Affin Hwang Capital Daily Insight (LV) - 20 November 2014 - AIRASIA / KLK / AMMB / MSM / STAR / AAX / FIXED INCOME RESEARCH

Top Calls

Results Note � Air Asia (BUY, maintain) - Flew through turbulence AirAsia�s 9M14 core earnings of RM429m came in within our expectation. 3Q14 revenue grew by a marginal 2.9% yoy on higher passenger growth and ancillary income. However, core earnings fell on higher cost/ASK (ex-fuel) and higher interest expense and depreciation charges on bigger fleet. No change to forecasts and TP of RM2.80. Maintain BUY as outlook is poised to improve.

Other Calls

Results Note � KL Kepong (ADD, downgrade) - �Resistance for further rise in (CPO) prices�

Results Note � AMMB Holdings (SELL, maintain) - Disposal gains underpin profit

Results Note - MSM (REDUCE, maintain) - 9M14 numbers within expectations

Results Note - Star Publ. (REDUCE, upgrade from SELL) - Print media going through a rough patch

Results Note � Air Asia X (SELL, maintain) - Hard landing

Fixed Income Research - Softer Govvies in line with softer MYR

Morning News & Market Summary

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