Results Note � AFG (BUY, maintain)

Top Calls

Results Note � AFG (BUY, maintain) - A cautious start to FY17 AFG�s 1QFY17 core net profit grew by 8.6% yoy and was largely in-line with our and consensus expectations. The focus on generating higher risk-adjusted return loans continued to result in improved loan portfolio yield and combined with lower cost of fund resulted in an improved NIM. NIM however could see renewed pressure in 2QFY17 due to the recent OPR cut although impact is likely to be contained. Maintain BUY, PT at RM4.50.

Other Calls

Results Note � Nestle (HOLD, maintain) - Strong set of results

Results Note � AMMB Holdings (HOLD, maintain) - A weak start with room for improvement

Results Note � UMW-OG (SELL, maintain) - Lower loss in 2Q16 but still challenging

Results Note � Star Media (SELL, maintain) - Challenges remains in print

Results Note � JAKS Resources (BUY, maintain) - Contributions from Vietnam gain traction

Results Note � IOI Properties (BUY, maintain) - Higher revenue on all segments

Morning News & Market Summary

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