Affin Daily Insight (LV) - 15 August 2014 - MPRIMA / MBSB / GENT / MRCB / INARI

Top Calls

Results Note � Media Prima (SELL, maintain) - Dissappointing 1H14 results Media Prima reported a weaker 1H14 core net profit of RM64.6m (-26.6% yoy) on the back of lower revenue of RM742.7m (-10.7% yoy). The 1H14 core net profit accounted for only 28% of our FY14E forecast (29% of street FY14E forecast). This was below expectations primarily attributed to the lower revenue contribution from its TV network, outdoor media and print divisions. We have cut our FY14-16E EPS forecasts by 12-17% to account for the weaker 1H14 results. Going forward, the media industry could remain challenging as adex could again be affected in the quarters ahead because of the recent MH17 incident. We maintain our SELL recommendation on Media Prima and our target price is lowered to RM2.05 (RM2.36 previously) based on an unchanged 11x FY15E EPS.

Other Calls

Results Note � MBSB (ADD, upgrade) - Another robust quarter, beating expectations

Flash Note � Genting (BUY) / Genting S�pore (Not rated) - GENS� stable results despite large bad debt provisions

Flash Note - MRCB (BUY, maintain) - Subscribing for a 70% stake in Project MX-1

Flash Note � Inari Amertron (BUY, maintain) - Land acquisition for future expansion plan

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