Bumi Armada; Buy; RM3.95
Price target: RM4.50; BAB MK
Looking forward to FY14

4Q13 results missed expectations. Clear earnings visibility with record high order book of RM13.2bn. Declared final dividend of
3.25sen/share. Maintain BUY with RM4.50 TP.

British American Tobacco; Hold; RM60.00
Price target: RM60.80; ROTH MK
Volume takes a hit

4Q13 net profit is within our and consensus’ expectations. Volume sales declined due to higher prices arising from excise duty hike. Declared 4th interim net DPS of 78 sen. Maintain HOLD with RM60.80 TP.

KL Kepong; Fully Valued; RM24.50
Price target: RM19.15 (Prev RM18.70); KLK MK
Plantation remains stagnant

1QFY14 net profit of RM293m is within expectations. Better earnings from manufacturing were partly offset by weaker plantations and property segments. Plantation margins affected by lower FFB production, lower ASP and higher production costs.Maintain Fully Valued, TP revised to RM19.15.
 

Pos Malaysia; Hold; RM5.29
Price target: RM5.25 (Prev RM5.60); POSM MK
Drop in mail segment

3QFY14 net profit was below our and consensus’ estimates. Earnings were largely dragged by Mail segment, partly offset by Courier and ‘Others’. Reduce FY14-16F EPS by 5-6%. Maintain HOLD, TP lowered to RM5.25.

Source: HwangDBS Research - 20 Feb 2014