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FLOWS
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Thursday, 28 November, 2013
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BUY
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AIRASIA,
MAYBANK, DIALOG
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SELL
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TENAGA, CIMB,
GENTING
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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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MAHSING (8583)
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28/11/2013
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RM2.16
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Trading BUY
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RM2.60
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Mahsing’s Q3 results came
inline with consensus representing 75% of full year sales target of RM3b.
Going forward, the company is expected to sail thru the year surpassing 2013
sales target as they move their focus to average local consumption where 60%
of its residential products will be priced below RM1mil; notably, most of its
projects do not offer DIBS thus we believe the group should be able to
weather passed the recent pressure on the sector. Group’s outstanding
unbilled sales of RM4.2b provides up to 2 years earning visibility while we
look forward to more launches (Residence 1&2 @Rawang, Southville City,
D’sara Sentral, Meridin@Medini, Lakeville Residence and Bandar Meridin East
next couple of years. Currently only trading at 10x for FY13 and 8.5x for
FY14. AS of 3Q13, the group’s net gearing is only 0.2x and is backed by a
strong cash pile of RM788mil. Technical chart shows a turnaround in its chart
yesterday after touching a low of RM2.10, MACD just cut up, and short term
moving average are all turning up. BUY with an immediate target of RM2.40 and
eventually RM2.60 which is 20% from total RNAV of RM3.20
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GAMUDA (5398)
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28/11/2013
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RM4.76
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BUY on weakness
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RM5.20
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Recently, group announced
that it has received a LOA dated for 21st November 2013 from the
Selangor state government arm, KDEB with intentions to take over Gamuda’s 40%
owned SPLASH (RM1.83b in total) which translates to for a total cash
consideration of RM733.8mil or RM0.32 sens. The shareholders of SPLASH had
been given 14 days to accept the deal (4th December). Looking ahead,
group expects a couple more key newsflows such as the awarding of PDP as well
as the underground works contract for LINE 2 of the MRT mega project. Gamuda
is also a likely candidate for the month/year end window dressing. Currently
trading at 15.3x FY 14 PE and 13.6x for FY15. Current share price RM4.76 and
was supported closer to the RM4.72 (100 MA). Buy on Weakness with a TP of
RM5.20 based on 15x FY15 PE.
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Calls for NOV 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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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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RM2.80
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-1.1%
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HOVID (7213)
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21/11/2013
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RM0.345
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ACCUMULATE
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RM0.41
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RM0.350
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+1.4%
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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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RM2.30
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+2.2%
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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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RM0.38
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+4.1%
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SIME (4197)
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25/11/2013
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RM9.56
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BUY
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RM10.50
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RM9.64
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+0.8%
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SALCON (8567)
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25/11/2013
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RM0.665
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BUY
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RM0.75
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RM0.685
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+3.0%
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BJLAND (4219)
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26/11/2013
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RM0.815
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BUY
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RM1.47
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RM0.805(ex)
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-1.3%
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BSTEAD (2771)
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26/11/2013
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RM5.33
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ACCUMULATE
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RM6.00
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RM5.32
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-0.1%
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BENALEC (5190)
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27/11/2013
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RM1.01
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Trading BUY
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RM1.23
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RM0.94
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-7.0%
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SURIA (6521)
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27/11/2013
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RM2.41
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ACCUMULATE
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RM3.44
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RM2.55
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+5.8%
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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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