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FLOWS
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Thursday, 27 November, 2014
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BUY
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TM, CIMB, AXIATA
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SELL
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SIME, TENAGA, 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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TAMBUN (5191)
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27/11/2014
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RM2.19
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ACCUMULATE
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RM2.59
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Share
price is now trading at the lower end of its trading range, despite reporting
3Q results which were within street expectations. Although there was a lack
of new launches in 3Q, the group should end the year with RM420m in sales (
vs RM500m in FY14). Pearl City remained the key contributor, making up to 68%
of turnover in 3Q14. Thanks to the strong demand for its affordable
properties, especially in Pearl City & Simpang Ampat township, the
average take-up rate for all on-going projects remained strong at 87%. The 4
new projects launched in 2014 has a 77% take up rate as at mid-November,
indicating that group continue to be keenly followed by buyers. Although the
recent land deal to buy 210 acres of land and hence lost RNAV enhancement, we
reckon Tambun, given management’s strength & track record, can
easily embark on other land-banking opportunities. The investment angle for
Penang mainland remains encouraging, which should translate into double digit
earnings growth over the next 2 years. Trading at attractive PE of 7.5x for
FY15 ; Accumulate ( TP RM2.59 based on 9x FY15).
(AK)
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MUHIBBAH (5703)
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27/11/2014
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RM2.47
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TRADING BUY
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RM2.82
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The
recent sharp sell-down due to the misconception of the group losing the bid
for the RM1.6b Regassification Terminal ((RGT) in Pengerang, Johor has
brought about a lower entry point into the stock. It has since been clarified
that Muhibah did not even bid for that project, but instead for the RM1.1b 2nd
package Pengerang RGT Jetty works. It is also bidding for RAPID’s Refinery
subcontract works which collectively could be worth cRM500-RM1b, which could
be announced soon. We reckon investors should also not disregard group’s
improved infrastructure contract wins YTD of RM378m & also supported by
RM430m total new crane orders from Favelle Favco. Group’s fundamentals remain
intact on the back of RM2.3b OB and RM5b tender-book. Group is now trading at
an undemanding FY15 PE of 8.7x ( vs 14x average mid cap construction), MACD
converging & RSI @ 40. Foreign shareholding has fallen from a peak of 18%
in Sept to 12% currently - Trading Buy.
(AK)
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Calls for NOV 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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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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RM1.48
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-1.4%
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OCK (0172)
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19/11/2014
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RM0.95
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BUY
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RM1.70
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RM0.96
(ex)
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+1.0%
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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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RM2.06
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-1.0%
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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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RM1.56
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+4.0%
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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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RM6.61
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+0.4%
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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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RM1.21
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-4.0%
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UZMA (7250)
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25/11/2014
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RM2.50
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TRADING BUY
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RM3.00
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RM2.59
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+3.6%
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ARMADA (5210)
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25/11/2014
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RM1.41
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ACCUMULATE
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RM1.50
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RM1.36
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-3.6%
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FITTERS (9318)
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26/11/2014
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RM0.77
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TRADING BUY
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RM0.88
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RM0.78
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+1.2%
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TUNEINS (5230)
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26/11/2014
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RM1.85
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ACCUMULATE
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RM2.15
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RM1.88
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+1.6%
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Performance
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Positive
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Negative
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Neutral
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