HLIB Research Summary - 11 Nov 2014

Plantations (NEUTRAL  çè)

Inventory rises for the 4^th month

• Inventory increased for the 4^th consecutive month, by 3.7% mom to 2.17m tonnes mainly on weaker exports, which more than offset a 0.2% mom decline in output.
• While production has already reached its peak (and will start trending down from Nov, in our view), we believe CPO stockpile will likely remain high in Nov, as lower CPO output will likely be offset by the absence of seasonal restocking activities, CPO’s narrow discount against the soy oil, and the economic viability of voluntary biodiesel demand amidst current low crude oil price.
• Maintain NEUTRAL stance on the sector.

KLK (HOLD çè)

 Teams up with Astra Agro Lestari

§       KLK entered into a JV agreement with PT Astra Agro Lestari Tbk (AALI), which AALI will acquire a 50% stake in PT Kreasijaya Adhikarya (which is involved in the business of refinery and trading of refined palm oil products) for RM81.2m.

§       Positive, as the latest move (by teaming up with AALI) will ensure the supply of quality feedstock for its refinery. This is particularly important for KLK as its own oil palm estates in Indonesia could only supply up to 60% of the CPO feedstock required for its refineries in Indonesia .

§       Maintain earnings forecasts, TP of RM20.41, as well as HOLD recommendation on the stock

MAHB (BUY çè)

Funding for the Remaining 40% ISGA

• MAHB announced rights issue exercise of 274.8m rights shares on the basis of 1 for 5 existing MAHB shares.
• Based on illustrative price of RM4.80, MAHB will raise RM1.3bn funds, which RM1.2bn will be used to fund the acquisition of the remaining 40% stake in ISGA from Limak.
• Net EPS dilution impact for FY15 and FY16 are -10.5% and -8.9% respectively.
• Remained positive on MAHB’s long-term earnings growth. Maintained BUY with unchanged TP of RM8.90 (RM8.10 post the completion of ISGA acquisition).

MAHB (BUY çè)

An Improvement in Oct 2014

• MAHB’s reported turnaround in pax growth at +0.1% yoy in Oct, after negative growth in the past 2 months.
• Growth mainly driven by international segment – Australia , New Zealand and India sectors.
• The seat capacity offered by airlines in Nov and Dec are +6.7% yoy, promising continued positive passenger growth for the remainder of the year.
• Remained positive on MAHB’s long-term earnings growth. Maintained BUY with unchanged TP of RM8.90 (RM8.10 post the completion of ISGA acquisition).

IOIPG (BUY çè)

Proposed Rights Issue

• IOIPG proposed renounceable rights issue of 539,835,787 new shares at RM1.90 on the basis of one right for every 6 IOIPG shares.
• Based on the issue price of RM1.90, IOIPG would raise RM1,025.7m. We understand that bulk of the raised fund will be used for for its townships in both Bangi and Sepang, as well as for the integrated development in Putrajaya.
• Basic dilution of the proposed exercise is about 14% and will reduce our TP from RM3.94 to RM3.38. However, we believe the dilution will be mitigated by incremental earnings from IOIPG’s future investment opportunities. Gross gearing will be slightly reduced from 0.18x to 0.17x post the rights issue exercise.
• We are positively surprised on the proposed exercise as it strengthens the balance sheet and provides shareholders to participate at a 30% discount to market price.
• To note, the proposed rights will be fully underwritten by its major shareholders. The proposed exercise is expected to be completed by 1QCY15.
• Maintain TP at RM3.94 (10% discount to RNAV, 17.3x CY15 P/E). Our TP will be adjusted to RM3.38 post the rights issue exercise. Maintain BUY.

DRB (BUY çè)

One More Step Towards Integrated Logistics

• DRB proposed to acquire 100% Gading Sari for RM72m or RM4.80/share.
• Gading Sari is a private air transportation company providing services to Poslaju. The acquisition is line with DRB to develop integrated logistic services via KLAS.
• Relatively negative on the expensive valuation at 10x P/NTA (2013) and 32.7x P/E (2013). DRB may need to pay premium for the company’s Air Operator Certificate (AOC).
• Maintained BUY with unchanged TP of RM3.00 (Based on SOP).

CBIP (HOLD çè)

Good fundamentals priced-in

• We continue to see bright earnings visibility at the oil mill engineering division offsetting the higher tax expense. This is underpinned by its all-time-high order book, the increasing harvesting areas of oil palm plantations as well as management’s ongoing efforts in expanding the division’s capacity.
• While management remains confident in securing sizeable contracts to replenish order book for the SPV division, we believe 2015 will be a relatively quiet year for this division. In our opinion, potential new contracts may not arrive in time to replenish its depleting order book given the lumpy and irregular nature of this division’s contract flow.
• Management highlighted that planting development works will continue (albeit at slower pace of ~3,000 ha p.a. vs. 6,000 ha p.a. previously), although there are still uncertainties on foreign shareholding cap in Indonesia .
• We reduced our FY12/15-16 net profit forecasts by 18.4-25.9%, largely to reflect: (i) higher tax expense; and (ii) lower earnings at the SPV, which more than offset slightly higher contract wins and EBIT assumptions at the palm oil mill engineering division.
• SOP-derived TP on the stock is lowered by 6.2% (from RM2.27) to RM2.13, post adjustments made in our valuation methodology for its plantation assets in Malaysia and net profit forecasts. Maintain HOLD recommendation.

Economics

Oct-14 PMI: Mixed Bag of Results

• Global PMI in October continued to show weak global growth momentum with greater growth differentials across regions. Manufacturing PMI was stable at low level of 52.2 (Sep: 52.2) while services PMI fell to a six-month low of 53.7 (Sep: 55.2).
• Fears of growing dimness in the Euro zone and China that would weigh on the US-led recovery continued to mount. Downside risks to global growth persisted during the month, with recent financial market volatility, falling energy prices and US braving a rate hike next year. Meanwhile, we expect the world economy to grow by 3.6% next year (2014f: +3.3%).
• Mixed bag of PMI results across Malaysia ’s top trading partners in October suggested an uneven and less-favourable growth outlook for exports and IPI in the months ahead. Together with softer domestic financial activities and lower commodity prices, we expect GDP growth to slow to 5.6% in 2H14 (1H: +6.3%) and 5.0% in 2015 (2014f: +6.0%).
• A more dovish tone in November’s MPS also lends support to our expectations of OPR pause throughout 2015.  

Traders Brief

Must break above 10-d SMA for resumption of uptrend

• For a resumption of an upward momentum towards 1850, KLCI must rebound quickly to surpass 10-d SMA (now at 1838) levels. Otherwise, a crack of the lower 1818 (20-d SMA) and 1824 zones will trigger more selldown towards 1800 zones.
• Closed positions: We had closed our SELL positions on BORNOIL and YGL after hitting our R1/R2 targets on 10 Nov.
• Today’s recommendation: Trading BUY on SKPETRO

Trading idea - SKPETRO

SKPETRO: Double Positive Divergence

• Share price is expected to go higher mainly because share price made lower low while all indicators (MACD & RSI) made higher low on hourly as well as daily chart, triggering double Positive Divergences which indicate weakness in the downtrend momentum and selling pressures are exhausted.
• Further upside targets are at RM3.28 and RM3.41, with a long-term objective of RM3.62. Critical supports are pegged at RM3.06 and RM3.00. Cut loss at RM2.94.

RHB Research Summary - 4 Nov 2014

Malaysia Airports Holdings (MAHB MK, BUY, TP: MYR8.04)

The Worst May Be Over

Results Review

MAHB’s 3QFY14 core losses reduced QoQ to MYR2.7m from MYR25m. We deem this in line with our expectation as 4Q could be soft in view of the anticipated flight cancellations in the peak season post MH17 and MH370. The worst may be nearing its tail-end as FY15 earnings growth for domestic operations could be robust on KLIA 2’s full-year contribution. Maintain BUY, at a lower MYR8.04 TP (11% upside).

 

 

Alam Maritim (AMRB MK, NEUTRAL, TP: MYR1.12)

Secures MYR31.7m Demobilisation Contract

Corporate News Flash

Alam Maritim has received a USD9.56m (MYR31.7m) letter of award (LOA) to demobilise a floating storage facility. Maintain NEUTRAL, with our TP trimmed to MYR1.12 (from MYR1.35), implying a 4.7% upside. Although this LOA and a possible short-term contract for 1MAS-300 are positive surprises to us, we believe they are insufficient to lift the sentiment on the stock amid the current cautious outlook.

 

 

Malaysia Building Society (MBS MK, NR)

Higher Impairment Allowances In 3Q14

Results Review

Malaysia Building Society’s (MBSB) 3Q14 net profit of MYR192.4m fell 17.4% QoQ (+63.4% YoY) due to higher impairment allowances on loans, rising operating expenses as well as lower non-interest income. 3Q14 loan growth remained muted while NIM was stable QoQ at 3.86% (2Q14: 3.83%). Management updated that efforts to close the gap towards a full-fledged banking institution have been completed in 3Q14.

CIMB Research Summary - 4 Nov 2014

Plantations - Preview of Oct palm oil stocks

A survey conducted by our futures team revealed that palm oil output was marginally lower in Oct, falling by an estimated 0.7% mom to 1.88m tonnes due to weaker yields from Peninsular Malaysia estates. Palm oil exports fell by c.2% mom due to lower demand from India. Overall, we project Malaysian palm oil inventory to rise by 3% mom to 2.15m tonnes in Oct 14. The CPO futures price has recently breached the top end of our near-term price range of RM2,300 per tonne due to higher soybean oil prices, concerns of dry weather in some key planting areas in Indonesia and the lagged impact of drought in Peninsular Malaysia on palm oil output. We maintain our Neutral sector rating and preference for First Resources, Astra Agro and SIMP.


Aviation - overall - Capacity cuts still not happening

OAG six-month forward schedules, as well as our checks and discussions with industry executives, strongly suggest that near-term capacity restructuring in Malaysia’s aviation industry will not happen as quickly as we had originally anticipated, despite the urgent tone in Khazanah’s recent document. The continuation of the low-yield environment and the delay in airlines’ capacity cuts will disadvantage AirAsia and AAX, but benefit MAHB. We retain our Neutral call for the sector. We currently have an Add call on AirAsia, but acknowledge that our target price of RM3.25 will need a longer time frame to realise. We have a Hold call on MAHB (target price of RM7.20), and a Reduce call on AAX (target price of RM0.72).


Malaysia Airports Holdings - Marginally profitable

At RM94m, MAHB's 9M14 earnings beat our expectation at 278% of our forecast but were below consensus at just 60% of consensus. Earnings fell by 98% yoy as traffic declined and costs escalated. We raise our FY14-16 forecasts, largely due to lower depreciation charges, resulting in a slightly higher DCF-based target price. While share price downside risk appears limited, we maintain Hold as weak traffic growth and KLIA2-related costs could lead to uninspiring results in the coming quarters.


SapuraKencana Petroleum - Fine gems sparkle in Brazil

In response to a media report on Petrobras’s failure to obtain auditor approval for its 3Q earnings, SapuraKencana’s management stated that its operations in Brazil are going smoothly and payments have been received on time. Sapura Diamante and Sapura Topazio have been deployed in Brazilian waters to work for Petrobras. We expect their early contributions to be reflected in SapuraKencana's 2HFY1/15 results. We continue to value the stock at 21.2x CY16 P/E, still at a 30% premium over our target market P/E of 16.3x. We maintain our Add rating, with strong order book momentum and a successful E&P venture as potential re-rating c

CIMB Research Summary - 27 Oct 2014

Axiata Group - A better 2015 priced in

With rebounds at Celcom and XL, we see stronger earnings for Axiata in FY15 but consensus numbers appear to have factored this in. On the negative side, we believe Axiata is likely to keep its capex high in FY15 to improve its data network quality, which could surprise the market. We cut our FY14-16 core net profit forecasts by 1.8-11.0% for lower estimates for Celcom and XL. Despite this, our SOP-based target price stays at RM7.20 as we now factor in higher valuations for Idea, Robi and Smart. We maintain our Hold call. The key upside risk is stronger-than-expected earnings at Celcom and XL while the key downside risk is sustained high capex in the medium term. We prefer DiGi, our top Malaysian telco pick.


Malaysia Airports Holdings - Conference call highlights

Surprisingly, MAHB said that it was reconsidering its long-held objective of defending its AAA credit rating status, which suggests that it was possibly open to a wholly/majority debt-funded acquisition of another 40% of Istanbul Sabiha Gokcen (ISG). This is positive because it means that there will be less dilution from the issue of new ordinary shares, and the overall WACC can be lower. We maintain Hold rating and our DCF-based target price. Downside risk to the share price is limited, but weak traffic growth and KLIA2-related costs are likely to lead to uninspiring results in the coming quarters.


Economic Update - Aug leading index edges up

The leading index edged up 1.7% yoy in Aug (+1.6% yoy in Jul). The composite indicators painted a positive but more moderate outlook. Jul-Aug’s moderation of export and IP growth suggests that real GDP growth should ease to around 5.2% in 3Q14 (vs. 6.4% in 2Q). We still anticipate full-year growth of 6.0% for this year and 5.0% for 2015, mainly supported by the government’s recent measures to support domestic demand and a moderate but positive export performance.

HLIB Research Summary - 27 Oct 2014

UMW (HOLD çè)

UMWOG P/E Lowered

• In view of lower midterm oil price  at US$80-90/bbl (from >US$100/bbl), negative sentiment and lack of sizeable contract newsflow for upstream sector, our O&G analyst believe that O&G sector no longer command premium valuation (Refer to O&G sector report dated 20 Oct 2014).
• HLIB has cut the targeted P/E valuation for UMWOG to 16x (from 20x) with lower target price of RM3.29 (from RM4.12).
• Following our O&G analyst cut in UMWOG target price, we cut our target price of UMW to RM11.43 (from RM12.28) based on SOP.

MAHB (BUY çè)

ISGA- Turkey bright future ahead

• MAHB remained confident on ISGA potential earnings growth and reiterated that the IRR of the latest acquisition (@ EU€ 285m) is above its 15% threshold.
• MAHB believes that they able to work well with Turkey government even without Limak Group and TAV since Turkey practices an open policy on foreign investment.
• Potential revision of current PSC (EU€15/int’l departure) due to Turkey new airport tariff is fixed at EU€20//int’l departure.
• MAHB is not ruling out debt raising exercise. However, we do not expect MAHB to upset the existing bondholders (due to potential downgrading of bond rating) and anticipate MAHB to raise funds through equity exercises.
• Despite the short-term weaknesses in earnings and EPS, we remain positive on MAHB’s long term growth. Maintained BUY with unchanged TP of RM8.90 (based on SOP).

Traders Brief

To retest our 1825-1834 relief rally targets this week      

• Technically, on the back of ongoing Dow’s rebound, expectations of dovish remarks by Fed on 28-29 Oct FOMC meeting and slightly improved external newsflows, we remain optimistic that KLCI is likely to retest our short term resistance near 1825-1834 levels this week. However, the path will not be smooth as sentiment could be consistently affected by external headlines. Weekly upside targets are 1825-1834 whilst supports fall on 1800 levels.
• Closed positions: We had closed our positions on ARMADA and KNM after hitting our upside targets on 24 Oct. Today’s recommendation: Impulse BUY on GPACKET.

Impulse Trading - GPACKET

GPACKET: Positive Divergence signals upside

• Share price (low of RM0.31 on 21 Oct 2014 compared to low of RM0.305 on 2 Sep 2014) and oscillators (daily RSI, MACD and Slow Stochastics) are making higher low, triggering strong upside trajectory.  
• Noticeably, “Positive Divergence” formation on hourly chart indicates strong buying momentum. Moreover, weekly chart also shows potential upside as indicated by Doji candlestick. Upside targets are at RM0.35, RM0.36 and RM0.38. We see good supports at RM0.325 and RM0.315. Cut loss at RM0.305.

HLIB Research Summary - 24 Oct 2014

M-REITs (NEUTRAL  çè)

Defensive Play

• We believe that the REIT sector offers a good exposure of a more defensive play in the current volatile market. Our in-house economist expects there will be no more interest rate hike, which is no longer a drag for REIT sector.
• The previous fear of negative impact of rising cost is now proven to be unsubstantiated as REIT operators have been able to pass on the higher cost to tenants via rental reversion and / or service charge.
• We still prefer retail REITs given its potential of higher rental income from rental reversion, especially for prime retail mall (i.e. KLCC, Pavilion and The Gardens).
• We maintain our NEUTRAL outlook on the sector given lack of catalyst (i.e. acquisition exercise) in M-REITs. 

MAHB (BUY çè)

Making ISGA-Turkey Wholly Own Subsidiary

• MAHB has proposed to acquire the remaining 40% stake in ISGA (existing stake 60%) from Limak Group for €285m.
• MAHB is still finalizing the funding structure for the purchases. We believe MAHB will raise equity in order to satisfy its debt covenant.
• Slightly negative on the acquisition, given the price is above our fair value €255m, potential EPS dilution impact and deterioration of MAHB’s balance sheet (conolidating ISGA). Nevertheless, MAHB is confident that ISGA will turnaround in 2015, and contribute positively to the group.
• We remain positive on MAHB’s long term growth. Maintained BUY with unchanged TP of RM8.90 (based on SOP).

Public Bank (HOLD çè)

Strong Quarter

• 3QFY14 results in line with HLIB and consensus.
• Loans growth and ROE within KPIs but deposits growth slightly behind.
• Overall strong 3Q as all line items (including NIM) moving in the right directions.
• Complied with BNM 1.2% CA and regulatory requirement ahead of Dec 15 deadline via transfer of RM1.25bn from retained earnings, resulting in 0.6% reduction in CET1.
• However, more than offset by the recently completed RM4.8bn rights issue, CET1 now more than 10%.
• Asset quality stable despite higher impaired loans absolute amount for the seventh consecutive quarter as net formation was stable at 5-year average.
• Maintain HOLD with unchanged target price at RM18.32 based on Gordon Growth with ROE of 16.6% and WACC of 8.2%.

Traders Brief

Sentiment turns mildly bullish after index reclaims above 1800      

• In the wake of overnight strong Dow’s performance, KLCI’s technical rebound from recent low of 1766 towards our short term resistance at 1825-1834 levels is likely to accelerate after closing above the 1800 psychological barrier yesterday.
• Short term technical resistances are 1819 (mid Bollinger band), 1825 (runaway gap) and 1834 (breakaway gap) while supports are situated at 1800, 1778 (50% FR) and 1766 (17 Oct low).A breakdown below 1766 will reignite force selling and margin calls activities that could trigger another selldown towards 1738 i.e. factoring a similar 8.3% fall (during 25 Jul-28 Aug 2013) from all time high of 1896.
• Today’s recommendation: Trading BUY on SCOMIES

Trading idea - SCOMIES

SCOMIES: Bottoming up

• Poised to surpass the downtrend line near RM0.795. We view that resumption of uptrend is on the track as readings from all daily and weekly oscillators show strong buying momentum at accelerating velocity. A decisive breakout above RM0.795 will spur prices higher towards RM0.815 (30-d SMA) and RM0.87 (50-d SMA & daily 38.2% FR), with long term objective of RM0.925 (50% FR). Critical supports are located at RM0.75 and RM0.725 (10-d SMA). Cut loss below RM0.70.
• Undemanding valuations and currently trading at 28% below our Institutional target price of RM1.07. At current share price of RM0.77, SCOMIES is only trading at 9.1x FY16 P/E (vs historical 10-year average P/E of 11.3x and our reduced small-cap targeted P/E of 12-14x) despite robust earnings growth prospect (CAGR of 57% from FY14-FY16).  

CIMB Research Summary - 24 Oct 2014

Classic Scenic Bhd - Picture perfect

Classic Scenic (CSB) is a typical Warren Buffett-type company. It operates in a profitable niche industry with minimal capex and strong free cashflow. Berkshire Hathaway’s Larson Juhl is CSB’s third- largest customer. CSB offers investors dividend yields of almost 10%. Warren Buffett bought the US picture framing giant, Larson Juhl in 2002, citing superior economics as his reason. Investors have the same chance today in CSB. CSB has paid total dividends of 47 sen over the past five years, representing 40% of its current market cap. Combined with its net cash of 13 sen/share, this solid dividend-yielder could be worth RM1.53-2.06, based on SOP, offering investors 31-76% upside.


Public Bank Bhd - Banking on active asset-liability management

Public Bank’s (PBB) 9MFY14 net profit was in line with our expectation (at 74% of full-year forecast) but ahead of consensus (76%). We retain our EPS forecasts but our DDM-based target price (cost of equity of 10.3%; long-term growth of 4%) rises marginally as the valuation rollover to end-2015 was partly offset by the cut in the assumed growth rate for the interim phase from 7% to 6%, given the slowdown in loan growth. We still rate PBB a Reduce, premised on the expected (1) upturn in credit costs, (2) margin compression, and (3) weaker loan momentum. We prefer Maybank.


Malaysia Airports Holdings - Vying for full ownership of ISG

As we had expected, MAHB announced yesterday that it will exercise its ROFR to purchase another 40% of ISG, but the method of funding the RM1.2bn cost has not been decided. We keep our Hold call and DCF-based target price unchanged. Downside risk to the share price is limited, but weak traffic growth and KLIA2-related costs are likely to lead to uninspiring results in the coming quarters.


Daibochi Plastic & Packaging - Signs of recovery

At its 3Q14 briefing, Daibochi voiced its optimism over its topline growth prospects, which will be fuelled by export markets, particularly Australia. Another positive is raw material prices which have been falling since Sep. We maintain our EPS forecasts and target price, which is based on an unchanged 2016 P/E of 13x, on par with the sector. The stock remains an Add, with potential catalysts being major export orders and a further decline in raw material prices

RHB Research Summary - 24 Oct 2014

Malaysia Airports Holdings (MAHB MK, BUY, TP: MYR8.51)

Taking Full Control Of Sabiha Gokcen

Corporate News Flash

As anticipated, Malaysia Airports announced that it would exercise ROFR to block Limak’s 40% sale of Istanbul Sabiha Gokcen airport (ISG) to TAV. Funding details have yet to be revealed but we believe it may purely be a cash call. We maintain our MYR8.51 TP and BUY call (a 27.2% upside), pending its funding decision. ISG is on the verge of an earnings uptick that could materialise earlier than anticipated.

 

 

Cahya Mata Sarawak (CMS MK, BUY, TP: MYR5.00)                                

Continuing To Ride On SCORE

Company Update

CMS continues to be an excellent proxy to SCORE. Maintain BUY and SOP-based MYR5.00 TP, a 22% upside. Its OMS associate and MPA phosphate project are making good progress, and are set to benefit from attractive power tariffs. Investors also think its huge cash pile will allow CMS to participate in projects with attractive yields that may arise from SCORE’s developments or other opportunities.

 

 

Sime Darby (SIME MK, NEUTRAL, TP: MYR9.00)

Long Term Plans To Unlock Value

Company Update

Sime answered many questions on its strategy for the spinning off and listing of core units, latest acquisition and potential contributions from its Battersea project at our IMHK event last week. Despite its rather subdued earnings prospects, we believe news flow about its potential restructuring could support its share price. Maintain NEUTRAL, as we lift our SOP-based TP to MYR9.00 (from MYR8.75) a 1.4% downside.

 

 

Public Bank (PBK MK, NEUTRAL, TP: MYR20.60)

OPR Hike Booster

Results Review

Public Bank’s 3Q14 results were robust, underpinned by a sequential expansion in NIM following July’s 25bps OPR hike. Other positives: well-controlled overheads, low credit cost with stable asset quality while capital levels are now among the highest after its MYR4.8bn rights issue. Still, we believe the positives are largely priced in. Maintain NEUTRAL, with a revised MYR20.60 GGM-based TP (10.6% upside).

 

 

 

Daibochi (DPP MK, NEUTRAL, TP: MYR4.10)

Looking Towards a Better 2015

Results Briefing

In view of Daibochi’s mediocre 9M14 thus far, we trim our earnings forecasts for FY14. However, we believe 2015 may be a record year, with earnings fuelled by its topline growth as well as margin expansion on the back of lower raw material prices. Despite this, valuations are not compelling at this juncture. Maintain NEUTRAL and a MYR4.10 TP (2.6% downside), premised on an unchanged 13x P/E 2015 EPS.

 

 

Hua Yang (HYB MK, BUY, TP: MYR2.74)

Dark Days Are Over

Results Review

Hua Yang’s 1HFY15 results were in line, coming in at 54/49% of ours/consensus estimates. Net profit more than doubled YoY, as contributions from its new projects started trickling in. With more projects to be launched in 2HFY15 (Mar), management’s full-year new sales target of MYR500-600m looks achievable (1HFY15: MYR192.2m). Maintain BUY, and a RNAV-based TP of MYR2.74 (19.0% upside).

 

Research Summary: 25 July 2014

Research Summary: 25 July 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
RHB	Sector update	O&G	Storage, the preferred play over refineries	Overweight
RHB	Results review	Public Bank	Still tracking targets	Neutral	RM19.85
RHB	Company update	CIMB	CIMB Niaga 2Q14 results show muted numbers	Neutral	RM7.75
RHB	Results review	IGB REIT	Steady as expected	Neutral	RM1.27
RHB	Company update	MRCB	Taking up 100% stake in Penang Sentral	Buy	RM1.87
RHB	Company update	Sunway	Sales picked up strongly in 2Q	Buy	RM3.60
RHB	Company update	Dialog	Now neutral pending re-rating catalyst	Neutral	RM1.90
RHB	Results briefing	Daibochi	Fundamentals still intact	Neutral	RM4.10
RHB	Results review	Airport	Hit by higher depreciation and interest costs	Buy	RM8.51
RHB	Results review	Unisem	Finally back in the black	Buy	RM2.16
RHB	Eco highlights	Economics	Leading Index slowed in May, economic activities will likely grow at a moderate pace ahead
CIMB	Results note	Public Bank	Time to cash in on the price rally	Reduce	RM17.50
CIMB	Results note	IGB REIT	Stable Gardens and Valley	Hold	RM1.25
CIMB	Results note	Airport	Uncertainty is the enemy	Hold	RM7.50
CIMB	Results note	Unisem	Sequential improvement	Add	RM2.09
CIMB	Flash note	Daibochi	Stable raw material prices	Hold	RM4.38
CIMB	Eco update	Economics	May LI: Still favourable outlook
Maybank	Company update	Yinson	Sells Petroleo Nautipa for USD59m	Buy	M3.03
Maybank	Results review	Public Bank	Tepid growth in 1HFY14	Sell	RM19.20
Maybank	Results review	Airport	Surprise loss	Hold	RM6.90
Maybank	Results review	IGB REIT	Beat expectations	Hold	RM1.29
Maybank	Technical	FGV		Take profit
Kenanga	Results note	Unisem	Impressive turnaround	Market perform	RM1.64
Kenanga	Quick Bites	Yinson	Trading Petroleo Nautipa for longer-term plans	Underperform	RM2.31
Kenanga	Results note	Airport	Lower on KLIA2 opening	Market perform	RM8.06
Kenanga	Results note	CIMB	CIMB Niaga: weak showing	Market perform	RM8.00
Kenanga	Results note	IGB REIT	1H14 within expectations	Outperform	RM1.35
Kenanga	Results note	Public Bank	Looking to grow better yielding assets	Market perform	RM20.00