Friday, August 4, 2017

Economic Update � ASEAN Weekly Wrap

Top Calls

Results Note MMHE (HOLD, downgrade)

Headwinds crimping earnings: downgrading

s 2Q17 losses widened as weaker margins continued to be the main culprit for both the heavy engineering and marine business units (MBU). 6M17 core net losses of RM10m missed our and consensus forecasts. We cut our 2017-19E earnings by 79%/4%/11% as we lower our margin assumption for both business segments. We cut our 12-month TP to RM0.73 (from RM1.12), pegged to our lower valuation of 0.45x 2018E P/BV. Downgrade to HOLD, from BUY.

Other Calls

Economic Update ASEAN Weekly Wrap

ASEAN manufacturing PMI fell below 50 in July 2017

Company Update - CIMB Group (BUY, maintain)

Better earnings outlook in 2H17

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts with Thumbnails