|
FLOWS
|
Thursday, 18 June, 2015
|
|||||||||
|
BUY
|
TM, RHBCAP
|
|||||||||
|
SELL
|
WCT, GENM
|
|||||||||
|
STOCK ALERT
|
||||||||||
|
STOCK NAME
|
DATE
|
PRICE
|
BUY/SELL
|
TARGET PRICE
|
||||||
|
HEVEA (5095)
|
18/06/2015
|
RM3.36
|
ACCUMULATE
|
RM4.00
|
||||||
|
The outstanding Q1
result was boosted by the stronger USD, improved product mix and lower
finance cost. The sharpest improvement was seen in the particleboard
division. This was even more impressive given Q1 is a seasonally low period,
given the holidays in China. Net gearing has improved sharply q-o-q from 17%
at Q4/14 to 9% at Q1/15. Catalyst moving forward includes the proposed stock
split (enhanced stock liquidity), higher dividend payout (to be net cash by
end 2015) and earnings delivery. Trading at an undemanding 5.1x for FY12/16,
we consider the current pullback in share price as opportunity to accumulate
- (TP RM3.96 on 6x FY16 EPS)
(AK)
 |
||||||||||
|
SCGM (7247)
|
18/06/2015
|
RM3.32
|
TRIM
|
BB – RM2.70
|
||||||
|
The sharp 27% price increase over the past
month, largely on the back of healthy profit margins (as most of costs are denominated
in MYR, unlike other packaging players) & the strengthening USD/MYR . Its
profit margin of 11% is the highest amongst its peers range of 4-9%. However,
price rise has brought valuations up to c18x FY04/15. This seem rich,
compared to similar market cap players’ PER of c13-14x. The group also do not
have a dividend payout policy although management has guided it is looking to
pay an amount translating to c3-4% yield. We believe positives have been
adequately reflected in price; Trim into strength, with possible buy-back at
RM2.70 (based on 15x FY04/15).
(AK)
 |
||||||||||
|
|
||||||||||
|
Calls for JUNE WEEK 2 / WEEK 3 2015
|
||||||||||
|
STOCK
|
Initiation
Dates
|
Initiation
price
|
BUY/SELL
|
TARGET
PRICE
|
LAST PRICE
|
% Change
since Initiated
|
||||
|
RHBCAP (1066)
|
11/06/2015
|
RM7.28
|
BUY
|
RM8.00
|
RM7.33
|
+0.6%
|
||||
|
AIRPORT (5014)
|
11/06/2015
|
RM6.19
|
BUY
|
RM6.80
|
RM6.22
|
+0.4%
|
||||
|
TIMECOM (5031)
|
12/06/2015
|
RM6.58
|
TAKE PROFIT
|
BB – RM5.80
|
RM6.30
|
-4.3%
|
||||
|
TAANN (5012)
|
12/06/2015
|
RM3.91
|
ACCUMULATE
|
RM4.50
|
RM3.87
|
-1.1%
|
||||
|
HOVID (7213)
|
15/06/2015
|
RM0.535
|
TAKE PROFIT
|
BB – RM0.47
|
RM0.505
|
-5.7%
|
||||
|
BPURI (5932)
|
15/06/2015
|
RM0.54
|
BUY
|
RM0.66
|
RM0.535
|
-1.0%
|
||||
|
TAKAFUL (6139)
|
16/06/2015
|
RM4.17
|
SELL into Strength
|
BB – RM3.36
|
RM4.01
|
-3.9%
|
||||
|
GAB (3255)
|
16/06/2015
|
RM14.58
|
Switch
|
CARLSBRG
|
RM14.56
|
-0.2%
|
||||
|
SHL (6017)
|
17/06/2015
|
RM3.23
|
BUY
|
RM4.00
|
RM3.25
|
+0.6%
|
||||
|
SLP (7248)
|
17/06/2015
|
RM1.21
|
Switch
|
TGUAN
|
RM1.28
|
+5.7%
|
||||
|
PERFORMANCE
ALERT
|
|||||
|
STOCK
|
Initiation
dates
|
Initiation
price
|
Target
Price
|
Action
|
Returns
|
|
GHLSYS (0021)
|
31/03/2015
|
RM0.96
|
RM1.15
|
Take
Profit
|
19.7%
|
|
MATRIX (5236)
|
03/04/2015
|
RM2.73
|
RM3.12
|
Take
Profit
|
14.2%
|
|
SKPETRO (5218)
|
15/04/2015
|
RM2.40
|
RM2.75
|
Take
profit
|
14.5%
|
|
UNISEM (5005)
|
22/04/2015
|
RM2.60
|
BB
– RM2.30
|
Trading
buy
|
-
|
|
SKPRES (7155)
|
08/05/2015
|
RM0.845
|
RM1.10
|
Take
profit
|
19.5%
|
|
TOPGLOV (7113)
|
08/06/2015
|
RM5.47
|
-
|
Trading
Sell
|
-
|
|
Performance
|
|
|
Positive
|
|
|
Negative
|
|
|
Neutral
|
|