(BURSA MK/HOLD/RM10.48/Target: RM10.00)

A potential pushback in the impending GE14 could pressure ADV expectations in 2H17. This is likely to cap overall sentiment and share price performance over the year. Maintain HOLD and target price of RM10.00 (25.0x 2017F PE). Current valuation at 29.0x PE represents +1SD above its historical mean of 25.0x, implying that the market has adequately priced in expectations of higher short-term ADV trends from the impending GE14. Entry price: RM9.50.

Source: UOB Kay Hian Research - 6 Jul 2017