Affin Hwang Capital Daily Insight (LV) - 31 May 2016 - MCIL / EVSD / JAK

Top Calls

Results Note � MCIL (SELL, maintain) - Disappointing set of results MCIL�s FY16 core net profit of RM115m was below expectations. In view of the weak results, we cut our FY17-18E EPS by 14-15%, after incorporating lower adex and circulation revenue. We remain cautious on MCIL primarily due to the continual weakness in its main print division coupled with potentially more measured ad spending in Malaysia and HK/China due to the uncertainties in the market and poor consumer sentiment. Maintain our SELL rating on MCIL but TP is increased to RM0.55, based on the latest 8x CY16E EPS.

Other Calls

Results Note � Eversendai (BUY, maintain) - Fair value loss

Results Note � JAKS Resources (BUY, maintain) - Maiden contributions from Vietnam

Morning News & Market Summary

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