Affin Hwang Capital Daily Insight (LV) - 6 February 2015 - PBK / GUINNESS / MMHE / ECONOMY - TRADE / ECONOMY - ASEAN OUTLOOK / FIXED INCOME

Top Calls

Results Note � Public Bank (BUY, maintain) - Another record year in 2014, bucking the trend Public Bank�s 2014 net profit, RM4.5bn (+11% yoy) was in-line with our and street estimates. PBB bucked the moderating industry trends, in terms of loan growth, cost efficiencies, asset quality and ROE. Maintain BUY rating and PT of RM20.00 (based on 2.59x P/BV). Despite a cautious outlook for the sector, PBB�s established franchise will be its key competitive edge vs. peers.

Other Calls

Results Note � Guinness (HOLD, maintain) - A frothier 2QFY15

Results Note � MMHE (SELL, maintain) - Unsurprisingly, a weak set of results

Economy - Trade - December's exports rose 2.7% yoy despite high base

Economy � ASEAN Outlook � Weekly Wrap (30 Jan � 5 Feb 2015) - Indonesia�s GDP growth slowed on lower exports in 2014

Fixed Income Research - Lower yields but marginally slower momentum

Morning News & Market Summary