Dayang Enterprise; Buy
Price Target: RM5.90 (Prev RM4.00); DEHB MK
Hitting the jackpot!
RM2bn order win for Pan Malaysia hook-up commissioning project from Shell. Raised FY14-15F earnings by 47%/42% to impute higher order wins. Maintain BUY, TP raised to RM5.90.

CIMB Group; Hold
Price Target: RM8.70; CIMB MK
Earnings lifted by one-off items
1Q13 net profit (excluding RM200m restructuring costs and RM515m one-off gain from sale of CIMB Aviva) was in line, rising 4% y-o-y but falling 2% q-o-q. Growth was driven by Malaysia (retail and business); while Indonesia had a slower start in corporate banking. NIM and cost pressure will cap earnings growth. Maintain HOLD and RM8.70 TP.

IOI Corp; Buy
Price Target: RM6.25; IOI MK
Boosted by manufacturing
3QFY13 core pretax profit of RM552m was slightly ahead of expectations. 9MFY13 Manufacturing EBIT has met our full year estimate driven by higher margins in all sub-segments. Revised FY13F/14F/15F earnings by +2%/-2%/-4% on better manufacturing EBIT; offset by lower Singapore property EBIT as we shift Pinnacle launch to FY14F. Reiterate BUY call the group’s property assets are significantly undervalued; TP is intact at RM6.25.

Malaysia Marine and Heavy Engineering; Hold
Price Target: RM3.30 (Prev RM4.10); MMHE MK
No catalyst
1Q13 significantly below expectations. Slow order book replenishment to pose earnings risk. Slashed FY13-15F earnings by 23%/25%/21% to reflect lower order intake and project margins. Maintain HOLD with RM3.30 TP.

Bumi Armada; Fully Valued
Price Target: RM3.30 (Prev RM3.00); BAB MK
Growth priced in
1Q13 result in line with our expectations but below consensus’. Stable earnings led by FPSO business. Maintain Fully Valued with RM3.30 TP.

Source: HwangDBS Research - 22 May 2013