Axiata; Fully Valued; RM6.66
Price Target: RM5.75; AXIATA MK
Earnings boost from Celcom

9M13 core earnings above expectations, primarily driven by Celcom and Robi Axiata. Impressive growth in Celcom prepaid subscriptions drove revenue but SMS faltered yet again. Data growth still key but pricing pressure still looms. Maintain FULLY VALUED and RM5.75 TP.

BIMB Holdings; Hold; RM4.51
Price Target: RM4.30; BIMB MK
Softer personal loan growth

Results missed our and consensus’ expectations; personal loan growth and recoveries tapered off. Largerthan- expected NIM compression (y-o-y) prompted us to cut FY13F earnings by 5%. Maintain HOLD and RM4.30 TP.

Coastal Contracts; Buy; RM3.25
Price Target: RM3.75; COCO MK
Stronger earnings ahead

9M13 net profit is within expectations. Earnings growth driven by better margins and sales mix, and stronger USD. Near-term growth supported by RM1.3bn order book and potential jack-up rig contracts. Raised FY14- 15F earnings by 8-15%; maintain BUY rating with higher RM3.75 TP.

Felda Global Ventures; Hold; RM4.45
Price Target: RM4.60; FGV MK
Dragged by plantation

3Q13 core net profit of RM78m missed estimate; hurt by substantially weaker plantation margin. Declared interim 6sen net DPS. Cut FY13-15 EPS by 4-16%. Maintain HOLD rating and DCF-based RM4.60 TP.

Genting Plantations; Hold; RM10.78
Price Target: RM10.10; GENP MK
Hit by higher costs

3Q13 earnings within expectation. Higher FFB output, but earnings were dampened by higher production costs. Maintain HOLD rating and RM10.10 TP.

Malaysian Bulk Carriers; Buy; RM1.72
Price Target: RM2.10; MBC MK
Better days ahead

3Q13 results missed estimates. Higher charter rates offset by higher docking charges for three vessels. Strong POSH performance to sustain near-term profit. Maintain BUY rating and RM2.10 TP.

Media Chinese; Hold; RM1.03
Price Target: RM1.05 (Prev RM1.10); MCIL MK
Headwinds ahead

1HFY14 profit missed our estimate; dragged by higher interest expense and effective tax rate. Resilient Chinese readership to support publishing revenues, but fast-growing PayTV segment will dilute overall market share. Maintain HOLD with lower RM1.05 TP.

Source: HwangDBS Research - 28 Nov 2013