AMMB Holdings; Hold; RM7.34
Price Target: RM7.50; AMM MK
Softer loan growth in 2H

2QFY14/1HFY14 results were in line; led by non-interest income and loan recoveries. Lowered loan growth target to 7%, led by business and corporate loans; cautious on retail loans. Declared 7.2sen interim DPS (24% of 1HFY14 EPS); exdate is 27 Nov. Maintain HOLD rating and RM7.50 TP.
 

MSM Malaysia; Fully Valued*; RM4.91
Price Target: RM3.80*; MSM MK
*under review
Lifted by higher margins

3Q13 net profit of RM74m beat expectation; profit was lifted by lower cost of sales (higher margins). Declared first interim net DPS of 10 sen. May see lower sales volumes ahead following abolishment of sugar subsidy.

Source: HwangDBS Research - 15 Nov 2013