FLOWS
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Wednesday, 12 February, 2014
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BUY
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DIGI,
YTLP, TENAGA
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SELL
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SKPETRO, MAYBANK,
UEMS
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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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KULIM (2003)
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12/2/2014
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RM3.19
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BUY
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RM3.50
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Kulim (RM3.58) – with the plantation stocks having bounced
from their recent lows, Kulim is an attractive laggard based to the
followings: 1) Johor Corp, KWAP & EPF control 73% of its shareholdings
hence a relatively more defensive stock due to its low foreign shareholdings;
2) technical have just turn positive with the macd buy signal triggered for
the first day; 3) the plantation sector has been neglected and under
owned by investors for the past year due to the depressing CPO prices and the
global underweighting of commodity & commodity-related stocks. However, recently
interest is seen returning to the plantation sector due to the improving
fundamentals from the biodiesel mandates in Malaysia & Indonesia, the
slower-than-expected FFB & CPO production from tree stress & severe
wet weather, coupled with the plantation sector in a seasonally low
production period which is supportive of higher CPO prices of which Kulim is
a pure play after having sold its fast food business. Its 49% associate,
NBPOL, is expected to register a sharp 136% jump in net profit in FY14 after
the poor harvest in FY13 due to the heavy rains. This catalyst may not be
fully reflected in Kulim’s consensus FY14 earnings forecast. Kulim is trading
at FY14 PER of 16.9x which is attractive compared with big caps plantation
stocks average FY14 PER of 18.8x, but is very undervalued on a p/bk basis
with its p/bk at 0.68x versus its peers average of 2.18x. Accumulate
(PT)
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MHB (5186)
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12/2/2014
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RM3.68
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BUY
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RM4.13
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MHB is trading close to its support level of
RM3.65/60 which have contained the downside during the previous 2 corrections
and coincide with Bursa filings disclosing LUTH increased their position
around these levels. During the recent correction, MHB has outperformed the
broad market due to its very small foreign shareholding of less than 2.5%.
With the current environment of Fed tapering and foreign funds exiting the
emerging markets, this is an attractive attribute to have, coupled with the
disappointing earnings and cost overruns on completed projects already
discounted in the price. There is also the potential of a successful
negotiation on reimbursements of additional work done to complete the
previous jobs where the costs have been recognised but not the revenue. In
addition, Upstream Online reported that MHB is one of the 3 Malaysian
fabricators shortlisted for the RM1.5b Baronia gas project and 2 satellite
platform projects by Petronas Carigali. The last few trading days saw block
crossings on MHB shares between RM3.65 to RM3.70 which indicates strong
support for the stock around these levels. Accumulate before the sellers dry
up around current levels.
(PT)
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Calls for FEB Week 1/Week 2 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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CRESBLD(8591)
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5/2/2014
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RM1.44
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BUY
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RM1.73
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RM1.50
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+4.1%
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DIGI (6947)
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5/2/2014
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RM4.68
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ACCUMULATE
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RM5.20
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RM5.16
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+10.2%
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UOADEV (5200)
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6/2/2014
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RM1.83
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Trading BUY
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RM2.20
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RM1.90
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+3.8%
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AEON (6599)
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6/2/2014
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RM11.86
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ACCUMULATE
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RM13.30
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RM13.48
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+13.6%
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SPSETIA (8664)
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7/2/2014
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RM2.74
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Trading BUY
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RM3.30
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RM2.76
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+0.6%
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NAIM (5073)
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7/2/2014
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RM3.41
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ACCUMULATE
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RM3.80
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RM3.52
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+3.2%
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OLDTOWN (5201)
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10/2/2014
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RM2.01
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Trading BUY
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RM2.38
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RM1.96
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-2.5%
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TCHONG(4405)
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10/2/2014
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RM5.60
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ACCUMULATE
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RM7.31
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RM5.65
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+0.9%
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SCOMIES (7045)
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11/2/2014
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RM0.90
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BUY
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RM1.01
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RM0.90
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0.0%
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MATRIX (5236)
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11/2/2014
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RM3.57
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BUY
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RM3.90
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RM3.78
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+5.8%
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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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