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     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 � 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.