What's on the Table… News of the Day…

Daybreak Malaysia May 22, 2012

KLCI 1,538.91 Gainers/Losers… Turnover Regional Indices (+6.45pts /+0.42% ) Gainers 385 814m units / RM1,110 KLCI 1,539 Losers 306 3m avg. - RM1,642m FSSTI 2,790 - May futures 1537.0 (+0.69% ) Unchanged 301 JCI 3,940 - June futures 1535.0 (+0.62% ) SET 1,135 HSI 18,922

Charts & Statistics What’s on the Table… Tan Chong Motor Holdings - In reverse gear Index Chart

FBMKLCI Index Though earnings should improve as supply recovers, Tan Chong’s 1Q12 core net 1700 profit was way below expectations, at 13% of our full-year projection and 12% of 1650 consensus numbers. The high effective tax rate and A&P spend were to blame. 1600 1550 We are cutting EPS for a higher tax rate and lower margins, leading to a fall in 1500 our SOP-based target price. We downgrade the stock from Neutral to 1450 Underperform. The share price has done well, rising 10% YTD vs. the KLCI’s 1400 1350 1%. As few meaningful rerating catalysts are in sight, investors should lock in 1300 profits. We like DRB for exposure to the sector. May-11 Aug-11 Nov-11 Feb-12 May-12 Source: Bloomberg Telco - Fixed Line - Maxis’s broadband broadside The recent deep cuts in Maxis's fibre broadband price were a negative surprise Terence Wong CFA T (60) 3 20849689 to us. The telco slashed its price by 46%, undercutting TM’s entry-level plan by E [email protected] 21% and equivalent plan by 41%. But we are not overly concerned about this

because Maxis cannot sustain this price. We think that TM will not respond to

Maxis’s new promotion unless its growth slows sharply. The sector remains a Market Indices… Neutral. TM remains an Outperform and our top pick with an unchanged Close % change YTD (% chg) FBMKLCI 1,539 0.4 0.5 DCF-based target price. Maxis is a Neutral as its near-term earnings pressure is FBM100 10,313 0.4 (0.0) FBM SC 11,545 0.2 (1.1) balanced by attractive dividends. FBMMES 4,232 0.1 4.0 Dow 12,504 1.1 2.3 SP Setia - Setia Mall delivers the goods Nasdaq 2,847 2.5 9.3 FSSTI 2,790 0.4 5.4 The crowds that thronged SP Setia’s first shopping mall when it opened last FTSE-100 5,304 0.7 (4.8) Hang Seng 18,922 (0.2) 2.6 week suggest that it should be a major attraction for the Shah Alam-Klang area. JCI 3,940 (1.0) 3.1 KOSPI 1,799 0.9 (1.5) Committed tenancy is 100% and rentals are in the low-teens, a commendable Nikkei 225 8,634 0.3 2.1 feat for any mall. The new mall will be a boost to property values in Bandar PCOMP 4,954 1.5 13.3 SET 1,135 (1.7) 10.7 Setia Alam and will help drive SP Setia’s earnings growth. We retain our Shanghai 2,348 0.2 6.8 Trading Buy call and valuation basis of parity with its FD RNAV of RM4.30. TWSE 7,192 0.6 1.7 The stock is not an outperform due to the property sector’s sensitivity to

Top Actives… election risks. RM % change Turnover (m) SMI 0.265 35.9 44.684 Autos - April vehicle sales – nearing a turning point SKPETRO 1.940 (1.0) 32.736 AGLOBAL 0.170 0.0 32.161 ASIAEP 0.050 11.1 22.754 Mah Sing Group - Another building block in place JCY 1.440 (2.0) 22.721 ASUPREM 0.185 (2.6) 17.859 Xingquan International - Cooling its heels NICORP 0.400 1.3 17.332 ASIAEP-WB 0.020 33.3 14.009 Shipping Monitor - Container spot rates ease further

Economic Statistics… Economic Update - Mar leading index – Back in the slow lane Close % change US$/Euro 1.2818 0.30 RM/US$ (Spot) 3.129 (0.16) News of the Day… RM/US$ (12-mth NDF) 3.1791 (0.54) OPR (% ) 3.00 3.45 • MMC-Gamuda say no time extension to complete Ipoh-Padang Besar Double Track BLR (% , CIMB Bank) 6.60 0.00 GOLD ( US$/oz) 1593.07 0.01 • UAC takeover offer at RM4.30/share by Boustead Holdings WTI crude oil US spot (US$/barrel) 92.57 1.19 • Malaysia Airline Systems is said to have re-negotiated its catering contracts CPO spot price (RM/tonne) 3,096 0.85 • Salcon Bhd is on the lookout for more acquisition opportunities in China • China bypass Wall Street buying US government debt, go straight to US Treasury?

• Germany/France pledged to do whatever was needed to keep Greece in eurozone?

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

May 22, 2012

Global Economic News… China, holder of US$1.17tr of US Treasuries, can now bypass Wall Street when buying US government debt and go straight to the US Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters. (Reuters)

Japan’s all-industry activity index fell 0.3% mom in Mar (-0.1% in Feb), the third consecutive month of decline and worse than economists’ forecast of a 0.1% fall largely on the back of contraction in the construction sector. On a yoy basis, the measure stood at 5.5% in Mar (1.6% in Feb). (RTTNews)

Japan’s leading index rose to a revised 96.4 in Mar (96.1 in Feb; 96.6 in the initial estimate), whilst the coincident index climbed to 96.7 (95.2 in Feb; 96.5 in the initial estimate). The lagging index came in at 86.7 (86.3 in Feb), in line with the initial estimate. (RTTNews)

Japan is in talks with Myanmar on an investment treaty, with Tokyo eyeing terms to help its companies establish themselves in the isolated nation as it embraces democratic reforms. (AFP)

Eurozone construction output rose 12.4% mom in Mar (a revised -10.4% in Feb), the fastest rate in at least a decade due to improved weather from Feb’s harsh climate, whilst on a yoy basis, the measure fell 3.8% (-12.9% in Feb). (Dow Jones)

Germany and France pledged to do whatever was needed to keep Greece in the eurozone, with French Finance Minister Pierre Moscovici calling on Europe to support investment and economic growth in Greece “at a time when it is going through a violent recession.” (AFP)

India's finance ministry has agreed to pay 385bn rupees in additional cash subsidies to state-run fuel retailers for selling fuel below cost last financial year, a senior government official said. (WSJ)

Standard & Poor’s holds that foreign investment in Indonesia is being hampered by bureaucracy, corruption, legal uncertainty, infrastructure deficiencies and inflexible labour markets, maintaining the country’s sovereign debt at junk on the nation’s failure to reduce the fuel subsidy, among its concerns over government policy. (Business Times)

The Indonesian Motorcycle Industry Association (AISI) has revised down its 2012 domestic motorcycle sales forecast to about 8.4m units from 9m units, due to slowing domestic demand. (Bisnis Indonesia)

The Indonesian government has spent just over 10% of the total 2012 capital spending budget of Rp168.87tr in 1Q12, and aims to disburse 25% of capital spending by the end Jul, leaving 75% to be spent in 2H12. (Jakarta Post)

May 22, 2012

Thailand’s economy grew 0.3% yoy in 1Q12 (-8.9% in 4Q11), whilst on a qoq basis, GDP grew 11% after seasonal adjustment (-10.8% in 4Q11), thanks to recovery from the floods and the government’s stimulus measures to alleviate high living costs. The National Economic and Social Development Board also maintained its optimistic 5.5-6.5% GDP growth for 2012 and urged the Bank of Thailand not to tighten monetary policy early. (AFP, The Nation)

Thailand, the world's biggest rubber exporter, plans to buy more than 10,000 tonnes on the Tokyo and Shanghai exchanges to boost prices, said Rubber Estate Organisation managing director Chanachai Plengsiriwat. (The Nation)

Thai Commerce Minister Boonsong Teriyapirom announced that foreign countries are keen to make government-to-government purchases of rice from Thailand to the tune of over 2m tonnes this year. (Thai Financial Post)

Vietnam’s growth targets for 2012 will be kept unchanged at 6-6.5% although the economy has encountered many problems in the first few months, said Nguyen Hanh Phuc, chairman of the National Assembly Office. (The Saigon Times)

It is too soon to conclude that Vietnam has entered an economic downturn, as the State budget revenue has not been affected much, said, National Assembly Financial and Budgetary Committee chairman Phung Quoc Hien. (The Saigon Times)

The Philippine government posted a record budget surplus of PP31.02bn in Apr, bringing the 4M12 deficit to PP2.88bn, less than 3% of the PP109.34bn the government intends to spend on top of the national budget in the first semester. (Philippine Daily Inquirer)

Malaysian Economic News… The leading index (LI) decreased 0.5% mom in Mar (+1.7% mom in Feb). The coincident index (CI) increased 0.9% mom in Mar (+3.6% mom in Feb) while the lagging index rose 1.3% mom (unchanged in Feb). The level of diffusion index for both LI and CI remain above 50%, suggesting that the Malaysian economy will continue to expand albeit at a moderate rate in the near term. (Department of Statistics) Please refer to our Economic Update for further details

Australia will sign a free trade agreement (FTA) with Malaysia today. Under the deal, more than 97% of the tariffs on Australian goods sold in Malaysia will be eliminated. In return, Australia has agreed to accelerate the removal of tariffs for goods from Malaysia. Malaysia is Australia’s ninth biggest trading partner with two-way trade worth about US$13bn (RM40.8bn) a year. (Financial Daily)

Consumer financing companies such as AEON Credit Service (M) Bhd have their set of rules to minimise risks of borrowers default, although they are not confined to Bank Negara Malaysia’s responsible lending guidelines.

May 22, 2012

Currently, such companies provide personal financing or car loans to borrowers, mainly by looking at the applicants’ gross income instead of net income. Some companies are also offering 100% loans to car buyers. Such scheme may seem attractive. However, it does come with its set of terms and conditions, i.e. the loans are only applicable to those who buy used cars from its list of approved deals, the scheme comes with an interest rate of as high as 9% and loan term of up to seven years. (BT)

The federal government has allocated RM166m this year to carry out 20 road projects in Sarawak, State Infrastructure Development and Communications Minister Datuk Seri Michael Manyin said. Five of the projects had been completed while the rest were under various stages of implementation. Some RM37.8m of the allocation had been spent, he said. The proposed Sungai Pandaruan Bridge linking Limbang district and Brunei’s territory of Temburong, which cost RM20.8m, was among the ongoing projects this year and was expected to be completed by 14 Aug next year. The cost of the bridge project would be shared by both governments of Malaysia and Brunei, he added. (Malaysian Reserve)

The electrical and electronics (E&E) industry still faces human capital issues such as shortages in information technology and software engineers, Minister of the International Trade and Industry (Miti) Datuk Seri Mustapa Mohamed said. The current fresh graduates in the fields coming out from universities and higher learning institutions are not sufficient to support the growing industry demand, he said. (Malaysian Reserve)

Political News… Three PKR leaders, including Datuk Seri Anwar Ibrahim, will earn the dubious honour of being the first to be charged under the newly enforced Peaceful Assembly Act 2012 over their involvement in the Bersih 3.0 rally on Apr 28. Anwar, PKR deputy president Azmin Ali and its youth leader, Badrul Hisham Shaharin, are scheduled to appear in the magistrate's court in Jalan Duta at 9am today. An official from the Attorney-General's Chambers said they would face two charges each. They will be charged with violating a court order by taking part in the rally at Dataran Merdeka and disobeying an order issued by a magistrate prohibiting any gathering at the same venue. The second charge is for instigating three others to remove the barriers put up by the authorities at Dataran Merdeka. (NST)

Corporate News… Xingquan International Sports Holdings Ltd says it received sales orders of RMB826m (RM400m) for its GERTOP brand of shoes, apparels and accessories at the Autumn/Winter 2012 sales fair held in Quanzhou, China. It was a 4.6% jump in sales compared with that recorded at the same event last year, China’s fast-growing outdoor casual wear enterprise said in a filing to Bursa Malaysia yesterday. (BT) Please refer to our note for further details

May 22, 2012

MMC-Gamuda JV says there will be no extension of time (EOT) to complete the Ipoh-Padang Besar Electrified Double Track Project (EDTP). The project will be completed by the end of 2014, project director Datuk Paul Ha Tiing Tai said. "The project was granted an EOT from 2013 to 2014 by the government. There will be no new EOT for the EDTP beyond 2014," he said. It was earlier reported that the EDTP had hit a snag due to cost overrun and that MMC-Gamuda may ask RM1.5bn in variation order (VO) claims from the government. He stressed that there is no such VO, but in effect an expense and loss claim associated with the earlier EOT from 2013 to 2014, which is for actual additional expense incurred due to a delay caused by the government. The expense and loss claim is nowhere near RM1.5bn, he said. (BT)

Shareholders of UAC Bhd are in for a windfall following Boustead Holdings Bhd’s offer of RM4.30/share in its plan to privatise the company. The offer price, which includes a RM1/share dividend payout, represents a premium of about 50% of UAC’s five-day volume weighted average market price of RM2.87 as of last Friday. Boustead, controlled by Lembaga Tabung Angkatan Tentera, said yesterday it intended to privatise UAC, in which it owns a 65.2% stake, by way of a proposed selective capital reduction and repayment exercise (SCR) and dividend payout. UAC, which has been listed on the stock exchange since 1966,is a manufacturer and distributor of fibre cement building and construction products. (BT)

Singapore based GK Investment Holdings Pte Ltd has emerged as a substantial shareholder in nice property developer E&O following acquisitions of shares in the company on the open market last week. Filings to Bursa Malaysia showed that GK Goh founder and executive chairman Goh Geok Khim had acquired a total of 3m shares, representing about 0.27% stake in E&O from May 16 to 18. The transactions were believed to have been done at around RM1.30. Following the transactions, Goh would now have direct interest of one million shares or 0.09% stake and indirect interest of 58.1m or 5.16% in the company. GK Goh was one of the three vendors that collectively sold off a 30% stake in E&O to Sime Darby at RM2.30. (Starbiz)

The Employees Provident Fund (EPF) has published the revised list of fund management institutions (FMI) and unit trust funds for 2012/2013 for the EPF members investment scheme (EPF-MIS). EPF public relations general manager Nik Affendi Jaafar said: “The list of funds under EPF-MIS is reviewed annually based on a set of evaluation criteria that focuses on the consistency of fund performance, as approved by the Ministry of Finance. “The evaluation process is carried out together with the Federation of Investment Managers Malaysia (FIMM) which represents the unit trust industry.”(Starbiz)

Masterskill's announcement that it is delaying plans to build its flagship campus is in line with speculation that the company may consider returning some of the proceeds IPO to shareholders. It said it will relocate RM76.9m balance IPO proceeds to be used as working capital. This is equivalent to 52.2% of the total RM147.6m raised from IPO. There have been recent reports that Masterskill would look into the possibility of distributing a portion of its listing funds as well as sell some assets to stave off declining student numbers and a tough

May 22, 2012

operating environment. Management has, however, dismissed as speculation the news of a special dividend. (StarBiz)

Malaysia Airlines (MAS) has offered a maximum of two years of unpaid leave to its Malaysia-based employees as the flag carrier works out strategies to cut costs and seek RM6bn to fund a re-fleeting programme after losing RM2.52bn last year and aborting a share swap with competitor AirAsia. The programme is only for permanent MAS employees, excluding those in the MASWings division, MASWings Sdn Bhd and Firefly. This is the second time in recent times that MAS employees have been offered the option of unpaid leave. The first was during Datuk Seri Idris Jala’s time as the airline’s managing director when about 300 people took up the option. Some 2,600 others were laid off under a Voluntary Separation Scheme (VSS) in 2005, funded by the Treasury. (Malaysian Insider)

Malaysia Airline Systems Bhd is said to have re-negotiated its catering contracts where it will no longer pay a guaranteed monthly amount for catering services and only what it takes from LSG Sky Chefs-Brahim’s Sdn Bhd. A source said that with good inventory planning it will only uplift what it needs and this whole exercise helps it cut wastage and hopefully it translates in reduced cost for the airline. (Star Biz)

Salcon Bhd, a water and waste water solutions provider, is on the lookout for more acquisition opportunities in China as the company embarks on an aggressive expansion plan for the near term.The company, via several water treatment plants and concessions in China, has the capacity to treat 1.3bn litres per day of water. "We hope to increase the capacity to 3.0bn litre per day over the next two years. Then, only we will start to list our China assets on the stock exchange," said Salcon COO Ooi Cheng Swee during a media briefing here yesterday." "He was speaking to the media after signing a sale and purchase agreement with Darco Water Technologies Ltd. Salcon has agreed to buy a 60% cent stake in Darco Environmental Ptd Ltd for RM47.5m. Darco Environmental, which owns two water assets in China, is a wholly-owned unit of Darco Water Technologies, which is listed on the Singapore stock exchange. The acquisition is expected to generate total revenue of RMB1.7bn (RM842.5m) from the two water assets, which are in Wukang and Qian Yuan and have concession periods of 25 and 22 years respectively.(BT)

Nasim Sdn Bhd, local distributor of the Peugeot brand, has launched the highly-anticipated all-new Peugeot 408. COO Datuk Samson Anand George is confident the Peugeot 408 will contribute significantly to Nasim's sales target of 9,300 units this year, or 72% more than in 2011.The sedan is available in two variants: 408 Turbo and 408 2.0. (BT)

HeiTech Padu Bhd has won a RM34.5m software replacement and maintenance services contract from the Inland Revenue Board (IRB). The company said the contract was for three years and any further renewal or extension of the duration would be at the discretion of the board. (BT)

May 22, 2012

Brahim's Holdings has proposed to buy the remaining 49% stake in Brahim's-LSG Sky Chef Holdings Sdn Bhd (BLH) for RM130m cash. BLH's 70%-owned subsidiary, LSG Sky Chefs-Brahim's Sdn Bhd (LSGB) is involved in catering and catering related services. LSGB provides in-flight catering and related services at the Kuala Lumpur International Airport and Penang airport. LSGB has a 25-year concession expiring in 2028 to provide catering and related services to Malaysian Airline System Bhd at both airports. (Starbiz)

TAS Offshore Bhd has secured a major contract to sell two vessels for RM98m to a Middle-East client.The two anchor handling/oil recovery/support vessels are expected to be delivered by late 2013. The same client has over the years purchased 15 units of vessels from TAS. Group MD Datuk Lau Nai Hoh said the latest contract increased the total value of contracts won by TAS for financial year ending May 31 to RM182.5m. (Starbiz)

KFC Malaysia will make most of the new outlets it plans for this year, Drive Thru. There are plans for between 15 and 17 new outlets for the year. KFC Malaysia deputy president Alan Au said the longer operation hours and increasing appetite for it will drive the establishment of more Drive Thru outlets this year, despite the higher amount of investments needed. While a typical KFC outlet needs about RM 1m for set up, a Drive Thru outlet ranges between RM3m and RM4m. Currently, KFC has 46 Drive Thru outlets in Malaysia. Meanwhile KFC yesterday launched its latest offering, KFC Pokkits for a three month trial period. KFC Pokkits is a brand new Yum! Brands Inc innovation and Malaysia is the first country to launch this nation wide. (BT)

A group calling themselves the Caring Parents are asking Tasek Concrete S/B, a subsidiary of Tasek Cement to move out of its operations at Bukit Petaling. Its plant is just 300metres from the SJK (C) Kuen Cheng school. The school children are already suffering from skin allergies and eye irritation from the exposed cement dust. (BT)

May 22, 2012

BMSB: Changes in shareholdings Type of No of Ave Price 21-Mar-12 Date transaction securities Company (RM) EPF 15/05-16/05 Disposed 3,311,600 BUMI ARMADA EPF 16/05 Disposed 500,000 AMMB HOLDINGS EPF 16/05 Disposed 414,000 HONG LEONG BANK EPF 16/05 Disposed 117,400 KLCC PROPERTY EPF 16/05 Disposed 632,800 MAXIS BERHAD EPF 16/05 Disposed 455,200 SUPERMAX EPF 16/05 Disposed 10,000 C&C BINTANG EPF 16/05 Disposed 10,000 MAHB EPF 16/05 Disposed 32,800 KULIM EPF 16/05 Disposed 48,000 TA ANN Kumpulan Wang Persaraan 15/05 Disposed 24,500 NCB HOLDINGS Kumpulan(Diperbadankan) Wang Persaraan 14/05 Disposed 34,000 PETRONAS GAS Aberdeen(Diperbadankan) Asset Management PLC 14/05 Disposed 1,300 BAT BHD Aberdeen Asset Management PLC 14/05 Disposed 52,700 CIMB GROUP Bukit Mertajam Specialist Hospital Sdn Bhd 15/05-17/05 Disposed 220,000 ALAQAR Lee See Jin 18/05 Disposed 220,000 NTPM HOLDINGS EPF 16/05 Acquired 1,000,000 YTL CORPORATION EPF 16/05 Acquired 1,500,000 UEM LAND EPF 16/05 Acquired 1,000,000 TNB EPF 16/05 Acquired 3,302,500 MALAYAN BANKING EPF 16/05 Acquired 3,258,000 KPJ HEALTHCARE EPF 16/05 Acquired 3,072,300 UMW HOLDINGS EPF 16/05 Acquired 3,655,800 CIMB GROUP EPF 16/05 Acquired 1,150,000 IOI CORPORATION EPF 16/05 Acquired 2,595,100 AIRASIA BERHAD EPF 16/05 Acquired 2,244,500 TELEKOM MALAYSIA EPF 16/05 Acquired 1,000,000 IJM CORPORATION EPF 16/05 Acquired 2,604,400 SIME DARBY EPF 16/05 Acquired 2,023,500 DIGI.COM EPF 16/05 Acquired 1,350,600 DIALOG GROUP EPF 16/05 Acquired 430,000 DRB-HICOM EPF 16/05 Acquired 490,000 PETRONAS GAS EPF 16/05 Acquired 642,600 KLK BHD EPF 16/05 Acquired 163,300 YTL POWER EPF 16/05 Acquired 500,000 MBM RESOURCES EPF 16/05 Acquired 500,000 HAP SENG PLANTATIONS EPF 16/05 Acquired 742,100 PUBLIC BANK EPF 15/05-16/05 Acquired 819,100 ALLIANCE FINANCIAL EPF 16/05 Acquired 200,000 TH PLANTATIONS EPF 16/05 Acquired 985,900 GAMUDA BERHAD EPF 14/05 Acquired 290,000 LITRAK EPF 16/05 Acquired 300,000 IJM LAND EPF 16/05 Acquired 300,000 IJM PLANTATIONS EPF 16/05 Acquired 183,000 IGB CORPORATION EPF 16/05 Acquired 35,000 TAN CHONG EPF 15/05 Acquired 45,400 HOCK SENG LEE EPF 15/05 Acquired 18,700 JT INTERNATIONAL Lembaga Tabung Haji 16/05-18/05 Acquired 2,458,000 MUDAJAYA Aberdeen Asset Management PLC 18/05 Acquired 29,600 SHANGRI-LA Aberdeen Asset Management PLC 16/05 Acquired 20,000 TASEK CORPORATION Aberdeen Asset Management PLC 16/05 Acquired 28,000 UNITED PLANTATIONS Aberdeen Asset Management PLC 16/05 Acquired 120,000 YNH PROPERTY Aberdeen Asset Management PLC 18/05 Acquired 34,100 AEON CREDIT Aberdeen Asset Management PLC 16/05-17/05 Acquired 95,000 UNITED MALACCA Laxey Partners (UK) Limited 14/05-18/05 Acquired 211,500 ICAPITAL.BIZ G.K. Goh Strategic Holdings Pte Ltd 17/05-18/05 Acquired 2,500,000 E&O BHD Tan Sri Dato' Seri Arshad bin Ayub 18/05 Acquired 210,000 MALAYAN FLOUR 1.46 Dato' Hamzah Bin Bakar 17/05 Acquired 107,000 SAPURAKENCANA 2.24 Gan Thian Chin 16/05-18/05 Acquired 317,000 KELADI MAJU SOURCES: BMSB

May 22, 2012

BMSB: Changes in shareholdings BMSB: Share buyback Type of No. of Ave Price 21-May-12 Date transaction securities Company (RM) Teh Lip Kim 18/05 Acquired 223,000 SELANGOR DREDGING 0.70 Mudajaya 21/03 Share buy-back 100,000 MUDAJAYA 2.51 YTL 21/03 Share buy-back 5,700,000 YTL CORPORATION 1.73

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

May 22, 2012

BMSB: ESOS & others 22-Mar-12 No Of New Shares Date of Listing Nature of transaction KPJ HEALTHCARE 189,000 23-May-12 Exercise of Warrants-15 IJM LAND 146,700 23-May-12 Exercise of Warrants-13 SOURCES: BMSB

BMSB: Off-market transactions 21-Mar-12 Vol AGLOBAL 800,000 APM 980,000 GPRO 17,000,000 KFC 1,500,000 PERISAI 1,207,700 Notes:CN-Crossing deal on board lots MN-Married deal on board lots MO-Married deal on odd lots SOURCES: BMSB

May 22, 2012

BMSB: Dividends Company Particulars Gross DPS (RM Sen) Ann Date Ex-Date Lodgement Payment TELEKOM MALAYSIA Final - single-tier 9.80 12-Apr-12 22-May-12 24-May-12 8-Jun-12 PETRONAS GAS Final - single-tier 25.00 20-Apr-12 23-May-12 25-May-12 13-Jun-12 HARTALEGA 3rd Interim - single-tier 5.00 8-May-12 23-May-12 25-May-12 13-Jun-12 AXIATA GROUP Final - single-tier 15.00 27-Apr-12 28-May-12 30-May-12 14-Jun-12 UNISEM Final - TE 2.00 26-Apr-12 30-May-12 1-Jun-12 15-Jun-12 TAN CHONG Final 6.00 27-Apr-12 30-May-12 1-Jun-12 22-Jun-12 MALAYSIAN BULK Final - single-tier 3.00 8-May-12 1-Jun-12 5-Jun-12 20-Jun-12 ANN JOO Final - single-tier 3.50 7-May-12 4-Jun-12 6-Jun-12 21-Jun-12 PETRONAS DAGANGAN Interim 17.50 21-May-12 4-Jun-12 6-Jun-12 26-Jun-12 SUPERMAX Final - TE 1.75 28-Feb-12 6-Jun-12 8-Jun-12 28-Jun-12 MAXIS BERHAD Final - single-tier 8.00 30-Apr-12 6-Jun-12 8-Jun-12 22-Jun-12 PETRONAS CHEMICALS Final - single-tier 8.00 8-May-12 6-Jun-12 8-Jun-12 26-Jun-12 MALAYSIA MARINE Final - single-tier 10.00 21-Feb-12 11-Jun-12 13-Jun-12 4-Jul-12 JOBSTREET Final - single-tier 0.50 23-Apr-12 11-Jun-12 13-Jun-12 29-Jun-12 MEDIA PRIMA Final - single-tier 5.00 27-Mar-12 13-Jun-12 15-Jun-12 13-Jul-12 DIALOG GROUP Interim -single-tier 1.10 10-May-12 13-Jun-12 15-Jun-12 29-Jun-12 AIRASIA BERHAD 1st & Final -single-tier 5.00 15-May-12 19-Jun-12 21-Jun-12 20-Jul-12 MUDAJAYA Final - single-tier 2.50 27-Apr-12 22-Jun-12 26-Jun-12 16-Jul-12 UCHI TECHNOLOGIES Final - TE 7.00 30-Apr-12 27-Jun-12 29-Jun-12 26-Jul-12 GENTING PLANTATIONS Final 5.75 10-May-12 27-Jun-12 29-Jun-12 17-Jul-12 GENTING MALAYSIA Final 4.80 10-May-12 27-Jun-12 29-Jun-12 23-Jul-12 F&N BHD Interim -single-tier 20.00 7-May-12 3-Jul-12 5-Jul-12 1-Aug-12

SOURCES: BMSB

BMSB: New Listing Company Issue price No of shares Listing sought Tentative Public Issue Offer for sale Private placement listing date Pestech 1.00 12,880,000 8,588,000 3,644,600* Main Market 30-May-12

* of which 1,513,000 Shares is part of Public Issue and 2,131,600 Shares is part of Offer For Sale SOURCES: BMSB

May 22, 2012

Corporate Actions May 2012

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 Labour Day Unisem 1Q Wesak Day

6 7 8 9 10 11 12 F&N 2Q, MSM 1Q, External Reserves, External Trade, IPI, Manufacturing MPC, Umno 66th Pavilion REIT 1Q Hartalega 4Q Petronas Gas 1Q, Sales, Dialog 3Q, anniversary gathering MMHE 1Q Pelikan 1Q at the National Stadium 13 14 15 16 17 18 19 Latexx 1Q MISC 1Q, Media JobStreet 1Q, AMMB Tomypak 1Q Prima 1Q, Hong 4Q, Xingquan 3Q, Leong Bank 3Q JCY 2Q

20 21 22 23 24 25 26 PetDag 1Q, Tan External Reserves, BOP, CPI, GDP, Uchi YTL Power 3Q, UEM Land 1Q, Chong 1Q, Imaspro WCT 1Q, MRCB 1Q, 1Q, AirAsia 1Q, Kossan 2Q, JTI 1Q, Supermax 1Q, Hektar 3Q Malaysian Genomics Perisai 1Q, Star 1Q, KLK 3Q REIT 1Q 3Q Axiata 1Q, Guinness 3Q 27 28 29 30 31 Mah Sing 1Q, E&O Sime Darby 3Q, UM Land 1Q, Eksons Money Supply, PPI, 4Q, UOA Dev 1Q, Lafarge 1Q, IJM 4Q, 4Q, IOI Corp 3Q, TM Ann Joo 1Q, Maxis Perdana 1Q, Sunway 1Q, UMW 1Q, Media Chinese 1Q, DRB 4Q, Wah Cocoaland 1Q 1Q 4Q, Eksons 4Q, Seong 1Q Genting 1Q, Genting Msia 1Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

May 22, 2012

Corporate Actions June 2012

SUN MON TUE WED THU FRI SAT

1 2 The Yang di-Pertuan Agong's Birthday

3 4 5 6 7 8 9 External Trade External Reserves

10 11 12 13 14 15 16 IPI, Manufacturing Sales

17 18 19 20 21 22 23 CPI SP Setia 2Q, External Reserves

24 25 26 27 28 29 30 Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

May 22, 2012

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May 22, 2012

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Recommendation Framework #1 *

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

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

May 22, 2012

Recommendation Framework #2 ** Stock Sector OUTPERFORM: Expected positive total returns of 15% or more over the next 12 OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of +15% or better over the next 12 months. NEUTRAL: Expected total returns of between -15% and +15% over the next 12 NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) months. an equal number of stocks that are expected to have total returns of +15% (or better) or -15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next 12 months. UNDERPERFORM: Expected negative total returns of 15% or more over the next 12 UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of -15% or worse over the next 12 months. TRADING BUY: Expected positive total returns of 15% or more over the next 3 TRADING BUY: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of +15% or better over the next 3 months. TRADING SELL: Expected negative total returns of 15% or more over the next 3 TRADING SELL: The industry, as defined by the analyst's coverage universe, has a months. high number of stocks that are expected to have total returns of -15% or worse over the next 3 months.

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

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