Digi; Hold
Price Target: RM4.85; DIGI MK
Toughening it out
1Q13 in line with our estimate but below consensus. 3.8sen DPU declared - 90% payout. Expect data to drive revenue growth but potential downside in EBITDA margin. Maintain HOLD with DCF-based RM4.85 TP.

Public Bank; Hold
Price Target: RM16.00; PBKF MK
Steady growth
1Q13 results in line with our and consensus estimates. Adoption of MFRS 119 for employee benefits nudged up expenses marginally. Capital ratios were well within Basel III transitional requirements. Maintain HOLD and RM16.00 TP.

British America Tobacco; Hold
Price Target: RM60.00; ROTH MK
Risk in domestic volumes
1Q13 net profit of RM204m is in line with expectations. Softer domestic volume was offset by higher contract manufacturing revenue; bottomline lifted by lower expenses. Declared 1st interim net DPS of 68 sen. Maintain HOLD at RM60.00 TP for 4.6% net yield.

Source: HwangDBS Research - 24 Apr 2013