAN(7153)
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22/3/2013
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RM3.47
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BUY
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RM3.94
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RM3.46
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-0.3%
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UMW(4588)
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22/3/2013
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RM13.22
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Trading SELL
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RM12.20
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RM13.50
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+2.1%
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DIGI (6947)
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25/3/2013
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RM4.42
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ACCUMULATE
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RM4.80
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RM4.59
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+3.7%
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FAVCO(7229)
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25/3/2013
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RM1.75
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Trading SELL
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RM1.56-1.60
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RM1.75
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+1.7%
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TM(4863)
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26/3/2013
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RM5.30
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ACCUMULATE
|
RM5.80
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RM5,37
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+1.3%
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AFG(2488)
|
26/3/2012
|
RM4.33
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Trading BUY
|
RM5.20
|
RM4.37
|
+0.9%
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Wednesday, March 27, 2013
Morning Call | 27 March 2013
