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FLOWS
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Friday, 20 March, 2015
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BUY
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TENAGA, ASTRO, GENM
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SELL
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DIGI, GENTING, TM
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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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UZMA (7250)
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20/03/2015
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RM2.01
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BUY
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RM2.50
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Uzma (RM2.01) - following our call to take
profit on 23/2/15 @ RM2.58, it has corrected 22%. Valuations have also
turned attractive with FY15 PER of 9.8x on a 3-yr CAGR of 21.5%. We
advocate now to use the weakness in the O&G sector to reposition in
the stock again. The last 2 quarters average profit run-rate suggest the
co would be growing 15% in FY15 vs FY14. Pricing pressure in the
industry will be mitigated by expanding share in its drilling & well
services, uzmaPres unit additions and jobs from the Tanjong Baram RSC. The
RSC is also proceeding well with first oil anticipated by 2Q15. Recent wins
of RM109m during the trough of oil prices illustrate Uzma's strong
relationship with PETRONAS & growing niche in certain opex space which
were previously the domain of foreign players.
(PT)
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MISC (3816)
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20/03/2015
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RM8.39
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TRIM
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-
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MISC (RM8.39) - the Baltic Index for Dirty
Tanker (BIDY) broke below the double top neckline @ 815 this week with a
downside measuring objective of 677 (-17% from 815). Bloomberg
reported that supertanker rates are expected to fall further as
incentive to store oil at sea disappears. It costs $1.10 a barrel to
store oil for a month on supertankers. However, Brent 6-mth contango spread
is $4.58/bbl (or 76c/mth) vs $6.34 in January. Before analysts revise
their forecasts downwards from lower rates, take advantage of this
window of strength in MISC to reduce weighting. This is especially
when there are signs of negative divergences in MISC daily & weekly
charts. Current p/bk of 1.34x is also >26% higher than 3-yr average
of 1.06x. As a comparison, US supertankers & LNG carriers have
corrected >20% from their Jan’15 high when the contango spread peaked.
(PT)
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Calls for MARCH 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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TITIJAYA (5239)
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13/03/2015
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RM2.00
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BUY
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RM2.40
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RM1.98
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-1.0%
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CSCENIC (7202)
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13/03/2015
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RM1.34
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Accumulate
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RM1.50
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RM1.36
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+1.4%
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MHB (5186)
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16/03/2015
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RM1.21
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Buy on Weakness
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RM1.45
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RM1.15
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-5.0%
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MKH (6114)
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16/03/2015
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RM2.80
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Accumulate
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RM3.60
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RM2.81
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+0.3%
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MPHBCAP (5237)
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17/03/2015
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RM2.02
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ACCUMULATE
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-
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RM2.00
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-1.0%
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IWCITY (1589)
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17/03/2015
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RM1.16
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ACCUMULATE
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-
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RM1.21
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+4.3%
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ECONBHD (5253)
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18/03/2015
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RM0.99
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Trading BUY
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RM1.22.
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RM0.98
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-1.1%
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GAMUDA (5398)
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18/03/2015
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RM5.17
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BUY
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-
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RM5.15
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-0.4%
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BURSA (1818)
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19/03/2015
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RM8.48
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TRIM
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-
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RM8.50
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+0.2%
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PRESBHD (5204)
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19/03/2015
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RM2.35
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ACCUMULATE
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RM3.14
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RM2.35
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0.0%
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Performance
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Positive
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Negative
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Neutral
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