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FLOWS
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Friday, 29 March, 2013
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BUY
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DIALOG, AFFIN, ALAM
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SELL
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TENAGA, RHBCAP, YTL
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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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OLDTOWN(5201)
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29/3/2013
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RM2.46
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Trading SELL
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RM2.20
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The share price of Oldtown has moved up 12%
over the past 3 weeks and c32% over the last 4 months. This probably on the
back of the promising outlook of both its cafe & beverage manufacturing
business. Although we still like the group fundamentally, we believe the
share price rise has factored the positives in. Going forward, numerous
concerns have emerged. The foreign shareholding stands at 37% (up from 20%,
just 6 months ago - risk of foreign funds exodus now higher). The operating
& marketing expenses are also expected to rise in FY13/14, in the face of
more competitive & challenging market conditions for consumer stock.
Outlet opening in 2012 is below management guidance, and this trend is
expected to continue in 2013. Trading at more than 15x for FY14, we deem
oldtown to be fairly valued - Trading Sell, buy back at RM2.20.(FY14 PE
13.8x). (AK)
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JTIASA(4383)
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29/3/2013
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RM1.80
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ACCUMULATE
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RM2.14
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The plantation sector has been on the wrong
end of news flow for the past year, with palm oil stock level reaching record
highs. In line with this trend & poor 1HFY6/13 results, the share price
of Jayatiasa has shed c 40% over the past 9 months, from the RM3 level in
July 2012. However, over the past month, views on CPO prices are beginning to
turn less bearish, due to lower stock level & output, and expectations that
exports will improve. Latest statistics suggest that inventory level should
decline further until June/July 2013. We reckon most negatives are already
reflected in the price. On the other hand, the strong FFB output growth
prospects (24% in FY13 & 22% in FY14, from its young maturity profile
& land coming into maturity) should support the share price or even act
as a catalyst when outlook improves. Trading at FY6/14 PE of less than 12x,
MACD converging & RSI 42 – Accumulate. (TP RM2.14, PE 14x). (AK)
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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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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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RM3.52
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+1.4%
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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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RM13.40
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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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RM4.64
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+4.9%
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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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RM1.81
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+3.4%
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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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RM5.39
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+1.7%
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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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RM3.78
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-0.8%
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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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RM1.20
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+2.5%
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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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RM2.55
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0.0%
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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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RM2.42
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+1.6%
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