WTK�s 1Q17 core net profit of RM0.7m was below expectations. This is mainly attributable to lower-

Top Calls

Results Note � WTK (HOLD, downgrade) - Weak start to the year WTK�s 1Q17 core net profit of RM0.7m was below expectations. This is mainly attributable to lower-than-expected earnings from the timber, plantation and oil & gas divisions. Given the weak results and the recent hike in hill timber premium, we cut our 2017-19E core earnings by 33-41%. As such, our SOTP-derived target price is lowered to RM0.90. We downgrade the stock to HOLD (from BUY).

Other Calls

Results Note � Karex (HOLD, maintain) - Softness in the tender market

Results Note � Supermax (HOLD, maintain) - Start-up losses

Results Note � Amcorp Properties (Termination of Coverage) - Broadly within expectations

Morning News & Market Summary

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