MIB Research Summary - 3 Nov 2014

Tenaga Nasional: Maintain Buy A strong finish indeed  Shariah-compliant

FY14 core net profit of MYR5.4b (a record-high) was in line with ours and consensus expectations. Positive earnings outlook as 1) coal generation trends up, 2) coal prices remain suppressed and 3) tax rate stays low. Raising FY15/16 earnings by 11%/13%, and TP to MYR16.00 (+14%); reiterate BUY. MY Banking: Maintain Neutral Loan growth ticks up in September Industry loan growth ticked up to 9% YoY in Sep 2014 (8.6% YoY in Aug) supported by non-HH loan growth (+6.7% YoY); Positively, interest spreads continue to expand; keeping an eye on liquidity and consumer asset quality. Our 2014 loan growth forecast of 8.7% maintained. NEUTRAL on sector; BUY RHB, AFG, HL Bank, and HLFG Felda Global Ventures: Maintain Hold Bigger downstream plans in China?  Shariah-compliant FGV proposal to gain a 100%-control (presently 50%) of its downstream business in China is positive for the long term. Due to insufficient details, we are unable to assess its financial impact but we believe it is likely to be marginal. Maintain HOLD with unchanged SOP-based TP of MYR3.97. Technical: Autumn correction is over The FBM KLCI rose 36.29 points WoW to close at 1,855.15, as some consistent buying activities led the index up above the 1,850-mark. Volume rose from 1.58b to 2.75b shares. The index traded from 801.27 to 936.63 from Oct 2008 to Apr 2009, but broke above 936.63 (Wave a/B) in Apr 2009. Its Wave b/B low was 836.51. We traced out a Wave C/B (of a 3-3-5 Flat) rebound phase, and the extended Fifth Elliott Wave (EW) of the major Flat v/C/B-leg correction from 801.27 stalled at 1,896.23 (8 Jul 2014 all-time high). Today's trading idea is a Short-Term BUY on Hap Seng Consolidated with target price of MYR4.62, MYR4.78, MYR5.00 and MYR5.85

HLIB Research Summary - 3 Nov 2014

Banking (NEUTRAL  çè)

Sep Stats – Business Segment Strike Back

• Loans growth accelerated to 9% yoy on faster business but partly offset by slower household.
• Leading indicators higher with strong numbers from business.  Approval rate now higher at 49.9%.  Deposits yoy growth also accelerated with ample liquidity.
• Reaffirm view revival in business loans growth to mitigate slowdown in household.  Maintain 2014 projection at 9%.
• ALR higher 4^th consecutive month and qoq.  Results in 3QCY14 to show more stable NIMs. Positive but reiterate that boost from OPR hike temporary.
• Asset quality slightly lower but still near strongest level.  Construction spike, on watch.  Qoq improvement, thus, unlikely to significantly impact earnings in 3QFY14. 
• Capital ratios improved for second consecutive month, will support active capital management.
• Maintain NEUTRAL and top picks (Maybank, RHB Cap and AFG).  CIMB rated Trading Buy. 

TNB (BUY çè)

Improved Outlook in FY15-16

• Reported core profit for 4Q14 at RM1.3bn and FY14 at RM5.4bn, above HLIB’s RM5bn expectation, due to lower than expected operational cost (fuel costs), depreciation and net interest expenses.
• Despite the lower coal price situation, TNB still suffered from cost under-recovery of ~RM600m due to higher utilization of gas and alternative fuels and high LNG price. TNB is suggesting the government to offset the cost with the capacity payment savings from PPA extension.
• TNB guided for higher mix of coal power generation in FY15-16 from the recovery of Tg Bin and Jimah, as well as new commencement of Tg Bin extension and Manjung 4.
• Not overly concern on delay in tariff adjustments, as we expect the low coal price to maintain and improved coal power generation mix to work in TNB’s favour.
• Maintained BUY with higher TP of RM15.00 (from RM13.80), after we revised up our earnings by 9-10% and roll-forward our valuation into FY08/16.

Economics

Highlights of BNM Statistics (Sep 2014)

• Broad money (M3) growth rebounded to 5.2% yoy after hitting a 12½-year low of 4.8% yoy in August. Narrow money (M1) growth fell further to a 5-year low of 6.7% yoy (Aug: +7.7% yoy).
• Despite a mild improvement, subdued monetary expansion reaffirms our view that economic activity had slowed down in 3Q14 after posting a robust growth of 6.3% in 1H14. We maintain our 2014 full year GDP growth estimate at 6.0%.
• Notwithstanding the policy rate pause in September, household loan-deposit growth gap narrowed slightly in the month. Household loan growth inched lower to 10.7% yoy (Aug: +11.0% yoy) while that of household deposits held steady at 6.3% yoy.
• The subdued financial activities in September pointed to moderate domestic economy expansion. Together with cautious outlook in selected major economies, we believe BNM’s current priority is to safeguard growth momentum. We expect BMM to keep OPR unchanged at 3.25% in the upcoming MPC meeting on 6 Nov.

Traders Brief

Some more legs to go but faces stiff resistances at 1860-1870 zones

• On the back of record highs on Wall St last Friday and the spillover effect from BOJ’s surprised stimulus measures, KLCI may witness further rebound in the early part of this week. Nevertheless, profit taking activities are likely to emerge following a sharp 5% rally from recent low of 1766 (FIG2) ahead of the BNM policy meeting on 6 Nov and the start of Nov reporting season, given the grossly overbought slow stochastics. Weekly resistances are near 1860-1870 zones whilst supports fall on 1840-1850 levels.

CIMB Research Summary - 3 Nov 2014

Tenaga Nasional - Positive 4Q14 results
Tenaga's FY8/14 core net profit of RM4.7bn was in line with expectations, at 103% and 101% of our and consensus FY14 estimates, respectively. We expected Tenaga to post positive net profit growth in FY14, given that less LNG was burned in 4Q14 and there was gradual recovery in the IPP coal power plants. We lower FY15-16 EPS by 1.0-1.1% after we updated our FY14 numbers and introduce our FY17 estimates. Our target price is raised to RM13.62, as we roll over to 12.8x FY16 P/E (still at 20% discount to the market P/E). We maintain our Hold call on Tenaga as there is lack of clarity on the fuel cost pass-through (FCPT) mechanism.

SapuraKencana Petroleum - Shine bright like a Diamante
We have learned from management that it is business as usual in post-election Brazil and rig utilisation has improved. Sapura Diamante has been dispatched to work for Petrobras in Brazilian waters. Meanwhile, management has secured contracts for the four rigs that were unemployed in 2Q. We roll over valuations and our target price falls as we now value the stock at 21.2x CY16 P/E (formerly 23.4x CY15 P/E), a 30% premium over our target market P/E of 16.3x. We cut our premium from 40% to 30% to reflect the current weak oil price sentiment. We maintain our Add rating, with strong order book momentum and a successful E&P venture as potential re-rating catalysts. SapuraKencana remains our top pick among the O&G big caps.

Banks - Sep 14 tracker – Loan growth “back in business”
Loan growth recovered from 8.6% yoy in Aug 14 to 9% yoy in Sep 14, the first material improvement since Jan 14. We are encouraged by the rebound in business loan growth (from 5.6% yoy in Aug 14 to 6.7% yoy in Sep 14), but not surprised by the weaker consumer loan momentum. Even if loan growth recovers to our projected 9-10% in 2014, it would still be slower than the 10.6% achieved in 2013. Other concerns for banks are margin compression and the upturn in credit costs. All these numbers point to a bleak earnings outlook that underpins our Underweight rating on the sector. Maybank remains our top pick.

MY E.G. Services - Bonus issue is pleasant surprise
MyEG’s announcement on its proposed 1-for-1 bonus issue was a positive surprise to us. The company last proposed a bonus issue six years ago. We maintain our FY15-17 EPS forecasts and target price of RM5.28, based on an unchanged 21x CY16 P/E (on par with its peer average). We maintain our Add recommendation, with the government’s final approval for the CSTM project and further developments on the road safety diagnostic system project as potential re-rating catalysts.

Perisai Petroleum - Down but not out

SBC Corp - 1:2 bonus issue nailed down

Economic Update - Oct loans growth edges up

RHB Research Summary - 3 Nov 2014

Tenaga Nasional (TNB MK, BUY, TP: MYR15.50)

FY14 Core Net Profit Grows 15.8%

Results Review

TNB’s FY14 (Aug) results met our forecast. We raise our FY15 net profit forecast by 13% on lower coal costs. Correspondingly, we raise our TP by 13% to MYR15.50, implying a 16% upside. We maintain our BUY call. We continue to advocate owning TNB as a proxy to the economy and stock market. We also like the “renaissance” in TNB’s involvement in the more lucrative power generation business.

 

Felda Global (FGV MK, NEUTRAL, TP: MYR3.68)

Proposes To Acquire Chinese Refining Facility

Company Update

FGV has proposed to acquire Felda IFFCO South China for MYR172m, a company with 630,000 tonnes of annual refining capacity. While the pricing seems reasonable on an EV/tonne basis, we are not too sure of the profitability of this facility. We make no changes to our earnings forecasts and TP of MYR3.68 (implying a 0.3% upside), until we get more clarity on the potential earnings impact. Maintain NEUTRAL.

 

Banking (NEUTRAL)

A Mixed Bag

Sector Update

System loan growth in September picked up pace to 9% YoY from 8.6% YoY in Aug due to a pickup in business loan disbursements. Business loan applications and approvals also strengthened in September, pointing to stronger business lending activities in 4Q14. However, asset quality deteriorated but impairment allowance data suggest that credit cost could remain fairly benign. Stay NEUTRAL.

 

 

Economic Highlights

Broad Monetary Aggregate And Loan Growth Picked Up In September

The broader money supply, M3, picked up to 5.2% YoY in September (Aug 2014: +4.8%). Loan growth also inched higher to 9.0% YoY in September (Aug 2014: +8.6%). A stronger growth in corporate loans mitigated the weaker growth in household loans during the month. We continue to expect the Overnight Policy Rate (OPR) to be kept at 3.25% for the rest of the year. However, the OPR could still be raised by another 25 bps in 1Q15.

 

MIB Research Summary - 23 Oct 2014

MY Banking Sector: Maintain Neutral EPF not allowed to vote on merger

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.

MIB Research Summary - 10 Oct 2014

MY Banking Sector: Maintain Neutral CIMB-RHB-MBSB’s mega-merger

Outright winner is MBSB with potential cash option at MYR2.82/share (+19% upside). Positive for RHB - upgrade to BUY with a higher TP of MYR10.45. Positive for OSK with a FV MYR2.64. HOLD on CIMB with an unchanged TP of MYR7.60. Sime Darby: Maintain Buy Short term pain, long term gain  Shariah-compliant Expect neutral-to-slight negative earnings impact in the short term if Sime successfully privatises NBPO. But we are long term positive as PNG opens up a new market and provides future expansion opportunities for the group. Maintain BUY with an unchanged TP of MYR10.20 based on 18x 2015 PER. Technicals: Sell the Budget Day rebound (if any) The FBMKLCI advanced 5.41 points to 1,829.73 yesterday, while the FBMEMAS and FBM100 also closed higher by 42.72 points and 35.20 points, respectively. We recommend a “Sell on Rallies” stance for the index. Trading idea is a Take Profit call on NAIM with downside target areas at MYR3.08 & MYR2.28.

HLIB Research Summary - 10 Oct 2014

Banking (NEUTRAL  çè)

Mega Merger – Still Prefer RHB Cap

• CIMB, MBSB and RHB Cap announced merger structure and valuations, completion expected in mid-2015.
• CIMB and MBSB delist post capital distribution.
• CIMB valued at RM7.267 (1.7x P/B 1HFY13) and RHB Cap at RM10.028 (1.44x), both in line but MBSB at RM2.82 (1.9x) surprised on upside.
• Long-term positive but short-term pain (ROE dilution and integration cost).  Execution and overlaps key risks.
• MBSB winner, privatize at RM2.82 vs. RM2.37, +19%.
• Neutral to CIMB, valued at near current price.
• RHB Cap positvie, new valuation yardstick vs. current undervaluation.  At RM10.028, FY15 P/E and P/B at 11x and 1.1x although ROE will drop to high single-digit.
• Maintain BUY on RHB Cap with unchanged RM10.00 TP and HOLD on CIMB with unchanged RM7.22 TP.
• OSK still good proxy but price appreciation reduced SOP (after 10% discount) of RM2.63 with market price to 15%.

Sime Darby (HOLD çè)

A surprise offer for NBPOL

• Sime surprised the market by announcing its intention to make a general offer for all the shares in NBPOL at £7.15/share cash.
• The price tag values NBPOL at 2014-2015 P/E of 16.4-20.5x (based on consensus), current P/B of 2.04x, EV/ha of RM80,356 (planted oil palm estates). We believe the high price tag is justified given: (1) the scarcity of sizeable brownfield plantation land bank; (2) the rare opportunity to acquire quality brownfield asset (which has strong reputation and track record, and full RSPO certification); (3) it is a good platform for Sime to expand into plantation business in PNG.
• Sime would not have issue funding the acquisition, and the acquisition will only raise Sime’s net gearing from 0.22x to 0.44x, based on our estimates. Earnings wise, we estimate that the acquisition will add ~2.5% to Sime’s FY06/15 earnings.
• Maintain earnings, SOP-derived TP of RM9.75, and Hold recommendation.

Traders Brief

Jittery mood returns amid overnight Wall St slump and the tabling of Budget 2015 today

• Ahead of the Budget 2015 release today and the return of jittery mood in Wall St and overseas markets due to concern of global economic growth, KLCI is expected to experience some wild swings ahead, tracking external markets.
• Immediate rebound targets are 1833 (50% FR), 1838 (10-d SMA) and 1852 (200-d SMA). Only a strong breakout above 200-d SMA will lift the market from current downward consolidation. Conversely, a breakdown below 1818 will likely to spur further downside towards 1800 psychological support.

Trading Idea - Brent Crude Oil

Brent Crude Oil – Technical rebound on the card!

• Positive Divergence between price and Slow Stochastics suggests potential technical rebound. Moreover, “Spinning Top” candlestick at bottom on weekly chart indicates sign of reversal of recent correction. Thus, Crude Oil is expected to rebound in near term and subsequently resume its uptrend if the downtrend (USD97) is taken out. Critical resistances are located at USD97, USD102 and USD105 while supports at USD88.42, USD82.68 and USD76.75.

CIMB Research Summary - 3 Oct 2014

Banks - Aug 14 tracker – Early signs of recovery in loan growth?

Loan growth stuck at 8.6% yoy in Aug 14, on par with the level in Jul 14.
However, we are hopeful that loan growth would rebound in the coming
months, supported by the recovery in Aug 14’s leading loan indicators. Our
projected loan growth of 9-10% for 2014 is lower than the 10.6% in 2013.
Another concern would be margin contraction despite the rate hike. These
factors point to a rather gloomy outlook for banks. Hence, we continue to
Underweight the sector. Maybank stays our top pick.


Tomypak Holdings - New major shareholder

Not much is known about Tomypak’s new major shareholder, New Orient
Resources S/B, which is buying a 25.4% equity stake in the company for
RM1.30/share. However, we are disappointed that the selling price (which is its
current share price) is not at a premium given that it is for a controlling stake.
For now, we maintain our EPS forecasts and target price, based on an
unchanged 7.8x CY15 P/E, a 40% discount to Daibochi’s 13x 2015 P/E target,
while the stock remains a Reduce. Potential de-rating catalysts include a further
deterioration in EBITDA margins and weak domestic sales. For exposure to the
sector, we continue to prefer Daibochi.

RHB 1 Oct 2014

Oil & Gas Sector (NEUTRAL) (Downgraded)

Not All Paradigm Shifts Are Exciting

Sector Update

We are turning more cautious on the implementation and execution risks of the stocks under our coverage, going forward. We believe the sector’s current premium valuation is unsustainable, as many local O&G players venture overseas and move up the value chain. We see this resulting in a narrowing of the gap between local and global valuations. We downgrade this sector to NEUTRAL from Overweight.

 

 

VS Industry (VSI MK, BUY, FV: MYR2.92) (Upgraded)

A Grand Finale

Results Review

VS Industry’s (VSI) FY14 earnings of MYR53.6m were above our and consensus expectations. 4QFY14 was a record quarter with earnings of MYR36.5m (+0.8% y-o-y, +855.4% q-o-q), helped by sales of the new coffee machine model from end-May and tax incentives for its exports. We raise our earnings forecasts and lift our FV to MYR2.92 (from MYR2.00), based on a 9.5x CY15F P/E (from MYR2.00) and implying a 12.7% upside. Upgrade to BUY.

 

 

Petra Energy (PENB MK, NEUTRAL, FV: MYR3.02)

Early Green Light For The TMM Portion

Corporate News Flash

Petra Energy announced that the topside major maintenance works for Petronas Carigali’s Sabah operation has been awarded an early activation. As the TMM portion is part of the MYR2.5bn umbrella contract running from 2013-2018, we make no changes to our estimates at this juncture. We keep our NEUTRAL recommendation for the stock with our SOP-based FV unchanged at MYR3.02. 

 

 

Banking Sector (NEUTRAL)

Expectations Of a Better 2H14 Already Priced In

Sector Update

1H14 was a challenge for the banks in terms of income growth but 2H14 should see things turn around, aided by July’s 25bps OPR hike. That said, we believe expectations of stronger earnings growth in 2H14 have largely been priced in. Meanwhile, August banking statistics saw stable loans growth but business loan leading indicators improved. We remain NEUTRAL on the sector, with Maybank, AMMB and BIMB as BUYs.

 

 

Economic Outlook

Slowing But Resilient Economic Growth In The 2H

After recording a strong growth of 6.3% y-o-y in the 1H, there are early signs to suggest that the spectacular growth will likely cool off in the 2H. This is on account of a slower increase in exports, on weaker external demand, made worse by a higher base effect in the 2H of 2013. Domestic demand will likely moderate as well in the 2H, dampened by rising cost of doing business and elevated inflation. The Government’s fiscal consolidation drive and curbs on the property market do not help either. As a result, we expect real GDP to grow at a slower pace of 5.3% y-o-y in 2H 2014, compared with +6.3% in the 1H.

 

 

Economic Highlights

Broad Monetary Aggregate Picked Up While Loan Growth Remained Stable In August

The broader money supply, M3, picked up to 5.5% y-o-y in August (July: +4.9%). Loan growth, on the other hand, remained stable at 8.6% y-o-y in August (July: +8.6%). A stronger growth in corporate loans mitigated the weaker growth in household loans during the month. We expect the banking system’s loans to sustain its expansion at 9-10% in 2014 (2013: +10.6%). We expect the OPR to be kept at 3.25% for the rest of the year, as the BNM appears to be cautious and focusing its stance on growth.

 

MIB 1 0ct 2014

PLANTATIONS: New ownership rule not retroactive

Foreign companies with existing Indonesian plantation operations will not be affected by Indonesia’s new rule. If foreign limit is set too low, we expect new planting to slow in Indonesia and help boost CPO price in the long term. Neutral impact for now. Maintain our 12M NEUTRAL view on the sector. BANKING: Loan growth stable in August Industry loan growth was stable at 8.6% YoY in August; our 2014 loan growth forecast of 8.7% maintained. Of concern is that deposit growth continued to slip further to 5.6% YoY – this will intensify deposit competition. NEUTRAL on sector; BUYs are AFG, HL Bank and HLFG. UTILITIES: A relook at reserve margins Peninsular Malaysia’s reserve margin would drop below 20% in 2014-2020 (from 30% in 2013). Reserve margin could fall further to 10% if some of the new plants are indeed delayed; extending expiring SLAs/PPAs appears the most convenient fix. New capacity will be required beyond 2020; IPPs would benefit if PPA terms become less onerous. TECHNICAL: Range trading for the index The FBMKLCI inched down by 0.03 points to 1,846.31 yesterday, while the FBMEMAS and FBM100 also closed lower by 3.15 points and 2.82 points, respectively. We recommend a “Range Trading” stance for the index. Trading idea is a Short-Term buy on ELSOFT with upside target areas at MYR1.78 & MYR2.04. Stop loss is at MYR1.38.

HLIB Research Summary - 1 Oct 2014

Banking (NEUTRAL)

Aug Stats – Strong Business Leading Indicators

• Loans growth slowed by 2bps 8.61% yoy on marginal slowdown in both business and household segments.
• Applications and approvals higher mom and reversed to yoy growth but approval rate slightly lower. Business applications strong (4^th consecutive mom growth and (3^th consecutive double-digit growth) while approvals increased. 
• This reaffirms our view of revival in business loans growth and helps mitigate slowdown in household.  Thus, keep our 2014 loans growth projection at 9%.
• Deposits contracted mom, higher LD ratio and lower excess liquidity of RM284bn (but still ample).
• ALR higher 3^rd consecutive month thanks to OPR hike in Jul 14.  Reiterate that it will help sustain rather than boost NIM.  Moreover, contraction in deposits will intensify competition.  
• Asset quality and capital ratios improved.
• Maintain Neutral and top picks as Maybank, RHB Cap and AFG. 

Economics: Highlights of BNM Statistics (Aug 2014)

• M3 growth decreased to 4.8% in Aug (Jul: +5.7%), the slowest since Mar-02. Narrow money M1 also slowed to 7.7% yoy (Jul: +9.1% yoy).
• The second consecutive month of weakness in money supply growth pointed to a more moderate economic activity in 3Q14, which reinforces our view that GDP growth would moderate to 5.6% in 2H14 from 6.3% in 1H14 (full year forecast at 6.0%).
• Household loan-deposit growth gap remained wide, with household loan and deposit growth remaining largely stable at 11.0% yoy and 6.3% yoy respectively (Jul: +11.1% yoy & +6.4% yoy respectively).
• Backed by slower domestic financial activities, weaker economic performance in developed countries and waning enthusiasm on property speculation, we expect the OPR to be held steady at 3.25% in Nov MPC meeting.
• Excess liquidity in the banking system, which amounted to RM239.3bn as at end-Aug (Jul: RM237.9bn), remained ample to support growth accommodation in the near term.

Traders Brief: Sideways post 3Q14 window dressing

• Despite fizzling off after testing briefly our envisaged immediate resistance at 200-d SMA (now 1852) yesterday, KLCI’s recent rebound from 1829 on 26 Sep (6-month low) still looks sustainable, supported by the formations of three Hammers on 18/23/26 Sep and bottoming out oscillators.
• Key resistance is 1852 or 200-d SMA. A strong breakout above 1852 will spur KLCI higher to retest 1860 (30-d SMA) and 1867 (23.6% FR) levels. Conversely, KLCI continue to trade range bound within 1830-1840 zones. A close below 1830 will open up to retest 1818 (61.8% FR) lower support.
• Today’s recommendation: Momentum Sell on  TEOSENG 

Momentum Idea: TEOSENG – Sell into rally

• Yesterday’s black candlestick pointed to an imminent correction in near term. Hence, we view that the bullish trend is likely to halt and subsequently correct itself as both hourly and daily oscillators (RSI, MACD and Slow Stochastics) indicate overbought signal. Noticeably, share price is in Upper-Bollinger band, profit-taking activities are likely to occur. Immediate supports are located at RM2.26, RM2.22 and RM2.15. Critical resistances are situated at RM2.48, RM2.52 and RM2.56.

Research Summary: 25 August 2014

Research Summary: 25 August 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
RHB	Company update	WCT	Improved “visibility” for new jobs	Neutral	RM2.31
RHB	Results review	MayBulk	A weak quarter as rates at depressed level	Buy	RM2.00
RHB	Results review	Karex	Grand finale	Buy	RM3.41
RHB	Results review	Daya	Going full steam ahead	Neutral	RM0.35
RHB	Results review	Tan Chong	Freshly squeezed and battered	Sell	RM4.30
RHB	Results review	Time dotCom	A more cautious tone	Neutral	RM5.20
RHB	Results review	AMMB	Lifted by gains from sale of stakes in insurance units	Buy	RM8.00
RHB	Results review	MRCB	Earnings boosted by gains from DUKE’s disposal	Buy	RM2.05
RHB	Results review	Dayang	Going full steam ahead	Buy	RM4.80
RHB	Briefing	GAB	Another challenging year ahead	Neutral	RM13.10
CIMB	Sector	Plantations	The CPO price conundrum	Neutral
CIMB	Results note	Karex	Good FY14 results	Add	RM3.38
CIMB	Flash note	GAB	More challenges ahead	Reduce	RM12.00
CIMB	Results note	AMMB	Cash in on divestment gains	Hold	RM7.10
CIMB	Sector	Banks	Ruled by negative sentiment	Underweight
CIMB	Results note	MRCB	Driven by gains from DUKE	Add	RM2.08
CIMB	Flash note	SapuraKencana Petroleum	All gassed up and everywhere to go	Add	RM7.00
CIMB	Results note	Tan Chong	Braking hard due to competition	Hold	RM5.26
CIMB	Results note	Thong Guan	Moving up the value chain	Add	RM3.95
CIMB	Results note	TH Heavy Engineering	A lightweight 1H	Add	RM1.23
CIMB	Eco update	Economic	Jun LI: Chugging along
CIMB	Flash note	WCT	Good enough to get by	Hold	RM2.32
Maybank	Results review	AMMB	A weak start to the financial year	Hold	RM7.70
Maybank	Results review	Tan Chong	Disheartening 1H14; cut to sell	Sell	RM4.00
Maybank	Results review	Time dotCom	Back on track	Hold	RM5.00
Maybank	Special Feature	IFCA MSC	At the cusp of a significant rerating	Not rated	RM0.42
Maybank	Briefing	WCT	When the going gets tougher…	Hold	RM2.30
Maybank	Company update	UMW	Wins MYR200m Myanmar contract	Buy	RM13.82
Maybank	Company update	GAB	Still a cloudy outlook	Hold	RM13.20
Maybank	Technical	OKA		Short-term buy
Kenanga	Sector update	Plantation	Imputing Indonesia foreign ownership limit risk	Neutral
Kenanga	Results note	MRCB	Going as planned	Outperform	RM2.48
Kenanga	Company update	GAB	Banking on innovation and efficiency	Underperform	RM12.93
Kenanga	Results note	AMMB	Subdued quarter	Market perform	RM7.02
Kenanga	Quick bites	UMW	Headway in Myanmar	Market perform	RM13.93
Kenanga	Company update	WCT	Facing challenging times	Market perform	RM2.21
Kenanga	Results note	Thong Guan	2Q14 results within expectations	Outperform	RM3.70
Kenanga	Results note	Tan Chong	Below expectations	Underperform	RM4.62
Kenanga	Results note	Pestech	2Q14 on track	Outperform	RM4.36
Kenanga	Results note	MayBulk	1H14 within expectations	Outperform	RM2.53
Kenanga	Results note	Dayang	A quiet 2Q14 but firm FY15 prospects	Outperform	RM4.82
HL	Eco insight	Economic	Weak CPO price: lower CA surplus?
HL	Results review	Time dotCom	1H14 results in line	Hold	RM5.09
HL	Results review	MRCB	2Q results: swung back to losses	Buy	RM1.97
HL	Results review	Dayang	Margin improving…	Buy	RM4.07
HL	Results review	Tan Chong	Further margin deterioration	Sell	RM4.00
HL	Newsbreak	SapuraKencana Petroleum	Makes big gas discovery	Buy	RM5.52
HL	Briefing	Vitrox	Another quantum leap year	Hold	RM2.95
HL	Company insight	Scomi Energy	Multiple growth drivers ahead….	Buy	RM1.23
HL	Briefing	WCT	Expecting a quiet year	Hold	RM2.26
HL	Sector	Plantations	Bleak near-term outlook	Underweight
HL	Briefing	GAB	Innovation’s the next engine of growth	Hold	RM14.39
HL	Results review	AMMB	Weak results boosted by profit from sale	Hold	RM7.77