Affin Hwang Capital Daily Insight (LV) - 25 February 2015 - GLOBE / GENT / NESTLE / PCHEM / FGV / AAX / SWKPLNT

Top Calls

Results Note � Globetronics (BUY, maintain) - Scaling new heights 4Q14 was a slight blip due to timing differences of material purchases rather than ASP erosion, and thus not a valid concern. With strong and consistent earnings delivery and minimal execution risk, we think Globe�s premium valuation multiples are justified. This is coupled with strong growth prospects (3-year-forward CAGR of 19%) and a decent 2015E dividend yield of 5%. Maintain BUY with a higher target price of RM5.31.

Other Calls

Company Update � Genting (HOLD, maintain) - Weak VIP performance remains a drag on GENS

Company Update � Nestle (HOLD, downgrade) - Turning more cautious

Results Note � Petronas Chemical (HOLD, maintain) - No major surprises, maintain HOLD

Results Note � Felda Global Ventures (HOLD, downgrade) - Fair value gain boosted 2014 headline PBT

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

Results Note � Sarawak Plant (BUY, maintain) - Headline net profit boosted by large reversal

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