Tuesday, August 1, 2017

Sector Update � Banking (OVERWEIGHT, maintain)

Top Calls

Results Note Malaysia Airports (HOLD, upgrade)

- Commendable performance

MAHB recorded strong earnings for 1H17, underpinned by strong passenger growth outlook and a slight recovery in Turkey. The stronger earnings performance was supported by robust passenger growth in the Malaysian operations, as airports in Malaysia registered a solid 13.9% yoy higher passenger movement during the 2Q17. Turkey operations are also turning around, with passenger movement rising 5.1% yoy to 7.8m passengers in 2Q17. We raise our DCF derived SOTP to RM9.10, after raising our long term growth assumptions. Upgrade to HOLD.

Other Calls

Sector Update Banking (OVERWEIGHT, maintain)

- Stronger loan disbursements in June 2017

Company Update CIMB Group (BUY, maintain)

- 2Q17 results: Significant improvement yoy

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