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AmResearch

Author: kiasutrader   |   Latest post: Wed, 8 Feb 2017, 11:21 AM

 

Stocks On Radar - DRB-HICOM Bhd

Author: kiasutrader   |  Publish date: Wed, 8 Feb 2017, 11:21 AM


DRB-HICOM may consolidate with an upward bias after breaching a resistance line in its recent session. The bullish bias may be enhanced if it sustains above the MYR1.27 level in the immediate term, with a target price of MYR1.44. In the event the buying interest does not gain momentum, we expect it to resume its consolidation with support anticipated at MYR1.13, whereby traders may exit to avoid the risk of a further correction.

Trading Call: Buy on improved bullish bias above MYR1.27 Target: MYR1.44 (time frame: 1-2 months) Exit: MYR1.13

Source: AmInvestment Research - 8 Feb 2017

Labels: DRBHCOM
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Tham Leong Geeky up again the deal is on
09/02/2017 9:56 AM

Stocks On Radar - KSL Holdings Bhd

Author: kiasutrader   |  Publish date: Wed, 8 Feb 2017, 11:20 AM


KSL was testing the MYR1.12 resistance level with a bullish white candle and strong volumes in its latest session. The stock may experience a further technical rebound if it breaches this point in the near term. The target price is set at MYR1.21, followed by MYR1.31. However, it may drift sideways if it cannot violate this point in the near term. In this scenario, support is expected at MYR1.00 whereby traders may exit to avoid the risk of further weakness.

Trading Call: Buy on further technical rebound above MYR1.12 Target: MYR1.21, MYR1.31 (time frame: 2-4 weeks) Exit: MYR1.00

Source: AmInvestment Research - 8 Feb 2017

Labels: KSL
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CKN Good earning n low Pe. At such price big Margo of safety but not for the ksl cg
09/02/2017 3:37 PM
yfchong the risk is minimal.......... flexural point...
09/02/2017 3:44 PM
Tom Leem almost bottom no worry, collecting
17/02/2017 1:28 PM

Stocks On Radar - Tek Seng Holdings Bhd

Author: kiasutrader   |  Publish date: Wed, 8 Feb 2017, 11:19 AM


Tek Seng surged through the MYR0.74 level on strong volumes in its latest session by printing a ‘White Marubozu’ candle. Although RSI is above the 70 mark, is it not excessive relative to its historical levels. The technical rebound may resume with a target price of MYR0.85, followed by MYR0.90. In the event the stock dips below the MYR0.74 mark, the bullish bias may be significantly reduced. Further support is then expected at MYR0.66.

Trading Call: Buy on further technical rebound above MYR0.74 Target: MYR0.85, MYR0.90 (time frame: 2-4 weeks) Exit: MYR0.66

Source: AmInvestment Research - 8 Feb 2017

Labels: TEKSENG
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Alwin Wong Lim Sae Wai gogogo
08/02/2017 2:16 PM

Stocks On Radar - WCT Holdings Bhd

Author: kiasutrader   |  Publish date: Wed, 8 Feb 2017, 11:18 AM


The positive technical outlook of WCT is enhanced after inching above the MYR1.88 level, albeit marginally. The stock is also on a valid uptrend line that extends from May-16. Assuming the resistance at MYR1.98 can be breached, the target price is set at MYR2.03, followed by MYR2.15. In the scenario it pulls back to consolidate, support is anticipated at MYR1.73,whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on valid general uptrend above MYR1.88 Target: MYR2.03, MYR2.15 (time frame: 2-3 months) Exit: MYR1.73

Source: AmInvestment Research - 8 Feb 2017

Labels: WCT
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Tenaga Nasional - Further clarification on additional tax assessment BUY

Author: kiasutrader   |  Publish date: Tue, 8 Dec 2015, 10:07 AM


- Tenaga Nasional Bhd (TNB) has provided further clarification on the additional tax assessment received from the Inland Revenue Board (IRB). In a Bursa announcement yesterday, TNB said the additional assessment of RM985mil and RM1.1bil for years of assessment of 2013 and 2014 was due to IRB’s decision to disallow TNB’s reinvestment allowance claims for both years.

- TNB said that it had claimed reinvestment allowance for the two years subsequent to IRB’s approval dated 21 Jan 2013. However, vide its letters on 17 June and 15 Sept 2015, the IRB had subsequently reversed its earlier approval on the basis that TNB is not in the business of manufacturing.

- TNB said the reinvestment allowance claim was consequent to the heavy investment in annual capex incurred to expand, modernise and upgrade its electricity infrastructure.

- Nevertheless, based on the advice obtained from TNB’s tax consultants and tax solicitors, TNB maintains that it is entitled to claim reinvestment allowance. Hence, TNB said it has commenced the appeal process to challenge the disputed assessments.

- In addition, TNB also requested to the IRB to grant a stand-over (postponement) of three months in respect to the payment of the disputed taxes while TNB engages with the relevant authorities on this matter.

- TNB also assured that any additional assessment for the years before 2013 does not arise as TNB had merely filed revised assessments to claim reinvestment allowance which would not result in additional taxes for TNB.

- We are neutral on the development as we had earlier expected the dispute to relate to reinvestment allowance. TNB’s net gearing will rise to 0.4x from 0.37x for end-FY16F if the additional taxes are recognised this year. Assuming that TNB’s effective tax rate would rise to 25% (from ~10%) for FY16F-FY18F, net earnings will fall by 16% p.a. – resulting in a lower DCF-based fair value of RM12.44/share. However, we maintain our numbers as we are hopeful that TNB will not be subject to these additional taxes. Meanwhile, The Edge Financial Daily reported today that a revision of the electricity tariff may be announced today. Trading of TNB’s shares has been suspended pending a material announcement. We maintain BUY.

Source: AmeSecurities Research - 8 Dec 2015

Labels: TENAGA
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CB Industrial Product - Wins RM60mil contract from NBPOL BUY

Author: kiasutrader   |  Publish date: Mon, 7 Dec 2015, 11:26 AM


- CB Industrial Product Holding (CBIP) has received a RM60mil contract to build a Modipalm mill with a capacity of 60 tonnes per hour, from New Britain Palm Oil Ltd (NBPOL).

- We view this positively as it would increase CBIP’s order book and sustain its profitability.

- We estimate that CBIP has received more than RM300mil worth of contracts year-to-date. We think that the group would be able to win about RM350mil contracts by year-end.

- FY15F’s new contracts of RM350mil compared with FY14’s contract wins of RM270mil should underpin CBIP’s net profit growth in FY16F and FY17F. Each contract lasts between 12 and 18 months.

- Unbilled order book of the mill manufacturing division stood at RM539mil as at end-June 2015 vs. RM480mil as at end-March 2015.

- Overall, about 70% to 80% of CBIP’s contracts are from Malaysia and Indonesia while the balance of 20% to 30% is from Africa, Papua New Guinea and South and Central America.

- Going forward, the pre-tax profit margin of the mill manufacturing division is expected to range between 22% and 24% underpinned by the low cost of steel. Steel is estimated to account for 80% to 90% of production costs.

- CBIP is not expected to be hit significantly by the increase in minimum wage as most of its workers are already paid higher than the threshold of RM1,000/month proposed under Budget 2016.

- Maintain BUY on CBIP with an unchanged fair value of RM2.33/share. The group is currently trading at an undemanding FY16F PE of 10.8x.

Source: AmeSecurities Research - 7 Dec 2015

Labels: CBIP
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