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FLOWS
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Monday, 16 June 2014
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BUY
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SEM,
MUHIBAH, SKPETRO
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SELL
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AIRASIA, UEMS, PBBANK
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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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UEMS (5148)
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16/6/2014
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RM2.07
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ACCUMULATE
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RM2.51 (EA)
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Key support of RM2.05 was successfully tested in recent days
with volume having substantially be reduced since it peaked on 30/5/14.
This is a potential bottom as RM2.05 is a major retracement support
from a low of RM1.59 (Sept'12) to a high of RM3.56 (May’13), a good
level to start accumulation especially with the macd poised to cut up. UEMS
is now trading at a 55% discount to its fully diluted RNAV due to the
property sector restrictive measures announced during Budget 2014, a
subsequent further state levy on purchases by foreigners and the
perception of sales having peaked. At the current price, we are of the
opinion that the negatives have been discounted and any positive
news-flow would generate a significant bounce from this oversold
position to a more realistic 45% discount to its fully diluted RNAV of
RM2.51. Potential positive developments in addition to the ground-breaking of
the UEMS-Ascendas Nusajaya Tech Park which is a key economic driver to bring
population into the area, are further news-flow from the FastTrack project @
Gerbang Nusajaya by 2H14, the partnership with Hong Kong’s Sino Group &
its Singapore affiliate Far East to bring in the Fullerton hospitality brand,
and the signing up of Australia’s Land Lease Corp to participate in the
development of several commercial venture in KL & Johor, such as
Publika2, and operate the Mall of Medini in Iskandar Johor. Accumulate
(LJN/PT)
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MRCB (1651)
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16/6/2014
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RM1.62
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ACCUMULATE
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RM1.98
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Bullish signals are seen in its weekly chart with a reverse
head & shoulder pattern (neckline @ RM1.61) and a positive macd after a
failed dead cross. The technicals confirm its various existing &
potential catalytic developments such as: 1) positive resolution for PJ
Sentral Garden City & news-flow on its master plan & timeline for its
development phases ; 2) the completion of the deal to inject Platinum Sentral
into Quill Capita Trust in 3Q14 & proposals for additional disposal of
MRCB’s other prime office/commercial buildings (notably Shell Tower &
Ascot Residences at KL Sentral) to the Trust which is a continuation of
MRCB’s degearing exercise that is earnings accretive and free up capital for
further reinvestments; 3) MRCB is a front-runner for the Kwasa Damansara
project as EPF (a 39% shareholder) is the master developer and results of
Project MX-1 (24ha town centre) is expected in 2H14; 4) the takeover of the
EDL Highway by the government as the current impasse of not being allowed to
collect toll on the highway need to be resolved; and 5) the take off by Q414
of the Penang Sentral project in Butterworth. Accumulate
(LJN/PT)
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Calls for JUNE 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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SUCCESS (7207)
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9/6/2014
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RM1.48
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BUY
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RM2.00
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RM1.47
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-0.7%
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WEIDA (7111)
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9/6/2014
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RM1.60
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ACCUMULATE
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RM2.00
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RM1.60
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0.0%
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YTL (4677)
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10/6/2014
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RM1.63
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BUY
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RM2.40
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RM1.66
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+1.8%
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SUPERMX(7106)
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10/6/2014
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RM2.33
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BUY
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RM2.90
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RM2.18
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-6.5%
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SKPETRO (5218)
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11/6/2014
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RM4.03
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ACCUMULATE
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RM4.60
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RM4.28
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+6.2%
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AIRPORT (5014)
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11/6/2014
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RM7.61
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BUY
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RM8.45
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RM7.74
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+1.7%
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PENERGY (5133)
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12/6/2014
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RM3.03
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SELL
into strength
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-
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RM2.98
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-1.7%
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WCT (9679)
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12/6/2014
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RM2.23
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ACCUMULATE
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RM2.80
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RM2.24
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+0.4%
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SUNSURIA (3743)
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13/6/2014
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RM1.41 / 0.84 (EA)
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ACCUMULATE
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RM1.10 (EA)
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RM1.41
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0.0%
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PANTECH (5125)
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13/6/2014
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RM1.01
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ACCUMULATE
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RM1.30
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RM1.01
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0.0%
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Performance
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Positive
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Negative
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Neutral
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