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FLOWS
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Wednesday, July 30, 2014
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BUY
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SKPETRO,
CIMB, ALAM
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SELL
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AIRASIA, PBBANK,
DIGI
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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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30/7/2014
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RM1.44
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Accumulate
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RM1.94
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Share price has recovered from its
recent low of RM1.34 with MACD on the verge of cutting up. We see further
upside to Tropicana and advocate an accumulate call. Tropicana’s FY14 target
sales of RM2bn remain intact with sales reportedly hitting RM1bn in May. 2H14
new launches in Tropicana Heights (GDV: RM376m) and Tropicana Aman (GDV:
RM770m) are landed residential projects which expects strong takeups. Its
monetisation exercise has garner pace with recent land sales in Canal city,
Jalan Kia Peng, and Jalan Bukit Bintang. Company’s ambition is to monetise
smaller parcels of lands and investment properties such as Tropicana city
mall with targeted gearing of 0.3x by 2016. This is expected to narrow its
discount to RNAV which currently stands at 63% (RM3.89). Furthermore, after
August exercise price to convert major shareholder’s RCULS from its asset
injection will rise to RM1.50 for subsequent 3 years. This will mitigate
concerns of dilution and potentially result in a floor to the price.
Accumulate with TP: RM1.94. (TYK)
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MHB (5186)
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30/7/2014
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RM3.58
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ACCUMULATE
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RM4.10
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Share price hovers near its recent low of RM3.46. Current orderbook of
RM2.3bn is made up mostly from its Malakai TLP and SK316 topside fabrication
job with yard utilisation of less than 60%. Tenderbook is RM4-5bn with job
such as central processing platform, Bardegg 2 project to be awarded by
3QCY14 with a contract value of MYR1bn-1.2bn. Other projects on tender
include Baronia CPP, Nosong wellhead platform off Sabah and various Petronas
EOR projects. Given its yard space and partnership with Technip, MHB stands a
high chance of bagging some of these contracts. MHB Shariah status could
appeal as other O&G name such as SKPETRO may no longer hold the status by
Nov. Accumulate with TP: RM4.10 (TYK)
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Calls for JULY WEEK 3/ WEEK 4 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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PANTECH (5125)
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21/7/2014
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RM1.14
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ACCUMULATE
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RM1.30
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RM1.10
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-3.6%
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L&G (3174)
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21/7/2014
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RM0.565
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ACCUMULATE
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RM0.675
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RM0.575
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+1.7%
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POS (4634)
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22/7/2014
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RM5.33
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TRIM
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-
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RM5.15
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-3.3%
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PERISAI (0047)
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22/7/2014
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RM1.50
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ACCUMULATE
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RM1.88
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RM1.50
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+0.0%
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NAIM (5073)
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23/7/2014
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RM4.05
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BUY
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RM4.50
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RM3.99
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-1.5%
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GAMUDA (5398)
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23/7/2014
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RM4.76
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BUY
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RM5.30
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RM4.75
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-0.2%
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GASMSIA (5209)
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24/7/2014
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RM3.36
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ACCUMULATE
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RM3.65
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RM3.40
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+1.1%
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AFG (2488)
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24/7/2014
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RM5.04
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ACCUMULATE
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RM5.50
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RM4.99
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-1.0%
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PDZ (6254)
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25/7/2014
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RM0.16
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Trading BUY
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RM0.20
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RM0.165
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+3.1%
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PETDAG (5681)
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25/7/2014
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RM19.22
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ACCUMULATE
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RM22.00
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RM19.04
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-0.9%
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Performance
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Positive
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Negative
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Neutral
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