April 4, 2013 MALAYSIA STRATEGY SHORT TERM (3 MTH) LONG TERM Conviction| | Notes from the Field Iskandar inflexion point driven by industrial boom We took investors for a 3-day tour of various sites in Johor and hosted several briefings as well. The visits reinforced our bullish view on Iskandar as many projects there are shaping up nicely while the shift of Singapore industries to Johor appear to be picking up speed. Terence Wong CFA T (60) 3 20849689 Figure 1: Iskandar Malaysia visit E
[email protected] Mar-28 UEM Land briefing at Horizon Hills Ivy Ng Lee Fang CFA Site tour of Nusajaya (Horizon Hills, Nusa Idaman, AfiatHealthpark, Nusa Bayu, SiLC, EduCity T (60) 3 20849697 LegoLand, Kota Iskandar, Puteri Harbour, Marlborough College and East Ledang) E
[email protected] Site tour of Setia Eco Gardens Sharizan Rosely Site tour of Setia Business Park T (60) 3 20849864 Mar-29 Benalec briefing E
[email protected] Johor Petroleum Development Corp briefing Kulim Malaysia briefing Axis REIT briefing Site tour of Port of Tanjung Pelapas Site tour of Danga Bay Mar-30 Site tour of Meridin@Medini Site tour of Johor Premium Outlets SOURCES: CIMB, COMPANY REPORTS No changes to our Neutral weighting Iskandar was reached in 2012. More on Malaysia as election risks remain surprising is how strong demand is “The growth of economies the key overhang. Post elections, we for industrial property in the state. depends on the growth will likely review our call on the For example, SP Setia's non-Bumi and survival of industries market and the property and industrial properties in Setia and firms.” construction sectors.