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FLOWS
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Thursday, 18 April 2013
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BUY
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AIRASIA, DIALOG,
GENM
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SELL
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MAS, MPHB, MAHSING
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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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WASEONG(5142)
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18/4/2013
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RM1.63
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ACCUMULATE
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RM1.84
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Major laggard in the o&g sector, trading at just 5% above its
3-year low of 1.54. At current prices, the negative news from its recent
lower-than-expected FY12 results and the lack of contract wins last year are
discounte in the price. Recently, there are talks of Waseong’s closest
competitor, Brodero Shaw, facing capacity constraints as they were the major
beneficiary of new orders last year. This has resulted in more enquiries for
Waseong’s services. In fact, Waseong recently managed to secure a large pipe
coating contract valued at RM611m from Norway, a positive surprise as Norway
is Brodero’s domain. Waseong is also tipped to be the front runner for the
pipe-coating job as reported by Upstream on the Petronas’ West Sepat gas
field. It also stands a good chance to secure the pipe coating package
under the North Malay basin development which is likely to be awarded in
2H13. In addition, associate, Petra Energy, with its involvement in
brownfield services & marginal fields, will contribute positively to
its bottom line this year. Accumulate
(PT)
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PANTECH(5125)
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18/4/2013
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RM0.755
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BUY
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RM0.85
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Stock has been reporting strong quarterly results due to the
contribution of Nautic Steel (a UK manufacturer of oil & gas products
acquired in March’12), a turnaround in the trading division and a lower
loss from the stainless steel division. The financial year end of Pantech is
Feb’13, hence the results will have to be released this month. It is expected
to continue to record eye-catching performance due to the spending in the
o&g industries and a significantly lower base in FY Feb’12. With the
current bullish sentiment, the announcement of the FY13 results will be a
significant catalyst for the stock to break out of its consolidation range.
Pantech also trades at very attractive valuation, a px/nta of 1x, prospective
PER of 6.5x and forecast dividend yield of 6.5%. Buy
(PT)
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Calls for APRIL Week 2-3
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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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DIALOG(7277)
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11/4/2013
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RM2.39
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ACCUMULATE
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RM2.80
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RM2.36
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-1.2%
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GBGAQRS(5226)
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11/4/2013
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RM0.94
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ACCUMULATE
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RM1.04
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RM0.91
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-3.2%
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CMSB(2852)
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12/4/2013
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RM3.25
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ACCUMULATE
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RM3.53
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RM3.24
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-0.2%
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TDM(2054)
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12/4/2013
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RM4.52
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Trading SELL
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RM3.90
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RM4.45
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-1.5%
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AIRASIA(5099)
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15/4/2013
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RM2.84
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Situational BUY
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RM3.30
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RM2.94
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+3.5%
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DIGI(6947)
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15/4/2013
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RM4.69
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Technical BUY
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RM5.08
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RM4.68
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-0.2%
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TAGB(5158)
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16/4/2013
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RM0.245
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ACCUMULATE
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RM0.33
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RM0.25
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+2.0%
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IJM-WC (3336WC)
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16/4/2013
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RM1.36
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BUY
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RM1.80-RM2.00
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RM1.40
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-2.9%
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AIRPORT(5014)
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17/4/2013
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RM5.70
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BUY on weakness
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RM6.40
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RM5.70
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0.0%
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PLENITU(5075)
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17/4/2013
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RM1.97
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Strong BUY
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RM2.52
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RM2.01
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-2.2%
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Friday, April 19, 2013
Morning Call | 18 April 2013
