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FLOWS
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Thursday, 23 May, 2013
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BUY
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GENTING, TM, DIALOG
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SELL
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CMSB, TENAGA, AXIATA
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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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TAS (5149)
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23/5/2013
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RM0.51
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BUY
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RM0.69
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Recent
pickup in activity for O&G sector has spurred demand for shipbuilders and
this has seen relatively unknown company TAS Offshore bagging substantial
awards worth RM307mil for past 1 year. This provides visibility in earnings
for next 2 years. Listed in 2009 at RM0.90, this Sibu based shipbuilder has
seen share price fallen 43% due to weaker earning past 2 years on uncertainty
in global markets. Given its delivery schedule, revenue of TAS could hit
RM200mil for MayFY14 and assuming net margins of 12.5% net profit will be
RM25mil or an EPS of 13.8sen. This translates to MayFY14 PE of merely
3.7x which is a big discount to Coastal Contract PE of 7xdecFY14. Despite
having a sizeable order of RM307m compared to Coastals RM720mil, its market
cap is only 8.5% of Coastal market cap of RM1.05bn. P/B stands at 0.62x. Buy
with TP: RM0.69 (5xPE)
(TYK)
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GLOMAC (5020)
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23/5/2013
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RM1.36
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SELL
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RM1.22
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Share price has risen almost 50% since
GE13 with RSI at 76 indicating overbought levels. Current share price is 20%
above 12months market consensus target price of RM1.13. PE of 9.5x is also
close to its all time high PE of 10.3x back in 2009. Given share price is
near its RNAV of RM1.44 we see upside limited with resistance at RM1.40. Sell
and buy back at RM1.22.
(TYK)
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Calls for MAY Week 2/ Week 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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MHB(5186)
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15/5/2013
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RM3.82
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BUY
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RM4.50
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RM3.68
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-3.7%
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KKB(9466)
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15/5/2013
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RM1.73
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ACCUMULATE
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RM2.50
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RM2.00
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+15.6%
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BONIA(9288)
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16/5/2013
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RM2.06
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BUY
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RM2.60
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RM1.99
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-3.4%
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HLI(3301)
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16/5/2013
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RM4.40
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BUY
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RM5.20
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RM4.43
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+0.6%
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IOICORP(1961)
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17/5/2013
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RM5.07
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BUY
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RM5.38
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RM5.26
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+3.7%
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MAYBANK (1155)
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17/5/2013
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RM10.00
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Accumulate On Weakness
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RM10.40
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RM10.08
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+0.8%
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TRC(5054)
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21/5/2013
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RM0.62
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ACCUMULATE on Weakness
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RM0.80
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RM0.635
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+2.4%
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UEMLAND(5148)
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21/5/2013
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RM3.51
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Take Profit
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RM2.70
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RM3.37
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-4.0%
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KUB(6874)
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22/5/2013
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RM0.48
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Trading BUY
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RM0.70
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RM0.495
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+3.1%
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HUBLINE(7013)
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22/5/2013
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RM0.065
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Trading BUY
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RM0.10
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RM0.065
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0.0%
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