Regional Asian Strategy
Sell on rumour, buy on news?

Rebound unlikely to be sustainable. Inflows in the past years are stumbling blocks to a near-term recovery. Worst needs to be seen as over in data release before recovery is sustainable.

Malaysian plantations
Win-win situation

Voluntary takeover offer for Pontian United Plantations Berhad by FGV turns unconditional following >50% acceptance. TSH to book RM85m in one-off gain from sale of 16.2% stake in Pontian. Maintain HOLD rating for FGV and TSH in view of unfavourable CPO price outlook.

Source: HwangDBS Research - 3 Sep 2013