There was little surprise in Public Bank�s 1Q17 results as net profit grew at a steady pace of 1.5% yoy and was within our and street�s estimates. PBB continued to maintain a sound asset quality (GIL ratio 0.5%, LLC at 104.0% in 1Q17) while NIM surprised on the upside, rising from 11bps yoy. Maintain BUY, with PT of RM23.25.

Top Calls

Results Note � Public bank (BUY, maintain) - Steady start for the year There was little surprise in Public Bank�s 1Q17 results as net profit grew at a steady pace of 1.5% yoy and was within our and street�s estimates. PBB continued to maintain a sound asset quality (GIL ratio 0.5%, LLC at 104.0% in 1Q17) while NIM surprised on the upside, rising from 11bps yoy. Maintain BUY, with PT of RM23.25.

Other Calls

Company Update � Serba Dinamik (BUY, maintain) - Enhance through partnership

Company Update � MISC (SELL, maintain) - Stormy seas

Company Update � CIMB (BUY, maintain) - CIMB Thai: 2017 a recovery year

Results Note � BAT (HOLD, maintain) - Weak start to the year

Economic Update � ASEAN Weekly Wrap - Bank Indonesia kept its policy rate unchanged in April

Morning News & Market Summary

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