FW: Affin Hwang Capital Daily Insight (LV) - 10 August 2017 - MISC

 

Investment Research                   Affin Hwang Capital Daily Insight | Thursday, 10 August 2017        KLCI Index (12-month)  Research Team     research@affinhwang.com    Chue Kwok Yan  Head of Research | RESEARCH     +603 2146 7618     kwokyan.chue@affinhwang.com    Alan Tan  Chief Economist | RESEARCH     +603 2146 7540     alan.tan@affinhwang.com Top Calls   Results Note � MISC (SELL, maintain) - Lower earnings from petroleum segment MISC reported 2Q17 results with its revenue down 3.8% yoy to RM2.3bn, underpinned by lower revenue from petroleum and heavy engineering segments. 2Q17�s core net profit increased by 28.9% yoy, after excluding losses from impairment and disposal of PPE. 1H17 net profit comprised 63% and 58% of our and consensus 2017 estimates, but we remain cautious on earnings in the coming quarters due to lower charter rates on the back of oversupply of tonnage for the petroleum and LNG segments as well as lower order book for the heavy engineering segment. Maintain SELL call with TP of RM6.50.   Other Calls   Morning News & Market Summary   Asiamoney Broker Poll 2017 are now open for votes. If our research/sales/sales traders have helped you in your work, we hope for your support in the polls. For the full list of our staff and their coverage, please click on this link: Affin Hwang Capital team   For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. Unsubscribe You are currently subscribed to receive this email newsletter daily. If you no longer want to receive our email newsletter - Go here to unsubscribe and we will promptly remove you from our mailing list.   Privacy Affin Hwang Investment Bank Berhad respects your privacy and is committed to protecting the confidentiality and security of personal information provided to us. We will not use your personal information in this email newsletter or sell your email address to a third party. Go here to contact us. We welcome questions about our use of your personal information provided to us, or your comments about information that you would like to see incorporated in this newsletter.   The downloaded documents are in PDF format and are best viewed in Adobe Reader.