Hong Leong Bank; Buy
Price Target: RM18.00 (Prev RM17.00); HLBK MK
Credit costs normalise
3QFY13 net profit in line, dragged down by higher provisions as credit costs start to normalise as expected. Implemented Basel III in Jan 2013, capital ratios remained robust. No dividend was declared in the quarter. Maintain BUY with a higher RM18.00 TP

Wing Tai Malaysia; Buy
Price Target: RM2.55 (Prev RM2.10); WING MK
Ripe for another big launch
Results in line. Penang to cushion earnings until launch of Le Nouvel@KLCC slated for 4QCY13. Maintain BUY, TP lifted to RM2.55 (from RM2.10) based on 40% discount to RNAV.

Quill Capita Trust; Buy
Price Target: RM1.45; QUIL MK
Resilient in a soft market
1Q13 in line; resilient earnings despite lower revenue. No distribution declared for the quarter as expected. Impending large office space supply entails muted rental reversions ahead. Maintain BUY with DCF-based RM1.45 TP.

Maxis; Fully Valued
Price Target: RM5.45; MAXIS MK
Challenges ahead
Accelerated depreciation and greater mix of low-margin revenues impacted y-o-y earnings. 8sen DPS declared – as expected. Limited earnings catalysts; risk to subscription growth from competitive postpaid plans in the market. Maintain FULLY VALUED and RM5.45 TP.

Source: HwangDBS Research - 10 May 2013