Affin Hwang Capital Daily Insight (LV) - 30 May 2016 - MAYBANK / PENB / SUCB / SWB / KAREX / IOIPG / EAST / BHB / AQRS / AMM

Top Calls

Results Note � Maybank (HOLD, maintain) - A weak start in 1Q16, below expectations Maybank�s 1Q16 net profit of RM1.43bn was 16% lower yoy, as total credit cost crept up by 51bps on some new accounts overseas. Loan growth traction has been negative qoq, but we believe that the outlook will improve in 2H16. Maintain HOLD, PT revised lower to RM7.50 (from RM8.00) as we trim 2016-18E earnings by 2.6-4.8%.

Other Calls

Results Note � Petra Energy (BUY, maintain) - Expect profits to pick-up in subsequent quarters

Results Note � Supermax (BUY, maintain) - Quarterly blip

Results Note � Sunway (BUY, maintain) - Unbilled sales remain high at RM1.5bn

Results Note � Karex (HOLD, maintain) - Forex hit

Results Note � IOI Properties (BUY, maintain) - Strong contribution from property development

Results Note � Eastern & Oriental (BUY, maintain) - Disappointing results

Results Note � Benalec Holdings (HOLD, maintain) - Title woes

Results Note � Gabungan AQRS (BUY, maintain) - Weak quarter

Results Note � AMMB Holdings (HOLD, maintain) - 4QFY16 didn�t get better�.

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