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FLOWS
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Thursday, 26 September, 2013
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BUY
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E&O, MAGNUM, MAYBANK
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SELL
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BJTOTO, CIMB, MAS
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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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GENTING (3182)
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26/9/2013
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RM10.42
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SELL into Strength
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RM9.70
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The
price of this bluechip stock outperformed as it rose 13.8% to the RM10.42
level within the month. We feel that moving forward, the share price might
see some selling pressure as we approach the Malaysian Budget 2014 in the
month of October where the government will clarify the on-going rumour of a the
casino tax hikeof 5% to 30% where every 1% hike in tax could erode earnings
by 2.4%- 2.5%. Technical indicators are currently almost at a overbought
level as the RSI sits at 67% which is the top range for the year. The KLCI
has started correcting for 3 days now; which will eventually translate to
Genting. Sell into strength, Buy back at RM9.70 which is the 50 days MA.
(RL)
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TSH (9059)
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26/9/2013
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RM2.40
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BUY on Weakness
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RM2.98
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The
group has a young plantation profile where 77% of its plantation comprises of
trees below 7 years (mainly Sabah and Indonesia). Despite the lower CPO
prices, their superior FFB growth of 30% yoy and better contribution from its
JV with Wilmar should support its earnings growth (19% CAGR for the next 3
years). Besides the upstream and downstream segments, the group is also
involved in palm bio-integration activities. Moving forward, the CPO prices
might see some recovery as statistic shows that bio-diesel exports in the
country has been picking up and inventory stock pile has been on the decline.
At current price, stock is trading at 19.6x FY13 and 12x FY14 vs 7 year
average of 15x. Buy on weakness with a target of RM2.98 based on 15x PE.
(RL)
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Calls for SEPT Week 3/ Week 4
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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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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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RM7.49
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-1.0%
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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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RM3.75
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+2.4%
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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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RM0.89
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-1.2%
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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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RM2.25
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+1.8%
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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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RM4.70
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-0.3%
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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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RM2.41
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-1.3%
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ZHULIAN (5131)
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25/9/2013
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RM3.80
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TRIM
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RM3.37
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RM3.82
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+0.5%
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MUDAJYA (5085)
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25/9/2013
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RM2.66
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ACCUMULATE
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RM3.36
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RM2.67
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+0.3%
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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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