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FLOWS
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Tuesday, 22 September, 2015
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BUY
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MAYBANK,
SKPETRO
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SELL
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MAXIS,
CMSB
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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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HOHUP (5169)
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22/09/2015
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RM0.93
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ACCUMULATE
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RM1.37
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Group’s
1H earnings were in line. It’s prized asset is the Bukit Jalil land where it
has entered into a JV with Malton’s Pioneer Haven SB to develop 60 acres of
land (group’s portion is 10 acres with GDV of RM1.1b ). Performance remains
intact, with Phase 2B (1) fully booked & (2) well received. Once fully
sold, estimated to add RM169m to group’s total unbilled sales of RM546m as of
May, providing earnings visibility for next 2-3 years. Together with the 18%
entitlement from GDV of Malton, group is trading at less than 4x FY16. It is
also trading below private placement price of RM1.12 made in January &
have recently seen buying from substantial shareholders; Accumulate ( TP
RM1.37, on 5X FY16).
(AK)
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AIRPORT (5014)
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22/09/2015
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RM5.38
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TRIM
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RM1.00
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The share price has gained c23% since our buy call
early September. The rise was largely due to improved throughput in July
& August, new customer ANA and the government’s effort to support the
local bourse. Concerns of rising receivables ( RM302m in 1H15) still prevail.
The possibility of group offering discounts on receivables may impact
earnings. Although throughput improved yoy, it’s worth noting that much of
the growth came from low cost KLIA2 while KLIA1 saw a deep decline ( impact
on earnings as PSCs at KLIA2 are 30% lower). Also looming is the letter of demand
from AirAsia for RM409m with regards ground settlement issues at KLIA2 and
the uncertain capex for the next 5-8 years as the ground settles. Trading at
1.1x P/Bk for FY16, opportunity to Trim given the uncertainties ( Buyback at
RM4.90, 1x P/Bk).
(AK)
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Calls for SEPT 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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PENERGY (5133)
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14/09/2015
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RM1.03
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ACCUMULATE
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RM1.33
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RM1.15
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+11.6%
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UNISEM (5005)
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14/09/2015
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RM1.89
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Trading BUY
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RM2.26
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RM1.91
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+1.0%
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SLP (7248)
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15/09/2015
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RM1.63
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SELL into STR
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RM1.40
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RM1.67
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+2.4%
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IJM (3336)
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15/09/2015
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RM3.18
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ACCUMULATE
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RM3.70
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RM3.35
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+5.3%
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IKHMAS (5268)
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17/09/2015
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RM0.645
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BUY
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RM0.75
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RM0.675
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+4.6%
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EDGENTA (1368)
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17/09/2015
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RM3.30
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ACCUMULATE
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RM3.68
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RM3.33
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+0.9%
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AFG (2488)
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18/09/2015
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RM3.48
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ACCUMULATE
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RM3.90
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RM3.45
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-0.9%
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MAXIS (6012)
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18/09/2015
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RM6.76
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SELL into STR
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-
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RM6.71
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-0.8%
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UZMA (7250)
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21/09/2015
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RM2.07
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Trading SELL
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BB -RM1.72
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RM2.00
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-3.4%
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SENDAI (5205)
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21/09/2015
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RM0.80
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ACCUMULATE
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RM1.00
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RM0.78
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-2.5%
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PERFORMANCE
ALERT
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STOCK
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Initiation dates
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Initiation price
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Target Price
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Action
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Returns
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SASBADI (5252)
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01/09/2015
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RM2.25
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RM2.65
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Take Profit
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+17.7%
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AIRPORT (5014)
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03/09/2015
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RM4.41
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RM5.58
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Take Profit
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+25.6%
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UZMA (7250)
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04/09/2015
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RM1.73
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RM2.00
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Take Profit
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+15.6%
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Performance
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Positive
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Negative
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Neutral
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