SP Setia; Fully Valued; RM2.95
Price Target: RM2.40; SPSB MK
Hazy days
Results within expectations as 1Q is typically weaker. Earnings visibility underpinned by RM11b unbilled sales. Maintain Fully Valued & TP of RM2.40 given heightened execution risk with CEO’s early departure.

Top Glove Corp; Buy; RM2.58
Price Target: RM6.40 (Prev RM6.80); TOP MK
Look forward to stronger 2H

2QFY14 results were below our and consensus estimates, dragged by lower sales volume and margin. Competition pressured margins; we cut FY14-16F earnings by 4-6%. Expect a stronger 2H; utilisation rates to improve. Maintain BUY with RM6.40 TP.

Source: HwangDBS Research - 21 Mar 2014