UEM Sunrise; Hold; RM2.04
Price target: RM2.25 (prev RM2.50); ULHB:MK
Hedging risks

JV with KLK to boost mass housing & industrial landbank and gain exposure to Senai. But recent tightening measures (Iskandar Malaysia hardest hit) will dampen property sales. Maintain Hold, cut TP to RM2.25 based on wider 50% discount to RNAV to factor in weaker outlook.

Petronas Dagangan; Fully Valued; RM30.50
Price target: RM20.20 (Prev RM19.70); PETD:MK
Facing rising costs

FY13 earnings were hit by higher cost despite resilient operating performance. Downgrading FY14/15F earnings by 14%/17%.
Maintain FULLY VALUED rating, TP revised to RM20.20 after rolling over to 18x FY15F PE.

Source: HwangDBS Research - 10 Feb 2014