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FLOWS
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Monday, 30 April 2013
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BUY
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MAYBANK, KLK, AFFIN
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SELL
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BJTOTO, MRCB, ASTRO
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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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PETGAS(6033)
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30/4/2013
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RM19.64
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SELL into stregth
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RM18.50
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Stock has recently been on
uptrend ever since it broke above RM19 despite coming in short in latest
earnings, affected somewhat by slower demand for propane and butane gas.
Negotiations on terms on existing supply agreement have begun with
majority s/h Petronas-due to finalize agreement in coming months. The new
contract is expected to include more variables with a separate processing and
transmission agreement. The Melaka regassification plant has suffered
numerous delays and targeted completion is sometime in June/Jul only. These
–ves will continue to cap further price appreciation. Technically also
looking stretched as RSI at 72 and valuations are rich with PER 25x and
trading at lower end of its yield curve at mere 2.5%. (LJN)
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PCHEM(5183)
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30/4/2013
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RM6.49
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SELL into strength
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RM6.00
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Since our buy call on 4/12/12 at
RM5.66, stocks has gained 15% and surpassed our initial target price of RM6.20. It
has hit its technical resistance at current RM6.50 levels and trades at a
pricey PER’14 of 13.6x v regional peers of average 10x. Limited near term catalyst
to rerate stock as its industry outlook remains bleak, clouding any immediate
capacity expansion plans. Co is due
to announce its 1Q results end next month with full year consensus expecting
RM3.8bn, 47.6c. Co has discontinued its vinyl business but its prevailing
problems of weaker demand for olefins and higher raw material costs may
continue. (LJN)
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Calls for APRIL Week 3-4
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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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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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RM3.10
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0.0%
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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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RM6.38
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+5.0%
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AMMB(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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RM6.68
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+2.5%
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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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RM2.59
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+1.5%
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BHIC(8133)
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25/4/2013
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RM2.20
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ACCUMULATE
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RM2.53
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RM2.12
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-3.7%
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MRCB(1651)
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25/4/2013
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RM1.38
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BUY on weakness
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RM1.68
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RM1.40
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+1.4%
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MUHIBAH(5703)
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26/4/2013
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RM1.12
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ACCUMULATE
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RM1.60
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RM1.14
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+1.7%
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MAYBULK(5077)
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26/4/2013
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RM1.53
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BUY on weakness
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RM1.80
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RM1.50
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-2.0%
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TENAGA(5347)
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29/4/2013
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RM7.83
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TRIM
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RM7.30
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RM7.84
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+0.1%
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SPSETIA(8664)
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29/4/2013
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RM3.30
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ACCUMULATE
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RM4.40
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RM3.40
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-2.6%
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