RISET FROM CIMB 06 MEI 2013 :
1.Ahead of the Curve | Singapore's results season
Author(s): Jim McCAFFERTY, James BARRETT, CFA
Next week, investors will be focused on 1Q results in South-East Asia, particularly Singapore. We are expecting 91 stocks in our universe to report results, 23 in Singapore and 20 in Thailand. The outcome of Malaysia's general elections on Sunday, 5 May, is also likely to preoccupy investors in the region.
(03 MEI 2013)
2.ASEAN Strategy Weekly Key Calls |Big cuts to the planters
Author(s): Chiou Yi CHANG,
Disappointing 1Q13 results led to broad-based earnings cuts and downgrades for SIMP, LSIP and IFAR. In the lead up to the Malaysian general election, we highlight that YTD underperformance notwithstanding, Malaysia's premium to the MXAPJ has widened since its Jan 13 lows. We maintain Neutral on the market.
ASEAN: 5 key calls
We slashed the FY13-15 EPS for the planters, SIMP, LSIP and IFAR, by up to 43% on rising production costs, sedate CPO outlook and poorer-than- expected 1Q13 earnings. Our ratings for SIMP and IFAR were downgraded to Underperform from Neutral. Telkom Indonesia was upgraded to an Outperform this week, while its target price was lifted to Rp14,500 (from Rp 10,900). Rerating catalysts include its strong growth outlook, benign competition in mobile data, and the possible listing of tower operator Mitratel. We also revised higher CTRA's FY13 earnings and target price to Rp1,850 (from Rp1,350) following its strong 1Q13 results. CTRA remains a top pick in the regional property space; positive drivers include faster presales, new project acquisitions, improvements in its return on capital employed, and its still-attractive valuations.
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