Wednesday, February 25, 2015

Affin Hwang Capital Daily Insight (LV) - 25 February 2015 - GLOBE / GENT / NESTLE / PCHEM / FGV / AAX / SWKPLNT


Top Calls

Results Note Globetronics (BUY, maintain)

- Scaling new heights

4Q14 was a slight blip due to timing differences of material purchases rather than ASP erosion, and thus not a valid concern. With strong and consistent earnings delivery and minimal execution risk, we think Globe
s premium valuation multiples are justified. This is coupled with strong growth prospects (3-year-forward CAGR of 19%) and a decent 2015E dividend yield of 5%. Maintain BUY with a higher target price of RM5.31.


Other Calls

Company Update Genting (HOLD, maintain)

- Weak VIP performance remains a drag on GENS


Results Note Petronas Chemical (HOLD, maintain)

- No major surprises, maintain HOLD

Results Note Felda Global Ventures (HOLD, downgrade)

- Fair value gain boosted 2014 headline PBT


Results Note Sarawak Plant (BUY, maintain)

- Headline net profit boosted by large reversal


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