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FLOWS
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Wednesday, 19 February, 2014
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BUY
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IOIPROP,
IOI, SKPETRO
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SELL
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PERDANA, TENAGA,
AXIATA
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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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MPHBCAP (5237)
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19/2/2014
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RM1.78
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Accumulate
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RM2.00
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MPHB CAP – Asset rich vehicle with push factor to avoid being
classified as a Financial Holding Company which will see it pare down its
100% stake in its insurance arm. Recent transaction of Kurnia (2.1x) and
P&O (2.5x) should see the group fetch around 2x P/bk or approximately
RM270m for a 49% stake sale. Its other land banks totaling 2727 acres are
generally priced in the book below market levels. Immediate interest could
come for its 1800 acres of oil palm plantation land in Pengerang adjacent to
the Petronas proposed RAPID site. Book value is only RM1.00/p sq foot. Recall
also that the company is still in arbitration over the disputed price for the
compulsory acquisition by the Johor State Govt for 2,800 acres in 4Q2012 for
RM0.93/sq ft vs prices transacted then around the RM5.00 mark.
They will also fare well with recent talk of TRX prices targeted at
RM3000 with their 4.2 acres on Bukit Bintang.
Potential brake out from current range as their monetization exercise
see it trade closer to RNAV of RM3, immediate target of RM2.00.
(DN)
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WASEONG (5142)
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19/2/2014
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RM1.99
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ACCUMULATE
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RM2.50
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WASEONG – Few remaining O&G
laggards. Cheaper entry to Petra Energy with its 26.9% stake valued at RM632m
vs its own market cap of RM1.53bn. 4Q numbers should see a recovery vs
3Q with contribution from Statoil pipe and North Malay basin pipe coating
projects contribution. Current order book stands at RM1.7bn with a tender
book of RM4bn. Under its sub Wasco Engineering International Ltd (WEIL)
which designs and fabricates upstream and downstream oil and gas production
and processing equipment, gas compressors and power generation packages, the
company could also have a role to play in Petronas RAPID project.
(DN)
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Calls for FEB Week 2/Week 32014
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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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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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RM3.35
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+5.0%
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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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RM3.63
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-1.4%
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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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RM7.18
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+1.4%
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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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RM3.01
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-4.8%
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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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RM3.30
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+7.4%
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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 (2194)
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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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RM2.79
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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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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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RM1.27
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+2.4%
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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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RM6.00
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+0.1%
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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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