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FLOWS
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Monday, 8 July, 2013
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BUY
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AFFIN , GAMUDA, PERDANA
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SELL
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DIALOG, IJM, KLK
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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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PADINI(7052)
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8/7/2013
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RM1.89
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ACCUMULATE
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RM2.20
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The
share price has retreated c15% since late May, on concerns of gross margins
contraction & higher operating expenses. We reckon these concerns have
been largely priced in. At current levels, Co is looking attractive again,
following Q3FY13 better than expected sales & gross profit margins. The
main focus going forward is to improve margins & looking out for good
store locations & expanding presence beyond the Klang Valley. Store
expansion is ramping up in FY14 with 6 new stores in the pipeline (vs only 1
new store in FY13). B/S remains healthy with net cash of RM166m as at end
9MFY13. Co is also a dividend player, supported by yields in excess of 4%
from FY14 onwards. It’s trading a PE of 12x FY14 (vs 5-year historical mean
of 15x). MACD appears to be cutting up, RSI at 44 - Accumulate ( TP
RM2.20, PE14x FY14)
(AK)
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IJMLAND(5215)
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8/7/2013
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RM2.85
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ACCUMULATE
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RM3.30
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The share price has consolidated around the RM2.80
level the past 3 weeks, after correcting c25%( from RM3.35 to RM2.54) in the
past 1.5 months. We see upside from here. FY03/2013 results came in within
expectation, with RM2b sales achieved for FY13 (beating market estimates by
15%). Expectations are sales will achieve RM2.3b in FY14, on the back RM3b
worth of launches. EBIT margins remain healthy at above 20% due to good
product mix. IJMLand should continue to do well in FY14 due to its wide range
of products in good location that should satisfy both local & foreign
demand. Current valuation is undemanding, at c20% discount to RNAV of RM3.50.
Catalysts include new landbanks acquisition and JV deals; Accumulate on
strong earnings, sales & easing valuations. (TP RM3.30, 5% disc to RNAV).
(AK)
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Calls for JUNE Week 4 - JULY
week 1
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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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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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RM2.11
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+2.6%
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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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RM0.24
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0.0%
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GTRONIC (7022)
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2/7/2013
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RM2.18
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Strong BUY
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RM2.97
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RM2.28
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+4.5%
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IGB (1597)
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2/7/2013
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RM2.54
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Trading BUY
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RM3.00
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RM2.48
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-2.4%
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YTL(4677)
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3/7/2013
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RM1.64
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ACCUMULATE
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RM2.00
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RM1.64
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0.0%
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INTEGRAX (9555)
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3/7/2013
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RM1.64
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BUY
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RM2.00
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RM1.60
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+2.5%
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MRCB(1651)
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4/7/2013
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RM1.53
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ACCUMULATE
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RM1.80
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RM1.60
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+4.5%
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KPJ(5878)
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4/7/2013
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RM6.78
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SELL
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RM6.11
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RM6.59
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-2.8%
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ILB (5614)
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5/7/2013
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RM1.44
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BUY
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RM1.80
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RM1.43
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-0.7%
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SCOMIES(7045)
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5/7/2013
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RM0.78
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Take
Profit into Strength
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RM0.66
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RM0.98
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+25.0%
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