Mixed results annouced mostly flat to lower than expectation

Most results announced are slightly below our expectation. That can be many reasons however as long as revenue remain in growth, we are still holding on it. MNRB and Kawan reported lower to flat profits. Allianze and Whorse registered better results. Some smallcaps start to catch our attention including Hovid, Power Root and London Biscuit. But we will further monitor its performance before we start holding a position. On the other hand, Maybank continue registered healthy growth but mainly contributed by operation from Indonesia. We are not quite optimistic and we believe more bargain will be ahead for us. We will stay invested but buying slow.

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