Maxis; Fully Valued; RM6.76 Maxis
Price Target: RM5.45; MAXIS MK
Streamlining a positive step

Internal reorganisation in line with business strategy, but effects unlikely to be felt in the near-term. Challenging market environment with competition and structural shifts in the industry. Maintain FULLY VALUED with RM5.45 TP.

Genting Hong Kong; Buy; US$0.47/HK$3.74 Genting Hong Kong
Price Target: US$0.61/HK$4.75 (Prev US$0.55/HK$4.24); 678 HK
Bag of tricks Bag of tricks

RWM IPO may be as early as 3Q13; offer price values RWM at US$8bn - implying GENHK’s other businesses thrown in for free! Potential upside: PAGCOR absorbing corporate tax, spillover demand from Manila Bay ramp up, strong demand for NCL’s newbuilds. Maintain Buy, raise SOP-based TP to US$0.61/HK$4.75 on higher earnings forecasts for NCL and valuation for RWM.

Source: HwangDBS Research - 12 Jun 2013