maybank :
Sail into this safe harbour
RCE is faring well during this Covid-19 pandemic. Thus, we trim our EPS estimates by only 3-5%. In our view, RCE is one of a handful of companies that has a stable earnings outlook. It stands to benefit even more from rapidly falling interest rates. Ascribing an unchanged 0.93x end-CY20 P/BV, we trim our TP to MYR1.92 from MYR1.94. RCE offers high cash dividend yields of ~6% p.a. on low DPRs (33-34%) which can be raised. To boot, shareholders may be rewarde