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FLOWS
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Wednesday, 14 January, 2015
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BUY
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CIMB, AMBANK, MISC
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SELL
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AXIATA, UEMS, FGV
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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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SCIENTX (4731)
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14/01/2015
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RM7.00
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ACCUMULATE
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RM7.90
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Following
the market correction, Group is now trading at appealing multiples of 8.4x
for FY07/15 and 7.8x FY16. The bearish crude oil market has benefited the
sector, as price of resin has softened c13% from 2014’s peak. The group is in
the midst of quadrupling its consumer packaging capacity in a 3-year RM300m
expansion plan (ultimately to enjoy cost advantage over peers due to bulk
buying & economies of scale). Funding this expansion should not be an
issue given its relatively low gearing of 0.4x & operating cash flow of
RM200m pa. The property segment with GDV of RM4.3b is expected to deliver
10-15% growth over the next 2-3 years, given its good mix of affordable &
premium offerings. Net profit CAGR of 16% anticipated for FY14-17; Accumulate
(TP RM 7.90 based on 9x FY07/16 EPS).
(AK)
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PANTECH (5125)
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14/01/2015
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RM0.73
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ACCUMULATE
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RM0.96
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PANTECH
RM0.73: Corrected c25%
over the past 2 months, following weaker oil prices, and is now trading at an
attractive 6.1x for FY02/16 ( vs small cap trough valuation of 8-9x).
Although it can be argued that group will see slower orders from Malaysian
fabricators, the impact will be more than offset by rising downstream demand.
Group is already seeing demand trickling through from RAPID in Pengerang
& is expected to continue, surging in 2H2016, when construction
activities start. Petronas is eager to ensure success of the project.
Earnings CAGR projected at 18% over FY15-17, which will drive it’s dividend
yield of 5-7% - Accumulate (TP RM 0.96, based on 8x FY02/16).
(AK)
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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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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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RM8.78
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+4.1%
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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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RM1.57
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+1.9%
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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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RM6.69
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+4.8%
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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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RM5.79
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+8.0%
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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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RM1.85
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+23.3%
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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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RM2.70
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-0.4%
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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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RM5.03
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0.0%
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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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RM0.685
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+5.3%
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Performance
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Positive
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Negative
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Neutral
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