Affin Hwang Capital Daily Insight (LV) - 18 May 2016 - CARLSBG / APM / UCHI

Top Calls

Results Note � Carlsberg (BUY, maintain) - A stellar start Carlsberg (CAB)�s 1Q16 core earnings of RM64.8m (+39.3% yoy) came above our and street�s expectations. This was mainly driven by improved contribution from both the Singapore and Malaysian operations. In particular, Singapore�s operating profit improved by 100%yoy due to higher revenue, better cost controls and the stronger SGD. The stock�s dividend yields of ~6% on our estimates also look attractive. Maintain BUY with higher TP of RM 14.40.

Other Calls

Results Note � APM (SELL, downgrade) - Impacted by lower sales and high costs

Results Note � Uchi Tech (BUY, maintain) - 1Q16 earnings jump 19% yoy

Morning News & Market Summary

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