Affin Hwang Capital Daily Insight (LV) - 27 February 2015 - MAYBANK / SIME / IHH / GENT / TM / GENM / UMW / AIRASIA / ARMADA / AEON / PARKSON / MCIL / PUNCAK / UCHI / SENDAI / WCT / ETP / ECONOMY - ASEAN OUTLOOK / FIXED INCOME

Top Calls

Results Note � Maybank (HOLD, maintain) - Lower allowances boost profits Maybank�s 2014 net profit of RM6.7bn was driven by lower allowances and impairments. We still see a challenging year in 2015, despite meeting 2014�s KPIs. Maintain our HOLD rating, though we raise our PT to RM8.55. Dividends (>5% yield) remain attractive.

Other Calls

Results Note � Sime Darby (HOLD, maintain) - A weak first half, FY15 KPI maintained

Results Note � IHH Healthcare (BUY, maintain) - Capping off the year with strength

Results Note � Genting (HOLD, maintain) - Non-gaming segments support earnings

Results Note � TM (HOLD, maintain) - A strong end

Results Note � Genting M�sia (HOLD, maintain) - No immediate catalysts

Results Note � UMW (HOLD, maintain) - A weaker 2014

Results Note � Air Asia (BUY, maintain) - A rough ending to the year

Results Note � Bumi Armada (HOLD, downgrade) - Cautious outlook, rationalization is in the cards

Results Note � AEON Co. (BUY, maintain) - 2014 dampened by higher operating costs

Results Note � Parkson (SELL, maintain) - One-off disposal gain inflate headline numbers

Results Note � MCIL (SELL, maintain) - Still cautious on print division

Results Note � Puncak Niaga (HOLD, downgrade) - Potential headwinds for O&G in 2015

Results Note � Uchi Tech (HOLD, maintain) - Lacklustre set of earnings

Results Note � Eversendai (BUY, maintain) - 2014 core net profit below expectations

Flash Note � WCT (BUY, maintain) - 4Q14 results briefing highlights

Economy � ETP Investment - Sustaining economic growth through private investment

Economy � ASEAN Outlook � Weekly Wrap (18 � 26 February 2015) - Singapore�s 2015 Budget to support domestic demand

Fixed Income Commentary - Follow on buying interest; strong GII tender

Morning News & Market Summary