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FLOWS
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Wednesday, 20 May, 2015
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BUY
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UMW, MAYBANK, CIMB
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SELL
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DIGI, PBBANK, 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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PMETAL (8869)
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20/05/2015
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RM2.87
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ACCUMULATE
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RM3.50
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Recent policy
change by China to remove export taxes on certain aluminium
products (rods and strips of certain dimensions) has negatively affected
short-term share price movement. We feel negativity is unjustified as Co’s
global customers would not likely switch to buying Chinese aluminium
(international prices are 5% cheaper vs China 3-year average of
US2.3k/MT). Furthermore, China’s
aluminium supply (24.4m MT) is only sufficient for its own consumption (24.1m
MT). Immediate catalyst seen with probable inclusion into the Syariah list by
2H’15 with medium term support from Co’s higher profit margin (16.7% vs 12%
industry average) and earnings growth from capacity expansion commencing
Jan’16. Trades attractively at 8.2x FY16 PER (vs 23x 5-year average) and 5%
dividend yield; Accumulate (TP RM3.50 on 10x
FY16). (SPK)
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SALCON (8567)
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20/05/2015
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RM0.85
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ACCUMULATE
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RM1.05
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An excellent proxy to capitalize on the
impending 11th Malaysia Plan this week especially on water/wastewater and
telecommunications expenditure. Co’s growth prospects remain compelling with
- 1) RM700m order book and RM2.23b tender book, 2) mixed development projects
in Johor (RM1.2b GDV expected launch early 2016) and KL (RM1.3b GDV next to
Warisan 118), and last but not least, 3) exclusive rights (via VBT) to lay
fibre optic cables along Prasarana’s LRT, BRT and monorail lines over 15
years. We expect Co to have a very good chance in securing leases from the
main telcos translating into recurring income moving forward with further
expectations of ancillary income from remittances, e-ticketing and
e-advertising. An addition of RM15m to Co’s bottom-line is anticipated moving
forward, translating into FY16 EPS of 7.9c or 10.8x FY16 PER (vs 15.7x 3-yr
average); Accumulate. (TP RM1.05 on 13.3x FY16). (SPK)
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Calls for MAY 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
|
TARGET
PRICE
|
LAST PRICE
|
% Change
since Initiated
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CMSB (2852)
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13/05/2015
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RM5.21
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TRIM
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BB - RM4.80
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RM5.42
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+4.0%
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PARKSON (5657)
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13/05/2015
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RM2.15
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ACCUMULATE
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RM2.50
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RM2.08
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-3.3%
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TITIJYA (5239)
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14/05/2015
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RM1.80
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BUY
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RM2.40
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RM1.80
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0.0%
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HOHUP (5169)
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14/05/2015
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RM1.35
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BUY
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RM1.80
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RM1.42
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+5.1%
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UOADEV (5200)
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15/05/2015
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RM2.29
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SELL
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RM2.00
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RM2.29
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0.0%
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OLDTOWN (5201)
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15/05/2015
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RM1.61
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ACCUMULATE
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RM1.82
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RM1.63
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+1.2%
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PRESBHD (5204)
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18/05/2015
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RM2.60
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BUY
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RM3.14
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RM2.65
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+1.9%
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YTL (4677)
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18/05/2015
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RM1.66
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TRADING BUY
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RM1.82
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RM1.66
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0.0%
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SASBADI (5252)
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19/05/2015
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RM2.37
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TRIM
|
RM2.10
|
RM2.25
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-5.1%
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CHINWEL (5007)
|
19/05/2015
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RM1.52
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ACCUMULATE
|
RM1.86
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RM1.52
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0.0%
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PERFORMANCE
ALERT
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|||||
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STOCK
|
Initiation
dates
|
Initiation
price
|
Target
Price
|
Action
|
Returns
|
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GHLSYS (0021)
|
31/3/2015
|
RM0.96
|
RM1.15
|
Take
Profit
|
19.7%
|
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MATRIX (5236)
|
3/4/2015
|
RM2.73
|
RM3.12
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Take
Profit
|
14.2%
|
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SKPETRO (5218)
|
15/4/2015
|
RM2.40
|
RM2.75
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Take
profit
|
14.5%
|
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UNISEM (5005)
|
22/4/2015
|
RM2.60
|
BB
– RM2.30
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Trading
buy
|
-
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SKPRES (7155)
|
8/5/2015
|
RM0.845
|
RM1.00
|
Take
profit
|
19.5%
|
|
ECONBHD (5253)
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8/5/2015
|
RM1.02
|
RM1.22
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Trading
sell
|
12.7%
|
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EDUSPEC (0107)
|
12/5/2015
|
RM0.37
|
RM0.42
|
Trading
sell
|
8.1%
|
|
Performance
|
|
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Positive
|
|
|
Negative
|
|
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Neutral
|
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