Tuesday, August 2, 2016

Results Note � MMHE (BUY, upgrade)

Top Calls

Results Note MMHE (BUY, upgrade)

- Still challenging but valuation attractive

We maintain our forecasts and TP based on 0.7x 2017E BVPS. Operating environment remains challenging while it plies the oil & gas value chain that is among the last to recover even if oil prices rise and business activities recover. However, we upgrade our rating from HOLD to BUY purely for its lackluster share price performance where valuation has become attractive on a P/B basis, noting that 46% of its market cap consists of cash.

Other Calls

Economy Manufacturing PMI

- Malaysias PMI improves to 48.1 in July

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

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