Tuesday, October 13, 2015 TA Securities FBMKLCI: 1, 709.86 A Member of the TA Group

MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 , TEL: +603-20721277 / FAX: +603-20325048

DDaaiillyy BBrriieeff Market View, News In Brief: Corporate , Economy , a n d Share Buybacks

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* TA Research Team Coverage Tel: +603-2072 1277 [email protected] www.taonline.com.my

Market View Profit-Taking Ahead of Awal Muharam Holiday The FBM KLCI pared earlier losses to close on a positive note on Monday, as local fund buying supported index-linked stocks such as Tenaga and Sime Darby, while externally China stocks strongly outperformed regional peers on hopes for further stimulus. The index added 3.32 points to end at 1,709.86, off an early high of 1,719.9 and low of 1,700.65, as gainers edged losers 430 to 404 on total turnover of 2.09bn shares worth RM2.2bn.

Resistance at 1,728, Support at 1,671/1,660 Blue chips may pause for profit taking ahead of the Awal Muharram holiday on Wednesday as momentum indicators enter the overbought region, and given the overnight sharp 5% correction on global crude oil prices. The immediate resistance for the index is capped at 1,728, the 61.8% Fibonacci Retracement (FR) of the 1,867 to 1,503 selloff, with the 200-day moving average at 1,741 acting as a major technical hurdle. Immediate support is retained at 1,671/1,660, with better supports at 1,642, the 38.2%FR, followed by the mid Bollinger band at 1,637.

Take Profit IOI Corp & Sime Darby IOI Corp shares should ease into profit-taking correction mode given the overbought technical momentum, with better retracement supports seen at the 38.2%FR (RM4.19) and 23.6%FR (RM4.00), while overhead resistance is at the 61.8%FR (RM4.50). Similarly, Sime Darby should fall into profit-taking correction towards stronger supports at the 61.8%FR (RM8.53), 50%FR (RM8.18) and the 38.2%FR (RM7.83), with immediate resistance seen at

the 76.4%FR (RM8.96).

China Led Most Asian Markets Higher Asian stocks mostly advanced on Monday, with China markets rallying on the back of hopes for further stimulus. Major U.S. averages finished higher on Friday, with the Nasdaq Composite leading gains by notching up 0.4 percent as investors digested dovish signals from the U.S. Federal Reserve minutes. China shares jumped over 3 percent on Monday to their highest level in seven weeks after the central bank took fresh steps to inject liquidity into the struggling economy. The People's Bank of China's said at the weekend that it would expand a pilot scheme that allows banks to borrow money from the central bank using high quality credit assets as collateral. Investors were also emboldened by market-soothing comments from deputy central bank governor Yi Gang, who was quoted by official media as saying that China's stock market correction is "almost over." Investors were also in a buying mood ahead of the 13th five-year economic plan to be announced later this month, expecting stimulus and other growth measures.

Hong Kong stocks were also firmer, extending last week's 4.4 percent rebound on subdued expectations of a U.S. rate hike this year and a recovery in global commodity prices. Meanwhile, South Korea's Kospi index pared gains by the final hour of trading, but stayed on course to extend gains into its fifth consecutive session. Brokerage houses were the day's top performers; Daewoo Securities soared 7.2 percent, while Samsung Securities and Mirae

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TA Securities A Member of the TA Group 13-Oct-15

Asset Securities climbed 4.3 and 5.7 percent respectivel y. However, Australia's S&P ASX 200 index snapped a five-day winning streak as profit-taking brought down key banking and resources heavyweights. Commonwealth Bank of Australia sold down 1.2 percent, while National Australia Bank, Westpac and Australia and New Zealand Banking sagged between 0.4 and 1 percent. Markets in Japan are closed for the Health and Sports Day holiday.

Dow Inched Higher As Focus Turns To Earnings U.S. stocks closed mildly higher Monday in low volume trade as investors readied for the first major earnings reports due Tuesday. The major U.S. averages struggled to hold higher during the trading session, with the three indexes dipping in and out of negative territory in early trade. Utilities closed up 0.9 percent as the greatest advancer in the S&P, while energy fell 1.08 percent and materials closed down 0.88 percent as the only decliners. Both sectors rallied last week as the best performers in the S&P during that time. Trade volume was one of the lightest for 2015 due to Columbus Day. The U.S. bond market was closed Monday for the holiday. Oil settled down 5.10 percent, at $47.10 a barrel, giving back more than half of last week's rally of nearly 9 percent.

Monday's decline was the worst daily decline since Sept. 1. Brent also declined to hold just above $50 a barrel. Meanwhile, focus will be on results from banks this week. JPMorgan reports on Tuesday, with Goldman Sachs, Bank of America, Wells Fargo and Citigroup posting results through the week. Along with the banks, several Dow 30 components are scheduled to report results this week, including Johnson & Johnson, Intel and General Electric. Investors are eyeing a projected 4.8 percent year-over-year decline in third-quarter S&P 500 earnings, according to Thomson Reuter’s data. That would be the worst earnings season in six years. The Dow Jones Industrial Average rose 47.37 points, or 0.28 percent, to 17,131.86 the S&P 500 gained 2.57 points, or 0.13 percent, to 2,017.46 and the Nasdaq Composite added 8.17 points, or 0.17 percent, to 4,838.64.

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TA Securities A Member of the TA Group 13-Oct-15

News In Brief Corporate Toll rates along several major highways will go up between 10 sen and RM4.70 from Thursday, Oct 15. The highways are SILK, DUKE, MEX, KLK, Latar, SMART , NPE, Besraya Highway, Lekas, Guthrie Corridor Expressway, LKSA, Senai-Desaru Expressway, Butterworth Outer Ring Road, Grand Saga, LDP, Sprint and Akleh. (The Star) Commentary : We are not entirely surprised by the move as the media had in middle of this year reported a possible toll rate hike in the later part of 2015. The is seen as a move to reduce toll subsidy by the government by cutting compensation to toll concessionaires for the shortfall between the toll rates stipulated in concession agreements and the actual toll rates imposed on toll road users. While there could be a slight reduction in traffic volume on the toll roads, we expect the impact to be minimal and temporary as demand is inelastic given the inadequate public transport facilities. We see minimal earnings impacts on toll concessionaires and maintain our SELL call on LITRAK with unchanged target price of RM4.18 .

Glomac Bhd plans to dispose of a piece of freehold land measuring about 16.9ha in Ulu Langat, Selangor, to Perbadanan PR1MA Malaysia for RM145.6mn cash. The disposal is expected to bring Glomac an estimated net gain of about RM83.6mn or 12 sen per share. (Bursa Malaysia / The Edge)

Parkson Retail Group Ltd (PRG), the Hong Kong-listed subsidiary of Parkson Holdings Bhd , has failed to get its shareholders’ nod for a proposed internal reorganisation that would have seen Singapore-listed Parkson Retail Asia Ltd (PRA) being parked under PRG. This means Parkson Holdings’ entitled shareholders will also not receive the proposed cash distribution of 10 sen per ordinary share announced in August (the money was to come from the proceeds of the proposed internal reorganisation). (Bursa Malaysia / StarBiz)

Malaysia Airports Holdings Bhd ’s (MAHB) system of airports (including the Istanbul Sabiha Gokcen International Airport) handled 29.7mn passengers in the third quarter (Q3) of 2015, up 10.5% over the corresponding period last year. (Bursa Malaysia / StarBiz)

Metrod Holdings Bhd is acquiring a five-star hotel in Goa, India, for RM331.2mn, as the copper rod producer seeks to diversify its business. The company said the investment in Ceres Hotel Pte Ltd -- the owner of the 206-room, 48.69-acre resort called The Leela Goa -- did not mean it was exiting the copper business. (Bursa Malaysia / StarBiz)

Lay Hong Bhd has scrapped its initial plans for a private placement as it has met the public shareholding spread while it is mulling a fund raising exercise. The poultry-based company said Bursa Malaysia Securities’ approval for its proposed private placement to address the non-compliance with the 25% public shareholding spread had lapsed on Monday. (Bursa Malaysia / StarBiz)

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in Coastal Contracts Bhd , after disposing of 2.2mn shares in the company on Thursday (Oct 8). Coastal Contracts revealed that EPF, which had a 5.378% stake in the company on Sept 30, is now only left with 26.4mn shares. (Bursa Malaysia / The Edge)

The Employees Provident Fund (EPF) has sold some 5.8mn shares, which is equivalent to a 1% equity stake, in telecommunications group TIME dotCom Bhd. The fund disposed of the shares on the open market last Thursday (Oct 8). However, the transaction price for the shares was not disclosed. (Bursa Malaysia / The Edge)

Bright Packaging Industry Bhd ’s net loss narrowed by more than half to RM1.5mn in 4QFY15, compared with RM3.8min in the previous corresponding quarter, thanks to higher order from its tobacco customers. (Bursa Malaysia / The Edge)

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Icon Offshore Bhd said its joint venture (JV) with FOB Swath Malaysia AS has terminated a contract with Danish Yachts AS to build a fast crew boat, due to the latter's failure to construct the vessel in accordance with the technical specification. (Bursa Malaysia / The Edge)

MClean Technologies Bhd has appointed Lim Han Kiau as its group chief executive officer and executive director, following the completion of its acquisition of a 55% stake in DWZ Industries Sdn Bhd, a subsidiary of Singapore-based Décor Industries Pte Ltd (Décor Group). Lim, a Singaporean, 55, is the chairman of Décor Group — which holds the remaining 45% equity in DWZ — and has 30 years’ experience in both precision cleaning, as well as surface finishing. (Bursa Malaysia / The Edge)

PUC Founder (MSC) Bhd (PUCF) is proposing a revised scheme of renounceable rights issue of Irredeemable Convertible Unsecured Loan Stocks (ICULS) to raise funds for the capital expenditure of its 9.5 MW power solar photovoltaic (PV) power project. The group said the revision would entail the proposed renounceable rights issue of up to RM83.9mn nominal value of three-year, 4%, ICULS at 100% of the nominal value of 5 sen each on the basis of 28 nominal value of the rights ICULS for every 20 existing PUCF shares held. This would be together with up to 419.5mn Warrants-B, on the basis of 7 Warrant B for every 28 Rights ICULS subscribed. (Bursa Malaysia / The Edge)

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News In Brief Economy A s i a Malaysia IPI Growth Slows to 3.0% YoY; YTD Growth Up by 5.1% YoY Malaysia’s Industrial Production (IPI) increased by 3.0% YoY in August 2015, below consensus expectation of 4.1% YoY. This was mainly due to the contraction of mining production despite the advancement in the manufacturing and electricity sector. Note that the growth was the weakest since nearly a year ago when it increased by only 0.6% YoY in July 2014. The growth in July 2015 unchanged at 6.1% YoY. Compared with a month ago, IPI decreased by 1.0%. Year-to-date, the IPI growth slowed to 5.1% YoY as compared to 5.5% YoY during January to July period. However, the gain was supported by the positive growth performance across all components. The mining output (contributes about 28.9% of total IPI) registered its first contraction since July 2014. The index declined by 3.4% YoY and 5.9% MoM in August 2015 after registering a substantial growth of 14.0% YoY in July 2015. The contraction was contributed by the decrease of Crude Gaseous Hydrocarbon (Natural Gas) by 11.8% YoY. Meanwhile the production of crude Petroleum Oils & Condensates increased by 4.4% YoY, slowing down from 7.5% YoY gain in July 2015 and 6.6% in June 2015. Despite the weaker than expected mining productions, its performance YTD 2015 is resilient at 6.8% YoY as compared to 0.3% contraction in 2014. On the other hand, output in the manufacturing sector (which comprised 65.9% of total IPI) continued to increase by 0.1 percentage points to 4.3% YoY gain in August 2015. Year-to-date, the manufacturing sector has gained by 4.7% YoY (2014: 6.1% YoY). In a separate release, manufacturing sales increased by 0.8% YoY to RM56.2bn in August 2015 in tandem with better than expected performance of exports growth. On a monthly basis, manufacturing sales advanced by 3.9%. (DoS, TA Securities)

Higher Toll Rates From Thursday on Several Major Highways Toll rates along several major highways will go up between 20 sen and RM3 from Thursday, Oct 15. The highways are the Kajang Traffic Dispersal Ring Road (SILK), Duta-Ulu Kelang Expressway (DUKE), (MEX), Kuala Lumpur-Karak Highway (KLK), KL- Kuala Selangor Expressway (Latar), SMART tunnel, (NPE), Besraya Highway, Lebuhraya Kajang (Lekas) and Ampang Kuala Lumpur Elevated Highway (Akleh). • Silk Holdings Bhd said that it would raise the toll for cars to RM1.80. For vehicles with two axles and five or six wheels (except for buses), the new rate is RM3.60. • The toll rates for cars using the DUKE will be increased to RM2.50 at the Ayer Panas, Sentul Pasar and Kampung Batu toll plazas respectively. • MEX will increase its rates for cars to RM2 and RM3.50 at the Salak South toll plaza and Putrajaya toll plaza, respectively. • Motorists will also see an increase in charges for the KLK. Road users will be required to pay RM6 at the Gombak toll plaza and RM3.50 at the Bentong toll plaza. • For Latar, the new rates will be RM2.50 at the Ijok, Kuang Timur, Kuang Barat, Templer plaza toll and RM1.30 for Kundang Timur, Kundang Barat. • As for SMART tunnel, the new rate is RM3.00. • For NPE, vehicles having two axles and three or four wheels (excluding taxis and buses) will have to pay RM2.30 for Pantai Dalam and PJS5 toll plazas, and RM1 for PJS2 toll plaza. • Besraya's new rate is now RM2 for both Mines' north and south toll plazas. • For Lekas, the rates are RM1.30, RM3.40, RM4.80 and RM6 for the Semenyih, Pajam, Mantin and Setul exits respectively. (RTT News)

TPPA Terms Will Benefit SMEs, Says Minister The Trans-Pacific Partnership Agreement (TPPA) will benefit Malaysia's small and medium enterprises (SMEs), says International Trade and Industries Minister Datuk Seri Mustapa Mohamed. Saying that the move would open doors of opportunity for the industry, Mustapa, who is fondly known as Tok Pa, added that the terms agreed on were in line with the government's policy to strengthen the SMEs. Previously, TPPA critics, including the

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Malay Economic Action Council (MTEM) said that the TPPA would have a negative i mpact on the industry, especially Bumiputera-owned entities. "The terms in TPPA which we participated favour the SMEs and the government policy, and we also managed to protect our interests, especially in the matters related to the halal industry," he said at the launch of the IPO Seminar organised by SME Malaysia today. He added however that the chapter on SMEs also provides a challenge in terms of capacity building, which means SMEs have to be more efficient and creative. "The chapter on SMEs in the agreement involves more on capacity development. It talks about transparency in process and opportunities so that SMEs are in line with global competition," he said. The United States, Japan and 10 other countries around the Pacific reached a historic accord on Oct 5 to lower trade barriers to goods and services. The trade deal had been in the works since 2008 but was stymied by politically sensitive disputes. (The Edge Market)

TPP credit positive for Asian sovereigns: Moody’s The Trans Pacific Partnership deal is credit positive for Asian sovereigns, said credit rating agency Moody’s. The deal will reduce the cost of trade and open up new investment opportunities, supporting growth it said. "While full details of the agreement have yet to be published, greater access to the US for their goods should help to make Asian countries the biggest beneficiaries in GDP-relative terms," says senior analyst Christian de Guzman.

Malaysia is one of the Asian countries which is part of the 12-member grouping which concluded negotiations in Atlanta last week. According to Moody's the FTA between Australia (Aaa stable), Brunei (unrated), Canada (Aaa stable), Chile (Aa3 stable), Japan (A1 stable), Malaysia (A3 positive), Mexico (A3 stable), New Zealand (Aaa stable), Peru (A3stable), Singapore (Aaa stable), the United States (Aaa stable) and Vietnam (B1 stable) -- will increase market access, lower or eliminate tariffs. It will also set standards in areas including intellectual property rights, environmental, and government procurement. Moody's highlighted Vietnam's apparel and shoe manufacturers as those who will profit from lower import duties with the US and Japan. "

Likewise, Malaysia's palm oil, rubber and electronics' exporters will see substantial value from the TPP deal. " In Japan, cars and auto-parts makers in particular stand to do well out of the agreement. Australia and New Zealand's farmers will also benefit from increased market access and lower tariffs on their goods. For Singapore, which has trade agreements in place with nine TPP countries, the deal will complement these existing pacts and boost investment and trade flows with partner nations. Another positive aspect of the trade negotiations has been to act as a catalyst for reform in several countries in the region, such as Japan and Vietnam. (Source: NST Online)

Europe French Current Account Swings To Surplus In August The French current account balance showed a surplus in August, the Bank of France said. The current account surplus totalled EUR0.2bn in August, in contrast to a EUR0.4bn deficit seen a month ago. The visible trade deficit widened to EUR1.1bn from EUR0.9bn in July. Meanwhile, the surplus on services increased to EUR0.9bn from EUR0.1bn in the previous month. Revenues showed a positive balance of EUR3.8bn, the same as in July. At the same time, the shortfall in current transfers remained at EUR3.4bn. The capital account showed a EUR0.4bn surplus after showing nil balance in July and the deficit on financial account widened to EUR10.4bn from EUR9.7bn. (RTT News)

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Share Buy-Back: 12 -October 2015 Total Treasury Company Bought Back Price (RM) Hi/Lo (RM) Shares ANCOM 6,000 0.385/ 0.375 0.39/ 0.38 3,197,227 ATTA 2,096,200 0.66/ 0.625 0.67/ 0.63 2,947,200 CRESBLD 64,100 1.02/ 0.985 1.02/ 0.99 2,604,400 ELKDESA 110,000 1.30/ 1.28 1.30/ 1.27 7,160,000 GLOMAC 42,100 0.895/ 0.89 0.91/ 0.87 1,923,900 GRANFLO 10,000 0.265/ 0.26 0.27/ 0.26 3,819,000 HAIO 8,000 2.36/ 2.34 2.36/ 2.34 7,655,688 LIONIND 53,000 0.325/ 0.315 0.33/ 0.32 13,683,800 NIHSIN 40,000 0.26 0.27/ 0.26 5,767,600 NYLEX 1,500 0.545/ 0.53 0.55/ 0.53 1,780,724 SEM 365,000 1.47/ 1.46 1.47/ 1.46 20,815,000 TROP 20,000 0.97/ 0.96 0.97/ 0.96 5,329,035 WCT 186,500 1.40 1.52/ 1.40 5,929,871 Source: Bursa Malaysia

Disclaimer The information i n this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opin ions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA S ECURITIES HOLDINGS BERHAD (14948-M) MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 (A Participating Organisation of Bursa Malaysia Securities Berhad) Kaladher Govindan – Head of Research

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For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE

Company Share Price Target Price EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg BETA (RM) (RM) FY15 FY16 FY15 FY16 FY15 FY16 High Price % Chg Low Price % Chg YTD 12-Oct-15 AUTOMOBILE EPMB 0.73 0.64 0.59 5.3 11.2 13.8 6.5 5.5 5.5 0.95 -23.2 0.60 21.7 -5.2 MBMR 2.81 3.10 0.51 36.2 35.0 7.8 8.0 3.6 2.8 3.50 -19.8 2.57 9.2 -2.1 UMW 8.39 7.80 1.03 45.5 61.3 18.5 13.7 4.1 4.8 11.88 -29.4 7.41 13.2 -23.4

BANKS & FINANCIAL SERVICES AFG 3.58 3.90 1.06 34.3 35.2 10.4 10.2 4.3 4.5 4.92 -27.2 3.31 8.2 -23.8 AFFIN 2.40 2.45 0.78 23.3 27.6 10.3 8.7 4.2 5.8 3.29 -27.1 2.10 14.3 -17.2 AMBANK 4.78 5.10 1.18 63.7 48.7 7.5 9.8 5.4 5.4 6.90 -30.7 4.17 14.6 -27.6 CIMB 4.94 6.50 1.09 36.4 53.6 13.6 9.2 3.7 5.5 6.73 -26.6 4.46 10.8 -11.2 HLBANK 13.78 13.10 0.68 124.1 118.5 11.1 11.6 3.0 3.0 14.82 -7.0 12.30 12.0 -1.4 Note: HLBANK proposed rights issue of new shares to raise gross proceeds of up to RM3.0bn. For more details please refer to 13.08.15 report. MAYBANK 8.51 11.20 0.97 69.8 78.0 12.2 10.9 7.1 7.1 9.81 -13.3 8.18 4.0 -7.2 PBBANK 18.48 20.30 0.95 126.5 133.7 14.6 13.8 2.9 2.9 19.90 -7.1 17.04 8.5 1.0 RHBCAP 6.22 8.20 1.09 81.0 83.4 7.7 7.5 1.9 2.4 8.99 -30.8 5.85 6.3 -18.4 Note: RHBCAP proposed 1 for 5 rights issue share, at an issue price of RM4.82 per rights share. Ex-Target price RM6.85. For more details please refer to 08.09.15 report. BURSA 8.27 8.40 0.60 35.0 39.8 23.6 20.8 4.4 4.8 9.00 -8.1 7.48 10.6 2.1

CONSTRUCTION BPURI 0.46 0.37 1.08 3.2 5.7 14.3 8.1 4.3 4.3 0.65 -29.2 0.33 39.4 -14.8 GAMUDA 4.84 4.91 0.98 28.4 26.3 17.1 18.4 2.5 2.5 5.36 -9.7 3.77 28.4 -3.4 IJM 3.34 3.31 1.01 13.5 20.4 24.8 16.4 2.2 2.7 3.75 -10.9 2.87 16.4 1.7 NAIM 2.19 1.62 1.20 19.2 19.6 11.4 11.2 0.9 0.9 3.45 -36.5 1.95 12.3 -26.5 SENDAI 0.83 0.81 1.17 8.9 10.2 9.3 8.1 2.4 2.4 1.05 -21.4 0.49 70.1 5.8 SUNCON 1.19 1.26 na 10.4 10.9 11.5 10.9 3.5 3.7 1.32 -9.8 0.98 21.4 -0.8 WCT 1.40 1.32 1.09 11.6 12.0 12.1 11.7 4.3 4.3 2.08 -32.8 1.10 27.4 -7.5 LITRAK 5.10 4.18 0.22 26.4 35.6 19.3 14.3 3.9 3.9 5.22 -2.3 3.39 50.4 37.8 Building Materials WTHORSE 2.22 2.82 0.58 27.2 28.2 8.1 7.9 4.5 4.5 2.46 -9.8 1.97 12.7 11.0

CONSUMER Brewery CARLSBG 12.00 10.78 0.66 57.9 60.6 20.7 19.8 4.6 4.8 14.48 -17.1 10.36 15.8 2.2 GAB 14.20 16.45 0.61 70.9 86.8 20.0 16.4 5.0 5.5 14.98 -5.2 12.02 18.1 15.4 Retail AEON 2.74 2.96 0.76 14.9 15.2 18.4 18.0 1.6 1.7 3.79 -27.7 2.64 3.8 -13.0 AMWAY 9.95 10.63 0.45 56.9 62.3 17.5 16.0 5.1 5.6 11.65 -14.6 9.75 2.1 -3.1 F&N 18.38 19.62 0.55 81.8 83.2 22.5 22.1 4.0 4.1 19.12 -3.9 15.42 19.2 5.4 NESTLE 73.10 66.36 0.40 258.7 286.2 28.3 25.5 3.3 3.4 75.50 -3.2 65.90 10.9 6.7 POHUAT 3.30 3.96 0.83 38.0 39.9 8.7 8.3 3.0 3.0 3.69 -10.6 1.13 192.0 127.6 Note: POHUAT bonus issue warrants on the basis of 1 for 4. For more detail please refer to 10.08.15 report. QL 4.19 4.92 0.71 15.4 18.8 27.3 22.3 1.0 1.4 4.31 -2.8 3.07 36.5 27.0 SIGN 2.36 3.65 0.80 40.5 44.3 23.9 21.8 4.2 4.6 3.27 -27.8 1.53 54.2 25.5 Tobacco BAT 61.50 67.13 0.86 334.4 336.4 18.4 18.3 5.3 5.3 74.40 -17.3 56.74 8.4 -5.5

GAMING Casino GENTING 7.75 9.92 1.17 47.7 55.9 16.3 13.9 0.6 0.8 9.81 -21.0 6.51 19.0 -12.6 GENM 4.40 4.30 1.00 27.5 27.1 16.0 16.3 1.9 2.2 4.70 -6.4 3.75 17.3 8.1 NFO BJTOTO 3.20 3.71 0.62 25.5 26.4 12.5 12.1 6.7 7.2 3.68 -13.1 2.93 9.2 -8.2

HEALTHCARE Hospitals IHH 6.21 5.80 0.89 11.3 13.8 54.8 44.9 0.6 0.8 6.45 -3.7 4.60 35.0 28.8 KPJ 4.22 4.90 0.70 14.9 15.4 28.3 27.5 1.8 1.8 4.42 -4.5 3.55 18.9 14.1 Rubber Gloves HARTA 4.79 4.75 0.55 12.8 16.9 37.5 28.4 2.7 1.6 5.15 -7.0 3.28 46.0 36.3 KOSSAN 8.13 9.00 0.30 31.6 36.0 25.7 22.6 1.7 2.0 8.25 -1.5 4.24 91.7 81.9 SUPERMX 2.05 2.05 0.82 16.6 23.0 12.4 8.9 2.4 3.3 2.67 -23.2 1.58 29.7 22.0 TOPGLOV 8.29 9.30 0.12 39.3 44.5 21.1 18.6 2.4 2.7 8.55 -3.0 4.21 96.9 83.4 KAREX 3.32 4.00 0.70 9.0 12.1 37.0 27.5 0.7 0.9 3.68 -9.8 1.79 85.8 47.3

INDUSTRIAL SCIENTX 7.76 8.21 0.69 67.5 62.0 11.5 12.5 2.8 2.9 7.80 -0.5 6.53 18.8 9.4 SKPRES 1.41 2.00 0.83 3.9 8.4 36.3 16.8 1.2 2.6 1.58 -10.8 0.56 151.8 120.3 UNIMECH 1.25 1.15 0.63 14.3 14.8 8.7 8.5 3.8 4.1 1.72 -27.3 1.20 4.2 -16.1

MEDIA MEDIA PRIMA 1.37 1.55 0.97 13.4 14.2 10.2 9.6 7.8 8.3 2.10 -34.8 1.04 31.7 -22.2 STAR 2.42 2.42 0.64 19.5 20.2 12.4 12.0 7.4 7.4 2.63 -8.0 2.17 11.8 6.0

OIL & GAS MHB 1.15 1.32 1.72 7.6 8.4 15.1 13.7 0.0 0.0 2.73 -57.9 0.90 28.5 -35.4 PANTECH 0.64 0.59 1.18 7.1 7.9 8.9 8.1 4.9 5.2 1.05 -39.5 0.46 38.0 -16.7 PCHEM 6.53 5.81 1.28 29.5 33.2 22.1 19.7 2.3 2.5 6.70 -2.5 4.65 40.4 19.8 PERISAI 0.37 0.23 1.91 0.7 2.5 53.8 14.7 0.0 0.0 1.21 -69.4 0.24 54.2 -18.7 SKPETRO 2.16 2.29 2.10 21.2 17.6 10.2 12.3 1.6 1.6 3.66 -41.0 1.36 58.8 -6.9 UMWOG 1.43 0.69 2.00 2.4 3.6 60.0 39.9 0.0 0.0 3.55 -59.7 0.86 66.3 -39.1

For Internal Circulation Only SNAPSHOT OF STOCKS UNDER COVERAGE

Company Share Price Target Price EPS (sen) PER (X) Div Yield (%) 52weeks 52weeks % Chg BETA (RM) (RM) FY15 FY16 FY15 FY16 FY15 FY16 High Price % Chg Low Price % Chg YTD

PLANTATIONS BSTEAD 4.02 4.69 0.34 9.9 28.0 40.6 14.4 2.7 4.2 5.15 -21.9 3.77 6.6 -16.6 FGV 1.59 1.31 1.42 2.9 6.9 54.2 23.1 2.5 2.5 3.69 -56.9 1.18 34.7 -27.1 IJMPLNT 3.49 3.88 0.75 15.4 13.4 22.6 26.1 1.7 1.7 3.82 -8.6 2.99 16.7 -3.6 IOICORP 4.40 3.94 0.98 13.7 18.1 32.2 24.3 2.0 2.3 4.99 -11.8 3.70 18.9 -8.3 KLK 22.68 20.35 1.17 78.3 102.4 29.0 22.2 1.9 2.5 23.66 -4.1 19.60 15.7 -0.5 KWANTAS 1.55 1.50 0.28 -9.1 -2.0 na na 0.6 0.6 2.12 -26.9 1.43 8.4 -22.5 SIME 8.76 8.32 0.93 26.8 37.2 32.7 23.6 2.9 2.5 9.77 -10.3 6.70 30.7 -4.7 UMCCA 6.10 7.47 0.50 22.6 25.4 27.0 24.0 2.6 2.8 6.92 -11.8 5.35 14.0 -2.7

PROPERTY GLOMAC 0.90 1.15 0.68 9.2 13.0 9.7 6.9 4.7 7.8 1.15 -22.2 0.73 22.6 -8.7 HUAYANG 1.77 1.91 0.74 41.9 43.4 4.2 4.1 7.3 7.3 2.44 -27.5 1.66 6.6 -13.7 IOIPG 2.24 2.20 na 15.2 16.1 14.7 13.9 2.7 3.1 2.71 -17.5 1.79 25.1 -4.8 MAHSING 1.33 1.55 0.58 15.5 15.5 8.6 8.6 4.1 4.1 1.79 -25.8 1.26 5.6 -19.6 SNTORIA 0.96 0.86 0.54 6.4 10.1 15.1 9.5 2.1 2.1 1.49 -35.6 0.85 12.9 -22.0 SPSETIA 3.28 3.78 0.48 30.8 31.5 10.6 10.4 3.7 4.0 3.65 -10.1 2.92 12.3 -0.6 SUNWAY 3.10 3.43 0.59 34.9 31.4 8.9 9.9 11.6 3.5 3.53 -12.1 2.81 10.4 5.0 REIT SUNREIT 1.53 1.69 0.39 8.2 9.4 18.6 16.2 5.7 6.3 1.76 -13.1 1.45 5.5 0.7 CMMT 1.36 1.66 0.67 7.7 8.8 17.6 15.5 6.0 6.9 1.66 -18.1 1.24 9.7 -4.9

POWER & UTILITIES MALAKOF 1.71 1.85 na 7.3 10.2 23.4 16.8 4.3 5.9 1.91 -10.5 1.18 44.9 -5.0 PETDAG 23.46 18.51 0.91 85.0 88.1 27.6 26.6 2.6 2.6 23.56 -0.4 14.40 63.0 38.6 PETGAS 22.80 24.93 0.94 110.2 91.5 20.7 24.9 2.9 2.6 23.98 -4.9 20.20 12.9 2.9 TENAGA 12.88 15.94 1.21 108.3 114.7 11.9 11.2 2.5 2.6 16.96 -24.1 10.26 25.5 -6.7 YTLPOWR 1.55 1.92 0.47 12.2 13.1 12.8 11.9 6.5 6.5 1.67 -7.2 1.44 7.6 4.7

TELECOMMUNICATIONS AXIATA 6.38 6.37 0.99 29.4 32.9 21.7 19.4 3.5 4.0 7.29 -12.5 5.59 14.1 -9.5 DIGI 5.75 6.59 1.02 24.7 27.4 23.3 21.0 4.3 4.8 6.65 -13.5 4.86 18.3 -6.8 MAXIS 6.83 6.16 0.69 25.3 26.9 27.0 25.4 3.7 3.9 7.30 -6.4 6.22 9.8 -0.3 TM 6.90 8.16 0.81 23.4 27.7 29.4 24.9 3.8 4.2 7.79 -11.4 6.00 15.0 0.3

TECHNOLOGY Semiconductor & Electronics IRIS 0.25 0.24 0.82 -0.6 1.3 na 18.5 0.0 1.8 0.37 -32.9 0.17 48.5 -2.0 INARI 3.33 4.20 1.12 20.9 25.6 15.9 13.0 2.7 2.8 3.58 -7.0 1.93 72.9 38.7 MPI 6.67 8.55 1.08 54.5 60.6 12.2 11.0 3.0 3.0 7.25 -8.0 4.10 62.7 47.2 UNISEM 2.06 2.50 1.09 12.3 18.0 16.7 11.4 4.9 4.9 2.65 -22.3 1.20 71.7 15.7

TRANSPORTATION Airlines AIRASIA 1.42 1.68 0.94 10.6 15.2 13.4 9.3 3.2 3.5 2.94 -51.7 0.77 85.6 -47.8 AIRPORT 5.38 5.68 1.45 2.7 9.9 199.3 54.6 0.3 1.2 7.35 -26.8 4.22 27.5 -16.4 Freight & Tankers MISC 8.85 10.27 0.69 56.1 60.4 15.8 14.7 1.6 1.7 9.39 -5.8 6.48 36.6 22.6 WPRTS 4.29 4.77 0.53 16.8 20.1 25.6 21.4 2.9 3.5 4.68 -8.3 2.81 52.7 27.7

SNAPSHOT OF FOREIGN STOCKS UNDER COVERAGE

Company Share Price Target Price EPS (cent) PER (X) Div Yield (%) 52week 52week % Chg Beta (S$) (S$) FY15 FY16 FY15 FY16 FY15 FY16 High Price % Chg Low Price % Chg YTD BANKS & FINANCIAL SERVICES DBS 17.77 23.20 1.10 175.0 183.4 10.2 9.7 3.4 3.4 21.50 -17.3 16.00 11.1 -13.7 OCBC 9.41 12.90 0.95 98.2 107.0 9.6 8.8 4.7 5.7 10.92 -13.8 8.84 9.2 -10.0 UOB 20.07 24.30 1.16 197.3 207.2 10.2 9.7 3.7 3.7 25.00 -19.7 18.20 10.3 -18.0

PLANTATIONS WILMAR 2.93 3.50 1.02 23.3 28.1 12.6 10.4 2.4 2.7 3.42 -14.3 2.46 19.1 -9.6 IFAR 0.55 0.65 1.30 4.6 5.7 12.0 9.6 0.3 0.4 0.86 -36.0 0.44 25.0 -24.1

BUY : Total return within the next 12 months exceeds required rate of return by 5%-point. HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point. SELL : Total return is lower than the required rate of return. Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 10% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.