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FLOWS
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Thursday, 23 August, 2013
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BUY
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CIMB,
GAMUDA, MAYBANK
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SELL
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SKPETRO, DAYANG, MUHIBBAH, UEMS
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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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GAB (3255)
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22/8/2013
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RM18.00
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SELL
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RM16.00
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Share
price has risen 4 folds since 2009 despite only seeing net profit increase of
53% during this period. FY13 net profit only posted a modest 5% growth with
slightly disappointing dividend of 68.5sen. 4Q profit margins also saw
contraction to 8%. We believe recent demand from investors for higher yielding
assets as well as outflow of funds could trigger a de-rating of the stock.
Risk includes 1) increase of taxes which has paused for 7years. 2) recent
devaluation of MYR vs USD could impact its margins especially the premium
segment 3) lack of major events 4) Heightened competition among players 5)
Mean reversion of valuation. 7yr historical PE is 16x vs current 22x while
dividend was 8% vs current 4.2%. Share price currently sits close to 200MA of
RM17.83 and could retest RM16.00 level (19.5x JuneFY14). (TYK)
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UOADEV(5200)
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23/8/2013
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RM2.24
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ACCUMULATE
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RM2.60
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Share
price has fallen 13% from its recent high of RM2.58. It is among the cheapest
property names at 7.4xFY14PE with dividend exceeding 6%. New sales for FY13
is expected to exceed RM2bn compared to 2012 of RM1.7bn. This is supported by
upcoming major launches such as Kencana Square (GDV:RM1.5bn), Kepong V
(RM1.5bn) as well as Jalan Ipoh (RM2.9bn). Given its RNAV of RM3.60 we
believe current valuation is undemanding. RSI has also fallen to 33%. Buy
with target price RM2.60 (TYK)
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Calls for AUGUST 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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TRC (5054)
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16/8/2013
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RM0.64
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Trading BUY
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RM0.75
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RM0.59
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-7.8%
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TIMECOM(5031)
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16/8/2013
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RM4.00
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BUY
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-
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RM3.71
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-7.3%
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NAIM(5073)
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19/8/2013
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RM3.86
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Trading BUY
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-
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RM3.57
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-7.5%
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MHB (5186)
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19/8/2013
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RM4.07
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ACCUMULATE
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-
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RM3.60
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-11.5%
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E&O(3417)
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20/8/2013
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RM2.19
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Trading SELL
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RM2.00
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RM2.06
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-6.0%
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GAMUDA(5398)
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20/8/2013
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RM4.62
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BUY on weakness
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RM5.20
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RM4.46
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-3.4%
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GASMSIA(5209)
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21/8/2013
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RM3.37
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Take Profit
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-
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RM3.37
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0.0%
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DIALOG (7277)
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21/8/2013
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RM2.68
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ACCUMULATE
on weakness
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-
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RM2.66
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-0.7%
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CBIP (7076)
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22/8/2013
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RM2.79
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BUY
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RM3.60
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RM2.76
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-0.1%
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WTK(4243)
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22/8/2013
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RM1.33
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ACCUMULATE
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1.74
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RM1.33
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0.00
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We’ve added
an extra feature (first column from right) to indicate our recommendation for
our call.
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HOLD
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CONT SELL
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SELL/ TAKE PROFIT
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CONT BUY
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STRONG BUY
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