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FLOWS
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Thursday, 28 March, 2013
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BUY
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AIRASIA, MAYBANK,
AXIATA
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SELL
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CIMB, GENM, IJM
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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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MMCCORP(2194)
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28/3/2013
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RM2.55
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BUY
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RM2.75
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The stock bottomed at 2.26 in Feb’13 and rebounded strongly to
2.50 levels before consolidating for the next 3 weeks in a 2.49 to 2.55
band. MMC is poised for a break-out from this flag pattern with attractive
upside of 2.70/80. Technically, it has an attractive set up for both short
term and longer term indicators as both the daily and weekly macd showed a
recent positive crossover. MMC is also a laggard compared to other Iskandar-related
stocks. It has more than 2/3 of its asset value in Iskandar, Johor.
Recently MMC has started to unlock value with the sale of 400 acres of
land in Senai. After this sale, it still has a remaining 4,300 acres of land
in the Iskandar region. Other catalysts are the listing of Malakoff which is
earnings accretive from the interest savings and the potential positive
newsflows from its JV with Gamuda for the bidding of the other 2 MRT
lines. Buy
(PT)
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MUDAJYA(5085)
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28/3/2013
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RM2.38
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ACCUMULATE
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RM2.70
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Stock has underperformed the other construction stocks recently from a
weaker Q4’12 results due to logistic issue on the transport of power plant
equipment to India. However, management has guided recently that the assembly
of the power plant equipment modules have begun and the overall progress of
the plant is at 70%; with the 1st phase targeted to be
test-fired by end of CY13 and the balance by 1HCY14. Hence, Q1’13 results
will show a significant jump in QoQ performance. The main catalyst for
Mudajaya is the expected signing of the fuel supply agreement by 1HCY13,
hence it is appropriate to start step-buying of the stock as we are already
into the end of Q1. There are also signs of accumulation with volume
increasing recently and the price charts depicting higher lows. It has
also been seeing consistent share buy-backs at current levels and it trades
at an attractive PER of 5.0x for FY13 and 4.7x for FY114.
Accumulate
(PT)
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Calls for MARCH Week 3/Week 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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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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RM1.33
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+5.5%
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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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0.0%
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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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RM3.48
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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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RM13.42
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+1.5%
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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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RM4.61
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+4.2%
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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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RM1.79
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+2.2%
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TM(4863)
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26/3/2013
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RM5.30
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ACCUMULATE
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RM5.80
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RM5.40
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+1.8%
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AFG(2488)
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26/3/2012
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RM4.33
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Trading BUY
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RM5.20
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RM4.40
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+1.6%
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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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RM3.79
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-0.7%
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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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RM1.18
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+0.9%
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Thursday, March 28, 2013
Morning Call | 28 March 2013
