Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Thursday, April 1, 2010

Halex, Dayang, KPJ

DJ MARKET TALK: Charts Tip Halex May Rise To MYR0.80 - Maybank

0525 GMT [Dow Jones] STOCK CALL: Maybank Investment rates Halex (5151.KU) at Short-Term Buy based on charts with upside resistance and target levels of MYR0.71, then MYR0.80. Technical analyst Lee cheng Hooi says stock of maker of agricultural chemicals in a fledgling uptrend, confirmed by positive crossovers on its technical indicators, potential Golden Cross on 19-day, 50-day simple moving averages. Adds with current firm bullish divergence signals, "we feel that Halex will surge towards the stipulated resistance and target levels." Stock +2.2% at MYR0.705. Support tipped at MYR0.69, then MYR0.63; stop loss at MYR0.61.

DJ MARKET TALK:Hwang-DBS Starts Dayang As Buy With MYR2.60 Target

0410 GMT [Dow Jones] STOCK CALL: Hwang-DBS starts Dayang (5141.KU) as Buy with MYR2.60 target pegged to 11X FY11 forecast EPS. "Dayang is a good proxy to East Malaysia oil & gas play given its track record and growth story," says analyst Wee Keat Lee; adds company's FY09-11 net profit forecast at CAGR of 37.1% underpinned by strong order book, superior margins (EBIT margin 25.8% vs industry's 19.4%), new contract wins and maiden contribution from marine transportation operations. Dayang currently has an order book of MYR520 million to keep the company going till 2012. Stock currently trading at FY11 forecast P/E and PBV of 8.0X and 1.6X, respectively. Stock last +1.1% at MYR1.89.

DJ MARKET TALK: Affin Raises KPJ Target To MYR3.58; Keeps At Buy

0627 GMT [Dow Jones] STOCK CALL: Affin Investment keeps KPJ Healthcare (5878.KU) at Buy, raises target to MYR3.58 from MYR3.03 based on higher FY10 PE target of 17X (from 15X before). Analyst Loong Kok Wen says PE target upgrade stems from positive industry dynamics (re-rating on healthcare sectors, M&A possibilities), also closing valuation gap between KPJ and regional peers (sector average PE currently at 20.8X). "We expect KPJ to continue pursuing its expansion plans via M&A activities, i.e. acquisition of more hospitals, to achieve its MYR2 billion revenue target in 5 years time." House raises FY10-FY11 earnings forecast by 1%-5% to account for slightly better margins, FY12 projection revised to reflect higher contribution from 4 new hospitals in pipeline. "Despite the expansion plans, we do not think the capex requirement will affect the company's dividend payout over the next three years," Loong adds. Stock +2.7% at MYR3.00

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