Daily Bread Daily Bread | 10 July 2013 (Member of Alliance Bank group)

PP7766/03/2013 (032116) FBMKLCI: 1,766.49

10 July 2013 +3.62 (+0.21 %)

Market indices and statistics Focus of the day Daily YTD Indices Last chg % chg %  SapuraKencana Petroleum: Secures USD180.65m contract (Strong Buy) Malaysia Good news continues to roll in for SAKP as they announced a USD180.65m (RM563m) FBM KLCI 1,766.5 0.2 4.6 contract for EPCIC services from Trans Thai-Malaysia. The contract brings total group FBM Emas 12,318.5 0.2 7.7 FBM Syariah 12,354.2 0.3 7.2 orderbook to RM26.5bn and total contracts awarded YTD to RM9.6bn. It also beefs up FBM Small Cap 15,166.5 0.8 32.1 the group’s fabrication orderbook which requires replenishment especially for FY15 FBM ACE 4,755.2 0.2 12.8 onwards. We maintain our STRONG BUY recommendation given the group’s 30% 3-year Dow Jones 15,300.3 0.5 16.8 EPS CAGR and RM26.5bn orderbook which provides good earnings visibility. (refer to S&P 500 1,652.3 0.7 15.9 Nasdaq 3,504.3 0.6 16.1 report for details) FTSE 6,513.1 1.0 10.4 Nikkei 14,472.9 2.6 39.2  Tenaga Nasional: Return of the FCPT (Trading Buy) Hang Seng 20,683.0 0.5 -8.7 Strait Times 3,178.6 0.7 0.4 It was reported in the media that Tenaga will resume the FCPT mechanism next year. PSEi Exchange 6,327.0 0.1 8.8 Since it was introduced back in 2011, 4 review dates have passed without any tariff Bangkok SET 1,398.7 -0.4 0.5 adjustments. We are positive on the resumption of the FCPT mechanism as it would JSX Composite 4,403.8 -0.7 2.0 insulate Tenaga from fuel price fluctuations. The mechanism will likely take into account the incremental gas price from the regasification terminal. Maintain TRADING BUY on Market Turnover Vol (m shrs) 1,507.1 Tenaga with unchanged TP of RM9.52. (refer to report dated 9 Jul for details) Value (RM m) 1,845.4 Other reports Daily Value  Felda Global Ventures: Starts small for acquisition trail (Sell) Top 5 value Last chg % (RM m) Tenaga Nasional 8.50 2.2 199.6 CIMB 8.24 0.0 80.9 Malaysian news highlights Maybank 10.42 1.2 73.9  Axiata 6.66 0.0 72.0 Telekom Malaysia: Pulai MP to helm? AmBank 7.55 0.4 51.1  Tenaga Nasional, YTL Power International, Formis Resources, Malakoff Corporation, 1Malaysia Development: Jimah gives 1MDB the edge  Malaysia Airports Holdings: Eyes RM1.46bn revenue from non-aviation segment Currencies  AirAsia: AirAsia India appoints Chief Commercial Officer Daily Daily  Sunway: Sunway Geo’s Phase 2 is 70% taken up Last chg chg %  RM/USD 3.1865 -0.0095 -0.3 Media Prima: Content partners ABNxcess RM/£ 4.7496 -0.0296 -0.6  QL Resources: Expands Indonesian ops RM/100 Yen 3.1515 -0.0273 -0.9  OSK Holdings: MGO for OSK at RM1.68 a share RM/€ 4.1039 -0.0166 -0.4  Kumpulan Europlus: To raise RM57m from private placement RM/SGD 2.4946 -0.0147 -0.6  RM/CNY 0.5201 -0.0032 -0.6 ABM Fujiya: IPO oversubscribed 9.77 times  Rubber Industry Smallholders Development Authority: Not ready yet for listing, says Shafie Commodities and futures  Construction: KL-S'pore high-speed rail feasibility study to be completed by end-July Daily Daily  Oil & Gas: Petronas in talks to sell stake in shale assets Last chg chg %  Plantation: RSPO probe into hot spots heats up KLCI (1st month) 1,769.0 -0.5 0.0 rd  Technology: Mimos ties-up with ACT to kick-start Sudan's ICT sector CPO (3 month) 2,397.0 21.0 0.9 WTI (1st month) 103.5 0.4 0.4  Economy: MIER to review GDP forecast Gold (spot) 1,251.4 14.4 1.2 Global news highlights

 Global: FBMKLCI Chart IMF reduces global growth outlook as US expansion weakens  US: More job openings signal optimism about growth  US: Obama sees 2013 deficit lowest in five years, GDP growth at 2.0%  UK: Manufacturing decline casts doubt on recovery  China: Faltering demand proved as producer prices slump  India: Singh seen risking fiscal aims on USD21bn food plan

All required disclosure and analyst certification appear on the last two pages of this report. Additional information is available upon request. Redistribution or reproduction is prohibited without written permission Daily Bread | 10 July 2013

MALAYSIAN NEWS

Telekom Malaysia: Pulai MP to helm?

The political and corporate circles are abuzz with news that Datuk Nur Jazlan Mohamed, 47, could be on the way to helming Telekom Malaysia (TM) as its new chairman. Nur Jazlan is Pulai member of parliament and also head of Umno Pulai. The father of three has held the position of independent non-executive director since June 1, 2004, according to TM's 2012 annual report. He is a Fellow of the Association of Chartered Certified Accountants UK and was a council member and chairman of the Public Relations Committee of the Malaysian Institute of Accountants, as well as a council member of the Asean Federation of Accountants. (Business Times)

Tenaga Nasional, YTL Power International, Formis Resources, Malakoff Corporation, 1Malaysia Development: Jimah gives 1MDB the edge

1Malaysia Development (1MDB) has fuelled up its chances of securing an estimated RM14bn power project with the acquisition of the Jimah power plant in Negeri Sembilan. Sources said with Jimah, 1MDB now stands a better chance of securing the contract, coded Project 3B, from the Energy Commission (EC). The EC had reportedly shortlisted five consortia to tender for the 2,000-megawatt (MW) Project 3B coal-fired power plant to be developed at the respective consortia's proposed site. The five are 1MDB, Formis Resources, Tenaga Nasional (TNB), Malakoff Corporation and YTL Power International. All the contenders have either foreign or local partners. (Business Times)

Malaysia Airports Holdings: Eyes RM1.46bn revenue from non-aviation segment

Malaysia Airports Holdings (MAHB) targets to achieve RM1.46bn in revenue from sales generated via its non-aviation segment this year compared with RM1.3bn last year. "Airport operators around the world including MAHB is now moving forward to the non-aviation segment, especially from commercial revenue," said Senior General Manager-Commercial Services Division Faizah Khairuddin. "We aim to grow up to two-thirds of revenue from non- aviation segment while one-third will come from aviation segment," she added. (Financial Daily)

AirAsia: AirAsia India appoints Chief Commercial Officer

AirAsia India has appointed Amisha Sethi, a person of telecommunication industry background, as its Chief Commercial Officer. Prior to her appointment, she worked in the telecommunication industry and was associated with Blackberry and Airtel. "I am thrilled to have someone of her experience and energy to join us and realise our vision to revolutionise the aviation industry in the country," said AirAsia India CEO Mittu Chandilya in a statement. (Bernama)

Sunway: Sunway Geo’s Phase 2 is 70% taken up

Sunway's property arm Sunway Integrated Sdn Bhd sold 70% of its recently launched Sunway Geo Phase 2, which carries a gross development value (GDV) of RM452m. The overwhelming take-up rate followed last year's successful launch of Sunway Geo Phase 1, which has been fully sold, the group said. The total GDV of the 23.4-acre (9.45ha) Sunway Geo integrated development, which consists of retail shops, flexi suites, urban suites and residences, is RM1.5 bn. Phase 2 consists of 46 units of retail shops and 228 flexi suites. An official from the company told The Edge Financial Daily that so far, the company had only launched the commercial units of Phases 1 and 2 of the project, but has plans to launch the residential units for Phase 1 in August. (Financial Daily)

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Media Prima: Content partners ABNxcess

Media Prima Content Services (MPCS) has teamed up with Asian Broadcasting Network (M) Sdn Bhd (ABNxcess) to offer Emas, Emas Plus and Emas Style channels for ABNxcess internet protocol television (IPTV) services. MPCS general manager (IPTV) Johary Salleh said there is great demand from the public for television programmes that were popular years ago, such as Majalah 3, Sinaran Pasport Kegemilangan, Pi Mai Pi Mai Tang Tu, Wanita Hari Ini, Malaysia Hari Ini and Senario. "With the introduction of the three channels on ABNxcess, users have a wider platform to watch these channels," he said at a press conference. (Business Times)

QL Resources: Expands Indonesian ops

QL Resources is expanding its operations in Indonesia with the setting up of another subsidiary that will engage in general trading of food and beverages in the country. In a filing with Bursa Malaysia yesterday, the group said it will incorporate a wholly owned subsidiary known as PT QL Feed, which will have an authorised and paid-up capital of USD500,000 (RM1.6m) and USD500,000 respectively. This follows the approval granted by the Ministry of Justice and Human Rights to two of its wholly-owned subsidiaries QL Feedingstuffs Sdn Bhd and QL Realty Sdn Bhd. (Financial Daily)

OSK Holdings: MGO for OSK at RM1.68 a share

OSK group head honcho Tan Sri Ong Leong Huat and parties acting in concert have launched a mandatory general offer (MGO) for the shares they do not own in his flagship OSK Holdings - which used to house OSK Investment Bank - at RM1.68 apiece. A notice posted on the stock exchange showed that OSK Equity Holdings Sdn Bhd, a vehicle owned by Ong and his wife, had yesterday bought 42.7m shares, or a 4.41% stake, in OSK Holdings, with some 24.6m shares acquired via the open market and a further 18.1 shares in a direct transaction. This raised Ong and his related parties’ interest to 355.6m shares, or 36.72% from 32.31% previously, triggering an MGO for the remaining 612.9m shares, or 63.28%, in OSK Holdings. (StarBiz)

Kumpulan Europlus: To raise RM57m from private placement

Kumpulan Europlus (Keuro) plans raise RM57m from its planned private placement of up to 52.1m new shares in the builder at RM1.11 each. In a statement to the exchange today, Keuro said the proceeds will be injected as equity in 80%-owned West Coast Expressway Sdn Bhd (WCESB). WCESB is undertaking the RM6bn West Coast Expressway (WCE) project, a 233km toll highway which will link Banting in Selangor to Taiping in Perak. The proposed private placement will enable Keuro to raise the requisite funds to finance the WCE project. (Financial Daily)

ABM Fujiya: IPO oversubscribed 9.77 times

ABM Fujiya's initial public offering (IPO), involving 10.5m shares available for public application, has been oversubscribed 9.77 times. Malaysian Issuing House Sdn Bhd said a total of 6,167 applications, for 113.06m shares, were received from the public for the IPO which involved 5.25m shares, or 50% of the total public offering, allotted for Bumiputera and 5.25m shares for public subscription. (Bernama)

Rubber Industry Smallholders Development Authority: Not ready yet for listing, says Shafie

The Rubber Industry Smallholders Development Authority (Risda) is not yet ready to be listed on Bursa Malaysia, says Minister for Rural and Regional Development, Datuk Seri Mohd Shafie Apdal. He said it was difficult to list Risda and its subsidiaries as much of the land under management was owned by smallholders. "But, we do not exclude the possibility of doing so, and even allocated RM200m last year to purchase land. It will be easier for Risda to go for a listing if it owns the land," he told a media conference after officiating the opening of the Risda Biotechnology Complex here today. (Bernama)

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Construction: KL-S'pore high-speed rail feasibility study to be completed by end-July

Feasibility studies on the high-speed rail (HSR) link connecting Kuala Lumpur to Singapore is in the final stages and should be completed by the end of this month, said Minister in the Prime Minister's Department Nancy Shukri. Nancy added that the final technical report which should be submitted by the end of July, comprises the project's cost and building plans. She did not elaborate on the report's details and also did not indicate whether the project will be handed out on an open-tender basis but added that the HSR link will involve "major stations" in states between Kuala Lumpur and Singapore. (Financial Daily)

Oil & Gas: Petronas in talks to sell stake in shale assets

Petroliam Nasional (Petronas) is in talks to sell 10% of its Canadian shale gas assets to Indian Oil Corp, sources with direct knowledge of the matter said, mirroring a deal it signed earlier this year with a Japanese company. Terms of a potential deal between Petronas and state- run Indian Oil have not yet been worked out, the sources said. (StarBiz)

Plantation: RSPO probe into hot spots heats up

Three Malaysian plantation companies were not involved in the forest fires in Indonesia last month, according to the digital maps of their concession areas that were submitted to the Roundtable on Sustainable Palm Oil (RSPO). Sime Darby and Kuala Kepong (KLK) have proven that there were no hot spots within their plantations through these maps. TH Plantations, which submitted its digital map ahead of last night's deadline, is likely to be in the clear, too, when an independent analysis is carried out over the next few days. However, the RSPO said in a statement yesterday it has yet to receive any submissions from PT Jatim Jaya Perkasa, the fifth member company, who had also been requested by the non-profit organisation to submit its digital map. (Business Times)

Technology: Mimos ties-up with ACT to kick-start Sudan's ICT sector

Mimos has inked an agreement with Sudanese Africa City of Technology (ACT) to establish a joint venture company that will commercialise Mimos technologies in Sudan. Under the pact, Mimos will provide the technology while ACT will provide the capital investment. The agreement is a progression from an agreement signed by both parties in Khartoum, Sudan, last November. According to Mimos president and CEO Datuk Abdul Wahab Abdullah, the partnership will see the involvement of Mimos as a mentor to ACT by sharing its Open Innovation Platform (OIP) to help Sudan kick-start its ICT industry. "The joint venture is expected to be established in the first quarter of next year," Abdul Wahab said after the signing ceremony yesterday. (Business Times)

Economy: MIER to review GDP forecast

The Malaysian Institute of Economic Research (MIER) will review its gross domestic product (GDP) forecast for this year to take into account the bearish external developments. Its executive director, Dr Zakaria Abdul Rashid, said MIER would release its data on the country's economy later this month. He said the region's exports, including Malaysia, were likely to be affected by the increasing global financial crisis. (Bernama)

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GLOBAL NEWS

Global: IMF reduces global growth outlook as US expansion weakens

World economic growth will struggle to accelerate this year as a US expansion weakens China’s economy levels off and Europe’s recession deepens, the International Monetary Fund said. Global growth will be 3.1% this year, unchanged from the 2012 rate, and less than the 3.3% forecast in April, the Washington-based fund said today, trimming its prediction for this year a fifth consecutive time. The IMF reduced its 2013 projection for the U.S. to 1.7% growth from 1.9% in April, while next year’s outlook was trimmed to 2.7% from 3% initially reported in April. (Bloomberg)

US: More job openings signal optimism about growth

Job openings climbed in May and hiring picked up as US companies grew more upbeat about the economy’s prospects for the second half of the year. The number of positions waiting to be filled increased to 3.83m from the prior month’s revised 3.8m, which was higher than initially estimated, the Labor Department said today in Washington. Openings are hovering close to a five-year high of 3.9m reached in February. Another report showed more small businesses signalled they plan to add workers. (Bloomberg)

US: Obama sees 2013 deficit lowest in five years, GDP growth at 2.0%

The Obama administration projects that the federal budget deficit will drop to the lowest level in five years, USD759bn for the year ending Sept. 30, as the economy improves and tax collections increase. The Office of Management and Budget said in an update of its forecasts that the economy may grow 2% this calendar year. That’s slower than the 2.3% growth rate predicted three months ago. The median forecast of 86 analysts surveyed by Bloomberg is for a 1.9% gain. (Bloomberg)

UK: Manufacturing decline casts doubt on recovery

UK manufacturing unexpectedly shrank in May amid a drop in pharmaceuticals and metals output, casting doubts on the strength of the economic recovery in the second quarter. Factory output fell 0.8% from April, when it declined 0.2%, the Office for National Statistics said today in London. The median forecast of 25 economists in a Bloomberg News survey was a 0.4% increase. Total industrial production was unchanged, thanks to an increase in oil and gas production. Separate data showed the goods-trade gap was little changed at £8.5bn (USD12.6bn). (Bloomberg)

China: Faltering demand proved as producer prices slump

China’s inflation stayed subdued in June while a decline in factory-gate prices extended its longest streak in a decade, underscoring weaker demand in an economy that probably decelerated for a second quarter. The consumer price index rose 2.7% from a year earlier, the National Bureau of Statistics said today in Beijing, compared with a median estimate of 2.5% in a Bloomberg News survey and a 2.1% gain in May. Producer prices fell 2.7%. (Bloomberg)

India: Singh seen risking fiscal aims on USD21bn food plan

Indian Prime Minister Manmohan Singh’s USD21bn-a-year program to provide cheap food for the poor threatens to impede the nation’s efforts to pare the widest budget deficit in major emerging countries. The Food Security Bill enacted last week entitles about two-thirds of India’s 1.2bn people to low-cost grains, boosting food subsidies to as much as 1.2% of gross domestic product yearly from 0.8%, Nomura Holdings Inc. said. The policy could pose a risk to Singh’s goal of cutting the fiscal gap to 4.8% in 2013-2014, Morgan Stanley said. (Bloomberg)

5 Daily Bread | 10 July 2013 ECONOMIC CALENDAR

Country Details Date Period Median Forecast Prior

France France Industrial Production m-o-m 10-Jul-13 May -0.80 2.20 United States US MBA Mortgage Applications 10-Jul-13 Jul 5 - -11.70 China China Exports y-o-y 10-Jul-13 Jun 3.70 1.00 China China Imports y-o-y 10-Jul-13 Jun 6.00 -0.30 United States Wholesale Inventories 10-Jul-13 May 0.30 0.20 United States Wholesale Sales m-o-m 10-Jul-13 May 0.60 0.50 Malaysia Malaysia Industrial Production y-o-y 11-Jul-13 May 2.20 4.70 Malaysia Bank Negara OPR decision 11-Jul-13 Jun 11 3.00 3.00 United States Initial Jobless Claims 11-Jul-13 Jul 6 335,000 343,000 United States U of Michigan Confidence Level 12-Jul-13 Jul 85.00 84.10 China China GDP y-o-y 15-Jul-13 2Q 7.50 7.70 China Retail Sales (y-o-y) 15-Jul-13 Jun 12.90 12.90 China Industrial Production y-o-y 15-Jul-13 Jun 9.10 9.20 United States US Advance Retail Sales 15-Jul-13 Jun 0.70 0.60

CORPORATE CALENDAR

Corporate Actions Date Company Particulars Price announced Ex-date

Sunway Renounceable rights issue of up to 568.7m new shares (1:3) RM1.70/share 5-Apr-13 11-Jul-13 Puncak Niaga Proposed issue of up to 40m free warrants (1:10) - 27-Sep-12 11-Jul-13 Holdings Gabungan AQRS Bonus issue of up to 159.9m warrants to ordinary shareholders (9:20) RM1.30/warrant 23-Apr-13 15-Jul-13 Goldis Share dividend (3 treasury shares: 100 shares) - 3-Jul-13 16-Jul-13 Microlink Solutions Conditional take-over offer from Formis Holdings RM0.60/share 28-May-13 25-Jul-13 Kumpulan Hartanah Unconditional take-over offer by Kumpulan Darul Ehsan RM0.84/share 14-Feb-13 TBA Selangor Denko Industrial Par value reduction of RM0.60/share - 28-Jul-11 TBA Rights issue of up to 254m new shares (1:1) together with up to 254m free new GPRO Technologies RM0.10/share 20-Jan-12 TBA detachable warrants (1:1) Melewar Industrial Rights issue of 150.3m shares (2:3) RM0.40/share 31-Jan-12 TBA SAAG Consolidated Restricted issue of 100.0m new ordinary shares TBA 13-Feb-12 TBA Renounceable rights issue of up to 3,035.9m new ordinary shares (7:5) together SAAG Consolidated RM0.10/share 13-Feb-12 TBA with up to 607.2m free detachable warrants (1:5) Malaysian AE Models Renounceable two-call rights issue of 53.5m new shares (1:2) together with up RM1.00/share 2-Mar-12 TBA Holdings to 53.5 free detachable warrants (1:2) Dijaya Corporation Bonus issue of up to 122.8m new shares (1:4 rights) - 6-Mar-12 TBA OSK Property Bonus issue of up to 47.5m new shares (2:1 Rights) - 16-Mar-12 TBA Renounceable rights issue of up to 94m new shares (4:1) together with up to Ideal Sun City RM0.10/share 27-Apr-12 TBA 47m free detachable warrants Aliran Ihsan Proposed selective capital reduction and repayment resulting in the privatisation RM1.84/share 9-Jul-12 TBA Resources of the company by MMC Corporation Harvest Court Renounceable rights issue of up to 90.1m new ordinary shares (2:6) together RM0.25/share 24-Oct-12 TBA Industrials with up to 45.1m free detachable warrants (1:6) Asia Knight Renounceable rights issue of 66.1m irredeemable convertible preference RM1.00/ICPS 9-Nov-12 TBA shares(3:2) together with 22.0m free detachable warrants (1:2) Eduspec Holdings Renounceable rights issue of up to 255.2m new ordinary shares (2:1) together RM0.10/share 26-Dec-12 TBA with up to 382.8m new free detachable warrants (2:1.5) Diversified Gateway Renounceable rights issue of up to 339m new shares (1:4) together with up to RM0.10/share 26-Dec-12 TBA Solutions 339m free detachable warrants (1:4) BTM Resources Par value reduction of RM0.80/share - 16-Jan-13 TBA BTM Resources Renounceable rights issue of up to 118.7m new shares (2:1) together with up to RM0.20/share 16-Jan-13 TBA 59.3m free detachable warrants (1:2) Malaysian Resources Proposed issue of up to 473m free warrants (1:3) TBA 8-Feb-13 TBA Corporation GPRO Technologies Par value reduction of RM0.07/share - 14-Feb-13 TBA GPRO Technologies Bonus issue of up to 139.7m warrants to ordinary shareholders (1:2) - 14-Feb-13 TBA

6 Daily Bread | 10 July 2013 Corporate Actions Date Company Particulars Price announced Ex-date

Technodex Renounceable rights issue of up to 85.2m new shares (1:1) together with up to TBA 25-Feb-13 TBA 85.2m free detachable warrants (1:1) Priceworth Par value reduction of RM0.40/share - 1-Apr-13 TBA International KBB Resources Par value reduction of RM0.35/share - 3-Apr-13 TBA KBB Resources Renounceable rights issue of up to 120m new shares (1:1) together with up to RM0.18/share 3-Apr-13 TBA 120m free detachable warrants (1:1) Sarawak Cable Bonus issue of up to 46.5m new shares (1:5) - 4-Apr-13 TBA Mexter Techonolgy Renounceable rights issue of up to 89.5m new ordinary shares (1:1) together TBA 5-Apr-13 TBA with up to 89.5m free detachable warrants (1:1) Land & General Rights issue of up to RM77.8m nominal value of ICULS (RM0.13 ICULS:1) 100% of nominal 9-Apr-13 TBA value of ICULS Unimech Group Rights issue of up to RM33.4m nominal value of ICULS (RM1.00 ICULS:4) 100% of nominal 19-Apr-13 TBA together with up to 66.8m free warrants (2:1 ICULS) value of ICULS Bright Packaging Par value reduction of RM0.50/share - 19-Apr-13 TBA AT Systemization Renounceable rights issue of up to 196.8m new ordinary shares (1:1) together TBA 10-May-13 TBA with up to 196.8m free detachable warrants (1:1) Censof Holdings Issuance of redeemable convertible notes with an aggregate principal amount of TBA 14-May-13 TBA up to RM100m Naim Indah Rights issue of up to 702m new shares (1:1) together with up to 842.4m free TBA 10-Jun-13 TBA Corporation new detachable warrants (6:5) Instacom Group Bonus issue of up to 351.1m new warrants (1:2) - 12-Jun-13 TBA Tiger Synergy Renounceable rights issue of up to 424.7m new shares (1:1) together with up to TBA 13-Jun-13 TBA 424.7m free detachable warrants (1:1) Starhill REIT Proposed placement of new units to raise gross proceeds of up to RM800m TBA 14-Jun-13 TBA Flonic Hi-tec Par value reduction of RM0.05/share - 21-Jun-13 TBA Nextnation Renounceable rights issue of up to 608.8m new ordinary shares (2:4) together RM0.10/share 27-Jun-13 TBA with up to 304.4m free detachable warrants (2:1) Help International Renounceable rights issue of RM71m nominal value of 5 years 4% ICULS 100% of nominal 8-Jul-13 TBA Corporation (RM0.50 ICULS:1) value of ICULS

Note: TBA – to be announced

Dividends Gross DPS Date Lodgement Payment Company Particulars (RM) announced Ex-date date date

Grand-flo Solution Final dividend 1 sen T.E 0.010 4-Jun-13 10-Jul-13 12-Jul-13 31-Jul-13 Advance Synergy First and final gross dividend 0.5 sen 0.005 6-Jun-13 10-Jul-13 12-Jul-13 5-Aug-13 Keck Seng Final dividend 6% 0.060 23-Apr-13 10-Jul-13 12-Jul-13 26-Jul-13 (Malaysia) Media Chinese Interim dividend USD1.015 cents (equivalent to 0.031 29-May-13 10-Jul-13 12-Jul-13 31-Jul-13 International RM0.03103) Guan Chong Final T.E single-tier dividend 2.0 sen 0.020 3-Jun-13 10-Jul-13 12-Jul-13 26-Jul-13 Eita Resources First and final single tier dividend 3.5 sen 0.035 31-May-13 10-Jul-13 12-Jul-13 30-Jul-13 Lysaght Galvanized Final single tier dividend 12% 0.120 27-Jun-13 10-Jul-13 12-Jul-13 1-Aug-13 Steel Kelington Group Final T.E dividend 2 sen 0.020 3-Jun-13 11-Jul-13 15-Jul-13 12-Aug-13 Allianz Malaysia First and final dividend 6.50 sen 0.065 29-May-13 11-Jul-13 15-Jul-13 6-Aug-13 Allianz Malaysia Preference share dividend 7.80 sen ICPS single 0.078 29-May-13 11-Jul-13 15-Jul-13 6-Aug-13 tier Can-One First and final T.E dividend 8% (4 sen) 0.040 27-May-13 11-Jul-13 15-Jul-13 31-Jul-13 Gabungan AQRS Final single tier dividend 1.56 sen 0.016 1-Jul-13 11-Jul-13 15-Jul-13 29-Jul-13 OCB First and final T.E single tier dividend 1.5% 0.015 23-May-13 11-Jul-13 15-Jul-13 31-Jul-13 Suria Capital Final T.E dividend 3.15% 0.032 5-Jun-13 11-Jul-13 15-Jul-13 31-Jul-13 Holdings Puncak Niaga Final single tier dividend 5 sen 0.050 3-Jun-13 11-Jul-13 15-Jul-13 6-Aug-13 WTK Holdings Final dividend 5.6% 0.056 28-Jun-13 12-Jul-13 16-Jul-13 1-Aug-13 SMR Technologies Interim dividend RM0.005 T.E 0.005 25-Jun-13 15-Jul-13 17-Jul-13 31-Jul-13 Gamuda Second single-tier interim dividend 6 sen 0.060 27-Jun-13 15-Jul-13 17-Jul-13 31-Jul-13 Berjaya Sports Toto Fourth interim single tier exempt dividend 4 0.040 17-Jun-13 16-Jul-13 18-Jul-13 1-Aug-13 sen

7 Daily Bread | 10 July 2013 Dividends Gross DPS Date Lodgement Payment Company Particulars (RM) announced Ex-date date date

United Malacca Second interim single-tier dividend 11 sen 0.110 27-Jun-13 16-Jul-13 18-Jul-13 2-Aug-13 Sapura Resources Special dividend 8.63 sen 0.086 4-Jul-13 16-Jul-13 18-Jul-13 2-Aug-13 Scientex Single tier interim dividend 14% 0.014 25-Jun-13 16-Jul-13 18-Jul-13 16-Aug-13 TA Enterprise Final dividend 1.80% 0.018 28-May-13 16-Jul-13 18-Jul-13 14-Aug-13 TA Global Final single tier dividend 1.20% 0.012 28-May-13 16-Jul-13 18-Jul-13 14-Aug-13 Berjaya Food Second interim single-tier exempt dividend 2 0.020 16-May-13 16-Jul-13 18-Jul-13 26-Jul-13 sen Yeelee First and final dividend 0.5 sen T.E and 2.0 sen 0.005 3-Jun-13 16-Jul-13 18-Jul-13 1-Aug-13 less tax Kumpulan Final dividend 2% 0.020 15-May-13 16-Jul-13 18-Jul-13 5-Aug-13 Perangsang Selangor Astro Malaysia Final single-tier dividend 1 sen 0.010 12-Jun-13 16-Jul-13 18-Jul-13 2-Aug-13 Holdings Thong Guan First and final dividend 7% T.E 0.070 4-Jun-13 16-Jul-13 18-Jul-13 7-Aug-13 Industries CB Industrial First interim single tier dividend 10% 0.100 2-Jul-13 16-Jul-13 18-Jul-13 5-Aug-13 Product Eng Kah Final single-tier dividend 7.5% 0.075 29-May-13 16-Jul-13 18-Jul-13 12-Aug-13 Corporation YSP Southeast Asia First and final single tier dividend 6.5 sen 0.065 17-Jun-13 16-Jul-13 18-Jul-13 5-Aug-13 Holding Tek Seng Holdings First and final single tier dividend 1.5 sen 0.015 3-Jun-13 16-Jul-13 18-Jul-13 16-Aug-13 Eonmetall Group Final dividend 3.5% T.E. 0.035 8-May-13 16-Jul-13 18-Jul-13 15-Aug-13 Bintulu Port Interim single tier dividend 7.50 sen 0.075 28-May-13 17-Jul-13 19-Jul-13 6-Aug-13 Mudajaya Group First interim dividend 15% (or 3 sen) single tier 0.030 21-May-13 17-Jul-13 19-Jul-13 16-Aug-13 Bina Puri Holdings Final dividend 2% 0.020 5-Jun-13 17-Jul-13 19-Jul-13 31-Jul-13 Kamdar Group First and final single tier dividend 3 sen 0.030 3-Jun-13 18-Jul-13 22-Jul-13 19-Aug-13 Batu Kawan Interim single tier dividend 15 sen 0.150 22-May-13 19-Jul-13 23-Jul-13 16-Aug-13 Tahps Group First and final dividend 12 sen single tier T.E 0.200 14-Jun-13 19-Jul-13 23-Jul-13 21-Aug-13 and special dividend 8 sen T.E Kuala Lumpur Interim single tier dividend 15 sen 0.150 22-May-13 19-Jul-13 23-Jul-13 14-Aug-13 Kepong Hap Seng First interim dividend 8 sen single-tier T.E 0.080 6-Jun-13 19-Jul-13 23-Jul-13 6-Aug-13 Consolidated Pestech Single tier dinal dividend 2.0 sen 0.020 4-Jun-13 19-Jul-13 23-Jul-13 7-Aug-13 International Choo Bee Metal Final dividend 5% 0.050 29-May-13 19-Jul-13 23-Jul-13 22-Aug-13 Industries Mintye Industries First and final dividend 6% 0.060 9-May-13 19-Jul-13 23-Jul-13 6-Aug-13 DKSH Holdings Final single tier dividend 9 sen 0.090 25-Apr-13 19-Jul-13 23-Jul-13 22-Aug-13 DKSH Holdings Special single tier dividend 2.5 sen 0.025 25-Apr-13 19-Jul-13 23-Jul-13 22-Aug-13 LPI Capital First interim single tier dividend 18 sen 0.180 8-Jul-13 19-Jul-13 23-Jul-13 31-Jul-13 Tecnic Group Final single-tier non-taxable dividend 5 sen 0.050 28-May-13 22-Jul-13 24-Jul-13 16-Aug-13 UMW Holdings Final single-tier dividend 25.0 sen 0.250 27-Jun-13 23-Jul-13 25-Jul-13 15-Aug-13 Ipmuda First and final single tier dividend 3.0% 0.030 27-May-13 24-Jul-13 26-Jul-13 20-Aug-13 Ahmad Zaki Interim dividend 2.0 sen 0.020 25-Jun-13 24-Jul-13 26-Jul-13 23-Aug-13 Resources Ewein Single tier first and final dividend 1 sen 0.010 2-May-13 24-Jul-13 26-Jul-13 23-Aug-13 Kimlun Corporation Final single tier dividend 4.8 sen 0.048 23-May-13 25-Jul-13 29-Jul-13 28-Aug-13 Watta Holding First interim dividend T.E 2.50 sen 0.025 21-May-13 25-Jul-13 29-Jul-13 19-Aug-13 Salcon First and final single tier dividend 1.0 sen 0.010 28-May-13 25-Jul-13 29-Jul-13 27-Aug-13 Daya Materials Single tier final dividend 0.025 17-May-13 29-Jul-13 31-Jul-13 15-Aug-13 Oriental Holdings Final single tier dividend 4% 0.040 20-May-13 29-Jul-13 31-Jul-13 30-Aug-13 Rimbunan Sawit First and final single-tier dividend 1.0 sen 0.010 26-Apr-13 29-Jul-13 31-Jul-13 30-Aug-13 Perusahaan Sadur Final dividend 26.50 sen 0.265 2-Jul-13 29-Jul-13 31-Jul-13 30-Aug-13 Timah Wang-Zheng First and final single tier dividend 4% or 2.0 sen 0.020 4-Jun-13 29-Jul-13 31-Jul-13 15-Aug-13 Chuan Huat First and final dividend 2.5 sen 0.025 3-Jul-13 29-Jul-13 31-Jul-13 20-Aug-13 Resources DKLS Industries First and final single tier dividend 3 sen 0.030 29-Apr-13 29-Jul-13 31-Jul-13 15-Aug-13 Keladi Maju First and final dividend 5% 0.050 26-Jun-13 30-Jul-13 1-Aug-13 22-Aug-13 Degem First and final dividend 4% 0.040 24-Jun-13 30-Jul-13 1-Aug-13 21-Aug-13

8 Daily Bread | 10 July 2013 Dividends Gross DPS Date Lodgement Payment Company Particulars (RM) announced Ex-date date date

Ire-Tex Corporation First and final dividend 1.5 sen 0.015 4-Jun-13 1-Aug-13 5-Aug-13 23-Aug-13 Kim Loong Final single tier dividend 7% 0.070 25-Jun-13 6-Aug-13 12-Aug-13 30-Aug-13 Resources Tropicana First and final dividend 6.4% or 6.4 sen 0.064 6-Jun-13 6-Aug-13 12-Aug-13 6-Sep-13 Corporation Crescendo Final single tier dividend 8% 0.080 25-Jun-13 6-Aug-13 12-Aug-13 30-Aug-13 Corporation Yinson Holdings First and final dividend 2.5 sen 0.025 5-Jul-13 6-Aug-13 12-Aug-13 10-Sep-13

Note: TE – tax exempt

9 Daily Bread | 10 July 2013 DISCLOSURE

Stock rating definitions

Strong buy - High conviction buy with expected 12-month total return (including dividends) of 30% or more Buy - Expected 12-month total return of 15% or more Neutral - Expected 12-month total return between -15% and 15% Sell - Expected 12-month total return of -15% or less Trading buy - Expected 3-month total return of 15% or more arising from positive newsflow. However, upside may not be sustainable

Sector rating definitions

Overweight - Industry expected to outperform the market over the next 12 months Neutral - Industry expected to perform in-line with the market over the next 12 months Underweight - Industry expected to underperform the market over the next 12 months

Commonly used abbreviations

Adex = advertising expenditure EPS = earnings per share PBT = profit before tax bn =bn EV = enterprise value P/B = price / book ratio BV = book value FCF = free cash flow P/E = price / earnings ratio CF = cash flow FV = fair value PEG = P/E ratio to growth ratio CAGR = compounded annual growth rate FY = financial year q-o-q = quarter-on-quarter Capex = capital expenditure m =m RM = Ringgit CY = calendar year M-o-m = month-on-month ROA = return on assets Div yld = dividend yield NAV = net assets value ROE = return on equity DCF = discounted cash flow NM = not meaningful TP = target price DDM = dividend discount model NTA = net tangible assets trn =trn DPS = dividend per share NR = not rated WACC = weighted average cost of capital EBIT = earnings before interest & tax p.a. = per annum y-o-y = year-on-year EBITDA = EBIT before depreciation and amortisation PAT = profit after tax YTD = year-to-date

10 Daily Bread | 10 July 2013 DISCLAIMER

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ALLIANCE RESEARCH SDN BHD (290395-D) Level 19, Menara Multi-Purpose Capital Square 8, Jalan Munshi Abdullah 50100 Kuala Lumpur, Malaysia Tel: +60 (3) 2604 3333 Fax: +60 (3) 2604 3921 Bernard Ching Email: [email protected] Executive Director / Head of Research

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