Astro Malaysia; Buy; RM2.96
Price Target: RM3.30 (prev RM3.35); ASTRO MK
A satisfactory quarter

1HFY14 earnings below our estimates but in line with consensus’. 2sen DPS declared for the quarter – 98% payout for 1HFY14. Fundamentals intact, expect added earnings boost from channel supply agreement to Telekom Malaysia. Trimmed FY14-15F net profit by 5-7%; Maintain BUY with lower RM3.30 TP.

SHL Consolidated; Trading Buy; RM1.96
Fair value: RM2.40; SHLC MK
Under-researched township developer

Established niche township developer in Cheras-Kajang with strong pricing flexibility from cheap landbank and in-house construction expertise & building material supply. Rising DPS (attractive 4.5% net yield), supported by net cash (79 sen/share or 40% of market cap) and resilient demand for landed mass-market residences. Fair value of RM2.40 based on 40% discount to RNAV of RM3.92, implying 26% upside potential.

Source: HwangDBS Research - 12 Sep 2013