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Changes in Director's Interest (S135)



Wednesday, 14 May 2014

6:57PM EIG Roderick Chieng Ngee Kai (30,000 units Acquired)
6:57PM EIG Chieng Ing Huong (30,000 units Acquired)
6:57PM EIG Brian Chieng Ngee Wen (30,000 units Acquired)
6:29PM EURO LEW FATT SIN (7,000,000 units Disposed)
6:29PM EURO DATO' CHOONG YUEN KEONG @ TONG YUEN KEONG (8,500,000 units Acquired)
6:29PM EURO LAW SIM SHEE (1,500,000 units Disposed)
6:23PM LBS MEJ. (K) DATO' SRI LIM HOCK SING (74,900 units Acquired)
6:23PM LBS DATUK LIM HOCK SEONG (74,900 units Acquired)
6:23PM LBS DATUK LIM HOCK GUAN (74,900 units Acquired)
6:23PM LBS DATO' SRI LIM HOCK SAN (74,900 units Acquired)
6:06PM MKLAND Kasi A/L K L Palaniappan (2,640,600 units Disposed)
6:06PM SOLID KEK KOK SWEE (4,500,000 units Transferred)
6:00PM KGB Gan Hung Keng (292,000 units Transacted)
6:00PM KGB Ong Weng Leong (292,000 units Transacted)
5:38PM SPRITZR Dato¿ Lim A Heng @ Lim Kok Cheong, JSM, DPMP, JP (151,000 units Acquired)
5:32PM YEELEE Thang Lai Sung (102,500 units Acquired)
5:20PM SEACERA Datuk Mansor Bin Masikon (1,500,000 units Transacted)
5:20PM IOICORP Tan Sri Dato' Lee Shin Cheng (50,000 units Disposed)
5:14PM CYPARK Dato' Dr. Freezailah Bin Che Yeom (75,000 units Transacted)
5:14PM CYPARK Dato' Dr. Freezailah Bin Che Yeom (75,000 units Transacted)
5:08PM TONGHER Tsai Ming Ti (11,000 units Acquired)
5:08PM TONGHER Tsai, Hung-Chuan (11,000 units Acquired)

yes i also like to know which is better edge or focus??? both looks same

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M-Mode (MMB MK)
Technical BUY with +23.0% potential return
Last price : RM0.610
Target Price : RM0.700, RM0.750
Support : RM0.560
Stop-loss: RM0.555
BUY with a target price of RM0.750 with stop
loss placed below RM0.555. Following a major
correction from the high of RM0.750, MMB’s
share price has staged a bullish reversal
pattern of the “inverted head and shoulder” in
the last 4 months, indicating a possible change
in the medium-term trend direction from
bearish to bullish. Although the share price has
yet to surge past the neckline, it breached
above the “cloud” last Friday followed by
another positive closing on Monday. Given the
bullish crossover in Stochastic while MACD is
on the verge of flashing a buying signal, we
expect the emergence of fresh buying signals
may prolong the current uptrend. As MMB has
formed a series of higher lows since 27 Mac
14, a breakout above the neckline should in
our view change MMB’s medium-term
direction. We peg our target at RM0.750 based
on the conservative X to X projection of the
“inverted head and shoulder pattern”.

Integrax (INTEG MK)
Technical BUY with +21.4% potential return
Last price : RM2.20
Target Price : RM2.41, RM2.67
Support : RM2.11
Stop-loss: RM2.08
BUY with a target price of RM2.67 with stop
loss placed below RM2.08. A strong gain on 9
Apr 14 was not followed by a positive followthrough
as the share price remains subdued by
the continuous selling pressure as shown by a
trading within the “cloud”. However, we opine
that the normalisation phase is over given the
surge in momentum as INTEG rebounded off
the rising trendline. An encouraging signal from
MACD is likely to push the share price higher
in the near term. A breakout above the “cloud”
is likely to confirm the creation of a new up-leg
as we peg our medium-term target at the 1.38x
Fibonacci extension level of

uob kay hian report

Scomi Energy Services
(SES MK)
Technical BUY with +24.3% potential return
Last price : RM1.03
Target Price : RM1.17, RM1.28
Support : RM1.01
Stop-loss: RM0.965
BUY with a target price of RM1.28 with stop loss
placed below RM0.965. Despite the recent
correction from the high of RM1.17, SES’s share
price rebounded from the upward trendline before
recovering gradually and closing above the
significant resistance (now support) of RM1.01
last Monday. As SES continued to rise along the
trendline, the surge in momentum as shown by
Stochastic may help nudge SES higher.
Following a positive closing above the 21-day
SMA line, the share price is likely to resume its
recent uptrend with immediate target pegged at
the recent high of RM1.17. Violation of the
aforementioned level may prolong the upward
continuation toward the 1.38x Fibonacci
extension level of RM1.28 over the medium term

Key Support & Resistance level
Resistance : RM2.05 (R1) RM2.16 (R2) RM2.32 (R3)
Support : RM1.90 (S1) RM1.83 (S2) RM1.77 (S3)
Outlook : Bullish

What does indicator says:
MACD : Neutral
Stochastic : Overbought
RSI : Bullish
Trend : Bullish

What should you do:
Strategy : Not Rated
Current Share Price : RM2.00

Fundamental Call
KNK : N.A.
Consensus : RM1.93

About the stock:
Name : SPRITZER Bhd
Bursa Code : SPRITZR
CAT Code : 7103
Market Cap : 267.3
52 Week High/Low : 2.13/1.31
3-m Avg. Daily Vol. : 158,538.1
Free Float (%) : 46.6%
Beta vs. KLCI : 1.3

SPRITZR was in the limelight recently as they reported a strong
set of 3Q14 results. On last Monday, SPRITZR rose 11 sen
(+5.82%) to close at RM2.00 with a bullish ‘Marubozu’
candlestick. Chart-wise, share share price has recently retreated
to its ‘resistance-turned-support’ level of RM1.72. Key indicators
like Stochastic and RSI are currently positive, suggesting that
buying momentum is pilling up. Thus, we believe that SPRITZR
could stage an interesting ‘rebound play’ from its support level.
Traders who buy into the stock could look to take profit 3 bids
below the ‘Double Bottom’-alike chart pattern measurement
objective of RM2.24 at RM2.21. Meanwhile, we advise traders to
employ a stop-loss 3 bids below its support level of RM1.90 at
RM1.87.

Highlights / Stock Picks of the Day
Spritzer Bhd (SPRITZR) – Not Rated
SPRITZR was in the limelight recently as they reported a strong set of 3Q14
results. On last Monday, SPRITZR rose 11 sen (+5.82%) to close at RM2.00 with
a bullish ‘Marubozu’ candlestick. Chart-wise, share share price has recently
retreated to its ‘resistance-turned-support’ level of RM1.72. Key indicators like
Stochastic and RSI are currently positive, suggesting that buying momentum is
pilling up. Thus, we believe that SPRITZR could stage an interesting ‘rebound
play’ from its support level. Traders who buy into the stock could look to take profit
3 bids below the ‘Double Bottom’-alike chart pattern measurement objective of
RM2.24 at RM2.21. Meanwhile, we advise traders to employ a stop-loss 3 bids
below its support level of RM1.90 at RM1.87.
Outlook Bullish
Key Resistance level RM2.05 (R1) RM2.16 (R2) RM2.32 (R3)
Key Support level RM1.90 (S1) RM1.83 (S2) RM1.77 (S3)
Strategy Not Rated Current Price RM2.00

Key Support & Resistance level
Resistance : RM0.45 (R1) RM0.49 (R2) RM0.52 (R3)
Support : RM0.34 (S1) RM0.30 (S2) RM0.27 (S3)
Outlook : Bullish

What does indicator says:
MACD : Bullish
Stochastic : Oversold
RSI : Bullish
Trend : Bullish

What should you do:
Strategy : Not Rated
Current Share Price : RM0.38

Fundamental Call
KNK : N.A.
Consensus : RM0.34

About the stock:
Name : SKP Resources Bhd
Bursa Code : SKPRES
CAT Code : 7155
Market Cap : 346.5
52 Week High/Low : 0.40/0.30
3-m Avg. Daily Vol. : 1,807,319.0
Free Float (%) : 49.1%
Beta vs. KLCI : 0.7

On previous trading day, SKPRES climbed 1.0 sen (+2.67%) to
settle at RM0.38 with high trading volume. From a technical
perspective, SKPRES has been trading in a sideway trend
channel for the past 2.5 years. Key indicators (MACD,
Stochastic and RSI) are currently hooking upwards, suggesting
strong buying interest is building up. Based on this bullish bias,
we believe that SKPRES could retest its resistance level of
RM0.40 in the near-term. Meanwhile, we suggest traders to look
for a resistance breakout moving forward. Shall the RM0.40
resistance be taken out, we believe SKPRES could stage a rally
towards the ‘Flagpole’ measurement objective of RM0.52.

SKP Resources (SKPRES) – Not Rated------------KENANGA

On previous trading day, SKPRES climbed 1.0 sen (+2.67%) to settle at RM0.38
with high trading volume. From a technical perspective, SKPRES has been trading
in a sideway trend channel for the past 2.5 years. Key indicators (MACD,
Stochastic and RSI) are currently hooking upwards, suggesting strong buying
interest is building up. Based on this bullish bias, we believe that SKPRES could
retest its resistance level of RM0.40 in the near-term. Meanwhile, we suggest
traders to look for a resistance breakout moving forward. Shall the RM0.40
resistance be taken out, we believe SKPRES could stage a rally towards the
‘Flagpole’ measurement objective of RM0.52.
Outlook Bullish
Key Resistance level RM0.45 (R1) RM0.49 (R2) RM0.52 (R3)
Key Support level RM0.34 (S1) RM0.30 (S2) RM0.27 (S3)
Strategy Not Rated Current Price RM0.38

WORLD CUP IS COMING,,,FOR THIS OLDTOWN N POWERROOT IS RECOMMENDED??

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Changes in Substantial Shareholder's Interest (29B)



Monday, 12 May 2014

7:07PM SMTRACK Datuk Amar Abdul Hamed bin Sepawi (10,400,000 units Acquired)
7:07PM PETGAS EMPLOYEES PROVIDENT FUND BOARD (445,000 units Transacted)
6:56PM AEON Employees Provident Fund Board (100,000 units Disposed)
6:56PM AEON Employees Provident Fund Board (100,000 units Disposed)
6:44PM AMBANK Employees Provident Fund Board (634,300 units Acquired)
6:39PM PELIKAN Equity Vision Sdn Bhd (900,000 units Disposed)
6:33PM PELIKAN ECM Libra Investments Limited ("ECMLIL") (900,000 units Disposed)
6:33PM PELIKAN ECM Libra Financial Group Berhad ("ECMLFG") (900,000 units Disposed)
6:33PM PELIKAN ECM Libra Investment Bank Limited ("ECMLIBL") (900,000 units Disposed)
6:33PM PELIKAN Lim Kian Onn (900,000 units Disposed)
6:33PM PELIKAN ECM Libra Holdings Limited ("ECMLHL") (900,000 units Disposed)
6:11PM DIALOG Employees Provident Fund Board (1,452,200 units Disposed)
6:11PM PARKSON GIC Private Limited (112,800 units Disposed)
5:59PM MULTICO GOH KAR CHUN (115,000 units Acquired)
5:59PM HARVEST ZENITH CITY INVESTMENTS LIMITED (6,460,500 units Acquired)
5:59PM TAMBUN Chen Khai Voon (5,000,000 units Disposed)
5:59PM HARVEST DATUK CHAI WOON CHET (6,460,500 units Acquired)
5:54PM IJM Kumpulan Wang Persaraan (Diperbadankan) (1,000,000 units Acquired)
5:54PM AFG Employees Provident Fund Board (245,200 units Disposed)
5:54PM IJMPLNT Employees Provident Fund Board (15,800 units Acquired)
5:54PM IJM Employees Provident Fund Board (1,200,000 units Acquired)
5:54PM HSL Employees Provident Fund Board (217,900 units Acquired)
5:48PM CIMB Employees Provident Fund Board (882,100 units Acquired)
5:42PM FGV EMPLOYEES PROVIDENT FUND BOARD (100,200 units Disposed)
5:42PM FGV KUMPULAN WANG PERSARAAN (DIPERBADANKAN) (12,100 units Disposed)
5:42PM SIME Employees Provident Fund Board (1,785,000 units Acquired)
5:42PM AIRASIA WELLINGTON MANAGEMENT COMPANY, LLP (96,800 units Disposed)
5:37PM MBMR EMPLOYEES PROVIDENT FUND BOARD (198,100 units Disposed)
5:37PM BIMB Employees Provident Fund Board (10,405,021 units Acquired)
5:32PM LBS MEJ. (K) DATO' SRI LIM HOCK SING (105,000 units Acquired)
5:32PM LBS DATUK LIM HOCK SEONG (105,000 units Acquired)
5:32PM LBS DATUK LIM HOCK GUAN (105,000 units Acquired)
5:31PM ALAQAR Employees Provident Fund (884,300 units Acquired)
5:31PM AIRPORT Employees Provident Fund Board (1,104,900 units Acquired)
5:31PM TECFAST Wong SK Holdings Sdn Bhd (3,315,900 units Acquired)
5:31PM SUPERMX Employees Provident Fund Board (300,000 units Acquired)
5:31PM LBS GATERICH SDN BHD (FORMELY KNOWN AS INTELRICH SDN BHD) (105,000 units Acquired)
5:31PM LBS DATO' SRI LIM HOCK SAN (105,000 units Acquired)
5:31PM DIGI Employees Provident Fund Board (575,100 units Transacted)
5:31PM KPJ Employees Provident Fund Board (308,500 units Disposed)
5:26PM TONGHER Tsai Liao Chin Yeh (33,300 units Acquired)
5:26PM ARMADA EMPLOYEES PROVIDENT FUND BOARD (464,700 units Acquired)
5:25PM IHH Employees Provident Fund Board (1,134,600 units Disposed)
5:25PM TONGHER Tsai, Hung-Chuan (33,300 units Acquired)
5:25PM TONGHER Tsai, Ching-Tung (33,300 units Acquired)
5:25PM MUDAJYA Ng Ying Loong (120,900 units Disposed)
5:25PM MKLAND KASI A/L K L PALANIAPPAN (1,376,500 units Disposed)
5:25PM TONGHER Tsai Chen, Su-Kan (33,300 units Acquired)
5:25PM TONGHER Tsai Ming Ti (33,300 units Acquired)
5:25PM UEMS EMPLOYEES PROVIDENT FUND BOARD ("EPF BOARD") (58,200 units Acquired)

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PRESBHD (5204) retest MA100 support level, will it rebound ?


CAN SOME CHART EXPERT ON THIS FORUM TELL ME WHAT IS THE VALUE AT MA100??? ANY IDEAS GUYS

Post removed.Why?

• Newly-launched projects are beginning to make contributions. Large-scale
developments such as Tropicana Gardens, Tropicana Metropark, Tropicana Metropark
and Tropicana Avenue were the main drivers of revenue growth for this quarter. For
example, management guided that the Tropicana Gardens development, that was
launched in 1Q13 is still recording costs for its foundation works.
• Finance costs to reduce going forward. This quarter, finance cost for the group was
recorded at about RM19.5m (up 18.1% from 1Q13). However, as a result of its degearing
initiatives, management expects this figure to shrink, thus allowing for better
margins.
STOCK IMPACT
• Property sales worth RM395m in 1Q14. This quarter, Tropicana managed to clinch
about RM395m in property sales, representing about 20% of its 2014 sales target of
about RM2b. The key driver for its sales this quarter came from its recently-launched
landed development, Tropicana Heights in Kajang (RM102m), followed by its Penang
high-rise 218 Macalister project (RM73m). Management also guided that it has about
RM300m in bookings that have been made which could lift its ytd sales close
to RM695m.
• Armed with strong unbilled sales of RM2.4b, representing about 1.7x of its 2013
property division revenue. We expect property EBIT margin to hover at about 20-23%,
in line with management’s target, on higher progress billings for Tropicana Gardens
(RM449m), Tropicana Danga Bay (RM443m), Penang World City (RM490m) and
Tropicana Avenue (RM343m). With a headroom of over RM2.4b in unbilled sales, we
believe Tropicana would be able to sail through any property market headwinds in the
near term.
• De-gearing initiatives still ongoing, but future exercises remain hazy. Ytd,
Tropicana has managed to dispose of about RM919m worth of lands, which includes
the partial disposal of its Canal City land to Eco World Bhd and the recently sale-JV of
its Jalan Bukit Bintang land. With this two asset disposals, Tropicana’s net debt could
fall to RM916m (from RM1.4b currently) which represents a net gearing of about 0.31x
(from 0.54x currently). Management also guided that they would focus on more smaller
land parcels disposals going forward.
• Maintaining its RM3b launch target in 2014. We understand that the company is
expecting to launch RM3b worth of products while holding on to its conservative RM2b
target in sales. For this year, about 40% of the newly-launched products would consist
of landed residential properties. One of the key launches slated for this year includes
the maiden launch of its Tropicana Aman (Canal City) development, whereby the group
plans to launch about RM770m worth of landed homes. We believe this development
would be able to deliver good take-up rates given its affordable pricing of
RM750,000/unit, based on our estimates.
EARNINGS REVISION/RISK
• We reduce our 2014 and 15 forecasts by about 12% and 11% respectively to reflect the
shrinking margins for certain developments after the recent rise in construction
materials costs.
• Key risks include: a) rising interest rates, b) tighter lending policies by banks, and c)
rising costs of raw materials leading to margin erosion.
VALUATION/RECOMMENDATION
• Maintain HOLD and target price of RM1.74. Although Tropicana has started the
asset monetisation programme again - recall that it recently agreed to sell a piece of its
Canal City landbank to Eco World for a gain of RM170m - the cash flow requirements
from ongoing projects are still high. Nevertheless, chunky asset monetisation would be
positive to share price as it will narrow the current steep discount to RNAV. Currently,
our target price represents a 45% discount to our fully-diluted RNAV of RM3.16/share
and implies 13x 2015F PEx. A good entry price would be RM1.50.
SHARE PRICE CATALYST
• More strategic asset monetisation exercise.
• Good take-up rates for its developments.

RESULTS
• Below expectations. Tropicana Corp (Tropicana) reported 1Q14 revenue of
RM299.1m (-32.7% qoq, -2.0% yoy) and a PATMI of RM7.8m (-96.9% qoq, -82.1%
yoy). The significant drop across the board for its property division on a yoy basis is
mainly due to the fact that in 1Q13, there were land sales that boosted revenue by
RM126m with a PBT gain of RM43.3m. Without land sales, yoy revenue and PBT would
have been up by 66.9% and 5.5% respectively. Also, low margins were recorded
largerly due to high operating costs.
• Expect an earnings boost in the subsequent quarters. This quarter, core earnings
only accounted for 5.0% of our and 3.3% of consensus full-year estimates, mainly
because most of the projects are in initial stages of completions this quarter; hence
revenue may be positive but profit levels are still insignificant.

Tropicana Corp (TRCB MK)
1Q14: A Little Timing Issue
Tropicana’s 1Q14’s results were below expectations mainly because most of the
projects that are currently billed are still in the early stages of construction. However,
we expect subsequent quarters to record positive growth in earnings. This quarter, the
company managed to rake in RM395m in sales. The group is also maintaining its 2014
sales target of RM2b backed by RM3b in launches and armed withRM2.4b in unbilled
sales. Maintain HOLD. Target Price: RM1.74. Entry price: RM1.50.

Post removed.Why?

SKP Resources (SKP MK)
Technical Buy
Last price: RM0.375
Resistance: RM0.395, RM0.425
Support: RM0.335
BUY with a target price of RM0.425. SKP’s share price has
retraced, consolidated and recovered gradually, forming a bullish
reversal pattern of “cup and handle” over the last 6 months. Last
Friday’s breakout to close above the neckline of RM0.365 was
backed by a much higher trading volume of 14.1m shares (vs 20-
day average of 2.9m) that validated the breakout. The bullish
crossover in both MACD and Stochastic, which signals a strong
momentum ahead, should in our view push the share price higher.
Moving forward, we peg our near-term upside target at RM0.425
using X to X projection based on the “cup and handle” pattern.

Post removed.Why?

FINANCIAL HIGHLIGHTS
 Weak FY14 but strong recovery from FY15 onwards. For 9MFY14, SKP recorded
revenue of RM302m (-26% yoy) and net profit of RM22m (-35% yoy). The weak
result was mainly due to reduced sales order and higher cost as a result of the
minimum wage policy. We expect 4QFY14 to see RM8m in net profit (+38% qoq,
+6% yoy). The significant qoq improvement is mainly due to the higher sales order,
particularly from Dyson. SKP’s utilization rate has recovered from a low of 60% in
3QFY14 to about 75-80%. On a full year basis, we estimate that SKP will only
achieve RM29m net profit (-26% yoy) in FY14. On the other hand, we expect a
strong recovery for SKP in FY15-17. We estimate SKP to achieve net profit of
RM40m, RM52m and Rm59m in FY15-17, representing CAGR of 22%.
 Expecting yoy margin improvement due to favourable product-mix. For
9MFY14, SKP recorded EBIT margin of 9.2%, a yoy 3.8% contraction. The lower
margin was mainly due to the impact of minimum wage policy as well as the higher
proportion of sales for low-margin products (sub-assembly products). In FY15,
margin is expected to improve due to better product mix. The sales order growth will
come mainly from Dyson’s products, which require fully-integrated manufacturing
solutions that granted better margin. We estimate SKP’s EBIT margin to range
between 10-11% in FY15-17F. However, we believe SKP is unlikely to enjoy high
EBIT margin of more than 12%, which was registered in the period of FY11-13, due
to inflation of labour and electricity costs.
 Intact working capital management. SKP’s cash conversion cycle has been well
managed between 38-47 days in FY11-13. We view that this range is sustainable
as: a) SKP has managed to consistently control its inventory/COGS ratio in the
range of 7-9% over the past five years, and b) It is unlikely to see a significant spike
in receivable turnover days, given its clients’ strong profile. In addition, SKP’s net
cash flows have been in a positive position since 2008 and we foresee this trend to
continue going forward, with the exception of FY15F due to non-recurring major
expansion capex.
FIGURE 9: NET PROFIT AND GROWTH
TRENDS
Source: SKP, UOB Kay Hian
FIGURE 10: EBIT MARGIN TREND

VALUATION
 Initiate coverage with BUY and a target price of RM0.55, deriving from 10x
FY15F PE. Our target price implies an upside of 46.7% from its current share price.
FIGURE 6: VALUATION METHODOLOGY
Division (RMm) PE (x) Value (RMm)
2015F earnings 49.1 10 491
Share base 900.0
TP per share (RM) 0.55
Source: UOB Kay Hian
 10x 2015PE is reasonable. Our target 2015PE of 10x implies a 19% discount to
SKP’s listed peers’ weighted average PE of 12.4x in 2015, based on consensus
estimates. Bursa-listed V.S Industry is SKP’s most comparable peer as it is also one
of Dyson’s contract manufacturers although in different product category. However,
we opine that SKP has competitive edge over its peers as the company’s strong
financial strength (net cash position vs VS Industry’s 0.4x net gearing) enables it to
expand its production capacity easily to cater clients’ orders.
 Local manufacturing companies are trading at similar valuation. On a broader
basis, we include local manufacturing companies with market cap below RM500m
and earnings base of RM30m-60m for comparison purposes. These companies are
trading at weighted average 2014PE of 9.9x and 2015F PE of 9.6x, justifying our
10x PE valuation as being reasonable. From EV/EBITDA valuation perspective,
SKP’s 3.9x FY15F is much lower than that for the others’ average of 7.0x.
 Our target price suggests 5.2x cash-adjusted 2015PE. Excluding our estimated
FY15F net cash (9sen/share) from the market price implies that SKP is currently
trading at undemanding 5.2x 2015F PE.
 Our target price excludes the potential dilution arising from SKP’s warrants as
it is currently out of money and is trading at a high premium of 41.3%. As such, we
see no reason for warrant holders to convert their warrants anytime soon. However,
if we assume that the warrants are fully converted, our target price would be
RM0.53, after including the cash proceeds from warrants.

 To beef up capacity by 75% in stages, starting from 2HFY15. SKP recently
announced an acquisition of a 2ha land in Senai, Johor for RM6.8m to build a new
factory. This expansion will add additional 75% of capacity but full operation will only
come on-stream in FY18. Assuming the new capacity is coming in evenly over
FY15-18, this would mean that SKP will add over 20% of new capacity p.a. over the
next three years. We understand that the new production could be started as soon
as 3QFY15. We estimate that the capex could be in the range of RM40m-50m. We
view that this significant expansion plan would not stretch the company’s balance
sheet as it has a strong net cash position of RM98m as at 3QFY14.
 Where will the demand come from? In addition to the minimum wage policy,
SKP’s gradually declining earnings trend over the last three quarters was partly due
to the weak orders from its key customers. However, given that one of its key clients
will be launching a new product, we believe that this could revive orders moving
forward as an introduction of new product will typically spur consumers’ demand.
Furthermore, we are hopeful that SKP would see more demand from its other
existing clients as well, rising alongside a recovery in global economic activities, and
this could boost demand for consumer electronics products such as televisions.
 Going big into Dyson’s other product segment. SKP’s remarkable growth in
FY10-13 was mainly attributed to its maiden turnkey contract for Dyson’s vacuum
cleaner product segment. We understand that SKP has secured a similar type of
contract for Dyson’s other product segment and majority of SKP’s new plant’s
capacity, which will start operating in 3QFY15, will cater specially to this product.
While we acknowledge that SKP has a tight timeline in setting up its new facilities,
we believe that SKP could be able to deliver on schedule, given its experience in
setting up new production facilities. Assuming a total capex of RM40m-50m, we
estimate that the payback period would be four-five years’ time.
 Estimated earnings CAGR of 26% in FY14-17F. We are estimating SKP to
achieve RM29m, RM40m, RM52m and RM59m in FY14F-17F respectively. In
summary, the earnings leap in FY15F (+36% yoy) will be underpinned by: a)
stronger order volume for existing capacity, due to client’s introduction of a new
product and rising demands for existing products and b) 4-6 months contribution
from its new plant’s operations. Meanwhile, earnings growth in FY16-17F (+32% and
+13% yoy respectively) will be mainly due to the new plant’s production facilities
coming on-stream.
 Strong balance sheet. SKP has zero debt and is sitting on a cash pile of RM98m
(11.5sen/share), equivalent to 31% of its market capitalisation. Assuming SKP pays
out 50% of its net profit as dividend and forks out RM50m for expansion purposes in
FY15-16F, we estimate that SKP’s cash level would reach RM92m by FY16F.
 Decent dividend yield of 6-8% in FY15-16F. Backed by its strong cash flow, SKP
has consistently paid out 46-50% of its earnings over the last three years. Assuming
a 50% payout ratio, we estimate that SKP will offer a lucrative dividend yield of 5.9%
and 7.8% for FY15 and FY16, respectively. In addition, despite the massive capacity
expansion in the pipeline, we do not discount the possibility that SKP would dish out
a special dividend to reward shareholders as this small-cap company owns RM48m-
58m cash (5.3-6.4sen/share) in its coffer, post an estimated RM40m-50m capex.

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MONEY TALK



SKP RESOURCES (SKP MK)


Gaining New Fans
Following its weak earnings in FY14, SKP, an integrated plastic manufacturer with
mechanical-electronics assembly capability, is poised to make a strong recovery and
resume its growth trend from FY15 onwards. Its recovery is underpinned by clients’
growing orders for existing capacity as well as commencement of new production lines
that cater to a new product range. Being a small-cap company with solid earnings
growth prospects, prospective dividend yield of 6% and close to RM100m cash (31%
market cap) in its coffer, SKP deserves to trade at 10x 2015F PE. Initiate coverage with
a BUY and a target price of RM0.55.
INVESTMENT HIGHLIGHTS
 New product cycle fanning an earnings CAGR of 26% in FY14-17F. After soft
volume orders in FY14 ahead of significant product upgrade, SKP is on track to
resume its growth trend in FY15, particularly post-capacity expansion in 2HFY15.
We expect SKP to achieve RM40m-59m in FY15-17F vs RM29m in FY14F. The
earnings leap in FY15-17F is mainly attributable to the increasing orders from its key
customer, Dyson. SKP will be ramping up its capacity by 75% in stages and the
facilities will be mainly catered for Dyson’s product segments. The rising order will
also be partly due to client’s introduction of a new product and growing demand for
existing products.
 Becoming an assembly contractor of choice in the E&E space. SKP’s Europe-
and Japan-based multinational IDMs of consumer electronics have increasingly
recognised SKP’s production efficiency, growing engineering competency and
financial strength. This has resulted in it securing more contracts.
 Strong balance sheet and cash flow. SKP’s coffer is backed with about RM100m
net cash (31% of market cap). Assuming SKP forks out RM50m capex for expansion
and maintains a 50% dividend payout policy, we estimate that SKP’s cash level will
still remain healthy at RM92m by FY16. This reflects the company’s healthy cash
flows and efficiency in generating quick paybacks.
 Attractive dividend yield of 6-8% expected in FY15-16F, assuming a 50%
dividend payout policy.
 Initiate with BUY and a target price of RM0.55 based on 10x 2015F PE. Our
valuation is reasonable as it implies an effective target PE of 5.2x after stripping out
its estimated FY15F net cash (9sen/share). Its present about 10% discount to other
local manufacturing companies’ PEs makes it compelling. From EV/EBITDA
valuation perspective, SKP’s 3.9x FY15F is much lower than that for the others’
average of 7.0x.

TSR Capital (TSRC MK) -----------------uob kay hian,,12/05/14

Technical BUY with +37.6% potential return
Last price : RM1.17
Target Price : RM1.49, RM1.61
Support : RM1.08
Stop-loss: RM1.07
BUY with a target price of RM1.61 with stop
loss placed below RM1.07. TSRC has failed to
surge past RM1.27 despite having formed a
solid base in a “cup and handle” pattern.
However, the neckline at the recent high of
RM1.27 has not been breached, thus the
validity of the pattern is still pending.
Nevertheless, we are optimistic given the
gradual rise in momentum as the share price
has been consistently climbing along the
steeper trendline. A violation of the immediate
resistance of RM1.27 should lead the share
price to retest its upper resistance at RM1.49
while we peg our medium-term target at
RM1.61 which is based on X to X projection of
the “cup and handle” pattern.

Hock Seng Lee (HSL MK)
Technical BUY with +13.9% potential return
Last price : RM1.94
Target Price : RM2.15, RM2.21
Support : RM1.88
Stop-loss: RM1.87
BUY with a target price of RM2.21 with stop
loss placed below RM1.87. HSL’s share price
successfully breached the “cloud” on 10 Apr 14
and continued to climb higher before meeting
with strong resistance at RM2.00. Despite the
recent pullback, HSL is still trading above both
the 10-day and 21-day SMA lines, which
suggests the near-term uptrend remains intact.
Given the bullish crossover in Stochastic, we
expect the positive momentum to help the
share price nudge higher and retest the
psychological resistance of RM2.00 in the near
term. A successful breakout above the
aforementioned level may pave the way toward
further upward continuation as we peg our
medium-term target at the 1.61x Fibonacci
extension level of RM2.21.

Pintaras Jaya (PINT MK)
Technical BUY with +18.0% potential return
Last price : RM4.05
Target Price : RM4.53, RM4.78
Support : RM3.78
Stop-loss: RM3.76
BUY with a target price of RM4.78 with stop loss
placed below RM3.76. Following a correction
from the recent high of RM4.12, PINT has
established support at RM3.78 as it has gradually
rebounded along with an increasing trading
volume in the last 4 days. A bullish crossover in
Stochastic suggests a surge in momentum which
is likely to help the share price retest the recent
high in the near term. Given the bullish crossover
between the +DI and ADX lines, we opine that
the rebound could lead to the creation of a new
up-leg, thus we peg our medium-term upside
target at the 1.61x Fibonacci extension level of
RM4.78.

3.60 IS A STRONG RESISTANCE LEVEL

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HOW FAR CAN IT GO DOWN,,,CHARTWISE... Hope it is helpfull

thanks very helpfull article

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