Thursday, May 25, 2017

Results Note � MBSB (HOLD, upgrade)

Results Note CIMB Group (BUY, maintain)

- 1Q17: An interesting start

CIMB kicked off 1Q17 with RM1.18bn in net profit (+45% yoy, +38% qoq), in line with our estimate but outperforming the street
s. Key surprises are mainly the robust topline income growth driven by a 10bps increase in NIM yoy, strong loan growth in Malaysia, sharply higher investment gains and credit cost of 52bps, which came in below managements guidance. Further improvement in asset quality (as NPLs had peaked in 4Q16) and operational synergies from the JV with China Galaxy are possible catalysts for further upside to our 2017-19E forecasts. Maintain BUY, PT raised to RM7.00 from RM6.30.

Other Calls

Results Note MBSB (HOLD, upgrade)

- A reason to upgrade, still in recovery mode

Results Note Hap Seng Plant (HOLD, maintain)

- Results within expectations, no major surprises

Results Note Jaks Resources (HOLD, downgrade)

- Awaiting construction pick-up

Results Note MBM Resources (HOLD, maintain)

- Earnings improvement expected

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

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