Fitters Diversified; Buy
Price Target: RM0.95; FIT MK
Visible catalyst
Unlocking value by listing merged fire-fighting unit with Singaporean partner. RM300m unbilled sales from ZetaPark@Setapak offer earnings visibility. Maintain BUY rating and RM0.95 TP.

Sunway REIT; Buy
Fair Value: RM1.75 (Prev RM1.80); SREIT MK
Not marred by challenges
9MFY13 within expectations; maiden contribution from SMC and higher retail rentals supported earnings growth. 2.06sen DPU declared for the quarter (0.97sen advanced distribution; 1.09sen current). Pushed back university campuses assumption to FY15F, lowered office and hospitality asset earnings forecasts and assumed greater finance costs on higher capex expectations; cut FY13-15F earnings by 0.4-6%. Maintain BUY with lower DCF-based RM1.75 TP.

Source: HwangDBS Research - 02 May 2013