Technical | Fundamental Analysis Discussion Stocks Listed In Bursa

Wednesday, April 7, 2010

Petronas, Uchi, Sunrise, Gopeng

DJ MARKET TALK: Maybank Upgrades Petronas Gas To Hold From Sell

0755 GMT [Dow Jones] STOCK CALL: Maybank Investment upgrades Petronas Gas (6033.KU) to Hold from Sell, raises target to MYR10.40 from MYR8.80 following better terms in new, 4th Gas Processing and Transmission Agreement with parent Petronas (for period April 1, 2010 to March 31, 2014). Analyst Andrew Lee says latest GPTA improves firm's business model, enhances earnings (FY11-12 EPS may rise by between 29% and 34%), addresses key operating risks like gas price fluctuations, also eliminates concern over gas supply (allows PetGas to choose 3rd party gas supply). Lee says this could likely be "a prelude to using imported gas in Peninsula Malaysia... we understand that the external gas will come from Petronas' Santos field, Australia." Dividend yields remain decent at 5%, making PetGas a good defensive bet, Lee adds. Stock +0.1% at MYR9.90.

DJ MARKET TALK: TA Research Keeps Uchi As Buy, MYR1.60 Target

0715 GMT [Dow Jones] STOCK CALL: TA Research keeps Uchi Technologies (7100.KU) at Buy with unchanged MYR1.60 target based on 14X FY10 EPS. "We continue to like Uchi, premised on its strength in the niche products market," says TA Research. Uchi is only supplier of electronic control systems (for coffee maker) in Asia, and possibly sole supplier in world (excluding customer's own in-house models). "This will serve as a meaningful catalyst to drive earnings momentum going forward as customers would have no choice but to place orders with Uchi once demand rebounds as there is no alternative supplier in the market," says TA; adds, company also does not face any difficulty in passing on any cost increases to customers. Keeps net profit forecast of MYR42.6 million for FY10, MYR50.1 million for FY11. Stock flat at MYR1.38.

DJ MARKET TALK: Charts Tip Sunrise As Accumulate -Maybank

0626 GMT [Dow Jones] STOCK CALL: Maybank Research says Accumulate property firm Sunrise (6165.KU) based on charts. "Sunrise spiked up above its 19-day moving average in January 2010 with grossly oversold signals," says chartist Lee Cheng Hooi; adds, with buy indicators like CCI, DMI, MACD, Stochastic and Oscillator, house positive that Sunrise will trend firmly higher, with potential to test potential upside target areas of MYR2.50, then MYR2.95. Stock last down 0.4% at MYR2.30, having breached immediate support at MYR2.31. Tips next support at MYR2.03 with stop-loss at MYR2.01.

DJ MARKET TALK: Charts Tip Gopeng May Rise To MYR1.22-Maybank

0826 GMT [Dow Jones] STOCK CALL: Maybank Investment rates Gopeng (2135.KU) at Accumulate based on charts with upside targets at MYR1.07, then MYR1.22. Technical analyst Lee Cheng Hooi says stock of plantation firm broke above 19-day moving average in January with grossly oversold signals. "With the buy indicators like CCI, DMI, MACD, Stochastic and Oscillator, we are positive that Gopeng will trend firmly higher, with the potential to test our resistance areas of MYR0.99 and MYR1.09 as it is poised to break its upward Pennant formation," says Lee. Stock last down 0.5% at MYR0.95, having breached immediate support at MYR0.955. Next support at MYR0.82; stop loss at MYR0.80.

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