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FLOWS
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Thursday, 18 July, 2013
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BUY
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MAYBANK, CIMB
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SELL
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GENTING, 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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WASEONG (5142)
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18/7/2013
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RM1.96
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BUY
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RM2.33
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Share
price look poised to clear RM2.00 lvl H&S resistance level and retest its
recent high of RM2.17. Its 26.9% associate, PENERGY, hit a new high of RM2.55
yesterday which could see spill over interest for WASEONG. Expect 2H to be
inflection point of Waseong’s earnings with contribution from Statoil
RM611mil job which was secured in Feb. PENERGY will also see significant
contribution from RM2.5bn HUCC job and marginal oil fields. Waseong is also
tipped to be the front runner for the pipe-coating job as reported by
Upstream on the Petronas’ West Sepat gas field. It also stands a good chance
to secure the pipe coating package under the North Malay basin development
which is likely to be awarded in 2H13. Orderbook stands at RM1.1bn. Trades at
PE of 13.4xFY14. BUY with TP: RM2.33 (16xPE)
(TYK)
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MUDAJYA (5085)
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18/7/2013
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RM2.70
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BUY
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RM3.44
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Recent
pick up in volume and price after a news portal reported that Coal India and
NTPC have finally signed a FSA. Assuming Its Indian power plant follow the
same FSA this would see Mudajaya incurring higher feedstock from USD20/ton to
USD30/ton. However this provides clarity and will be offset by pass through
mechanism. Mudajaya remains a laggard play to the construction sector as YTD
it is only up 3% compared to construction index+23%. Currently it only trades
at PE of 7.4xFY13 and 6.6xFY14. We believe this is unjustified as it is
trading below high single PE for small cap and overall construction forward
of 13.88x. Orderbook stands at RM2bn with more than 80% won locally. Being a
power plant civil specialist and current contractor for Janamanjung power
plant, company is the frontrunner for the next 1000MW job. BUY with TP:
RM3.44 (9x1yr forward PE)
(TYK)
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Calls for JULY 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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SUPERMX(7106)
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11/7/2013
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RM2.00
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SWITCH
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RM2.32
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RM2.06
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+3.0%
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CRESBLD(8591)
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11/7/2013
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RM1.23
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BUY
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RM1.44
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RM1.33
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+8.1%
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MTDACPI(5924)
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12/7/2013
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RM0.555
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BUY
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RM0.76
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RM0.585
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+5.4%
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GENTING (3182)
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12/7/2013
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RM9.98
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BUY
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RM10.58
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RM1.00
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+0.2%
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WCT (9679)
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15/7/2013
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RM2.49
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ACCUMULATE
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RM2.98
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RM2.44
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-2.1%
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JCY(5161)
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15/7/2013
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RM0.705
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Trading SELL
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RM0.53
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RM0.72
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+2.1%
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JOHOTIN(7167)
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16/7/2013
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RM1.97
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BUY
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RM2.60
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RM1.92
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-2.6%
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GENM(4715)
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16/7/2013
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RM3.99
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Take profit
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RM3.68
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RM3.90
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-2.1%
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PRESBHD (5204)
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17/7/2013
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RM2.11
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Trading BUY
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RM2.80
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RM2.20
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+4.2%
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HSL(6238)
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17/7/2013
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RM2.02
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BUY
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RM2.60
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RM2.02
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0.0%
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Thursday, July 18, 2013
Morning Call | 18 July 2013
