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FLOWS
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Thursday, 23 January 2014
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BUY
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CIMB,
UEMS, AXIATA
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SELL
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MAYBANK, GENTING,
KPJ
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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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BARAKAH (7251)
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23/1/2014
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RM1.70
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Trading SELL
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RM1.47
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The share price has done very well since its
listing (+164% from RTO price of 65s) and adding 15% over the past 3 weeks.
The strong buying was supported by group’s 40% net profit CAGR for FY13-16,
underpinned by its RM500m hook-up commissioning contracts (5 years) and the
RM1.5-1.8b Pan Malaysian T&I contracts ( 3 years). Recently, interest in
the group was further buoyed by talks that it is close to securing it’s
maiden overseas contract from the Middle East ( estimated contribution of
RM50m pa) & could also finalize a partnership/JV in Indonesia ( estimated
contribution RM15m pa). Group is now trading c19x for FY09/14 and c12x
FY09/15, versus comparable peers average PERs of 11x FY15. Although we still
like Barakah, we believe the positives are already reflected in the price.
Management has also guided that 1H14 results could be seasonably lower due to
the monsoon factor, MACD is cutting downwards & RSI at 66 - Trading Sell,
pending further positive news flows. (Targeted buy back RM1.47 based on 16x
FY14 EPS).
(AK)
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MUDAJYA (5085)
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23/1/2014
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RM2.74
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Trading BUY
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RM3.34
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The share price is currently close to the trough of its
trading range of RM2.70-3.00 over the past 4 months. The lackluster showing could
partly be attributed to its weaker 9MFY13 results ( core earnings & net
margins ) which trailed market expectations. At current levels, Co is trading
at just 7.4x FY12/14. Mudajaya remains the dominant player in domestic power
plant construction. Despite the weak 9M results, margins are expected to
improve slightly in Q413 when key projects reach their tail end. Market
expects news flow on power plant awards to pick up in the next 6 months,
backed by its RM5b tender book ( OB drivers remain domestic based and are
likely to be highway, power plant & related infra). We deem the 35%
valuation discount to its sector peers (c11x FY14) is unjustified as coal
supply for the India IPP is no longer an overhang & with the commencement
of the Chhattisgarh IPP early next year, new power plant jobs domestically
& strengthening of the Indian rupee as catalysts. RSI at 32 – Trading Buy
(TP RM3.34, 9xFY14).
(AK)
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Calls for JAN week 2/Week 3 2014
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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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UZMA (7250)
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15/1/2014
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RM5.75
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Trading Sell
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RM5.31
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RM5.70
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-0.9%
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WCT (9679)
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15/1/2014
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RM2.20
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ACCUMULATE
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RM4.80
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RM2.05
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-6.9%
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MEDIA (4502)
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16/1/2014
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RM2.57
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Trading BUY
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RM2.90
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RM2.51
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-2.4%
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LAFMSIA (3794)
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16/1/2014
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RM7.90
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Technical BUY
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RM9.00
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RM8.35
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+5.6%
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PUNCAK (6807)
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20/1/2014
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RM3.10
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ACCUMULATE
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RM3.80
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RM2.99
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-3.5%
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FAVCO (7229)
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20/1/2014
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RM3.25
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ACCUMULATE
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RM3.75
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RM3.22
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-1.0%
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BSTEAD (2771)
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21/1/2014
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RM5.34
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ACCUMULATE
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RM6.00
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RM5.35
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+0.1%
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SIME (4197)
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21/1/2014
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RM9.12
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ACCUMULATE
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RM10.00
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RM9.14
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+0.2%
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DIALOG (7277)
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22/1/2014
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RM3.32
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ACCUMULATE
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RM3.60
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RM3.34
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+0.6%
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TIMECOM(5031)
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22/1/2014
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RM3.56
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BUY
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RM3.90
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RM3.55
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-0.3%
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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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