Friday, September 4, 2015

Affin Hwang Capital Daily Insight (LV) - 4 September 2015 - BANKING / CONSUMER / ECONOMY - ASEAN OUTLOOK

Top Calls

Sector Update Banking (NEUTRAL, maintain)

- 2QCY15 Sector Roundup Further downgrades

2QCY15 has been another disappointing quarter as earnings was flat qoq while 1HCY15 net profit declined 5.8% yoy. Earnings downgrade by consensus has been inevitable for AMMB, Affin, Maybank and RHBCap. Maintain NEUTRAL. Our sector top picks, PBB and HLB meanwhile, continued to dominate the scorecard.


Other Calls


Economy ASEAN Outlook Weekly Wrap

- Falling global oil prices eased regional inflation rates



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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