Bursa Malaysia Stock Watch

HwangDBS Malaysia Equity Research - 31 Jan 2012 (Part 2)

kltrader
Publish date: Wed, 01 Feb 2012, 12:47 PM
kltrader
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Highlights
 
Regional Gaming
A tale of three cities

GENS: Stronger 2H12 will full opening of RWS. GENM: Strong free cashflow from Malaysia's resilient mass market will underpin US expansion plans. GENHK: GGR growth at RWM will remain strong as operations ramp up and future competition is likely to be delayed. GENS and GENT remain our top picks; GENHK's valuation is attractive.


Result Snapshot
 

Public Bank; Buy; RM13.44Price target: RM14.90; PBKF MK
Sustained healthy momentum

FY11 result was within expectations; slight deviation in non-interest income. Earnings driven by consistent loan growth, stable asset quality and best cost-to-income ratio. Declared 28sen DPS, taking full year dividend to 48sen or 48% payout; future payout at c.50%. Maintain Buy with RM14.90 TP.
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