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FLOWS
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Tuesday, 1st October 2013
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BUY
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MAYBANK, FELDA, AFFIN
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SELL
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GASMSIA, MRCB, WASEONG
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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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BAT (4162)
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1/10/2013
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RM64.20
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Take Profit
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RM59.70
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BAT (RM64.20) – take profit as illicit
cigarettes will take sizable market share from BAT due to an unprecedented
hike in price of RM1.50 per pack (market expected increase of RM0.50 – RM0.60
per pack) to cover for a significant hike in excise duty. Illicit cigarettes
will be priced about 60% cheaper than BAT’s cigarettes and this will really
dent BAT’s sales especially in a current difficult economy which has just
seen an increase in cost of living brought about by higher fuel prices.
Valuation is also expensive with forward FY13 & FY14 PER of 22.3x &
21.3x relative to its 5-year average PER of 18.6x. The macro environment is
also not favourable with the potential increase in global interest rates from
the Fed’s tapering which will impact dividend yielding stocks as market
demands higher dividend yield to compensate. BAT is currently just 3.5% from
its all-time high of RM66.56 after rebounding 15% from a June’13 low of
RM55.98 – a good level to lock in profit.
(PT)
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DIALOG (7277)
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1/10/2013
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RM2.54
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ACCUMULATE
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RM2.90
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Stock is at an attractive level to begin
step-buying after retracing ¾ of its recent rebound from August’13 low of
RM2.47 to Sept’13 high of RM2.75. It has also corrected 18% from its July’13
high of RM3.08. Dialog has continued to execute on its core business with its
3rd tank terminal project at Pengerang where Phase 1 is 77%
completed & well on track to start operations as scheduled in 1QCY14.
Pengerang has been named the Rotterdam of Asia as its tankage capacity &
deep-water petroleum terminal is capable of handling very large crude
carriers(VLCC), and storing, blending & distribution of crude oil &
petroleum products which will underpin Dialog’s long-term profitability. The
company is also a front runner for construction & fabrication jobs from
the other phases of Petronas RM20b project. Accumulate
(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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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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RM4.80
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+1.9%
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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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RM2.42
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+0.9%
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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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RM3.80
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0.0%
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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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RM2.72
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+2.2%
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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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RM10.40
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-0.2%
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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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RM2.42
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+0.8%
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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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RM4.82
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-0.9%
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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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RM3.90
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-2.1%
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COASTAL (5071)
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30/9/2013
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RM2.91
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BUY
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RM3.43
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RM2.93
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+0.6%
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ALAM (5115)
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30/9/2013
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RM1.45
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BUY
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RM1.80
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RM1.44
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-0.7%
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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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