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FLOWS
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Tuesday, 6 January 2015
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BUY
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SKPETRO, YTL, IOICORP
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SELL
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TENAGA, FGV, 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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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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Muhibah has 2 years of
earnings visibility with an order book of RM2.4b, distributed between its 3
divisions - RM1.0b infrastructure construction, RM1.2b cranes division &
RM257m shipyard division. It has attractive valuations with PER of 7.1x &
6.7x for FY15 & FY16 respectively with CAGR of 13% for the next 2 FYs. Recently
secured RM138m job for package A of Westports' Terminal 8 wharf, with
possibility of award of another RM246m for package B within 6 months. Muhibah
is also a front runner for the RM1b offshore jetty job for Pengerang
regasification plant which has received the final investment decision, hence
not affected by Petronas' potential capex cut. Accumulate on weakness.
(LJN)
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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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Stock is trading at lower end
of 3-month support, an entry level to position for potential gain in the form
of cash & distribution in dividend-in-specie of subsidiary, Sunway
Construction, to be listed in 1H'15. It is well supported fundamentally at
current px with PER of 10.8x and p/bk
of 0.95x for FY12/15. The soon-to-be announced projects such as Sunway
Velocity Mall, Sunway Iskandar - Citrine Service Apartments will add to the
outstanding order book of RM3.3b as at end 2014 (RM1.05b new orders added in
2014). Accumulate on weakness.
(LJN)
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Calls for Jan WEEK 1 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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SUPERMX (7106)
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02/01/2015
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RM1.68
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BUY
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RM1.95
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RM1.67
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-0.5%
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PTARAS(9598)
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02/01/2015
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RM3.73
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ACCUMULATE
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RM4.20
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RM3.77
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+1.0%
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KAREX (5247)
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05/01/2015
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RM3.41
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TRIM
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RM3.00
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RM3.53
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+3.5%
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TGUAN (7034)
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05/01/2015
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RM1.95
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BUY
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RM2.54
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RM2.02
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+3.5%
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Performance
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Positive
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Negative
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Neutral
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