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FLOWS
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Thursday, 22 January, 2015
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BUY
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SKPETRO, PETGAS, AXIATA
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SELL
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GENTING, KLK,
MAYBANK
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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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SPSETIA (8664)
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22/01/2015
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RM3.60
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BUY on weakness
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-
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Interest
in the stock & price has spiked following report in media that talks has
started on a possible takeover of the group. Fundamentally, FY14 new sales
were at RM4.62b ( c7% below management’s target of RM5b) and aiming for
RM4.6b in FY15 ( commendable given market conditions – 60% domestic, 40%
overseas ). Earnings from Fulton Lane and 18 Woodsville will kick in this
year while unbilled sales remained steady at RM11b, will continue to support
earnings visibility. Dividend payout has remained fairly consistent at 3-3.5%
with healthy balance sheet ( 30% net gearing) . Trading at 12x FY10/16, and
underpinned by potential M&A angle – Buy on weakness.
(AK)
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NAIM (5073)
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22/01/2015
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RM3.00
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ACCUMULATE
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RM4.00
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The
share price has consolidated well over the past month, encouraged by group’s
9M14 results which were ahead of street. Margins remain healthy at both the
property & construction divisions. The construction OB of RM1.5b will
support construction profit over the next 2-3 years. Besides this, Naim is
also a cheap proxy to Dayang’s strong growth prospects ( has consistently
contributed c40% to PBT with a 29% stake). Trading at just 6x for FY12/15 (
vs small cap peers average of 8-10x) and an excellent proxy to Sarawak’s
buoyant economy, backed by massive infrastructure spending ( such as the
RM27b Pan-Borneo Highway) & heavy industrial sectors under the SCORE
blueprint – Accumulate ( TP RM4.00, 8x FY15).
(AK)
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Calls for Jan WEEK 2/ WEEK 3 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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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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RM2.13
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-1.4%
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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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RM1.85
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+10.1%
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GASMSIA (5209)
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16/01/2015
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RM3.20
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ACCUMULATE
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RM3.58
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RM3.10
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-3.2%
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CYPARK (5184)
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16/01/2015
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RM1.86
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ACCUMULATE
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RM2.20
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RM1.87
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+0.5%
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ECONBHD (5253)
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19/01/2015
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RM0.90
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TRADING BUY
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RM1.10
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RM0.89
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-1.2%
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SBCCORP (5207)
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19/01/2015
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RM1.00
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BUY
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RM1.33
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RM1.05
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+5.0%
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PERDANA (7108)
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20/01/2015
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RM1.14
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TRADING BUY
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RM1.41
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RM1.13
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-0.9%
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SURIA (6521)
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20/01/2015
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RM2.40
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ACCUMULATE
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RM2.92
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RM2.32
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-3.4%
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SALCON (8567)
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21/01/2015
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RM0.60
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ACCUMULATE
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RM0.76
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RM0.60
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0.0%
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SKPRES (7155)
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20/01/2015
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RM0.75
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ACCUMULATE
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RM1.00
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RM0.83
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+10.6%
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Performance
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Positive
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Negative
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Neutral
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