Maybank; Buy; RM9.56
Price Target: RM11.80; MAY MK
Topline driven

3Q13/9M13 results are in line with our and consensus expectations; driven by stable NIM and loan growth, strong FX gains offset by mark-to-market losses. Softer outlook for consumer lending but corporate banking (loans and deals) will make up for the slack. Maintain BUY and RM11.80 TP.

WCT Berhad; Buy; RM2.39
Price Target: RM3.35; WCTHG MK
Property to the rescue

3Q13 results in line; property earnings to remain strong. Will beat property sales guidance; expect better newsflow for  construction . Resilient proxy to the sector. Maintain BUY rating and SOP-derived RM3.35 TP.

CB Industrial Product; Buy; RM3.15
Price Target: RM3.50 (Prev RM3.10); CBP MK
Lifted by SPV segment

3Q13 net profit of RM22m in line, largely supported by higher profit from SPV segment. Forward earnings will be supported by higher project billings at E&C segment. Proposed second interim net DPS of 5 sen. Maintain BUY rating; raised TP to RM3.50.

YTL Land; Buy; RM0.97
Price Target: RM1.40; YTLL MK
Continual strong demand for Sentul

Results in line, Capers construction on track. Continual strong take-up for Fennel; approval of MRT 2 & 3 lines could be re-rating catalysts. Maintain BUY and RM1.40 TP.

YTL Power; Hold; RM1.94
Price Target: RM1.70; YTLP MK
Weaker PowerSeraya earnings

1QFY14 profit was within our and market estimates. Share buyback program boosted share price; possible share distribution due to lack of dividends. Earnings may drop after expiry of PPA in FY15; new acquisitions crucial to support longer term growth. Maintain HOLD rating and RM1.70 TP.

UMW Holdings; Hold; RM12.62
Price Target: RM12.15; UMWH MK
Toyota a major drag

3Q13 net profit missed our and consensus’ estimates; strong O&G profit partly offset by weaker Automotive profit. Cut FY13F EPS by 16% after adjusting for weaker Toyota car sales in 3Q13. Declared second interim and special interim net DPS of 15 and 10 sen. Maintain HOLD rating and SOP-based RM12.15 TP.

Source: HwangDBS Research - 22 Nov 2013