British American Tobacco; Hold; RM60.24
Price Target: RM60.00 (prev RM62.00); ROTH MK
Weaker domestic volume

2Q13 net profit of RM211m was below expectation. Earnings dragged by higher net operating expenses; cut FY13-15F EPS by c.5%. Declared second interim net DPS of 68 sen. Maintain HOLD with lower DDMbased target price of RM60.
 

Axis REIT; Buy; RM3.40
Price Target: RM4.05; AXRB MK
Existing assets still generating healthy income

Robust core earnings growth driven by acquisitions and rental reversions. Declared 4.6sen DPU, implying 98% payout. Stable income, but finance costs could rise after refinancing. Maintain BUY rating and RM4.05 TP.

Source: HwangDBS Research - 26 Jul 2013