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FLOWS
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Tuesday, 28 May, 2013
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BUY
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MAYBNK, BENALEC, AFFIN
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SELL
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BJTOTO, MRCB, GENM
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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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PRESBHD (5204)
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28/5/2013
|
RM1.70
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ACCUMULATE
|
RM2.30
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Recent news-flow & guidance on the group
have been positive. It recently secured a RM2m contract to provide O&G
training & certification to 250 university graduates from GEMS Malaysia.
Although small in quantum, we understand management is still in talks with
multiple O&G companies to offer more auto desk software & other
certification program for the industry. Given its asset light business model,
we continue to anticipate dividend payouts which translate to attractive
yields of between 6-7% for the next 2 years. Co is also optimistic of the
merger between the Ministry of Education & Ministry of Higher Education
as there is potential to up-sell its ICT training and software services
across the education spectrum. Its in-house intellectual property Smartgreen
certification program’s revenue has also come on-stream earlier than
expected. 60% of the group’s revenue is recurring in nature. Further catalyst
in the form of more ICT orders & better than expected enrolment in its
ICT University UniMy, may propel the stock higher. Although share price has run up some 50% since
early May, it’s still trading at PE of 8.3x for FY12/13 & with a 3-year
EPS CAGR of 16% - Accumulate on weakness ( TP RM2.30 , based on 10x
FY14).
(AK)
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KIMLUN(5171)
|
28/5/2013
|
RM1.91
|
ACCUMULATE
|
RM2.26
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Share price retreated c5% yesterday after its 1QFY13
result disappointed. Although earnings made up only 16% of FY projection, we
deem it quite in line as 1Q is generally slower for its construction
business. YTD Co has secured a total of RM150m, about 30% of 2013
replenishment assumption of RM500m. Total OB stands at RM1.6b, providing 2
years of earning viisibility for the group. Kimlun remains an excellent proxy
to Iskandar’s development, given its strong track record in Johor. With the
GE13 completed, we reckon the momentum of job flows will pick up, providing
opportunity to secure more building contracts from developers there. We
also like Kimlun for its concrete manufacturing for MRT systems in KL &
Singapore. Trading at 8.5x FY13, we see the pullback as a good
opportunity to Accumulate. ( TP RM2.26 ; 10x FY13)
(AK)
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Calls for MAY Week 3/ Week 4
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|
STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change since Initiated
|
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IOICORP(1961)
|
17/5/2013
|
RM5.07
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BUY
|
RM5.38
|
RM5.19
|
+2.3%
|
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MAYBANK (1155)
|
17/5/2013
|
RM10.00
|
Accumulate On Weakness
|
RM10.40
|
RM10.04
|
+0.4%
|
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TRC(5054)
|
21/5/2013
|
RM0.62
|
ACCUMULATE on Weakness
|
RM0.80
|
RM0.605
|
-2.5%
|
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UEMLAND(5148)
|
21/5/2013
|
RM3.51
|
Take Profit
|
RM2.70
|
RM3.34
|
-4.9%
|
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KUB(6874)
|
22/5/2013
|
RM0.48
|
Trading BUY
|
RM0.70
|
RM0.495
|
-3.1%
|
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HUBLINE(7013)
|
22/5/2013
|
RM0.065
|
Trading BUY
|
RM0.10
|
RM0.06
|
-7.7%
|
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TAS (5149)
|
23/5/2013
|
RM0.51
|
BUY
|
RM0.69
|
RM0.49
|
-4.0%
|
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GLOMAC (5020)
|
23/5/2013
|
RM1.36
|
SELL
|
RM1.22
|
RM1.35
|
-0.8%
|
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|
MULPHA (3905)
|
27/5/2013
|
RM0.445
|
BUY
|
RM0.68
|
RM0.46
|
-3.3%
|
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|
GENTING (3182)
|
27/5/2013
|
RM10.30
|
Accumulate
|
RM11.78
|
RM10.16
|
-1.4%
|
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Wednesday, May 29, 2013
Morning Call | 28 May 2013
