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FLOWS
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Tuesday, 18 February, 2014
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BUY
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MAXIS, AMBANK,
AIRASIA
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SELL
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UEMS, GENTING, DAYA
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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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TROP (5401)
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18/2/2014
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RM1.24
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Accumulate
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RM1.62
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share price appears to have found a floor at RM1.20 with
signs of uptick as volume picked up yesterday in 2H trading. FY13 saw record
sales achieved at RM2.17bn namely from Tropican Danga Bay, Tropicana Grande,
and Penang World City. Despite the cooling measures implemented, demand for
its projects remains encouraging with its just launched phase 1 (GDV RM250m)
of Tropicana Height@Kajang seeing over 50% takeup rate last weekend. Other
projects in the pipeline include new phases for Penang World City, 218
Macalister in Penang (RM294m), Bora@ Tropicana Danga Bay. Its Tropicana City
Centre (GDV RM5bn) mixed development is also slated for launching in Oct. Its
investment properties also contribute almost RM60m PBT per annum or around
20% of 2014 forecasted PBT which gives the company a stream of positive
cashflow and recurring income. Further catalyst will come from its degearing
exercise with possible sale of assets (Dijaya Plaza, Tropicana Mall, and W
hotel) worth RM1.5bn. Tropicana currently yields 5% and trades at 7xFY14 PER
and only 40% of its estimated RNAV of RM2.92-3.56.
Accumulate with TP: RM1.62 (50% discount to mid range RNAV) (TYK)
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SOP (5126)
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18/2/2014
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RM5.99
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ACCUMULATE
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RM6.96
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Share price ytd is down 8% (from 6.50) and 13.8% from its
peak in Jan of 6.95 with RSI falling to oversold level of 25%. Share price
yesterday were partly impacted from news of Wilmar intention to stop buying
CPO from Sarawak due to its “No Deforestation, No Peat, No Exploitation”
policy signed with Unilever in Dec-2013. However this could just be a knee
jerk reaction as there are still four other refineries in Sarawak. We see
strong support at RM5.86 level which is its 200MA. In 2014, SOP will see
organic production growth of around 19% as proportion of its trees in prime
age will increase from 59% to 84% over next few years. Currently trades at
13.77xFY14 PER. Accumulate with TP: RM6.96 (16xFY14) (TYK)
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Calls for FEB 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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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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RM1.10
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+22.2%
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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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RM3.77
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+5.6%
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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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RM3.24
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+1.6%
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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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RM3.64
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-1.0%
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CMSB (2852)
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13/2/2014
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RM7.08
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ACCUMULATE
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RM8.00
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RM7.17
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+1.27%
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ZHULIAN (5131)
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13/2/2014
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RM3.16
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Trading BUY
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RM4.00
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RM3.14
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-0.6%
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PRESBHD (5204)
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14/2/2014
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RM3.07
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BUY
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RM3.40
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RM3.18
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+3.5%
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TAANN (5012)
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14/2/2014
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RM4.06
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BUY
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RM4.68
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RM4.00
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-1.5%
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MMCCORP (5194)
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17/2/2014
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RM2.79
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Trading BUY
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RM3.20
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RM2.80
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+0.4%
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MRCB (1651)
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17/2/2014
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RM1.48
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ACCUMULATE
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RM1.80
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RM1.56
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+5.4%
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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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