- 9M14 results were largely in line.
- 3Q14 topline down 4% YoY on lower export sales but bottomline up 9% YoY on (i) more favourable raw material costs, and (ii) stronger MYR against USD.
- Maintain HOLD with a lower TP of MYR63.60 (MYR64 previously.
NCB Holdings: Maintain Sell
Long road to recovery Shariah-compliant |
- 3Q14 results substantially below our and street's estimates.
- Near-term anaemic earnings growth and unattractive DY.
- Maintain SELL with a lower DCF-derived TP of MYR2.25.
Technicals: The short-term rebound may persist
The FBMKLCI rose 4.29 points to 1,823.15 yesterday, while the FBMEMAS and FBM100 also closed higher by 51.07 points and 43.62 points, respectively. In terms of market breadth, the gainer-to-loser ratio was 637-to-226 while 255 counters were unchanged. A total of 2.29b shares were traded valued at MYR1.86b.
Today's trading idea is a Short-Term BUY CALL on MAXIS with target price of RM7.01 and RM7.20. |
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