CIMB; Hold; RM7.60
Price Target: RM8.10 (Prev RM8.70); CIMB MK
Uninspiring ROE

CIMB Niaga: 3Q/9M13 results were in line; stronger non-interest income offset higher provisions; expect softer loan growth ahead. CIMB Group: cut FY13-15F EPS and ROE to reflect full impact of DRS; subdued capital markets and higher overheads to drag earnings. Maintain HOLD; trimmed TP to RM8.10.

KLCC Stapled Security; Buy; RM6.45
Price Target: RM8.55; KLCCSS MK
Earnings boost from stapling

9M13 earnings in line with our estimates but above consensus; 8.3sen DPU declared. Earnings driven bylower tax rate and better retail and office rentals. Suria KLCC and office assets underpin stable earnings;  Injection of Suria into the REIT is a re-rating catalyst. Maintain BUY with SOP-based RM8.55 TP.

Sunway REIT; Buy; RM1.36
Price Target: RM1.60; SREIT MK
Brace for near-term pressure

1QFY14 within our and consensus’ expectations; cost efficiencies and SMC lifted NPI margins. Putra Mall refurbishment and challenging hotel environment pose downside to near-term earnings but look forward to medium term rebound. Maintain BUY with RM1.60 DCF-based TP.

Source: HwangDBS Research - 30 Oct 2013