MISC; Buy
Price Target: RM6.45 (Prev RM6.60); MISC MK
Inflection point for chemical shipping ops
Chemical shipping turns for the better on higher freight rates. Supported by demand recovery and slowdown in new vessel deliveries. Maiden contributions from Gumusut-Kakap facility to further shore up 2H13 earnings. Stock trading at 20% discount to Petronas’ offer price. Buy with RM6.45 TP.

Axiata; Fully Valued
Price Target: RM5.90 (Prev RM5.30); AXIATA MK
Positives priced in
Meaningful rollout of 4G LTE still some way off. Competition in Indonesia and greater mix of lower-margin revenue still has downside risk. Maintain FULLY VALUED with higher RM5.90 TP.

Maybank; Buy
Price Target: RM11.80; MAY MK
Strong dividend yield intact
1Q13 earnings in line; provisions remained low and non-interest income still lagged. Expect loan growth and corporate activities to pick up in 2H 2013. Maintain BUY and RM11.80 TP; top pick for the sector.

UMW Holdings; Hold
Price Target: RM12.70; UMWH MK
Flat quarter; adding 5th drilling rig
1Q13 net profit of RM220m was within expectation. Flat earnings: stronger M&E earnings offset by weaker sales at automotive and O&G divisions. Proposed acquisition of 5th drilling rig for USD223m. Maintain HOLD rating and RM12.70 TP.

Petronas Dagangan; Fully Valued
Price Target: RM19.70 (Prev 16.15); PETD MK
Hit by weaker margins
1Q13 net profit of RM237m (-4% y-o-y) was within expectations. Lower MOPS trend in Apr and May suggests 2Q13 may be weak. Declared 13.1 sen net DPS in 1Q13. Maintain Fully Valued due to stretched valuations. TP lifted to RM19.70 after rolling over base to 18x FY14F PE.

YTL Power; Hold
Price Target: RM1.70; YTLP MK
Awaiting accretive acquisitions
3Q13 results within our and market expectations. Higher Wessex contribution was insufficient to compensate for lower power earnings. No dividend for 3QFY13; conserving cash for acquisitions. New acquisitions are crucial to cushion against earnings drop after expiry of Malaysian PPAs in 2015; maintain Hold with RM1.70 TP.

KLCC Property; Buy
Price Target: RM9.00; KLCCSS MK
Stronger earnings ahead
1Q13 earnings in line; higher minority interest and tax expenses capped pre-tax profit growth at 6% y-o-y. Declared 4.5sen DPS; expect higher contribution post-stapled REIT, starting in 2H 2013. Near-term growth to be driven by retail assets; office properties to provide steady cash flow. Maintain BUY and SOP-based RM9.00 TP.

YTL Land; Buy
Price Target: RM1.60; YTLL MK
Catalysts in sight
Results below expectation; contribution from Capers should pick up in future quarters. Potential catalysts: Approval for MRT2 line in July, launch of Fennel & Shorefront in 2HCY13. Maintain Buy & SOP-based TP of RM1.60.

JobStreet Corp; Buy
Price Target: RM4.90; JOBS MK
Good start to the year
1Q13 net profit beat estimate at RM15m, driven by higher online job posting volume and margins. Nudged up FY13-16 EPS by 1%-4% premised on an optimistic outlook for the domestic economy. Revised dividend policy to up to 75% of NI; declared first interim net DPS of 3.5 sen (1% net yield). Maintain BUY rating and RM4.90 TP.