Results Note � British American Tobacco (SELL, maintain)

Top Calls

Results Note � British American Tobacco (SELL, maintain) - Still hazy outlook BAT�s 1H16 core earnings decreased by 32.6%yoy to RM309.1m, coming in below our and consensus expectations accounting for 42% and 40% of forecasts. We continue to expect a challenging business environment for cigarette players as legal volumes continue to suffer. Maintain SELL with unchanged TP of RM47.90.

Other Calls

Results Note � Globetronics (HOLD, maintain) - Earnings remain weak

Morning News & Market Summary

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