REGIONAL DAILY December 26, 2012

MALAYSIA Daybreak | 31 July 2013

Key Metrics ▌What’s on the Table… —————————————————————————————————————————————————————————————————————— FBMKLCI Index Cuscapi - Time to REV up 1,850 Last week, we arranged a meeting for institutional funds to meet up with 1,800 Cuscapi’s management. There were some positive surprises for us at the 1,750 meeting. Investors thought the company’s new interactive tablet, REV, has 1,700 great potential but execution would be the key factor. We maintain our 1,650 Outperform call and target price of RM0.54, based on 21x 2014 P/E, its 2-year 1,600 average forward P/E. Its P/E premium over the market is backed by a 37.2% 1,550 3-year EPS CAGR. Migration to the Main Board in Aug and stronger demand Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 for REV should provide re-rating catalysts.

——————————————————————————— Perisai Petroleum - Crossing the Rubicon(e)? FBMKLCI 1795.08 -3.70pts -0.21% While a decision on a contract extension for Perisai's MOPU Rubicone has yet JUL Futures AUG Futures 1797.5 - (-0.11%) 1799 - (1.00%) to be reached, we think that the odds of at least a 1-year extension are positive ——————————————————————————— after meeting with management yesterday. But in the event of a non-extension, Gainers Losers Unchanged there is no shortage of regional jobs. Separately, Perisai is set to make its 299 436 323 ——————————————————————————— maiden moves into the FPSO and drilling segments. We continue to value the Turnover stock at 15.6x CY14 P/E, a 30% discount to the average P/E of oil & gas big-caps. 2145.87m shares / RM2072.731m Perisai remains an Outperform and our top pick in the small-cap oil & gas space. 3m avg volume traded 1809.53m shares 3m avg value traded RM2355.96m Successful FPSO and drilling ventures are potential re-rating catalysts. ——————————————————————————— Regional Indices IGB REIT - Mid Valley delivers FBMKLCI FSSTI JCI SET HSI 1,795 3,245 4,608 1,435 21,954 IGB REIT performed to expectations, with 1H13 core net profit coming in at ———————————————————————————————— 51% of our full-year forecast and 49% of consensus estimates. Rental reversions Market Indices Close % chg YTD % chg are coming up for half of The Gardens Mall’s NLA by 3Q13, pointing to earnings FBMKLCI 1,795.08 (0.2) 6.3 growth in FY14. This is the main catalyst supporting our unchanged FBM100 12,250.26 (0.2) 8.4 FBMSC 15,178.68 (0.5) 32.2 Outperform rating. We also retain our DDM-based target price of RM1.59 FBMMES 5,047.25 (0.6) 19.8 which is based on a WACC of 7.5%. Dow Jones 15,520.59 (0.0) 18.4 NASDAQ 3,616.47 0.5 19.8 FSSTI 3,245.45 0.3 2.5 FTSE-100 6,570.95 0.2 11.4 ▌News of the Day… Hang Seng 21,953.96 0.5 (3.1) —————————————————————————————————————————————————————————————————————— JCI 4,608.49 0.6 6.8 KOSPI 1,917.05 0.9 (4.0) • Fitch revises Malaysia's outlook to negative Nikkei 225 13,869.82 1.5 33.4 • Petronas delays RM60bn petrochemical project to 2018 PCOMP 6,728.00 0.2 15.7 SET 1,435.44 (1.3) 3.1 • U&W gets Bursa approval for listing its oil and gas unit Shanghai 1,990.06 0.7 (12.3) • Palm oil group hails French pledge Taiwan 8,163.55 1.0 6.0 • Vincent Tan targets UK car dealer Top Actives • Media Prima signs licensing agreement with Paramount Pictures Close % chg Vol. (m) SONA PETROLEUM B 0.445 - 401.5 • Debutant Sona dominates trading LUSTER INDUSTRIE 0.100 0.0 55.5 MEDIA SHOPPE BHD 0.075 0.0 43.9 MALAYSIAN AIRLIN 0.310 0.0 35.5 FLONIC HI-TEC 0.120 (7.7) 29.9 CIMB GROUP HOLDI 8.150 (1.9) 24.0 CHINA STATIONERY 0.275 0.0 21.3 TH HEAVY ENGINEE 0.850 (0.6) 17.9

Economic Statistics Close % chg US$/Euro 1.3262 (0.01) RM/US$ (Spot) 3.2255 (0.06) RM/US$ (12-mth NDF) 3.3095 0.18 OPR (% ) 2.99 1.36 BLR (% , CIMB Bank) 6.60 0.00 GOLD ( US$/oz) 1,328 0.09 WTI crude oil US spot (US$/barrel) 103.08 (1.41) CPO spot price (RM/tonne) 2,241 (0.84) ———————————————————————————————————————— Terence WONG CFA T (60) 3 20849689 E [email protected]

Sources: CIMB. COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Sources: CIMB. COMPANY REPORTS Daybreak Malaysia July 31, 2013

Global Economic News… The US S&P/Case-Shiller house price index rose 1.0% mom in May from a revised 1.7% in Apr, underperforming consensus of 1.3%. On a non-seasonally adjusted yoy basis, the index gained 12.2% from a revised 12.1% in Apr, again undershooting consensus of 12.3%. (Bloomberg)

The US Conference Board consumer confidence index dipped to 80.3 in Jul from a revised 82.1 in Jun, underperforming consensus of 81.0. (Bloomberg)

Eurozone’s economic confidence index improved to 92.5, the highest since Apr last year, from 91.3 in Jun. Sentiment in the industrial sector rose to -10.6 from -11.2 in Jun, whilst the services confidence index rose to -7.8 from -9.6 a month ago. The consumer confidence indicator climbed to -17.4 from -18.8 last month. (RTT News)

The People’s Bank of China said it had injected Rmb17bn, or US$2.8bn, in the form of seven-day reverse repurchase agreements into the domestic banking system yesterday after a liquidity squeeze rocked financial markets in the world's second-largest economy last month. This was the first such move since Feb. (AFP)

China's economy will continue to grow at a steady rate during the 2H13 despite "extremely complicated domestic and international conditions", the government said yesterday. Leaders of China will "coordinate the tasks of stabilising growth, restructuring the economy and promoting reforms", according to a statement from the Political Bureau of the Communist Party's Central Committee. "Macro policy should be stable, micro policy should be flexible and social policy should support the bottom line. All of them should be coordinated," it said. (Financial Daily)

Japan’s household spending fell 0.4% yoy in Jun (-1.6% in May). Economists were looking for a 1.4% gain. Industrial production fell 3.3% mom in Jun (+1.9% in May). Economists were expecting a reading of -1.5%. (Business Insider)

Japan’s vehicle output dropped 9.5% yoy in Jun (-6.2% in May). Driving the downturn, passenger car production fell 11.1%, and production of trucks edged down 0.7%. These declines were partially offset by an 11.8% gain in the manufacture of buses. (RTT News)

South Korea's current account showed a surplus of US$7.24bn in Jun, down from a record high of US$8.64bn in May due to a slight dip in exports. Jun figure took the cumulative surplus for the 1H13 to US$29.7bn. (Bloomberg)

South Korea's industrial production dropped 2.6% yoy in Jun (-1.3% in May), worse than market's expectations of a 1.1% contraction. Mom, it rose 0.4% (-0.1% in May). (Bloomberg)

South Korea's cyclical component of composite leading index rises 0.5 pt in Jun (+0.3 pt in May). (Bloomberg)

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The Reserve Bank of India (RBI) has maintained the status quo on key interest rates amid a weaker rupee but lowered the country's growth forecast for 2013/2014 to 5.5% from 5.7%. The repo rate stays at 7.25%, the reverse repo rate at 6.25%, and the cash reserve ratio at 4% of net demand and time liabilities of scheduled banks.  “India is currently caught in a classic 'impossible trinity' trilemma whereby we are having to forfeit some monetary policy discretion to address external sector concerns," it said.  They will be rolled back in a calibrated manner as stability is restored to the foreign exchange market, enabling monetary policy to revert to supporting growth with continuing vigil on inflation, it added. ()

The Philippine central bank sees inflation staying “well within” the target range this year and next, enabling it to keep interest rates unchanged through 2014, Governor Amando Tetangco said. “At this point in time, I don’t see any signs that will lead us to modify or change the policy rate. That’s based on our inflation forecast. But as I said, things are continuously evolving,” he said. (Bloomberg)

Australia's central bank governor Glenn Stevens said 2Q13 inflation suggests there's still room to lower interest rates if required and that he wouldn't be surprised if the currency dropped further. "The recent decline in the exchange rate seems to make sense from a macroeconomic perspective. It would not be a major surprise if a further decline occurred over time," he said. (Malaysian Reserve)

Malaysian Economic News… Fitch Ratings lowered its outlook on Malaysia to negative from stable amid weaker prospects for budgetary and fiscal reform following its May elections. “Malaysia’s public finances are its key rating weakness,” Fitch said in a statement yesterday, affirming the long-term foreign and local currency issuer default ratings (IDRs) at 'A-' and 'A', respectively.  The short-term foreign currency IDR has been affirmed at 'F2' and the Country Ceiling at 'A'.  It will be difficult to achieve the 3% deficit target in 2015 without additional steps, while rising state subsidies also pose risks, it said.  Credit fundamentals are weak by 'A' range standards. It projects the divergence from the 'A' median will widen out to 2015.  The negative outlook reflects the following risk factors that may, individually or collectively, result in a downgrade of the ratings, most likely by one notch: (1) Fiscal slippage relative to the government's targets and lack of progress on structural budgetary reform; further accumulation of contingent or other off-balance-sheet liabilities; (2) Further erosion of the current account surplus, particularly a "twin deficit" situation where failure to consolidate the budget is associated with the emergence of a sustained current account deficit; (3) A shock to interest rates or to employment sufficient to impair household debt servicing ability and put pressure on the banking system; and (4) Significantly slower GDP growth than Fitch's current projection of about 5% per year out to 2015. (Bloomberg, Fitch Ratings Agency)

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Daybreak Malaysia July 31, 2013

Domestic Trade, Cooperatives and Consumerism Minister Datuk has assured the Sabah government that the diesel shortage in the state has ended. Chief Minister Datuk Seri Musa Aman said: “The minister in charge has informed me that the supply of diesel in the state is back to normal, with the additional quote of 24.196m litres approved nationwide and 9m litres for Sabah." (Bernama)

Malaysia-China bilateral trade has recorded a yoy double-digit growth of 15.7% to US$50.9bn (RM163.9bn) in the 1H13. China-Asean Business Council Executive Vice Secretary-General, Xu Ningning, said in the 1H13, Malaysia's exports to China increased 3.6% yoy to US$28.7bn (RM92.5bn). Imports from China were up 36.4% to US$22.2bn (RM71.4bn). (Bernama)

The Federal Government will allocate RM430m to the State Consolidated Fund for 2015, said PM Datuk Seri Najib Tun Razak. Of the amount, RM130m will be to help the states facing deficits in their operating accounts.  A total of RM300m will be disbursed based on the states' economic growth level, infrastructure development and the people's well-being.  The total allocated by the Federal Government to the State Consolidated Fund for 2014 was RM287m, he said. (Bernama)

The Federal Government will bear 50% of the costs of supporting the Town and Country Planning departments in Peninsular Malaysia, Department of Urban and Regional Planning, Sabah and Sarawak's Planning and Resources. The amount, which will be given next year, will be based on the expenses to manage the departments this year, said PM Datuk Seri Najib Tun Razak.  The decision will entail financial implications to the Federal Government of between RM28m and RM32m for next year.  “With this funding, these departments are expected to play a more active and effective roles in the states and help achieve the Vision 2020 targets," he said. (Bernama)

The National Finance Council meeting yesterday approved the procedural guidelines on the management of the state road maintenance grants which will be used by all state governments. At the meeting, a committee was also established to ensure that the grants were distributed quickly without referring to the National Finance Council, said PM Datuk Seri Najib Tun Razak.  The committee, which will be chaired by Finance Ministry Secretary-Secretary, comprises the Auditor-General, Public Works Department Director-General, Accountant-General, Treasury solicitor and four representatives from the states.  The states' representatives will be picked every two years from among state financial officers/financial secretary, Sarawak/Sabah Finance Ministry permanent secretary.  They will represent the four zones. Zone 1: Perlis, Kedah, Penang and ; Zone 2: Kelantan, Terengganu and ; Zone 3: Selangor, , Melaka and Johor; and, Zone 4: Sabah and Sarawak.  The Finance Ministry's budget director will be the secretary of the committee, he said.  The meeting also agreed to the proposal in the Financial Procedure (Amendments) Act 2013 to implement accrual accounting for the

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Federal Government from 2015 and for the states in 2016, he added. (Bernama)

The government is committed to provide affordable and comfortable housing for the people, especially to low- and middle-income earners, Second Finance Minister Datuk Seri said Tuesday. The provision of low-cost houses has been a priority in the five-year Malaysia Plans and the annual Budget.  "Therefore, the Budget 2014 Focus Group Meeting on Providing Greater Access to Home Ownership today is part of the inclusive process, as we have with us representatives from the private sector, industry organisations and government agencies," he said.  He said issues such as mismatch between supply and demand, low-cost houses are not strategically located, abandoned and delayed housing projects, slow implementation of the Industrial Building System (IBS) and no valuation requirements on new house launches also need to be addressed. (Bernama)

The Multimedia Development Corp (MDeC) aims to develop Malaysia's shared services and outsourcing (SSO) industry by concentrating on high value Knowledge Process Outsourcing (KPO) services. Vice-President of SSO division Michael Warren said this would be done by encouraging existing investments to take up KPO-type activities, attracting new investments in this service as well as developing niche areas such as financial services and the oil and gas industry.  He said currently the KPO segment contributes less than 10% of the total industry revenue of RM10.4bn last year.  "However, we see huge potential in this segment as it is projected to have a compounded annual growth rate of 24% from 2010 to 2014, reaching a market size of US$17bn globally,” he said.  As of 30 Jun, MDeC managed to bring in 16 companies to invest in the country's SSO cluster, three of which are KPO-related companies.  In 2012, the SSO cluster contributed RM5.8bn to the nation's economy, up 32% from 2011 while creating 7,300 jobs or 57% more. (Bernama)

The Malaysia Co-operative Societies Commission and Bank Negara Malaysia (BNM) will set out the operational and assessment framework when considering an application by a co-operative society to undertake deposit taking from the public, other than its own members. Deputy Minister of Domestic Trade, Co-operatives and Consumerism Datuk Paduka said the framework could ensure that co-operative societies that undertake deposit taking activity are financially sound. The operational and assessment framework is covered in a memorandum of understanding (MoU) inked between the commission and BNM yesterday. (Bernama)

A 2010 census found the population of the country to number 28.3m people, said Minister in the Prime Minister's Department Datuk Seri Wahid Omar. Of the total, 26m or 91% were Malaysian citizens while 2.3m or 8.2% were non-citizens. The census was carried out from 6 July 2010 to 22 Aug 2010. The next census will be in 2020, he said. (Bernama)

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Political News… Datuk Seri fired the first salvo in the battle for the Wanita Umno chief's post by setting up a Facebook page. Azalina posted on Mon: "I'm running (for) Wanita Umno chief because I believe it is time for a new generation of women leaders to be in Wanita." Azalina announced last month that she was challenging Wanita Umno chief Datuk . Former Johor Wanita Umno chief Datuk Halimah Sadique may join the race. (NST)

Corporate News… PT Bank Internasional Indonesia Tbk (BII) announced a profit after tax and minority interest (PATAMI) of Rp681bn for the first six months of 2013, an increase of 15% from the same period a year earlier. The improved results were achieved on the back of growth in operating income and much lower provisions, mitigated by faster increase in operating expenses.  Its transformation project to improve branch sale productivity has shown positive traction in generating deposits. Saving accounts recorded the highest growth of 27% from Rp16tr in Jun 12 to Rp20.3tr in Jun 2013; while current accounts grew by 12% to Rp15.1tr and time deposits increased by 18% to Rp55.7tr.  Loans grew 16% during the first semester 2013, from Rp73.5 trillion as at Jun 12 to Rp85.1tr as at Jun 13. Business banking loans grew the fastest from Rp 23.5tr to Rp30.2tr or 29%. Retail loans increased 16% from Rp26.7tr to Rp31.1tr. Global Banking loans have returned to the growth track with 2% increase from Rp23.3tr to Rp23.9tr after the decrease in first quarter this year as a result of portfolio adjustment to proactively manage credit risk. (Company press statement) Annualising the 1HFY13 numbers, BII’s full-year net profit would account for 6.5% of our projected net profit for Maybank in FY13. This is in line with our expectation of 6-7% contribution from BII. In 1QFY13, BII contributed 6.3% to Maybank’s PBT. We see challenging operating environment for BII in the next few quarters, due to the rise in inflation, rate hike and the keen competition for deposits. This could lead to slower loan growth and further compression in net interest margin. Should the 2H13 earnings come in weaker (compared to the 1H13), we think that BII will still be able to contribute 6-7% to Maybank’s earnings. Any slippage from this would have minimal impact on Maybank’s earnings in view of the small contributions from BII. The longer-term prospects should remain positive given the low penetration of the financial market in Indonesia and the untapped opportunities for banks to grow their fee income.

The local palm oil industry welcomes the French government's assurance that it will not discriminate palm oil products from other vegetable oils. Malaysian Palm Oil Council chief executive officer Tan Sri Dr Yusof Basiron, however, said while the council welcomes the assurance by French Prime Minister Jean Marc Ayrault that palm oil will not be taxed discriminatorily in France, he must at the same time take action on the palm oil labelling issue. "The French prime minister is elusive, claiming commercial freedom of the companies to do so. Legally, in the absence of a clear law, it should be banned. There is no law to allow or disallow palm oil labelling in France. Such labelling should be banned until a justified request is approved," Yusof said. (BT)

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Petronas will start up a refinery within its US$19bn petrochemicals complex in Malaysia at end-2017, signaling a delay in the country's largest ever infrastructure project. Previously local media had cited Petronas CEO Shamsul Azhar Abbas as saying the start date for phase one of the refinery and petrochemical integrated development (RAPID) project had been pushed back to early 2017. "The final investment decision (FID) date for RAPID project has been rescheduled to March 2014 from June 2013," Petronas said in a statement released to Reuters, citing external factors beyond its control. "As re result of the revised FID date, the RAPID refinery is scheduled to be ready for start-up in 4Q17 and the remaining plants within the complex are scheduled to be commissioned in 2018," it said. (Reuters)

UMW Oil & Gas Corp Bhd (UMW O&G) a wholly-owned subsidiary of UMW Holdings Bhd, has received a green light from Bursa Malaysia for its listing. UMW Holdings yesterday said the Bursa Malaysia approval followed the nod given by the Securities Commission earlier this month. No listing time frame was provided in the a statement issued by Maybank Investment Bank and CIMB Investment, on behalf of UMW Holdings yesterday. Market talk, however, has it that it would happen in 4Q13.  UMW O&G's initial public offering (IPO) involves 2.16bn shares of 50 sen each on the trading/services sector of the Main Market. The IPO is set to be among the country's largest this year. It was reported that UMW O&G will offer 843m of its shares at RM3 each, raising up to RM3bn for the company. (BT)

Astro Malaysia Holdings Bhd (Astro) and Telekom Malaysia Bhd (TM) are set to sign a collaboration agreement tomorrow which would see Astro sharing its broadcast rights for some of the English Premier League football matches with TM for the next three seasons. The signing ceremony will be witnessed by Communications and Multimedia minister Datuk Seri . (Sun Biz)

Media Prima Bhd has signed a multi-year licensing agreement with Paramount Pictures Corp, which would make a variety of contemporary and classic hit films available on the group's free-to-air television networks in Malaysia in the coming months. (Bernama)

Tan Sri Vincent Tan Chee Yioun looks poised to make a fresh bid for control of HR Owen plc, even as relationship with the board of directors of Britain’s largest luxury car dealer gets frosty. The 81-year-old company is a dealer for Bentley, Rolls Royce, Ferrari and Lamborghini. Its after-sales services cover Aston Martin Bugatti, Maserati and Pagani franchises. The tycoon, using a subsidiary of his flagship Berjaya Group, had offered to acquire shares in the United Kingdom-listed company at 130 pence (RM6.42) a piece in the middle of this month.  Last month, Berjaya Philippines Inc, a unit controlled by Berjaya Lottery Management (HK) Ltd, which in turn is a direct subsidiary of Berjaya Sports Toto Bhd, emerged with a 29.8% stake in the London-based car dealer. By Jul 18, the cash offer was formerly rejected by the board of directors on the basis that the offer “materially undervalues” the company, while in turn, Berjaya Philippines told the Philippine stock exchange that “a formal recommendation from the board has not been sought”. At 130 pence a share, the offer values HR Owen at £32.5m. (BT)

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New Hoong Fatt Auto Supplies Sdn Bhd has signed a renewable energy power purchase agreement with Tenaga Nasional Bhd for 21 years at a feed in tariff rate of RM1.1812/kwh. (BMSB)

Altel Communications Sdn Bhd, a subsidiary of Puncak Semangat Sdn Bhd which is owned by tycoon Tan Sri Syed Mokhtar Al-Bukhary, expects to invest over RM1bn over five years to deploy its 4G long-term evolution (LTE) network, which will be rolled out by the fourth quarter of this year, said its chairman Datuk Hilmi Mohd Noor. "For Altel, it would require an investment of more than RM1bn to deploy the kind of network we would like. However, with industry collaboration, smart partnerships and innovative approaches regarding the use of capex versus opex, we expect to make significant savings. In August, we will roll out the first of our commercial products to the market. After that, we will be introducing more products and services in the fourth quarter of 2013 and onwards into 2014 and beyond," he said. (sun)

Sona Petroleum, the country's third publicly traded special purpose acquisition company (SPAC) dominated the stock market on its maiden trading day yesterday. Punting on Sona shares and its free warrants accounted for slightly more than 50% of the stock exchange's total volume. Sona has six cornerstone investors, namely Hong Leong Asset Management, Hong Kong-based hedge fund Segantii Capital, Davidson Kempner European Partners, CIMB-Principal Asset Management, Kenanga Investors and RHB Investment Management Sdn Bhd. (BT)

China Stationery Ltd sold 3.57m shares of Pelikan International Corp Bhd in the open market, pairing down its stake in the company to 8.8% or 45.1m shares. Last Oct, China Stationary had bought 9.79% stake in Pelikan for RM50m via a share swap, that valued the mainland company at RM1.06 a share. China Stationary shares closed at 27.5 sen a share yesterday. (BT)

China government-linked company Supreme Global Group Ltd will assume Key West Global Telecommunications Bhd’s listing status on the ACE market in a reverse take-over. Key West executive director Stephen Ng Min Lin said the reverse take-over will give Key West’s fundamentals a fresh start as Supreme Global will then inject the assets and operations under its subsidiary Henan Xinghe Oil & Fat Co Ltd into Key West to be an edible oils business. Key West was initially a telecommunications company. The company dabbled in oil and gas last year but its deal fell through. (Starbiz)

Pesona Metro Holdings Bhd's wholly owned subsidiary, Pesona Metro Sdn Bhd, has won a contract worth RM149.6m from the Intrasegi Sdn Bhd-Tegas Setuju Sdn Bhd joint venture. The contract is for the construction and completion of a government building complex in Johor Baru. The project, targeted for completion on 29 Jan 2016 and to be completed within 30 months from the date of possession of the site, will be funded internally. Pesona Metro Holdings Bhd's market capitalisation is RM143.8m. (Financial Daily)

Zurich Insurance Malaysia Bhd is looking to grow its gross written premium of general insurance to RM570m this year. As for life insurance, the insurer has budgeted an annual premium equivalent of RM150 million. Zurich chief executive officer Trevor Bull said its life insurance segment had a robust performance in the first half of this year, growing 44 per cent. (BT)

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Daybreak Malaysia July 31, 2013

I-Bhd, the developer of the i-city township, expects revenue from its leisure business to double next year from RM32m last year. Information manager Tan Soke Cheng said the higher income would be boosted by an increase from online ticketing contributions as well as introduction of new attractions. (Starbiz)

Tiong Nam Logistics Holdings Bhd is repurchasing its assets disposed to a special purpose vehicle under a sale and lease back arrangement in 2006 for RM176.3m. Tiong Nam will take up borrowings of RM125m to fund the transaction. The company said the assets are instrumental in its total logistics business. (Financial Daily)

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BMSB: Changes in shareholdings

SOURCES: BMSB

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Daybreak Malaysia July 31, 2013

BMSB: ESOS & others

SOURCES: BMSB

BMSB: Off-market transactions

Notes:CN-Crossing deal on board lots MN-Married deal on board lots MO-Married deal on odd lots SOURCES: BMSB

BMSB: Dividends

SOURCES: BMSB

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Corporate Actions July 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 External Reserves, External Trade

7 8 9 10 11 12 13 MPC, IPI, Manufacturing Sales

14 15 16 17 18 19 20 Tenaga 3Q & CPI, DiGi 2Q, CMMT briefing, Bursa 2Q 2Q & briefing

21 22 23 24 25 26 27 External Reserves Malaysia Airports 2Q Kuala Besut by- BAT 2Q & briefing, Axis briefing & briefing, Public election Axis 2Q, Tasek 2Q Bank 2Q

28 29 30 31 IGB REIT 2Q Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions August 2013

SUN MON TUE WED THU FRI SAT

1 2 3 Gas Malaysia 2Q Hektar REIT 2Q & briefing

4 5 6 7 8 9 10 External Trade Hartalega 1Q, External Reserves, Hari Raya Puasa Hari Raya Puasa Sunway 4Q & IPI, Manufacturing briefing, Maxis 2Q Sales

11 12 13 14 15 16 17 MISC 2Q

18 19 20 21 22 23 24 Tomypak 2Q GDP, BOP, CPI, External Reserves, JTI briefing JobStreet 2Q, Nestle Kossan 2Q, Maybank 2Q, Tan Chong 2Q, 2Q, JTI 2Q, QL 1Q AirAsia 2Q 25 26 27 28 29 30 31 E&O 1Q, Wellcall 3Q Mah Sing 2Q, Media Chinese 2Q, UEM Sunrise 2Q, Money Supply, PPI, National Day Prestariang 2Q, Oriental 2Q Media Prima 2Q, Sime Darby 4Q & Carlsberg 2Q & MyEG 4Q, TM 2Q, briefing, Axiata 2Q, briefing, UMW 2Q Magnum 2Q Genting Group 2Q, DRB 2Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CHK has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only to clients of CHK. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CHK. 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If the recipient of this research report is not an accredited investor, expert investor or institutional investor, CIMBR accepts legal responsibility for the contents of the report without any disclaimer limiting or otherwise curtailing such legal responsibility. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBR. As of July 30, 2013, CIMBR does not have a proprietary position in the recommended securities in this report. 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This publication is strictly confidential and is for private circulation only, and no part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB Korea. Sweden: This report contains only marketing information and has not been approved by the Swedish Financial Supervisory Authority. The distribution of this report is not an offer to sell to any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden. Taiwan: This research report is not an offer or marketing of foreign securities in Taiwan. 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sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates. United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (―CIMB UK‖). CIMB UK is authorised and regulated by the Financial Services Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the ―Order‖); (c) are persons falling within Article 49 (2) (a) to (d) (―high net worth companies, unincorporated associations etc‖) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as ―relevant persons‖). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Services Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research. United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited,and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

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, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay 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)

Recommendation Framework #2 ** Stock Sector OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a 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 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) 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 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a 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 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a 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 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a 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 Korea Exchange, 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 2012. AAV – not available, ADVANC - Excellent, AEONTS – Good, AMATA - Very Good, ANAN – not available, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – not available, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET - Good, CENTEL – Very Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, EGCO – Excellent, ERW – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD – Very Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Good, MAKRO – Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Good, SPALI - Very Good, SRICHA – not available, SSI – not available, STA - Good, STEC - Very Good, TCAP - Very Good, THAI - Excellent, THCOM – Very Good, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TTW – Very Good, TUF - Very Good, VGI – not available, WORK – Good.

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