- Seems like the right call by Bursa from a legal perspective.
- A temporary setback but merger likely to still push ahead.
- HOLD maintained on CIMB (TP: MYR7.60), given prevailing uncertainties. Prefer RHB (BUY; TP: MYR10.45) for exposure to this merger.
Perdana Petroleum: Maintain Buy
Strong growth ahead Shariah-compliant |
- Targets Shell EOR/Dayang’s HUC for its newbuild - Emerald.
- Dayang is keen on LTH’s block but a GO may not happen.
- Our top OSV pick (15x 2015 PER). Its brownfield exposure insulates its business from capex cut & oil price volatility.
CapitaMalls Malaysia Trust: Maintain Buy
Earnings on track |
- 9M14 core net profit of MYR111m (+0.6% YoY) was within our expectation but below consensus.
- We see an upturn in demand for yield stocks with the return of market volatility and slower global economic growth.
- No change to earnings forecasts and MYR1.74 DCF-based TP. Maintain BUY. CMMT offers 6.4% net yield (2015) vs its retail REIT peers of 5%.
Technicals: Sell all rebounds above the 1,800-mark
The FBMKLCI declined 6.92 points to 1,796.22 on Tuesday, while the FBMEMAS and FBM100 also closed lower by 41.82 points and 39.59 points, respectively. We recommend a “Sell on Rallies” stance for the index.
Trading idea is a Take Profit call on MPI with downside target areas at MYR4.33 & MYR3.69. |
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