UEM Land; Hold; RM2.25
Price Target: RM2.50; ULHB MK
Choppy waters ahead

Core results below expectations, minimal large land sale gains to prop up earnings going forward.Headwinds from tightening measures and potential oversupply of high-end condos in Iskandar Malaysia. Maintain HOLD with RM2.50 TP.

PPB Group; Hold; RM14.68
Price Target: RM14.20 (Prev RM13.30); PEP MK
Wilmar lifts number

3Q13 earnings beat expectations due to stronger Wilmar earnings. Weaker grains trading, flour and feedmilling margins due to forex losses and lower grains trading profit. Raising earnings after imputing higherearnings from Wilmar. Maintain HOLD rating; lifted TP to RM14.20 after incorporating revised TP for Wilmar.

Padini Holdings; Hold; RM1.65
Price Target: RM1.75; PAD MK
A good start

1QFY14 net profit of RM28m is in line. Earnings lifted by increase in exports and stronger revenue from Brands Outlet stores. Declared second interim and special net DPS of 2.5 and 1.5 sen. Maintain HOLD at RM1.75 TP.

Parkson Holdings; Fully Valued; RM3.69
Price Target: RM3.00 (Prev RM3.30); PKS MK
Another disappointing quarter

1Q14 net profit below expectations. China contributions slumped while Malaysian market remains weak. Slash FY14-15 EPS by 22-27%. Downgrade to FULLY VALUED with lower TP of RM3.00.

Guan Chong; Fully Valued; RM1.51
Price Target: RM1.25 (Prev RM1.30); GUAN MK
Larger losses on weak ASP

3Q13 core pretax profit of RM10m was below estimate. Bottomline hit by weak cocoa powder prices, inventories write-down and forex losses. Cut FY13-15F EPS by 3-12%. Maintain FULLY VALUED with lower TP of RM1.25.

Wah Seong Corp; Fully Valued; RM1.35
Price Target: RM1.35 (Prev RM1.40); WSC MK
No recovery

Disappointing 3Q13 results. Weaker-than-expected performance at all business segments; cut FY13-15F earnings by  51%/5%/4%. Maintain FULLY VALUED rating with RM1.35 TP.

Source: HwangDBS Research - 26 Nov 2013