Gamuda; Buy
Price Target: RM5.40 (prev RM4.75); GAM MK
More upside, special dividends
Orderbook to triple within 18-months. Raised earnings after imputing higher tunneling margins. May pay special dividends if it sells toll roads. Maintain BUY, raised TP of RM5.40.

Maybank; Buy
Price Target: RM11.80 (prev RM10.60); MAY MK
Dividend and regional boost
Capital market pipeline to improve; raised FY13-14 net profit by 1-3% on stronger IB fee income. Regional contribution should accelerate; underappreciated by market. Highest dividend yield (5-6%) in the sector. Maintain BUY; TP raised to RM11.80.

CIMB Group Holdings; Hold
Price Target: RM8.70 (prev RM7.80); CIMB MK
Potential capital market upside
Potential pick up in capital market activities with election overhang removed. Earnings upside capped as credit costs normalise and overheads will remain high. Raised FY13-14F net profit by 2-4% to reflect stronger fee income from capital markets. Maintain HOLD; TP raised to RM8.70.

Matrix Concepts Holdings
Retail Price: RM2.20; MCH MK
Initial Public Offering – Main Market
Property developer based in Seremban and Kluang. Has RM440m unbilled sales to drive near-term earnings; future launches with GDV of RM3.9bn can generate revenues until 2018/2019. RNAV-derived fair value of RM2.85 implies 5.6x FY14 P/E; subscribe for 36% total potential return (including 6% FY13 dividend yield).

MSM Malaysia Holdings; Fully Valued
Price Target: RM3.40; MSM MK
Domestic sales remain weak
1Q13 net profit was weaker y-o-y at RM62m, within expectations. Revenue fell y-o-y due to weaker domestic sales, while q-o-q growth was driven by lower raw sugar costs. Maintain FULLY VALUED and RM3.40 TP pegged to 11x FY13F EPS.

Source: HwangDBS Research - 14 May 2013