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FLOWS
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Monday, 8 December, 2014
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BUY
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SKPETRO, CIMB, GENM
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SELL
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RHBCAP, MAXIS, YTL
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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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WPRTS (5246)
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08/12/2014
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RM3.30
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SELL INTO STRENGTH
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BB – RM2.90
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Against
the weaker market trend over the past month, share price has climbed c12%.
This was largely on the back on numerous catalysts – the start of the Ocean
Three Alliance (O3), the likely renewal of the Investment Tax Allowance (ITA)
and the anticipated government approval to raise port tariffs. We reckon the
share price has reflected these factors. The Transport Ministry’s decision on
whether to approve a container tariff hike, and if approved, the timing of
the implementation cannot yet be ascertained. There is still no certainty of
an approval. The current 5 year ITA expires at year end. Group has a 12
months window to push for the incentive (if not approved), failing which the
tax rate will revert to the corporate tax rate of 24%. With the soft
sentiment in the market & uncertainties above, we reckon it may be
prudent to capitalize on the price run up to sell. MACD on the verge of
cutting down with RSI at 60; Sell into strength (buyback at RM2.90).
(AK)
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IJM (3336)
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08/12/2014
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RM6.57
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ACCUMULATE
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RM7.20
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IJM
RM6.57: The share price has
dipped c7% over the past 6 weeks. We think this is an opportunity to
accumulate the stock. In the recent 1HFY15 results, earnings were in line
with a stronger 2H expected. The Construction division is poised for an
earnings “surprise” backed by a record order backlog. Group has not started
work on the WCE in a major way ( pending one last supplementary agreement,
which will empower WCE concessionaires to directly award work packages to IJM
). It expect construction OB to hit RM6.6b construction OB over the immediate
term (including WCE RM2.8b, Kuantan Mega Port RM1.1b ) from M2.3b presently.
The privatization of IJM Land is on track to be completed by 1Q15. The prime
location of its new property launches ( Penang & Klang Valley)
should buoy sales despite headwind in the property sector ( support its RM2bn
property sales target in FY15). Trading at an attractive 13.5x for FY03/16 –
Accumulate
(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
|
TARGET
PRICE
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LAST PRICE
|
% Change
since Initiated
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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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RM2.07
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-5.5%
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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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RM2.04
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-17.5%
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UCHITEC(7100)
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28/11/2014
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RM1.41
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ACCUMULATE
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RM1.60
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RM1.37
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-2.9%
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SKPRES (7155)
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28/11/2014
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RM0.725
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BUY
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RM0.84
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RM0.715
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-1.4%
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SPSETIA(8664)
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01/12/2014
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RM3.24
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ACCUMULATE
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RM3.50
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RM3.24
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0.0%
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MRCB (1651)
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01/12/2014
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RM1.46
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ACCUMULATE
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RM1.60
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RM01.35
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-7.6%
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MYEG (0138)
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03/12/2014
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RM4.16
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TAKE PROFIT
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-
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RM4.17
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+0.2%
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WELLCAL (7231)
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03/12/2014
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RM1.62
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ACCUMULATE
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RM1.80
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RM01.62
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0.0%
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AFG (2488)
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04/12/2014
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RM4.77
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TRIM
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BB – RM4.20
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RM4.74
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-0.7%
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IHH (5225)
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04/12/2014
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RM4.78
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TRIM
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BB –RM4.20
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RM04.80
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+0.4%
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Performance
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Positive
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Negative
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Neutral
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