[Maybank Kim Eng] Today's Research - Malaysia

g Company Research - UEM Sunrise: Expect a stronger 2H | Wei Sum Wong g Sector Research - Malaysia Semiconductor: Selldown overdone? | Ivan Yap g Macro Research - Malaysia: Technicals - No let-up in liquidation activities | Lee Cheng Hooi - Singapore: Singapore NODX, July ‘15 - Struggle to maintain growth | Suhaimi Ilias - Malaysia: Other News - | Malaysia Research Team

MY: UEM Sunrise (UEMS MK) Share Price: MYR0.88 Target Price: MYR0.99 Recommendation: Hold Wei Sum Wong (603) 2297 8679 weisum@maybank-ib.com TP Revision: Expect a stronger 2H FYE Dec (MYR m) FY13A FY14A FY15E FY16E Revenue 2,425.3 2,661.7 2,254.3 2,587.1 EBITDA 594.6 534.3 577.9 634.1 Core net profit 579.1 479.9 399.0 453.6 Core FDEPS (sen) 13.0 10.6 7.9 9.0 Core FDEPS growth(%) 26.0 (18.8) (25.5) 13.7 Net DPS (sen) 4.0 3.0 2.5 2.9 Core FD P/E (x) 6.8 8.3 11.2 9.8 P/BV (x) 0.6 0.6 0.6 0.6 Net dividend yield (%) 4.5 3.4 2.9 3.3 ROAE (%) 10.2 7.8 5.8 6.0 ROAA (%) 6.1 4.6 3.6 3.9 EV/EBITDA (x) 19.0 15.9 10.9 9.9 Net debt/equity (%) 9.6 25.6 21.6 17.7 §  1H15 net profit of MYR137m (+0.7% YoY) was in line. §  Management remains confident of achieving its internal sales target of MYR2b for FY15. §  Maintain earnings forecasts but cut TP to MYR0.99 (from MYR1.27) for the change in land price assumptions. HOLD. MY: Malaysia Semiconductor Recommendation: Overweight Ivan Yap (603) 2297 8612 ivan.yap@maybank-ib.com Adrian Wong (603) 2297 8675 adrian.wkj@maybank-ib.com Sector Note: Selldown overdone? §  Earnings prospects for semiconductor companies within our coverage have improved again on recent weakness in MYR. §  A 1% change in MYR against the USD suggests a 2.5%/2.2%/ 0.5% impact in bottomlines for ViTrox/Inari/Globetronics. §  Maintain OVERWEIGHT on the sector. Top Pick is Inari for its stronger earnings visibility on new orders from Avago and undemanding valuations (11x CY16 PER). MY: Technicals Lee Cheng Hooi (603) 2297 8694 chenghooi.lee@maybank-ib.com Technical Research: No let-up in liquidation activities §  GAMUDA - On a very strong downward Wave 3 and 5 move. §  FBMKLCI – No let-up in the liquidation activities. §  Supports of 1,526 and 1,569 will be weaker. §  Resistances of 1,572 and 1,606 will cap rebounds. SG: Singapore NODX, July ‘15 Suhaimi Ilias (603) 2297 8682 suhaimi_ilias@maybank-ib.com Zamros Dzulkafli (603) 2082 6818 zamros.d@maybank-ib.com Economics Research: Struggle to maintain growth §  NODX contracted -0.8% YoY dragged by non-electronic products, offsetting gains from electronics shipments. §  NORX was better, expanded +5.0% YoY, as both electronics and non-electronics segments registered positive growth. §  Expect NODX to remain sluggish for rest of 2015 with little sign of possible significant improvements in global trade going forward. MY: Other News Malaysia Research Team Economics Research: Outside Malaysia —    U.S: Homebuilders’ confidence climbed in August —    U.S: Japan’s holdings of U.S. Treasuries dipped below USD 1.2t for the first time since 2013 —    Singapore: Home sales rose in July to the highest in two years —    Thailand: Economic growth slowed in the second quarter Other News —    Maybank: Sector growing within expectations —    Parkson Holdings: Proposes MYR109m cash distribution —    Berjaya Sports Toto: Philippine unit gets 3-year contract extension —    Scomi Energy Services: Bags USD28m Myanmar job