Maxis Bhd; Fully Valued; RM6.96
Price target: RM5.40 (Prev RM5.60); MAXIS:MK
Needs time to rebuild

FY13 core net profit in line; dragged by lower voice, SMS and WBB revenue. 40sen DPS declared for FY13. Unexciting 2014 - aggressive competitors may impact rebuilding process; Cut FY14-15F earnings by 3-4%. Maintain FULLY VALUED with lower RM5.40 TP.
 

Malaysia Marine & Heavy Eng; Fully Valued; RM3.68
Price target: RM2.90 (Prev RM3.20); MMHE:MK
Weak earnings visbility

4Q13 core profit missed expectations. Slow order book replenishment is an earnings risk. Slashed FY14-15F earnings by 9%/11% to reflect lower orders and project margins.Maintain FULLY VALUED, TP reduced to RM2.90.
 

Hartalega Holdings; Hold; RM7.01
Price target: RM6.50 (Prev RM6.60); HART:MK
Margin blip

3QFY14/9MFY14 net profit of RM58m/RM184m were below our and street estimates. Operating margin fell q-o-q due to higher
overheads, lower ASPs and flat sales volume. Declared 3.5 sen 2nd interim DPS, as expected. Maintain HOLD with RM6.50TP.

Source: HwangDBS Research - 12 Feb 2014