CIMB Group Holdings; Hold; RM8.15
Price Target: RM8.70; CIMB MK
Softer outlook

CIMB Niaga’s 2Q13 earnings disappointed as NIM slipped and growth slowed; monitoring consumer loans given near term macro weakness. Higher bond yields in 2Q13 does not pose significant earnings risk; expect stable 2Q13 results for CIMB Group. Costs to continue to dampen earnings in FY13F; cautious near-term outlook for Indonesia; positive on Thailand, neutral on Malaysia.

Globetronics Technology; Buy; RM2.60
Price Target: RM3.50; GTB MK
Solid quarter

2Q13 net profit of RM14m was within expectation. Earnings were lifted by higher loading volume and margins. Net cash grew 21% q-o-q to RM0.47/share by end 2Q13. Maintain BUY rating and RM3.50 TP, supported by FY13-15F net yields of 5-8%.

IGB REIT; Hold; RM1.25
Price Target: RM1.40; IGBREIT MK
Weaker margins at key assets

1H13 net profit was within our and consensus estimates; higher revenues were diluted by weaker NPI margins. Declared 3.43 sen DPU, implying 100% payout of 1H13 distributable income. Gardens Mall to remain revenue growth driver; still see limited asset acquisition opportunities. Maintain HOLD with RM1.40 TP.

Source: HwangDBS Research - 31 Jul 2013