Sime Darby; HOLD; RM9.11
Price target: RM10.20; SIME:MK
A year of consolidation

2QFY14 earnings of RM818 m was below our and consensus’ expectations. Despite sequential growth in Plantations and Motor EBIT,
earnings were dragged by Industrial segment and lower associates contribution. Interim DPS of 6 sen declared, payable 9 May14. No
change in our earnings forecast and TP for now; maintain HOLD.

PPB Group; HOLD; RM15.92
Price target: RM15.30 (Prev RM14.20); PEP:MK
Earnings in line, DPS of 17 sen

4Q13 in line, some improvement in flour margins q-o-q. Final DPS of 17 sen, bringing FY13 DPS to 25 sen. Raising FY14-FY5F earnings by 6-8%. HOLD, TP raised higher to RM15.30.

Muhibbah Engineering; BUY; RM2.40
Price target: RM3.20; MUHI:MK
Expect stronger year ahead

4Q13 net profit below due to weaker shipyard profit. Earnings were mainly supported by profit from Cranes but offset by Shipyard and
Concession segments. Expect at least RM1bn new wins from construction. Maintain BUY with RM3.20 TP.

Guan Chong; FULLY VALUED; RM1.50
Price target: RM1.15 (RM1.25); GUAN:MK
Booking more losses

4Q13 core pretax losses of RM10m below estimates. Bottomline affected by weak cocoa prices and lower volume coupled with high
inventories write-down. Cut FY14-15F EPS by 7%. Maintain FULLY VALUED with lower RM1.15 TP.

Source: HwangDBS Research - 3 Mar 2014