Axiata; Upgrade to Hold; RM6.53
Price target: RM6.15; AXIATA:MK
Strong effort from Celcom

FY13 within expectations; Celcom earnings saw 42% y-o-y growth with sound fundamentals. Robust data growth and better Indo
network post-Axis integration are growth opportunities.Upgrade to HOLD with higher RM6.15 TP.

QL Resources; Buy; RM2.86
Price target: RM3.60; QLG:MK
Earnings on track; record high quarter

3Q FY14 net profit within expectations. Earnings lifted by stronger revenues and improved margins at MPM and ILF segments. Maintain BUY rating with RM3.60 TP (DCF-metric).

YTL Power; Hold; RM1.70
Price target: RM1.70; YTLP:MK
New acquisition is crucial

2Q FY14 profit within our and market expectations. Declares 1-for-20 share distribution or 5% implied yield. New acquisition is crucial to cushion against earnings drop after expiry of Malaysian PPAs in 2015. Maintain HOLD rating and RM1.70 TP.

YTL Land; Hold; RM0.92
Price target: RM1.00; YTLL:MK
Holding back launches

Results below expectations. Launches delayed due to weak sentiments. Maintain HOLD & TP of RM1.00.

Source: HwangDBS Research - 21 Feb 2014