MISC; Buy; RM5.01
Price Target: RM6.50 (Prev RM6.45); MISC MK
Strong earnings lift

Earnings boost from Gumusut-Kakap FPS, seasonally stronger petroleum tanker rates, higher LNG profits. Granted two year tax exemption on shipping income. Good prospects of dividend payment this year. Maintain Buy with SOP-based RM6.50 TP.

Pavilion REIT; Buy; RM1.37
Price Target: RM1.60; PREIT MK
Poised for growth

9M13 net profit within our and consensus estimates. Opening of Fashion Avenue and advertising income underpinned earnings growth. Resilient organic near-term growth supported by visible asset acquisition pipeline. Maintain BUY with RM1.60 TP.

Petronas Chemicals; Hold; RM7.12
Price Target: RM6.15; PCHEM MK
Dragged by maintenance

9M13 results within expectations. Healthier demand in O&D segment. 4Q13 earnings to normalise postturnaround and maintenance. Maintain HOLD rating and RM6.15 TP.

Quill Capita Trust; Buy; RM1.16
Price Target: RM1.35; QUIL MK
Satisfactory quarter

9M13 earnings in line with our and consensus estimates. Earnings fell y-o-y due to vacancies at QB10 and higher repair costs. Still cautious on office market but costs are expected to be stable. Maintain BUY with RM1.35 TP.

Source: HwangDBS Research - 8 Nov 2013