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RN: Regional Plantations
Recommendation: Neutral
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Chee
Ting Ong
(603) 2297 8678
ct.ong@maybank-ib.com
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§ Revise
down 2015-17 CPO ASP forecasts by 8-13% to MYR2,100/2,300/2,400/t following
the slump in crude oil price, weak El Nino, ample soybean, and high
stockpile.
§ For
Singapore, our revised earnings incorporated FRS16 impact with higher
depreciation charges from 2016 onwards.
§ Stay
NEUTRAL. Focus on companies with good long term organic growth, take
shelter in asset buffer. Downgrade FR to HOLD. Top BUYs in the region: BAL,
GENP, SOP. SELL AALI.
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MY: Malaysia Strategy
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Chew Hann Wong
(603) 2297 8686
wchewh@maybank-ib.com
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§ 2Q15
core net profit -9.0% YoY, -9.2% QoQ; 1H15 -3.7%. Looking at slower growth
of +1.9% for 2015, +8.1% for 2016 .
§ Cut
end-2015 KLCI target to 1,610, introduce 1,750 for end-2016; valuations
pegged at below mean, for now.
§ Volatilities to remain
elevated; we continue to advocate a defensive strategy, buy at lower
levels.
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MY: Technicals
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Lee Cheng Hooi
(603) 2297 8694
chenghooi.lee@maybank-ib.com
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§ GDEX - On a very strong downward Wave 3 and 5
move.
§ FBMKLCI – Downward volatility will re-emerge.
§ Supports of 1,503 and 1,600 will be weaker.
§ Resistances of 1,609 and 1,660 will cap
rebounds.
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MY: Other News
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Malaysia
Research Team
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Outside
Malaysia
—
U.S: American factories expand at slowest pace since May 2013
—
E.U: Euro-Area joblessness declines to lowest level since early 2012
—
India: Rajan hails money markets passing on rate cuts as banks go
slow
—
Hong Kong: Buys USD 2b to keep the city’s currency pegged
Malaysia
—
Oil & Gas: Petronas approves plan
for Ophir oil field
—
FGV: May ask for lower price for
Eagle High stake
—
CCM: Shuts down fertilizer plant in Shah Alam, retrenches 230
staff
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