Results Note � Gas Malaysia (HOLD, maintain)

Top Calls

Results Note � Gas Malaysia (HOLD, maintain) - Broadly within expectations Gas Malaysia�s (GMB) 1H16 saw a 15.7% improvement in earnings, partly due to a 3% increase in natural gas sales volume. GMB�s profit margins were however slightly lower on yoy basis, due to flat gas sales unit spread despite an upward tariff revision. We expect earnings to taper lower towards 4Q due to additional billings for gas supplies which are typically charged at year end. Maintain HOLD.

Other Calls

Results Note � Media Prima (SELL, maintain) - Earnings still disappoint due to print

Economy � IPI - IPI growth rose sharply by 5.3% yoy in June

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