FLOWS
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Thursday, 8 January, 2015
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BUY
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SKPETRO, TENAGA, GENM
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SELL
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MAYBANK, TM, AMBANK
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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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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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Airport - The price has
retraced substantially from our sell call in Oct 2014 (RM7.26) and we feel
current levels present a good reentry level. On the 23 Dec shareholders
approved a one-for-five rights issue, which is expected to raise up to 1.32
billion ringgit to fund the proposed
acquisition of a 40% stake in the airport from GMR Infrastructure Ltd. Its
joint-venture company Malaysia Airports Consultancy Services Middle East LLC
also recently won a letter of award from the New Doha International Airport
Steering Committee to provide airport special systems repair &
maintenance services at Hamad International Airport. The 3-year MYR192.1m
contract comes with a 2-year extension option and will be earning accretive
to the group. Furthermore the total passenger numbers fell last year but
moderate single digit growth is expected for the next 2 years. Trading buy
with a short term target of RM7.00 as it is in a prime position to benefit
from the weaken currency drawing in more tourist coupled with lower airfares
from depressed oil prices.
(DN)
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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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HLBank – Price has retraced
from RM14.60 to the lowest levels since Oct 2014 as the sector was sold down
this week on 1MDB default fears. This present a good entry price to begin
accumulating our preferred bank . Despite slower loan growth as experienced
by the sector, NIM is higher at 2.01% due to higher yield on its loans.
Management aims to keep NIM close to 2%, and has room to enhance NIM through
raising the loan-to-deposit ratio. The company has a hidden buffer in its
treasury shares which stand at around at 81.1mil shares with a cost of only
around RM5.32/share. At the current market price of RM13.88/share, it has a
market value of RM1.12bn. We like the bank for its superior ROE 14.6% vs
market 13.5% and price/bk of 1.4x. Accumulate.
(DN)
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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
|
TARGET
PRICE
|
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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RM1.63
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-3.0%
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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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RM3.66
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-1.9%
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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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RM3.67
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+7.6%
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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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RM1.99
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+2.0%
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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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RM1.70
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-7.2%
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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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RM3.29
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+1.5%
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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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RM8.60
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+2.0%
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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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RM1.53
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+0.7%
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Performance
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Positive
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Negative
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Neutral
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