Affin Daily Insight (LV) - 30 April 2014 - GTRONICS / PBK / MPI / CIMB / EVERSENDAI

Top Calls

Results Note � Globetronics (BUY, maintain) - 1Q14 results inline with expectations Despite a seasonally weaker quarter, Globe�s 1Q14 revenue was higher by 6.3% at RM83.4m. In tandem with the higher revenue, 1Q14 core net profit was also lifted to RM14.4m, up by 12.1% qoq. This was underpinned by slightly firmer EBITDA margins of 31.7% vs 30.1% in 4Q13, which we believe is largely due to increased contribution from its sensor related products which carries better margin. Moving forward, Globe has also guided that they have the intention to increase contribution from its sensor business to 45-50% of group revenue by FY15. On this note, we do not rule out the possibility of earnings upgrade if the other sensor products that Globe is currently exploring were to materialize. For now, we are keeping our earnings forecast unchanged, we continue to like Globe for its exciting growth prospects (FY13-16E EPS CAGR of 21%), still attractive valuations and dividend yield of 5.5%. We maintain our BUY rating and target price of RM4.01

Other Calls

Company Update � Public Bank (REDUCE, maintain) - RM5bn cash call � raising funds for future growth

Results Note - MPI (BUY, maintain) - Weaker-than-expected 3QFY14 results

Flash Note - CIMB Group (ADD, maintain) - CIMB Niaga 1Q FY14: Lower provisions drive earnings

Flash Note - Eversendai (BUY, maintain) - Secures contracts worth a total of RM172m

Morning News & Market Summary

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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