Genting Malaysia; HOLD; RM4.31
Price target: RM4.50 (Prev RM4.60); GENM:MK
Biting The Bullet

Results in line, Bimini continues to bleed. Cut 2014-15F earnings by 15-17% to factor in slower growth in visitor arrivals & average
spending at RWG. Maintain Hold, tweak TP to RM4.50.

Maybank; BUY; RM9.65
Price target: RM11.80; MAY:MK
Modest targets for 2014

4Q/FY13 net profit in line, led by lower provisions. Declared 31 sen final DPS, taking total dividends to 53.5 sen or 71% payout (in line). 2014 KPI: 15% ROE, 13% loan and deposit growth. Maintain BUY and RM11.80 TP.

IJM Corp; BUY; RM5.80
Price target: RM7.20; IJM:MK
A solid quarter for all divisions

3QFY14 saw strong improvements in construction profit and margins. 9MFY14 property sales have surpassed FY13 sales. WCE making good headway. Remains our top pick; BUY, TP RM7.20.

MKH; BUY; RM3.87
Price target: RM5.40; MKH:MK
Exciting times ahead

1QFY14 results in line. Twin earnings boosters - Plantation and Property – to drive impressive3-year earnings CAGR of 31%. High
conviction pick; reiterate BUY with RM5.40 TP.

MMC; BUY; RM2.78
Price target: RM4.95; MMC:MK
Earnings to turnaround this year

4Q13 core earnings missed estimates, dragged by boiler issues at Tanjung Bin. Expect stronger FY14 earnings as maintenance at Tanjung Bin ends. Ideal proxy to corporate Malaysia. BUY, TP RM4.95 (20% discount to SOP).

Boustead Holdings; HOLD; RM5.36
Price target: RM5.60; BOUS:MK
Core earnings in line

4Q13 core earnings in line, headline profit lifted by gain from privatisation of Boustead REIT. Better earnings from plantations, property and trading offset poor showing by heavy industries. Declared 7.5 senDPS. HOLD, TP RM5.60 (20% discount to SOP value).

DRB-HICOM; BUY; RM2.64
Price target: RM3.50; DRB:MK
Lifted by one-off gain

3QFY14 profit lifted by gains from acquisition of CTRM, Proton in the red. Solid performance from services division. Cut FY14-FY15
earnings by 4-29%. BUY, TP RM3.50 (20% discount to SOP value).

IJM Plantatations; HOLD; RM3.43
Price target: RM3.45 (Prev RM3.30); IJMP:MK
Production growth on track

3QFY14 core net profit was above expectations. Earnings supported by higher production and ASP. Favourable production growth from Indonesian plantations but offset by higher costs. Maintain HOLD with RM3.45 TP.

Source: HwangDBS Research - 28 Feb 2014