Tuesday, August 29, 2017

FW: Affin Hwang Capital Daily Insight (LV) - 29 August 2017 - IOI / CIMB / UMW / MMC / IOIPG / TNL




 Investment Research






       Affin Hwang Capital Daily Insight | Tuesday, 29 August 2017






 KLCI Index (12-month)

 Research Team

 Chue Kwok Yan
 Head of Research | RESEARCH
    +603 2146 7618

 Alan Tan
 Chief Economist | RESEARCH
    +603 2146 7540

Top Calls


Results Note IOI Corp (SELL, downgrade)

- Results below expectations

IOI Corp
s FY17 core net profit of RM1.03bn came in below expectations. The variance was due to lower-than-expected contribution from the resource-based manufacturing division. We have cut our FY18-19 EPS forecasts by 10-12% to account for the weak results. As such, our target price on IOI Corp has been lowered to RM4.00. We downgrade the stock to SELL rating given the 11.7% downside potential to our new TP.



Other Calls


Results Note CIMB Group (BUY, maintain)

- Another robust quarter; higher dividend


Results Note UMW Holdings (SELL, maintain)

- 2Q17: Completed demerger exercise


Results Note MMC (HOLD, downgrade)

- Weakness continues into 2Q


Results Note IOI Properties (HOLD, downgrade)

- Exceeded expectations


Results Note Tiong Nam (HOLD, downgrade)

- Lacklustre performance


Morning News & Market Summary


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



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