Against the backdrop of strong 3Q GDP growth (+6.2%, the fastest pace since2Q14) and firming underlying consumption-supportive macro indicators suchas accelerating real wage growth and falling household debt (refer to “3Q17GDP stats: key read-throughs” report), 3Q corporate reporting for the mainlydomestic demand-oriented market remained stubbornly mixed. The number ofcompanies under coverage beating expectations rose for a second quarter ina row, albeit marginally, to 15 (2Q: 8), with favoured sectors i.e. financials,small-mid construction, transport/logistics and tech/exporters continuing toshow the most convincing earnings delivery. Key earnings, rating adjustmentspost-3Q reporting to flag are i) Gamuda – downgraded to non-consensus UP(from OP); ii) HLBK – forecast, TP lifted; reiterate OP; iii) MAHB – raised toNeutral (from UP); and iv) Petronas Gas – raised to Neutral (from UP).

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