Affin Hwang Capital Daily Insight (LV) - 18 November 2014 - IOI / AQRS / SCICOM

Top Calls

Results Note � IOI Corp (REDUCE, maintain) Manufacturing profit still under pressure Core net profit is low in 1QFY15 but is expected to strengthen in the next three quarters with higher CPO ASP and contributions from Indonesian subsidiary and associate. However, due to weak manufacturing profit, FY15E-17E core net profits are cut by 2%-6% and target price cut to RM4.07. REDUCE is maintained. Debt-to-total asset ratio may breach Shariah compliance threshold.

Other Calls

Results Note � Gabungan AQRS (ADD, maintain) Good 9MFY14 results, maintaining ADD

Results Note � SCICOM (BUY, maintain) EMGS chugging along

Company Update - Axis REIT (ADD, maintain) Industrial warehouses underpin strong yields

Morning News & Market Summary

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