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FLOWS
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Wednesday, 11 March, 2015
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BUY
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SKPETRO, AXIATA, GENM
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SELL
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SIME, MISC, DIGI
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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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IHH (5225)
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11/03/2015
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RM5.41
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TRIM
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-
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Share
price has enjoyed a good run over the past 2 months, adding c16%. This was
partly on the back of improving patient volume & average revenue per
patient in its main markets - Singapore, Malaysia & Turkey. Group has
been ramping up hospital openings & new beds to spur growth. We believe
these positives are already priced in. Stock is now trading at c48x FY15
& 38x FY16 (vs peers average of 40x), which appears rich compared to its
average net profit growth of c20% pa. There are also uncertainties moving
forward - longer gestation period for its new hospitals, GST implementation
in Malaysia & currency fluctuations. RSI at 61 - Trim on lofty
valuations.
(AK)
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MUDAJYA (5085)
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11/03/2015
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RM1.36
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BUY on weakness
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RM1.64
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The stock has consolidated well for the past 2 weeks following the
sharp sell-down post 4Q14 results which saw group registering a RM99.7m loss.
We reckon the negatives have largely been reflected in price. OB in the group
stands at RM1.2b, mainly coming from MRT (RM610m) and offshore equipment
procurement work from its 40% owned 62KW Wind Energy Farm in Cebu. Tender
Book is cRM8b, primarily from the power industry (Tracks 3B, 4B &
Pengerang) & highways projects (WCE, SUKE). The 4X360 MW Indian Power
Plant, which was initially expected to be commissioned end 2014, is now
expected to be fired up by late 2015 (pending final tests) with further 2
plants by early 2016. Trading at a steep 35% discount to NTA of RM2.05 – Buy
on weakness (TP RM 1.64, 20% disc to NTA).
(AK)
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Calls for MARCH 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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SKPETRO (5218)
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04/03/2015
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RM2.60
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BUY on weakness
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RM3.05
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RM2.40
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-7.8%
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AIRASIA (5099)
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04/03/2015
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RM2.43
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ACCUMULATE
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RM2.80
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RM2.36
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-2.9%
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TEKSENG (7200)
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05/03/2015
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RM0.545
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BUY
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RM0.65
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RM0.515
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-5.6%
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WELLCAL (7231)
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05/03/2015
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RM1.98
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ACCUMULATE
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RM2.30
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RM2.04
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+3.0%
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SEM (5250)
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06/03/2015
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RM1.60
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SELL
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RM1.45
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RM1.56
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-2.5%
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MPI (3867)
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06/03/2015
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RM6.49
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SELL into strength
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RM5.80
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RM6.27
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-3.4%
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GAB(3255)
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09/03/2015
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RM14.76
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SELL into strength
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BB
- RM13.00-13.50
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RM14.94
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+1.2%
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POS (4634)
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09/03/2015
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RM5.09
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SELL into strength
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BB - RM4.50
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RM5.06
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-0.6%
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SASBADI (5252)
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10/03/2015
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RM1.56
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BUY
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RM2.00
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RM1.60
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+2.5%
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YTL (4677)
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10/03/2015
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RM1.59
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TRADING BUY
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RM1.75
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RM1.57
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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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