TRC Synergy; Fully Valued;
Price Target: RM0.45 (prev RM0.82); TRC MK
LRT project suspended
SPNB suspends TRC for LRT extension project. A key negative given large size of project. Cutting FY13-FY14F earnings by 14-34%. Downgrade to Fully Valued, TP of RM0.45.

Guan Chong; Hold
Price Target: RM1.90; GUAN MK
No re-rating catalyst in sight yet
Lower valuations compared to benchmarks set by Petra Foods’ cocoa business and JB Foods may limit share price downside. Re-rating only on stronger earnings growth and measures to unlock value. Maintain HOLD and RM1.90 TP, pegged to 7.5x FY14FD EPS, near historical high.

Source: HwangDBS Research - 1 Apr 2013