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FLOWS
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Monday, 1 July, 2013
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BUY
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AXIATA, MAYBANK
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SELL
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ARMADA, PERISAI, GAMUDA
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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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KIMLUN(5171)
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1/7/2013
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RM2.06
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ACCUMULATE
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RM2.61
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Share
price retreated c16% from its recent high of RM2.48 in early June. Trading at
just 8x FY12/14, we see this as a good opportunity to buy into the stock. YTD
Co has secured a total of RM190m, about 38% of 2013 replenishment assumption
of RM500m. Total OB stands at RM1.6b, providing 2 years of earning visibility
for the group. The recent RM43 job to supply tunnel segment linings for the
EW2 Transmission Cable Tunnel project in Singapore reaffirms our view that
Kimlun remains an excellent proxy to MRT jobs & the 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. Accumulate ( TP RM2.61 ; 10x
FY14)
(AK)
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DAYA(0091)
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1/7/2013
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RM0.24
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Trading BUY
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RM0.28
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The share price has pulled back c14% from the high
of 28s in late May. Daya has a very healthy OB of RM1.9b, comprising RM460m
O&G contracts & RM1.44b technical services contracts. Group is tipped
to win a further RM1b worth of O&G contracts in 2013. News-flow has been
strong recently, which include the award from Braun Medical Industries for
extension work for its manufacturing facilities in Bayan Lepas, Penang worth
RM228m & LOA from Boustead Naval Shipyard to the consortium (Daya/Axima)
for the design, supply, installation & commissioning of HVAC system for 6
new Royal Malaysian Navy Littoral combat ships worth cRM200m. Other catalysts
include a) possible M&A, where we have seen increasing M&A activities
in the O&G sector, b) strong BS with low gearing & healthy operating
cash flows, putting it in a strategic position to gear up for investment
opportunities. Trading at PE of 8.6x FY12/2014, P/Bk of 1.3x - Trading
Buy ( TP RM0.28, PE10x FY14).
(AK)
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Calls for JUNE 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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FAVCO(7229)
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24/6/2013
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RM2.86
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ACCUMULATE
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RM3.40
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RM2.85
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+0.3%
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TROP-WA(5401WA)
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24/6/2013
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RM0.865
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Trading BUY
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RM1.50
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RM0.855
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-1.8%
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KOSSAN(7153)
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25/6/2013
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RM4.81
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SELL
into Strength
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RM4.00
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RM4.99
(ex)
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+3.7%
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AIRASIA(5099)
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25/6/2013
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RM3.06
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ACCUMULATE
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RM3.60
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RM3.19
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+4.2%
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GAMUDA(5398)
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26/6/2013
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RM4.45
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ACCUMULATE
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RM5.20
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RM4.74
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+6.5%
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SKPETRO(5218)
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26/6/2013
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RM3.86
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ACCUMULATE
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RM4.50
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RM4.09
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+5.9%
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UOADEV(5200)
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27/6/2013
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RM2.23
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BUY
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RM2.70
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RM2.42
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+8.5%
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LIONIND(4235)
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27/6/2013
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RM0.975
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BUY
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RM1.40
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RM0.98
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+0.5%
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UEMS(5148)
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28/6/2013
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RM3.08
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Trading SELL
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BUYBACK
RM < 2.60
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RM3.12 Ex
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+1.2%
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SILKHLD(5078)
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28/6/2013
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RM0.395
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BUY
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RM0.50
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RM0.385
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+1.3%
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