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FLOWS
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Wednesday, 15 October, 2014
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BUY
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CIMB, TM, AXIATA
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SELL
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PBBANK, PCHEM,
RHBCAP
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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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UOADEV(5200)
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15/10/2014
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RM2.10
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TRIM
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-
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The
share price has held up very well over the past 2 months when compared with
the KLCI which retraced c4%. This was despite group registering 1H14 results
which only made up 25% of street’s full year estimates. The poor numbers were
attributable to weaker than expected billings and higher development costs
due to new projects start-ups. One of the main reason supporting the price is
it’s good dividend, c6.5%, which compares favorably against MREIT and
small/mid cap developer’s yield. On the other hand, the stock has no near
term catalysts and is subject to the sector’s negatively biased sentiments.
The challenging lending environment and tightening measures imposed by the
government may cause the group to defer some projects or tone down launch
sizes which ultimately will affect sales. Trading at c45% discount to RNAV of
RM3.69, the stock appears to be fairly valued. We see this price resilience a
good opportunity to trim, given the weak market conditions; Trim.
(AK)
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PMETAL (8869)
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15/10/2014
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RM5.05
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ACCUMULATE
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RM5.90
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After
a spectacular run in share price over the last 4 months, the recent
correction has seen it surrendering c62% of that gain back. We see this an
opportune time to buy into the stock. The catalysts for the group remain
intact – bullish aluminium outlook leading to strong earnings growth, strong
margins due to structural costs advantage (EBIT margin 9% vs global peers 6%
), tax exemptions due to its pioneer status and Investment tax allowances (
should reduce effective tax rate to c15% for the next 3 years) & good
long term expansion as SCORE developments continues. Recent meeting with
management suggest the fundamentals are intact. Following the correction,
stock appears attractive, trading at 8.3X for FY12/15 with a dividend yield
of c3.5%, more so considering its strong FY14/15 earnings growth of 50%. RSI
@ 23 ; Accumulate ( TP RM5.90, based on 10x FY15).
(AK)
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Calls for SEPT OCT 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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MRCB(1651)
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8/10/2014
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RM1.59
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ACCUMULATE
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RM2.00
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RM1.51
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-5.1%
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HARTA(5168)
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8/10/2014
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RM7.02
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TRIM
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-
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RM6.80
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-3.2%
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YINSON (7293)
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9/10/2014
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RM2.89
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BUY
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RM3.30
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RM2.54
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-12.2%
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GLOMAC (5020)
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9/10/2014
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RM1.10
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TRIM
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-
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RM1.08
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-2.0%
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MEDIAC(5090)
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10/10/2014
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RM0.885
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ACCUMULATE
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RM0.94
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RM0.85
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-3.4%
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BJTOTO(1562)
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10/10/2014
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RM3.59
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Defensive BUY
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-
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RM3.51
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-2.3%
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OLDTOWN(5201)
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13/10/2014
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RM1.76
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SELL
Into Strength
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BB - RM1.32
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RM1.67
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-5.2%
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CBIP (7076)
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13/10/2014
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RM4.60
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SELL
into Strength
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BB - RM3.73
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RM4.48
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-2.7%
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MSM (5202)
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14/10/2014
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RM4.92
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TAKE PROFIT
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-
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RM4.90
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-0.4%
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UMWOG(5243)
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14/10/2014
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RM3.10
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ACCUMULATE
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RM3.60
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RM3.28
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+5.8%
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Performance
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Positive
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Negative
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Neutral
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