CIMB Research Summary - 26 Nov 2014

UOA Development - Missed launch and sales targets
UOA Dev's 9MFY14 core net profit was broadly in line with expectations as it made up 69% of our full-year forecast and 75% of consensus estimates. 9M new sales amounted to RM1.37bn, of which nearly half came from 3Q. However, UOA Dev is unlikely to match 2013's record sales of around RM2bn due to launch delays. This is a disappointment. We cut our FY15-16 EPS forecasts by 5-10% and downgrade the stock from Add to Hold, after widening the target basis from 20% discount to RNAV to 30% as we factor in the missed launch and sales targets. The relatively high dividend yield of 5-6% remains the key reason to hold on to the stock. For exposure to the property sector, investors should switch to Mah Sing Group.

Hovid Bhd - Decent start to FY15
Hovid’s 1QFY6/15 core net profit was broadly in line, making up 27% of our and consensus full-year forecasts. Its sales and profit margin improved marginally due to higher selling prices and a favourable foreign exchange rate. As expected, no dividend was declared. We trim our FY15-17 EPS by 1-2% after updating our financial model with the latest numbers from its annual report. We keep our SOP-based target price at RM0.41, but upgrade it to Hold from Reduce as its share price has corrected by 18% since we downgraded it to Reduce in Aug 14. We prefer Pharmaniaga for its higher upside.

7-Eleven Malaysia Holdings Berhad - More to come

BIMB Holdings - Signs of weaknesses in underlying trend

Eksons Corporation - Backed by cash

Hong Leong Bank - Non-interest income dampener

IJM Corp Bhd - Construction piles up numbers

KPJ Healthcare - Hale and hearty in 3Q

Perdana Petroleum - Making waves with a record quarter and a surprise dividend

Ta Ann - Lifted by strong log earnings
UMW Oil & Gas - Middle East fuels future growth
Uzma - Fuelled by new acquisitions
WCT Holdings - Re-strategising for 2015

Research Summary: 21 August 2014

Research Summary: 21 August 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
RHB	Results review	Bumi Armada	Calmer seas ahead	Buy	RM4.52
RHB	Results review	Kossan	Better outlook for 2H	Buy	RM5.12
RHB	Results review	AirAsia	2Q dips into losses but look beyond this quarter	Buy	RM2.73
RHB	Results review	MSM	Not-so-sweet prospects	Neutral	RM5.23
RHB	Results review	IOI	Manufacturing division weakens	Neutral	RM5.42
RHB	Results review	KLK	FY14 may not be affected by lower CPO prices	Neutral	RM25.20
CIMB	Results note	Eksons	Cash rich after land sale	Hold	RM1.54
CIMB	Results note	AirAsia	The dawn of industry rationality?	Add	RM2.88
CIMB	Results note	IOI	Lower 4Q downstream earnings	Reduce	RM4.49
CIMB	Eco focus	Economic	Malaysia’s inflation outlook amid fuel subsidy review & GST
CIMB	Eco update	Economic	Inflation ebbs to 3.2% in July
CIMB	Flash note	Star	Growing the non-print segment	Hold	RM2.70
CIMB	Results note	MSM	New APs remove sugar coating	Hold	RM5.22
CIMB	Results note	Kossan	2Q impacted by water rationing	Add	RM4.71
CIMB	Results note	KLK	Production recovers but…	Reduce	RM22.50
CIMB	Result note	Gas Malaysia	Fired up by gas price revisions	Add	RM3.96
CIMB	Sector	Autos	July driven by Raya promotions	Neutral
Maybank	Sector	Banking	Deposit competition still intense	Neutral
Maybank	Results review	AirAsia	It was a mirage, 2014 will be tough	Hold	RM2.55
Maybank	Results review	Bumi Armada	Results on track	Buy	RM4.55
Maybank	Results review	KLK	A traditionally weak 3Q	Hold	RM23.20
Maybank	Results review	IOI	Pricey on forward earnings	Sell	RM3.97
Maybank	Results review	Boustead Plantations	Downside capped by its land value	Buy	RM2.16
Maybank	Results review	Gas Malaysia	Potential dividend bummer?	Hold	RM3.80
Maybank	Results review	Kossan	Stronger growth ahead	Buy	RM5.00
Maybank	Results review	MSM	2A14: Within expectations	Hold	RM5.00
Maybank	Company update	MBM Resources	Excitement from Perodua	Buy	RM3.42
Maybank	Company visit	Star	Already in the price	Hold	RM2.89
Maybank	Eco update	Economic	CPI July 2014 – eased but still above 3.0%
Maybank	Technical	PJDev		Short-term buy
Kenanga	Results note	AirAsia	Better prospects over the horizon	Market perform	RM2.47
Kenanga	Results note	Gas Malaysia	2Q14 in line; upgrade to MP	Market perform	RM3.54
Kenanga	Results note	IOI	FY14 below consensus	Market perform	RM5.30
Kenanga	Results note	Kossan	Expect a better 2H14	Outperform	RM4.86
Kenanga	On radar	KSL	Back in our “sights”	Trading buy	RM6.63
Kenanga	Company update	MBM Resources	Look further down the road	Market perform	RM3.06
Kenanga	Eco viewpoint	Economic	CPI: Tapered off slightly to 3.2% in July
Kenanga	Results note	KLK	9M14 in line	Market perform	RM25.00
Kenanga	Company update	Matrix	Banking on GDV replenishment	Outperform	RM3.20
Kenanga	Company update	Star	Challenging 2H14	Underperform	RM2.44
Kenanga	Initiate coverage	Thong Guan	Value unwrapping!	Outperform	RM3.70
HL	Results review	Kossan	2Q14 results – below expectations	Hold	RM3.70
HL	Results review	AirAsia	Further yield pressure in 2Q14	Hold	RM2.20
HL	Results review	Bumi Armada	Signing block 15.06 Angola…	Buy	RM4.27
HL	Results review	KLK	Below expectations	Sell	RM20.41
HL	Results review	IOI	Below expectation	Hold	RM4.39
HL	Results review	MBM Resources	Watch out for 2015 fruits bunches	Buy	RM4.00
HL	Company update	Matrix	Making the right moves	Buy	RM3.74
HL	Briefing	Star	1HFY14 analyst briefing	Hold	RM2.55
HL	Eco update	Economic	July inflation report