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FLOWS
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Friday, 26 September, 2014
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BUY
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CIMB, IOIPG, TM
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SELL
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UEMS, SKPETRO, 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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WCT (9679)
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26/9/2014
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RM2.18
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Trading BUY
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RM2.40
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The
share price performance has been poor over the last 2 months, falling c11% on
concerns that it’s property sales have been slowing down especially for high
rise properties in the Iskandar region, following measures taken by the
government & coupled with tight financing requirements. There was also
concern from the construction division’s declining margins. We reckon the
negatives are already reflected in the depressed valuation of c13x FY12/15.
The group is still actively looking for new jobs, targeting cRM1b domestic
& RM1b overseas contracts win for this year. Domestically, it is
eyeing some major infra works in RAPID ( RM1b), Kwasa Damansara earthworks (
RM1b), Ikano Building in Cochrane and WCE Highway. Overseas, it is targeting
some infrastructure jobs in Qatar ( bridges& roads) worth in excess of
RM1b. Any positive outcome from these tenders may be a re-rating catalyst for
the group; Trading Buy.
(AK)
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NAIM (5073)
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26/9/2014
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RM3.51
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ACCUMULATE
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RM4.75
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The share price has drifted lower by c20% over the
past 10 weeks, partly due to concerns over the slowdown of the property
sector in Sarawak ( from cooling measures by the govt), and narrowing margins
in it’s construction division. Following the price correction, group is now
trading at an undemanding 7.5x for FY12/15, lower that the average 1-year
forward PE of 10-16x for the construction sector. Naim’s 1HFY14 results were
within expectations. It still remains as a good proxy to the buoyant
construction & property sector in Sarawak, backed by massive investments
under the SCORE blueprint. Construction OB stands at RM1.1b, which should
sustain construction profits over the next 18 months. Group’s 30.9% stake in
Dayang has a market value of c RM3.52/Naim share ( close to Naim’s current
share price) and serves as a cheap proxy to Dayang’s superb growth prospects;
Accumulate ( TM RM 4.75, based on 10x FY12/15).
(AK)
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Calls for SEPT 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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POS ( 4634)
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19/9/2014
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RM4.70
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ACCUMULATE
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RM5.30
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RM4.78
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+1.7%
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TITIJYA (5239)
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19/9/2014
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RM2.44
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ACCUMULATE
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RM2.90
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RM2.45
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+0.4%
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GTRONIC (7022)
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22/9/2014
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RM4.81
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ACCUMULATE
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RM5.20
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RM4.70
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-2.3%
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TMCLIFE (0101)
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22/9/2014
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RM0.525
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ACCUMULATE
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RM0.60
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RM0.65
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+23.8%
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KENANGA (6483)
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23/9/2014
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RM0.72
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ACCUMULATE
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RM0.80
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RM0.71
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-1.4%
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IWCITY (1589)
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23/9/2014
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RM1.63
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TRADING BUY
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RM1.80
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RM1.63
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0.0%
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SPSETIA (8664)
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24/9/2014
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RM3.25
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ACCUMULATE
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RM3.60
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RM3.45
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+6.1%
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PCHEM (5183)
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24/9/2014
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RM6.23
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TRADING BUY
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RM6.80
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RM6.24
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+0.1%
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SUPERMX (7106)
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25/9/2014
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RM2.24
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ACCUMULATE
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RM3.10
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RM2.25
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+0.4%
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WASEONG (5142)
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25/9/2014
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RM1.76
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BUY
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RM2.20
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RM1.82
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+3.4%
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Performance
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Positive
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Negative
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Neutral
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