STOCK FOCUS OF THE DAY
RHB Bank : Stronger non-interest income ahead BUY
We maintain our BUY call on RHB Bank with an unchanged fair value of RM6.00/share. Our fair value is based on FY18F ROE of 9.1% leading to unchanged P/BV of 1.0x. No change to our earnings forecast.
2QFY17 net profit came in at RM501mil (+0.1%QoQ: 43.1%YoY). On QoQ basis, earnings growth was flat with a higher total income offset by an increase in OPEX as well as an impairment of RM108mil on its bonds related to the oil & gas sector in Singapore.
Others :
AIRASIA : Cruising altitude maintained BUY
Kimlun Corp : 1HFY17 net profit declines 27% YoY BUY
MRCB : Stronger performance expected in 2H17 BUY
Sunway : Positive growth sustained BUY
Telekom Malaysia : Flat revenue trajectory amid higher operating costs BUY
Alliance Fin. Group : Loan growth remained lacklustre HOLD
Lafarge Malaysia : Subdued 1HFY17 performance HOLD
Media Chinese : Lost resiliency HOLD
MSM Malaysia : Still in the red in 2QFY17 HOLD
WCT Hldgs : Bagging LRT3 job, hiving off 80% TRX development HOLD
Oil & Gas : 2Q17 Report Card: Largely in line NEUTRAL
Stocks On Radar
PMB Technology, Yong Tai, Encorp, Malaysia Airports Holdings
NEWS HIGHLIGHTS
UMW Holdings : Strengthens ties with Komatsu
Bursa Malaysia : Adopts green lane policy
Budget 2018 : MoF denies rumours of inheritance tax
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