DRB-HICOM; Buy
Price Target: RM3.60; DRB MK
Strong performance all around
4QFY13 earnings in line, driven by broad-based improvements. Declared 4.5 sen per share final dividend. Proton turnaround remains key. Maintain BUY rating and RM3.60 TP (based on 20% discount to SOP).

Genting; Hold
Price Target: RM10.90 (Prev RM10.40); GENT MK
Mixed bag
Core earnings below expectations, cut 2013-15F estimates by 8-17% on lower GENS contribution. Minimal short-term catalysts. Maintain HOLD, tweak SOP-based TP to RM10.90.

Genting Malaysia; Hold
Price Target: RM4.05 (Prev RM3.80); GENM MK
Limited near-term catalyst
Core earning in line despite weak London operation. Future growth driven by expanding Malaysia hotel operations (possibly by 2015), potential US ventures. Maintain HOLD, nudged up SOP-based TP to RM4.05.

MMC Corp; Buy
Price Target: RM3.60; MMC MK
Dragged down by provision
1Q13 dragged down by provision for Wayss & Freytag, but operating results were decent. Lagging Iskandar proxy. BUY, RM3.60 TP is based on 20% discount to SOP.

Padini Holdings; Hold
Price Target: RM1.80; PAD MK
Weaker margins
3QFY13 net profit of RM25m was within expectation. Stronger y-o-y revenue was offset by weaker margins as a result of higher expenses incurred for new outlets. Declared 4th interim net DPS of 2 sen. Maintain HOLD rating and RM1.80 TP; stock offers FY14F net yield of 4.2%.

Sunway; Hold
Price Target: RM3.90 (Prev RM2.55); SWB MK
Expected strong 1Q
1Q13 results in line, strong improvement in construction margins. Strong orderbook and unbilled sales gives good earnings visibility. Maintain HOLD with TP raised to RM3.90.

Telekom Malaysia; Fully Valued
Price Target: RM4.80 (Prev RM4.65); T MK
Solid quarter but risks still loom
1Q13 normalised net profit ex-tax incentives in line. Lower voice and wholesale revenues dragged top line growth. Moderating Unifi growth and competition from Astro a key concern. Maintain FULLY VALUED with higher RM4.80 TP.