Affin Daily Insight (LV) - 29 August 2014 - MAYBANK / IHH / GENT / GENM / YTL / YTL / AEON / SUNWAY / MAS / TRCB / MCIL / BONIA / EVSD / ANNJOO / AQRS / WTK / TONGHERR / ECONOMY - ASEAN OUTLOOK / DMR

Top Calls

Results Note � Maybank (BUY, maintain) - Not a bad 1HFY14, more drivers likely in 2HFY14 Maybank reported a 1HFY14 net profit of RM3,117.1m (+3.4% yoy) while PBT was RM4,454.6m (+5.7% yoy). Lower impairment allowances and a writeback in impairment bolstered Maybank's otherwise flat pre-provision operating profit (PPOP). Although annualized results were below our forecast and the consensus, we continue to look forward to a better 2HFY14, driven by corporate loans growth and IB deals, potential realization of AFS gains, stable NIM, and on-going cost management strategies. Maybank has declared an interim dividend of 24 sen (DRP 20 sen; cash 4 sen). Maintain BUY on Maybank with an unchanged PT at RM12.00 (13.6% ROE, 7% growth rate, and 10.3% cost of equity, translating into a P/BV target of 2.0x). Maybank remains a solid banking group, well-capitalised at a CET1 at 11.4% and a key beneficiary from the roll-out of key fiscal projects.

Other Calls

Results Note � IHH Healthcare (REDUCE, maintain) - Healthy growth across segments

Results Note � Genting (BUY, maintain) - Dragged down by losses in GENM

Results Note � Genting M�sia (ADD, maintain) - Bad holds in Malaysia and UK, a negative suprise

Results Note � YTL Corporation (ADD, maintain) - Broadly inline, maintain ADD

Results Note � YTL Power (BUY, upgrade from ADD) - 10 sen surprise DPS made up for earnings shortfall

Results Note � AEON Co. (ADD, maintain) - 2QFY14 slapped by higher costs

Results Note � Sunway Bhd (ADD, maintain) - Solid results solid sales

Results Note - MAS (ADD, upgrade) - Swelling core net losses clipping wings of MAS

Results Note - Tropicana (BUY, maintain) - Results inline, land sales to boost 2H14 earnings

Results Note - MCIL (REDUCE, downgrade from ADD) - Another dissappointing quarter

Results Note - Bonia (BUY, upgrade from ADD) - A commendable ending

Results Note - Eversendai (BUY, maintain) - Lower billings and higher costs

Results Note - Ann Joo Resources (SELL, maintain) - Oversupply issue remains a threat to steel industry

Results Note - Gabungan AQRS (ADD, maintain) - Commendable 1H14 results, within expectations

Results Note - WTK (BUY, maintain) - Expecting a stronger 2H14, largely within expectations

Results Note - Tong Herr (ADD, maintain) - 2Q14 core net profit improved on higher margins

Economy � ASEAN Outlook � Weekly Wrap (22 � 28 August 2014) - Is Spore�s July PMI pointing to stronger IPI growth?

Debt Market Research - Sustain buying interest underpinned by healthy auction

Morning News & Market Summary