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FLOWS
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Monday, September 23, 2013
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BUY
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DIALOG, TENAGA, PCHEM
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SELL
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AIRASIA, MAYBANK, MISC
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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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GAMUDA (5398)
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23/9/2013
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RM4.59
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BUY
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RM5.20
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Best
proxy to public infrastructure capex in Malaysia, given its dominant role in
the KVMRT. Gamuda is likely to clinch for another tunnelling package and for
MRT2 with expected newsflow coming from upcoming budget in Oct. Further
catalyst could come from resolution of water concession in Selangor. At this
price stock is trading at 14.3x for FY14 PE vs 7-year average of 21x. Share
price has consolidated well around 4.55 level and appears ready to clear
RM4.66 resistance with first target RM4.86 and 2nd target RM5.20.
Buy with TP RM5.20 (16X FY14 PE)
(TYK)
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UOADEV (5200)
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23/9/2013
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RM2.21
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BUY
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RM2.80
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Seeing
strong support at RM2.20 level. UOADEV is among the cheapest property names
at 7.3xFY14PE with dividend exceeding 6%. UOAD has recently launched its
RM100mil clubhouse and wellness centre that could further boost valuation in
Bangsar South. Multi phases projects such as 9 Seputeh (Gapurna) and Pantai
Sentral Park (IJMLAND) is being launched close to RM800psf and this will
solidify Bangsar South as an important business hub with 29acres of undeveloped
landbank. 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 with net cash of
RM800mil (60sen). Buy with target price RM2.80 (9.3xFY14PE and dividend yield
5.5%)
(TYK)
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Calls for SEPT 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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UZMA (7250)
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13/9/2013
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RM4.57
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SELL
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RM3.85
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RM4.40
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-3.8%
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IJM (3336)
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13/9/2013
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RM5.57
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BUY
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RM6.50
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RM5.70
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+2.3%
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CMSB (2852)
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17/9/2013
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RM4.59
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BUY
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RM4.98
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RM5.16(ex)
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+12.4%
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UMW (4588)
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17/9/2013
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RM12.26
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ACCUMULATE
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RM13.10
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RM12.90
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+5.2%
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PMETAL (8869)
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18/9/2013
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RM2.09
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ACCUMULATE
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RM2.87
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RM2.22
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+6.2%
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CARLSBG (2836)
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18/9/2013
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RM12.86
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TRIM
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RM11.70
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RM12.92
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+0.4%
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BURSA (1818)
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19/9/2013
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RM7.56
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BUY
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RM8.88
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RM7.60
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+0.5%
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SKPETRO(5218)
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19/9/2013
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RM3.67
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ACCUMULATE
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RM4.60
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RM3.78
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+2.9%
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INARI (0166)
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20/9/2013
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RM0.90
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BUY
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RM1.01
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RM0.885
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+1.7%
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PANTECH (5125)
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20/9/2013
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RM0.99
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BUY
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RM1.10
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RM0.985
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-0.6%
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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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