汇丰银行-马来西亚烟草-bat malaysia：buy：2q preview,expect continued stabilization-20170717-hsbc.pdfVIP

Flashnote 17 July 2017   BAT Malaysia (ROTH MK) EQUITIES TOBACCO Buy: 2Q preview, expect continued stabilization Malaysia  We outline our expectations for the 2Q2017 results MAINTAIN BUY  We highlight some issues to watch TARGET PRICE (MYR) PREVIOUS TARGET (MYR)  Maintain Buy rating and target price of MYR56.50 56.50 - SHARE PRICE (MYR) UPSIDE/DOWNSIDE 2Q2017 earnings preview 42.94 +31.6% We expect BAT Malaysia to register 2% Y-o-Y revenue growth in 1H2017 driven by (as of 14 Jul 2017) volume stabilization. We also expect 6% Y-o-Y 1H2017 EBIT growth and 26% Y-o-Y growth in 1H2017 net income. The results will be released on Thursday, 20 July. MARKET DATA Market cap (MYRm) 12,261 Free float