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FLOWS
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Tuesday, 24 September, 2013
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BUY
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KLK, CIMB, MAYBANK
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SELL
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BJTOTO, IJM, IOICORP
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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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BIMB (5258)
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24/9/2013
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RM4.71
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Take Profit
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RM4.04
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BIMB
(RM4.71) – take profit BIMB has rebounded significantly from its August
low of RM4.04 outperforming its peers & the KLCI index on the back of the
approval by BNM for its purchase of the remaining 49% stake in its
subsidiary, Bank Islam, from Dubai financial Group & Tabung Haji.
However, BNM rejected its earlier proposal to raise funds via issue of sukuk
using Bank Islam’s shares as collateral for the debt. This would affect the
P&L from the higher cost of financing from a clean sukuk compared to a
secured sukuk. In addition, its valuation is also significantly more
expensive compared to its peers and its historical 5-year average - its
current p/bk & prospective PER are 2.3x & 16.0x versus its peers of
1.9x & 12.7x, and historical 5-year average of 1.2x & 7.9x. Take
profit
(PT)
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BHIC (8133)
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24/9/2013
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RM2.44
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ACCUMULATE
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RM2.80
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BHIC (RM2.44) – saw a sharp turnaround in its
1H13 yoy results from stronger contributions from maintenance, repairs &
overhaul work for naval vessels and the completion of legacy lower margin
contracts secured during the global credit crisis years. Its 2H13 will see
further improvement with an anticipated surge in recognition for work done
for the RM9b Littoral Combat Ships(LCS) contract. The Lahad Datu incursion
has thrown the spotlight on the dire need for tighter security measures,
hence the Malaysian Maritime Enforcement Agency is expected to place orders
for additional patrol vessels & interceptor crafts worth RM1b and
incurred further expenditure to maintain/overhaul its existing fleet.
BHIC, together with its associate, Boustead Naval, will be the
likely candidate for such contracts. BHIC is also a Petronas-approved major
fabrication contractor which means it can participate in the country’s huge
O&G development projects. Valuation is also supportive at the current
price, with forward FY13 PR of 11.9x and dropping sharply to 1.5x in FY14 due
to LCS contracts. Accumulate
(PT)
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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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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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RM5.01(ex)
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+9.1%
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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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RM12.66
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+3.2%
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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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RM2.19
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+4.7%
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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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RM12.90
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+0.3%
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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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RM7.50
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+0.8%
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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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RM0.90
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0.0%
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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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RM0.975
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+1.6%
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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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RM4.60
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+0.2%
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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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RM2.23
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+0.9%
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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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