|
FLOWS
|
Wednesday, 28 May, 2014
|
|||||||||||||
|
BUY
|
MAXIS, SIME,
SKPETRO
|
|||||||||||||
|
SELL
|
DIGI, ASTRO, PCHEM
|
|||||||||||||
|
STOCK ALERT
|
||||||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||||||
|
MISC (3816)
|
28/5/2014
|
RM6.19
|
ACCUMULATE
|
RM6.80
|
||||||||||
|
MISC (RM6.19) – Price has
tumbled from a year high of RM7.04 to current levels on fears of new charter
rates for its LNG fleet. Latest set of results show steady performance from
the LNG segment with a recovery in Petroleum but continued weakness in
chemical and heavy engineering. The company is still undergoing its rationalization
program with the expected sale of 7 chemical tankers and the listing of its
JV tanker biz via VTTI. Current levels reflect a valuation of 1x P/Bk vs
industry average of 1.13x. We feel that the current selling is overdone and
expect a rebound back to above the RM6.80 levels. BOW
(DN)
 |
||||||||||||||
|
AFG(2488)
|
28/5/2014
|
RM4.74
|
SELL into strength
|
-
|
||||||||||
|
AFG (RM4.74) – Recent price
rallied on the back of an unexpected surprise special dividend of 10.5sen
when reporting their 4Q results bringing payout ratio to 79.5% vs guided 60%.
NIM however continued experience compression (-2.24%) as the high yielding co
op loans are replaced by lower yielding mortgage loans. Current valuations
are uncompelling with P/bk of 1.65x, PE 12.3x, ROE 13.6% vs a top 4 bank AMMB
priced at P/bk 1.53x, PE 11.3x, ROE 14%.
Sell into strength.
(DN)
 |
||||||||||||||
|
|
||||||||||||||
|
Calls for MAY WEEK 3/ WEEK 4 2014
|
||||||||||||||
|
STOCK
|
Initiation
Dates
|
Initiation
price
|
BUY/SELL
|
TARGET PRICE
|
LAST PRICE
|
% Change
since Initiated
|
||||||||
|
SKPETRO (5218)
|
21/5/2014
|
RM4.24
|
ACCUMULATE
|
RM5.57
|
RM4.10
|
-4.1%
|
||||||||
|
AXIATA (6888)
|
21/5/2014
|
RM6.95
|
TAKE PROFIT
|
-
|
RM6.90
|
-0.8%
|
||||||||
|
KPS (5843)
|
22/5/2014
|
RM1.52
|
TRADING BUY
|
RM2.50
|
RM1.52
|
0.0%
|
||||||||
|
DRBHCOM (1619)
|
22/5/2014
|
RM2.42
|
ACCUMULATE
|
RM3.00
|
RM2.40
|
-0.9%
|
||||||||
|
BRAHIMS (9474)
|
23/5/2014
|
RM1.95
|
TRADING BUY
|
RM2.25
|
RM1.73
|
-11.3%
|
||||||||
|
ENGTEX (5056)
|
23/5/2014
|
RM1.85
|
ACCUMULATE
|
RM2.60
|
RM1.84
|
-0.6%
|
||||||||
|
SBCCORP (5207)
|
26/5/2014
|
RM2.09
|
TRADING BUY
|
RM2.91
|
RM2.12
|
+1.4%
|
||||||||
|
TAANN(5012)
|
26/5/2014
|
RM4.23
|
ACCUMULATE
|
RM5.00
|
RM4.33
|
+2.3%
|
||||||||
|
THHEAVY (7206)
|
27/5/2014
|
RM0.895
|
ACCUMULATE
|
RM1.20
|
RM0.895
|
0.0%
|
||||||||
|
SALCON (8567)
|
27/5/2014
|
RM0.765
|
ACCUMULATE
|
RM0.855
|
RM0.765
|
0.0%
|
||||||||
|
Performance
|
|
|
Positive
|
|
|
Negative
|
|
|
Neutral
|
|
