Public Bank; Hold; RM17.04
Price Target: RM18.00; PBK MK
Steady earnings and loan growth

2Q13/1H13 results were in line with our and consensus expectations. Steady loan growth supports earnings growth albeit NIM pressure. Declared 1st interim DPS of 22 sen. Strong fundamentals priced in; maintain HOLD and RM18.00 TP.
 

Malaysia Airports; Hold; RM6.71
Price target: RM6.05; MAHB MK
Strong passenger growth

2Q13 earnings within expectations with full recognition of user fees. Robust overall passenger growth of 13.6% in 1H13. KLIA2 more than 90% complete; on track for May 2014 opening. Maintain HOLD with SOP-based TP of RM6.05.

Source: HwangDBS Research - 24 Jul 2013