KLCI Index (12-month)
Research Team
 research@affinhwang.com
Chue Kwok Yan
Head of Research | RESEARCH
 +603 2146 7618
kwokyan.chue@affinhwang.com
Alan Tan
Chief Economist | RESEARCH
+603 2146 7540
alan.tan@affinhwang.com
| Top Calls | | Results Note � AMMB Holdings (BUY, upgrade)
- Selldown unjustified; still operationally sound
AMMB�s 1QFY18 net profit of RM328m (+1.6% yoy) was within consensus expectations and our estimates. NIM was up 8bps yoy arising from loan repricing activities and strategies to reduce funding cost. Credit recoveries are normalizing, while management guided on a stable asset quality outlook. Upgrade to BUY based on an unchanged PT of RM5.20. |
Other Calls | | Results Note � Jaya Tiasa (HOLD, downgrade)
- Challenging outlook for timber division | Results Note � AirAsia X (SELL, maintain)
- 2Q17�s results in line with our expectations | Results Note � KPJ Healthcare (BUY, maintain)
- Decent performance in 1H17 | Results Note � Hong Leong Bank (BUY, maintain)
- Taking advantage of ample liquidity | Results Note � Genting Berhad (BUY, maintain)
- Still bullish on the outlook | Results Note � WCT Holdings (BUY, maintain)
- Strong operating performance | Results Note � Oceancash (BUY, maintain)
- 2Q17 results broadly inline | Results Note � QL Resources (BUY, maintain)
- Soft start to FY18 | Results Note � Gabungan AQRS (BUY, maintain)
- Construction rising | Results Note - Perak Transit (BUY, maintain)
- A robust 2Q17 | Results Note � Kossan (HOLD, maintain)
- Clearer skies ahead | Results Note � Aeon Co. (M) (HOLD, maintain)
- Supported by property management service | Results Note � Genting M�sia (HOLD, maintain)
- Higher cost and impairment are a drag to profit | Economic Update � ASEAN Weekly Wrap
- BI unexpectedly cut its policy rate by 25bps to 4.5% | Morning News & Market Summary |
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