MIB Research Summary - 3 Oct 2014

PROPERTY Sector: Going South

New foreign entrants raise fears of a housing glut in Iskandar Malaysia (IM). Ability to absorb ample incoming supply of high-rise condominiums and retail space by end-2015/2016 remains our key concern. Maintain NEUTRAL; we prefer Klang Valley over IM. Top pick is Eco World (BUY; MYR6.59 TP). TECHNICALS: Headed towards 1,829 and below The FBMKLCI declined 7.64 points to 1,837.68 yesterday, while the FBMEMAS and FBM100 also closed lower by 70.70 points and 60.69 points, respectively. We expect weaker buying interest at the supports of 1,810 to 1,829, whilst heavy liquidation would be at the resistances of 1,837 and 1,854. Trading idea is a Take Profit call on ALAM with downside taret areas at MYR1.18 & MYR0.90.

Research Summary: 17 July 2014

Research Summary: 17 July 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
Maybank	Results review	Tenaga	Improving operational trends	Buy	RM14.00
Maybank	Company update	Public Bank	To fully own VID Public Bank	Sell	RM19.20
Maybank	Sector update	O&G, Property	Key takeaways from Corporate Day
Maybank	Eco highlights	Economics	CPI June 2014: Staying above 3%
Maybank	Technical	MMSV		Short-term buy
RHB	Results review	Tenaga	Another decent quarter	Buy	RM13.75
RHB	Results review	Hua Yang	Progress billings continue to drive earnings	Buy	RM2.70
RHB	Company update	SKP Resources	Positive surprises in store	Buy	RM0.75
RHB	Eco highlights	Economics	Inflation inched higher to 3.3% yoy in June, BNM could raise OPR again in 1H2015
CIMB	Results note	Tenaga	Time to fund another buzz	Hold	RM12.56
CIMB	Eco update	Economics	Inflation quickens to 3.3% in June
Kenanga	Company update	Redtone	Interesting tone ahead	Outperform	RM0.81
Kenanga	On radar	SCC	New premix catalyst	Not rated	RM1.68
Kenanga	Results note	Hua Yang	Steady results	Under review	Under review
Kenanga	Eco viewpoint	Economics	CPI: Increased by 3.3% in June
Kenanga	Results note	Zhulian	Still not the time	Market perform	RM3.08
Kenanga	Results note	Tenaga	9M14 results above expectations	Outperform	RM13.77

Research Summary: 8 July 2014

Research Summary: 8 July 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
Kenanga	On radar	Globetronics	Positives fully priced in for now	Take profit	RM4.23
RHB	Sector update	Property	Focus on values	Overweight	N/A
RHB	Company update	Dayang	Entering a new phase of growth	Buy	RM4.80
RHB	Eco highlights	Economic	Foreign exchange reserves rose to USD131.9bn as at 30 June
Maybank	Company update	Gamuda	Turning positive; upgrade to BUY	Buy	RM5.30
Maybank	Technical	SPB		Short-term buy
CIMB	Sector update	Construction	New bids: Penang transport plan	Overweight
CIMB	Flash note	YTL Power	A new entrant to the saga?	Add	RM2.39
CIMB	Flash note	Muhibbah	Fattening up its tender book	Add	RM3.66
CIMB	Eco update	Economic	June’s foreign reserves rise on capital inflows

Research Summary: 3 July 2014

Research Summary: 3 July 2014

Research House	Type	Company/Sector	Report Title	Rating/Call	Target
RHB	Company update	Jaya Tiasa	Fundamentals improve	Buy	RM2.95
CIMB	Flash note	UMW O&G	Seven up!	Add	RM518
CIMB	Company note	Uzma	Innovation-fuelled growth	Add	RM4.68
Maybank	Technical	SP Setia		Short-term buy
Maybank	Sector update	Property	Sentiment still strong, BUT…	Neutral	N/A
Maybank	Company update	Eco World	Strengthening presence in Semenyih	Buy	RM6.59
Maybank	Company update	SP Setia	Something’s brewing?	Hold	RM3.36
Kenanga	Quick bites	Uzma	M&A #1 fulfilled	Outperform	RM4.30
Kenanga	Quick bites	Axiata	Bye-bye samart i-Mobile	Market perform	RM6.96