PP16832/01/2013 (031128)

Company Update 6 March 2013

Buy (from Hold) Genting Plantations In Love with Iskandar Too Share price: MYR8.50 Target price: MYR10.30 (previously MYR13/sh RNAV; raise to BUY. GENP’s market cap of MYR6.4b has MYR8.00) merely priced in its growing palm oil assets. What investors over-looked is GENP’s ~6,600 acres of prime land bank worth MYR4b in Iskandar and Sepang. Investors of GENP today thus get its Iskandar landbank ONG Chee Ting, CA for free. We upgrade GENP to a BUY with a raised TP of MYR10.30 on [email protected] a higher 18x PER target on mid-FY14 earnings (+1SD of 5-year mean (603) 2297 8678 PER). Our new TP is still 20% below our estimated RNAV of MYR13.

What has changed? Slightly over a year ago (Nov 2011), GENP’s Premium Outlet (JPO) opened for business and quickly became a new landmark. Of greater significance is a new inter-change

connecting the North-South Highway to the JPO and GENP’s remaining Stock Information ~5,550 acres of undeveloped-cum-plantation land; this has improved Description: Upstream plantation player, with small accessibility and land value. An upcoming AEON mall in Kulaijaya (by exposure to property and biotechnology. end-2013) will add credence and value. On a bigger picture, 2013 is a (Planted land in 2011 = 93,498 ha) turning point for Iskandar M’sia as investments and property demand pick up. Land prices have risen steadily but not GENP’s share price. Ticker: GENP MK Shares Issued (m): 758.8 The overlooked landbank. GENP owns ~43,000 acres of freehold Market Cap (MYR m): 6,449.4 3-mth Avg Daily Turnover (USD m): 0.87 plantation estates in Peninsular Malaysia since 1980s (which are still KLCI: 1,642.08 kept at historical BV of

Major Shareholders: % acres of land in Iskandar where the JPO is located. Another prime land Genting Bhd 53.6 is its ~1,000 acres Sepang land, located next to the Sepang F1 Circuit. EPF 15.1 KWAP 6.0 GENP’s other landbank (near , , and Sg Petani in ) are also ripe for development but demand is generally slow.

Ripe for a re-rating, BUY. Valuing its Iskandar and Sepang land at

MYR14psf, we derive a value of MYR4b for these land. Combined with

its upstream plantation value (MYR5.6b) and cash (MYR0.3b), GENP’s

Historical Chart RNAV is c.MYR9.9b or MYR13/sh. Although property only account for less than 10% of GENP’s net profits, its Iskandar land bank and intrinsic 12.0 GENP MK Equity value should not be ignored. The twin benefits of Iskandar’s rising 10.0 appeal and our projected 9% 2012-15 CAGR in FFB output (higher than 8.0 its Malaysian peers) add to GENP’s appeal. 6.0 Genting Plantations – Summary Earnings Table Source: Maybank KE 4.0 FYE Dec (MYR m) FY11A FY12A FY13F FY14F FY15F 2.0 Revenue 1,336.5 1,233.4 1,318.9 1,449.4 1,572.0 EBITDA 615.4 419.7 508.2 591.2 650.2 0.0 Recurring Net Profit 442.0 327.1 398.8 469.4 520.7 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Recurring Basic EPS (sen) 58.3 43.1 52.6 61.9 68.6 EPS growth (%) 36.1 (26.0) 21.9 17.7 10.9 DPS (sen) 12.2 9.4 11.0 13.0 14.4 Performance: BVPS (MYR) 4.26 4.51 4.93 5.42 5.96 52-week High/Low MYR10.2/MYR8.12 PER 14.6 19.7 16.2 13.7 12.4 EV/EBITDA (x) 10.5 15.3 12.7 10.9 9.9 Div Yield (%) 1.4 1.1 1.3 1.5 1.7 1-mth 3-mth 6-mth 1-yr YTD P/BV(x) 2.0 1.9 1.7 1.6 1.4 Absolute (%) 3.3 (0.4) (9.1) (8.0) (5.6) Net Gearing (%) cash cash cash cash cash Relative (%) 2.4 (2.5) (8.4) (11.3) (2.8) ROE (%) 13.7 9.6 10.7 11.4 11.5

ROA (%) 10.8 6.9 7.5 7.9 7.8 Earnings revision (%) - - (4.4) (1.6) new Consensus Net Profit (MYR m) - - 398 456 498

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Genting Plantations

GENP’s overlooked Iskandar angle

Held at historical 1980s book value. GENP first foray into plantations back to 1981 with the acquisition of some 10,000 ha of plantation land in Peninsular Malaysia. As at 31 Dec 2011, GENP has approximately 17,700 ha of plantation land scattered over Johor (Iskandar – 2,659 ha; Batu Pahat – 5,548 ha; Air Hitam – 669 ha; – 1,801 ha), (Sepang) – 666 ha, Malacca – 794 ha, – 2,292 ha, Perak – 1,830 ha, and Kedah – 1,459 ha. Of these, ~17,500 ha (99% of its Peninsular landbank) was acquired in 1981-83 and has been kept at historical book values at below MYR1 psf.

Development potential. Most of the landbanks held by GENP in Peninsular Malaysia (11% of its 2011’s total estate size) are ripe for property development. While most of these land are easily accessible via the North-South Highway, some are located in secondary locations nearby Malacca, Sg Petani in Kedah, Batu Pahat and Tangkak (both in Johor) whereby economic and population growth are slower. Still they are prime for unlocking of value via property development albeit over an extended development period.

Crème de la crème - Iskandar and Sepang land. GENP’s most bankable landbank for property development are located in Iskandar and Klang Valley, two of the fastest growth areas in Malaysia. In Iskandar, GENP has over 7,000 acres in Kulaijaya, near Iskandar’s Flagship Zone E – see Figure 1. Its property development activities in Iskandar started before year 2000 under the Genting township. Today, its remaining Iskandar landbank stands at ~5,550 acres. In Klang Valley, GENP has another prime piece of land measuring approximately 430 acres in Sepang (next to the Sepang F1 Circuit) – see Figure 6.

Fig 1: Genting Indahpura, Iskandar – sprawling over 7,000 acres in Kulaijaya (~5,500 acres remains undeveloped) Genting Indahpura/ Johor Premium Outlets at Flagship E

Iskandar Malaysia • 2,217 km2 or 550,000 acres • 3 times the size of Singapore • 1.4 million population

Source: , Maybank-KE

6 March 2013 Page 2 of 17 Genting Plantations

Kulaijaya, the time is right

Seeing is believing. We recently visited GENP's property development in Kulaijaya where the JPO resides. We are convinced that this development can ride well along the present demand momentum in Iskandar. GENP’s JPO project has become a new landmark among Malaysians and Singaporeans. Access to GENP's remaining ~5,550 acres of landbank in Kulaijaya has been significantly improved via a new interchange at the JPO which will be the new gateway to GENP’s remaining landbank in Kulaijaya – see Figure 2. JPO is nestled at two interchanges with easy access to City Centre and M’sia- S’pore Second Link (Tuas Checkpoint) via the North-South Highway. An upcoming AEON mall (operational by end 2013) within its Kulaijaya development will significantly add credence and value to the area.

Ready infrastructure adds to the appeal. Kulaijaya has the ingredients for a successful mixed development township. It has well built infrastructure with a 3-lane road access running through the township, and a good mix of schools, hospitals, vibrant shops, industrial parks, and an upcoming AEON mall (in addition to JPO) to broaden its appeal as a place to work and stay. This prime piece of land is just a 5 minutes drive to airport, 30 minutes to Johor Bahru City Centre, 30 minutes to Tuas Checkpoint and 20 minutes to Nusajaya.

Fig 2: Genting Indahpura, Iskandar – sprawling over 7,000 acres in Kulaijaya (~5,550 acres remains undeveloped)

Senai To International Airport

Aeon Mall Industrial (U/C) Clusters (U/C) Forest Reserves

Johor Premium > 7,000 Outlet acres of Kulailand To Second To JohorBahru/ Link (~35km) Causeway (~30km)

Source: Google Map, Maybank-KE (area demarcated in red is the land area under Genting Plantations)

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The time is right and ripe. Johor property prices are going through a boom after years of disbelief that the Iskandar development, spearheaded by Khazanah, will take off in a big manner. Johor property prices has lagged Klang Valley price inflation until of late, thanks to foreign investors, especially Singaporeans. 2013 will prove to be the pivotal point. Johor offers cheaper land, labour and cost of living. The proposal to link KL CBD to Singapore via a high speed rail and Johor Baru to Singapore via a mass rapid transit would boost property prices in Johor, being a cheaper alternative to Singapore’s.

Fig 3: Iskandar – Recent major land transactions Location Buyer Vendor Value Acres Value Remarks (MYR ‘m) (MYR psf) Mixed Feb 2013 CapitaLand- IWH 811 71 261 A 51:40:9 JV between Temasek-IWH JV CapitaLand, Iskandar Waterfront S/B, and Temasek. The man- made island project is expected to generate a GDV of MYR8.1b

Jan 2013 Puteri Harbour Liberty Bridge UEML 401 44 211 The land sale is divided into two parcels: 29 acres @ MYR167psf and 14.7 acres at MYR297psf

Jan 2013 Medini Sunway IIB 184 300 14 Medini-Eastern Pendas South, Mixed-D project Dec 2012 Danga Bay Country Garden IWH 900 55 376 A marina and marina club, hotel, serviced apartments, offices and commercial development with GDV of MYR10-18b Dec 2012 Medini Sunway IIB 191 366 12 Medini-Western Pendas South, Mixed-D project Dec 2012 Medini Sunway IIB 221 413 12 Pendas North-Land Oct 2012 Medini Mah Sing IIB 75 8 209 Medini North for Mixed-D Dec 2011 Medini Sunway Khazanah 745 691 25 Zone F in Medini Aug 2011 Dijaya Trident World 165 125 30 Mixed-D project Aug 2011 Plentong Dijaya Trident World 55 15 84 Mixed-D project Jan 2011 n.a n.a 126 266 11 Source: NAPIC Dec 2010 Plentong Sunway Bukit Lenang 135 65 48 Source: NAPIC Development Dec 2010 Pulai Nusajaya UEM Land 50 6.7 170 - Consolidated SB

Residential Sept 2010 Tebrau S P Setia Kelana 169 259 15 Residential development Ventures

Commercial Dec 2011 Kulaijaya Aeon Genting Plant 22 18 28 Aeon Mall development in Kulaijaya Dec 2009 Kulaijaya Genting P-Simon Genting Plant 38 44 20 Johor Premium Outlet Property JV development

Industrial Oct 2012 Gerbang Nusajaya Ascendas-UEML UEML 68 120 13 Options to acquire more within 2 years at MYR14.30psf Apr 2011 Mah Sing Various 55 206 6 Identified for industrial development

Source: Various, Maybank-KE

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Record land prices in recent months. Iskandar land prices are on the rise, hitting new records in the past 12 months with recent transactions ranging between MYR209-376psf for small parcels of land with higher plot ratios, and between MYR12-25psf for large tracts of raw land near Medini where the infrastructure has yet to be built – see Figure 3. As for GENP’s Kulaijaya, its infrastructure has been largely built (for at least one-third of its remaining landbank) and ready for roll-out.

Kulaijaya land prices to enjoy spillover effect. We believe GENP will enjoy the spillover effects of rising land values in Iskandar. A recent City & Country report shows that prices of Industrial properties around Iskandar has risen by 10-64% YoY in 2012 – see Figure 4. In 1Q12, GENP sold ~8 acres of industrial plot for MYR24psf, a 33% increase from 1Q11 where another ~4 acres plot was transacted for MYR18psf in 1Q11. GENP is looking at the possibility of converting more land for industrial use given the sudden surge in demand.

Fig 4: Iskandar Malaysia: Industrial Land Prices Location Property Type Price in Price in Change 2011 2012 (%) (MYR) (MYR) SiLC Land 35 45 28 Tampoi Land 11 18 64 Senai Industrial Park Terraced 68 76 12 Nusa Cemerlang Industrial Semi-Detached 145 190 31 Park Industrial Detached 47 52 10 Source: Iskandar Malaysia, City & Country (18 Feb 2013)

JPO and AEON to boost land prices at Kulaijaya. GENP sold ~44- acre of land in Kulaijaya to the JV Co of GENP and Simon Property for the JPO development back in Dec 2009 for MYR38m (or MYR20psf). Two years later, in Dec 2011 , it sold another plot of land measuring 18 acres to AEON for MYR22m (or MYR28psf); a whopping +40% increase in land prices – see Figure 2 for their location. Still, we believe these are entry prices as JPO and AEON can help unlock the value of GENP’s remaining ~5,550 acres of landbank in Kulaijaya.

6 March 2013 Page 5 of 17 Genting Plantations

Kulaijaya property sales momentum rising

Sales momentum surged in 2011-12. Property sales (including land sales) in Kulaijaya have gained momentum over the last 2 years. New sales tripled in FY11 to MYR147m (FY10: MYR50m) and rose 3% YoY to MYR151m in FY12 – see Figure 5.

Fig 5: Kulaijaya Property Sales (2001-2012) – including land sales MYR 'm 160 140 120 100 80 60 40 20 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Company, Maybank-KE

More than MYR300m property launches planned. For 2012/13, we understand that GENP targets to launch more than MYR300m worth of combined residential and commercial properties. In Dec 2012, GENP launched about 156 units of shops near the upcoming AEON mall. The take-up rate was good. Priced above MYR1m per unit, we hear almost all the non-bumi units (bumi allocation: ~40%) have been snapped up. Approximately MYR20m of sales was recorded in FY12.

Residential launches. GENP is also looking to introduce around 160 units of landed residential properties in Genting Indahpura in 2013 comprising bungalows, semi-detached, and cluster homes in a gated- guarded community (but without amenities like club house) with starting prices at MYR0.6m per unit. We understand that GENP may consider launching its condominium development at end-2013 or early 2014.

Capitalising on momentum. While details remain sketchy, we believe GENP is looking at ways to capitalise on its current sales momentum and unlock the value of its properties. Two options under consideration are the construction of a theme park and a hotel near JPO, perhaps held by divisions under the Genting Group umbrella. Another option is to tie-up with a branded developer to unlock its property value. Presently, GENP has embarked on a phase 2 extension of its JPO given its initial success and demand for more retail space.

6 March 2013 Page 6 of 17 Genting Plantations

Sepang, another hidden gem

~1,000 acres next to Sepang F1 Circuit. Another prime piece of land owned by GENP that is ripe for property development is a ~1,000 acres land in the Klang Valley, located right next to the Sepang F1 Circuit and near the Kuala Lumpur International Airport - see Figure 6. Over the last ten years, property development in the Klang Valley has expanded aggressively south of capital city Kuala Lumpur, towards the federal administrative capital – . As landbank is increasingly scarce, property development has also extended to Bangi and Sepang. Hence, GENP’s Sepang land value has been steadily rising in value. Its neighbouring land has been developed into property development. With the KLIA2 to be operational by mid-2013, there is a rising need for more housing and recreation in the area. For now, we assume the land will remain status quo (ie agricultural) although its value is expected to increase steadily.

Batu Pahat – slow and steady. Besides Iskandar and the Sepang land, GENP has also another ~9,000 acres located approximately 12 km from the Batu Pahat town in Johor – see Figure 8. GENP has started property development in Batu Pahat since 2006, generating yearly sales of between MYR11m to MYR49m, a commendable achievement given Batu Pahat’s location. Of these ~9,000 acres of land, we understand GENP has earmarked/carved out ~250 acres for property development in the coming years.

Fig 6: Genting Plantations: 430 acres Sepang land next to KL International Airport (ripe for property development)

Approx location of 430 acres land in Sepang

KLIA KLIA 2 ‐ extension

Source: Google Map, Maybank-KE

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Fig 7: Genting Plantations: 430 acres Sepang land, an extension of Klang Valley’s expansion

North South Highway

Klang Valley, home to ~7.5m population

GENP land KLIA

Source: Google Map, Maybank-KE

Fig 8: Genting Plantations - Batu Pahat: Over 250 acres earmarked for property development (out of over 9,000 acres)

12km to Batu Pahat town

20km to North‐South Highway

Approx. location of BatuPahat : 9,000 acres of ~0.5m estates near Batu population Pahat, Johor. Some 250 acres earmarked for immediate development

Source: Google Map, Maybank-KE

6 March 2013 Page 8 of 17 Genting Plantations

Group earnings

Earnings revisions. We tweak our FY13/14 earnings estimates for GENP by -4%/-2% following housekeeping, post the release of its FY12 results. The revision includes raising our Kulaijaya property sales assumption for FY13-14 to MYR200m/220m from MYR120m/120m as we foresee a pick-up in sales. GENP’s unbilled sales for its property division stood at MYR55m (as at 31 Dec 2012) which will help provide some earnings visibility, albeit small, relative to its plantation business. We also introduce our FY15 net profit forecast. Our forecasts now imply a robust 17% core net profit CAGR expected over 2012-15.

Plantation remains its key driver. Despite our optimism over its property division, GENP’s near term earnings will still be dominated by its upstream plantation operations which will account for ~90% of group earnings, based on our estimates. This upstream division will provide for strong near term growth driven by its young oil palm estates of ~9 years. Approximately 44% of its planted oil palm estates are still immature (0-3 years) and another 15% young mature (4-7 years). This will help drive GENP’s FFB production growth over the next 3 years where we forecast a 9% CAGR for 2012-15.

Fig 9: Genting Plantations’ Oil Palm Age Profile – 118,357 ha planted (as at 31 Dec 2012) 21-25 >25 yrs, yrs, 6% 2%

16-20 yrs, 19% 0-3 yrs, 44%

8-15 yrs, 14%

4-7 yrs, 15%

Source: Maybank-KE (Average age profile - ~9 years)

Property development potential cushions downside risk. While near term earnings are predominantly driven by plantation, the intrinsic value of GENP’s landbank with property development potentials, especially its Iskandar and Sepang land, would cushion the downside risk of its share price as land prices have risen steadily in Malaysia over the past 10 years. At the last global financial crisis (2008/09), land prices did not fall in tandem despite correction in equity prices. Land owners have strong holding power. Since the last Asian financial crisis in 1997/98, Malaysian banks have been reluctant to finance purchases of idle land bank.

6 March 2013 Page 9 of 17 Genting Plantations

Valuation and Recommendations

MYR13/sh RNAV – raise to BUY. We derive a RNAV of MYR13.00 per share for GENP, valuing its ~5,550 acres of landbank in Iskandar and Sepang at MYR14psf and its plantation business on DCF. Kulaijaya land alone is worth MYR3.4b. Coupled with its Sepang land of ~1,000 acres (next to Sepang F1) valued at MYR0.6b, the combined property RNAV is ~MYR4b, making up 41% of our RNAV estimate for GENP.

For its landbank development potential, the stock deserves a re-rating. We raise GENP to BUY with a revised TP of MYR10.30 pegged at 18x mid-FY14 earnings (+1SD of 5-year mean PER). Our previous TP of MYR8.00 was based on 14.5x FY13 PER. At our new TP of MYR10.30, this is still at 20% below our RNAV estimate of MYR13.00 per share.

Fig 10: Genting Plantations RNAV estimates Location Property Type Remaining land BV MV RNAV RNAV Remarks to be developed MYR psf MYR psf MYR ‘m MYR/sh (acres) Genting Indahpura Freehold 5,553 1.08 14 3,386 4.46 Sepang Land Freehold 1,062 0.21 14 648 0.85

Property RNAV 4,034 5.32

Plantations 5,581 7.35 DCF based on WACC of 9.6% based on MYR3,000/t CPO ASP for 2013-15 and MYR2,600/t from 2016 onwards Net Cash` 248 0.33 As at 31 Dec 2012 Total 9,863 13.00

No of shares (‘ m) 759

RNAV per share 13.00

Current share price (MYR) 8.47

Upside 53%

Source: Maybank-KE, Company

Sensitivity analysis:

. RNAV risk on the down. Our MYR14psf land price assumption in Iskandar is a blended average of commercial, residential and industrial land valuations. Every MYR1psf increase in our land value assumption for Iskandar raises our RNAV estimate by MYR242m or MYR0.32 per share.

. Earnings sensitivity to CPO price. We have assumed CPO ASP of MYR3,000/t in our earnings forecast (vs spot price of ~MYR2,400/t). For every MYR100/t change in our CPO ASP forecast, GENP’s 2013 net profit changes by 6%.

6 March 2013 Page 10 of 17 Genting Plantations

Fig 11: Genting Plantations Historical Forward PER 23 21 19 17 15 13 11 9 7 5 05 06 07 08 09 10 11 12 13 Forward PER (x) 5 year mean +1sd -1sd

Source: Maybank-KE

INCOME STATEMENT (MYR m) BALANCE SHEET (MYR m) FY Dec 2012A 2013F 2014F 2015F FY Dec 2012A 2013F 2014F 2015F

Revenue 1,233 1,319 1,449 1,572 Fixed Assets 2,892 3,314 3,633 3,968 EBITDA 420 508 591 650 Other LT Assets 365 379 396 414 Depreciation & Amortisation (56) (52) (53) (54) Cash/ST Investments 951 1,099 1,394 1,716 Operating Profit 363 456 538 596 Other Current Assets 516 527 551 578 Associates 12 14 18 18 Total Assets 4,724 5,319 5,975 6,676 Interest (Exp)/Inc 28 24 26 33 One-offs - - - - ST Debt 1 139 277 415 Pre-Tax Profit 404 494 582 647 Other Current Liabilities 264 276 293 316 Tax (82) (101) (118) (132) LT Debt 703 841 979 1,117 MI 5 5 5 5 Other LT Liabilities 104 104 104 104 Net Profit 327 399 469 521 Minority Interest 229 221 212 204 Net Profit Ex. El 327 399 469 521 Shareholders' Equity 3,424 3,739 4,110 4,521 Total Capital 4,724 5,319 5,975 6,676 Revenue Growth % (7.7) 6.9 9.9 8.5 EBITDA Growth (%) (31.8) 21.1 16.3 10.0 Share Capital (m) 759 759 759 759 EBIT Growth (%) (36.4) 25.6 18.0 10.8 Debt 703 980 1,256 1,532 Net Profit Growth (%) (26.0) 21.9 17.7 10.9 Net Cash/(Debt) (187) (452) (705) (954) Net Profit Ex. El Growth (%) (26.0) 21.9 17.7 10.9 Working Capital 253 251 258 262 Tax Rate % 20.3 20.3 20.3 20.4 Gross gearing % 21 26 31 34

Average CPO price (MYR/t) 2,784 3,000 3,000 3,000 FFB production ('mil tonnes) 1.392 1.511 1.663 1.814

CASH FLOW (MYR m) RATES & RATIOS FY Dec 2012A 2013F 2014F 2015F FY Dec 2012A 2013F 2014F 2015F

Profit before taxation 404 494 582 647 EBITDA Margin % 34.0 38.5 40.8 41.4 Depreciation 56 52 53 54 Op. Profit Margin % 29.5 34.6 37.1 37.9 Net interest receipts/(payments) 28 24 26 33 Net Profit Margin % 26.5 30.2 32.4 33.1 Working capital change (94) 2 (7) (4) ROE % 9.6 10.7 11.4 11.5 Cash tax paid (82) (101) (118) (132) ROA % 6.9 7.5 7.9 7.8 Others (incl'd exceptional items) (121) (41) (47) (54) Net Margin Ex. El % 26.5 30.2 32.4 33.1 Cash flow from operations 192 430 489 544 Dividend Cover (x) 4.6 4.8 4.8 4.8 Capex (332) (475) (371) (389) Interest Cover (x) 96.2 73.4 62.1 53.7 Disposal/(purchase) (67) - - - Asset Turnover (x) 3.8 4.0 4.1 4.2 Others 37 - - - Asset/Debt (x) 6.7 5.4 4.8 4.4 Cash flow from investing (363) (475) (371) (389) Debtors Turn (days) 47.6 40.0 40.0 40.0 Debt raised/(repaid) 216 276 276 276 Creditors Turn (days) 156.7 140.0 140.0 140.0 Equity raised/(repaid) - - - - Inventory Turn (days) 77.3 80.0 80.0 80.0 Dividends (paid) (96) (84) (99) (109) Net Gearing % cash cash cash cash Others (14) Debt/ EBITDA (x) 1.7 1.9 2.1 2.4 Cash flow from financing 106 192 178 167 Debt/ Market Cap (x) 0.1 0.2 0.2 0.2 Change in cash (66) 148 295 322

Source: Company, Maybank KE

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Appendix 1 – Other Iskandar Land Owners

Fig 12: Listed land owners in Iskandar Malaysia No Company Market cap Location Landbank Remarks (MYRm) (acre) 1 UEM Land 10,780.7 Nusajaya, 5,633 51% of its remaining GDV is from Iskandar Malaysia projects (excluding 679 acres of JV project at Desaru worth MYR5.4b in GDV) 2 Genting Plantations 6,450.2 Kulaijaya 5,550 Under Iskandar Malaysia Zone E 3 Iskandar Waterfront NA Danga Bay, Tebrau Coast, 4,200 >90% located in Iskandar Malaysia Holdings Desaru, JB CBD 4 Sunway 3,360.5 Nusajaya - Medini 1,858 74% of its remaining GDV 5 Crescendo 375.3 Nusajaya, Tebrau, Kota 1,674 56% or 1,674 acres of its total landbank (3,003 Tinggi, Plentong acres in Johor) is located in Iskandar Malaysia 6 IJM Land 3,129.1 Sebana Cove, Nusajaya, city 1,423 Mostly from Sebana Cove center 7 Keck Seng 1,525.4 , Pasir Gudang, 1,341 - , 8 SP Setia 8,236.7 Nusajaya, 1,178 About 14% of remaining GDV 9 Mulpha International 871.7 Nusajaya 1,077 - 10 Tebrau 629.5 Mukim Tebrau 1,009 - 11 Gamuda 8,280.5 Nusajaya 710 22% of total remaining GDV 12 Plenitude 480.6 Tebrau, 551 26% of total landbank in Nusajaya 13 Daiman Development 384.1 Mukim Plentong, Tebrau, 523 Total landbank - 2,350 acres including 1,827 Senai-, Kota Tinggi acres in Kota Tinggi 14 Mah Sing 2,375.2 Nusajaya 407 14% of its remaining GDV 15 Dijaya 1,181.7 Danga Bay, Senibong 329 16 Country View 128.0 Nusajaya 320 26% of total landbank is within Nusajaya 17 Hua Yang 320.8 Nusajaya, Plentong, JB 190 - 18 KSL 636.6 Kempas and Nusajaya 95 - 19 Glomac 629.6 Kota Tinggi - 4.4% of its remaining GDV is derived from its project in Kota Tinggi 20 WCT 2,238.1 Medini, 46 About 25% of remaining GDV 21 IGB Corp 3,353.2 Plentong 36 A JV with Selia Pantai. The land is for a proposed -type mixed development 23 Mulpha Land 43.8 Nusajaya 7.9 - Source: Maybank KE, companies' annual reports

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Appendix 2 – History of Genting Property

History of Genting Plantations Project Development How it all started. In April 1980, Genting Plantations commenced business through the successful acquisition of the Rubber Trust Group comprising 3 Hong Kong domiciled rubber companies which owned some 13,700 hectares of plantation land in Peninsular Malaysia. In June 1981, the Ko Rubber Companies, which owned about 10,000 hectares of plantation land in Peninsular Malaysia, were acquired by Genting Group and through a restructuring exercise in 1983, some 9,268 hectares of these plantation land and businesses were transferred to Genting Plantations. In the same year, Genting Plantations acquired a further 676 hectares of oil palm plantation and a 30 tonne per hour oil mill. Cash in on its long term vision. These acquisitions would have now proven to be most astute decisions judging by the development potential of some of the land and the capital appreciation that has since taken place, particularly the 3,200 hectare - Genting Kulai Besar Estate which is now being developed as the mega Genting Indahpura project in Kulaijaya, Johor. Development started in the historic state of Malacca. The first project by Genting Plantations's property arm, Genting Property Sdn Bhd ("Genting Property") is the 55-hectare Genting Cheng Perdana in Central Melaka. Officially launched in October 1993, the project has turned out to be quite a success with its first phase of single- and double-storey houses completed and handed over to purchasers about 9 months ahead of schedule. Since then, 3 other phases have been completed and handed over in good time. Work its way up to Kedah. What followed next was the launching of the 284-hectare Genting Permaipura project in late 1994. Located about 10 km from the fast-growing town of Sungai Petani, Kedah, a town poised to become the commercial/industrial hub of the northern region in Malaysia, Genting Permaipura comprises commercial and entertainment centres, bungalow lots, residential houses and shop-offices. Also included in this project is an 18-hole golf course with a 2-tier driving range which sprawls over 160 acres of prime land against the majestic backdrop of Gunung Jerai and a clubhouse, The Genting Permaipura Golf & Country Club. Iskandar – in the spotlight now. Further, in its push to the forefront of property development, Genting Property had embarked on another project - the massive Genting Indahpura or "Beautiful City" project at Kulaijaya, Johor. Spanning over 30 years, this project located just 30 km north from the bustling and fast growing city of Johor Bahru involves the development of about 3,200 hectares of plantation land in Kulaijaya, Johor, into a self- contained township. Genting Indahpura is conceptualised as a fully- integrated development complementing the State's plan to upgrade the existing Kulaijaya town into a sub-regional centre complete with all modern amenities and convenience, and generously landscaped town parks and green lungs for healthy and recreational pursuits. The project's attraction lies in its excellent location which enjoys easy access from virtually every transportation route - road linkages through the North-South Expressway and the Second Link from Singapore; air linkages through the Sultan Ismail International airport in Senai 10 minutes away; and rail links through the Federal Railway lines.

Source: extracted from Genting Plantations website, Maybank-KE

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RESEARCH OFFICES REGIONAL ECONOMICS P K BASU Suhaimi ILIAS Regional Head, Research & Economics Chief Economist (65) 6432 1821 [email protected] . Singapore | Malaysia (603) 2297 8682 [email protected] WONG Chew Hann, CA Acting Regional Head of Institutional Research Luz LORENZO (603) 2297 8686 [email protected] . Philippines | Indonesia (63) 2 849 8836 [email protected] ONG Seng Yeow Regional Products & Planning Tim LEELAHAPHAN (65) 6432 1453 [email protected] . Thailand (662) 658 1420 [email protected]

MALAYSIA SINGAPORE THAILAND WONG Chew Hann, CA Head of Research Gregory YAP Head of Research Sukit UDOMSIRIKUL Head of Research (603) 2297 8686 [email protected] (65) 6432 1450 [email protected] (66) 2658 6300 ext 5090 . Strategy . Technology & Manufacturing [email protected] . Construction & Infrastructure . Telcos - Regional Maria LAPIZ Head of Institutional Research Desmond CH’NG, ACA Wilson LIEW Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (603) 2297 8680 [email protected] (65) 6432 1454 [email protected] [email protected] . Banking - Regional . Hotel & Resort . Consumer/ Big Caps LIAW Thong Jung . Property & Construction (603) 2297 8688 [email protected] James KOH Andrew STOTZ Strategist . Oil & Gas (65) 6432 1431 [email protected] (66) 2658 6300 ext 5091 . Automotive . Logistics [email protected]

. Shipping . Resources Mayuree CHOWVIKRAN ONG Chee Ting, CA . Consumer (66) 2658 6300 ext 1440 [email protected] (603) 2297 8678 [email protected] . Small & Mid Caps . Strategy . Plantations- Regional YEAK Chee Keong, CFA Suttatip PEERASUB Mohshin AZIZ (65) 6432 1460 [email protected] (603) 2297 8692 [email protected] . Offshore & Marine (66) 2658 6300 ext 1430 [email protected] . Aviation Alison FOK . Media . Petrochem (65) 6432 1447 [email protected] . Commerce UMWORACHAI YIN Shao Yang, CPA . Services Sutthichai K (603) 2297 8916 [email protected] . S-chips (66) 2658 6300 ext 1400 [email protected] . Gaming – Regional Bernard CHIN . Energy . Media (65) 6432 1446 [email protected] . Petrochem ANTIVIVAT TAN CHI WEI, CFA . Transport (Land, Shipping & Aviation) Termporn T (603) 2297 8690 [email protected] ONG Kian Lin (66) 2658 6300 ext 1520 [email protected] . Power (65) 6432 1470 [email protected] . Property . Telcos . REITs / Property Woraphon WIROONSRI WONG Wei Sum, CFA Wei Bin (66) 2658 6300 ext 1560 [email protected] (603) 2297 8679 [email protected] (65) 6432 1455 [email protected] . Banking & Finance . Property & REITs . S-chips Jaroonpan WATTANAWONG LEE Yen Ling . Small & Mid Caps (66) 2658 6300 ext 1404 [email protected] . Transportation (603) 2297 8691 [email protected] INDONESIA . Building Materials . Small cap. Katarina SETIAWAN Head of Research Chatchai JINDARAT . Manufacturing (62) 21 2557 1125 [email protected] . Technology (66) 2658 6300 ext 1401 [email protected] . Consumer . Electronics LEE Cheng Hooi Head of Retail . Strategy Pongrat RATANATAVANANANDA [email protected] . Telcos (66) 2658 6300 ext 1398 [email protected] . Technicals Lucky ARIESANDI, CFA . Services/ Small Caps HONG KONG / CHINA (62) 21 2557 1127 [email protected] . Base metals Edward FUNG Head of Research VIETNAM . Mining (852) 2268 0632 [email protected] Michael KOKALARI, CFA Head of Research . Oil & Gas . Construction (84) 838 38 66 47 [email protected] . Wholesale Ivan CHEUNG, CFA . Strategy Rahmi MARINA (852) 2268 0634 [email protected] Nguyen Thi Ngan Tuyen (62) 21 2557 1128 [email protected] . Property (84) 844 55 58 88 x 8081 [email protected] . Banking . Industrial . Food and Beverage . Multifinance Ivan LI, CFA . Oil and Gas Pandu ANUGRAH (852) 2268 0641 [email protected] Ngo Bich Van (62) 21 2557 1137 [email protected] . Banking & Finance (84) 844 55 58 88 x 8084 [email protected] . Automotive Jacqueline KO, CFA . Banking . Heavy equipment (852) 2268 0633 [email protected] Trinh Thi Ngoc Diep . Plantation . Consumer (84) 844 55 58 88 x 8242 [email protected] . Toll road Andy POON . Technology Adi N. WICAKSONO (852) 2268 0645 [email protected] . Utilities (62) 21 2557 1128 [email protected] . Telecom & equipment . Construction . Generalist Alex YEUNG Dang Thi Kim Thoa Anthony YUNUS (852) 2268 0636 [email protected] (84) 844 55 58 88 x 8083 [email protected] (62) 21 2557 1139 [email protected] . Industrial . Consumer . Cement Warren LAU Nguyen Trung Hoa . Infrastructure (852) 2268 0644 [email protected] +84 844 55 58 88 x 8088 [email protected] . Property . Technology - Regional . Steel Arwani PRANADJAYA Karen KWAN . Sugar (62) 21 2557 1129 [email protected] (852) 2268 0640 [email protected] . Resources . Technicals . China Property Jeremy TAN PHILIPPINES (852) 2268 0635 [email protected] Luz LORENZO Head of Research . Gaming (63) 2 849 8836 [email protected]

INDIA . Strategy Y IACCO Jigar SHAH Head of Research Laura D -L (91) 22 6623 2601 [email protected] (63) 2 849 8840 [email protected] . Oil & Gas . Utilities . Automobile . Conglomerates . Cement . Telcos ARREAL Anubhav GUPTA Lovell S (91) 22 6623 2605 [email protected] (63) 2 849 8841 [email protected] . Metal & Mining . Consumer . Capital goods . Media . Property . Cement ERECINA Urmil SHAH Kenneth N (91) 22 6623 2606 [email protected] (63) 2 849 8839 [email protected] . Technology . Conglomerates . Media . Property Varun VARMA . Ports/ Logistics (91) 226623 2611 [email protected] Katherine TAN . Banking (63) 2 849 8843 [email protected] . Banks . Construction Ramon ADVIENTO (63) 2 849 8845 [email protected] . Mining

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. 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DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission.Philippines:MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (“KEVS”) (License Number: 71/UBCK-GP) is licensed under the StateSecuritiesCommission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Singapore: As of 6 March 2013, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 6 March 2013, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report. MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

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Definition of Ratings Maybank Kim Eng Research uses the following rating system: BUY Total return is expected to be above 10% in the next 12 months (excluding dividends) HOLD Total return is expected to be between -10% to +10% in the next 12 months (excluding dividends) SELL Total return is expected to be below -10% in the next 12 months (excluding dividends) Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax

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 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd USA Inc Bursa Malaysia Securities Berhad) 9 Temasek Boulevard 6/F, 20 St. Dunstan’s Hill 777 Third Avenue, 21st Floor 33rd Floor, Menara Maybank, #39-00 Suntec Tower 2 London EC3R 8HY, UK New York, NY 10017, U.S.A. 100 Jalan Tun Perak, Singapore 038989 50050 Kuala Lumpur Tel: (44) 20 7621 9298 Tel: (212) 688 8886 Tel: (603) 2059 1888; Tel: (65) 6336 9090 Dealers’ Tel: (44) 20 7626 2828 Fax: (212) 688 3500 Fax: (603) 2078 4194 Fax: (65) 6339 6003 Fax: (44) 20 7283 6674

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