Regional Daily, Maybank KE (2014-10-03)

Daily 03 October 2014 TOP VIEWS MY Property Sector | NEUTRAL Bloomberry Resorts (BLOOM PM) | TP revision Bangkok Bank (BBL TB) | Company update Prosperity REIT (808 HK) | Company visit MY Property Sector Going �South� Sector update New foreign entrants raise fears of a housing glut in Iskandar Malaysia (IM). Ability to absorb ample incoming supply of high-rise condominiums and retail space by end-2015/2016 remains our key concern. Maintain NEUTRAL; we prefer Klang Valley over IM. Top pick is Eco World (BUY; MYR6.59 TP). Click here for report » Bloomberry Resorts (BLOOM PM) Placing more bets Share Price: PHP13.20 | Target Price: PHP15.70 (+19%) | MCap (USD): 3.1B | ADTV (USD): 3M Maintain BUY, raise 2016F profit to PHP9.7b and TP to PHP15.70. Phase 1A will more than double BLOOM�s VIP gaming tables to 264 and increase slot machines 34% to 1,941 in 2016. 2016F profit raised 13% as a result. Click here for report » Bangkok Bank (BBL TB) Loan demand should rebound in 4Q Share Price: THB201.00 | Target Price: THB240.00 (+19%) | MCap (USD): 12.1B | ADTV (USD): 35M Maintain BUY and TP of THB240, implying 1.3x 2015 P/BV and 12% ROE. Estimate 3Q14F earnings to down 4%YoY and 5%QoQ to THB8.6bn due to weak loan growth and higher provisions Maintain 5% loan growth this year given the seasonally strong business loan demand in 4Q14 (Full report will be out soon) Prosperity REIT (808 HK) NDR: Refinancing, rental outlook key Share Price: HKD2.41 | Target Price: HKD2.86 (+19%) | MCap (USD): 439M | ADTV (USD): 0.6M Took PREIT to see 9 investors in Malaysia on Monday; overall feedback is mixed. Investors positive on PREIT like its stable growth and good distribution yield, but some worry about impact of higher refi costs w/ some debt maturing Aug 2015, US rate hike risks + upcoming office supply in Kowloon East. Company maintained its rental reversion outlook for 2015 at double-digit percentage. Valuation looks attractive to us at 6.9% for 2015F. Maintain BUY, TP HKD2.86 from our DDM. For its overall portfolio, there�s 18.5% lease expiry in 2H14, followed by 37.5% in 2015, and rest in 2016 and beyond. A notable event would be whether Canon renews it lease next year, as it is PREIT�s largest client at 6% of portfolio GRI. Click here for report » COMPANY NOTES Hong Kong Banks | NEUTRAL Indofood CBP (ICBP IJ) | Company update Genting Singapore | Company update Hong Kong Banks Aug14: Disciplined loan growth Sector update Disciplined loan growth & cautious loan mix. Keep NEUTRAL Stable HKD LDR and potential rebound in RMB deposits Seasonal easing in HKD funding costs will help 2H14 NIM Click here for report » Indofood CBP (ICBP IJ) On the right track Share Price: IDR11,200 | Target Price: IDR12,500 (+12%) | MCap (USD): 5.4B | ADTV (USD): 3M Reiterate HOLD as growth potential has been priced in at current valuation, in our view. Our TP of IDR12,500 implies 24x PERFY15F. Strong revenue growth expected for snacks and beverages on current low base and the company�s focus on increasing market share, but we think profitability is yet to be visible. Lower raw material costs may help ease margin pressure in the dairy business and balance the margin dilution impact. Click here for report » Genting Singapore Slow at home, sights abroad Share Price: SGD1.12 | Target Price: SGD1.13 (+1%) | MCap (USD): 10.7B | ADTV (USD): 15M VIP volumes may worsen before recovering. Mass-market GGR may ease on sliding property prices. Cut EBITDA by 1-16%. Maintain HOLD. TP down 9% to SGD1.13, now on 9x FY15E EV/EBITDA (from 10x), in view of slower earnings growth. Still, valuations not demanding against peers. May also venture into Japan soon. Click here for report »