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FLOWS
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Friday, January 24, 2014
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BUY
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DIGI,
TENAGA, IOIPG
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SELL
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CIMB, SKPETRO, MISC
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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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AIRPORT (5014)
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24/1/2014
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RM8.90
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ACCUMULATE
on weakness
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RM10.00
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Share price swung from a high
of RM9.79 to a low of RM8.27 and have rebounded to close exactly at the 61.8%
(RM8.90) where we feel will find some support. Fundamental of the group
remains intact with the opening of KLIA 2 in May 2014 where it will
contribute double digit growth (11-16%) to their EBITDA. While the group’s
passenger growth increased 12% after taking on several new airlines in 2013,
the fact that 2014 was declared as Visit Malaysia Year by government would
lead to a higher number of passengers passing through the airport. The
negotiation on the extension of the concession period by another 35 years to
2069 which would decrease the depreciation/amortisation of the capex incurred
for klia2. The negotiation is expected to be completed by the first half of
2014, which will boost FY14-16F earnings by 23%-34%. Currently Stock is
trading at 24.18x PE which is relatively decent to regional average of
30-40x. Chart is turning bullish as MACD is on the verge of cutting up; given
that it is the only airport operator in Malaysia that will largely benefit
from the accelerated growth of the launching of KLIA2, we advocate a ACCUMULATE on weakness. TP of RM10.00
based on technical break out.
(RL)
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PERDANA (7108)
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24/1/2014
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RM1.69
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ACCUMULATE
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RM
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We continue to like
Perdana’s young fleet of OSV averaging less than 4 years of age where 16 of them are currently operational with 85% utilization. Group’s orderbook stood at RM1.4bn as
their medium to long term prospects remain stable on the back of contracts
that will utilize atleast 10 of its vessels till 2018-2019. The group’s is
expected to surge in FY15 (75% from FY2013) where earnings from vessels
charted to Dayang will be recognized for the full year. The group’s expansion of its fleet sees 2 more
vessels to be delivered (Sometime late 1Q & 3Q of CY14). At Current
price, stock is trading at only 13.6x for FY14 and 12x for FY15. ACCUMULATE both Perdana and Perdana-wa for
gearing.
(RL)
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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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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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RM2.55
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-0.8%
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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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RM8.36
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+5.8%
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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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RM2.98
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-3.9%
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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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RM3.20
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-1.6%
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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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RM9.13
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+0.1%
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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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RM3.32
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0.0%
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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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RM3.62
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+1.6%
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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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RM1.73
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+1.7%
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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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RM2.75
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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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