Affin Daily Insight (LV) - 2 May 2014 - MPI / BANKING / HARTA / IGBREIT / ECONOMY - MONETARY POLICY

Top Calls

Company Update � MPI (BUY, maintain) - Expecting solid growth in 4QFY14 We recently attended MPI results briefing, where management has guided that 4QFY14 will likely be strong and on track for a low double digit revenue growth. The stronger growth is underpinned by a substantial volume pick up in its Suzhou plant. Management has guided that the key growth driver for 4Q would likely come from the major ramp up in its MLP operation for a US customer. In addition, we also expect positive contribution from its LGA business next quarter as management guided that the commercial production for LGA will take place in 4Q. Production from this segment was delayed in 3QFY14 due to some design related issues from its supplier. With the robust outlook in 4QFY14 and an absent of a drag by Dynacraft, we believe MPI will be on track to achieve a stronger quarter ahead thus meeting our FY14E full year earnings forecast of RM68.1m

Other Calls

Sector Update � Banking (OVERWEIGHT, maintain) - Mar 2014: Loan growth momentum picks up m-o-m

Company Update - Hartalega (ADD, maintain) - 4Q14 preview: Likely to be hit by high start-up cost

Results Note � IGB REIT (BUY, maintain) - Rental income growth remains robust

Economy � Monetary Policy - US Fed tapered another US$10bn despite weaker GDP

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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