Results Note � Bursa Malaysia (HOLD, maintain)

Top Calls

Results Note � Heineken Malaysia (HOLD, maintain) - Decent earnings helped by efficiency Heineken Malaysia (HEIM)�s 1H17 earnings declined by 1% yoy to RM 110.6m as a 12% yoy decline in revenue was somewhat mitigated by improved cost efficiencies. 1H17 earnings account for 40% of our FY17 forecast, in line with our expectation as 2nd half of the year tends to be stronger. Despite limited upside, we like Heneiken�s dominant market position in the domestic malt liquor market and 4.6%-5.0% dividend yield should be supportive of the share price. We maintain HOLD with unchanged DCF-derived TP of RM18.15.

Other Calls

Results Note � Bursa Malaysia (HOLD, maintain) - 2Q17 earnings in-line; special dividend

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