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FLOWS
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Friday, 12 September, 2014
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BUY
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TENAGA, AXIATA, IOIPG
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SELL
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MAYBANK, DIGI,
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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ECONBHD (5253)
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12/9/2014
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RM0.965
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Trading BUY
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RM1.20
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Group will benefit from more job flows within
the next year as it is one of the leaders in the local piling industry with
approximately 13% market share locally. Some of the more notable projects
that it has undertaken are KVMRT (V1 & V6), Pavilion
extension/tunnelling, Tg Bin power plant as well as several housing projects
around the Klang Valley and Putrajaya. Till date the group has a strong
outstanding orderbook of RM600mil that will last the group for the next 1-2
years and with the KVMRT1 job expected to be completed by October, the group
will free up more capacity to take up more jobs. Currently the group has
tendered for RM2.0b worth of jobs where the group is in position to select
projects that offer a higher margin pegging a margin improvement of 1-2% a
year. Share price performance retraced from the RM1.22 level and has
consolidated around the 4 weeks low of RM0.955. MACD turning up and RSI only
at its lowest point of 46%. Econpile is only trading at 10x for FY16 and pays
3% div yield at this price. Trading BUY on bottoming technicals and expectations
of more job flows moving forward. TP of RM1.20 based on 13.5x FY 16 PE.
(RL)
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GAMUDA (5398)
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12/9/2014
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RM4.83
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BUY
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RM5.50
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While the recent acquisition of the Salak
Land (1530 acres; exp to be completed in Oct) is just a part of their land
banking activity to boost its earnings for its prop division, we still expect
the group to be the biggest beneficiary of more KVMRT2 news flow in 2H.
Subsequently, a positive outcome from the SPLASH negotiations deadlock will
remove the overhang for the group and better yet, follow up with an
anticipated special div payout from the sale of its asset. Looking forward,
the group has a few key catalyst in range including the PDP role to be
awarded for KVMRT2 (50:50 with MMC), schedule launches and GDV values on the
Salak land. Currently group is trading 14x for FY 15 and 12.6 x for FY16
which is relatively lower than its 5 year average of 19x or sector average of
16. Share price currently trading at the 20 SMA support, MACD turning up. BUY
with a TP of RM5.50 based on a fair valuation of 16x multiple.
(RL)
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Calls for SEPT 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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ANNJOO (6556)
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5/9/2014
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RM1.31
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Trading BUY
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RM1.80
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RM1.39
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+6.1%
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BJAUTO (5248)
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5/9/2014
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RM2.70
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BUY
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RM3.20
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RM2.93
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+11.1%
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TENAGA (5347)
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8/9/2014
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RM12.26
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ACCUMULATE
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RM13.50
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RM12.48
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+1.7%
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AMBANK (1015)
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8/9/2014
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RM6.89
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Trading BUY
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RM8.00
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RM7.00
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+1.5%
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STEMLFE (0137)
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9/9/2014
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RM0.465
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Trading BUY
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RM0.465
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RM0.46
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-1.1%
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HLBANK (5819)
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9/9/2014
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RM14.82
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TRIM
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-
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RM14.64
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-1.3%
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DAYANG (5141)
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10/9/2014
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RM3.50
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ACCUMULATE
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RM4.26
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RM3.52
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+0.5%
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PRESBHD (5204)
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10/9/2014
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RM2.07
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Trading BUY
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RM2.40
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RM2.03
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-2.0%
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PERDANA (7108)
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11/9/2014
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RM1.74
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ACCUMULATE
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RM1.95
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RM1.81
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+4.0%
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THHEAVY (7206)
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11/9/2014
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RM0.83
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ACCUMULATE
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RM0.94
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RM0.83
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0.0%
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Given that our call initiated on the 29/8 to buy
Censof (5195) has achieved our target of RM0.58,
we advocate a take profit on the stock.
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Performance
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Positive
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Negative
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Neutral
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