Affin Hwang Capital Daily Insight (LV) - 30 July 2015 - UMWOG / ECONOMY - MONETARY POLICY / ECONOMY - ASEAN OUTLOOK

Top Calls

Company Update � UMW -OG (SELL, maintain) - That sinking feeling Regional jack-up day rates fell further in 2Q15, and now hover around US$110,000-120,000 (down 20-30% yoy). Lower charter rates and UMW-OG�s untimely contract renewal schedule should hit earnings, leading us to cut our 2015-17E EPS by 41-49%. We reaffirm our SELL and cut our TP to RM1.10, now based on PBR methodology given the low earnings visibility. One of Affin Hwang�s least preferred picks.

Other Calls

Economy � us Economy � Monetary Policy - Will solid job gains lead to a September rate hike?

Economy � ASEAN Outlook � Weekly Wrap - Sharp contraction in Thailand�s exports in June

Morning News & Market Summary

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