Bursa Malaysia; Fully valued; RM7.88
Price Target: RM6.20; BURSA MK
Dividend surprise

2Q/1H13 results were led by a surge in securities trading volumes and values. Removal of GE overhang saw return of retail and foreign participation. Declared 36 sen total DPS in 2Q13 including 20 sen special dividend. Rating and TP are under review.

Tenaga Nasional; Buy; RM9.01
Price target: RM10.80 (Prev RM7.45); TNB MK
Positive momentum

3QFY13 result beat our and market estimates. Improving outlook with increasing gas supply and sector reform; clearer fuel cost pass-through mechanism ensures future DPS growth. Upgrade to BUY; raised TP to RM10.80.

Malaysian Plantation
Win win situations

Voluntary take-over offer for Pontian United Plantations Berhad by FGV; conditional upon >50% acceptance. TSH to dispose of its 16.17% stake in Pontian. Strong likelihood for FGV to achieve high acceptance.

Source: HwangDBS Research - 19 Jul 2013