Tenaga Nasional; Hold
Price Target: RM7.45; TNB MK
All eyes on election
2Q13 result was within our and market expectations. Weaker 2Q result due to festive season and higher staff cost. Recent rally has partially reflected the approval of sector reform post general election. Positives priced-in; maintain HOLD with RM7.45 TP.

AEON Credit Service; Hold
Price Target: RM16.10; ACSM MK
A strong close
4Q/FY13 results were in line; FY13 earnings grew 40% and loans grew 58%. New business in the pipeline to expand fee income. Declared a final DPS of 19.5 sen bringing total DPS to 35.5 sen (38% payout). Maintain HOLD and RM16.10 TP.

Bursa Malaysia; Fully Valued
Price Target: RM6.20 (Prev: 5.60); BURSA MK
Unsustainable momentum
1Q13 result in line; net profit grew 7% q-o-q led by strong trading values in equities and derivatives. Securities trading volumes and velocity were weak; current momentum may not be sustainable. No dividend was declared in 1Q13. Maintain FULLY VALUED with revised RM6.20 TP after rolling over valuation base to FY14.

Source: HwangDBS Research - 19 Apr 2013