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FLOWS
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Tuesday, 28 January, 2014
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BUY
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CIMB,
GENM, SKPETRO
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SELL
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IHH, AXIATA, TM
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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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SURIA (6521)
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28/1/2014
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RM2.25
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ACCUMULATE
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RM2.94
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Since reaching its peak of RM2.74 on
5th Dec 13, Share price has retraced 18% with RSI htting oversold levels at
24%. 1st support level is at RM2.22 with next support at RM2.00. This offers
an attractive level to accumulate on a defensive name ahead of global
uncertainties as Suria earning is underpinned by it’s stable & lucrative
port concessions in Sabah ( 8 major ports – making up circa 85% revenue).
This division gives Suria a stable net profit of slightly over RM50mil
(17.6sen) for past 4 years. FY14 earnings will be boosted by its plans to
develop a 16acres land in Jesselton Quay with SBC Corp with another 7acres in
hand. Company is guaranteed 18% of GDV which equates to RM324mil (RM1.14)
over 8 years. Payments are also frontloaded with RM80m received upon the
presentation of third party charge which is expected in 2014. Further upside
will come from proposed tariff hike of up to 30% subject to approvals by
authorities. Suria’s balance sheet is stable as it has net cash of 17sen
inclusive of investment securities. Operating CF is extremely strong
generating over RM120mil per annum in the past 4 years. This gives plenty of
upside to higher dividend as current payout only stood at RM17.4m (35% payout
ratio). Suria is trading at only 10.4xFY14PE vs 14xPE for similar mkt cap
peers such as Integrax. Accumulate with TP:2.94 (14xPE)
(TYK)
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PADINI (7052)
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28/1/2014
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RM1.61
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ACCUMULATE
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RM1.90
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Share price has retraced back to its
1.5yrs strong support level of RM1.60 with RSI at 26. YTD price is down 10%
and 13.4% lower from its recent peak of RM1.86 in Dec. We believe this has
priced in the more cautious outlook for consumer spending given the
rationalisation of subsidies. Share price is supported by its dividend yield
of 6.5%. Padini has resumed its new store opening plans with 7 (4BO &
3PCS) slated for this financial year. These stores will be located in Penang,
Miri, Seremban and Langkawi. We believe this location has better growth
potential competitors such as H&M are mainly in Klang Valley. This would
add 90k Sqft of retail space to a total of 811k sqft which would allow PADINI
to better capitalize on the additional tourist arrivals projected in
conjunction with the 2014 Visit Malaysia Year. Accumulate with TP: RM1.90 (12.6xCY14
PER)
(TYK)
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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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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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RM5.19
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-2.9%
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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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RM8.97
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-1.7%
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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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RM3.33
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+0.3%
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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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RM3.49
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-2.0%
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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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RM1.71
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+0.5%
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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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RM2.81
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+2.5%
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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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RM8.68
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-2.5%
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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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RM2.00
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RM1.67
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-1.2%
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CIMB (1023)
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27/1/2014
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RM6.90
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Buy on Weakness
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RM7.40
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RM6.91
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-0.1%
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IOIPG (5249)
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27/1/2014
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RM2.85
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ACCUMULATE
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RM3.30
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RM2.74
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-3.9%
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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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