Banks, builders, gaming stocks upgraded

Nomura Asia-Pacific Research raised its call on Malaysia's banks,
construction and gaming sectors to "bullish," saying political risks
from upcoming elections had been factored in to prices and that
earnings were primed to rebound.

"Our upgrades are premised
on the idea that the earnings of these sectors have bottomed and are
likely to surprise on the upside," Nomura said in a research note on
Wednesday.

Nomura said after a 14-month downward trend,
consensus earnings measured by Institutional Brokers' Estimate System
(IBES) finally turned positive on Malaysia's earnings in February 2012.


The upgrade cycle could continue for at least 12 months,
boosting the country's stock market on an 6-9 month upward trend, it
said.

"After more than six months of discounting, most of the
market risks associated with the 13th General Election should have
dissipated, in our view," said Nomura.

Nomura kept its
bullish rating on the plantation sector despite recent weakness, and
lowered the telecoms sector to neutral. -- Reuters

so banking, gaming and maybe plantation?