FLOWS
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Wednesday, 24 April, 2013
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BUY
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ARMADA, GAMUDA, GENM
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SELL
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SKPETRO, DAYANG,
AIRASIA
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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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AMBANK(1015)
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24/4/2013
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RM6.52
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ACCUMULATE
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RM7.30
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Co is one of the major laggard in the finance
sector to date. This is largely on the back of fear of dilution following
it’s pricey Kurnia Insurance & MBF acquisition, below industry loan
growth and weak margins. The stock is now trading close to the lowest point
of its historical PER band as well as P/BK band over the last 5 years. We
believe the group is poised for a re-rating as the concerns above should be
put to rest by the anticipated continued growth of the acquisitions of Kurnia
& MBF above, as well as expectation of a net dividend yield of 4% FY13.
Its valuation premium has also diminished following the share price lag,
trading at the lowest PER among the large cap liquid stocks. Group has also
demonstrated a track record of delivering quality & consistent growth
under ANZ’s leadership. It’s FY14 PER of 10.5x is at a 10% discount to the
industry average of 11.6x & below its historical average of 12.6x
– Accumulate, TP 7.30 ( PER 11x FY14). (AK)
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IJMLAND(5215)
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24/4/2013
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RM2.55
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BUY on Weakness
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RM3.00
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The
share price moved up c18% in the recent sector re-rating. We consider this
mild, given the growth potential of IJMLand. We expect Co to garner more
premium as it is increasingly seen as the main Malaysian property play,
given its wide presence in key states in the country, over SPSetia, whose portfolio
has recently skewed towards overseas market & clouded with leadership
unertainties. Following Co's highly successful debut of Rimbayu last
month, the RM3-4b Pantai Sentral Park will be the next earnings kicker. Given
the likelihood that sector re-rating will continue after the GE13, we believe
the potential of IJMLand is still largely under represented. Given the PE of
only 13.5x FY14 versus previous up-cycle's PE of 18x, we believe any price
weakness will be a good buying opportunity - BOW. TP 3.00 ( PE16x FY14). (AK)
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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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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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RM5.81
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+1.9%
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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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RM1.93
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+2.0%
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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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RM1.63
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0.0%
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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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RM0.74
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-2.0%
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HSL(6238)
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19/4/2013
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RM1.54
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ACCUMULATE
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RM1.74
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RM1.50
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-2/6%
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TAANN(5012)
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19/4/2013
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RM3.52
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BUY on weakness
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RM4.10
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RM3.50
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-0.5%
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TCHONG(4405)
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22/4/2013
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RM5.61
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Take Profit
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RM5.05
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RM5.55
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-1.0%
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MAHSING(8583)
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22/4/2013
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RM2.28
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BUY
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RM3.00
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RM2.30
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+0.4%
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SKPETRO(5218)
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23/4/2013
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RM3.10
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BUY on weakness
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RM3.80
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RM3.08
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-0.6%
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TOPGLOV(7113)
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23/4/2013
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RM6.09
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Take Profit
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RM5.50
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RM6.00
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-1.5%
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