AMMB Holdings; Hold
Price Target: RM7.50; AMM MK
Earnings on track
4Q/FY13 earnings were driven by healthy loan growth and lower provisions, although costs also inched up. Expect steady earnings growth in FY14 driven by ETP pipelines and acquisition synergies. Proposed 15 sen final DPS, taking total dividend to 22 sen or 41% payout. Maintain HOLD and RM7.50 TP.

Notion Vtec; Hold
Price Target: RM0.80; NVB MK
Toughening it out
1HFY13 was below our estimate but above consensus’. Hit by soft market demand as well as changing dynamics in the HDD segment. We are cautiously optimistic of a better 2HFY13 but there is still downside risk. Maintain HOLD with RM0.80 TP.

Source: HwangDBS Research - 17 May 2013