FLOWS
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Friday, 3 January, 2014
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BUY
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TENAGA,
WCT, SIME
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SELL
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PETGAS, MISC,
SKPETRO
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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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GADANG (9261)
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3/1/2013
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RM1.02
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BUY
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RM1.60
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Despite its relatively small market
cap of c.RM200mil, company is viewed as an emerging civil engineering company
as it has successfully secured sizeable projects including LKSA Highway and
MRT1-V2. This put them in a strong position for the RM6bn of tender incl
works for WCE, DASH, KIDEX, TRX and SUKE. Gadang being an incumbent will also
stand a good chance for further earthworks in RAPID as well as MRT projects.
OB stands at RM1.58bn with half coming from MRT-V2. Gadang is also a proxy to
PR1MA projects after securing a JV to develop 2,500 housing units on 109.31
acres of land in Cyberjaya. Gadang has undeveloped landbank worth over RM2bn
in GDV and plans to launch 2 projects in 1Q14 under the Residensi Vyne
condominium development in Sungai Besi and Pokok Sena terraced house project
in Kedah. Last month they have also announced a JV which is expected to reap
RM323mil from a property project in Johor worth RM1.8bn which is bigger than
its market cap. Trades at attractive PE of 5xMAYFY15 and dividend yield of
5%. Buy TP: RM1.60 (9xCY14 PER)
(TYK)
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MUHIBBAH (5703)
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3/1/2013
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RM2.31
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BUY
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RM3.00
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After hitting a peak of RM2.69 share
price has consolidated well around the RM2.30. Petronas fabrication licence
received this year will put company in a strong position to bag contracts
from Petronas and other oil majors independently without having to tie up
with other players. Having successfully completed the Melaka regasification
plant, Muhibah will be the front runner with plants being touted in Sabah,
and Johor. Muhibah is also tipped to be one of the front runners for the
RM60b RAPID project Pengerang project. Muhibah will be a beneficiary from
boom in tourism in Indochina as they are a major player owning airport
concession in Myanmar as well as airport construction works in Cambodia.
Orderbook stands at RM2bn. Trades at PER of 9x and 7.6x for FY14 & FY15.
TP: RM3.00 (12xFY14)
(TYK)
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Calls for DEC week 3/ JAN week 1 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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MRCB (1651)
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16/12/2013
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RM1.24
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Trading BUY
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RM1.40
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RM1.33
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+7.2%
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UEMS (5148)
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16/12/2013
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RM2.30
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BUY
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RM2.60
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RM2.36
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+2.6%
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DRBHCOM (1619)
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17/12/2013
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RM2.74
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BUY
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RM3.10
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RM2.80
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+2.1%
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TAANN (5012)
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17/12/2013
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RM4.14
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BUY
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RM4.56
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RM4.10
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-1.0%
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DELEUM (5132)
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18/12/2013
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RM4.03
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BUY
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RM4.68
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RM4.42
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+9.6%
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E&O(3417)
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18/12/2013
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RM1.93
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Trading BUY
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RM2.76
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RM1.86
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-3.7%
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UNISEM (5005)
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19/12/2013
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RM0.89
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BUY
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RM1.30
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RM1.05
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+17.9%
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BURSA (1818)
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19/12/2013
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RM8.09
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BUY
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RM9.84
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RM8.14
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+0.6%
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TIMECOM (5031)
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2/1/2013
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RM3.55
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BUY
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RM4.00
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RM3.61
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+1.6%
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JTIASA (4383)
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2/1/2013
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RM2.04
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BUY
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RM2.30
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RM2.13
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+4.4%
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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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