MISC; Buy
Price Target: RM6.60 (Prev RM6.00); MISC MK
Emerging stronger
Unsuccessful privatisation offer sets base value for stock. Indicates dissenting minorities look beyond the current volatility in tanker rates and believe there is greater value in the stock. BUY with RM6.60 SOPbased TP. Stock is at a multi-year low with visible catalysts in place.

AMMB Holdigs; Hold
Price Target: RM6.80; AMM MK
Taking the next bold step
AMMB is reported to be eyeing Bank Muamalat and Affin but has neither denied or confirmed it. AMMBAffin is a merger conceivable in our view; stake in Muamalat will be challenging. AMMB’s medium term aspirations intact; focus on non-interest income growth amid NIM pressure and leveraging on ANZ linkages. Maintain HOLD for now; we will review our call on further developments.

Source: HwangDBS Research - 22 Apr 2013