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FLOWS
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Friday, 27 September, 2013
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BUY
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GENTING, MISC, IGB
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SELL
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TENAGA, SIME, AXIATA
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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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YINSON (7293)
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27/9/2013
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RM4.86
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BUY
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RM5.80
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Stock has been consolidating in a flag
pattern for the last 3 months which denotes accumulation by strong hands,
especially with the stock having gained 142% from last year end to the
current June’s high, and yet there is hardly any retracement. The rationale
behind this phenomenon is also our basis for buy call. Yinson has fantastic
earnings profile for the next 2 financial years ending Jan’14 & Jan’15,
with earnings growth of >50%, and yet it trades at a PER of 9.7x for
FY01/15. Its organic growth is backed by high margin contracts for its
FSO & FPSO that will kick-off in FY14 & FY15, and also the growth
from its acquisition of Norwegian-based FPSOs operator, Fred Olsen
Production, that will increase its floating production fleet size to 5 units
(from current 2 units). The added x-factor is the tie- up with Kencana Capital
(via the proposed placement of 14.6% of the enlarged share capital) which
will facilitate their bids for Malaysian contracts. Buy
(LJN/PT)
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NCB (5509)
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27/9/2013
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RM3.98
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Trading BUY
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RM4.40
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The overwhelming demand of Westports Holdings
IPO shares is a rising tide that lifts all boats for Malaysian port
operators. NCB is in the right waters to ride this wave as it operates
the North Port in Port Klang. It trades at lower valuation than Westports
with prospective FY14 PER of 15.6x versus Westports 19.8x, and dividend a
yield of 3.1% compared to Westports 2.8%. NCB is also poised to take
advantage of better global growth ahead as it has recently expanded its
capacity with its new berth 8A berth coming on-stream in 3Q13 & new
business from its logistics segment. In
line with its expansion plans, consensus earnings show a significant jump in
bottom-line in FY15 with PER dropping sharply to 11.4x & dividend yield
rising to 5.3%. Technically, it is also supportive with positive macd while
rsi is only at 36.6%. Trading buy
(LJN/PT)
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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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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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RM0.925
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+2.7%
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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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RM0.975
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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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RM4.59
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0.0%
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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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RM2.29
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+3.6%
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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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RM4.67
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-0.8%
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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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RM2.45
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+0.4%
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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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RM3.83
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+0.7%
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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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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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RM10.34
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-0.8%
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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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RM2.41
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+0.4%
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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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