CIMB Group; Hold; RM7.38
Price Target: RM8.10; CIMB MK
Flat quarter

Flat q-o-q earnings on higher provisions and weaker NIM, offset by gain from Tune Insurance listing. Loan and deposit growth within expectations; Niaga (Indonesian operations) contribution was lower on weaker Rupiah; remains challenging. Better deal flow in 4Q13 should lift earnings; marginally offset by additional MSS provision of RM62m in 4Q13. Maintain HOLD, RM8.10 TP.
 

IOI Corporation; Buy; RM5.46
Price Target: RM6.15; IOI MK
Better prices ahead

1QFY14 core earnings came in at RM431m, ahead of our RM386-403m estimate. Difference was due to higher CPO ASP and contribution from resource-based manufacturing. No change to our forecasts; TP is intact at RM6.15. Reiterate BUY rating for 16% total return.
 

Malaysian Airlines; Fully Valued; RM0.35
Price Target: RM0.28 (prev RM0.30); MAS MK
Yields continue to drop

3Q13 core net loss of RM294m larger than expected. Competition continues to drive down yields. Projecting larger net losses for FY13 and FY14. Maintain Fully Valued rating; trimmed TP to RM0.28.

Source: HwangDBS Research - 19 Nov 2013