BIMB Holdings Bhd; Hold; RM4.18
Price Target RM4.30; BIMB MK
Cautious growth

2Q/1H13 earnings were within estimates; loan growth remained strong at +5% q-o-q. Growth momentum could slow with BNM’s tighter measures for consumer loans. Declared 3.5sen interim DPS, implying 26% payout. Maintain HOLD and RM4.30 TP.

Genting Plantations; Hold; RM9.00
Price Target RM9.70 (Prev RM9.90); GENP MK
Dragged by high plantation costs

2Q13 profit missed expectations on higher costs. Cut FY13-15F earnings by 8%/7%/5%. Declared 3.75 sen/share interim dividend (less 25%tax). Maintain HOLD rating with revised RM9.70 TP. 

Media Chinese; Hold; RM1.03
Price Target RM1.10; MCIL MK
Dragged by higher interest expense

1QFY14 earnings within our and consensus estimates. Weaker earnings were due to higher interest expense; this should drop as borrowings are pared down. Resilient Mandarin readership and dominant market position to support near-term revenues. Maintain HOLD with RM1.10 TP.

Padini Holdings; Hold; RM1.66
Price Target: RM1.75 (Prev RM1.80); PAD MK
Dragged by higher expenses

4Q13 net profit of RM16m was below expectation as higher operating expenses - namely selling and distribution costs – ate into margins . Cut FY14-15F EPS by 9-10% after adjusting for weaker margins. Maintain HOLD with RM1.75 TP; declared 1st interim net DPS of 2.5 sen.

Source: HwangDBS Research - 29 Aug 2013