Regional Daily, Maybank KE (2014-09-22)

Daily 22 September 2014 TOP VIEWS Malaysia Automotive | OVERWEIGHT Tiga Pilar Sejahtera (AISA IJ) | Company Update Hyflux Ltd (HYF SP) | Company Update Malaysia Automotive Sector Update Hari Raya hangover in August August�s TIV fell to 51.1k units (-15% MoM) post Hari Raya. Our 2014 TIV forecast of 675k units (+3% YoY) is unchanged. Maintain OVERWEIGHT. MBM is our new top sector BUY. Click here for report » Tiga Pilar Sejahtera (AISA IJ) KKR increases stake to 26% Share Price: IDR2,420 | Target Price: IDR3,000 (+24%) | MCap (USD): 591M | ADTV (USD): 0.8M KKR raised its stake in Tiga Pilar to 28% through non pre-emptive rights issue. The US investment company became the second largest shareholder and is entitled to one director seat. (FULL NOTE WILL BE OUT IN THE AFTERNOON) Hyflux Ltd (HYF SP) Changi NEWater slipped out of its hands Share Price: SGD1.10 | Target Price: SGD1.07 (-3%) | MCap (USD): 751M | ADTV (USD): 0.6M Maintain HOLD & SGD1.07 TP (25x FY16E P/E). Prefer HanKore and SIIC for water-sector exposure. Lost bid for Changi NEWater project. Consortium formed by Beijing Enterprises Water and United Engineers won it. Negative but no complete shock. Short term, low order book and weak earnings visibility. Click here for report » COMPANY NOTES Astro Malaysia (ASTRO MK) | Results Review Berjaya Sports Toto (BST MK) | Results Review Philippine Long Distance Telephone (TEL PM) | TP Revision Ebbs & Flows Astro Malaysia (ASTRO MK) Mixed reception Share Price: MYR3.38 | Target Price: MYR3.30 (-2%) | MCap (USD): 5.4B | ADTV (USD): 2M 2QFY1/15 results within expectations. Dividends pleasantly outperformed again, however. Trim net profit estimates by 1-5% but raise FY1/15-16 DPR assumption from 75% to 100%, FY1/17 from 75% to 80%. Maintain HOLD with a slightly reduced DCF-based TP of MYR3.30 (-2%). Click here for report » Berjaya Sports Toto (BST MK) Still unlucky in 1QFY1/15 Results are below expectations. Results are below expectations. Dividends are in-line, however. Maintain HOLD and MYR3.95 DCF-based TP. Click here for report » Philippine Long Distance Telephone (TEL PM) Also a rerating story Share Price: PHP3,302 | Target Price: PHP3,482 (+5%) | MCap (USD): 16.1B | ADTV (USD): 26M Raise TP to PHP3,482 as we roll over to 2015 and increase risk-free rate 50bps to 4.25%. Maintain HOLD. Inclusion of pref. shares in public float led to stock�s rerating. Milestone reached in Rocket Internet investment with planned IPO this year. (Full report will be out soon) Ebbs & Flows Regional Quants EM maiden funds outflow in 15 weeks This is a weekly fund flows tracker for emerging markets. Click here for report »