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FLOWS
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Thursday, 15 January, 2015
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BUY
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CIMB, GENM, SKPETRO
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SELL
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PPB, AMBANK, UEMS
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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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IOIPG (5249)
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15/01/2015
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RM2.16
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BUY
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RM2.40
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Buy IOIPG – OR as a cheaper exposure to IOIPG
(rgts exercise px RM1.90) which retraced 11% over the last 3 weeks vs peers
gain > 8%. IOIPG has attractive fundamentals with the largest landbank of
all listed developers. It is estimated to have a total GDV of RM100b which is
at par to SPSetia and 28% higher than UEMS. Almost all of IOIPG's local
projects are township developments which are more resilient and less
sensitive to recent regulatory changes. They are mainly landed residentials
with strong accessibility to rail systems and highways, owner-occupied in the
affordable & upgraders market. It has comparative advantage over its
peers in IOI Corp which has 163k of oil palm land in Malaysia. IOIPG has
sourced landbank from IOI in the past and due to the cheap land cost, IOIPG's
margin is 50-60% compared to its peers 25-30%. Yet it trades at attractive
valuations of forward FY6/15 PER & p/bk of 10.1x & 0.61x
respectively.
(PT)
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UZMA (7250)
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15/01/2015
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RM1.68
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BUY
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RM2.23
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Stock has shown early signs of technical rebound after
plunging 70% from July’14 high. Daily macd has stayed positive since it
bottomed last month with a potential minimum technical 38.2% bounce of
RM2.23, an upside of 33%. Uzma’s valuation is very attractive at current
levels with FY15 & FY16 PERs of 7.6x & 6.6x and p/bk of 1.0x &
0.7x respectively - hence even with a 20% downward revision in consensus
earnings, valuation is still supportive. 80% of earnings exposure are geared
to the industry more resilient services – namely well pumping services. It
has recently graduated to the coil tubing unit services (under Petronas VDP
program) which used to be solely the realm of large foreign oilfield services
firms. Buy
(PT)
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Calls for Jan 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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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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RM6.82
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+6.8%
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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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RM1.80
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+20.0%
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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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RM0.365
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+1.3%
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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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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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RM5.02
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-0.2%
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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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RM0.69
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+6.1%
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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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RM6.95
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-0.8%
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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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RM0.74
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+1.3%
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Performance
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Positive
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Negative
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Neutral
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