Felda Global Ventures; Hold
Price Target: RM4.10; FGV MK
Hold for 2% dividend yield
1Q13 within our expectation but significantly below consensus’ on annualised basis. Muted growth from unfavourable tree age profile and depressed CPO ASP. Maintain HOLD with RM4.10 TP.

Genting Plantations; Hold
Price Target: RM9.00; GENP MK
Boosted by Iskandar property
1Q13 within our estimate but below consensus’ on annualised basis. Low plantation profit offset by strong property contribution. Maintain HOLD and RM9.00 TP.

Malaysia Airlines; Fully Valued
Price Target: RM0.35; MAS MK
Lower yields on intense competition
1Q13 net loss of RM262m was below expectations. Operating environment remains challenging; intense competition from regional and domestic carriers. Increasing net loss projection for FY13F on lower yields. Maintain FULLY VALUED rating and RM0.35 TP.

Media Chinese; Hold
Price Target: RM1.10; MCIL MK
Challenging year ahead
FY13 profit was within our and market estimates. Declared 3.1sen DPS, taking FY13 dividend to 46.2sen – as expected. SEA operating conditions still resilient, but overseas operations impacted by heated competition. Maintain HOLD rating and RM1.10 TP.

RHB Capital; Buy
Price Target: RM10.30; RHBC MK
Dampened by higher provisions
1Q13 net profit missed our and consensus estimates; hit by higher provisions. Cut FY13F profit by 5% after adjusting for higher credit costs. Maintain BUY and RM10.30 TP.

Wah Seong Corp; Hold
Price Target: RM1.70 (Prev RM1.75); WSC MK
Unexpected O&G losses
1Q13 result significantly below expectations. Dragged by losses from low-margin O&G projects. Slashed FY13-15F earnings by 38%/17%/17% to account for weaker project margins. Maintain HOLD with RM1.70 TP.

Malaysian Bulk Carriers; Buy
Price Target: RM2.10; MBC MK
Weak 1Q13 expected
1Q13 result within expectations. POSH listing an impending catalyst. Maintain BUY with RM2.10 TP.

Source: HwangDBS Research - 30 May 2013