We  are  ceasing  coverage  on  CI  Holdings  (CIH),  for  which  our  last  call  was  SELL, with RM0.60 FV. The group is still searching for a new core business after disposing off its subsidiary, Permanis, in November 2011. Note that CI Holdings does not have to follow a timeline to acquire a new business as it is not a PN17 or PN16 company. 

Flat  results.  CIH's 1HFY13  earnings  were  much  lower  y-o-y  given  the  high  base  for comparison in 1HFY12, largely driven by a RM688.4m accounting gain from the sale of its bottling  arm,  Permanis  SB.  Vis-à-vis  1QFY13,  revenue  and  profit  improved  marginally, mainly  due  to  a  cut  in  one-off  professional  fees  incurred  in relation to the company's search for new investment opportunities. 

Cease coverage. We are ceasing coverage due to resource reallocation and uncertainties relating to the company's potential new core business.

Source: OSK