Results Note � MBSB (HOLD, upgrade)

Results Note � CIMB Group (BUY, maintain) - 1Q17: An interesting start CIMB kicked off 1Q17 with RM1.18bn in net profit (+45% yoy, +38% qoq), in line with our estimate but outperforming the street�s. Key surprises are mainly the robust topline income growth driven by a 10bps increase in NIM yoy, strong loan growth in Malaysia, sharply higher investment gains and credit cost of 52bps, which came in below management�s guidance. Further improvement in asset quality (as NPLs had peaked in 4Q16) and operational synergies from the JV with China Galaxy are possible catalysts for further upside to our 2017-19E forecasts. Maintain BUY, PT raised to RM7.00 from RM6.30.

Other Calls

Results Note � MBSB (HOLD, upgrade) - A reason to upgrade, still in recovery mode

Results Note � Hap Seng Plant (HOLD, maintain) - Results within expectations, no major surprises

Results Note � Jaks Resources (HOLD, downgrade) - Awaiting construction pick-up

Results Note � MBM Resources (HOLD, maintain) - Earnings improvement expected

Results Note � Parkson (SELL, maintain) - Still in the red

Morning News & Market Summary

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