|
FLOWS
|
Friday, 25 October, 2013
|
|||||||||||||
|
BUY
|
MAYBANK, PETDAG, CIMB
|
|||||||||||||
|
SELL
|
BJTOTO, MRCB, MAS
|
|||||||||||||
|
STOCK ALERT
|
||||||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||||||
|
BRAHIMS (9474)
|
25/10/2013
|
RM1.50
|
BUY
|
RM2.04
|
||||||||||
|
Brahim’s offers a long term growth story which
revealed many rerating catalyst. For starters, their management guided that
the completion of KLIA2 in May2014 will increase the group’s floorspace to
49700 sq ft (from1,911sq m to 4,617 sqm currently). Among the space, Brahim
will be operating a premium food court (2572 sq m) and one F&B outlet
(133 sqm). Group’s outlook for year 2014 continues to look sustainable as it
is a prime proxy to the Visit Malaysia 2014 theme which is expected to boost
tourist arrivals in the country. Analysts expect 3 year earnings CAGR of 56%
approx and excluding the contributions from its foray into sugar refinery
which will only be seen in FY15 onwards. Currently trading at fwd FY14 PE of
14.7x and 10.5x for FY15. BUY on long term growth story with a TP of RM2.04
based on20x PE with FY 14 EPS 10.2 sens.
(RL)
**Additional notes :- Looking
back, tourist arrivals increased by 19.5% y-o-y in 2007, the last time such
event was hosted. Tourists who must take a flight into and out of Malaysia,
surged by 47.6% y-o-y in 2007. We expect to see a repeat of such trend in
2014.
 |
||||||||||||||
|
GLOMAC(5020)
|
25/10/2013
|
RM1.19
|
Trading BUY
|
RM1.45
|
||||||||||
|
Group
has unbilled sales of RM852mil with a remaining GDV of RM7bil which they
would like to increase to RM10bil by the end of FY14 by acquiring landbanks
in Greater KL, Sabah and Johor given that it’s gearing is only 19% and can go
up by another 0.5%. Going forward, Glomac is planning to launch RM1.3 billion
worth of new projects in FY14, including landed residential products at
Lakeside Residences, Saujana KLIA and Saujana Rawang. Stock is only trading
around 8x PE for FY13 and 5.8x PE in FY 14 due to a substantial jumped in EPS
from 0.14 to estimate of RM0.20cents. Div yield of 5%,p/b 1.0x, gearing 0.7x.
Current prices are also under pressure from the rumoured abolishment of DIBS
which we think is unlikely. Suggest to Trading Buy with a TP of RM1.45 which
is 30% from our estimates of its fully diluted RNAV of RM2.08.
(RL)
 |
||||||||||||||
|
Calls for OCT Week 2/ Week 3
|
||||||||||||||
|
STOCK
|
Initiation Dates
|
Initiation price
|
BUY/SELL
|
TARGET PRICE
|
LAST PRICE
|
% Change
since Initiated
|
||||||||
|
NAIM (5073)
|
18/10/2013
|
RM3.75
|
ACCUMULATE
|
RM5.12
|
RM3.83
|
+2.1%
|
||||||||
|
OLDTOWN (5201)
|
18/10/2013
|
RM2.48
|
Trading BUY
|
RM2.88
|
RM2.52
|
+1.6%
|
||||||||
|
UEMS (5148)
|
21/10/2013
|
RM2.51
|
ACCUMULATE
|
RM3.22
|
RM2.63
|
+4.7%
|
||||||||
|
MRCB (1651)
|
21/10/2013
|
RM1.46
|
ACCUMULATE
|
RM1.70
|
RM1.47
|
+0.6%
|
||||||||
|
WEIDA (7111)
|
22/10/2013
|
RM1.74
|
BUY
|
RM2.45
|
RM1.73
|
-0.5%
|
||||||||
|
WCT(9679)
|
22/10/2013
|
RM2.45
|
BUY
|
RM3.08
|
RM2.42
|
-1.3%
|
||||||||
|
MAXIS (6012)
|
23/10/2013
|
RM7.21
|
TAKE PROFIT
|
RM6.70
|
RM7.18
|
-0.5%
|
||||||||
|
KULIM (2003)
|
23/10/2013
|
RM3.27
|
ACCUMULATE
|
RM3.80
|
RM3.38
|
+3.3%
|
||||||||
|
ENGTEX(5056)
|
24/10/2013
|
RM1.60
|
BUY on weakness
|
RM2.00
|
RM1.64
|
-2.5%
|
||||||||
|
FAVCO (7229)
|
24/10/2013
|
RM2.79
|
ACCUMULATE
|
RM3.60
|
RM2.87
|
+2.8%%
|
||||||||
|
HOLD
|
|
|
CONT SELL
|
SELL/ TAKE PROFIT
|
|
CONT BUY
|
STRONG BUY
|
