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FLOWS
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Friday, 22 November, 2013
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BUY
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GENTING,
GAMUDA, PUNCAK
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SELL
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TENAGA, SIME, CIMB
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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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UEMS (5148)
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22/11/2013
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RM2.25
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BUY
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RM2.55
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Key support of RM2.21 was successfully tested
for the last 2 days and with the volume having declined substantially since
it peaked on 20/11/13, there is potential short-term bottom for a trading buy
up to the seasonally year-end window dressing rally. UEMS has fallen sharply
by 18% in 2 months and is now trading at a 51% discount to RNAV due to the
property sector restrictive measures announced during Budget 2014 and a
subsequent further state levy (Johor 2% & Penang possibly 3% from a
fixed levy of RM10,000 flat per unit) on purchases by foreigners. At the
current price, we are of the opinion that the negatives have been discounted
and any positive news of exemption of Medini & Puteri Harbor from some of
the measures due to their status as a special economic zone would generate a
significant bounce from its oversold position to a more realistic 45%
discount to RNAV of RM2.55. Trading buy
(PT/LJN)
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DAYA (0091)
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22/11/2013
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RM0.365
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BUY
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RM0.41
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Stock has corrected 11% for the last 3 weeks
to an attractive valuation of PER 11.1x & 10.1x for FY14 & FY15
respectively. This is lower than the average valuation of small &
mid-caps in the O&G sector of 13.8x in FY14 and Daya’s average 5-year
historical PER valuation of 14.1x. In their recent post 3Q13 results
conference, management guided of deploying their vessel SD1 to Brazil at a
higher charter rate of USD130,00/day vs USD102,000/day to Technip Norge. This
however depends on vessel availability as Technip is also negotiating to
extend the charter period to >210 days from 100-175 days. Management also
mentioned that they have secured the charter of SD3 which is currently under
construction. Hence this vessel construction may be expedited for the
Brazilian contract. Additional potential driver would be the successful
acquisition of a 51% stake in SD2 vessel which the company is currently
negotiating. With the impending 10% private placement, the stock is
likely to be well supported. Accumulate
(PT/LJN)
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Calls for NOV Week 2
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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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WASEONG (5142)
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15/11/2013
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RM1.70
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ACCUMULATE
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RM2.00
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RM1.68
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+1.2%
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PERDANA (7108)
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15/11/2013
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RM1.94
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BUY
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RM2.30
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RM1.99
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+2.5%
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TM(4863)
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18/11/2013
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RM5.16
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Trading BUY
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RM5.90
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RM5.18
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-0.3%
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SWKPLNT(5135)
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18/11/2013
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RM2.50
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BUY
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RM2.90
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RM2.56
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+2.4%
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MAYBULK (5077)
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19/11/2013
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RM1.71
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BUY
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RM2.00
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RM1.74
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+1.7%
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FGV (5222)
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19/11/2013
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RM4.30
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BUY
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RM4.93
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RM4.52
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+5.1%
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MATRIX (5236)
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20/11/2013
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RM3.24
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Trading SELL
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RM2.90
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RM3.20
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+1.3%
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GADANG (9261)
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20/11/2013
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RM0.99
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BUY
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RM1.41
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RM0.975
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+1.6%
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TSH (9059)
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21/11/2013
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RM2.83
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Take Profit
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RM2.50
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RM3.20
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+1.3%
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HOVID (7213)
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21/11/2013
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RM0.345
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ACCUMULATE
on weakness
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RM0.41
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RM0.975
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+1.6%
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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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