FLOWS
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Thursday, 6 February, 2014
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BUY
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TENAGA,
AXIATA, MAXIS
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SELL
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IOICORP, SKPETRO,
MISC
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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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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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The
share price has been drifting lower, down c23% from its recent 4 months high
of RM2.38 in mid October 2013. This fall largely due to the negative
sentiment on the property sector & government’s cooling measures
proposed. At the current level, co is trading at a 50% discount to its RNAV
of R3.67, a discount we believe is overdone. UOA has low borrowings and is
deeply in net cash position which supports its ability to pay out it’s an
estimated DPS of c13s each for FY13 & 14, translating to a compelling net
dividend yield of 7.1%, which is better than most sizeable MREITs or most
developers. From a PER perspective, it’s currently trading at 6.6x FY12/14,
which is lower than its historical average of 7.4x. Group is also focusing on
more housing priced between RM500-800k/unit, which are saleable products in the
Klang Valley. RSI at 40 ; Trading Buy ( TP RM2.20, based on 40% disc to
RNAV).
(AK)
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AEON (6559)
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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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After the share price decline of 25% over the last
3 months, we believe the selloff is likely at its tail end or over. The share
underperformance was likely due to its earlier lofty valuations as well as
investor’s concern over an overall slowdown in consumer spending following
the government’s subsidy rationalization program. While its agreed that private
consumption growth will moderate, we reckon the scale down will most
likely be on discretionary items. Herein lies AEON’s strength as we believe
its earnings are fairly recession proof as 50% of its revenue are essential
products. This was seen during the 2008/09 crisis when the group posted
sturdy net profit growth despite the economic downturn. Aeon is now trading
at 15.6x FY14, below its 4-year historical mean of 16x. This is attractive,
considering group’s strong branding & extensive reach in Malaysia, strong
fundamentals (cashflow, BS with zero borrowings), strong management team,
growth prospects & syariah compliant status. Other catalysts going
forward include the opening of 4 new malls in FY14-15, SSS growth of 3%
guided & a higher average occupancy rate of 98% ( 96% now). RSI at 16 ;
Accumulate ( TP RM13.30, based on 17.5x FY14 EPS ).
(AK)
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Calls for JAN Week 4/ FEB 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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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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RM2.55
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-10.6%
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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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RM2.37
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+5.3%
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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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RM1.60
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-0.7%
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SKPETRO (5218)
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29/1/2014
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RM4.31
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ACCUMULATE
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RM4.90
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RM4.38
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+1.6%
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ARMADA (5210)
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29/1/2014
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RM4.05
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ACCUMULATE
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RM4.50
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RM4.02
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-0.8%
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CYPARK (5184)
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4/2/2014
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RM2.16
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ACCUMULATE
on weakness
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RM2.50
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RM2.22
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+2.7%
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ALAM (5115)
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4/2/2014
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RM1.44
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ACCUMULATE
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RM1.60
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RM1.43
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-0.7%
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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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+7.1%
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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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RM4.68
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0.0%
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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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