MPI

*Malaysian Pacific Industries* (MPI MK, NEUTRAL, TP: MYR13.05)
Disappointing Start To FY18
Results Review
Malaysian Pacific Industries (MPI) reported a disappointing start to FY18, with 1QFY18 core earnings of MYR35.2m falling below expectations, at 18.0% and 17.6% of our and consensus’ full-year estimates respectively. We are cautious about its medium-term earnings momentum as we expect USD/MYR to strengthen to 4.15 by 2H18 (from 4.20). Maintain NEUTRAL with our TP trimmed to MYR13.05 (from MYR14.47, 8% downside), based on an unchanged 2018F P/E of 15x, following our earnings revision.

Stock pick

*Technical Analyzer*
Date/日期 : 6/10/2017

1) *UCHITEC (7100)*
Price/现价           : 2.80
Target price/目标价: 3.00/3.30
Cut loss/止损价    : 2.54
**Syariah
Sector/领域: Industrial

2) *D&O (7204)*
Price/现价           : 0.60
Target price/目标价: 0.67/0.735
Cut loss/止损价   : 0.53
**Syariah
Sector/领域:  Technology

3) *BKOON (7187)*
Price/现价           : 0.535
Target price/目标价: 0.58/0.70
Cut loss/止损价    : 0.485
**Syariah
Sector/领域: Industrial

4) *NYLEX (4944)*
Price/现价           : 1.03
Target price/目标价: 1.13/1.19
Cut loss/止损价   : 0.93
**Syariah
Sector/领域: Industrial

5) *MEXTER (0075)*
Price/现价           : 0.475
Target price/目标价: 0.55 / 0.60
Cut loss/止损价    : 0.39
**Syariah
Sector/领域: Technology

6) *MPI (3867)*
Price/现价           : 14.06
Target price/目标价: 15.00/16.00
Cut loss/止损价   : 12.88
** Syariah
Sector/领域: Technology

Source : RHB RESEARCH INSTITUTE