Malaysian Economics
Towards fiscal reform

Budget 2014 will mark an important step towards fiscal reform particularly given the slippage in 2013. The much anticipated GST will be announced. More measures will be announced to cool the property market, lower household leverage and manage foreign investment in real estate.

Zhulian Corp Bhd; Hold; RM4.01
Price Target: RM3.90; ZHCB MK
Lifted by overseas sales

Strong 3Q13 net profit of RM39.6m, supported by overseas sales and higher associates contribution. Net cash improved to RM0.27/share (+17% y-o-y). Declared 3rd interim net DPS of 3 sen. Maintain HOLD with RM3.90 TP.

Source: HwangDBS Research - 17 Oct 2013