Top Calls
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Sector Update � Utilities (OVERWEIGHT,
maintain)
- Decent quarter across the board The utilities sector reported a decent 1QCY15 in which all the stocks under our coverage reported results that met expectations. If not for the higher taxation at TNB, we estimate the sector would have recorded stable earnings on a yoy basis. We have maintained our earnings forecasts and see minimal risks to earnings going forward. We remain OVERWEIGHT on the sector. TNB is still our top pick as a key proxy to the KLCI for its resilient business model and cash flow.
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Other Calls
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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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