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FLOWS
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Friday, 21 November, 2014
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BUY
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FGV, AMBANK, TM
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SELL
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CIMB, MMCCORP, MAXIS
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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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AMBANK(1015)
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21/11/2014
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RM6.58
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ACCUMULATE
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RM7.50
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Our preferred big cap bank.
Their latest set of results reflected NIM expansion, partly due to the recent
OPR rise. Latest results also showed slower loan growth mainly from its
rationalization exercise of veering away from higher risk sectors. For FY15
the company’s KPI guidance for loan growth of 8%, ROE 14% and to maintain div
payout ratio btw 40-50%. There is also the possibility of an M&A angle as
both the major shareholders ANZ (24%) and founder Tan Sri Azman (16%) are
willing sellers at the right price. Currently trading at PE of 10.5x and P/bk
1.3x and a superior ROE of 13.3% we rate it a buy with a medium term target
of RM7.50. (DN)
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CSCENIC(7202)
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21/11/2014
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RM1.26
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ACCUMULATE
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RM1.50
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A main beneficiary to the
strong US recovery and strong USD as it exports 80% of its products to North
America. The company manufactures wooden picture frame mouldings with
factories now operating at 60-70% thus in a position to meet the expected
increased demand without immediate capex required for expansion. This could
allow it to maintain its 90% payout ratio experienced in the past 5 years.
They enjoy high margins as plants are located in close proximity with an
abundant and inexpensive source of timber. Trading at a forward PE of 11.5x
and prospective yield of 7.8% we rate it a buy with a medium term target of RM1.50.
(DN)
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Calls for NOV WEEK 2 | WEEK 3
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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TAANN(5012)
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14/11/2014
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RM3.93
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ACCUMULATE
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RM4.55
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RM3.80
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-3.3%
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PHARMA(7081)
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14/11/2014
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RM4.49
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ACCUMULATE
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RM5.35
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RM4.45
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-0.8%
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FABER (1368)
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17/11/2014
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RM2.99
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ACCUMULATE
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RM3.30
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RM2.94
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-1.6%
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WTK (4243)
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17/11/2014
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RM1.21
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ACCUMULATE
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RM1.36
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RM1.21
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+0.0%
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PRESBHD(5204)
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18/11/2014
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RM1.51
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ACCUMULATE
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RM1.84
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RM1.53
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+1.3%
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SUPERMX(7106)
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18/11/2014
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RM2.02
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Trading BUY
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RM2.40
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RM2.03
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+0.5%
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MRCB (1651)
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19/11/2014
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RM1.50
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ACCUMULATE
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RM2.00
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RM1.49
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-0.6%
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OCK (0172)
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19/11/2014
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RM1.42
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BUY
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RM1.70
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RM1.43
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+0.7%
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SPRITZER(7103)
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20/11/2014
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RM2.08
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ACCUMULATE
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RM2.40
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RM2.08
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0.0%
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DIALOG(7277)
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20/11/2014
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RM1.50
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ACCUMULATE
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RM1.70
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RM1.50
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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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