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FLOWS
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Friday, 30 January, 2015
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BUY
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AXIATA, AMBANK, PCHEM
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SELL
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SIME, PBBANK, 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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MBMR (5983)
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30/01/2015
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RM3.15
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TRIM
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-
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MBMR RM3.15: Share price
surged c14% over the past 3 weeks, largely on the back of improving earnings
outlook & higher TIV expectation for Perodua. The prospect has arguably
improved given the strong momentum from the Perodua Axia (Perodua accounts
for 80% of MBM’s bottomline). Group is now trading at 9x for FY12/15. We
reckon these positives have been factored in. Recall that Q3 results were
disappointing, with weaker unit sales from the motor division, lower
deliveries from the manufacturing & high start up costs of new plants.
There is no near term catalyst for the sector, but environment remains
challenging (stricter financing, promotional costs, competitive pricing,
weaker MYR & higher cost of living). Although Group is a beneficiary
weaker JPY, impact is muted as Perodua is highly localized. Appears fairly
valued with RSI @ 69 – Trim.
(AK)
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SENDAI (5205)
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30/01/2015
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RM0.61
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ACCUMULATE
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RM0.81
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EVERSENDAI RM0.61: Concerns over exposure to the Middle East & poor
execution has weighed on the group’s performance over the past year
(particularly the past 5 months). However, news flow & outlook has been
improving. The recent RM184m contract win from Reliance Industries, India has
brought the group’s YTD to RM228m, bringing outstanding OB to cRM1.6b. This
major breakthrough Indian contract win & a stronger Indian economy will
certainly boost opportunities in that region. It also stands a good chance to
high value domestic jobs ( incl Warisan Merdeka & RAPID) and is a
beneficiary of stronger USD as bulk of contracts in Middle East are pegged to
it. Trading at undemanding 9x FY12/15 – Accumulate (TP RM0.81, based on 12x
FY15).
(AK)
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Calls for Jan WEEK 3/ WEEK 4 2015
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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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FABER (1368)
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23/01/2015
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RM2.47
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BUY
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RM3.20
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RM2.52
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+2.0%
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DELEUM (5132)
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23/01/2015
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RM1.75
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BUY
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RM2.20
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RM1.67
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-4.6%
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GDEX (0078)
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26/01/2015
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RM2.20
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BUY on weakness
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RM2.50
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RM2.21
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+0.5%
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GAB (3255)
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26/01/2015
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RM12.28
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ACCUMULATE
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RM13.50
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RM12.12
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-1.4%
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JCY (5161)
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27/01/2015
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RM0.715
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Sell into Strength
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BB
- RM0.63
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RM0.71
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-0.7%
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UZMA (7250)
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27/01/2015
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RM2.06
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Sell into Strength
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BB – RM1.75
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RM1.91
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-7.3%
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KAREX (5247)
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28/01/2015
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RM3.94
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TRIM
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BB - RM3.40
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RM3.90
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-1.1%
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UMWOG (5243)
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28/01/2015
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RM2.70
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TRIM
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BB – RM2.40
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RM2.73
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+1.1%
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HUAYANG (5062)
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29/01/2015
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RM2.17
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BUY
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RM2.60
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RM2.13
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-1.9%
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UCHITEC (7100)
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29/01/2015
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RM1.50
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ACCUMULATE
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RM1.75
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RM1.48
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-1.4%
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Performance
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Positive
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Negative
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Neutral
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