Affin Hwang Capital Daily Insight (LV) - 27 April 2016 - GTRONICS / NESTLE / BAT / IGBREIT / UNISEM / ECONOMY - NTP ANNUAL REPORT 2015

Top Calls

Results Note � Globetronics (HOLD, downgrade) - Washed out Globe�s 1Q16 results were below expectations on weaker production volumes. Going forward new component orders from its Swiss customer has been delayed, raising suspicion that the anticipated major smartphone model launch in 3Q16 will carry minimal upgrades and thus only receive a lukewarm response. We cut our 2016-18E EPS by 22%-53% and downgrade the stock to HOLD.

Other Calls

Results Note � Nestle (HOLD, maintain) - Solid 1Q16 earnings

Results Note � British American Tobacco (SELL, downgrade) - Losing flame

Results Note � IGB Reit (BUY, maintain) - Renewals and festive spending drive 1Q16

Results Note � Unisem (SELL, maintain) - Cost pressure in 1Q16

Economy � NTP Annual Report 2015 - ETP & GTP initiatives continued to perform well in 2015

Morning News & Market Summary

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