MNRB back to profit where Kawan profit remained consistent 

After a quarter of loss due to claim for Kelantan flood. MNRB back to strong earning with 36 cents registered for the quarter.  This put MNRB back to our strong buy call with target back to RM 8.00.   However, we hope MNRB will learn with a better hedge in case for unforeseen events in the future.  Including Air Disaster, flood & etc as climate changes will lead to more potential disaster.  As long as not involving in any risky loan portfolio, we believe MNRB is a jewel in town for a long term hold.

Whereas Kawan reported a consistent result but not so exciting.  Probably the catalyst event will be its new plant that will contribute significantly in 2016.  We still like its business model and we maintain our target at RM 3.00.

.Our The other 2 top picks due to bad loan reserve.  Their quarterly results are somehow affected but we still like both MBSB And AFFIN.  TWREIT remained our pick in best undervalued REIT as the NTA at RM 1.9 is a big discount compare to current trading price of RM 1.27.

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