FLOWS
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Monday, 2 December, 2013
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BUY
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SKPETRO,
MAYBANK, TENAGA
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SELL
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AXIATA, CIMB, SIME
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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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PMETAL (8869)
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2/12/2013
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RM2.36
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BUY
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RM3.12
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Share price has fallen 7% from its November
high of RM2.54, we believe this is an opportunity to collect as it is still
within its upward channel w strong support near the RM2.32 level. Recent
headline result of RM1.6mil loss included disposal loss of MYR51.6m from its
asset swap of the loss-making Hubei smelter in exchange for an extrusion
plant and an operating loss of MYR20.3m from the Mukah smelter. Excluding
these, 3Q core actually was RM19.5mil. Earnings are expected to see strong
recovery in FY14 with full contribution from 320,000 tpa aluminium smelting
plant in Samalaju, re-commissioning of 120,000 tpa aluminium smelting plant
in Mukah since Nov as well as insurance payment for Mukah shutdown. Its
strong ties and plans to sell a 20% stake in Samalaju to Sumitomo are also
expected to provide a secured offtaker for their products. Accumulate as it
only trades at 6xFY14 PER with forecasted dividend yield of 3.39%. TP: RM3.12
(8xFY14)
(TYK)
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PCHEM (5183)
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2/12/2013
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RM6.75
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Trading BUY
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RM7.30
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After hitting a high of RM7.21 in
Oct share price has eased 6.4% and has seen consolidation around RM6.60-6.75
levels for past 2 weeks. We believe this is a trading opportunity ahead of
year end closing with MACD on the verge of cutting up. 3Q result was impacted
by olefins maintenance shutdown, and the weaker price of fertiliser products.
However FY14 will see earnings recovery upon resumption with smaller planned
maintenance shutdown on its olefin cracker and the Labuan Methanol Plant 1.
Key catalyst would be the finalisation of RAPID plans in 1Q2014 as well as
BASF-PChem JV plans for an integrated aroma ingredients complex in Kuantan.
With Project SAMUR progressing well, plant is on scheduled to complete by
2015. Trading Buy with TP: RM7.30 (15xFY14 PER)
(TYK)
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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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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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RM9.65
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+0.9%
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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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RM0.67
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+0.7%
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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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RM0.83(ex)
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+1.8%
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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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RM5.35
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+0.3%
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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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RM0.88
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-12.9%
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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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RM2.67
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+10.7%
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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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RM2.21
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+2.3%
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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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RM4.76
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0.0%
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PANTECH (5125)
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29/11/2013
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RM0.995
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ACCUMULATE
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RM1.15
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RM0.99
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-0.6%
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MHB (5186)
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29/11/2013
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RM3.74
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ACCUMULATE
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RM5.20
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RM3.76
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+0.5%
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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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