Top Calls
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Strategy � KLCI (NEUTRAL, maintain)
- 1Q15: A dismal quarter The 1Q15 reporting season was by far one of the worst quarters for corporate Malaysia post the 2008-9 global financial crisis. Corporate earnings shrank by 8.9% yoy and 12.8% qoq, one of its sharpest declines, led predominantly by the plantation sector. Unsurprisingly, corporate earnings forecasts were downgraded, for the 17th consecutive quarter. We lower our 2015E market earnings growth to 5.5% yoy from 7.3% yoy. Amidst disappointing corporate earnings, market sentiment on the KLCI remains poor. Sharp downside should however be capped by ample domestic liquidity. Maintain Neutral and 2015 year-end KLCI target of 1,820.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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