Results Note � Maybank (HOLD, maintain)

Top Calls

Results Note � Maybank (HOLD, maintain) - Credit cost clouded 1H16 Maybank�s 1H16 net profit of RM2.59bn was 21.3% lower yoy, as increased allowances continue to drag down its strong 10.6% yoy growth in PPOP. The nature of allowance for 2Q16 however is fundamentally different from those of 1Q16 and thus underlying asset quality may not be as bad as suggested by its GIL ratio. Nonetheless, we remain cautious on Maybank�s outlook. Maintain HOLD with PT remained at RM7.50.

Other Calls

Results Note � IHH Healthcare (HOLD, maintain) - 1H16 earnings below expectations

Results Note � Axiata (HOLD, maintain) - Still facing headwinds

Results Note � Genting (HOLD, maintain) - A decent quarter

Results Note � Genting M�sia (BUY, maintain) - UK business sees sustained turnaround

Results Note � YTL Corporation (HOLD, maintain) - A tepid quarter

Results Note � YTL Power International (HOLD, maintain) - Delivers on dividends

Results Note � Genting Plant (SELL, maintain) - Still below expectations, maintain SELL

Results Note - MMC (HOLD, downgrade) - Expecting a better second half

Results Note - AEON Co. (M) (HOLD, maintain) - Earnings hit by higher costs due to new stores

Results Note - MRCB (BUY, maintain) - Asset disposal gains

Results Note - Eastern & Oriental (BUY, maintain) - Core earnings rebounded

Results Note - Sunway Construction (BUY, maintain) - Transition stage

Results Note - Jaya Tiasa (BUY, upgrade) - FY16 results better than expected

Results Note - Tropicana (BUY, maintain) - Achieved property sales of RM502m in 1H16

Economy � ASEAN Outlook � Weekly Wrap - BI likely to cut policy rates further despite recent pause

Morning News & Market Summary

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