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Com BUY  Action Closing price on 1 Dec Malaysia’s GGR has been resilient in 2010 despite competition from the two newly opened casinos in Singapore. GENM should comfortably see decent organic growth, with meaningful contributions from the newly acquired UK and US operations seen kicking in from 2H11. Despite its sustainable and growing EBITDA of US$650mn, GENM is at a modest-looking 6x FY11F EV/EBITDA, on our estimates. BUY. 26 No rm. EPS growth (% ) No rm. 6 EV/EBITDA (x) Price/b ook (x) Divide nd yield (%) RO E ( %) Ne t debt/eq uity (% ) Earnings revis ions net cash ne t ca sh net cash net cash Previous n orm.

Com BUY  Action Closing price on 1 Dec For FY11F, we continue to see growth in Axiata’s earnings, led by: 1) solid revenue and earnings growth at XL; 2) potential upside to Celcom’s data growth, as it gets more active with Smartphones and broadband; and 3) possible upside surprise on margins, driven by continued cost saving initiatives. Axiata’s 13% average earnings growth over FY11F-12F will be one of the highest in regional telcos, according to our estimates. We also see upside bias to our 4-5% dividend yield forecast.

This scenario reminds us of the liquidity-led rally of 2007 and the property/stock market boom of the mid-1990s. 5% Nomura vs consensus Anchor themes  Capital markets entering a sweet spot Upside/downside Difference from consensus Source: Nomura Stronger-than-expected capital markets revenue and asset quality should continue to underpin CIMB’s stock performance. 2011 = 2007 + the 90s? 4 Interest income Interest expense Net interest income Net fees and commissions Trading related profits Other operating revenue Non-interest income Operating income Depreciation Amortisation Operating expenses Employee share expense Op.

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