October 9, 2020

FBM KLCI constituents review

Higher Gloves representation, goodbye Gaming?

On the watch list Analysts Supermax and Kossan have risen in rank in terms of market cap; they are Wong Chew Hann now the 20th and 24th largest stocks on the Malaysia exchange. And, if (603) 2297 8686 their ranking sustain, they could feature as FBM KLCI constituents in the wchewh@-ib.com next review. At danger of falling off are GENM and GENT, now ranked #35

and #33 respectively. Glove stocks’ combined weight on the KLCI could Our FBM KLCI stock coverage

rise to e.19.8%, compared to e.15.2% now. Kossan and GENM are BUYs; Shr Px @ Bbg TP GENT is a HOLD; Supermax (SUCB MK) is Not Rated. Stock Name Rec 8 Oct (MK) (MYR) (MYR) Watch out for 23 Nov’s close Existing KLCI constituents: Public Bank PBK HOLD 16.00 18.10 The next review of the FTSE KLCI (FBM KLCI) constituents STRATEGY TOPG BUY 8.80 9.53 will be in Nov/Dec 2020, using share prices based on market close on 23 TNB BUY 10.26 12.90 Nov (Monday), we estimate, guided by FTSE Bursa Malaysia Index Series, Hartalega HART BUY 17.00 20.60 Ground Rules (v5.1, Jun 2020 update; Fig.5). The constituent change/s CIMB Group CIMB HOLD 3.11 3.40

will be implemented after the market closes on the third Friday in Sime Plantation SDPL HOLD 5.05 5.19

December, i.e. 18 Dec, and will be effective Monday, 21 Dec. Dialog DLG BUY 3.80 4.90 Chemicals PCHEM HOLD 6.00 6.30 Based on our estimates … Digi.com DIGI HOLD 4.13 4.40 IHH Healthcare IHH BUY 5.00 5.95 Malaysia And, based on closing share prices on 8 Oct: IOI Corporation IOI SELL 4.43 4.27 . Supermax and Kossan have risen in rank in market cap to #20 and Maxis MAXIS HOLD 5.09 5.10 #24 respectively (Fig.4), and if their ranking sustain above #26 come Group AXIATA HOLD 2.90 3.40 23 Nov, they should feature as FBM KLCI constituents. KL Kepong KLK HOLD 22.70 23.70 HLBK BUY 15.20 16.70 . GENM and GENT have fallen in rank in market cap, now #35 and #33 MISC MISC HOLD 6.93 8.00 respectively (Fig.4). This implies that they are in danger of falling Petronas Gas PTG HOLD 16.94 17.20 off as FBM KLCI constituents, making way for Supermax and Kossan. Nestle (Malaysia) NESZ SELL 141.80 100.30 . By order of the constituent ‘replacement’, it could be (i) Supermax, SIME BUY 2.41 2.58 T HOLD 4.13 4.30 kicking out GENM; and (ii) Kossan, booting out GENT. Genting GENT HOLD 3.23 3.62 RHBBAN RHB Bank BUY 4.56 5.60 Reflecting a new COVID landscape K The potential changes clearly reflect a new COVID-19 landscape with the Genting Malaysia GENM BUY 2.10 2.74 Glove sector expected to post above-normal demand-driven profits and KLCCP Stapled KLCCSS HOLD 7.78 7.82 Hong Leong Fin Grp HLFG BUY 14.48 14.30 Gaming (casino) falling victim of the pandemic. If Supermax and Kossan

do replace GENM and GENT, we estimate Supermax’s weight in the KLCI

to be 3.09% (GENM’s present weight is 1.22%) and Kossan 1.89% (vs. Potential KLCI constituents: GENT’s 1.55%) – Fig.1. Glove sector’s weight on the KLCI would rise to Kossan Rubber KRI BUY 7.23 9.75 e.19.8% (vs. e.15.2% now) while Gaming (casino) will exit. This compares against mid-Apr 2020 where Glove sector’s weight was just about e.5.2%. Source: Maybank KE

Four largest sector representation Presently, the four largest sectors on the KLCI with a combined weight of 66% are Banks (e.28.4%), Gloves (e.15.2%), Utility (e.11.8%) and Telco (e.10.6%) – Fig.2. If Supermax and Kossan feature in the next constituent review, these four sectors would make up about 70% of the total weight: Banks (e.27.7%), Gloves (e.19.8%), Utility (e.11.6%), Telco (e.10.3%) – Fig.3.

THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128) SEE PAGE 6 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Strategy Research

FBM KLCI constituents

Fig 1: FBM KLCI constituents, existing & potential (based on 8 Oct 2020 share prices; ranked by existing weight) Market capitalisation FBM KLCI 30 Index FBM KLCI 30 Index (MYR m) weights weights @ 8 Oct 2020 Existing Potential Public Bank 62,114 10.34% 10.10% Top Glove 71,588 9.87% 9.65% Malayan Banking 82,062 9.14% 8.93% Tenaga Nasional 58,530 8.38% 8.19% Hartalega 58,269 5.34% 5.22% CIMB Group 30,860 4.53% 4.43% Sime Darby Plantation 34,767 3.76% 3.68% Dialog Group 21,426 3.63% 3.54% Petronas Chemicals Group 48,000 3.54% 3.46% Digi.com 32,111 3.16% 3.08% IHH Healthcare 43,886 3.10% 3.03% IOI Corporation 27,762 2.92% 2.85% Maxis 39,819 2.91% 2.85% Axiata Group 26,592 2.81% 2.74% PPB Group 26,859 2.64% 2.58% Kuala Lumpur Kepong 24,481 2.23% 2.18% Hong Leong Bank 32,949 2.19% 2.14% MISC 30,934 2.08% 2.03% Press Metal Aluminium 20,998 2.06% 2.02% Petronas Gas 33,520 2.02% 1.97% Nestle (Malaysia) 33,252 1.81% 1.77% Sime Darby 16,391 1.77% 1.73% Telekom Malaysia 15,585 1.70% 1.66% Genting 12,437 1.55% - RHB Bank 18,286 1.47% 1.43% Petronas Dagangan 19,531 1.44% 1.41% Genting Malaysia 11,872 1.22% - Hap Seng Consolidated 18,150 0.99% 0.97% KLCCP Stapled Group 14,045 0.72% 0.70% Hong Leong Financial Grp 16,583 0.69% 0.67% Supermax Corporation 24,403 - 3.09% Kossan Rubber Industries 18,493 - 1.89% Source: Maybank KE estimates, Bloomberg (market cap)

Fig 2: FBM KLCI sector weights, existing (8 Oct close) Fig 3: FBM KLCI sector weights, potential (8 Oct close) Petrochem, Gloves, 19.8% Petrochem, 3.5% Gloves, 15.2% Gaming, 2.8% 3.5% Plantation, Plantation, 8.9% 8.7%

Others, 18.8% Others, 18.4% Telco, 10.6%

Telco, 10.3%

Utility, 11.6% Utility, 11.8% Banks, 27.7% Banks, 28.4%

Source: Maybank KE estimates Source: Maybank KE estimates

Banks (6) = Public + Maybank + CIMB + HLB + RHB + HLFG; Utility (3) = Tenaga + Petronas Gas + Petronas Dagangan Telco (4) = Axiata + Digi + Maxis + TM; Plantation (3) = Sime Darby Plantation + IOI Corp + KLK Gaming (2) = Genting + Genting Malaysia; Petrochem (1) = Petronas Chemicals Gloves (2 + 2) = Hartalega + Top Glove (+ potential Supermax + Kossan) Others (9) = IHH + PPB + MISC + Sime Darby + Press Metal + Nestle + Hap Seng + Dialog + KLCCP

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Strategy Research

Fig 4: Top 40 stocks by market capitalisation Bloomberg code Stock name Market cap (MYR) Shr px (MYR) @ 8 Oct @ 8 Oct 1 MAY MK Equity MALAYAN BANKING BHD 82,061,942,784 7.30 2 TOPG MK Equity TOP GLOVE CORP BHD 71,587,684,352 8.80 3 PBK MK Equity 62,114,213,888 16.00 4 TNB MK Equity TENAGA NASIONAL BHD 58,529,746,944 10.26 5 HART MK Equity HARTALEGA HOLDINGS BHD 58,269,315,072 17.00 6 PCHEM MK Equity PETRONAS CHEMICALS GROUP BHD 48,000,000,000 6.00 7 IHH MK Equity IHH HEALTHCARE BHD 43,886,096,384 5.00 8 MAXIS MK Equity MAXIS BHD 39,819,259,904 5.09 9 SDPL MK Equity SIME DARBY PLANTATION BHD 34,767,106,048 5.05 10 PTG MK Equity PETRONAS GAS BHD 33,519,718,400 16.94 11 NESZ MK Equity NESTLE (MALAYSIA) BERHAD 33,252,100,096 141.80 12 HLBK MK Equity HONG LEONG BANK BERHAD 32,949,313,536 15.20 13 DIGI MK Equity DIGI.COM BHD 32,110,749,696 4.13 14 MISC MK Equity MISC BHD 30,933,757,952 6.93 15 CIMB MK Equity CIMB GROUP HOLDINGS BHD 30,860,425,216 3.11 16 IOI MK Equity IOI CORP BHD 27,762,008,064 4.43 17 PEP MK Equity PPB GROUP BERHAD 26,858,684,416 18.88 18 AXIATA MK Equity AXIATA GROUP BERHAD 26,591,580,160 2.90 19 KLK MK Equity KUALA LUMPUR KEPONG BHD 24,481,468,416 22.70 20 SUCB MK Equity SUPERMAX CORP BHD 24,402,950,144 9.50 21 DLG MK Equity DIALOG GROUP BHD 21,425,567,744 3.80 22 PMAH MK Equity PRESS METAL ALUMINIUM HOLDIN 20,998,170,624 5.20 23 PETD MK Equity PETRONAS DAGANGAN BHD 19,531,304,960 19.66 24 KRI MK Equity KOSSAN RUBBER INDUSTRIES 18,493,411,328 7.23 25 RHBBANK MK Equity RHB BANK BHD 18,285,807,616 4.56 26 HAP MK Equity HAP SENG CONSOLIDATED 18,149,691,392 7.29 27 HLFG MK Equity HONG LEONG FINANCIAL GROUP 16,583,133,184 14.48 28 SIME MK Equity SIME DARBY BERHAD 16,391,489,536 2.41 29 QLG MK Equity QL RESOURCES BHD 16,159,484,928 9.96 30 T MK Equity TELEKOM MALAYSIA BHD 15,585,143,808 4.13 31 KLCCSS MK Equity KLCCP STAPLED GROUP 14,045,491,200 7.78 32 WPRTS MK Equity WESTPORTS HOLDINGS BHD 13,708,199,936 4.02 33 GENT MK Equity GENTING BHD 12,437,360,640 3.23 34 FNH MK Equity FRASER & NEAVE HOLDINGS BHD 12,228,395,008 33.34 35 GENM MK Equity GENTING MALAYSIA BHD 11,871,795,200 2.10 36 GAM MK Equity GAMUDA BHD 8,973,293,568 3.57 37 AMM MK Equity AMMB HOLDINGS BHD 8,968,401,920 2.98 38 GENP MK Equity GENTING PLANTATIONS BHD 8,882,262,016 9.90 39 INRI MK Equity INARI AMERTRON BHD 8,148,060,672 2.49 40 MAHB MK Equity MALAYSIA AIRPORTS HLDGS BHD 7,582,506,496 4.57 Note: Shaded in YELLOW are existing FBM KLCI constituents; Source: Bloomberg

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Strategy Research

Fig 5: FTSE Bursa Malaysia Index Series – Ground Rules (updated Jun 2020) Periodic review Para 5.1.1 The semi-annual review of the FTSE Bursa Malaysia Index Series constituents takes place in June and December. The meeting to review the constituents will be held in June and December, using data from the close of business on the Monday 4 weeks prior to the review effective date. Any constituent changes will be implemented after close of business on the third Friday (i.e. effective Monday) of June and December. Para 5.3.3 A security will be inserted at the periodic review if it rises above the position stated below for the relevant index when the eligible Main Market securities are ranked by full market value: - FTSE Bursa Malaysia KLCI - Risen to 25th or above Para 5.3.4 A security will be deleted at the periodic review if it falls below the position stated below for the relevant index when the eligible Main Market securities are ranked by full market value: - FTSE Bursa Malaysia KLCI - Fallen to 36th or below Liquidity test Para 4.3.3 A non-constituent which does not turn over at least 0.05% of their shares in issue (after the application of any investability weightings) based on their median daily trading volume per month for at least ten of the twelve months prior to the semi-annual review, will not be eligible for inclusion in the Index. A. An existing constituent which does not turn over at least 0.04% of its shares in issue (after the application of any investability weightings) based on its median daily trading volume per month for at least eight of the twelve months prior to the semi-annual review will be removed.

Source: www.ftse.com

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Research Offices

MACRO REGIONAL EQUITIES SINGAPORE THAILAND

Sadiq CURRIMBHOY Anand PATHMAKANTHAN Thilan WICKRAMASINGHE Head of Research Maria LAPIZ Head of Institutional Research Head of Regional Macro Research Head of Regional Equity Research (65) 6231 5840 [email protected] Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (65) 6231 5836 (603) 2297 8783 • Banking & Finance - Regional [email protected] [email protected] [email protected] • Consumer • Strategy • Consumer • Materials • Services

ECONOMICS WONG Chew Hann, CA CHUA Su Tye Jesada TECHAHUSDIN, CFA Head of ASEAN Equity Research (65) 6231 5842 [email protected] (66) 2658 6300 ext 1395 Suhaimi ILIAS (603) 2297 8686 • REITs - Regional [email protected] Chief Economist [email protected] • Banking & Finance Malaysia | Philippines | Global LAI Gene Lih, CFA (603) 2297 8682 ONG Seng Yeow (65) 6231 5832 [email protected] Kaushal LADHA, CFA [email protected] Research, Technology & Innovation • Technology • Healthcare (66) 2658 6300 ext 1392 (65) 6231 5839 [email protected] CHUA Hak Bin [email protected] Kareen CHAN • Oil & Gas – Regional Regional Thematic Macroeconomist (65) 6231 5926 [email protected] • Petrochemicals - Regional (65) 6231 5830 MALAYSIA • Transport [email protected] Vanida GEISLER, CPA Anand PATHMAKANTHAN Head of Research TAN Chin Poh Head of Retail Research (66) 2658 6300 ext 1394 LEE Ju Ye (603) 2297 8783 (65) 6231 5928 [email protected] [email protected] Singapore | Thailand [email protected] • Property (65) 6231 5844 • Strategy Eric ONG [email protected] (65) 6231 5924 [email protected] Ekachai TARAPORNTIP Head of Retail Research Desmond CH’NG, BFP, FCA • Retail Research (66) 2658 5000 ext 1530 Linda LIU (603) 2297 8680 [email protected] Singapore | Vietnam [email protected] Matthew SHIM (65) 6231 5847 • Banking & Finance (65) 6231 5929 Surachai PRAMUALCHAROENKIT [email protected] [email protected] (66) 2658 5000 ext 1470 LIAW Thong Jung • Retail Research [email protected] Dr Zamros DZULKAFLI (603) 2297 8688 [email protected] • Auto • Conmat • Contractor • Steel (603) 2082 6818 • Oil & Gas Services- Regional INDIA [email protected] • Automotive Suttatip PEERASUB Jigar SHAH Head of Research (66) 2658 5000 ext 1430 Ramesh LANKANATHAN ONG Chee Ting, CA (91) 22 4223 2632 [email protected] [email protected] (603) 2297 8685 (603) 2297 8678 [email protected] • Strategy • Oil & Gas • Automobile • Cement • Media • Commerce [email protected] • Plantations - Regional Neerav DALAL Jaroonpan WATTANAWONG William POH YIN Shao Yang, CPA (91) 22 4223 2606 [email protected] (66) 2658 5000 ext 1404 (603) 2297 8683 (603) 2297 8916 [email protected] • Software Technology • Telcos [email protected] [email protected] • Gaming – Regional • Transportation • Small cap • Media • Aviation Kshitiz PRASAD FX (91) 22 4223 2607 Thanatphat SUKSRICHAVALIT TAN Chi Wei, CFA [email protected] (66) 2658 5000 ext 1401 Saktiandi SUPAAT (603) 2297 8690 [email protected] • Banks [email protected] Head of FX Research • Power • Telcos • Media • Electronics (65) 6320 1379 Vikram RAMALINGAM [email protected] WONG Wei Sum, CFA (91) 22 4223 2607 Wijit ARAYAPISIT (603) 2297 8679 [email protected] [email protected] (66) 2658 5000 ext 1450 Christopher WONG • Property • Automobile • Media [email protected] (65) 6320 1347 • Strategist [email protected] LEE Yen Ling INDONESIA (603) 2297 8691 [email protected] Isnaputra ISKANDAR Head of Research Theerasate PROMPONG TAN Yanxi • Glove • Ports • Shipping • Healthcare (62) 21 8066 8680 (66) 2658 5000 ext 1400 (65) 6320 1378 • Petrochemicals [email protected] [email protected] [email protected] • Strategy • Metals & Mining • Cement • Equity Portfolio Strategist Kevin WONG • Autos • Consumer • Utility Fiona LIM (603) 2082 6824 [email protected] Apiwat TAVESIRIVATE (65) 6320 1374 • REITs • Technology Rahmi MARINA [email protected] (62) 21 8066 8689 (66) 2658 5000 ext 1310 Jade TAM [email protected] STRATEGY (603) 2297 8687 [email protected] • Banking & Finance [email protected] • Consumer Staples & Discretionary Willie CHAN Aurellia SETIABUDI • Chartist and TFEX Regional TEE Sze Chiah Head of Retail Research (62) 21 8066 8691 (852) 2268 0631 (603) 2082 6858 [email protected] [email protected] VIETNAM [email protected] • Property Nik Ihsan RAJA ABDULLAH, MSTA, CFTe Quan Trong Thanh Anand PATHMAKANTHAN (84 28) 44 555 888 ext 8184 (603) 2297 8694 Willy GOUTAMA [email protected] ASEAN [email protected] (62) 21 8066 8500 • Banks (603) 2297 8783 • Chartist [email protected] [email protected] • Consumer Amirah AZMI Le Nguyen Nhat Chuyen FIXED INCOME (603) 2082 8769 [email protected] (84 28) 44 555 888 ext 8082 • Retail Research PHILIPPINES [email protected] Winson PHOON, ACA Jacqui De JESUS • Oil & Gas (65) 6812 8807 (63) 2 8849 8844 Nguyen Thi Sony Tra Mi [email protected] [email protected] (84 28) 44 555 888 ext 8084 • Conglomerates SE THO Mun Yi [email protected] (603) 2074 7606 Romel LIBO-ON • Consumer [email protected] (63) 2 8849 8844 [email protected] Tyler Manh Dung Nguyen (84 28) 44 555 888 ext 8180 • Property [email protected] Fredrick De GUZMAN • Utilities • Property (63) 2 8849 8847 [email protected] Nguyen Thi Ngan Tuyen Head of Retail Research • Consumer • Banking & Finance (84 28) 44 555 888 ext 8081 Bernadine B BAUTISTA [email protected] (63) 2 8849 8847 • Food & Beverage • Oil & Gas • Banking [email protected] • Utilities Nguyen Thanh Lam (84 28) 44 555 888 ext 8086 [email protected] • Technical Analysis

October 9, 2020 5

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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 fluct uate 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 fr om fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s 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. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. 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MBKET reserves the rights to disseminate MBKET Retail Research reports to institutional investors who have requested to receive it. If you are an authorised recipient, you hereby tacitly acknowledge that the research reports from MBKET Retail Research are first produced in Thai and there is a time lag in the release of the translated English version. The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. 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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: As of 9 October 2020, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 9 October 2020, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst o r their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report. In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the research report on any account what so ever except as otherwise disclosed in the 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 and may receive compensation for the services provided from the companies covered in this report.

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. Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to soph isticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial an d political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10% in the next 12 months (including dividends) HOLD Return is expected to be between 0% to 10% in the next 12 months (including dividends) SELL Return is expected to be below 0% in the next 12 months (including 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.

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Strategy Research

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 400 Park Avenue, 11th Floor 33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, New York 10022, 100 Jalan Tun Perak, London EC4V 4AY, UK U.S.A. 50050 Kuala Lumpur Tel: (65) 6336 9090 Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Tel: (212) 688 8886 Fax: (603) 2078 4194 Fax: (44) 20 7332 0302 Fax: (212) 688 3500

Stockbroking Business:  Hong Kong  Indonesia  India Level 8, Tower C, Dataran Maybank, Kim Eng Securities (HK) Ltd PT Maybank Kim Eng Securities Kim Eng Securities India Pvt Ltd No.1, Jalan Maarof 28/F, Lee Garden Three, Sentral Senayan III, 22nd Floor 1101, 11th floor, A Wing, Kanakia 59000 Kuala Lumpur 1 Sunning Road, Causeway Bay, Jl. Asia Afrika No. 8 Wall Street, Chakala, Andheri - Tel: (603) 2297 8888 Hong Kong Gelora Bung Karno, Senayan Kurla Road, Andheri East, Fax: (603) 2282 5136 Jakarta 10270, Indonesia Mumbai City - 400 093, India Tel: (852) 2268 0800 Fax: (852) 2877 0104 Tel: (62) 21 2557 1188 Tel: (91) 22 6623 2600 Fax: (62) 21 2557 1189 Fax: (91) 22 6623 2604

 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with 17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Ground Floor, KANOO Building Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam No.1 - Al-Faisaliyah,Madina Road, Rama 1 Road Pathumwan, P.O.Box 126575 Jeddah 21352 Tel: (63) 2 8849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Kingdom of Saudi Arabia Fax: (63) 2 8848 5738 Fax : (84) 8 38 271 030 Tel: (66) 2 658 6817 (sales) Tel: (966) 920023423 Tel: (66) 2 658 6801 (research)

 South Asia Sales Trading  North Asia Sales Trading Kevin Foy Andrew Lee Regional Head Sales Trading [email protected] [email protected] Tel: (852) 2268 0283 Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635 US Toll Free: 1-866-406-7447

Indonesia London Iwan Atmadjaja Greg Smith [email protected] [email protected] (62) 21 8066 8555 Tel: (44) 207-332-0221

New York India James Lynch Sanjay Makhija [email protected] [email protected] Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Philippines Keith Roy [email protected] Tel: (63) 2 848-5288

www.maybank-ke.com | www.maybank-keresearch.com

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