Daybreak July 30, 2012

KLCI 1,624.94 Gainers/Losers… Turnover Regional Indices (+1.03pts /+0.06% ) Gainers 396 1,381m units / RM4,103m KLCI 1,625 Losers 365 3m avg. - RM1,536 FSSTI 2,998 - July futures 1623.5 (+0.09% ) Unchanged 337 JCI 4,084 - Aug futures 1624.5 (+0.09% ) SET 1,178 HSI 19,275

What’s on the Table… Charts & Statistics Banks - Cheaper cars may come fitted with collateral damage Index Chart Opposition alliance has vowed to lower car duties if it wins the FBMKLCI Index 1700 next election. A consequential drop in car prices will be negative for banks due 1650 to (1) slower growth in auto loans, and (2) higher credit costs resulting from the 1600 lower resale value for cars. Even without the lowering of car duties, we are 1550 1500 concerned about weaker loan growth and margin squeeze affecting Malaysian 1450 banks. As such, the sector remains a Neutral despite undemanding CY13 P/E of 1400 10.8x valuation and attractive yield. Maybank is still our top pick. 1350 1300 Malaysian Resources Corp - M&A angle back in play Aug-11 Nov-11 Feb-12 May-12 Aug-12 Source: Bloomberg MRCB is reportedly looking to acquire property developer Nusa Gapurna.

Terence Wong CFA While talks are still preliminary, this is a positive surprise and will renew T (60) 3 20849689 sentiment on the stock. The injection of the 60-acre land bank locks-in a new E [email protected] earnings stream after KL Sentral. Our target price is still pegged to a 30%

discount to RNAV. While the deal, if partially funded by new MRCB shares,

Market Indices… may only result in a modest 3% RNAV accretion, we believe there are long-term Close Closing 08.30% change WIB 14.00YTD WIB (% chg) FBMKLCI 1,625 0.1 6.2 positives. We expect newsflow on the progress in 2H12. Maintain Trading Buy FBM100 10,938 0.1 6.1 FBMSC 12,247 0.3 4.9 and not Outperform due to election overhang. M&A news and job wins are FBMMES 4,346 0.6 6.8 catalysts. Dow Jones 13,076 1.5 7.0 NASDAQ 2,958 2.2 13.5 FSSTI 2,998 (0.2) 13.3 Malaysia Airports Holdings - The brakes are on growth FTSE-100 5,627 1.0 1.0 Hang Seng 19,275 2.0 4.6 MAHB’s slightly disappointing interims, at 44% of our full-year estimates show JCI 4,084 2.0 6.9 KOSPI 1,829 2.6 0.2 that route cuts by local carriers early in the year are starting to bite, leading to a Nikkei 225 8,567 1.5 1.3 slowdown in passenger traffic. We are cutting our passenger growth forecast PCOMP 5,220 1.3 19.4 SET 1,178 0.4 14.9 from 6.9% to 5.4% for 2012. This reduces our DCF-derived target price. We Shanghai 2,129 0.1 (3.2) Taiwan 7,124 2.2 0.7 remain Neutral as the stock lacks immediate catalysts and concerns over the delays and costs of KLIA2 will cap share price upside. But our earnings Top Actives… forecasts are upgraded 2-7% as it will no longer equity-account losses from its RM % change Turnover (m) associate Sabiha. We prefer AirAsia for exposure to the sector. IHH 3.150 0.0 39.108 INGENS 0.120 4.4 29.413 MAXIS 6.400 (2.1) 25.035 Alpha Edge - US still in rebound mode? INGENS-WA 0.055 0.0 22.404 DAYA 0.205 5.1 18.151 UOADEV-CB 0.130 30.0 16.816 News of the Day… HARVEST 0.520 (6.3) 16.691 BIOSIS-WA 0.155 (6.1) 16.391 • MRCB expected to win RM1bn job for the Sungai Buloh-Kajang (SBK) MRT line? • MPHB expects gaming growth to come from migration of illegal to legal games Economic Statistics… • 80,000ha in Sarawak's Baram/Belaga districts developed into oil palm land Close % change • M&A among Malaysian steel players encouraged to ensure the survival? US$/Euro 1.2322 0.32 RM/US$ (Spot) 3.170 0.00 • Greece agree on most of the austerity measures worth €11.5bn for 2013 and 2014 RM/US$ (12-mth NDF) 3.1949 (0.23) • US GDP grew at a 1.5% annual rate in 2Q12 OPR (% ) 3.00 0.00 BLR (% , CIMB Bank) 6.60 0.00 GOLD ( US$/oz) 1622.9 0.44 WTI crude oil US spot (US$/barrel) 90.13 0.83 CPO spot price (RM/tonne) 2,915 0.93

IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Sources: CIMB. COMPANY REPORTS Designed by Eight, Powered by EFA

July 30, 2012

Global Economic News… Taiwan and China are expected to forge a much-anticipated investment protection agreement in the next round of high-level talks in August. An agreement on investment protection has been high on the bilateral agenda of China and Taiwan since the two former rivals signed a sweeping trade pact in the middle of 2010. (CNA)

Thailand’s industrial output contracted 9.6% yoy in June (+6% in May), more than the -0.8% expected by the market. “The manufacturing sector may slow in July because of high risks from the global economic slowdown,” Sophon Pholprasit, the office’s director general. (Bloomberg)

The Bank of Thailand expects deterioration in Europe's sovereign debt crisis and economic policy changes in the United States to be key factors that could swing the baht over the next several months. Dr Prasarn said the Bank of Thailand could deal with a surge of capital inflows through the mechanism of foreign exchange, rebalancing with outflows, market intervention and capital controls. "We have found that the economy has almost reached its potential," said Dr Prasarn. "The output gap is closing. Inflation is subdued and tilted toward the middle of our target range." (Bangkok Post)

Indonesia projects investment in the third quarter of 2012 to reach Rp81.75tr (US$8.66bn), up 25% yoy. (IFT)

China enacted new rules for foreign investors, in a much-anticipated move to ease restrictions and grant them broader market access. Under the new rules, the China Securities Regulatory Commission said it had lowered minimum qualification requirement and simplified the approval process for applicants under the Qualified Foreign Institutional Investors program, the primary program for foreign investors to enter China's capital markets. (AWSJ)

China's industrial profits fell 1.7% yoy in June, easing from May's 5.3% decline and raising hopes that the world's second-largest economy may be stabilizing as policy stimulus gains traction. (Reuters)

US consumer confidence dropped in July to the lowest level this year. The Thomson Reuters/University of Michigan final index of sentiment declined to 72.3 this month from 73.2 in June. The gauge was projected to hold at the preliminary reading of 72, according to median estimates. (Bloomberg)

US GDP grew at a 1.5% annual rate in 2Q12 after rising at a 2% pace in the first three months of the year. (Bloomberg)

Japan’s National CPI was down 0.2% yoy in Jun (+0.2% in May), lower than expectations of 0%. Tokyo’s CPI for Jul declined 0.8% yoy (-0.6% in Jun) (Bloomberg)

Japan’s retail trade rose 0.2% yoy in Jun (3.6% in May), weaker than economists’ expectations of a 1.1% increase. (Bloomberg)

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July 30, 2012

Eurogroup chief Jean-Claude Juncker said the currency zone was ready to act with the European Central Bank and activate the bailout fund. "We have come to a crucial point. But we have to outline the pace and scope. We will act together with the ECB..." he said, speaking of the European Financial Stability Facility (EFSF) bailout fund. (AFP)

German Chancellor Angela Merkel and Italian Prime Minister Mario Monti agreed that the European Union’s summit conclusions last month must be implemented “as quickly as possible”. Merkel and Monti “agreed that Germany and Italy will do everything to protect the euro area,” German government spokesman said. (Bloomberg)

Political leaders in Greece have agreed on most of the austerity measures worth €11.5bn for 2013 and 2014 demanded by its creditors and are now eyeing pension and wage cuts to find the final €1.5bn of savings still needed. (Reuters)

Malaysian Economic News… PM Datuk Seri Najib Tun Razak Sunday announced "Duit Raya" (Hari Raya money) totalling RM43.2m for all Felda settlers (vs. RM42.6m last year). The awarding of the "Duit Raya" was divided into two categories, namely settlers with Felda and settlers who were not with Felda. A total 103,597 settlers or 91.9% who are with Felda will receive RM400 each and this involves an allocation of RM41.4m. A total 9,038 settlers or 8.02% who are not with Felda will receive RM200 each involving RM1.8m. Najib also announced grants for mosque committees in Felda settlements totalling RM792,500, RM951,000 for the Ihya Ramadan programme and RM540,000 for the same programme in Felda parliamentary constituencies. ()

Standard and Poor’s (S&P) Ratings Services on 27 July affirmed its A-/A-2 foreign currency and A/A-1 local currency sovereign credit ratings on Malaysia, with a stable outlook. In a statement, it also affirmed its Asean scale rating on Malaysia at axAAA/axA-1+. The sovereign credit rating on Malaysia reflects the country’s strong external liquidity position, its competitive middle-income economy and high savings rate, S&P said. (BT)

There is sufficient supply of meat, chicken and eggs to meet demand for the Aidilfitri celebration, Deputy Agriculture and Agrobased Industry Minister Datuk Wira Mohd Johari Baharom said on 29 July. The Veterinary Department and the Ministry of Domestic Trade, Cooperatives and Consumerism Ministry were currently monitoring the supply of meat, chicken and egg, as well as other daily essentials, and also to ensure they were sold at reasonable prices, he said. Fish at pasar tani under the Federal Agriculture Marketing Authority (Fama) will be up to 30% cheaper than that sold in the market despite the shortage that has driven up prices nationwide. The supply shortage of fish was because of the weather, but the situation was under control. “However, if the shortage worsens, we may consider reducing or restricting fish exports to increase local supply,” he added. Apart from fish, other food items including meat, chicken and selected vegetables will also be sold between 5% and 30% cheaper in farmers’ markets, he said. (Bernama, NST)

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July 30, 2012

The stock of cooking oil is sufficient to meet demand during Ramadan as the government has increased supply by 10%. Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said 77,000 metric tonnes would be available during the fasting month. ()

Rubber Industry Smallholders Development Authority (RISDA) Saturday declared a RM314.6m dividend to 39,306 participants of its new cluster crops and commercial replanting schemes (RTBB and TSK), for the year 2011. PM Najib Tun Razak also announced that the allowance for 513 Risda smallholders would be increased from RM300 to RM500 per month, effective 1 Jan 2012. (Bernama)

The nation will experience economic instability and many will go bankrupt if the price and excise duty of vehicles are reduced. Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said, getting rid of taxes for cars would reduce national revenue by RM7bn which could affect infrastructural development, especially in and Sarawak, and in the interior of the peninsula. (Bernama)

Malaysia-China trade for Jan-May this year rose by 12.6% yoy to US$23.6bn. The Ministry of International Trade and Industry said indications showed that bilateral trade this year could exceed last year's US$54.5bn. (Bernama)

The on-going financial crisis in Europe has not deterred Malaysian graduates from pursuing a career in the local banking and finance industry, said Talent Corporation Malaysia Bhd's CEO, Johan Mahmood Merican. The industry is getting much more attractive, with Malaysia leading the global Islamic finance market, while placing a strong foothold in the regional banking industry through aggressive expansion exercise, he added. (Bernama)

Rukun Tetangga patrol members will receive insurance protection of RM40,000 starting next year, said Minister in the Prime Minister's Department Tan Sri Dr Koh Tsu Koon. He said patrol members were currently covered by insurance worth RM20,000. “The new scheme will be bought for them starting Dec," he said. (Bernama)

A total of 1,500 have responded to PM Datuk Seri Najib Tun Razak’s call for their view and suggestions for 2013 Budget. The people flooded Najib’s 1Malaysia blog asking for government help for issues like rising house prices, high cost of living, employment, healthcare and education. On property price issues, they requested a special rebate to the average and lower income group while wealthy home buyers are limited to a maximum of two houses each. Other requests including more tax relief, increased subsidy for RON95 petrol, RM500 1Malaysia People’s Aid (BR1M), RM100 cash aid for primary and secondary students, student book vouchers, allocate RM300m to Tekun fund to help Indian businesses and introduce 10% quota for Indian businesses to buy property in new developments. (NST)

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July 30, 2012

Political News… Beaufort MP Datuk Lajim Ukin announced his resignation as Umno supreme council member and as Beaufort division chief but stopped short of leaving the party or stepping down as Deputy Housing and Local Government Minister. Lajim spoke against Umno and about working with Pakatan Rakyat in the elections to bring change to Sabah. He left it to the Umno supreme council to decide on his party membership and to PM Datuk Seri Najib Tun Razak to decide on his deputy minister's post. Lajim, who has been hinting about leaving Barisan for the past seven months, said he quit the positions because the supreme council failed to act on a report over the need for change in the party's state leadership. (Star)

Sabah Umno will leave it to the party and (BN) leadeship to decide Datuk Seri Lajim Ukin’s position as an Umno member after he announced his resignation from all posts in the party here, yesterday. Sabah Chief Minister Datuk Seri , who is also state Umno chief and BN chairman, said the party was aware that Lajim was no longer part of Umno and BN’s struggle. When asked about the decision of United Pasok Momogun Kadazan Dusun Organisation (Upko) deputy president Datuk Wilfred Bumburing to leave BN, Musa said: “This is not new. We have long known about the matter but he only made the decision today…it is up to his party.” Musa said the support of the people towards BN was not affected by the actions of Lajim and Bumburing and stressed that there was no crisis in Sabah BN. (Bernama, Malaysian Insider)

The list of MCA candidates for the coming general election has yet to be finalised and there should not be any speculation on the matter, MCA president Datuk Seri Dr Chua Soi Lek said. He also ticked off those who claimed to have the "blessings from the top" to contest. There were 130 seats in total, he said, adding that the candidates would be vetted and he expected to hold a few more meetings with Najib before the list could be finalised. The party had contested 130 seats in the last round. (Star)

Tuaran MP Datuk Seri Wilfred Bumburing, deputy president of the BN component party, United Pasokmomogun Kadazandusun Murut Organisation’s (UPKO), announced yesterday he is quitting the ruling Barisan Nasional (BN) and pledged to aid the rival Pakatan Rakyat (PR) pact in the run-up to key national poll due soon. The former Sabah chief minister said he would kick off a state-wide tour in support of the federal opposition ahead of the 13th general elections, speculated will be called this year. He cited the widespread influx of illegal immigrants into the eastern state and Putrajaya’s oversight on this issue as among the chief reasons prompting his exit. “This is the mother of all problems in Sabah,” Bumburing said in a delayed video broadcast on the UStream TV Merdeka Rakyat website. (The Malaysian Insider)

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July 30, 2012

Corporate News… MRCB is in negotiations to acquire private property developer Nusa Gapurna Development Sdn Bhd. Gapurna is owned by businessman Datuk Mohd Salim Fateh Din. The deal is to be financed via an exchange of shares and will give Datuk Salim a direct stake in MRCB and a lead management role in the merged entity. Sources in Gapurna indicate that the company is in the midst of preparing a proposal for consideration of MRCB’s board. However, the deal is still at the preliminary stage. The proposed takeover plan involves MRCB acquiring Nusa Gapurna’a development projects in the Klang Valley. (Edge Weekly) Please refer to our note for details and comments.

MRCB is expected to win a contract worth about RM1bn this week for the Sungai Buloh-Kajang (SBK) MRT line. If awarded, this will be the first railway-related job for MRCB this year. Sources say that the contract is to build viaduct guideways and other associated works between the Taman Mesra and Kajang stations. (BT) If true, this is a positive surprise as management had downplayed its prospects of winning an MRT package, citing stiff competition. Potentially winning this job lifts MRCB's profile to join the ranks of other seven contractors who had won the earlier viaduct packages. This would be the last viaduct package for MRT SBK line. It would bump up order book to RM3.5bn and raise FY13-14 EPS and RNAV/target price by less than 5%, based on a 5-year work schedule and 5% pretax margins.

Malaysia Airports (MAHB) has given an assurance to all potential users of the new low-cost carrier terminal, KLIA2, that aeronautical charges won’t be raise when they move to the new terminal, but will not commit this to writing, saying any revision in the charges is determined by the government. The next review is scheduled for 2014. CFO Faizal Mansor also said KLIA2 will be completed within the budget of not more than RM3.9bn. in 2Q, MAHB’s net profit grew 10.7% to RM100.7m. (Sunbiz) Please refer to our note for further comments.

Local plantation players say crude palm oil (CPO) is still fundamentally strong with the average price this year expected in the range of RM2,800 to RM3,000 per tonne. Many disagree with international palm oil expert Dorab Mistry, who recently forecast that CPO might decline to RM2,700 per tonne by year-end due to poor offtakes, and even slump to RM2,200 per tonne if there was a repeat of the 2008 financial crisis. The average MPOB price for the six months of this year was already at RM3,207 per tonne. "Assuming for the next six months, the average is RM2,800 per tonne, the the average this year will be about RM3,004 per tonne," said United Bhd chief executive officer Dr Leong Tat Thim. Malaysian Estate Owner Association president Boon Weng Siew said Mistry was being pessimistic by just looking on the demand side. "The CPO export figure now may be a bit down because China and India have already been stocking up CPO in the past months. I believe these major buyers will return in September to do stockpiling again for the upcoming festivals like Deepavali, Christmas and New Year," he added. (StarBiz)

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July 30, 2012

Multi-Purpose Holdings Bhd (MPHB) expects growth for its wholly-owned gaming arm, Magnum Corp Sdn Bhd, to come mainly from migration of gamers from one end of the spectrum - the illegal games - to the legal ones in view of potential liberalisation by the government. MPHB managing director Tan Sri Lau Kim Khoon @ Surin Upatkoon believes the games that Magnum creates, such as the 4D Jackpot, cannot be duplicated by illegal gaming syndicates due to their sheer size, and this advantage is crucial in pulling games away from illegal games. (Malaysian Reserve)

Integrax Bhd’s subsidiary Lekir Bulk Terminal Sdn Bhd has entered into a jetty terminal usage agreement with Tenaga Nasional Bhd’s wholly owned subsidiary TNB Janamanjung Sdn Bhd for the provision of handling services to import coal for the new 1,010MW coal fired power plant in Perak. The contract ends Mar-2040. (BMSB, Bernama)

Vale Malaysia Minerals is open to discussions with Integrax and other parties on collaboration for its iron ore distribution centre and port in Lumut, Perak, said director Marcelo Figueiredo. “Integrax has approached us and we are open. We have received some approaches and opportunities and we are studying everything in an open way. ” For the first phase of its investment, Vale is spending US$1.4bn and slated for completion in 2014 and will be able to handle 30m tonnes of iron ore annually. (Financial Daily)

Mergers and acquisitions among Malaysian steel players is to be encouraged to ensure the survival and long term sustainability of supply according to the Malaysian Iron and Steel Industry Federation (MISIF). Having a few big players as opposed to fragmented smaller ones will boost production capacity through cost effectiveness which will then be able to tap into Asean demand for steel MISIF said. (Malaysian Reserve)

UOA Development has made it to the Forbes Asia's 200 Best Under A Billion list, which is made up of small and medium enterprises in the Asia-Pacific region. The property developer was one among 200 companies from 15 countries that made it to the list. Other Malaysian companies on the list include Banalec Holdings, Boilermech Holdings, CBSA, Digistar Corp, EA Holdings, Hartalega Holdings, M-Mode, MSM Malaysia Holdings, Mudajaya Group, SKP Resources, Tecnic Group and UEM Land Holdings. (Starbiz)

Some 80,000ha of land in Sarawak's Baram and Belaga districts will be developed into oil palm plantations following a joint-venture agreement signed between the state Land Consolidation and Development Authority (LCDA) and private developer Samling Oil Palm Sdn Bhd and Samling Properties Sdn Bhd. The plantation venture is part of the state's NCR land development programme in which land owners hold 30% equity of the joint venture company with the private entity taking 60% and LCDA 10%. (Bernama)

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July 30, 2012

KEN Holdings Bhd is poised to embark on a huge development project in Johor Baru. The proposed mixed development, with an estimated gross development value of RM1.22bn over six to seven years, is expected to deliver gross profit of RM301m, about 3x its current market capitalisation of RM114.1m. For the project, KEN acquired four parcels of land, collectively measuring about 9.28ha, "The land is strategically located in Johor Baru which has good potential," said KEN management executive, who added that the company will source for internal and external funding to develop the project without having to look for a joint venture partner. (Financial Daily)

Plantation group Kim Loong Resources Bhd expects to launch its tocotrienol health supplement brand called E-life Gold by year-end. After almost eight years of research and development, unit Palm Nutraceuticals Sdn Bhd ED Dr Gee Ping Tou said it was now awaiting the relevant approvals from the Health Ministry before selling the products to the public. Tocotrienol, a member of the vitamin E family, is extracted from palm oil. It is a better health supplement compared with fish oil and primrose supplements that are fortified only with tocopherols extracted from softoils like soya, canola and sunflower. Currently, there are only two palm oil vitamin E health supplements available at local pharmacies. The more popular Tocovid is made by Hovid Bhd while Sime Darby Bhd retails its product under the brand Tri-e. (Starbiz)

CMS Cement Sdn Bhd will not raise the price of cement despite recent reports of a nationwide cement price hike. The company said CMS had already remained committed to Sarawak’s socio-economic growth and would not increase its prices although cement production in Sarawak posed a logistical challenge due to terrain, raw materials and geographic population spread. The company also said that it respected the Malaysian Competition Act and did not engage in price discussions with any Malaysian cement producers. (Bernama)

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BMSB: Changes in shareholdings Type of No of Ave Price 27-Jul-12 Date transaction securities Company (RM) EPF 19/07-20/07 Disposed 1,762,800 DRB-HICOM EPF 23/07-24/07 Disposed 1,152,400 DRB-HICOM EPF 24/07 Disposed 829,300 IJM CORPORATION EPF 24/07 Disposed 387,300 IJM LAND EPF 24/07 Disposed 100,000 IOI CORPORATION EPF 24/07 Disposed 746,900 PETRONAS CHEMICALS EPF 24/07 Disposed 802,500 MAXIS BERHAD EPF 23/07-24/07 Disposed 501,600 TNB EPF 24/07 Disposed 536,000 GLOBETRONICS EPF 24/07 Disposed 973,400 SAPURAKENCANA EPF 24/07 Disposed 196,500 ORIENTAL HOLDINGS EPF 24/07 Disposed 97,100 GAMUDA BERHAD Kumpulan Wang Persaraan 23/07 Disposed 125,600 PETRONAS GAS Kumpulan Wang Persaraan 23/07 Disposed 137,900 MEDIA PRIMA Permodalan Nasional Berhad 23/07 Disposed 2,000,000 GOLDIS BERHAD Permodalan Nasional Berhad 23/07 Disposed 380,900 PNE PCB Permodalan Nasional Berhad 24/07 Disposed 1,000,000 MBSB Skim Amanah Saham Bumiputera 24/07 Disposed 800,000 BIMB HOLDINGS Skim Amanah Saham Bumiputera 23/07-24/07 Disposed 4,094,800 TELEKOM MALAYSIA Skim Amanah Saham Bumiputera 23/07-24/07 Disposed 3,500,000 MALAYAN BANKING Skim Amanah Saham Bumiputera 24/07 Disposed 1,042,700 MNRB HOLDINGS Skim Amanah Saham Bumiputera 23/07-24/07 Disposed 5,819,000 SIME DARBY Skim Amanah Saham Bumiputera 23/07-24/07 Disposed 993,800 CAPITAMALLS Lembaga Tabung Haji 23/07-26/07 Disposed 579,000 NTPM HOLDINGS Kumpulan Perangsang Selangor Berhad 26/07 Disposed 1,782,800 JAKS RESOURCES Kumpulan Perangsang Selangor Berhad 20/07 Disposed 1,500,000 JAKS RESOURCES Chunglu Sdn. Bhd. 23/07-24/07 Disposed 120,000 GUH HOLDINGS 1.30 YP Plantation Holdings Sdn. Bhd.*** 27/06-10/07 Disposed 1,880,000 TAFI INDUSTRIES Dato' Chua Tiong Moon 26/07 Disposed 607,100 PERMAJU INDUSTRIES 0.51 Dato’ Theng Book 26/07 Disposed 6,000,000 MANAGEPAY Maxis Communications Berhad 27/07 Off Market 375,000,000 MAXIS BERHAD EPF 23/07 Acquired 9,498,900 AXIATA GROUP EPF 24/07 Acquired 1,289,800 KPJ HEALTHCARE EPF 24/07 Acquired 7,769,400 TELEKOM MALAYSIA EPF 23/07-24/07 Acquired 1,772,300 UMW HOLDINGS EPF 24/07 Acquired 1,542,200 MALAYAN BANKING EPF 23/07-24/07 Acquired 1,990,100 ALLIANCE FINANCIAL EPF 24/07 Acquired 2,892,100 FELDA GLOBAL EPF 24/07 Acquired 3,507,300 PUBLIC BANK EPF 24/07 Acquired 2,981,800 SIME DARBY EPF 24/07 Acquired 1,518,500 DIALOG GROUP EPF 24/07 Acquired 7,008,600 AXIATA GROUP EPF 24/07 Acquired 2,948,200 AMMB HOLDINGS EPF 24/07 Acquired 744,900 DIGI.COM EPF 24/07 Acquired 233,000 KLK BHD EPF 24/07 Acquired 150,000 WCT BERHAD EPF 23/07-24/07 Acquired 562,500 BIMB HOLDINGS EPF 24/07 Acquired 240,000 UEM LAND EPF 24/07 Acquired 149,000 PETRONAS GAS EPF 24/07 Acquired 227,900 GENTING PLANTATIONS EPF 24/07 Acquired 630,630 MBM RESOURCES EPF 24/07 Acquired 500,000 TAN CHONG EPF 24/07 Acquired 300,000 KIAN JOO EPF 24/07 Acquired 300,000 MISC BERHAD EPF 23/07-24/07 Acquired 319,500 KLCC PROPERTY EPF 23/07-24/07 Acquired 317,700 HONG LEONG BANK EPF 24/07 Acquired 48,000 KULIM EPF 24/07 Acquired 78,200 AIRASIA BERHAD EPF 24/07 Acquired 69,700 SYARIKAT TAKAFUL SOURCES: BMSB

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July 30, 2012

BMSB: Changes in shareholdings BMSB: Share buyback Type of No. of Ave Price 27-Jul-12 Date transaction securities Company (RM) EPF 24/07 Acquired 13,000 AMWAY EPF 24/07 Acquired 3,900 IJM PLANTATIONS Kumpulan Wang Persaraan 24/07 Acquired 2,000,000 FELDA GLOBAL Kumpulan Wang Persaraan 24/07 Acquired 1,000,000 NCB HOLDINGS Kumpulan Wang Persaraan 24/07 Acquired 8,000 AMWAY Skim Amanah Saham Bumiputera 24/07 Acquired 500,000 LITRAK Yeoman Capital Management Pte Ltd 23/07 Acquired 144,000 PELANGI PUBLISHING 0.41 G.K. Goh Strategic Holdings Pte Ltd 24/07-26/07 Acquired 686,900 E&O BHD WTK Realty Sdn. Bhd. 24/07-26/07 Acquired 420,000 WTK HOLDINGS

***Notice of Person Ceasing to be a Substantial Shareholder SOURCES: BMSB

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July 30, 2012

BMSB: ESOS & others 30-Jul-12 No Of New Shares Date of Listing Nature of transaction TNB 10,464,257 30-Jul-12 Exercise of ESOS IJMLAND 584,800 30-Jul-12 Exercise of Warrants-13 KULIM 245,780 30-Jul-12 Exercise of Warrants-16 YNHPROP 302,000 30-Jul-12 Exercise of ESOS YTLPOWR 1,159,200 31-Jul-12 Exercise of Warrants-18 GLOMAC 251,200 31-Jul-12 Exercise of Warrants-12 GENTING MALAYSIA 235,000 31-Jul-12 Exercise of ESOS GLOBETRONICS 182,200 31-Jul-12 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions 27-Jul-12 Vol ARMADA 390,000 CWORKS 3,200,000 FARLIM 1,500,000 FFHB 4,316,407 IVORY-WA 1,000,000 MAXIS 375,000,000 MEDAINC 1,300,000 PELIKAN 2,870,000 SUNWAY 10,000,000 TMS 1,300,000 TM 988,000 TNB 400,000 Notes:CN-Crossing deal on board lots MN-Married deal on board lots MO-Married deal on odd lots SOURCES: BMSB

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BMSB: Dividends Company Particulars Gross DPS (RM Sen) Ann Date Ex-Date Lodgement Payment BURSA MALAYSIA Interim - single-tier 13.50 18-Jul-12 31-Jul-12 2-Aug-12 15-Aug-12 PUBLIC BANK 1st Interim - single-tier 20.00 23-Jul-12 3-Aug-12 7-Aug-12 15-Aug-12 BAT BHD 2nd Interim - single-tier 65.00 19-Jul-12 7-Aug-12 9-Aug-12 24-Aug-12 ALLIANCE FINANCIAL 1st Interim - single-tier 6.60 20-Jul-12 7-Aug-12 9-Aug-12 28-Aug-12 TASEK CORPORATION Interim - ( 30 Sen single-tier ) 60.00 27-Jul-12 7-Aug-12 9-Aug-12 6-Sep-12 DAIBOCHI Interim - TE 6.00 26-Jul-12 13-Aug-12 15-Aug-12 7-Sep-12 DIGI.COM 2nd Interim - single-tier 5.90 23-Jul-12 22-Aug-12 24-Aug-12 7-Sep-12 AMMB HOLDINGS Final - single-tier 13.50 23-Jul-12 22-Aug-12 24-Aug-12 10-Sep-12 PELIKAN Final - single-tier 1.00 31-May-12 23-Aug-12 27-Aug-12 24-Sep-12 PELIKAN (1) treasury share : - 31-May-12 23-Aug-12 27-Aug-12 24-Sep-12 (50) ordinary shares UNITED MALAYAN LAND Final - single-tier 5.00 30-May-12 3-Sep-12 5-Sep-12 20-Sep-12

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights… 30-Jul-12 Ann Date Proposed DAIBOCHI PLASTIC 6-Jul-12 Bonus Issue 1 : 2 SOURCES: BMSB

BMSB: New Listing Company Issue price No of shares Listing sought Tentative Public Issue Offer for sale Private placement listing date Gabungan AQRS 1.18 62,000,000 30,000,000 68,000,000 Main Market 31-Jul-12

SOURCES: BMSB

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Corporate Actions July 2012

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7 External Trade MPC External Reserves

8 9 10 11 12 13 14 IPI, Manufacturing Sales, JobStreet 2Q

15 16 17 18 19 20 21 CPI, Bursa 2Q Tenaga 3Q, BAT 2Q External Reserves, CMMT 2Q

22 23 24 25 26 27 28 DiGi 2Q, Public Bank Daibochi 2Q, Tasek MAHB 2Q 2Q 2Q

29 30 31 Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions August 2012

SUN MON TUE WED THU FRI SAT

1 2 3 4

5 6 7 8 9 10 11 External Reserves, External Trade IPI, Manufacturing Hartalega 1Q, Gas Sales, JobStreet 2Q, Malaysia 2Q Unisem 2Q

12 13 14 15 16 17 18 MAS 2Q GDP, CPI, BOP, PetDag 2Q, MISC 2Q Perisai 2Q, Dialog 4Q, Tan Chong 2Q, PetGas 2Q 19 20 21 22 23 24 25 Hari Raya Puasa Hari Raya Puasa Replacement of Hari UOA Dev 2Q, External Reserves Raya Puasa Kossan 2Q

26 27 28 29 30 31 Uchi 2Q Lafarge Malayan 2Q, TM 2Q, Ann Joo 2Q, Money Supply, PPI, National Day Mah Sing 2Q, Wah E&O 1Q, Sime Darby Axiata 2Q, Maxis 2Q, Seong 2Q, AirAsia 4Q UM Land 2Q 2Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Recommendation Framework #1 * Stock Sector OUTPERFORM: The stock's total return is expected to exceed a relevant OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 12 months. expected to outperform the relevant primary market index over the next 12 months. NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected benchmark's total return. to perform in line with the relevant primary market index over the next 12 months. UNDERPERFORM: The stock's total return is expected to be below a relevant UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 12 months. expected to underperform the relevant primary market index over the next 12 months. TRADING BUY: The stock's total return is expected to exceed a relevant TRADING BUY: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 3 months. expected to outperform the relevant primary market index over the next 3 months. TRADING SELL: The stock's total return is expected to be below a relevant TRADING SELL: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 3 months. expected to underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand and Jakarta Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

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Recommendation Framework #2 ** Stock Sector OUTPERFORM: Expected positive total returns of 10% or more over the next 12 OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of +10% or better over the next 12 months. NEUTRAL: Expected total returns of between -10% and +10% over the next 12 NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) months. an equal number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%; both over the next 12 months. UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of -10% or worse over the next 12 months. TRADING BUY: Expected positive total returns of 10% or more over the next 3 TRADING BUY: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of +10% or better over the next 3 months. TRADING SELL: Expected negative total returns of 10% or more over the next 3 TRADING SELL: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2011. ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCP - Excellent, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD - Good, IVL - Very Good, JAS – Very Good, KBANK - Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, THCOM – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good.

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