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FLOWS
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Tuesday, 13 January, 2015
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BUY
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CIMB, TENAGA, IOICORP
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SELL
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SKPETRO, UEMS, DIGI
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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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GAMUDA (5398)
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13/01/2015
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RM5.03
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BUY
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RM5.50
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with crude oil prices in the doldrums, depressing CPO prices &
potentially CPO production affected by the floods, a drop in consumer demand
from the initial ill effects of GST, infrastructure spending &
construction will be the key growth driver for the Malaysian economy in
2015. Gamuda is the best proxy to
public infrastructure spending with its dominant role in the MYR73bn Klang
Valley MRT project, coupled with good profit margins from the project due to
the 6% project delivery partner fee and its double-digit tunnelling margins.
It is also starting to make inroads into the booming infrastructure
developments in Penang. Other potential newsflows may come from their further
involvement in KTM double-tracking project & KL-Singapore high speed
rail. Accumulate (PT)
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AAX (5238)
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13/01/2015
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RM0.65
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BUY
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RM0.80
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Corrected 12% from the contagion of
AirAsia Indonesia’s plane crash although it is a separate entity & its
passenger load will at most be mildly affected from any ban in AirAsia
Indonesia’s routes, yet the stock corrected 12% before stabilising around the
current level. It is a big beneficiary of the sharp plunge in crude oil
prices as fuel cost is about 40% of operating costs. It has been estimated
that each S10/brl drop in jet fuel equates to a RM120m boost to the bottom
line (Singapore-quoted jet fuel price has fallen $57/brl over the last 6
months). Hence, it is not surprising that the CEO is quoted to have said that
AAX will turnaround in 2015 which would be a significant improvement from
FY14 consensus loss of RM396m. Trading buy (PT)
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Calls for Jan WEEK 1 / WEEK 2
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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MUHIBBAH (5703)
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06/01/2015
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RM1.83
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ACCUMULATE
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RM2.30
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RM1.79
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-2.2%
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SUNWAY (5211)
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06/01/2015
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RM3.24
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ACCUMULATE
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RM3.60
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RM3.33
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+2.7%
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GENTING (3182)
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07/01/2015
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RM8.43
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ACCUMULATE
on weakness
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RM9.30
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RM8.69
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+3.0%
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MFLOUR (3662)
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07/01/2015
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RM1.54
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ACCUMULATE
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RM1.70
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RM1.55
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+0.6%
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AIRPORT(5014)
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08/01/2015
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RM6.38
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Trading BUY
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RM7.00
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RM6.33
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-0.8%
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HLBANK (5819)
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08/01/2015
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RM13.88
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ACCUMULATE
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-
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RM13.98
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+0.7%
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SOP (5126)
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09/01/2015
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RM5.36
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BUY
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RM6.44
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RM5.80
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+8.2%
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PRESBHD (5204)
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09/01/2015
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RM1.50
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ACCUMULATE
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RM1.90
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RM1.70
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+13.3%
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HOVID (7213)
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12/01/2015
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RM0.36
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DEFENSIVE BUY
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RM0.43
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RM0.37
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+2.7%
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MATRIX (5236)
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12/01/2015
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RM2.71
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BUY
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RM3.12
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RM2.71
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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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