Results Note � Sime Darby (SELL, downgrade)

Top Calls

Results Note � Sime Darby (SELL, downgrade) - Proposed private placement is a surprise Excluding large disposal gain and other one-off items and in spite of a large special Indonesian tax incentive, 12MFY16 core net profit declined 18.7% yoy but is above our expectations. Challenges remain but management sees some bright spots. We maintain our FY17/18E forecasts and TP. Stock is trading at an expensive level now and rating is downgraded to SELL from HOLD. The surprise announcement of a proposed private placement at a yet to be determined discount will cap share price upside.

Other Calls

Results Note � IOI Corp (HOLD, maintain) - Below expectations, maintain HOLD

Results Note � SP Setia (HOLD, downgrade) - Achieved RM1.1bn property sales in 1H16

Results Note � Carlsberg (HOLD, downgrade) - In line with expectations

Results Note � Kossan (HOLD, maintain) - Priced-in

Results Note � MSM (HOLD, maintain) - Hurt by raw sugar prices

Results Note � WCT Holdings (BUY, maintain) - Construction resurgence

Results Note � AirAsia X (HOLD, downgrade) - Remained in the black

Results Note � MCIL (SELL, maintain) - Disappointing start to the year

Morning News & Market Summary

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