UMW Holdings; HOLD; RM11.94
Price target: RM13.45 (Prev RM13.15); UMWH:MK
Affected by automotive sales

4Q13 net profit was within our expectations but below consensus. Earnings largely dragged by slower Automotive profit, mainly affected by slow sales of the new Vios model. Proposed 3rd interim net DPS of 9.0sen. Maintain HOLD with higher TP of RM13.45.

AirAsia; HOLD; RM2.38
Price target: RM2.20 (Prev RM2.90); AIRA:MK
Competition to continue

Weak quarter – below expectations. Deferring fleet deliveries and selling older planes. Proposing a 10% share buyback program.
Maintain HOLD with a lower RM2.20 TP.

Genting Plantations; HOLD; RM10.50
Price target: RM10.75 (Prev RM10.10); GENP:MK
Lifted by Indonesian plantations

4Q13 core net profit of RM127m is above expectations. Earnings driven by higher CPO contribution and increase in maturity of
Indonesian plantations. Maintain HOLD with higher RM10.75 TP

E&O; BUY; RM1.98
Price target: RM2.65; EAST:MK
Re-rating catalysts in sight

Results below expectations due to launch delays, but unbilled sales to support earnings visibility. STP2 approval and Medini launch can be strong re-rating catalysts. Maintain Buy and RM2.65 TP

Dayang Enterprise; BUY; RM3.59
Price target: RM4.55; DEHB:MK
Still going strong

4Q13 profit within our expectation but sharply below consensus’. Clear earnings visibility supported by RM4bn order book. Declared
second interim dividend of 3.5sen/share. Maintain BUY with RM4.55 TP (ex-bonus issue)

BIMB Holdings; HOLD; RM4.13
Price target: RM4.30; BIMB:MK
Larger profit base with consolidation of Bank Islam

4Q/FY13 net profit missed our and consensus’forecasts due to higher taxes. Expect strong CASA growth to support NIM and loan
growth to moderate in 2014. Maintain HOLD and RM4.30 TP

Perisai; BUY; RM1.62
Price target: RM2.00; PPT:MK
Strong growth ahead

4Q13 result missed expectations. Production and drilling business to drive 60% earnings CAGR over FY13-15F. Maintain BUY with RM2.00 TP

Kossan Rubber Industries; BUY; RM4.56
Price target: RM5.10; KRI:MK
Steady margins

4Q/FY13 net profit was in line with our and consensus’estimates, led by stable margins and lower taxes. Raised FY14/15F earnings by
7%/6% to reflect further upside in margin expansion. Maintain BUY with higher RM5.10 TP

Padini Holdings; HOLD; RM1.66
Price target: RM1.85 (Prev RM1.75); PAD:MK
Profitability holding up

2QFY14 net profit of RM28m is above expectation due to stronger contribution from Brands Outlet stores. Increase FY14-15 EPS by 4-
7%. Declared third interim net DPS of 2.5 sen. Maintain HOLD with higher TP of RM1.85

Source: HwangDBS Research - 27 Feb 2014