Petronas Gas; Buy; RM23.18
Price Target: RM28.60; PTG MK
Entering the golden era

Beneficiary of gas subsidy rationalisation. Earnings and DPS growth from new regas and power plants. Promising outlook with resilient earnings, solid balance sheet and strong parentage. Maintain BUY with RM28.60 TP.

TSH Resources; Buy; RM2.73
Price Target: RM3.20 (prev RM3.00); TSH MK
Tasting sweet harvest

3Q13 core profit beats expectations. Impressive 3-year FFB volume CAGR of 18% to sustain strong growth momentum. Maintain BUY with RM3.20 TP.

Dialog; Hold; RM2.98
Price Target: RM2.90 (prev RM3.00); DLG MK
Limited upside

1QFY14 results missed expectations. Dragged by lower-than-expected contribution from JVs/associates; cut FY14-15 earnings by 9%. Maintain HOLD with lower DCF-derived TP of RM2.90.

LaFarge Malayan Cement; Fully Valued; RM9.85
Price Target: RM8.00; LMC MK
Strong margin improvement

3Q13 earnings lifted by stronger margins on plant efficiencies; supported by lower coal prices and improving domestic demand. 8sen DPS declared – as expected. Hazy near-term outlook from slowercement demand, cost concerns and volatile rebates. Maintain FULLY VALUED with RM8.00 TP.

Source: HwangDBS Research - 20 Nov 2013