British American Tobacco; Hold; RM62.90
Price Target: RM60.00; BAT MK
Lifted by lower opex

3Q13 net profit of RM219m is in line. Earnings were supported by better margins (lower opex and flat revenue growth). Declared 3rd interim net DPS of 68 sen. Maintain HOLD with RM60.00 TP; offering FY14- 15 net yield of c.5%.
 
Genting Singapore; Hold; S$1.47
Price Target: S$1.42; GENS SP
Waiting for re-rating catalyst

RWS may see similar volume expansion like MBS. Don’t hold your breath for Japan yet. Maintain Hold and S$1.42 TP.

Source: HwangDBS Research - 18 Oct 2013